Cumulus Media Issues Q1 2025 Quarterly Earnings Report

[Colorado Media Newsroom]

From Radio Insight:


Cumulus Media has issued its Q1 2025 quarterly earnings report.
The company noted that total net revenue was $187.3 millions, down 6.4% from Q1 2024. Digital revenue increased 6.1% year-to-year despite the loss of content produced by Daily Wire making the remaining revenue grow by 20.4% The digital revenue was 20% of Cumulus total revenue led by digital marketing services up 30%, streaming by 4%, and podcasting overall down 13% sans Daily Wire but up 39% for the remainder of its properties.
Cumulus’ net loss grew from $32.4 million from $14.2 million despite the company making $7.5 million in annualized fixed cost reductions. Recorded Adjusted EBITDA was $3.5 million compared to $8.4 million in Q1 2024. Cumulus reported total debt⁽of $670.2 million, total debt at maturity of $642.1 million, and net debt less total unamortized discount of $589.4 million at March 31, 2025, including total debt due in 2026 of $23.9 million
Cumulus President/CEO Mary Berner said, “For the first quarter, we delivered revenue in line with pacing guidance despite worsening economic headwinds reflecting, among other things, the imposition of tariffs that have depressed both consumer and advertiser sentiment. However, with that backdrop, what remains constant is our relentless focus on actions to mitigate the impacts of the macro environment. For example, we accelerated growth in our digital marketing services business, which was up 30% for the quarter; leveraged our entire platform to capture demand opportunities; and drove additional annualized cost reductions of $7.5 million. Moving forward, we will continue to execute these strategies while simultaneously working to fundamentally transform the way we use and leverage our key assets.”

Operating Summary (dollars in thousands, except percentages and per share data):
The report follows Renew Group Private Ltd. completing the sell-off of its stake in Cumulus. The Manoj Bhargava led group at one point held over 10% of Cumulus leading to the company inserting a poison-pill in February 2024 to prevent a hostile takeover of the company. Renew sold its remaining 1,058,836 shares of Cumulus between April 15 and April 28 at an average price of $0.20 per share. Renew continues to be the second largest shareholder of Audacy post-bankruptcy.

As Reported	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024		% Change
Net revenue	$187,349		$200,053		(6.4)%
Net loss	$ (32,367)		$ (14,154)		(128.7)%
Adjusted EBITDA	$3,519		$8,405		(58.1)%
Basic loss per share	$ (1.88)		$ (0.85)		(121.2)%
Diluted loss per share	$ (1.88)		$ (0.85)		(121.2)%

Revenue Detail Summary (dollars in thousands):

As Reported	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024		% Change
* Broadcast radio revenue:
* * * * * * Spot	$80,964		$90,573		(10.6)%
* * * * * * Network	43,933		49,162		(10.6)%
Total broadcast radio revenue	124,897		139,735		(10.6)%
Digital	36,565		34,447		6.1%
Other	25,887		25,871		0.1%
*Net revenue	$187,349		$200,053		(6.4)%

Balance Sheet Summary (dollars in thousands):

		March 31, 2025		December 31, 2024
Cash and cash equivalents		$52,694		$63,836
Term Loan due 2026 (3)		$1,203		$1,203
Senior Notes due 2026 (3)		$22,697		$22,697
Term Loan due 2029 (2) (3)		$325,802		$326,514
Senior Notes due 2029 (2) (3)		$320,463		$321,181

	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Capital expenditures*	$5,540		$8,166

1. Adjusted EBITDA, 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 $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of March 31, 2025, $14.0 million and $14.1 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain.
3. Excludes any debt issuance costs.

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