Cumulus Media reports FY2024 net loss of $283M, revenue down 2.1% to $827M

CUMULUS MEDIA INC

2024-FY EPS reported -$16.79 vs consensus -$0.59 ▼ miss (-2762.7%)

Net loss of $283.3M ($16.79/share) vs $117.9M in 2023; includes $224.5M non-cash impairment.
Revenue declined 2.1% to $827.1M; broadcast radio spot revenue fell 5.6% to $388.8M.
Digital revenue grew 5.3% to $154.2M; digital marketing services up 27%; streaming impressions up 15%.
Adjusted EBITDA fell 8.8% to $82.7M; executed $43M in annualized fixed cost reductions.
Total debt $671.6M, net debt $578.3M; cash $63.8M plus undrawn $125M ABL facility.

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