July Audio Downloads Increase 40% Over June Podcast Hits High Marks Across Ranking Charts Rumble Views Up 25% Over June NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ: CMLS) Westwood One today announced that The Dan Bongino Show podcast saw a surge in growth in July 2024. Listeners turned to Bongino for his expertise and insight as a former United States Secret Service agent following the assassination attempt against former President Donald J. Trump just prior to the Republican Nationa ...

Financial Data and Key Metrics Changes - Q2 revenue was $205 million, down 2.5% year-over-year, consistent with prior guidance, while EBITDA was $25.2 million [18][19] - Cash generated from operations was $8 million, excluding $16 million of costs related to the exchange offer [19] Business Line Data and Key Metrics Changes - Digital marketing services (DMS) revenue grew by 24%, driven by new customers, improved retention, and higher average campaign order size [18] - Digital businesses accounted for 19% of total revenue, with overall digital revenue increasing by 5% year-over-year [5][18] - Podcasting revenue increased for the fourth consecutive quarter, while streaming revenue declined due to the expiration of a fixed-rate sales contract [9][18] Market Data and Key Metrics Changes - National broadcast advertising businesses, which make up approximately 50% of total annual broadcast revenue, showed improvement in categories like insurance, retail, and telecom [10] - Local spot revenue was down 4% year-over-year, with high interest rates impacting auto dealers and financial services [11][12] Company Strategy and Development Direction - The company is focused on driving growth in digital revenue streams and has made significant investments in expanding its digital sales force [4][14] - A disciplined approach to capital allocation has been emphasized, prioritizing organic growth and avoiding dilutive acquisitions [14][15] - The company aims to continue reducing fixed costs, achieving $4 million in reductions during Q2 and $8 million year-to-date [13][19] Management's Comments on Operating Environment and Future Outlook - The advertising environment remains challenging, but there are signs of improvement in certain categories, particularly in political advertising [21] - Management remains cautious about the macroeconomic environment, noting that while some parts of advertising are improving, uncertainty persists [21] - The company has extended debt maturities to 2029, providing financial flexibility to navigate economic challenges [16][20] Other Important Information - The company has reduced gross debt by approximately 50% since emerging from bankruptcy, enhancing its capital structure [16] - The focus on local insights in DMS campaigns has led to a 65% year-over-year increase in multimarket local broadcast revenue [12] Q&A Session Summary Question: Political advertising outlook for the remainder of the year - Political revenue in Q2 was $1.9 million, higher than $1.2 million in 2020, with expectations for significant spending as races become more competitive [22][23] Question: Expectations for the network business with lower interest rates - The network business was lower in Q2 but is expected to improve in Q3, driven by sports advertising [26][27] Question: Challenges in monetizing streaming revenue - The decline in streaming revenue was due to the expiration of a favorable third-party ad sales contract, but the company now has the capabilities to manage its own inventory [31][32] Question: Key verticals for digital marketing services - The top categories for DMS include automotive, HVAC, plumbing, and home improvement, each with tailored go-to-market strategies [33]

Financial Performance - Cumulus Media reported a quarterly loss of $0.68 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.49, and compared to a loss of $0.06 per share a year ago, indicating an earnings surprise of -38.78% [1] - The company posted revenues of $204.85 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.56%, and down from $210.14 million in the same quarter last year [2] - Over the last four quarters, Cumulus has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Cumulus shares have declined approximately 62.6% since the beginning of the year, contrasting with the S&P 500's gain of 14.2% [3] - The current Zacks Rank for Cumulus is 4 (Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.41 on revenues of $208.7 million, and for the current fiscal year, it is -$1.91 on revenues of $845.58 million [7] - The trend for estimate revisions ahead of the earnings release has been unfavorable, which could impact future stock movements [5][6] Industry Context - The Broadcast Radio and Television industry, to which Cumulus belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting a challenging environment [8]

