Cumulus Media Q3 revenue down 11% to $207.4M; net income $2.7M vs $8.5M YoY

CUMULUS MEDIA INC

2023-Q3 EPS reported -$1.13 revenue$623,247,000

Net revenue $207.4M, down 11.2% YoY; net income $2.7M vs $8.5M in Q3 2022.
Adjusted EBITDA $26.9M, down 42.2% from $46.6M; digital revenue up 7% to $37.2M.
Broadcast radio revenue fell 17.4% to $146.3M; spot down 15.2%, network down 22.8%.
Retired $5.2M face value of term loans at avg 83.5% of par; sold WDRQ-FM for $10M.
Total debt $675.8M, net debt $592.9M; capital expenditures $7.1M in quarter.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CUMULUS MEDIA INC reported three and nine months ended September 30, 2023 results: revenue $207.4 million, net income $2.7 million, EPS $0.16.

Period: three and nine months ended September 30, 2023
Revenue: $207.4 million
Net income: $2.7 million
EPS: $0.16
Result: reported results

Exact text from the filing

a robust political spending cycle, gives us cautious optimism that we may be seeing the early signs of a market recovery.” Q3 Performance Summary: • Posted total net revenue of $207.4 million, a decline of 11% year-over-year • Generated digital revenue of $37.2 million, an increase of 7% year-over-year – representing 18% of total revenue, with growth across streaming,

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Source: SEC EDGAR

accession 0001058623-23-000089

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