(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS employer Identification No.) | ||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||
Registrant’s telephone number, including area code | ||||||||||||||||||||||||||
n/a | ||||||||||||||||||||||||||
(Former name or former address, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Number | Exhibit | |||||||
Press release, dated August 3, 2022 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Cumulus Media Inc. | ||||||||||||||
By: | /s/ Francisco J. Lopez-Balboa | |||||||||||||
Name: Francisco J. Lopez-Balboa | ||||||||||||||
Title: Executive Vice President, Chief Financial Officer | ||||||||||||||
Date: | August 3, 2022 |
As Reported | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | % Change | ||||||||||||||
Net revenue | $ | 236,741 | $ | 224,718 | 5.4 | % | |||||||||||
Net income (loss) | $ | 8,654 | $ | (5,891) | 246.9 | % | |||||||||||
Adjusted EBITDA (1) | $ | 45,485 | $ | 36,857 | 23.4 | % | |||||||||||
Basic income (loss) per share | $ | 0.43 | $ | (0.29) | N/A | ||||||||||||
Diluted income (loss) per share | $ | 0.42 | $ | (0.29) | N/A |
As Reported | Six Months Ended June 30, 2022 | Six Months ended June 30, 2021 | % Change | ||||||||||||||
Net revenue | $ | 468,773 | $ | 426,446 | 9.9 | % | |||||||||||
Net income (loss) | $ | 7,749 | $ | (27,809) | 127.9 | % | |||||||||||
Adjusted EBITDA (1) | $ | 76,698 | $ | 45,789 | 67.5 | % | |||||||||||
Basic income (loss) per share | $ | 0.38 | $ | (1.36) | N/A | ||||||||||||
Diluted income (loss) per share | $ | 0.37 | $ | (1.36) | N/A |
As Reported | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | % Change | ||||||||||||||
Broadcast radio revenue: | |||||||||||||||||
Spot | $ | 127,009 | $ | 120,886 | 5.1 | % | |||||||||||
Network | 48,713 | 55,346 | (12.0) | % | |||||||||||||
Total broadcast radio revenue | 175,722 | 176,232 | (0.3) | % | |||||||||||||
Digital | 37,801 | 31,422 | 20.3 | % | |||||||||||||
Other | 23,218 | 17,064 | 36.1 | % | |||||||||||||
Net revenue | $ | 236,741 | $ | 224,718 | 5.4 | % |
As Reported | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | % Change | ||||||||||||||
Broadcast radio revenue: | |||||||||||||||||
Spot | $ | 230,922 | $ | 213,783 | 8.0 | % | |||||||||||
Network | 113,986 | 117,375 | (2.9) | % | |||||||||||||
Total broadcast radio revenue | 344,908 | 331,158 | 4.2 | % | |||||||||||||
Digital | 69,694 | 58,501 | 19.1 | % | |||||||||||||
Other | 54,171 | 36,787 | 47.3 | % | |||||||||||||
Net revenue | $ | 468,773 | $ | 426,446 | 9.9 | % |
June 30, 2022 | December 31, 2021 | |||||||||||||
Cash and cash equivalents | $ | 108,694 | $ | 177,028 | ||||||||||
Term loan due 2026 (2) | $ | 343,731 | $ | 356,240 | ||||||||||
6.75% Senior notes (2) | $ | 399,872 | $ | 449,695 | ||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||
Capital expenditures | $ | 6,340 | $ | 9,081 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||
