Cumulus Media Q1 net loss widens to $21.5M; revenue down 11% to $205.7M

CUMULUS MEDIA INC

2023-Q1 EPS reported -$1.17 revenue$205,692,000

Net loss of $21.5M vs $0.9M loss in Q1 2022; Adjusted EBITDA fell 67% to $10.3M.
Total net revenue $205.7M, down 11.4% YoY; broadcast radio revenue declined 12.5% and network fell 23%.
Digital revenue rose to $32.1M (16% of total); digital marketing services grew 23% YoY.
Completed sale of WFAS-FM for $7.3M; repurchased $1.5M in shares and retired $6.3M face debt at 90.1% of par.
Total debt $713.1M, net debt $594.2M at lowest level in over a decade; cash from operations $23.7M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CUMULUS MEDIA INC reported the three months ended March 31, 2023 results: revenue $205.7 million, net income net loss of $21.5 million, EPS $(1.17) per basic share.

Period: the three months ended March 31, 2023
Revenue: $205.7 million
Net income: net loss of $21.5 million
EPS: $(1.17) per basic share
Result: reported results

Exact text from the filing

are not only well-positioned to weather the current storm but will rebound strongly when the market eventually recovers." Q1 Performance Summary: • Posted total net revenue of $205.7 million, a decline of 11% year-over-year • Increased digital revenue to $32.1 million, representing 16% of total revenue ◦ Grew digital marketing services 23% year-over-year, driven by

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Source: SEC EDGAR

accession 0001058623-23-000049

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