Cumulus Media Q1 revenue $200M, net loss improves; refinances debt to 2029, reduces principal $33M

CUMULUS MEDIA INC

2024-Q1 EPS reported -$0.85 revenue$200,053,000

Net revenue $200.1M, down 2.7% YoY; net loss $14.2M vs $21.5M loss in Q1 2023; Adjusted EBITDA $8.4M vs $10.3M.
Digital revenue $34.4M (+7.3% YoY); digital marketing services +25% driven by new products and sales investment.
Completed debt exchange with ~97% participation, reducing principal ~$33M, extending maturities from 2026 to 2029.
ABL facility upsized to $125M from $100M, maturity extended to 2029; exchanged Notes at 8%, Term Loans at SOFR+500bps.
Basic & diluted loss per share $0.85, improved from $1.17 loss in Q1 2023.

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 0.9

CUMULUS MEDIA INC reported three months ended March 31, 2024 results: revenue $200.1 million, net income net loss of $14.2 million, EPS Basic loss per share $ (0.85).

Period: three months ended March 31, 2024
Revenue: $200.1 million
Net income: net loss of $14.2 million
EPS: Basic loss per share $ (0.85)
Result: reported results

Exact text from the filing

For the three months ended March 31, 2024, the Company reported net revenue of $200.1 million, a decrease of 2.7% from the three months ended March 31, 2023, net loss of $14.2 million and Adjusted EBITDA of $8.4 million.

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Source: SEC EDGAR

accession 0001058623-24-000076

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