Cumulus Media Q3 Net Revenue Fell 30.1%, $0.78 EPS Loss

RADIO ONLINE | Thursday, November 5, 2020

Cumulus Media

Cumulus Media reported third quarter net revenue of fell 30.1% to $196.4 million from $280.8 million in 2019. Same station net revenue decreased 29.4% from $196.4 million. Adjusted EBITDA dropped 65.4% to $20.3 million, while same station adjusted EBITDA fell to $20.4 million from $60.2 million. The company posted a net loss of $15.8 million (-78 cents per diluted share) as compared to a net income of $16.2 million (81 cents) in the year-ago period.

President/CEO Mary G. Berner said, "In the third quarter, the company continued to focus on maximizing revenue performance, executing meaningful expense reductions, protecting cash through efficient working capital management and strengthening our balance sheet. Despite the extraordinary challenges of operating through a pandemic, we have reduced debt by $269 million and increased cash by $316 million since emerging from bankruptcy in 2018 (a net debt reduction of more than $585 million or 46%)."

She added, "We believe that these actions, along with record-setting political revenues, will allow us to navigate through and emerge from the COVID-19 crisis with considerable ability to support our growth initiatives and capitalize on strategic and operating opportunities in 2021 and beyond."

During Q3, the company reports that revenue grew sequentially each month, with total September revenues up 35% over June. Additionally, spot revenue performance improved each month, both in total and excluding political. The broadcaster also achieved continued digital revenue growth, led by podcasting growth of nearly 50% year-over-year, while realizing "record-setting" political revenue of $5.8 million.