Aitken joined Cumulus Media in 2016 and has held the position of Senior Vice President of Human Resources for the past two years. With a career spanning nearly two decades, Aitken has a wealth of experience in leading HR teams. Before Cumulus, Aitken held several HR roles across various properties of Starwood Hotels and Resorts. Mary G. Berner said, "For the past nearly eight years, Kriston has been a stand-out HR executive, and I'm delighted that she is fully ready and able to step into this important role ...

Washington, D.C., May 15, 2024 (GLOBE NEWSWIRE) -- The Washington Spirit and ESPN 630, DC's premier live and local sports radio station, will team up to broadcast 13 regular season matches in the Spirit's first-ever radio partnership, the club announced today. The partnership will begin on Saturday, May 18 when the Washington Spirit faces Angel City FC and will extend throughout the 2024 season. Match audiocasts will stream live directly to WashingtonSpirit.com, as well as the ESPN 630 app and website. "The ...

NEW YORK, May 08, 2024 (GLOBE NEWSWIRE) -- Cumulus Media (NASDAQ:CMLS) today announced The Candy Valentino Show has joined the Cumulus Podcast Network. Entrepreneur and bestselling author Candy Valentino talks with some of the world's most successful minds, including Tony Robbins, Daymond John, Ed Mylett, and Heidi Zak, while offering valuable insights drawn directly from her 26 years of expertise launching and selling her own businesses. She discusses wealth habits, business models, profit plans, real esta ...

ATLANTA, May 08, 2024 (GLOBE NEWSWIRE) -- Cumulus Media (NASDAQ:CMLS) today announced Mike Eaby's promotion to Vice President/Executive Producer of Westwood One Sports. In his new role, Eaby will manage and oversee all Westwood One Sports multi-platform content and live event production. Eaby will assume his new responsibilities on May 15, reporting to Bruce Gilbert, Senior Vice President, Sports Content & Audience for Cumulus Media and Westwood One. He succeeds Howard Deneroff, who departs his position aft ...

Financial Data and Key Metrics Changes - Total company revenue in Q1 was $200 million, down 2.7% year-over-year, but represented an improvement compared to 2023's performance [40][32] - EBITDA for the quarter was $8.4 million, with digital revenue increasing 7% year-over-year [11][32] - Fixed costs were reduced by approximately $4 million year-over-year, contributing to improved operating leverage [20][17] Business Line Data and Key Metrics Changes - Digital marketing services (DMS) revenue grew 25% in the quarter, significantly contributing to overall revenue growth [19][33] - Podcasting and streaming revenues increased by low single digits year-over-year, with podcasting showing sequential improvement [13][19] - National spot and network revenue were down mid-single digits, but showed improvement from previous quarters [14][40] Market Data and Key Metrics Changes - Consumer packaged goods, insurance, and pharmaceuticals were the top-performing national advertising categories, while mortgage, home improvement, and banking were the weakest [19][36] - Political revenue for the quarter was $2.2 million, down 55% from 2020, reflecting less competitive presidential primaries [16][41] Company Strategy and Development Direction - The company has refinanced its capital structure, extending maturities to 2029 and reducing debt by approximately $33 million, which provides additional runway for strategic initiatives [9][31] - Focus on accelerating digital growth through investments in digital marketing services and reducing fixed costs to enhance operating leverage [10][18] - The company aims to build long-term shareholder value through disciplined expense reductions and continued deleveraging [18][57] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising environment remains uncertain, with national advertisers expressing a desire to increase spending but facing macroeconomic challenges [15][57] - The company is optimistic about the recovery in local broadcast radio, expecting a more gradual rebound compared to national revenue [37][38] - Current pacing for Q2 is down low single digits, reflecting ongoing challenges in the advertising market [57][38] Other Important Information - The company has increased its ABL facility availability by 25%, enhancing liquidity [21][31] - Management emphasized the importance of technology implementations and process improvements to drive efficiency [27][60] Q&A Session Summary Question: Can you provide insights on the fixed cost reductions? - Management indicated that fixed cost reductions were achieved through renegotiating contracts and improving production efficiency, with ongoing opportunities for further reductions [46][60] Question: How is the digital marketing services growth being driven? - The growth in DMS is attributed to a combination of winning clients from other providers and attracting new clients, with a focus on offering comprehensive digital marketing solutions [62][62] Question: What are the trends in podcasting and local advertising? - Podcasting has seen improvements in ad trends, with a notable increase in charting shows, while local advertising is gradually gaining traction [63][50]

