Core Points - Cumulus Media's Westwood One is the official audio broadcast partner for the NCAA Division I Women's College World Series, providing comprehensive coverage of the event [1][7] - The broadcasts will be available across multiple platforms, including terrestrial radio, SiriusXM, and online streaming [2][8] - A notable broadcast team will cover the games, featuring experienced announcers and analysts [3][6] Company Overview - Cumulus Media operates over 400 radio stations and delivers content to over a quarter billion people monthly, focusing on high-quality local programming and national syndication [8] - Westwood One is recognized as the largest audio network in the U.S., partnering with major sports events and providing extensive sports coverage [7][8] Event Schedule - The NCAA Women's College World Series will commence on May 29, 2025, with a detailed schedule of games outlined, including double elimination rounds and championship finals [4][5][6]

Group 1 - Cumulus Media reported a quarterly loss of $1.88 per share, which was worse than the Zacks Consensus Estimate of a loss of $1.29, and compared to a loss of $0.85 per share a year ago, indicating a significant earnings surprise of -45.74% [1] - The company posted revenues of $187.35 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.45%, and down from $200.05 million in the same quarter last year [2] - Cumulus shares have declined approximately 65.2% since the beginning of the year, contrasting with the S&P 500's decline of -5.3% [3] Group 2 - The earnings outlook for Cumulus is mixed, with the current consensus EPS estimate for the coming quarter at -$0.67 on revenues of $191.65 million, and -$3.21 on revenues of $776.2 million for the current fiscal year [7] - The Broadcast Radio and Television industry, to which Cumulus belongs, is currently ranked in the top 11% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - TEGNA Inc., another company in the same industry, is expected to report quarterly earnings of $0.34 per share, reflecting a year-over-year decline of -24.4%, with revenues anticipated to be $677.17 million, down 5.2% from the previous year [9]

Financial Data and Key Metrics Changes - Total revenue decreased by 6.4%, and down 3.7% excluding political and Daily Wire impacts, aligning with previous pacing commentary [16] - EBITDA for the quarter was $3,500,000, reflecting ongoing challenges in the advertising market [16] - Digital revenue grew by 6% overall, or 20% excluding the loss of the Daily Wire relationship [16] Business Line Data and Key Metrics Changes - Digital Marketing Services (DMS) revenue increased by 30% in Q1, driven by a 41% increase in total customers and a 16% increase in average campaign order size [7][16] - Podcasting revenue was down 13% when including the Daily Wire, but up nearly 40% when excluding it [9] - Streaming revenue increased by 4% during the quarter, benefiting from in-house sales management [10] Market Data and Key Metrics Changes - Advertising pullbacks were noted in automotive, retail, and consumer packaged goods (CPG) categories, while insurance and financial categories showed growth [11][17] - The Beyond Home market business grew by 48% in the quarter, following a 45% growth in the previous quarter [12] Company Strategy and Development Direction - The company is focusing on digital business growth, particularly in DMS, and leveraging its extensive audience reach to partner with nontraditional parties [5][8] - Cost efficiencies are being pursued, with $7,500,000 in additional annualized fixed cost reductions executed [5][13] - The company is exploring AI applications to enhance operational efficiency and customer service [13][14] Management's Comments on Operating Environment and Future Outlook - The macro environment has become more challenging, with tariffs and government spending cuts impacting consumer demand and advertising spending [4] - Pacing is down approximately 10%, or 5% excluding political and Daily Wire impacts, indicating ongoing economic uncertainty [15][18] - The company remains optimistic about potential FCC deregulation, which could positively affect the industry [26] Other Important Information - The company ended the quarter with $53,000,000 in cash and a net debt of $589,000,000 [18] - The company anticipates asset sales to generate between $10,000,000 to $15,000,000 in proceeds this year [28] Q&A Session Summary Question: Were there any programs or content changes in the network side compared to last year? - The network program did not significantly change, and the decline was driven by general market demand weakness [21][22] Question: Can you provide month-by-month revenue performance for the quarter? - Revenue pacing was down mid-single digits, ending slightly over 6% down due to late advertiser orders [24] Question: What are the implications of FCC deregulation and asset sales? - The company is optimistic about FCC deregulation and expects a notice of proposed rulemaking by late summer [26] - Small asset sales occurred in Q1, with a larger land sale in Nashville anticipated [28]

