Cumulus Media(US:CMLS)2025-05-01 12:03Financial Performance - Net revenue for Q1 2025 decreased by $12.7 million, or 6.4%, compared to Q1 2024, primarily due to a reduction in spot and network revenues [96]. - Adjusted EBITDA for Q1 2025 was $3.5 million, down $4.9 million or 58.1% from $8.4 million in Q1 2024 [106]. - Operating loss for Q1 2025 was $14.8 million, an increase of $4.3 million or 41.1% compared to Q1 2024 [96]. - Net loss for Q1 2025 was $32.4 million, compared to a net loss of $14.2 million in Q1 2024, representing an increase of $18.2 million or 128.7% [96]. Cost Management - Content costs for Q1 2025 decreased by $5.7 million, or 6.7%, primarily due to lower syndicated programming and personnel costs [98]. - Selling, general and administrative expenses for Q1 2025 decreased by $1.4 million, or 1.5%, mainly from lower personnel costs and reduced rent expenses [99]. - Interest expense for Q1 2025 decreased by $1.3 million, or 7.7%, compared to Q1 2024, totaling $16.0 million [102]. Cash Flow and Liquidity - As of March 31, 2025, the company had $52.7 million in cash and cash equivalents, with cash used for operating activities decreasing to $3.8 million from $16.1 million in Q1 2024 [109]. - Net cash used in operating activities for the three months ended March 31, 2025, decreased to $(3,824) thousand from $(16,107) thousand in the same period of 2024, primarily due to changes in working capital [122]. - Net cash used in investing activities for the three months ended March 31, 2025, was $(5,058) thousand, primarily consisting of capital expenditures [123]. - Net cash used in financing activities for the three months ended March 31, 2025, was $(2,260) thousand, primarily related to repayments of financing obligations [125]. Share Repurchase and Debt Management - The company has authorized a new share repurchase program for up to $25.0 million of outstanding Class A common stock, which expires on May 15, 2025 [120]. - As of March 31, 2025, $25.0 million of the company's outstanding Class A common stock remained available for repurchase under the share repurchase program, subject to restrictions under debt agreements [121]. - The company exchanged $328.3 million in aggregate principal amount of its Term Loan due 2026 for $311.8 million in aggregate principal amount of Term Loan due 2029 [115]. - The company accepted $323.0 million in aggregate principal amount of Senior Notes due 2026 in exchange for approximately $306.4 million in aggregate principal amount of Senior Notes due 2029 [119]. - The company is subject to significant restrictions under the terms of its debt agreements with respect to repurchasing shares of common stock [120]. Market Compliance and Future Plans - The company is transitioning to the OTC Markets' OTCQB® market tier due to non-compliance with Nasdaq Listing Rules, effective May 2, 2025 [89]. - The company continues to evaluate opportunities to obtain additional capital from divestitures or the issuance of equity and/or debt securities [113]. - The company did not have any off-balance sheet arrangements as of March 31, 2025 [127]. Taxation - The effective tax rate for Q1 2025 was approximately (5.4)%, compared to (11.8)% for Q1 2024 [104].