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Cumulus Media(CMLS) - 2025 Q1 - Quarterly Results
CMLSCumulus Media(CMLS)2025-05-01 12:02

Financial Performance - Total net revenue for Q1 2025 was 187.3million,adeclineof6.4187.3 million, a decline of 6.4% year-over-year[3] - The company recorded a net loss of 32.4 million compared to a net loss of 14.2millioninQ12024,reflectinga128.714.2 million in Q1 2024, reflecting a 128.7% increase in losses[5] - GAAP net loss for Q1 2025 was 32,367,000, compared to a loss of 14,154,000inQ12024[24]−AsreportednetrevenueforQ12025was14,154,000 in Q1 2024[24] - As reported net revenue for Q1 2025 was 187,349,000, down from 200,053,000inQ12024,representingadecreaseofapproximately6.8200,053,000 in Q1 2024, representing a decrease of approximately 6.8%[24] - Excluding the impact of political revenue, net revenue for Q1 2025 was 186,517,000, compared to 197,854,000inQ12024,adecreaseofapproximately5.7197,854,000 in Q1 2024, a decrease of approximately 5.7%[24] Revenue Breakdown - Digital revenue reached 36.6 million, an increase of 6.1% year-over-year, representing 20% of total revenue[3] - Podcasting revenue decreased by 13%, but increased by 39% when excluding the impact of the Daily Wire relationship[3] - Broadcast radio revenue declined by 10.6% year-over-year, totaling 124.9million[6]−Digitalmarketingservicesgrewby30124.9 million[6] - Digital marketing services grew by 30% driven by investments in sales, support, and fulfillment capabilities[2] Adjusted Metrics - Adjusted EBITDA for Q1 2025 was 3.5 million, down 58.1% from 8.4millioninQ12024[5]−AdjustedEBITDAforQ12025was8.4 million in Q1 2024[5] - Adjusted EBITDA for Q1 2025 was 3,519,000, significantly lower than 8,405,000inQ12024,indicatingadeclineofabout588,405,000 in Q1 2024, indicating a decline of about 58%[24] - Adjusted EBITDA, excluding political EBITDA, was 2,770,000 for Q1 2025, down from 6,426,000inQ12024,reflectingadeclineofabout56.86,426,000 in Q1 2024, reflecting a decline of about 56.8%[24] Debt and Cash Position - Total debt as of March 31, 2025, was 670.2 million, with net debt less total unamortized discount at 589.4million[3]−Totaldebtprincipal,gross,asofMarch31,2025,was589.4 million[3] - Total debt principal, gross, as of March 31, 2025, was 670,165,000, slightly down from 675,755,000inthepreviousyear[24]−Netdebtlesstotalunamortizeddiscountdecreasedto675,755,000 in the previous year[24] - Net debt less total unamortized discount decreased to 589,423,000 in Q1 2025 from 607,416,000inQ12024[24]−TotaldebtatmaturityasofMarch31,2025,was607,416,000 in Q1 2024[24] - Total debt at maturity as of March 31, 2025, was 642,117,000, compared to 675,755,000inthepreviousyear[24]−CashandcashequivalentsattheendofQ12025were675,755,000 in the previous year[24] - Cash and cash equivalents at the end of Q1 2025 were 52.7 million, down from 63.8millionattheendof2024[7]−Cashandcashequivalentsdecreasedto63.8 million at the end of 2024[7] - Cash and cash equivalents decreased to 52,694,000 in Q1 2025 from 68,339,000inQ12024[24]CostManagement−Thecompanyachievedannualizedfixedcostreductionsof68,339,000 in Q1 2024[24] Cost Management - The company achieved annualized fixed cost reductions of 7.5 million during the quarter[3] - Political revenue impact on net revenue was a reduction of 832,000inQ12025,comparedtoareductionof832,000 in Q1 2025, compared to a reduction of 2,199,000 in Q1 2024[24]