Cumulus Media Inc. today announced operating results for the three and six months ended June 30, 2024.
Mary Berner |
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 of 2.5% year-over-year
- Generated digital revenue of $39.4 million, up 5.0% 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
- 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
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 $204.8 million, a decrease of 2.5% from the three months ended June 30, 2023, net loss of $27.7 million and Adjusted EBITDA of $25.2 million.
- For the six months ended June 30, 2024, the Company reported net revenue of $404.9 million, a decrease of 2.6% from the six months ended June 30, 2023, net loss of $41.9 million and Adjusted EBITDA of $33.6 million.
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