NEW YORK, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One, America's largest audio network and the official network audio partner of the National Football League, will present live play-by-play coverage of NFL Conference Championship Sunday, presented by Intuit Turbo Tax. Doubleheader coverage will begin with the pregame show at 2:00 p.m. ET on Sunday, January 28 before the Kansas City Chiefs and the Baltimore Ravens meet for the AFC Championship game and the Detroit Lions battl ...

Cumulus Media Inc. (NASDAQ:CMLS) Q3 2023 Earnings Conference Call October 27, 2023 8:30 AM ET Company Participants Collin Jones - EVP, Strategy & Development Mary Berner - President & Chief Executive Officer Frank Lopez-Balboa - Chief Financial Officer Conference Call Participants Michael Kupinski - Noble Capital Markets James Goss - Barrington Research Dan Day - B. Riley Securities Operator Good morning. Welcome to the Cumulus Media Quarterly Earnings Conference Call. I will now turn it over to Collin Jone ...

Financial Performance - Net revenue for the nine months ended September 30, 2023, was $623.2 million, a decrease of $78.99 million or 11.2% compared to $702.2 million for the same period in 2022[160] - Adjusted EBITDA for the nine months ended September 30, 2023, was $67.93 million, down $55.34 million or 44.9% from $123.27 million in the prior year[160] - Operating income fell to $21.84 million, a decline of $48.48 million or 68.9% compared to $70.32 million for the same period in 2022[160] - Net revenue for the three months ended September 30, 2023, decreased by $26.0 million, or 11.2%, compared to the same period in 2022, primarily due to reductions in spot and network revenues[185] - Operating income for the three months ended September 30, 2023, was $17.6 million, down $10.8 million, or 38.1%, from the previous year[183] - Net income for the three months ended September 30, 2023, was $2.7 million, a decrease of $5.8 million, or 68.1%, compared to $8.5 million in 2022[183] - Adjusted EBITDA for the three months ended September 30, 2023, was $26.9 million, down $19.6 million, or 42.2%, from $46.6 million in the same period last year[204] Costs and Expenses - Content costs decreased by $18.9 million or 7.3% to $238.94 million for the nine months ended September 30, 2023, primarily due to lower syndicated programming costs[169] - Content costs for the same period decreased by $6.5 million, or 7.9%, mainly due to lower syndicated programming costs and reduced personnel costs[186] - Selling, general and administrative expenses decreased by $1.4 million, or 1.5%, attributed to lower research expenses and sales commissions[187] - Corporate expenses rose by $5.57 million or 11.5% to $54.05 million for the nine months ended September 30, 2023[160] - Corporate expenses increased by $1.4 million, or 10.0%, primarily due to higher incentive compensation and increased employee benefit costs[189] Debt and Interest - Interest expense increased by $5.98 million or 12.6% to $53.47 million for the nine months ended September 30, 2023[160] - The gain on early extinguishment of debt for the nine months ended September 30, 2023, was $9.85 million, driven by repurchases of $34.7 million and $8.9 million principal amounts of debt[173] Taxation - The effective tax rate for the nine months ended September 30, 2023, was impacted by valuation allowances and changes to projected full-year effective tax rates[174] - The company recorded an income tax benefit of $1.6 million for the three months ended September 30, 2023, compared to an income tax expense of $4.6 million in 2022[193] Cash and Liquidity - Cash and cash equivalents as of September 30, 2023, totaled $82.8 million, with cash generated from operating activities amounting to $28.4 million for the nine months ended September 30, 2023[205] - The company anticipates that its business model and current cash reserves will help manage anticipated liquidity needs for at least the next twelve months[207] Corporate Actions - The company authorized a share repurchase program for up to $25 million of outstanding Class A common stock, which is set to expire on May 15, 2025[178] - The loss on sale or disposal of assets for the nine months ended September 30, 2023, was primarily related to the sales of WDRQ-FM and WFAS-FM[171] Legal Matters - The Ninth Circuit ruled that no public performance right exists for pre-1972 recordings under California law, impacting ongoing litigation involving Pandora[218] - A summary judgment in favor of Pandora was granted on July 25, 2023, indicating an absence of public performance rights owned by the plaintiff[218] - The appeal filed by the plaintiff on August 25, 2023, regarding the Pandora case is still pending, with uncertain implications for the company's financial position[218] Internal Controls - The company has effective disclosure controls and procedures as of September 30, 2023, ensuring timely reporting and decision-making[242]

Cumulus Media Inc. (NASDAQ:CMLS) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET Company Participants Collin Jones - EVP, Strategy and Development Mary Berner - President and CEO Frank Lopez-Balboa - CFO Conference Call Participants Dan Day - B. Riley Securities Avi Steiner - JPMorgan Michael Kupinski - NOBLE Capital Markets Jim Goss - Barrington Research Operator Good morning, ladies and gentlemen. Welcome to the Cumulus Media Quarterly Earnings Conference Call. I will now turn it over to Collin ...