Capital expenditures | $ | 11,609 | $ | 11,971 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net revenue | $ | 236,741 | $ | 224,718 | $ | 468,773 | $ | 426,446 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Content costs | 83,184 | 82,882 | 174,509 | 173,030 | ||||||||||||||||||||||
Selling, general & administrative expenses | 96,835 | 93,063 | 192,127 | 183,161 | ||||||||||||||||||||||
Depreciation and amortization | 13,815 | 13,163 | 27,369 | 26,573 | ||||||||||||||||||||||
Local marketing agreement fees | 13 | 193 | 18 | 689 | ||||||||||||||||||||||
Corporate expenses | 11,887 | 18,718 | 26,267 | 32,521 | ||||||||||||||||||||||
Stock-based compensation expense | 1,687 | 1,358 | 3,194 | 2,415 | ||||||||||||||||||||||
Restructuring costs | 2,245 | 2,895 | 4,522 | 4,473 | ||||||||||||||||||||||
Gain on sale of assets or stations | (15) | (179) | (1,126) | (462) | ||||||||||||||||||||||
Total operating expenses | 209,651 | 212,093 | 426,880 | 422,400 | ||||||||||||||||||||||
Operating income | 27,090 | 12,625 | 41,893 | 4,046 | ||||||||||||||||||||||
Non-operating expense: | ||||||||||||||||||||||||||
Interest expense | (16,116) | (18,091) | (31,981) | (35,640) | ||||||||||||||||||||||
Gain on early extinguishment of debt | 1,597 | — | 1,597 | — | ||||||||||||||||||||||
Other (expense) income, net | (30) | 314 | (53) | 174 | ||||||||||||||||||||||
Total non-operating expense, net | (14,549) | (17,777) | (30,437) | (35,466) | ||||||||||||||||||||||
Income (loss) before income taxes | 12,541 | (5,152) | 11,456 | (31,420) | ||||||||||||||||||||||
Income tax (expense) benefit | (3,887) | (739) | (3,707) | 3,611 | ||||||||||||||||||||||
Net income (loss) | $ | 8,654 | $ | (5,891) | $ | 7,749 | $ | (27,809) |
As Reported | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||
GAAP net income (loss) | $ | 8,654 | $ | (5,891) | ||||||||||
Income tax expense | 3,887 | 739 | ||||||||||||
Non-operating expense, including net interest expense | 16,146 | 17,777 | ||||||||||||
Local marketing agreement fees | 13 | 193 | ||||||||||||
Depreciation and amortization | 13,815 | 13,163 | ||||||||||||
Stock-based compensation expense | 1,687 | 1,358 | ||||||||||||
Gain on sale or disposal of assets or stations | (15) | (179) | ||||||||||||
Gain on early extinguishment of debt | (1,597) | — | ||||||||||||
Restructuring costs | 2,245 | 2,895 | ||||||||||||
Non-routine legal expenses | 394 | 6,599 | ||||||||||||
Franchise taxes | 256 | 203 | ||||||||||||
Adjusted EBITDA | $ | 45,485 | $ | 36,857 | ||||||||||
Net revenue | $ | 236,741 | $ | 224,718 | ||||||||||
EBITDA margin | 19.2 | % | 16.4 | % |
As Reported | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||
GAAP net income (loss) | $ | 7,749 | $ | (27,809) | ||||||||||
Income tax expense (benefit) | 3,707 | (3,611) | ||||||||||||
Non-operating expense, including net interest expense | 32,034 | 35,466 | ||||||||||||
Local marketing agreement fees | 18 | 689 | ||||||||||||
Depreciation and amortization | 27,369 | 26,573 | ||||||||||||
Stock-based compensation expense | 3,194 | 2,415 | ||||||||||||
Gain on sale or disposal of assets or stations | (1,126) | (462) | ||||||||||||