PART I. FINANCIAL INFORMATION This section details the unaudited financial statements, management's analysis, market risk, and internal controls for Q1 2024 [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements) For Q1 2024, Cumulus Media reported a net loss of $14.2 million on $200.1 million revenue, with total assets at $1.42 billion and a shift to $16.1 million operating cash outflow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $68,339 | $80,660 | | Total current assets | $276,241 | $286,897 | | Total assets | $1,418,533 | $1,440,301 | | Total current liabilities | $139,841 | $143,739 | | Total liabilities | $1,146,117 | $1,153,719 | | Total stockholders' equity | $272,416 | $286,582 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net revenue | $200,053 | $205,692 | | Operating (loss) income | $(10,474) | $1,035 | | Net loss | $(14,154) | $(21,467) | | Basic and Diluted loss per share | $(0.85) | $(1.17) | - The company recognized other income of **$14.8 million** in Q1 2024 from the sale of its equity in Broadcast Music, Inc. (BMI)[18](index=18&type=chunk)[45](index=45&type=chunk)[197](index=197&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(16,107) | $23,658 | | Net cash provided by (used in) investing activities | $6,736 | $(75) | | Net cash used in financing activities | $(2,950) | $(12,133) | | (Decrease) increase in cash and cash equivalents | $(12,321) | $11,450 | | Cash and cash equivalents at end of period | $68,339 | $118,883 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's revenue streams, debt structure, equity plans, and significant events, including a major debt restructuring post-quarter end Net Revenue by Source (in thousands) | Revenue Source | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Broadcast Radio (Spot & Network) | $139,735 | $148,010 | | Digital | $34,447 | $32,089 | | Other | $25,871 | $25,593 | | **Total Net Revenue** | **$200,053** | **$205,692** | - On February 21, 2024, the Board adopted a shareholder rights plan (a "poison pill") to protect against a hostile takeover, expiring on **February 20, 2025** unless redeemed or exchanged earlier[94](index=94&type=chunk)[97](index=97&type=chunk) - As of March 31, 2024, the company had **$25.0 million** remaining under its authorized share repurchase program, expiring on **May 15, 2025**, with no shares repurchased in Q1 2024[98](index=98&type=chunk)[128](index=128&type=chunk)[127](index=127&type=chunk) - Subsequent to quarter end, on May 2, 2024, the company completed a major debt restructuring, exchanging approximately **$325.7 million** of 6.75% Senior Notes for new 8.000% Senior Notes due 2029 and approximately **$328.3 million** of Term Loan due 2026 for a new Term Loan due 2029[158](index=158&type=chunk)[160](index=160&type=chunk) [Management's Discussion and Analysis (MD&A)](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 2.7% revenue decrease to macroeconomic conditions, leading to an 18.6% Adjusted EBITDA decline and $16.1 million cash used in operations, with a major debt exchange completed post-quarter [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Financial Performance Summary (in thousands) | Metric | Q1 2024 | Q1 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $200,053 | $205,692 | $(5,639) | (2.7)% | | Operating (loss) income | $(10,474) | $1,035 | $(11,509) | N/A | | Net loss | $(14,154) | $(21,467) | $7,313 | 34.1% | | Adjusted EBITDA | $8,405 | $10,329 | $(1,924) | (18.6)% | - The revenue decrease was primarily driven by reductions in spot revenue (**$7.1 million**) and network revenue (**$1.1 million**) due to macroeconomic conditions, partially offset by a **$2.4 million** increase in digital advertising revenue[167](index=167&type=chunk) - Content costs decreased by **$3.6 million** (**4.1%**) due to reduced spending on third-party station inventory and lower syndicated programming costs, corresponding with the revenue decline[168](index=168&type=chunk) - Corporate expenses increased by **$1.8 million** (**13.0%**), primarily due to higher restructuring expenses in 2024[171](index=171&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2024, the company had **$68.3 million** in cash and cash equivalents, with net cash used in operating activities at **$16.1 million** for Q1 2024, a significant decrease from the **$23.7 million** provided in Q1 2023, primarily due to working capital changes and reduced operating results[201](index=201&type=chunk)[188](index=188&type=chunk) - Net cash provided by investing activities was **$6.7 million** in Q1 2024, mainly from the **$14.8 million** proceeds of the BMI sale, partially offset by capital expenditures[213](index=213&type=chunk)[22](index=22&type=chunk) - Net cash used in financing activities decreased to **$3.0 million** in Q1 2024 from **$12.1 million** in Q1 2023, with 2023 including debt repurchases and treasury stock purchases, while 2024 usage was mainly for financing obligations and tax payments on vested stock[190](index=190&type=chunk)[215](index=215&type=chunk) - In May 2024, subsequent to the quarter, the company amended its Revolving Credit Facility, extending the maturity to **March 2029** and increasing the aggregate commitment to **$125.0 million**[140](index=140&type=chunk)[206](index=206&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is not required to provide market risk disclosures - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, the company is not required to provide disclosures about market risk[2](index=2&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of **March 31, 2024**[224](index=224&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2024[218](index=218&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings and updates on risk factors for the reporting period [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) No additional material legal proceedings or developments were reported since the 2023 Annual Report on Form 10-K - No material developments in legal proceedings were reported for the period[225](index=225&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors occurred during the three months ended March 31, 2024 - No material changes to the risk factors disclosed in the 2023 Form 10-K occurred during Q1 2024[226](index=226&type=chunk)

