Financial Data and Key Metrics Changes - Revenue for Q4 2024 decreased by 1.2%, with full-year revenue down 2.1% [33][37] - EBITDA for Q4 was $25 million, while full-year EBITDA finished at $82.7 million [33][37] - Digital revenue grew by 5% year-over-year, with digital marketing services (DMS) increasing by 27% for the year [37] Business Line Data and Key Metrics Changes - Digital marketing services accounted for approximately 19% of total company revenue, with a 27% year-over-year revenue increase [13][37] - Podcast revenue was down slightly in 2024, but excluding the Daily Wire, it was up over 35% [18][20] - Streaming revenue decreased by 4% due to a difficult comparison from a fixed-rate sales contract expiration [22] Market Data and Key Metrics Changes - Political advertising contributed approximately $19 million during the year, but local broadcast advertising faced significant headwinds [23][24] - The Beyond Home Market (BHM) business grew by 35% year-over-year, indicating resilience in local advertising [25] Company Strategy and Development Direction - The company is focused on transforming its business model by leveraging key assets and investing in digital growth [10][12] - Cost reductions have been a priority, with $35 million in annualized net cost reductions achieved in Q4 2024 [27] - The company aims to reduce net debt and maintain financial flexibility through asset monetization and operational efficiency [29][28] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the advertising environment due to macroeconomic factors, but expressed optimism about digital marketing services growth [26][31] - The company anticipates continued revenue pressure in Q1 2025, pacing down mid-single digits, but expects DMS growth to remain robust [26][39] Other Important Information - The company completed a refinancing of its debt, extending maturities to 2029, which provides additional financial flexibility [28][29] - The Board decided not to renew the shareholder rights plan, indicating confidence in the company's current position [30][102] Q&A Session Summary Question: What is needed to turn around national advertising? - Management indicated that improvements in the macro environment would help national advertising recover, particularly for Westwood One, which has been significantly impacted [45][46] Question: Are there specific ad categories tied to interest rates affecting the broadcast spot side? - Management confirmed a broad-based decline in advertising, with sectors like automotive and mortgage products being particularly affected by economic conditions [52][53] Question: What margins are being achieved in the DMS segment? - The unit contribution margins for DMS are approximately 35%, with investments focused on sales and fulfillment to drive growth [57][58] Question: What are the prospects for monetizing non-core assets to accelerate debt pay down? - Management mentioned potential asset sales, including land in Nashville, to help reduce debt [61][62] Question: What is the company's perspective on deregulation in the media space? - Management supports deregulation and believes it could lead to increased opportunities for growth and consolidation within the industry [83][84]

Financial Performance - Cumulus Media reported a quarterly loss of $0.39 per share, better than the Zacks Consensus Estimate of a loss of $0.58, and a significant improvement from a loss of $2.60 per share a year ago, representing an earnings surprise of 32.76% [1] - The company posted revenues of $218.58 million for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.10%, and down from $221.3 million year-over-year [2] - Over the last four quarters, Cumulus has surpassed consensus EPS estimates two times but has not beaten consensus revenue estimates [2] Stock Performance - Cumulus shares have increased approximately 34.8% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$1.17 on revenues of $199.2 million, and for the current fiscal year, it is -$3.24 on revenues of $816 million [7] Industry Outlook - The Broadcast Radio and Television industry, to which Cumulus belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Cumulus's stock performance [5][6]