Gain on early extinguishment of debt | (1,597) | — | ||||||||||||
Restructuring costs | 4,522 | 4,473 | ||||||||||||
Non-routine legal expenses | 464 | 7,627 | ||||||||||||
Franchise taxes | 364 | 428 | ||||||||||||
Adjusted EBITDA | $ | 76,698 | $ | 45,789 | ||||||||||
Net revenue | $ | 468,773 | $ | 426,446 | ||||||||||
EBITDA margin | 16.4 | % | 10.7 | % |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||
As reported net revenue | $ | 236,741 | $ | 224,718 | ||||||||||
Political revenue | (3,902) | (987) | ||||||||||||
As reported net revenue, excluding impact of political revenue | $ | 232,839 | $ | 223,731 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||
As reported Adjusted EBITDA | $ | 45,485 | $ | 36,857 | ||||||||||
Political EBITDA | (3,512) | (888) | ||||||||||||
As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 41,973 | $ | 35,969 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||
As reported net revenue | $ | 468,773 | $ | 426,446 | ||||||||||
Political revenue | (5,634) | (2,322) | ||||||||||||
As reported net revenue, excluding impact of political revenue | $ | 463,139 | $ | 424,124 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||
As reported Adjusted EBITDA | $ | 76,698 | $ | 45,789 | ||||||||||
Political EBITDA | (5,071) | (2,090) | ||||||||||||
As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 71,627 | $ | 43,699 |
As of June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Total debt principal, gross | $ | 743,603 | $ | 825,935 | ||||||||||
Less: Cash and cash equivalents | (108,694) | (124,978) | ||||||||||||
Total debt principal, net | $ | 634,909 | $ | 700,957 |
Trailing Twelve Months Ending June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Adjusted EBITDA | $ | 165,766 | $ | 105,696 | ||||||||||
Net leverage | 3.8x | 6.6x |
3";IR4H[H^\-,OK?4]/M[VRE66VN$$D;KT92,BK->!_LU>+F/V
MCPQ>R9"@W%GN/;^-!_Z$/QKWROE\11=&HX,^NPU=5Z:F@HHHK$W"BBL/QMXF
MLO"/AF^UK4V_<6R9" X:1SPJ+[D\?KVH 3QCXMT;P?I3:AK]ZEM#T1>KRM_=
M11RQKYU\6_M*ZI<2/%X6TJ"S@Z+/>?O9#[[0=H_,UX[XW\6ZIXSUZ;5=9F+R
MOQ'$I^2!.R(.P]^YY-<_0.QZ3-\;_'\LF\Z]LYSA+:-1^6*TM'_:"\<6$JFZ
MN++48AU2XM@N?^!(0:\WL- UG4+ NUF#?I04=5I'[0_C:SD!O&T[4$SRLMOL./JA%>N^!/VA?#VN316F
MO0/HEVY"B21]]N3_ +_!7_@0Q[U\IZWH6JZ%.(=:TV\L)#T%S"R;OH2,'\*?
MX7T&^\3:]9Z/I47F7=T^Q<]%'=F]% Y- 6/T2C=)8U>-E=& *LIR"/4&G5A^
M"/#EOX3\+Z?HEG))+%:1[/,D))=NK'VR2>.@Z5N4$A1110 4444 %9NM?>T_
M_K[3^35I5FZU][3_ /K[3^34 :5%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%8'CW6/[ \':
MOJ0.)(+=C&?]L\+^I%.,7)J*ZDRDHQ ]-_\ 5?\:]W_ &?_ !GJOC7PWJ%[K Y-9WC;PIIWB_19-/U2/_ &H9E'SPOV9?ZCN*\F.9OVMVO=/8EE2]
MC9/WOZT/B6BM_P :^%-1\(:U)IVJ1_[44RCY)D_O+_4=JP*]F,E) +YHS5F
MOR,W_A)[)0_GQW,&V-Y )(\;@A 8#!.3D@8K<0AE!'0C-9UQH=A<;/.@W;"6
M7+'@D[C^M:*J%4 = ,"N2?)]D[Z2J)OVC0M%%%9FP4444 %9NM?>T_\ Z^T_
MDU:59NM?>T__ *^T_DU &E1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!\P?M%^I7BM-
M8MT(M-37+D#A9E&&'XC!_/TKR6OM3XB>%X?%WA:[TR3:LY'F6\A_Y9RC[I^G
M8^Q-?&5]:3V-Y/:7D30W,#F.2-NJL#@BOH_]A:;_ -%Q5Y7^V;_R4C2O^P6G_HV2O.O!