Financial Performance - Net revenue for the three months ended June 30, 2024, decreased by $5.3 million, or 2.5%, compared to the same period in 2023, primarily due to reductions in network and spot revenues[98]. - Adjusted EBITDA for the three months ended June 30, 2024, was $25.2 million, a decrease of $5.5 million, or 17.8%, from $30.7 million in the same period in 2023[96]. - Net loss for the three months ended June 30, 2024, was $27.7 million, compared to a net loss of $1.1 million in the same period in 2023, representing an increase of $26.6 million[96]. - Loss before income taxes for the three months ended June 30, 2024, was $26.9 million, compared to a loss of $5.9 million in the same period in 2023, an increase of $21.0 million[96]. - For the six months ended June 30, 2024, net revenue decreased by $10.9 million, or 2.6%, compared to the same period in 2023, primarily due to reductions in spot and network revenues[109]. - Adjusted EBITDA for the six months ended June 30, 2024, was $33.6 million, a decrease of $7.4 million from $41.0 million for the same period in 2023[121]. Expenses - Corporate expenses increased by $7.6 million, or 31.6%, for the three months ended June 30, 2024, primarily due to $16.3 million of debt exchange costs[101]. - Content costs for the three months ended June 30, 2024, increased by $0.1 million, or 0.1%, compared to the same period in 2023, driven by higher digital costs[99]. - Selling, general and administrative expenses remained consistent, with a slight increase attributed to higher personnel costs from an expanded digital sales force[99]. - Corporate expenses increased by $9.4 million, or 24.7%, for the six months ended June 30, 2024, primarily due to $16.3 million of debt exchange costs[114]. - Content costs for the six months ended June 30, 2024, decreased by $3.5 million, or 2.2%, primarily due to lower syndicated programming costs[111]. Interest and Tax - Interest expense for the three months ended June 30, 2024, decreased by $0.3 million, or 1.8%, compared to the same period in 2023[104]. - Interest income for the three months ended June 30, 2024, decreased by $0.6 million, or 79.5%, compared to the same period in 2023[96]. - Total interest expense for the six months ended June 30, 2024, decreased by $0.6 million, or 1.7%, compared to the same period in 2023[117]. - Interest income for the six months ended June 30, 2024, decreased by $0.6 million, or 54.5%, compared to the same period in 2023[117]. - The company recorded an income tax expense of $2.3 million on a pre-tax book loss of $39.6 million for the six months ended June 30, 2024, resulting in an effective tax rate of approximately (5.8)%[120]. Cash Flow and Financing - Cash and cash equivalents as of June 30, 2024, were $53.5 million, with the company using $24.1 million for operating activities in the first half of 2024[126]. - Net cash used in operating activities for the six months ended June 30, 2024, was $(24.1) million, a decrease from $35.2 million provided in the same period of 2023[141]. - Net cash provided by investing activities for the six months ended June 30, 2024, was $2.3 million, compared to $(6.4) million used in the same period of 2023[142]. - Net cash used in financing activities for the six months ended June 30, 2024, was $(5.5) million, a significant decrease from $(43.8) million used in the same period of 2023[143]. - The company did not repurchase any shares during the six months ended June 30, 2024, but repurchased 323,285 shares at an average price of $4.65 per share for approximately $1.5 million in the same period of 2023[139]. Debt and Credit Facilities - The gain on early extinguishment of debt for the three months ended June 30, 2024, was $0.2 million, significantly lower than the $8.4 million gain in the same period in 2023[105]. - The gain on early extinguishment of debt for the six months ended June 30, 2024, was $0.2 million, compared to a gain of $9.0 million for the same period in 2023[118]. - Holdings completed a Term Loan Exchange Offer, exchanging $328.3 million of Term Loan due 2026 for $311.8 million of Term Loan due 2029[132]. - As of May 2, 2024, there was $1.2 million outstanding under Term Loan due 2026 and $311.8 million outstanding under Term Loan due 2029[132]. - The 2020 Revolving Credit Facility was amended to increase aggregate commitments to $125.0 million and extend maturity to March 1, 2029[136]. - Holdings accepted $323.0 million of Senior Notes due 2026 in exchange for approximately $306.4 million of Senior Notes due 2029[138]. Other Information - The company experienced a loss on sale or disposal of assets or stations for the six months ended June 30, 2024, that was not material[115]. - As of June 30, 2024, $25.0 million remained available for repurchase under the share repurchase program[140]. - There were no off-balance sheet arrangements as of June 30, 2024[145].

Q2 Key Highlights: Cumulus Media Reports Operating Results for the Second Quarter 2024 Completed Highly Successful Debt Exchange That Reduced Our Debt Obligations Under Our Debt Instruments by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates, and Preserved Structure Free of Financial Maintenance Covenants Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029 Reported Q2 Total Revenue of $205 Million, Down 2.5%, in Line with Pacing Guidance Increas ...