Audience and Market Presence - Cumulus Media reaches a monthly audience of a quarter billion listeners through 400 owned radio stations across 84 markets and over 9,500 affiliated stations[18]. - The company operates a total of 118 radio stations across various markets as of February 20, 2025[53][54]. - Cumulus Media engages 250 million listeners monthly through 400 owned-and-operated stations across 84 markets[150]. Revenue Streams - The company generates revenue from three major streams: broadcast radio, digital advertising, and other revenue, with a focus on maximizing advertising inventory and adjusting prices based on supply and demand[20][23]. - Digital revenue includes advertising from podcasts, streaming audio, and digital marketing services, contributing significantly to overall revenue growth[23]. - Broadcast radio revenue primarily comes from local, regional, and national spot advertising, with national spot advertising sold through internal teams and Katz Media Group[151][152]. - The primary source of revenue for the company is advertising sales, which are seasonal and cyclical, with generally lower revenue in Q1 and higher in Q2 and Q4[90]. Financial Performance - Net revenue for the year ended December 31, 2024 decreased by $17.5 million or 2.1% compared to 2023, primarily due to reductions in spot and network revenues[166]. - The company recorded a net loss of $283.3 million for the year ended December 31, 2024, compared to a net loss of $117.9 million in 2023, representing a 140.3% increase in losses[165]. - Adjusted EBITDA decreased by approximately $8.0 million, from $90.7 million in 2023 to $82.7 million in 2024[179]. Operational Challenges - The company experiences seasonal fluctuations in advertising revenue, with the fourth quarter typically generating the highest revenues due to increased political advertising in even-numbered years[44][45]. - Inflation has impacted costs, particularly in personnel and equipment, prompting the company to seek continuous process improvements to mitigate its effects[46]. - Economic conditions, national and local advertising demand, and competition from other media significantly impact the company's financial performance[92]. Regulatory Environment - The company is subject to various regulatory approvals for the assignment or transfer of control of broadcast licenses, which must serve the public interest[55]. - The Communications Act restricts companies from having more than 25% of their capital stock owned or voted by non-U.S. persons, but the FCC granted the company a petition allowing 100% foreign ownership under certain conditions[57]. - The FCC's local radio ownership rules are currently under review, which may impact the company's future acquisitions[58]. Corporate Governance and Culture - Cumulus Media's corporate culture, defined by the FORCE framework, supports employee engagement and retention, contributing to overall performance[34][41]. - As of December 31, 2024, Cumulus Media employed 3,106 people, with 2,250 in full-time positions, maintaining positive relations with employees[42]. - The company has a diverse executive team with extensive experience in media and finance, including the CEO who has been in position since October 2015[80]. Cybersecurity and Risk Management - The company is actively involved in strategic initiatives and corporate development through its Executive Vice President of Corporate Strategy and Development[83]. - The company's cybersecurity risks are overseen by the Audit Committee, which receives quarterly reports on the status of cybersecurity measures[135][137]. - The company has an integrated cybersecurity risk management program based on the NIST framework, focusing on prevention, detection, and mitigation[130]. Debt and Financial Obligations - The company has a $525.0 million senior secured Term Loan due 2026, which was used to refinance the previous Term Loan due 2022[189]. - The company exchanged $328.3 million of the Term Loan due 2026 for $311.8 million of the new Term Loan due 2029 on May 2, 2024[200]. - The company is in compliance with all required covenants under both the 2026 and 2029 Credit Agreements as of December 31, 2024[199][204]. Strategic Initiatives - The company is testing and implementing artificial intelligence solutions, which present new operational and legal risks[99]. - The company has evaluated opportunities to obtain additional capital through divestitures and issuance of equity or debt securities[187]. - The company has a share repurchase program authorized for up to $25 million, which may be modified or suspended at any time[146].

Financial Performance - Total net revenue for 2024 was $827.1 million, a decline of 2.1% year-over-year[5]. - For Q4 2024, net revenue was $218.6 million, a decrease of 1.2% from Q4 2023[7]. - Net revenue for Q4 2024 was $218,576, a decrease of 1.3% from $221,301 in Q4 2023[28]. - The company recorded a net loss of $283.3 million, compared to a net loss of $117.9 million in 2023, reflecting a pre-tax non-cash impairment charge of $224.5 million[5]. - The net loss for the year ended December 31, 2024, was $283,254, compared to a net loss of $117,879 for the year ended December 31, 2023[28]. - The company experienced a loss before income taxes of $243,082 in Q4 2024, compared to a loss of $80,319 in Q4 2023[28]. Revenue Breakdown - Digital revenue reached $154.2 million, an increase of 5.3% year-over-year, accounting for 19% of total revenue[5]. - Political revenue for Q4 2024 was $10,118, which negatively impacted the reported net revenue[32]. Cost Management - The company achieved $43 million in annualized fixed cost reductions, with $15 million benefiting 2024[5]. - Total operating expenses increased significantly to $444,862 in Q4 2024, compared to $284,418 in Q4 2023, primarily due to impairment of intangible assets[28]. - Restructuring costs for the year ended December 31, 2024, totaled $13,889, compared to $17,684 in 2023[30]. EBITDA Performance - Adjusted EBITDA for 2024 was $82.7 million, down from $90.7 million in 2023, representing an 8.8% decrease[8]. - Adjusted EBITDA for Q4 2024 was $25,039, an increase of 9.3% from $22,798 in Q4 2023[30]. Debt and Cash Position - Total debt as of December 31, 2024, was $671.6 million, with net debt less total unamortized discount at $578.3 million[5]. - Total debt principal, gross, as of December 31, 2024, was $671,595, a slight decrease from $675,755 in 2023[32]. - The net debt less total unamortized discount as of December 31, 2024, was $578,281, down from $595,095 in 2023[32]. - Cash and cash equivalents at year-end totaled $63.8 million, with an undrawn $125.0 million ABL facility[6]. Strategic Initiatives - The company plans to continue investing in growth areas, particularly in digital marketing services, which are pacing up 30% in Q1 2025[3]. - The company maintained a top 10 podcast network positioning and grew streaming impressions by 15%[5].