FORM 10-Q OR Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 For the transition period from to Delaware 82-5134717 (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.) 780 Johnson Ferry Road NE Suite 500 Atlanta, GA 30342 (Address of ...

Cumulus Media Inc. (NASDAQ:CMLS) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET Company Participants Collin Jones - Executive Vice President, Strategy and Development Mary Berner - President and Chief Executive Officer Frank Lopez-Balboa - Chief Financial Officer Conference Call Participants Dan Day - B. Riley Securities Michael Kupinski - NOBLE Capital Markets Avi Steiner - JPMorgan Operator Welcome to the Cumulus Media Quarterly Earnings Conference Call. I will now turn it over to Colin Jones, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 For the transition period from to Delaware 82-5134717 (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.) 780 Johnson Ferry Road NE Suite 500 Atlanta, GA 30342 (Address of Principal Executive Offices) (ZIP Code) Title of each class Trading Symbol(s) Name of ...

Financial Data and Key Metrics Changes - In Q4 2022, total revenue was approximately flat year-over-year, with digital revenue growth and political revenue offsetting continued weakness in national advertising [33] - For the full year 2022, revenue was $953.5 million, up 4% compared to 2021, with EBITDA finishing at $166 million, an increase of 23% from $135 million in 2021 [24][31] - Fixed costs were approximately $90 million lower than in 2019, contributing to EBITDA recovery [4][11] Business Line Data and Key Metrics Changes - Digital revenue grew by 12% for the full year, with digital marketing services up 16%, streaming up 12%, and podcasting up 11% [24] - Local advertising streams represented nearly 50% of total revenue in 2022, outperforming national advertising [14] - National podcast downloads grew to 1.5 billion from 1.2 billion in 2021, an increase of 26%, although revenue from this segment was affected by national advertiser demand [30] Market Data and Key Metrics Changes - National advertising demand has weakened significantly, impacting most ad categories, while local advertising has shown more resilience [5][14] - The automotive category is showing signs of recovery, with local orders firming up later each month than historically [16][52] Company Strategy and Development Direction - The company is focused on optimizing its radio portfolio and developing new digital businesses, which now generate over $150 million annually, representing more than 15% of total revenue [4][10] - There is a strong emphasis on managing expenses and reducing fixed costs to mitigate the impact of declining national revenue [22][39] - The company is exploring opportunities for asset monetization and potential M&A, leveraging its strong balance sheet and liquidity [48][71] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the challenging advertising environment but expresses confidence in navigating through it, citing a strong financial position and past performance during downturns [28][31] - There is an expectation that as economic conditions improve, national advertising will recover, benefiting from the company's strong digital business [45][46] Other Important Information - The company has reduced net debt by approximately $650 million since June 2018, achieving a net leverage of 3.7x at year-end 2022 [11][35] - The company has returned over $31 million of capital to shareholders through stock repurchases, reducing share count by 12% during 2022 [11] Q&A Session Summary Question: What does the ad environment look like beyond Q1? - Management indicated it is too early to provide a clear outlook but noted some green shoots in the automotive sector and a generally weak national advertising environment [26][44] Question: Can you discuss potential cost reduction levers? - Management confirmed ongoing focus on fixed costs, with $90 million already reduced since 2019, and plans to continue finding efficiencies [39] Question: How is the company positioned regarding asset monetization and M&A? - Management emphasized a strong balance sheet and liquidity, allowing for strategic opportunities without immediate cash constraints [48][71] Question: What is the outlook for local advertising? - Local markets are holding up better than national, with some categories like automotive showing signs of recovery [50][52] Question: How does the company view the digital audio and programmatic space? - The company is actively working to sell digital inventory through programmatic channels and has seen significant growth in streaming, particularly with NFL rights [73]

We must continue to respond to the rapid changes in technology, services and standards that characterize our industry in order to remain competitive. Our failure to timely or appropriately respond to any such changes could materially adversely af ect our business and results of operations. These or other new technologies have the potential to change the means by which advertisers can reach target audiences most effectively. We cannot predict the effect, if any, that competition arising from these or other t ...

Cumulus Media Inc. (NASDAQ:CMLS) Q3 2022 Earnings Conference Call October 28, 2022 8:30 AM ET Company Participants Collin Jones - Executive Vice President of Strategy and Development Mary Berner - President and Chief Executive Officer Frank Lopez-Balboa - Chief Financial Officer Conference Call Participants Michael Kupinski - Noble Capital Markets Aaron Watts - Deutsche Bank Dan Day - B. Riley Securities Jim Goss - Barrington Research Operator Good morning ladies and gentlemen. Welcome to today’s Cumulus Me ...