Cumulus Media(US:CMLS)2024-05-03 12:03Financial 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]