Fri, Aug 2, 12:07 PM (88 days ago)
For the quarter ended June 30, 2024, Cumulus Media Inc. reported a decrease in net revenue by 2.5% to $204.8 million, primarily due to reductions in network and spot revenues, partially offset by increases in digital advertising and trade revenue. Operating expenses rose by 3.6%, driven by higher corporate expenses and debt exchange costs, which were partly offset by lower content costs and depreciation. The company recorded a net loss of $27.7 million, significantly higher than the $1.1 million loss in the same quarter of 2023. Adjusted EBITDA declined by 17.8% to $25.2 million. Cash and cash equivalents decreased to $53.5 million from $80.7 million at year-end 2023, with cash used in operating activities amounting to $24.1 million. The company also completed a debt exchange offer, resulting in a new term loan due 2029 and senior notes due 2029, which impacted interest expenses and debt structure.