Cumulus Media Reports Operating Results for the Second Quarter 2024
Cumulus Media Inc. (NASDAQ: CMLS) reported Q2 2024 results with total revenue of $204.8 million, down 2.5% year-over-year. The company completed a successful debt exchange, reducing debt obligations by $33 million and extending maturities to 2029. Digital revenue grew 5% to $39.4 million, with digital marketing services up 24%. The company reported a net loss of $27.7 million compared to a $1.1 million loss in Q2 2023. Adjusted EBITDA was $25.2 million, down from $30.7 million in Q2 2023. Cumulus also upsized its ABL facility by 25% to $125 million and extended its maturity to 2029. The company reduced fixed costs by $4 million and continued to strengthen its balance sheet.
Cumulus Media Inc. (NASDAQ: CMLS) ha riportato i risultati del secondo trimestre 2024 con un fatturato totale di 204,8 milioni di dollari, in calo del 2,5% rispetto all'anno precedente. L'azienda ha completato un significativo scambio di debito, riducendo le obbligazioni debitorie di 33 milioni di dollari e prorogando le scadenze al 2029. Il fatturato digitale è cresciuto del 5%, raggiungendo 39,4 milioni di dollari, con i servizi di marketing digitale in aumento del 24%. L'azienda ha riportato una perdita netta di 27,7 milioni di dollari rispetto a una perdita di 1,1 milioni di dollari nel secondo trimestre 2023. L'EBITDA rettificato è stato di 25,2 milioni di dollari, in calo rispetto ai 30,7 milioni di dollari del secondo trimestre 2023. Cumulus ha anche aumentato la sua facilità di ABL del 25% a 125 milioni di dollari e ha prorogato la scadenza al 2029. L'azienda ha ridotto i costi fissi di 4 milioni di dollari e ha continuato a rafforzare il proprio bilancio.
Cumulus Media Inc. (NASDAQ: CMLS) reportó los resultados del segundo trimestre de 2024 con un ingreso total de 204.8 millones de dólares, una disminución del 2.5% en comparación interanual. La empresa completó un intercambio de deuda exitoso, reduciendo sus obligaciones de deuda en 33 millones de dólares y extendiendo los vencimientos hasta 2029. Los ingresos digitales crecieron un 5%, alcanzando 39.4 millones de dólares, con un aumento del 24% en los servicios de marketing digital. La compañía reportó una pérdida neta de 27.7 millones de dólares en comparación con una pérdida de 1.1 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado fue de 25.2 millones de dólares, disminuyendo desde los 30.7 millones de dólares en el segundo trimestre de 2023. Cumulus también amplió su facilidad de ABL en un 25% a 125 millones de dólares y extendió su vencimiento a 2029. La empresa redujo costos fijos en 4 millones de dólares y continuó fortaleciendo su balance financiero.
Cumulus Media Inc. (NASDAQ: CMLS)는 2024년 2분기 결과를 보고하며 총 수익이 2억 4천 8백만 달러로, 전년 대비 2.5% 감소했다고 전했습니다. 회사는 성공적인 부채 교환을 완료하여 부채 의무를 3천 3백만 달러 줄이고 만기를 2029년까지 연장했습니다. 디지털 수익은 5% 성장하여 3천 9백 4십만 달러에 달했으며, 디지털 마케팅 서비스는 24% 증가했습니다. 회사는 2023년 2분기에 110만 달러 손실에 비해 2천 7백 7십만 달러의 순손실을 기록했습니다. 조정된 EBITDA는 2천 5백 2십만 달러로, 2023년 2분기 3천 7백 만 달러에서 감소했습니다. Cumulus는 ABL 시설을 25% 증가시켜 1억 2천 5백만 달러로 임대료를 연장했고, 만기를 2029년까지 연장했습니다. 회사는 고정 비용을 4백만 달러 줄이면서 재무 상태를 계속 강화했습니다.
Cumulus Media Inc. (NASDAQ: CMLS) a rapporté des résultats pour le deuxième trimestre 2024 avec un chiffre d'affaires total de 204,8 millions de dollars, en baisse de 2,5% par rapport à l'année précédente. L'entreprise a complété un échange de dettes réussi, réduisant ses obligations de dette de 33 millions de dollars et prolongeant les échéances jusqu'en 2029. Le chiffre d'affaires numérique a augmenté de 5% pour atteindre 39,4 millions de dollars, avec des services de marketing numérique en hausse de 24%. La société a enregistré une perte nette de 27,7 millions de dollars par rapport à une perte de 1,1 million de dollars au deuxième trimestre 2023. L'EBITDA ajusté s'est établi à 25,2 millions de dollars, en baisse par rapport à 30,7 millions de dollars au deuxième trimestre 2023. Cumulus a également augmenté sa facilité ABL de 25% à 125 millions de dollars et a prolongé son échéance à 2029. L'entreprise a réduit ses coûts fixes de 4 millions de dollars et a continué à renforcer son bilan.
Cumulus Media Inc. (NASDAQ: CMLS) berichtete die Ergebnisse des zweiten Quartals 2024 mit einem Gesamtumsatz von 204,8 Millionen Dollar, was einem Rückgang von 2,5% im Jahresvergleich entspricht. Das Unternehmen schloss einen erfolgreichen Schuldentausch ab, wodurch sich die Schuldenverpflichtungen um 33 Millionen Dollar verringerten und die Fälligkeiten bis 2029 verlängert wurden. Der digitale Umsatz stieg um 5% auf 39,4 Millionen Dollar, mit einem Anstieg der digitalen Marketingdienstleistungen um 24%. Das Unternehmen berichtete von einem Nettoverlust von 27,7 Millionen Dollar im Vergleich zu einem Verlust von 1,1 Millionen Dollar im Q2 2023. Das bereinigte EBITDA betrug 25,2 Millionen Dollar, im Vergleich zu 30,7 Millionen Dollar im Q2 2023. Cumulus vergrößerte auch seine ABL-Fazilität um 25% auf 125 Millionen Dollar und verlängerte die Fälligkeit bis 2029. Das Unternehmen reduzierte die Fixkosten um 4 Millionen Dollar und setzte fort, seine Bilanz zu stärken.
- Successful debt exchange reducing obligations by $33 million and extending maturities to 2029
- Digital revenue grew 5% to $39.4 million, with digital marketing services up 24%
- ABL facility upsized by 25% to $125 million with extended maturity to 2029
- Fixed costs reduced by $4 million
- Total revenue declined 2.5% year-over-year to $204.8 million
- Net loss increased to $27.7 million from $1.1 million in Q2 2023
- Adjusted EBITDA decreased to $25.2 million from $30.7 million in Q2 2023
- Broadcast radio revenue declined 7.3% year-over-year
Insights
Cumulus Media's Q2 2024 results present a mixed picture. While the company successfully completed a debt exchange that reduced obligations by
On the positive side, digital revenue grew by
The reported net loss of
While the debt restructuring provides some financial breathing room, investors should closely monitor Cumulus Media's ability to return to profitability and generate positive cash flow in the coming quarters. The uncertain advertising outlook and the company's reliance on traditional radio revenues remain significant challenges.
Cumulus Media's Q2 results reflect broader trends in the media industry, particularly the ongoing shift from traditional to digital advertising. The
However, the
The
Looking ahead, Cumulus Media's ability to continue growing its digital offerings while managing the decline in traditional radio will be crucial. The company's success in this balancing act will likely determine its long-term viability in an increasingly digital media landscape.
Completed Highly Successful Debt Exchange That Reduced Our Debt Obligations Under Our Debt Instruments by Approximately
Upsized ABL Facility by
Reported Q2 Total Revenue of
Increased Digital Marketing Services Revenue by
ATLANTA, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2024.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down
Berner continued, "Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value."