Financial Data and Key Metrics Changes - Total revenue decreased by 6.4%, and down 3.7% excluding political and the impact of The Daily Wire, aligning with previous pacing commentary [17] - EBITDA for the quarter was $3,500,000, reflecting ongoing challenges in the advertising market [17] - Digital revenue grew by 6% overall, or 20% excluding the loss of The Daily Wire relationship [17] Business Line Data and Key Metrics Changes - Digital Marketing Services (DMS) revenue increased by 30% in Q1, driven by a 41% increase in total customers and a 16% increase in average campaign order size [7][17] - Podcasting revenue was down 13% when including the negative comp from Daily Wire, but up close to 40% when excluding it [9] - Streaming revenue increased by 4% during the quarter, benefiting from bringing the sales function in-house [10] Market Data and Key Metrics Changes - Advertising spending saw pullbacks in key categories such as automotive, retail, and consumer packaged goods (CPG), while insurance and financial categories showed growth [11][17] - The Beyond Home market business grew by 48% in the quarter, following a 45% growth in the previous quarter [12] Company Strategy and Development Direction - The company is focusing on digital business growth, particularly in DMS, and is committed to transforming how it leverages its assets [5][6] - Cost efficiencies are being pursued, with an additional $7,500,000 in annualized fixed cost reductions executed during the quarter [13][18] - The company is optimistic about potential FCC deregulation, which could positively impact the industry [27] Management's Comments on Operating Environment and Future Outlook - The macro environment has become more challenging, with supply chain concerns and inflation pressures affecting consumer sentiment and advertising spending [4] - Pacing is down approximately 10%, or 5% excluding political and Daily Wire impacts, indicating ongoing economic uncertainty [16][19] Other Important Information - The company ended the quarter with $53,000,000 in cash and a net debt of $589,000,000 [19] - The company is exploring asset sales, with expectations of generating $10 to $15 million from such sales this year [29] Q&A Session Summary Question: Were there any programs or content that you had last year that you didn't have this year in the first quarter? - The network's programming did not significantly change, and the decline was driven by general market demand weakness [22][23] Question: Can you provide a month-by-month revenue performance for the quarter? - Revenue pacing was down mid-single digits, ending slightly over 6% down due to late advertiser orders [25] Question: What are the prospects of FCC deregulation and asset sales? - The company is optimistic about FCC deregulation and expects a notice of proposed rulemaking by late summer [27] - Small asset sales occurred in Q1, with a cautious optimism for a significant land sale in Nashville [29]

