Cumulus Media(CMLS) - 2024 Q4 - Annual Results

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].