Q2 Key Highlights:
- Posted total net revenue of
$204.8 million , a decline of2.5% year-over-year - Generated digital revenue of
$39.4 million , up5.0% year-over-year
- Digital marketing services grew
24% driven by an increase in new customers, improved customer retention and higher average order size - Radio-only customers adding digital marketing services increased by
25% year-over-year - Digital revenue increased to
19% of total company revenue
- Digital marketing services grew
- Recorded net loss of
$27.7 million compared to net loss of$1.1 million in Q2 2023 and Adjusted EBITDA(1) of$25.2 million compared to$30.7 million in Q2 2023 - Continued to improve operating leverage by reducing fixed costs by approximately
$4 million year-over-year - Used
$7.9 million of cash in operations, or generated$8.3 million of cash from operations when excluding execution costs related to the completed exchange offer of$16.3 million (1) - Completed the exchange offer for our Senior Notes due 2026 and Term Loan due 2026 with favorable terms and aggregate participation of approximately
96% of debt outstanding
- Debt obligations under our debt instruments reduced by approximately
$33 million - Debt maturities extended from 2026 to 2029
- Debt obligations under our debt instruments reduced by approximately
- Amended ABL Facility, increasing capacity to
$125 million from$100 million and extending maturity to 2029 - Retired
$0.5 million face value of Senior Notes due 2026 - Reported total debt(2)(3) of
$674.4 million , total debt at maturity(1)(2)(3) of$642.1 million , and net debt less total unamortized discount(1)(2)(3) of$588.6 million at June 30, 2024, including total debt due in 2026(3) of$23.9 million
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended June 30, 2024, the Company reported net revenue of
For the six months ended June 30, 2024, the Company reported net revenue of
| As Reported | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | % Change | ||||||||
| Net revenue | $ | 204,849 | $ | 210,136 | (2.5 | )% | |||||
| Net loss | $ | (27,699 | ) | $ | (1,068 | ) | (2,493.5 | )% | |||
| Adjusted EBITDA | $ | 25,213 | $ | 30,676 | (17.8 | )% | |||||
| Basic loss per share | $ | (1.64 | ) | $ | (0.06 | ) | (2,633.3 | )% | |||
| Diluted loss per share | $ | (1.64 | ) | $ | (0.06 | ) | (2,633.3 | )% | |||
| As Reported | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | % Change | ||||||||
| Net revenue | $ | 404,902 | $ | 415,828 | (2.6 | )% | |||||
| Net loss | $ | (41,853 | ) | $ | (22,535 | ) | (85.7 | )% | |||
| Adjusted EBITDA | $ | 33,618 | $ | 41,005 | (18.0 | )% | |||||
| Basic loss per share | $ | (2.49 | ) | $ | (1.25 | ) | (99.2 | )% | |||
| Diluted loss per share | $ | (2.49 | ) | $ | (1.25 | ) | (99.2 | )% | |||
Revenue Detail Summary (dollars in thousands):
| As Reported | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | % Change | ||||||
| Broadcast radio revenue: | |||||||||
| Spot | $ | 101,806 | $ | 107,065 | (4.9 | )% | |||
| Network | 34,306 | 39,698 | (13.6 | )% | |||||
| Total broadcast radio revenue | 136,112 | 146,763 | (7.3 | )% | |||||
| Digital | 39,397 | 37,538 | 5.0 | % | |||||
| Other | 29,340 | 25,835 | 13.6 | % | |||||
| Net revenue | $ | 204,849 | $ | 210,136 | (2.5 | )% | |||
| As Reported | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | % Change | ||||||
| Broadcast radio revenue: | |||||||||
| Spot | $ | 192,379 | $ | 204,778 | (6.1 | )% | |||
| Network | 83,468 | 89,995 | (7.3 | )% | |||||
| Total broadcast radio revenue | 275,847 | 294,773 | (6.4 | )% | |||||
| Digital | 73,844 | 69,627 | 6.1 | % | |||||
| Other | 55,211 | 51,428 | 7.4 | % | |||||
| Net revenue | $ | 404,902 | $ | 415,828 | (2.6 | )% | |||
Balance Sheet Summary (dollars in thousands):
| June 30, 2024 | December 31, 2023 | |||||
| Cash and cash equivalents | $ | 53,492 | $ | 80,660 | ||
| Term Loan due 2026 (3) | $ | 1,203 | $ | 329,510 | ||
| Senior Notes due 2026 (3) | $ | 22,697 | $ | 346,245 | ||
| Term Loan due 2029 (2) (3) | $ | 327,873 | $ | — | ||
| Senior Notes due 2029 (2) (3) | $ | 322,591 | $ | — | ||
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||
| Capital expenditures | $ | 4,387 | $ | 6,603 | ||
| Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||
| Capital expenditures | $ | 12,553 | $ | 13,975 | ||
(1) Adjusted EBITDA, operating cash flow excluding execution costs related to the completed exchange offer, total debt at maturity and net debt less total unamortized discount are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see "Non-GAAP Financial Measures."
(2) The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The
(3) Excludes any debt issuance costs.
Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM ET to discuss its second quarter 2024 operating results. NetRoadshow (NRS) is the service provider for this call. They will require email address verification (one-time only) and will provide registration confirmation. To participate in the conference call, please register in advance using the link on the Company's investor relations website at www.cumulusmedia.com/investors. Upon completing registration, a calendar invitation will follow with call access details, including a unique PIN, and replay details.
To join by phone with operator-assisted dial-in, domestic callers should dial 833-470-1428 and international callers should dial 404-975-4839. If prompted, the participant access code is 044716. Please call five to ten minutes in advance to ensure that you are connected prior to the call.