Financial Performance - Net revenue for Q1 2025 decreased by $12.7 million, or 6.4%, compared to Q1 2024, primarily due to a reduction in spot and network revenues [96]. - Adjusted EBITDA for Q1 2025 was $3.5 million, down $4.9 million or 58.1% from $8.4 million in Q1 2024 [106]. - Operating loss for Q1 2025 was $14.8 million, an increase of $4.3 million or 41.1% compared to Q1 2024 [96]. - Net loss for Q1 2025 was $32.4 million, compared to a net loss of $14.2 million in Q1 2024, representing an increase of $18.2 million or 128.7% [96]. Cost Management - Content costs for Q1 2025 decreased by $5.7 million, or 6.7%, primarily due to lower syndicated programming and personnel costs [98]. - Selling, general and administrative expenses for Q1 2025 decreased by $1.4 million, or 1.5%, mainly from lower personnel costs and reduced rent expenses [99]. - Interest expense for Q1 2025 decreased by $1.3 million, or 7.7%, compared to Q1 2024, totaling $16.0 million [102]. Cash Flow and Liquidity - As of March 31, 2025, the company had $52.7 million in cash and cash equivalents, with cash used for operating activities decreasing to $3.8 million from $16.1 million in Q1 2024 [109]. - Net cash used in operating activities for the three months ended March 31, 2025, decreased to $(3,824) thousand from $(16,107) thousand in the same period of 2024, primarily due to changes in working capital [122]. - Net cash used in investing activities for the three months ended March 31, 2025, was $(5,058) thousand, primarily consisting of capital expenditures [123]. - Net cash used in financing activities for the three months ended March 31, 2025, was $(2,260) thousand, primarily related to repayments of financing obligations [125]. Share Repurchase and Debt Management - The company has authorized a new share repurchase program for up to $25.0 million of outstanding Class A common stock, which expires on May 15, 2025 [120]. - As of March 31, 2025, $25.0 million of the company's outstanding Class A common stock remained available for repurchase under the share repurchase program, subject to restrictions under debt agreements [121]. - The company exchanged $328.3 million in aggregate principal amount of its Term Loan due 2026 for $311.8 million in aggregate principal amount of Term Loan due 2029 [115]. - The company accepted $323.0 million in aggregate principal amount of Senior Notes due 2026 in exchange for approximately $306.4 million in aggregate principal amount of Senior Notes due 2029 [119]. - The company is subject to significant restrictions under the terms of its debt agreements with respect to repurchasing shares of common stock [120]. Market Compliance and Future Plans - The company is transitioning to the OTC Markets' OTCQB® market tier due to non-compliance with Nasdaq Listing Rules, effective May 2, 2025 [89]. - The company continues to evaluate opportunities to obtain additional capital from divestitures or the issuance of equity and/or debt securities [113]. - The company did not have any off-balance sheet arrangements as of March 31, 2025 [127]. Taxation - The effective tax rate for Q1 2025 was approximately (5.4)%, compared to (11.8)% for Q1 2024 [104].

Financial Performance - Total net revenue for Q1 2025 was $187.3 million, a decline of 6.4% year-over-year[3] - The company recorded a net loss of $32.4 million compared to a net loss of $14.2 million in Q1 2024, reflecting a 128.7% increase in losses[5] - GAAP net loss for Q1 2025 was $32,367,000, compared to a loss of $14,154,000 in Q1 2024[24] - As reported net revenue for Q1 2025 was $187,349,000, down from $200,053,000 in Q1 2024, representing a decrease of approximately 6.8%[24] - Excluding the impact of political revenue, net revenue for Q1 2025 was $186,517,000, compared to $197,854,000 in Q1 2024, a decrease of approximately 5.7%[24] Revenue Breakdown - Digital revenue reached $36.6 million, an increase of 6.1% year-over-year, representing 20% of total revenue[3] - Podcasting revenue decreased by 13%, but increased by 39% when excluding the impact of the Daily Wire relationship[3] - Broadcast radio revenue declined by 10.6% year-over-year, totaling $124.9 million[6] - Digital marketing services grew by 30% driven by investments in sales, support, and fulfillment capabilities[2] Adjusted Metrics - Adjusted EBITDA for Q1 2025 was $3.5 million, down 58.1% from $8.4 million in Q1 2024[5] - Adjusted EBITDA for Q1 2025 was $3,519,000, significantly lower than $8,405,000 in Q1 2024, indicating a decline of about 58%[24] - Adjusted EBITDA, excluding political EBITDA, was $2,770,000 for Q1 2025, down from $6,426,000 in Q1 2024, reflecting a decline of about 56.8%[24] Debt and Cash Position - Total debt as of March 31, 2025, was $670.2 million, with net debt less total unamortized discount at $589.4 million[3] - Total debt principal, gross, as of March 31, 2025, was $670,165,000, slightly down from $675,755,000 in the previous year[24] - Net debt less total unamortized discount decreased to $589,423,000 in Q1 2025 from $607,416,000 in Q1 2024[24] - Total debt at maturity as of March 31, 2025, was $642,117,000, compared to $675,755,000 in the previous year[24] - Cash and cash equivalents at the end of Q1 2025 were $52.7 million, down from $63.8 million at the end of 2024[7] - Cash and cash equivalents decreased to $52,694,000 in Q1 2025 from $68,339,000 in Q1 2024[24] Cost Management - The company achieved annualized fixed cost reductions of $7.5 million during the quarter[3] - Political revenue impact on net revenue was a reduction of $832,000 in Q1 2025, compared to a reduction of $2,199,000 in Q1 2024[24]

