Cumulus Q4 Net Revenues Down 0.4% to $252.3 Million

RADIO ONLINE | Thursday, February 23, 2023 | 11:15am CT

Cumulus Media

Cumulus Media reported fourth quarter net revenue of decreased 0.4% to $251.3 million from $252.3 million in 2021. Total broadcast radio revenue (Spot and Network) fell 2.9% to $187.6 million from $193.1 million, while Digital Revenue grew 7% to $37.7 million from $35 million. Adjusted EBITDA was down 1.2% to $42.7 million from $43.2 million. The company posted a net loss of $0.1 million (81 cents per diluted share) as compared to $17.2 million (83 cents) in the year-ago period.

President and CEO Mary G. Berner said, "Despite considerable economic turbulence, we delivered fourth quarter financial performance in the upper half of our guidance range, continuing a multi-year period of significant accomplishments. Operating through a series of difficult macroeconomic environments, including the pandemic, we successfully executed a strategic plan under which we developed and drove new areas of growth, right-sized the balance sheet, improved the Company's operating leverage and returned capital to shareholders. As a result, we have delivered consistent revenue growth, built several digital businesses to a $150+ million revenue run-rate, reduced our net leverage to its lowest level in more than a decade, and boosted our liquidity to give ourselves optionality regarding capital allocation."

Berner added, "Looking ahead to 2023, we continue to face substantial economic headwinds. However, our battle-tested skill in performing during challenging times, as well as our very strong financial position, gives us substantial confidence in our ability to not only weather this depressed ad environment but take full advantage of opportunities that may arise over the coming quarters."