Cumulus Media Files 10-Q for Q2 2024
Ticker: CMLSQ · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 1058623
| Field | Detail |
|---|---|
| Company | Cumulus Media Inc (CMLSQ) |
| Form Type | 10-Q |
| Filed Date | Aug 2, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: CMLS
TL;DR
CMLS 10-Q filed for Q2 2024. Financials are in.
AI Summary
Cumulus Media Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.
Why It Matters
This filing provides investors with the latest financial performance data for Cumulus Media, crucial for understanding the company's current health and future prospects in the radio broadcasting industry.
Risk Assessment
Risk Level: medium — As a publicly traded company filing regular financial reports, there are inherent risks associated with market fluctuations and industry-specific challenges.
Key Players & Entities
- CUMULUS MEDIA INC (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240802 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 2, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key is 0001058623.
What is Cumulus Media Inc.'s Standard Industrial Classification (SIC) code?
Cumulus Media Inc.'s SIC code is 4832, for Radio Broadcasting Stations.
What is the fiscal year end for Cumulus Media Inc.?
The fiscal year end for Cumulus Media Inc. is December 31.
Filing Stats: 4,761 words · 19 min read · ~16 pages · Grade level 16 · Accepted 2024-08-02 08:03:45
Filing Documents
- cmls-20240630.htm (10-Q) — 1017KB
- fifthamendmenttoemployment.htm (EX-10.6) — 14KB
- sixthamendmenttoemployment.htm (EX-10.7) — 10KB
- seventhamendmenttoemployme.htm (EX-10.8) — 15KB
- eighthamendmenttoemploymen.htm (EX-10.9) — 10KB
- cmls6302024ex-311.htm (EX-31.1) — 10KB
- cmls6302024ex-312.htm (EX-31.2) — 10KB
- cmls6302024ex-321.htm (EX-32.1) — 8KB
- cmls-20240630_g1.jpg (GRAPHIC) — 47KB
- 0001058623-24-000101.txt ( ) — 5808KB
- cmls-20240630.xsd (EX-101.SCH) — 37KB
- cmls-20240630_cal.xml (EX-101.CAL) — 61KB
- cmls-20240630_def.xml (EX-101.DEF) — 234KB
- cmls-20240630_lab.xml (EX-101.LAB) — 510KB
- cmls-20240630_pre.xml (EX-101.PRE) — 390KB
- cmls-20240630_htm.xml (XML) — 694KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity For the Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 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 19
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 28
Controls and Procedures
Item 4. Controls and Procedures 28
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 29
Risk Factors
Item 1A. Risk Factors 29
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 29
Other Information
Item 5. Other Information 29
Exhibits
Item 6. Exhibits 30
Signatures
Signatures 31 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 53,492 $ 80,660 Accounts receivable, less allowance for doubtful accounts of $ 6,172 and $ 5,983 at June 30, 2024 and December 31, 2023, respectively 170,563 180,706 Trade receivable 5,343 1,495 Prepaid expenses and other current assets 31,664 24,036 Total current assets 261,062 286,897 Property and equipment, net 171,590 180,596 Operating lease right-of-use assets 109,678 118,646 Broadcast licenses 741,635 741,716 Other intangible assets, net 87,752 95,913 Other assets 13,016 16,533 Total assets $ 1,384,733 $ 1,440,301 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 108,826 $ 114,072 Current portion of operating lease liabilities 26,884 27,515 Trade payable 3,113 2,152 Total current liabilities 138,823 143,739 Long-term debt 671,559 672,424 Operating lease liabilities 104,779 113,141 Financing liabilities, net 203,134 205,890 Other liabilities 6,164 6,200 Deferred income tax liabilities 14,223 12,325 Total liabilities 1,138,682 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; 22,105,386 and 21,456,675 shares issued; 16,624,170 and 16,237,939 shares outstanding at June 30, 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 June 30, 2024 and December 31, 2023 — — Treasury stock, at cost, 5,481,216 and 5,218,736 shares at June 30, 2024 and December 31, 2023, respectively ( 46,833 ) ( 45,747 ) Additional paid-in-capital 356,140 353,732 Accumulated deficit ( 63,256 ) ( 21,403 ) Total stockholders' equity 246,051 28