Investors
Cumulus Media Reports Operating Results for the First Quarter 2024; Refinances its Capital Structure to Secure Five-Year Maturities Through Successful Debt Exchange and ABL Facility Upsize and Extension
- Completed Successful Debt Exchange That Reduced Principal by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates and Preserved Structure Free of Financial Maintenance Covenants; Exceeded Expectations with Approximately 97% Aggregate Participation
- Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029
- Reported Q1 Total Revenue of $200 million, Down 2.7%, In Line with Guidance
- Increased Digital Marketing Services Revenue by 25%, Total Digital Revenue by 7%
ATLANTA, GA — May 3, 2024: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2024.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “We are thrilled to have refinanced our capital structure to secure five-year maturities with favorable terms through a successful debt exchange and ABL Facility upsize and extension. This is an excellent outcome for the Company especially given the generally difficult financing environment for legacy media companies. Specifically, we extended maturities to 2029, reduced the principal amount of outstanding debt by approximately $33 million, obtained attractive interest rates, maintained a structure free of financial maintenance covenants, and increased capacity on our ABL Facility by 25%.”
Berner continued, “The importance of these transactions is underscored by the continuing choppiness in the macroeconomic environment. While our Q1 revenue was in line with guidance and a marked improvement from 2023 trends, it is also reflective of the uncertainty that continues to weigh on advertisers. With the advertising environment still unsettled, these new terms provide us additional time and flexibility to execute against our key business priorities – accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet – each of which is foundational to our ability to build long-term shareholder value.”
FY 2022 Investor Update (Hidden)
Corporate Sustainability
Analyst Coverage
Firm Name | CFA |
---|---|
Barrington Research | James Goss |
Noble Capital Markets | Michael Kupinski |
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780 Johnson Ferry Road
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Atlanta, Georgia 30342
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Corporate Officers
Mary G. Berner
President and Chief Executive Officer
Frank Lopez-Balboa
Executive Vice President, Treasurer and Chief Financial Officer
Richard S. Denning
Executive Vice President, Secretary and General Counsel
Corporate Governance
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 401 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,800 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees.