(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: | October 27, 2023 |
As Reported | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | % Change | ||||||||||||||
Net revenue | $ | 207,419 | $ | 233,463 | (11.2) | % | |||||||||||
Net income | $ | 2,722 | $ | 8,540 | (68.1) | % | |||||||||||
Adjusted EBITDA | $ | 26,925 | $ | 46,567 | (42.2) | % | |||||||||||
Basic earnings per share | $ | 0.17 | $ | 0.45 | (62.2) | % | |||||||||||
Diluted earnings per share | $ | 0.16 | $ | 0.45 | (64.4) | % |
As Reported | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | % Change | ||||||||||||||
Net revenue | $ | 623,247 | $ | 702,236 | (11.2) | % | |||||||||||
Net (loss) income | $ | (19,813) | $ | 16,289 | N/A | ||||||||||||
Adjusted EBITDA | $ | 67,930 | $ | 123,265 | (44.9) | % | |||||||||||
Basic (loss) earnings per share | $ | (1.13) | $ | 0.82 | N/A | ||||||||||||
Diluted (loss) earnings per share | $ | (1.13) | $ | 0.81 | N/A |
As Reported | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | % Change | ||||||||||||||
Broadcast radio revenue: | |||||||||||||||||
Spot | $ | 105,890 | $ | 124,813 | (15.2) | % | |||||||||||
Network | 40,360 | 52,261 | (22.8) | % | |||||||||||||
Total broadcast radio revenue | 146,250 | 177,074 | (17.4) | % | |||||||||||||
Digital | 37,215 | 34,910 | 6.6 | % | |||||||||||||
Other | 23,954 | 21,479 | 11.5 | % | |||||||||||||
Net revenue | $ | 207,419 | $ | 233,463 | (11.2) | % |
As Reported | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | % Change | ||||||||||||||
Broadcast radio revenue: | |||||||||||||||||
Spot | $ | 310,668 | $ | 355,735 | (12.7) | % | |||||||||||
Network | 130,355 | 166,247 | (21.6) | % | |||||||||||||
Total broadcast radio revenue | 441,023 | 521,982 | (15.5) | % | |||||||||||||
Digital | 106,842 | 104,604 | 2.1 | % | |||||||||||||
Other | 75,382 | 75,650 | (0.4) | % | |||||||||||||
Net revenue | $ | 623,247 | $ | 702,236 | (11.2) | % |
September 30, 2023 | December 31, 2022 | |||||||||||||
Cash and cash equivalents | $ | 82,807 | $ | 107,433 | ||||||||||
Term loan due 2026 (2) | $ | 329,510 | $ | 338,452 | ||||||||||
6.75% Senior notes (2) | $ | 346,245 | $ | 380,927 | ||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||
Capital expenditures | $ | 7,051 | $ | 6,951 |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||
Capital expenditures | $ | 21,026 | $ | 18,560 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net revenue | $ | 207,419 | $ | 233,463 | $ | 623,247 | $ | 702,236 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Content costs | 76,740 | 83,284 | 238,939 | 257,793 | ||||||||||||||||||||||
Selling, general & administrative expenses | 91,834 | 93,200 | 280,536 | 285,327 | ||||||||||||||||||||||
Depreciation and amortization | 13,950 | 14,034 | 43,780 | 41,403 | ||||||||||||||||||||||
Corporate expenses | 12,243 | 10,666 | 36,740 | 36,951 | ||||||||||||||||||||||
Stock-based compensation expense | 1,471 | 1,518 | 4,089 | 4,712 | ||||||||||||||||||||||
Restructuring costs | 2,212 | 2,297 | 13,219 | 6,819 | ||||||||||||||||||||||
Gain on sale of assets or stations | (8,614) | 41 | (15,895) | (1,085) | ||||||||||||||||||||||
Total operating expenses | 189,836 | 205,040 | 601,408 | 631,920 | ||||||||||||||||||||||
Operating income | 17,583 | 28,423 | 21,839 | 70,316 | ||||||||||||||||||||||
Non-operating expense: | ||||||||||||||||||||||||||
Interest expense | (17,862) | (15,507) | (53,468) | (47,488) | ||||||||||||||||||||||
Interest income | 634 | 1 | 1,715 | 3 | ||||||||||||||||||||||
Gain on early extinguishment of debt | 843 | 279 | 9,849 | 1,876 | ||||||||||||||||||||||
