Delaware | 000-24525 | 36-4159663 | |||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS employer Identification No.) | |||||
3280 Peachtree Road, N.W., Suite 2300, Atlanta GA | 30305 | ||||||
(Address of principal executive offices) | (Zip Code) | ||||||
Registrant’s telephone number, including area code (404) 949-0700 | |||||||
n/a | |||||||
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Number | Exhibit | |
Press release, dated March 28, 2018 |
CUMULUS MEDIA INC. | ||||
By: | /s/ John Abbot | |||
Name: John Abbot | ||||
Title: Executive Vice President, Treasurer and Chief Financial Officer |
Three Months Ended December 31, | ||||||||||
2017 | 2016 | % Change | ||||||||
Net revenue | $ | 293,861 | $ | 299,541 | (1.9 | )% | ||||
Net loss | $ | (206,116 | ) | $ | (543,677 | ) | ** | |||
Adjusted EBITDA (1) | $ | 49,852 | $ | 56,865 | (12.3 | )% | ||||
Basic and diluted loss per share | $ | (7.03 | ) | $ | (18.57 | ) |
Year Ended December 31, | ||||||||||
2017 | 2016 | % Change | ||||||||
Net revenue | $ | 1,135,662 | $ | 1,141,400 | (0.5 | )% | ||||
Net loss | $ | (206,565 | ) | $ | (510,720 | ) | ** | |||
Adjusted EBITDA (1) | $ | 217,751 | $ | 205,867 | 5.8 | % | ||||
Basic and diluted loss per share | $ | (7.05 | ) | $ | (17.45 | ) |
December 31, 2017 | December 31, 2016 | % Change | |||||||||
Cash and cash equivalents | $ | 102,891 | $ | 131,259 | (21.6 | )% | |||||
Term loan | $ | 1,722,209 | $ | 1,810,266 | (4.9 | )% | |||||
7.75% Senior Notes | 610,000 | 610,000 | — | % | |||||||
Total debt | $ | 2,332,209 | $ | 2,420,266 | (3.6 | )% |
Three Months Ended December 31, | ||||||||||
2017 | 2016 | % Change | ||||||||
Capital expenditures | $ | 11,287 | $ | 6,333 | 78.2 | % |
Year Ended December 31, | ||||||||||
2017 | 2016 | % Change | ||||||||
Capital expenditures | $ | 31,932 | $ | 23,037 | 38.6 | % |
(1) | Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure and Definition”. |
Three Months Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 201,913 | $ | 91,298 | $ | 650 | $ | 293,861 | ||||||||
% of total revenue | 68.7 | % | 31.2 | % | 0.2 | % | 100.0 | % | ||||||||
$ change from three months ended December 31, 2016 | $ | (7,843 | ) | $ | 2,195 | $ | (32 | ) | $ | (5,680 | ) | |||||
% change from three months ended December 31, 2016 | (3.7 | )% | 2.5 | % | (4.7 | )% | (1.9 | )% |
Three Months Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 209,756 | $ | 89,103 | $ | 682 | $ | 299,541 | ||||||||
% of total revenue | 70.0 | % | 29.7 | % | 0.2 | % | 100.0 | % |
Three Months Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (296,452 | ) | $ | 1,286 | $ | 89,050 | $ | (206,116 | ) | ||||||
$ change from three months ended December 31, 2016 | $ | 265,007 | $ | (515 | ) | $ | 73,069 | $ | 337,561 | |||||||
% change from three months ended December 31, 2016 | ** | 28.6 | % | ** | ** |
Three Months Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (561,459 | ) | $ | 1,801 | $ | 15,981 | $ | (543,677 | ) |
Three Months Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 51,019 | $ | 8,040 | $ | (9,207 | ) | $ | 49,852 | |||||||
$ change from three months ended December 31, 2016 | $ | (7,896 | ) | $ | 3,054 | $ | (2,171 | ) | $ | (7,013 | ) | |||||
% change from three months ended December 31, 2016 | (13.4 | )% | 61.3 | % | (30.9 | )% | (12.3 | )% |
Three Months Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 58,915 | $ | 4,986 | $ | (7,036 | ) | $ | 56,865 |
Year Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 786,963 | $ | 346,165 | $ | 2,534 | $ | 1,135,662 | ||||||||
% of total revenue | 69.3 | % | 30.5 | % | 0.2 | % | 100.0 | % | ||||||||
$ change from year ended December 31, 2016 | $ | (15,433 | ) | $ | 9,555 | $ | 140 | $ | (5,738 | ) | ||||||