The conference call will also be broadcast live in listen-only mode through a link on the Company’s investor relations website at www.cumulusmedia.com/investors. This link can also be used to access a recording of the call, which will be available shortly following its completion.
Please see an update to the Company’s investor presentation on the Company's investor relations website at www.cumulusmedia.com/investors, which may be referenced on the conference call. Unless otherwise specified, information contained in the investor presentation or on our website is not incorporated into this press release or other documents we file with, or furnish to, the SEC.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors. Such factors include, among others, risks and uncertainties related to the implementation of our strategic operating plans, the continued uncertain financial and economic conditions, the rapidly changing and competitive media industry, and the economy in general. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections contained therein. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.
About Cumulus Media
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 401 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,800 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.
Non-GAAP Financial Measures
From time to time, we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is the financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and the funding of our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit agreements.
In determining Adjusted EBITDA, we exclude the following from net loss: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations or early extinguishment of debt, restructuring costs, expenses relating to acquisitions and divestitures, non-routine legal expenses incurred in connection with certain litigation matters, and non-cash impairments of assets, if any.
Management believes that Adjusted EBITDA, with and excluding impact of political advertising, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA, with and excluding impact of political advertising, is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider these metrics to be extremely useful.
The Company presents revenue, excluding impact of political revenue. As a result of the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting net revenue, excluding impact of political revenue, provides useful information to investors about the Company’s revenue growth comparable from period to period.
The Company presents the non-GAAP financial measure total debt at maturity which is total debt principal, gross, less total unamortized debt discount. In addition, the Company presents the non-GAAP financial measure net debt less total unamortized discount which is total debt at maturity less cash and cash equivalents. Management believes that total debt at maturity and net debt less total unamortized discount are important measures to monitor leverage and evaluate the balance sheet.
The Company also presents operating cash flow excluding execution costs related to the completed exchange offer. Management believes that operating cash flow excluding execution costs related to the completed exchange offer is an important measure to evaluate the Company’s operating performance in light of the cost of the execution of the exchange offer that management deems one time or non-operational in nature.
We refer to Adjusted EBITDA, with and excluding the impact of political advertising, net revenue, excluding the impact of political revenue, total debt at maturity, net debt less total unamortized discount and operating cash flow excluding the execution costs related to the completed exchange offer as the "Non-GAAP Financial Measures." Non-GAAP Financial Measures should not be considered in isolation or as a substitute for net income, net revenue, operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Non-GAAP Financial Measures may be defined or calculated differently by other companies and, therefore, comparability may be limited.
For further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@cumulus.com
404-260-6600
Supplemental Financial Data and Reconciliations
| Cumulus Media Inc. Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net revenue | $ | 204,849 | $ | 210,136 | $ | 404,902 | $ | 415,828 | ||||||||
| Operating expenses: | ||||||||||||||||
| Content costs | 73,631 | 73,533 | 158,688 | 162,199 | ||||||||||||
| Selling, general & administrative expenses | 94,359 | 94,401 | 189,119 | 188,702 | ||||||||||||
| Depreciation and amortization | 14,680 | 15,146 | 29,549 | 29,830 | ||||||||||||
| Corporate expenses | 12,122 | 11,899 | 24,752 | 24,497 | ||||||||||||
| Stock-based compensation expense | 1,336 | 1,492 | 2,408 | 2,618 | ||||||||||||