M/Q4\6^"M)?3/#FI1VMF\S3LC6Z2$NP )RPST4<55KH5[,^A/VTL'PCX>[_Z>
MW_HLUR'[%@ \8^(L#_F'I_Z-KR;QM\2_%'CBRMK3Q)J,=W!;R&6-5@2,AB,9
MRHYXKUG]BS_D$7_8/3_P!&T6LA)W9]='H:_/#XO 'XJ^+^!_R%+C_T,U^A
MYZ&OSP^+O_)5?%__ &%+C_T,T0">Q;TGX3>-]5TVUU#3O#5U<6=U$LT,JO$
MZ,,@C+YY'K6GIWP:\?Q:A:R2>%;Q429&8F2'@!@3_'4V@_'?QEH6BV.E6%UI
MRVEE"EO$'ME9@BC R<\FN[^%'QP\7^)/B'H>CZG
Cover |
Aug. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 03, 2022 |
Entity Registrant Name | Cumulus Media Inc |
Entity Central Index Key | 0001058623 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38108 |
Entity Tax Identification Number | 82-5134717 |
Entity Address, Address Line One | 780 Johnson Ferry Road NE, Suite 500 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30342 |
City Area Code | (404) |
Local Phone Number | 949-0700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common stock |
Trading Symbol | CMLS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Information [Line Items] | |
Title of 12(b) Security | Class A common stock |
Trading Symbol | CMLS |
Security Exchange Name | NASDAQ |
Document Period End Date | Aug. 03, 2022 |
-8?20$3;8T.P6BP^0"X99K>]9!:G
=;CWX-A\9%Q%P@*D]Z$"=9NV(M(.V!N,.VJWN!91I]1H+H.]1
MY\ &GMSD;&+6K+8'Z :0Z?6)5 <
MF#A6*B@#((/T$N8$)R8/M!)HI"SWHM+<5Z9F!XA[_B"D]\6RN._0Z^%D8/E@
MVX&43@LM>"($G022#^@<@:YX'"]J
M0BUC(A)D52PK@0\#H'8?N*A?+@]- ; $D#X)UUL L D6E*\$=T\-GQ$'/5I
MS'EW0AH(Q#&@ YKZ2=BEN&5<0R%H?N"8W\284LJ$\XVHWU!NZ%KK?PJ/D))'
M"IX-Y2F/)^=[D0P>*!ISZ:()"P(.(^ZYV!@_F4RHZDRRDR_YM(6@ ,-F
M@FP;(JUB)#CIB(H&(%MA&6RC)/%D'$S@P3\K3_R,G+,J3TAJ<,38\6BYP^E2
M&>)]P##,<\>2$WAJW$.O1Y0G_B80/%[(F4P&=_)K:[AD)G(O3>L"H>[%CPK_H_BH.D7UBP=:_2M/
MB[] \O%?6)[P?]^1C 7>(V K9GGL Z[86%PF,^(R&R24W"94AQES(F.2*P\#RLWJ"WZH&] %Z$9CEJ&90!=%U!0HBI"31&AK]A+:<;Q
M %(/WY#B<[%7F%'\4<0;Z)D'EMRMR32.L69\_,E3+\'I"4BZ<21R1M!-;-EQ
M8+(T%7UTX=#,!OO%$_8" ^, A[75SGB8L-S!!-#75U?[1_'+V+:.F 63$@%P
MR:VZIXB=#247Z$*7?NS*\)B[.:O?%!',F5%Z4][-H7P #H6&^0"<=C BE@ P
M>4P,H.Z-X,^?X1 ,=A"FAJN!IY9B7 (<68R[3!QI\!R'X)#!8W.]VEWR7"V?
MFLG3/J6&VX@+*A"_/X?7 )TH,4@*[@@>
M[44!TJ6/Z';/VRSR4\(*X80#\EB(.S0P?"$!!6_VP#KD#@(37R %>:5TP7YS
M*' 3X/4L0U?&YU 07(^$MH3S*T(2UQ.$I=VQ0!S *T#O@:WS6)4,L&RT/'#=
M4V)AA?13R96PO\@73LC@V(&=@A8.E^T@\L,ND$+VB LH+$+<]N(92XL-Q2H>
MAP \HCL^I46\M.1H/B%@D;*>,BNC8OI0M=B44B9/H#TV\IYG,!W.()EO2UUV
M69Y-(^+%:S;X?SLTHJ;(YNSKY