Core Insights - Cumulus Media reported a challenging year in 2024, with a net revenue decline of 2.1% year-over-year, totaling $827.1 million, and a significant net loss of $283.3 million, compared to a net loss of $117.9 million in 2023 [5][8][7] - The company has focused on digital marketing services, which saw a 27% growth, and digital revenue increased by 5.3%, accounting for 19% of total revenue [7][4] - Cumulus Media implemented cost-saving measures that are expected to yield $43 million in annualized fixed cost reductions, with $15 million realized in 2024 [2][7] Financial Performance - For Q4 2024, Cumulus Media reported net revenue of $218.6 million, a decrease of 1.2% from Q4 2023, and an adjusted EBITDA of $25.0 million, reflecting a 9.8% increase [4][6] - The company recorded a net loss of $231.1 million for Q4 2024, a 135.6% increase in losses compared to the same quarter in 2023 [6][4] - The total debt as of December 31, 2024, was $671.6 million, with net debt less total unamortized discount at $578.3 million [7][10] Revenue Breakdown - In Q4 2024, broadcast radio revenue decreased by 2.7% to $149.3 million, while digital revenue increased by 1.9% to $40.3 million [9][4] - For the full year 2024, total broadcast radio revenue declined by 5.1% to $564.1 million, while digital revenue rose to $154.2 million [8][9] Strategic Initiatives - Cumulus Media is investing in growth areas, particularly in digital marketing services, which is expected to help mitigate the impact of local radio advertising slowdowns [2][7] - The company has evolved its broadcast go-to-market strategies, successfully attracting large new broadcast clients [2][7] Cash Position - As of December 31, 2024, Cumulus Media had $63.8 million in cash and an undrawn $125.0 million asset-based lending facility [7][10]

ATLANTA, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) will host a conference call on Thursday, February 27th at 8:30 AM ET to discuss its fourth quarter and full year 2024 operating results. A press release containing a summary of these results will be issued before the call at approximately 8:00 AM ET. To participate in the conference call, please register in advance using this link. NetRoadshow (NRS) is the service provider for this call. Registration requires a one-time only email ...

Westwood One Sports to Bring U.S. Soccer to Audio Listeners Nationwide;First Broadcast Set for 10th Annual SheBelieves Cup CHICAGO, Feb. 18, 2025 (GLOBE NEWSWIRE) -- U.S. Soccer and Cumulus Media's (NASDAQ:CMLS) Westwood One have reached an agreement for Westwood One Sports to serve as the new domestic English-language audio partner of U.S. Soccer. The multi-year exclusive partnership gives Westwood One Sports broadcast rights to all U.S. Soccer Federation-hosted matches, including all USWNT and USMNT frien ...

NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One announced today that legendary talk radio host Mark Levin will interview President Donald J. Trump on "The Mark Levin Show" on Monday, February 10, 2025. This will be President Trump's first radio interview since taking office in January.   "The Mark Levin Show" airs from 6 to 9 p.m. ET each weekday on nearly 400 radio affiliates, in all ten top metro markets as well as in 21 of the top 25 markets. Westwood One is the exc ...

Levin Scores President’s First Radio Interview Since Taking OfficeNEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ: CMLS) Westwood One announced today that legendary talk radio host Mark Levin will interview President Donald J. Trump on “The Mark Levin Show” on Monday, February 10, 2025. This will be President Trump’s first radio interview since taking office in January. “The Mark Levin Show” airs from 6 to 9 p.m. ET each weekday on nearly 400 radio affiliates, in all ten top metro marke ...

2025 Marks Westwood One’s 52nd Super Bowl BroadcastKevin Harlan, Hall of Famer Kurt Warner, Gene Steratore, and Laura Okmin Call the Action Live from New OrleansScott Graham and Three-Time Super Bowl Champion Devin McCourty Anchor Pregame, Halftime, and Postgame CoverageWestwood One Will Air the Apple Music Super Bowl LIX Halftime Show for the First Time NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ: CMLS) Westwood One, America’s largest audio network and the official audio partner o ...