% change from year ended December 31, 2016 | (1.9 | )% | 2.8 | % | 5.8 | % | (0.5 | )% |
Year Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 802,396 | $ | 336,610 | $ | 2,394 | $ | 1,141,400 | ||||||||
% of total revenue | 70.3 | % | 29.5 | % | 0.2 | % | 100.0 | % |
Year Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (178,410 | ) | $ | 25,635 | $ | (53,790 | ) | $ | (206,565 | ) | |||||
$ change from year ended December 31, 2016 | $ | 177,788 | $ | 36,706 | $ | 89,661 | $ | 304,155 | ||||||||
% change from year ended December 31, 2016 | 49.9 | % | 331.6 | % | 62.5 | % | ** |
Year Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net loss | $ | (356,198 | ) | $ | (11,071 | ) | $ | (143,451 | ) | $ | (510,720 | ) |
Year Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 204,588 | $ | 51,034 | $ | (37,871 | ) | $ | 217,751 | |||||||
$ change from year ended December 31, 2016 | $ | (13,604 | ) | $ | 28,050 | $ | (2,562 | ) | $ | 11,884 | ||||||
% change from year ended December 31, 2016 | (6.2 | )% | 122.0 | % | (7.3 | )% | 5.8 | % |
Year Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 218,192 | $ | 22,984 | $ | (35,309 | ) | $ | 205,867 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net revenue | $ | 293,861 | $ | 299,541 | $ | 1,135,662 | $ | 1,141,400 | ||||||||
Operating expenses: | ||||||||||||||||
Content costs | 111,588 | 115,254 | 402,978 | 427,780 | ||||||||||||
Selling, general & administrative expenses | 123,346 | 120,426 | 477,535 | 472,900 | ||||||||||||
Depreciation and amortization | 14,629 | 19,244 | 62,239 | 87,267 | ||||||||||||
LMA fees | 2,747 | 2,473 | 10,884 | 12,824 | ||||||||||||
Corporate expenses | 9,215 | 6,975 | 37,956 | 35,383 | ||||||||||||
Stock-based compensation expense | 191 | 565 | 1,614 | 2,948 | ||||||||||||
Acquisition-related and restructuring costs | 17,375 | (1,420 | ) | 19,492 | 1,817 | |||||||||||
Loss (gain) on sale of assets or stations | 86 | 1,460 | (2,499 | ) | (95,695 | ) | ||||||||||
Impairment of intangible assets and goodwill | 335,909 | 603,149 | 335,909 | 604,965 | ||||||||||||
Total operating expenses | 615,086 | 868,126 | 1,346,108 | 1,550,189 | ||||||||||||
Operating loss | (321,225 | ) | (568,585 | ) | (210,446 | ) | (408,789 | ) | ||||||||
Non-operating (expense): | ||||||||||||||||
Reorganization items, net | (31,603 | ) | — | (31,603 | ) | — | ||||||||||
Interest expense | (23,210 | ) | (34,738 | ) | (126,952 | ) | (138,634 | ) | ||||||||
Interest income | 30 | 129 | 136 | 493 | ||||||||||||
Gain (loss) on early extinguishment of debt | — | 8,017 | (1,063 | ) | 8,017 | |||||||||||
Other (loss) income, net | (299 | ) | 441 | (363 | ) | 2,039 | ||||||||||
Total non-operating expense, net | (55,082 | ) | (26,151 | ) | (159,845 | ) | (128,085 | ) | ||||||||
Loss before income taxes | (376,307 | ) | (594,736 | ) | (370,291 | ) | (536,874 | ) | ||||||||
Income tax benefit | 170,191 | 51,059 | 163,726 | 26,154 | ||||||||||||
Net loss | $ | (206,116 | ) | $ | (543,677 | ) | $ | (206,565 | ) | $ | (510,720 | ) | ||||
Basic and diluted loss per common share: | ||||||||||||||||
Basic: Loss per share | $ | (7.03 | ) | $ | (18.57 | ) | $ | (7.05 | ) | $ | (17.45 | ) | ||||
Diluted: Loss per share | $ | (7.03 | ) | $ | (18.57 | ) | $ | (7.05 | ) | $ | (17.45 | ) | ||||
Weighted average basic common shares outstanding | 29,306,374 | 29,275,111 | 29,306,374 | 29,270,455 | ||||||||||||
Weighted average diluted common shares outstanding | 29,306,374 | 29,275,111 | 29,306,374 | 29,270,455 |
Three Months Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (296,452 | ) | $ | 1,286 | $ | 89,050 | $ | (206,116 | ) | ||||||
Income tax benefit | — | — | (170,191 | ) | (170,191 | ) | ||||||||||
Non-operating (income) expense, including net interest expense | (1 | ) | 130 | 23,350 | 23,479 | |||||||||||
