Cumulus Media Q2 revenue down 11% to $210.1M; net loss of $1.1M vs profit a year ago

CUMULUS MEDIA INC

2023-Q2 EPS reported -$1.25 revenue$415,828,000

Net revenue $210.1M, down 11.2% YoY; net loss $1.1M vs net income $8.7M in Q2 2022.
Adjusted EBITDA fell 32.6% to $30.7M; diluted EPS -$0.06 vs +$0.42.
Digital revenue $37.5M (18% of total); digital marketing services grew 21% YoY.
Retired $32.2M face value of 6.75% notes at 73.9% of par; repurchased ~10% of shares via $5.7M tender offer.
Total debt $680.9M, lowest in over a decade; sold WDRQ-FM for $10M, closing expected Q3.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CUMULUS MEDIA INC reported the three and six months ended June 30, 2023 results: revenue $210.1 million, net income net loss of $1.1 million, EPS $(0.06) per share.

Period: the three and six months ended June 30, 2023
Revenue: $210.1 million
Net income: net loss of $1.1 million
EPS: $(0.06) per share
Result: reported results

Exact text from the filing

cost reductions, and execute on our strategy to opportunistically deploy capital to maximize long-term shareholder value.” Q2 Performance Summary: • Posted total net revenue of $210.1 million, a decline of 11% year-over-year • Generated digital revenue of $37.5 million, representing 18% of total revenue, driven by digital marketing services growth of 21%

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Source: SEC EDGAR

accession 0001058623-23-000076

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