Core Insights - Cumulus Media reported a challenging advertising environment for legacy media but managed to outperform radio peers, gaining market share across all broadcast spot revenue channels and achieving a 38% year-over-year increase in digital marketing services [2][4][7] - The company executed $5 million in annualized cost reductions, totaling $175 million over the last five years, indicating a disciplined focus on optimizing performance despite capital constraints [2][4][7] - The financial results for Q2 2025 showed a net revenue of $186.0 million, a decrease of 9.2% year-over-year, with a net loss of $12.8 million, which is an improvement from a net loss of $27.7 million in Q2 2024 [4][6][7] Financial Performance - For the three months ended June 30, 2025, Cumulus Media reported net revenue of $186.0 million, down 9.2% from $204.8 million in the same period of 2024, with an Adjusted EBITDA of $22.4 million, a decrease of 11.3% year-over-year [4][6][9] - For the six months ended June 30, 2025, net revenue was $373.4 million, a decline of 7.8% from $404.9 million in the same period of 2024, with an Adjusted EBITDA of $25.9 million, down 23.0% year-over-year [5][8][28] - Digital revenue for Q2 2025 was $38.8 million, a decrease of 1.4% year-over-year, but a 20% increase when excluding the impact from discontinued relationships [7][9] Revenue Breakdown - In Q2 2025, total broadcast radio revenue was $118.4 million, down 13.0% from $136.1 million in Q2 2024, with spot revenue decreasing by 10.5% and network revenue decreasing by 20.5% [9][28] - For the six months ended June 30, 2025, total broadcast radio revenue was $243.3 million, a decline of 11.8% from $275.8 million in the same period of 2024 [8][28] Balance Sheet and Debt - As of June 30, 2025, Cumulus Media had cash and cash equivalents of $96.7 million, reflecting a $55.0 million draw on the revolving credit facility, with total debt reported at $723.7 million [7][10][28] - The company reported net debt less total unamortized discount of $600.4 million, indicating a focus on managing leverage and evaluating the balance sheet [7][28]

Core Viewpoint - Cumulus Media Inc. will host a conference call on May 1, 2025, to discuss its first quarter 2025 operating results, with a press release summarizing these results to be issued beforehand [1]. Group 1: Conference Call Details - The conference call is scheduled for May 1 at 8:30 AM ET, with a press release to be issued at approximately 8:00 AM ET [1]. - Participants must register in advance to join the conference call, with a one-time email address verification required [2]. - The call will be available in listen-only mode via the company's investor relations website, and a recording will be accessible shortly after the call [3]. Group 2: Dial-in Information - Domestic callers can join the call by dialing 833-470-1428, while international callers should dial 404-975-4839, using the participant access code 624457 if prompted [4]. Group 3: Company Overview - Cumulus Media is an audio-first media company reaching over a quarter billion people monthly through 400 radio stations across 84 markets [5]. - The company offers nationally-syndicated programming from major brands and operates the Cumulus Podcast Network, which features original podcasts [5]. - Cumulus Media provides advertisers with a combination of local impact and national reach through various platforms and services, including performance guarantees for advertising [5].

Financial Performance - Q4 2024 revenue reached $1,118 million, a 4.8% increase, but excluding political revenue, it decreased by 1.8%[10] - Consolidated Adjusted EBITDA for Q4 2024 was $246 million, up 18.2% from $208 million in Q4 2023[10] - Full year 2025 consolidated revenue is expected to be approximately flat, while Adjusted EBITDA is projected to be around $770 million[10] - Free cash flow was negative $(24) million, but excluding Debt Exchange Transaction impacts, it was $111 million[10] - Full year 2024 revenue was $3,854.5 million, a 2.8% increase from $3,751.0 million in 2023[48] - Full year 2024 Adjusted EBITDA was $705.6 million, a 1.3% increase from $696.6 million in 2023[48] Segment Performance - Digital Audio Group revenue increased by 7% to $339 million, with podcast revenue up 6% to $140 million and digital revenue excluding podcast up 7% to $199 million[10] - Multiplatform Group revenue remained flat at $684 million, but excluding political revenue, it decreased by 5%[10] - Audio & Media Services Group revenue increased significantly by 44.7% to $97.8 million[12] Debt and Liquidity - The company completed a debt exchange transaction, exchanging approximately $4.8 billion of existing debt and extending maturities by three years[10] - The debt exchange resulted in the lowest net debt in the company's history[10] - Cash balance and total available liquidity were $260 million and $686 million, respectively, as of December 31, 2024[10]