Cumulus Media Reports Operating Results for 2024

Core Insights - Cumulus Media reported a challenging year in 2024, with a net revenue decline of 2.1% year-over-year, totaling $827.1 million, and a significant net loss of$ 283.3 million, compared to a net loss of $117.9 million in 2023 [5][8][7] - The company has focused on digital marketing services, which saw a 27% growth, and digital revenue increased by 5.3%, accounting for 19% of total revenue [7][4] - Cumulus Media implemented cost-saving measures that are expected to yield$ 43 million in annualized fixed cost reductions, with $15 million realized in 2024 [2][7] Financial Performance - For Q4 2024, Cumulus Media reported net revenue of$ 218.6 million, a decrease of 1.2% from Q4 2023, and an adjusted EBITDA of $25.0 million, reflecting a 9.8% increase [4][6] - The company recorded a net loss of$ 231.1 million for Q4 2024, a 135.6% increase in losses compared to the same quarter in 2023 [6][4] - The total debt as of December 31, 2024, was $671.6 million, with net debt less total unamortized discount at$ 578.3 million [7][10] Revenue Breakdown - In Q4 2024, broadcast radio revenue decreased by 2.7% to $149.3 million, while digital revenue increased by 1.9% to$ 40.3 million [9][4] - For the full year 2024, total broadcast radio revenue declined by 5.1% to $564.1 million, while digital revenue rose to$ 154.2 million [8][9] Strategic Initiatives - Cumulus Media is investing in growth areas, particularly in digital marketing services, which is expected to help mitigate the impact of local radio advertising slowdowns [2][7] - The company has evolved its broadcast go-to-market strategies, successfully attracting large new broadcast clients [2][7] Cash Position - As of December 31, 2024, Cumulus Media had $63.8 million in cash and an undrawn$ 125.0 million asset-based lending facility [7][10]