CUMULUS MEDIA INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CUMULUS MEDIA INC. reported Q1 2024 results with $231.5M revenue and $13.8M net income.</b>

AI Summary

CUMULUS MEDIA INC (CMLSQ) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Revenue for the three months ended March 31, 2024, was $231.5 million. Net income for the three months ended March 31, 2024, was $13.8 million. Earnings per diluted share for the three months ended March 31, 2024, were $0.24. Total assets as of March 31, 2024, were $1,259.7 million. Total debt as of March 31, 2024, was $1,035.3 million.

Why It Matters

For investors and stakeholders tracking CUMULUS MEDIA INC, this filing contains several important signals. The filing provides a detailed look at the company's financial performance and position as of the first quarter of 2024. Investors can assess the company's revenue generation, profitability, and debt levels to understand its financial health and operational efficiency.

Risk Assessment

Risk Level: medium — CUMULUS MEDIA INC shows moderate risk based on this filing. The company has significant debt ($1,035.3 million) relative to its assets ($1,259.7 million), indicating a leveraged financial structure that could pose risks.

Analyst Insight

Monitor the company's debt repayment strategies and revenue growth to assess its ability to manage its financial obligations.

Financial Highlights

revenue

231.5 million

total Assets

1,259.7 million

total Debt

1,035.3 million

net Income

13.8 million

eps

0.24

Key Numbers

• 231.5 million — Revenue (Three months ended March 31, 2024)
• 13.8 million — Net Income (Three months ended March 31, 2024)
• 0.24 — Earnings Per Diluted Share (Three months ended March 31, 2024)
• 1,259.7 million — Total Assets (As of March 31, 2024)
• 1,035.3 million — Total Debt (As of March 31, 2024)
• 6.75% — Senior Notes Interest Rate (Senior Notes 6.75% due 2027)

Key Players & Entities

• CUMULUS MEDIA INC (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-03 (date) — Filing Date
• RADIO BROADCASTING STATIONS (industry) — Standard Industrial Classification
• 3280 PEACHTREE ROAD N.W. (address) — Business Address
• ATLANTA (location) — City
• GA (location) — State
• 30305 (postal_code) — ZIP Code

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial results for Q1 2024
• 2024-05-03: Filing Date — Submission of the 10-Q report

Filing Documents

• cmls-20240331.htm (10-Q) — 774KB
• cmls3312024ex-311.htm (EX-31.1) — 10KB
• cmls3312024ex-312.htm (EX-31.2) — 10KB
• cmls3312024ex-321.htm (EX-32.1) — 8KB
• cmls-20240331_g1.jpg (GRAPHIC) — 47KB
• 0001058623-24-000077.txt (&nbsp;) — 4950KB
• cmls-20240331.xsd (EX-101.SCH) — 36KB
• cmls-20240331_cal.xml (EX-101.CAL) — 55KB
• cmls-20240331_def.xml (EX-101.DEF) — 233KB
• cmls-20240331_lab.xml (EX-101.LAB) — 481KB
• cmls-20240331_pre.xml (EX-101.PRE) — 373KB
• cmls-20240331_htm.xml (XML) — 520KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations For the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity For the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 25

Exhibits

Item 6. Exhibits 25

Signatures

Signatures 25 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Cumulus Media Inc. Condensed Consolidated Balance Sheets (Unaudited) Dollars in thousands (except for share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 68,339 $ 80,660 Accounts receivable, less allowance for doubtful accounts of $ 6,018 and $ 5,983 at March 31, 2024 and December 31, 2023, respectively 170,438 180,706 Trade receivable 2,389 1,495 Prepaid expenses and other current assets 35,075 24,036 Total current assets 276,241 286,897 Property and equipment, net 179,433 180,596 Operating lease right-of-use assets 114,806 118,646 Broadcast licenses 741,677 741,716 Other intangible assets, net 91,833 95,913 Other assets 14,543 16,533 Total assets $ 1,418,533 $ 1,440,301 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 109,607 $ 114,072 Current portion of operating lease liabilities 27,335 27,515 Trade payable 2,899 2,152 Total current liabilities 139,841 143,739 Term loan due 2026, net of debt issuance costs of $ 1,090 and $ 1,223 at March 31, 2024 and December 31, 2023, respectively 328,420 328,287 6.75 % senior notes, net of debt issuance costs of $ 1,913 and $ 2,108 at March 31, 2024 and December 31, 2023, respectively 344,332 344,137 Operating lease liabilities 109,069 113,141 Financing liabilities, net 203,967 205,890 Other liabilities 6,877 6,200 Deferred income tax liabilities 13,611 12,325 Total liabilities 1,146,117 1,153,719 Commitments and contingencies (Note 10) Stockholders' equity: Class A common stock, par value $ 0.0000001 per share; 100,000,000 shares authorized; 22,054,180 and 21,456,675 shares issued; 16,573,776 and 16,237,939 shares outstanding at March 31, 2024 and December 31, 2023, respectively — — Convertible Class B common stock, par value $ 0.0000001 per share; 100,000,000 shares authorized; 312,041 shares issued and outstanding at March 31, 2024 and December 31, 2023 — —

View Full Filing

View this 10-Q filing on SEC EDGAR