Core Insights - Cumulus Media successfully completed a debt exchange that reduced debt obligations by approximately $33 million and extended maturities to 2029, while also obtaining favorable interest rates [1][2][3] - The company reported Q2 total revenue of $204.8 million, a decline of 2.5% year-over-year, which was in line with pacing guidance [3][4] - Digital marketing services revenue increased by 24%, contributing to a total digital revenue growth of 5% [3][4] Financial Performance - For Q2 2024, Cumulus Media reported a net loss of $27.7 million compared to a net loss of $1.1 million in Q2 2023, with Adjusted EBITDA of $25.2 million, down from $30.7 million in the prior year [3][4][5] - Total revenue for the six months ended June 30, 2024, was $404.9 million, a decrease of 2.6% from $415.8 million in the same period of 2023 [5][7] - Digital revenue accounted for 19% of total company revenue, with radio-only customers adding digital marketing services increasing by 25% year-over-year [3][4] Debt and Balance Sheet - The company reported total debt of $674.4 million and net debt of $588.6 million as of June 30, 2024 [4][33] - The ABL facility was upsized by 25% to $125 million, with maturity extended to 2029 [1][3] - Fixed costs were reduced by approximately $4 million year-over-year, contributing to improved operating leverage [2][3] Operational Highlights - Cumulus Media's digital marketing services growth was driven by an increase in new customers, improved customer retention, and higher average order size [3][4] - The company generated $39.4 million in digital revenue for Q2 2024, reflecting a 5% increase year-over-year [3][4] - The successful completion of the exchange offer saw approximately 96% participation of debt outstanding, further strengthening the balance sheet [3][4]

Completed Highly Successful Debt Exchange That Reduced Our Debt Obligations Under Our Debt Instruments by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates, and Preserved Structure Free of Financial Maintenance Covenants Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029 Reported Q2 Total Revenue of $205 Million, Down 2.5%, in Line with Pacing Guidance Increased Digital Marketing Services Revenue by 24%, Total Digital Revenue by 5% ATLANTA, Aug. ...

NEW YORK, July 31, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One today announced that talk radio host Dan Bongino will host JD Vance, the Republican Vice-Presidential candidate, today on "The Dan Bongino Show" for a live interview during the 2-3:00 p.m. ET hour of the program. "The Dan Bongino Show" can be heard on Westwood One terrestrial affiliates or streamed live at Bongino.com or on the audio streams of affiliated radio stations, including WMAL Washington DC. The interview will su ...

Group 1 - Cumulus Media's Westwood One announced a live interview with Republican Vice-Presidential candidate JD Vance on "The Dan Bongino Show" scheduled for July 31, 2024, from 2-3:00 p.m. ET [1] - The interview will be available as a podcast on August 4, 2024, across various platforms including Apple Podcasts and Spotify [2] - "The Dan Bongino Show" is a live broadcast hosted by Dan Bongino, airing Monday to Friday from 12 to 3 p.m. ET on 340 stations in the U.S. [3] Group 2 - Cumulus Media is an audio-first media company reaching over a quarter billion people monthly through 401 owned radio stations and a large network of affiliated stations [4] - The company provides a variety of programming including sports, news, talk, and entertainment, and operates the Cumulus Podcast Network [4] - Cumulus Media offers advertisers local and national advertising performance guarantees, along with integrated digital marketing services and live event experiences [4]

Core Viewpoint - Cumulus Media Inc. will host a conference call on August 2, 2024, to discuss its second quarter 2024 operating results, with a press release summarizing these results to be issued beforehand [1]. Company Overview - Cumulus Media is an audio-first media company that delivers premium content to over a quarter billion people monthly through 401 owned-and-operated radio stations across 85 markets [3]. - The company provides nationally-syndicated sports, news, talk, and entertainment programming through Westwood One, the largest audio network in America, reaching over 9,800 affiliated stations [3]. - Cumulus Media also operates the Cumulus Podcast Network, which features a growing collection of original podcasts [3]. - The company offers advertisers a combination of local impact and national reach through various platforms, including broadcast, digital, mobile, social, and voice-activated services [3]. - Cumulus Media is unique in providing marketers with local and national advertising performance guarantees [3].