Cumulus Media Q3 Net Revenue Declined 0.5% to $280.8M

RADIO ONLINE | Tuesday, November 12, 2019

Cumulus Media

Cumulus Media reported third quarter net revenue decreased 0.5% to $280.8 million from $282.2 million in 2018. Adjusted EBITDA declined 5.5% to $58.7 million from $62.1 million. On a same station basis, excluding the impact of political revenue, net revenue grew 3.9% and adjusted EBITDA increased 2.2%. The company posted a net income of $58.7 million (81 cents per diluted share) as compared to earnings of $62.1 million (63 cents) in the year-ago period.

President/CEO Mary G. Berner said, "In the third quarter, the company turned in another strong performance with same station revenue and Adjusted EBITDA growth of 3.9% and 2.2%, respectively, on an ex-political basis. Our operating plan has continued to deliver industry-leading digital revenue growth and continuing growth in our national and network channels."

She continued, "We also made great progress in the quarter on our balance sheet as our free cash flow generation allowed us to fund a voluntary debt prepayment of approximately $29 million, which reduced net leverage to 4.5x. Additionally, we completed a $525 million term loan refinancing that extended our debt maturity and reduced future interest expense."

Within the quarter, the company reassessed its reportable segments and concluded it has one reportable segment. Prior to this change, the company had two reportable segments: Cumulus Radio Station Group and Westwood One.