| Restructuring costs | 1,988 | 10,716 | 4,118 | 11,007 | ||||||||||||
| Debt exchange costs | 16,271 | — | 16,271 | — | ||||||||||||
| Loss (gain) on sale of assets or stations | 45 | (272 | ) | 54 | (7,281 | ) | ||||||||||
| Total operating expenses | 214,432 | 206,915 | 424,959 | 411,572 | ||||||||||||
| Operating (loss) income | (9,583 | ) | 3,221 | (20,057 | ) | 4,256 | ||||||||||
| Non-operating expense: | ||||||||||||||||
| Interest expense | (17,626 | ) | (17,940 | ) | (34,986 | ) | (35,606 | ) | ||||||||
| Interest income | 146 | 712 | 492 | 1,081 | ||||||||||||
| Gain on early extinguishment of debt | 170 | 8,389 | 170 | 9,006 | ||||||||||||
| Other (expense) income, net | (27 | ) | (268 | ) | 14,806 | (286 | ) | |||||||||
| Total non-operating expense, net | (17,337 | ) | (9,107 | ) | (19,518 | ) | (25,805 | ) | ||||||||
| Loss before income taxes | (26,920 | ) | (5,886 | ) | (39,575 | ) | (21,549 | ) | ||||||||
| Income tax (expense) benefit | (779 | ) | 4,818 | (2,278 | ) | (986 | ) | |||||||||
| Net loss | $ | (27,699 | ) | $ | (1,068 | ) | $ | (41,853 | ) | $ | (22,535 | ) | ||||
The following tables reconcile net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the periods presented herein (dollars in thousands):
| As Reported | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | ||||||
| GAAP net loss | $ | (27,699 | ) | $ | (1,068 | ) | ||
| Income tax expense (benefit) | 779 | (4,818 | ) | |||||
| Non-operating expense, including net interest expense | 17,507 | 17,496 | ||||||
| Depreciation and amortization | 14,680 | 15,146 | ||||||
| Stock-based compensation expense | 1,336 | 1,492 | ||||||
| Loss (gain) on sale or disposal of assets or stations | 45 | (272 | ) | |||||
| Gain on early extinguishment of debt | (170 | ) | (8,389 | ) | ||||
| Restructuring costs | 1,988 | 10,716 | ||||||
| Debt exchange costs | 16,271 | — | ||||||
| Non-routine legal expenses | 280 | 173 | ||||||
| Franchise taxes | 196 | 200 | ||||||
| Adjusted EBITDA | $ | 25,213 | $ | 30,676 | ||||
| As Reported | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | ||||||
| GAAP net loss | $ | (41,853 | ) | $ | (22,535 | ) | ||
| Income tax expense | 2,278 | 986 | ||||||
| Non-operating expense, including net interest expense | 19,688 | 34,811 | ||||||
| Depreciation and amortization | 29,549 | 29,830 | ||||||
| Stock-based compensation expense | 2,408 | 2,618 | ||||||
| Loss (gain) on sale or disposal of assets or stations | 54 | (7,281 | ) | |||||
| Gain on early extinguishment of debt | (170 | ) | (9,006 | ) | ||||
| Restructuring costs | 4,118 | 11,007 | ||||||
| Debt exchange costs | 16,271 | — | ||||||
| Non-routine legal expenses | 888 | 176 | ||||||
| Franchise taxes | 387 | 399 | ||||||
| Adjusted EBITDA | $ | 33,618 | $ | 41,005 | ||||
The following tables reconcile the as reported net revenue and as reported Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||
| As reported net revenue | $ | 204,849 | $ | 210,136 | ||||
| Political revenue | (1,909 | ) | (502 | ) | ||||
| As reported net revenue, excluding impact of political revenue | $ | 202,940 | $ | 209,634 | ||||
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||
| As reported Adjusted EBITDA | $ | 25,213 | $ | 30,676 | ||||
| Political EBITDA | (1,718 | ) | (451 | ) | ||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 23,495 | $ | 30,225 | ||||
| Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||
| As reported net revenue | $ | 404,902 | $ | 415,828 | ||||
| Political revenue | (4,108 | ) | (907 | ) | ||||
| As reported net revenue, excluding impact of political revenue | $ | 400,794 | $ | 414,921 | ||||
| Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||
| As reported Adjusted EBITDA | $ | 33,618 | $ | 41,005 | ||||
| Political EBITDA | (3,697 | ) | (816 | ) | ||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 29,921 | $ | 40,189 | ||||
The following table reconciles total debt principal, gross, the most directly comparable financial measure calculated and presented in accordance with GAAP, to total debt at maturity and net debt less total unamortized discount (dollars in thousands):
| As of June 30, | ||||||||
| 2024 | 2023 | |||||||
| Total debt principal, gross | $ | 674,364 | $ | 680,947 | ||||
| Less: Total unamortized discount | (32,242 | ) | — | |||||
| Total debt at maturity | 642,122 | 680,947 | ||||||
| Less: Cash and cash equivalents | (53,492 | ) | (92,420 | ) | ||||
| Net debt less total unamortized discount | $ | 588,630 | $ | 588,527 | ||||
FAQ
What was Cumulus Media's (CMLS) total revenue for Q2 2024?
How much did Cumulus Media (CMLS) reduce its debt obligations in Q2 2024?
What was the growth rate of Cumulus Media's (CMLS) digital revenue in Q2 2024?
How did Cumulus Media's (CMLS) net income change in Q2 2024 compared to Q2 2023?