LMA fees | 2,747 | — | — | 2,747 | ||||||||||||
Depreciation and amortization | 8,730 | 5,490 | 409 | 14,629 | ||||||||||||
Stock-based compensation expense | — | — | 191 | 191 | ||||||||||||
Loss on sale of assets or stations | 86 | — | — | 86 | ||||||||||||
Reorganization items, net | — | — | 31,603 | 31,603 | ||||||||||||
Impairment of intangible assets and goodwill | 335,909 | — | — | 335,909 | ||||||||||||
Acquisition-related and restructuring costs | — | 1,134 | 16,241 | 17,375 | ||||||||||||
Franchise and state taxes | — | — | 140 | 140 | ||||||||||||
Adjusted EBITDA | $ | 51,019 | $ | 8,040 | $ | (9,207 | ) | $ | 49,852 |
Three Months Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (561,459 | ) | $ | 1,801 | $ | 15,981 | $ | (543,677 | ) | ||||||
Income tax expense | — | — | (51,059 | ) | (51,059 | ) | ||||||||||
Non-operating (income) expense, including net interest expense | — | (104 | ) | 34,268 | 34,164 | |||||||||||
LMA fees | 2,473 | — | — | 2,473 | ||||||||||||
Depreciation and amortization | 13,290 | 5,521 | 433 | 19,244 | ||||||||||||
Stock-based compensation expense | — | — | 545 | 545 | ||||||||||||
Loss (gain) on sale of assets or stations | 1,462 | — | (2 | ) | 1,460 | |||||||||||
Impairment of intangible assets | 603,149 | — | — | 603,149 | ||||||||||||
Acquisition-related and restructuring costs | — | (2,232 | ) | 812 | (1,420 | ) | ||||||||||
Franchise and state taxes | — | — | 3 | 3 | ||||||||||||
Gain on early extinguishment of debt | — | — | (8,017 | ) | (8,017 | ) | ||||||||||
Adjusted EBITDA | $ | 58,915 | $ | 4,986 | $ | (7,036 | ) | $ | 56,865 |
Year Ended December 31, 2017 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (178,410 | ) | $ | 25,635 | $ | (53,790 | ) | $ | (206,565 | ) | |||||
Income tax benefit | — | — | (163,726 | ) | (163,726 | ) | ||||||||||
Non-operating expense (income), including net interest (income) expense | (6 | ) | 537 | 126,648 | 127,179 | |||||||||||
LMA fees | 10,884 | — | — | 10,884 | ||||||||||||
Depreciation and amortization | 38,734 | 21,836 | 1,669 | 62,239 | ||||||||||||
Stock-based compensation expense | — | — | 1,614 | 1,614 | ||||||||||||
(Gain) loss on sale of assets or stations | (2,523 | ) | — | 24 | (2,499 | ) | ||||||||||
Reorganization items, net | — | — | 31,603 | 31,603 | ||||||||||||
Impairment of intangible assets and goodwill | 335,909 | — | — | 335,909 | ||||||||||||
Acquisition-related and restructuring costs | — | 3,026 | 16,466 | 19,492 | ||||||||||||
Franchise and state taxes | — | — | 558 | 558 | ||||||||||||
Loss on early extinguishment of debt | — | — | 1,063 | 1,063 | ||||||||||||
Adjusted EBITDA | $ | 204,588 | $ | 51,034 | $ | (37,871 | ) | $ | 217,751 |
Year Ended December 31, 2016 | ||||||||||||||||
Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net loss | $ | (356,198 | ) | $ | (11,071 | ) | $ | (143,451 | ) | $ | (510,720 | ) | ||||
Income tax benefit | — | — | (26,154 | ) | (26,154 | ) | ||||||||||
Non-operating expense, including net interest expense | 13 | 122 | 135,967 | 136,102 | ||||||||||||
LMA fees | 12,824 | — | — | 12,824 | ||||||||||||
Depreciation and amortization | 54,071 | 31,178 | 2,018 | 87,267 | ||||||||||||
Stock-based compensation expense | — | — | 2,948 | 2,948 | ||||||||||||
Gain on sale of assets or stations | (95,667 | ) | — | (28 | ) | (95,695 | ) | |||||||||
Impairment of intangible assets and goodwill | 603,149 | 1,816 | — | 604,965 | ||||||||||||
Acquisition-related and restructuring costs | — | 939 | 878 | 1,817 | ||||||||||||
Franchise and state taxes | — | — | 530 | 530 | ||||||||||||
Gain on early extinguishment of debt | — | — | (8,017 | ) | (8,017 | ) | ||||||||||
Adjusted EBITDA | $ | 218,192 | $ | 22,984 | $ | (35,309 | ) | $ | 205,867 |
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