(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 | ||||||
Class A common stock, par value $0.0000001 per share | ||||||||
Exhibit Number | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Cumulus Media Inc. | ||||||||||||||
By: | /s/ Francisco J. Lopez-Balboa | |||||||||||||
Name: Francisco J. Lopez-Balboa | ||||||||||||||
Title: Executive Vice President, Chief Financial Officer | ||||||||||||||
Date: | April 27, 2023 |
As Reported | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | % Change | ||||||||||||||
Net revenue | $ | 205,692 | $ | 232,032 | (11.4) | % | |||||||||||
Net loss | $ | (21,467) | $ | (905) | 2,272.0 | % | |||||||||||
Adjusted EBITDA | $ | 10,329 | $ | 31,213 | (66.9) | % | |||||||||||
Basic loss per share | $ | (1.17) | $ | (0.04) | 2,825.0 | % | |||||||||||
Diluted loss per share | $ | (1.17) | $ | (0.04) | 2,825.0 | % |
As Reported | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | % Change | ||||||||||||||
Broadcast radio revenue: | |||||||||||||||||
Spot | $ | 97,713 | $ | 103,913 | (6.0) | % | |||||||||||
Network | 50,297 | 65,273 | (22.9) | % | |||||||||||||
Total broadcast radio revenue | 148,010 | 169,186 | (12.5) | % | |||||||||||||
Digital | 32,089 | 31,893 | 0.6 | % | |||||||||||||
Other | 25,593 | 30,953 | (17.3) | % | |||||||||||||
Net revenue | $ | 205,692 | $ | 232,032 | (11.4) | % |
March 31, 2023 | December 31, 2022 | |||||||||||||
Cash and cash equivalents | $ | 118,883 | $ | 107,433 | ||||||||||
Term loan due 2026 (2) | $ | 334,702 | $ | 338,452 | ||||||||||
6.75% Senior notes (2) | $ | 378,427 | $ | 380,927 | ||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||
Capital expenditures | $ | 7,372 | $ | 5,269 |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net revenue | $ | 205,692 | $ | 232,032 | ||||||||||
Operating expenses: | ||||||||||||||
Content costs | 88,666 | 91,325 | ||||||||||||
Selling, general & administrative expenses | 94,301 | 95,292 | ||||||||||||
Depreciation and amortization | 14,684 | 13,554 | ||||||||||||
Corporate expenses | 12,598 | 14,435 | ||||||||||||
Stock-based compensation expense | 1,126 | 1,507 | ||||||||||||
Restructuring costs | 291 | 2,227 | ||||||||||||
Gain on sale of assets or stations | (7,009) | (1,111) | ||||||||||||
Total operating expenses | 204,657 | 217,229 | ||||||||||||
Operating income | 1,035 | 14,803 | ||||||||||||
Non-operating expense: | ||||||||||||||
Interest expense | (17,666) | (15,865) | ||||||||||||
Interest income | 369 | 1 | ||||||||||||
Gain on early extinguishment of debt | 617 | — | ||||||||||||
Other expense, net | (18) | (24) | ||||||||||||
Total non-operating expense, net | (16,698) | (15,888) | ||||||||||||
Loss before income taxes | (15,663) | (1,085) | ||||||||||||
Income tax (expense) benefit | (5,804) | 180 | ||||||||||||
Net loss | $ | (21,467) | $ | (905) |
As Reported | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||
GAAP net loss | $ | (21,467) | $ | (905) | ||||||||||
Income tax expense (benefit) | 5,804 | (180) | ||||||||||||
Non-operating expense, including net interest expense | 17,315 | 15,888 | ||||||||||||
Depreciation and amortization | 14,684 | 13,554 | ||||||||||||
Stock-based compensation expense | 1,126 | 1,507 | ||||||||||||
Gain on sale or disposal of assets or stations | (7,009) | (1,111) | ||||||||||||
Gain on early extinguishment of debt | (617) | — | ||||||||||||
Restructuring costs | 291 | 2,277 | ||||||||||||
Non-routine legal expenses | 3 | 70 | ||||||||||||
Franchise taxes | 199 | 113 | ||||||||||||
Adjusted EBITDA | $ | 10,329 | $ | 31,213 | ||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||
As reported net revenue | $ | 205,692 | $ | 232,032 | ||||||||||
Political revenue | (405) | (1,732) | ||||||||||||
As reported net revenue, excluding impact of political revenue | $ | 205,287 | $ | 230,300 |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||
As reported Adjusted EBITDA | $ | 10,329 | $ | 31,213 | ||||||||||
Political EBITDA | (365) | (1,559) | ||||||||||||
As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 9,964 | $ | 29,654 |
As of March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Total debt principal, gross | $ | 713,129 | $ | 793,426 | ||||||||||
Less: Cash and cash equivalents | (118,883) | (181,095) | ||||||||||||
Total debt principal, net | $ | 594,246 | $ | 612,331 |
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
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end
;4J!GT(8K.8FR.(T02*H8E\M)=']WBT?1U;33N7R'\>.'^0S=
M*%J7("VZUD L,+3F=H4>&)@G5&A5H@>EG_@SP7@:2->J>M%\N;*HFW9[IUH]
M[J9Y+TN'%.=%"KA/68YS>D'P@/4'+!WFHT6:OE^.BW[*&&1]?)$3!R/]$ R"!@Q7_,?'VX?2QR]X.829$KS,899^ N0 @I2(+@6XR6U$\"R8
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M R!H%C[[P*5H6@DQ;M?\1?XRZCW[K]^_4>I1-YS
M-^FQ,"9NQ&C,/)((/^R0/SPFGDBIE(ZZX_UAY'>Z,;'+MD/^X-&3_TS5]=B/
M _8NF^?7*_7]UROYD%];W!N^^]7SGXGO_>O";SO,8@W'I5;-KGA5F[9;==JH
MM*QZHUYM6^7_LV"15S!*IT)D<>!K+/? 2">PD(_UNJ
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M$5+Z$?AB.*A9-BWI#?=G1"TT