Cumulus Media Q1 Total Revenue Down 11.5%, Loss Widens

RADIO ONLINE | Wednesday, May 5, 2021 | 11:58am CT

Cumulus Media

Cumulus Media reported first quarter total revenue declined 11.5% to $201.7 million from $227.9 million in 2020. On a same station basis and excluding political, total revenue dropped 9.5%. Adjusted EBITDA fell 67.8% to $8.9 million from $27.7 million. The company posted a net loss of $21.9 million (-$1.07 per diluted share) as compared to a net loss of $7.35 million (-36 cents) in the year-ago period.

President/CEO Mary G. Berner said, "Our first quarter results clearly reflect the benefits of our improved operating leverage in a recovering economy. Over the last three months, expanded vaccine distribution and greater economic activity have supported a significant pickup in advertising, leading to a positive revenue trajectory across all our businesses, with particularly strong results in podcasting which was up approximately 35% year-over-year.

She added, "Additionally, the meaningful permanent cost reductions we initiated in 2020, more than $10 million of which were reflected in the first quarter, positively impacted Q1 2021 EBITDA. Looking ahead, with our strong competitive positioning, growing digital revenue streams, and substantial free cash flow generating potential, we believe we have multiple avenues along which to grow shareholder value."