Cumulus Media Q2 net loss widens to $27.7M; revenue down 2.5% YoY

CUMULUS MEDIA INC

2024-Q2 EPS reported -$2.49 revenue$404,902,000

Q2 revenue $204.8M (-2.5% YoY); net loss $27.7M vs $1.1M loss in Q2 2023.
Adjusted EBITDA $25.2M, down 17.8% YoY; diluted loss per share $1.64.
Digital revenue up 5% to $39.4M; digital marketing services grew 24% YoY.
Completed debt exchange: reduced debt by ~$33M, extended maturities to 2029, ABL upsized to $125M.
Fixed costs reduced by ~$4M YoY; cash from ops ex-exchange costs $8.3M.

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