Financial Performance - Cumulus Media reported Q1 2024 total revenue of $200.1 million, a decrease of 2.7% compared to Q1 2023[5] - The company achieved a net loss of $14.2 million, an improvement from a net loss of $21.5 million in Q1 2023, reflecting a 34.1% reduction[4] - GAAP net loss for Q1 2024 was $14,154,000, an improvement from a net loss of $21,467,000 in Q1 2023[29] - Reported net revenue for Q1 2024 was $200,053,000, compared to $205,692,000 in Q1 2023[29] - Excluding the impact of political revenue, net revenue for Q1 2024 was $197,854,000, slightly down from $205,287,000 in Q1 2023[29] - Political revenue impact for Q1 2024 was a loss of $2,199,000, compared to a loss of $405,000 in Q1 2023[29] Revenue Breakdown - Digital revenue increased by 7.3% year-over-year to $34.4 million, representing 17% of total revenue[3] - Broadcast radio revenue decreased by 5.6% to $139.7 million, with spot revenue down 7.3%[9] - Digital marketing services revenue grew by 25%, driven by new product additions and investments in digital sales capabilities[3] Adjusted Metrics - Adjusted EBITDA for Q1 2024 was $8.4 million, down 18.6% from $10.3 million in Q1 2023[6] - Adjusted EBITDA for Q1 2024 was $8,405,000, down from $10,329,000 in Q1 2023[29] - Adjusted EBITDA excluding political EBITDA for Q1 2024 was $6,426,000, down from $9,964,000 in Q1 2023[29] Cost Management - Fixed costs were reduced by approximately $4 million, contributing to improved operating leverage[4] - Non-operating expenses, including net interest expense, decreased to $2,181,000 in Q1 2024 from $17,315,000 in Q1 2023[29] - Restructuring costs increased to $2,130,000 in Q1 2024 from $291,000 in Q1 2023[29] - Income tax expense for Q1 2024 was $1,499,000, down from $5,804,000 in Q1 2023[29] - Stock-based compensation expense slightly decreased to $1,072,000 in Q1 2024 from $1,126,000 in Q1 2023[29] Capital Structure - Cumulus Media successfully refinanced its capital structure, reducing principal by approximately $33 million and extending maturities to 2029[2] - The ABL facility was upsized by 25% to $125 million, with maturity also extended to 2029[2] Strategic Focus - The company emphasized the importance of flexibility in the current uncertain advertising environment to support digital growth and de-levering efforts[3]

Completed Successful Debt Exchange That Reduced Principal by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates and Preserved Structure Free of Financial Maintenance Covenants; Exceeded Expectations with Approximately 97% Aggregate Participation Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029 Reported Q1 Total Revenue of $200 million, Down 2.7%, In Line with Guidance Increased Digital Marketing Services Revenue by 25%, Total Digital Revenue by ...

ATLANTA, May 02, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company" or "Cumulus") today announced the expiration and final results of its subsidiary's, Cumulus Media New Holdings Inc. (the "Issuer"), previously announced offer to exchange (as amended, the "Exchange Offer") any and all of its outstanding 6.750% Senior Secured First-Lien Notes due 2026 (the "Old Notes") for new 8.000% Senior Secured First-Lien Notes due 2029 (the "New Notes") to be issued by the Issuer, upon the terms of ...

Cumulus Media (CMLS) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 3. On t ...