Other expense, net | (26) | (32) | (312) | (87) | ||||||||||||||||||||||
Total non-operating expense, net | (16,411) | (15,259) | (42,216) | (45,696) | ||||||||||||||||||||||
Income (loss) before income taxes | 1,172 | 13,164 | (20,377) | 24,620 | ||||||||||||||||||||||
Income tax benefit (expense) | 1,550 | (4,624) | 564 | (8,331) | ||||||||||||||||||||||
Net income (loss) | $ | 2,722 | $ | 8,540 | $ | (19,813) | $ | 16,289 |
As Reported | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||||
GAAP net income | $ | 2,722 | $ | 8,540 | ||||||||||
Income tax (benefit) expense | (1,550) | 4,624 | ||||||||||||
Non-operating expense, including net interest expense | 17,254 | 15,538 | ||||||||||||
Depreciation and amortization | 13,950 | 14,034 | ||||||||||||
Stock-based compensation expense | 1,471 | 1,518 | ||||||||||||
(Gain) loss on sale or disposal of assets or stations | (8,614) | 41 | ||||||||||||
Gain on early extinguishment of debt | (843) | (279) | ||||||||||||
Restructuring costs | 2,212 | 2,297 | ||||||||||||
Non-routine legal expenses | 122 | 59 | ||||||||||||
Franchise taxes | 201 | 195 | ||||||||||||
Adjusted EBITDA | $ | 26,925 | $ | 46,567 | ||||||||||
As Reported | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||||
GAAP net (loss) income | $ | (19,813) | $ | 16,289 | ||||||||||
Income tax (benefit) expense | (564) | 8,331 | ||||||||||||
Non-operating expense, including net interest expense | 52,065 | 47,572 | ||||||||||||
Depreciation and amortization | 43,780 | 41,403 | ||||||||||||
Stock-based compensation expense | 4,089 | 4,712 | ||||||||||||
Gain on sale or disposal of assets or stations | (15,895) | (1,085) | ||||||||||||
Gain on early extinguishment of debt | (9,849) | (1,876) | ||||||||||||
Restructuring costs | 13,219 | 6,819 | ||||||||||||
Non-routine legal expenses | 298 | 523 | ||||||||||||
Franchise taxes | 600 | 577 | ||||||||||||
Adjusted EBITDA | $ | 67,930 | $ | 123,265 | ||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||
As reported net revenue | $ | 207,419 | $ | 233,463 | ||||||||||
Political revenue | (826) | (4,493) | ||||||||||||
As reported net revenue, excluding impact of political revenue | $ | 206,593 | $ | 228,970 |
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||
As reported Adjusted EBITDA | $ | 26,925 | $ | 46,567 | ||||||||||
Political EBITDA | (744) | (4,044) | ||||||||||||
As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 26,181 | $ | 42,523 |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||
As reported net revenue | $ | 623,247 | $ | 702,236 | ||||||||||
Political revenue | (1,733) | (10,127) | ||||||||||||
As reported net revenue, excluding impact of political revenue | $ | 621,514 | $ | 692,109 |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||
As reported Adjusted EBITDA | $ | 67,930 | $ | 123,265 | ||||||||||
Political EBITDA | (1,560) | (9,114) | ||||||||||||
As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 66,370 | $ | 114,151 |
As of September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Total debt principal, gross | $ | 675,755 | $ | 740,858 | ||||||||||
Less: Cash and cash equivalents | (82,807) | (118,149) | ||||||||||||
Net debt | $ | 592,948 | $ | 622,709 |
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\(:U)IVJ1_[44RCY)D_O+_4=JP*]F,E) +YHS5F
MOR,W_A)[)0_GQW,&V-Y )(\;@A 8#!.3D@8K<0AE!'0C-9UQH=A<;/.@W;"6
M7+'@D[C^M:*J%4 = ,"N2?)]D[Z2J)OVC0M%%%9FP4444 %9NM?>T_\ Z^T_
MDU:59NM?>T__ *^T_DU &E1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!\P?M%^I7BM-
M8MT(M-37+D#A9E&&'XC!_/TKR6OM3XB>%X?%WA:[TR3:LY'F6\A_Y9RC[I^G
M8^Q-?&5]:3V-Y/:7D30W,#F.2-NJL#@BOH_]A:;_ -%Q5Y7^V;_R4C2O^P6G_HV2O.O!
