Cumulus Media(US:CMLS) Newsfilterยท2024-08-02 12:01Core 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]