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]
Cumulus Media(CMLS) - 2025 Q1 - Quarterly Results