M/Q4\6^"M)?3/#FI1VMF\S3LC6Z2$NP )RPST4<55KH5[,^A/VTL'PCX>[_Z>
MW_HLUR'[%@ \8^(L#_F'I_Z-KR;QM\2_%'CBRMK3Q)J,=W!;R&6-5@2,AB,9
MRHYXKUG]BS_D$7_8/3_P!&T6LA)W9]='H:_/#XO 'XJ^+^!_R%+C_T,U^A
MYZ&OSP^+O_)5?%__ &%+C_T,T0">Q;TGX3>-]5TVUU#3O#5U<6=U$LT,JO$
MZ,,@C+YY'K6GIWP:\?Q:A:R2>%;Q429&8F2'@!@3_'4V@_'?QEH6BV.E6%UI
MRVEE"EO$'ME9@BC R<\FN[^%'QP\7^)/B'H>CZG
&UL4$L! A0#% @ A4!;5[_I[BVN
M! QA, !@ ("!#0@ 'AL+W=O
WN
M0GLJN.(P^]%M, "CQLAAH+#9;KG>]@FY?7*B'4)Z"#9*A"([Q3.C8(F85(1=
M8R21-;/P0_L1DGNNS=M19O0J)',6P6C=JG8(WQA#&&* KQDA'1MCF-I@\<2%
MJ73. I7X8-Z=QJX.4):=F:W)[^)BKR;R?^[YMSW@G7+F=%T_]X)=<8E1@3J%
MEF(9P1'MIL,T2B4Y82&GY#@.%M?1?%E&N-S:[AS=4E I2(5,C@KL"95$CEB
MWF5(>$RXD@24$(B1^/!CL>PCS*RB?L2*#GXBP.DU />(CB1K%Q_VBC@MBT<-
M_=+>/+.@4WO-A.(!C?))]'Q9<^[OMEJF[3C([ I\:Q46$^?>L*GEH*K"Y3;'
M,5N>?6>S9=[==M^PMF>ZS?K&AVV:7K.Q>6 =TW4V3X.ZZ65KLN%1:_76YDG0
M,CWK<22XOZWF/FZ][F]KNN5XJZK%(1,)$#J4WX-*O;(@EX5:'BDBDXB'I%!/
M(QJ&$*"TG=$ML5?I["7)3$9/KN^6_#'K,58.S%48#V#L!_]1
MCV&TIMGQ,$;[9WKL]
]
MHWZ348^%20:9'!P)'-V9=#P3ST,FRE)F4I+:FV%+6M^6O1DI)MRI' G6:9'C
MJ&DNH;X_E\A#C I+H8RIC\%$UX'!E+=+@UV6/J9A"^ _TF SHDRX=3DJQ+L.
M*! O,2C>,!Y.B[:$!5 C.3<=U0WZ09T3"8Y*HJVQ7J'B6;!AX>0+B9O18<+-
MRD$0[MC\I[7O=JR^NUF&JEP(YAGP((E4'#]L!.(%-R1[[Y("YZ09UIF\)VZS
M_5$3[D=N#]Y$_O2OKN.Y7YU!OYTGHJ\2R7B2^AT
2R9X[K]9TRTMS[*IY:R/(C9LOYD&V:F!S#
B5&)*>&+06HIZ!A0:$K&TE:86"-A02:
MR+6("U=.%6X'^PD>(;]U_X)N0;W,V5S5(_O WQBSHM2^A>P\E58%'X4 Z#"
M($N 9$"A6[#;!5)I@76+5,,%W0>S',P)#N0%'E1361PF"(DL :V7Q^(KC*V$
MWR68)%=F6 9$!NFES D))@9:"3124;*D-O?I7.] <18.8GY7#4NZ#KT>=@:6
M#]8K$'Q>:,$=,>@DD&QHIB'(ULU2*4)\,$[O#IB8E:(>:(6E>MB*Y!QX-LP0
MPC@G&*Z
)JE@J8)KWLR*6.3[4DQF&Q^0\0"$-,,LYRE%C(-D>3.07
M6'1*(&!*=+)+1FJL.TQV)(JF=%;'SX-JDL.72D=N6H/^,+DJM8O4G5T4.$4.
MM^-$! <'\+3%_NR&P6H?@:C?.T0WL+AJUB:W\_%J:8N,PT0V G=3IEC5S\ ;
M3%)@DI75P=
MGI8=[N/-09_+4;U[+9G1%V]9P:HM3"#J0IF8Q+7[5)OS>6"SLX1LV(C_FV*6
M#C4S[BO#J$\T'_;^/+/[=7:/6=,G=O5VV9NICC;JC2>*K25OG]EPQ/;X-5M
M3K4-):L>7;3%;EN^=8CJ*K:S]^HJIM,V;/< @[7-[6JV/&JP^+ZL0]2M.
M:*JEVGGCSC
_PA_ZO'-]!5R/ Y44?+U
MCUV\K9I3$^]Z/EY;R&O%Y8=_&T&C(