Core Insights - Cumulus Media reported a net revenue of $187.3 million for Q1 2025, reflecting a 6.4% decrease compared to Q1 2024, alongside a net loss of $32.4 million, which is a significant increase in losses from $14.2 million in the previous year [4][7][25] - The company emphasized its focus on mitigating macroeconomic impacts, including a 30% growth in digital marketing services and $7.5 million in annualized cost reductions [2][4] Financial Performance - Net revenue for Q1 2025 was $187.3 million, down from $200.1 million in Q1 2024, marking a 6.4% decline [4][8] - The net loss increased to $32.4 million in Q1 2025 from $14.2 million in Q1 2024, representing a 128.7% increase in losses [4][7] - Adjusted EBITDA for the quarter was $3.5 million, down 58.1% from $8.4 million in Q1 2024 [4][7] Revenue Breakdown - Digital revenue reached $36.6 million, a 6.1% increase year-over-year, and represented 20% of total revenue [7][8] - Broadcast radio revenue decreased by 10.6%, with spot revenue at $80.9 million and network revenue at $43.9 million [8] - Podcasting revenue decreased by 13%, but increased by 39% when excluding the impact of the Daily Wire relationship [7] Cost Management - The company executed actions resulting in $7.5 million of annualized fixed cost reductions [2][7] - Total operating expenses for Q1 2025 were $202.1 million, down from $210.5 million in Q1 2024 [25] Balance Sheet and Debt - As of March 31, 2025, total debt was reported at $670.2 million, with net debt less total unamortized discount at $589.4 million [7][9] - The company ended the quarter with $52.7 million in cash [7][9]

Core Viewpoint - Cumulus Media Inc. will host a conference call on May 1, 2025, to discuss its first quarter 2025 operating results, with a press release summarizing these results to be issued beforehand [1]. Group 1: Conference Call Details - The conference call is scheduled for May 1 at 8:30 AM ET, with a press release to be issued at approximately 8:00 AM ET [1]. - Participants must register in advance to join the conference call, with a one-time email address verification required [2]. - The call will be available in listen-only mode via the company's investor relations website, and a recording will be accessible shortly after the call [3]. Group 2: Dial-in Information - Domestic callers can join the call by dialing 833-470-1428, while international callers should dial 404-975-4839, using the participant access code 624457 if prompted [4]. Group 3: Company Overview - Cumulus Media is an audio-first media company reaching over a quarter billion people monthly through 400 radio stations across 84 markets [5]. - The company offers nationally-syndicated programming from major brands and operates the Cumulus Podcast Network, which features original podcasts [5]. - Cumulus Media provides advertisers with a combination of local impact and national reach through various platforms and services, including performance guarantees for advertising [5].

Core Points - Cumulus Media's Westwood One will provide exclusive Spanish-language audio coverage of the NCAA Men's Final Four and national championship game for the eighth consecutive year, starting on April 5, 2025 [2][8] - The broadcasts will feature veteran announcers Rafael Hernández Brito, Greivis Vásquez, and Carlos Morales, enhancing the connection with Hispanic basketball fans [3][5][6] - Werner Ladder is the presenting sponsor for the broadcasts, aiming to engage with Hispanic audiences and reinforce its brand association with NCAA basketball [4] Company Overview - Cumulus Media is an audio-first media company that reaches over a quarter billion people monthly through 400 radio stations and a large network of affiliated stations [11] - Westwood One is the exclusive broadcast partner for NCAA Championships, providing extensive coverage of NCAA basketball and other major sports events [9][10] - The NCAA comprises over 1,100 member colleges and universities, focusing on academics and athletics for nearly half a million student-athletes annually [12]

Rafael Hernández Brito, Greivis Vásquez, and Carlos Morales Call the Action Broadcasts Presented by Werner Ladder NEW YORK, April 02, 2025 (GLOBE NEWSWIRE) -- Cumulus Media’s (NSDQ: CMLS) Westwood One will provide exclusive audio coverage of the NCAA Men’s Final Four and national championship game in Spanish for the eighth consecutive tournament, presented by Werner Ladder, the official ladder of the NCAA Men’s and Women’s Basketball Championships. Westwood One’s Spanish-language broadcasts will kick off ...