Cumulus Media Files Q3 2024 10-Q

TL;DR

**CMLS Q3 10-Q FILED: Check financials for latest performance update.**

AI Summary

Cumulus Media Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including information on its common stock and treasury stock as of September 30, 2024, and December 31, 2023. Key financial data points and disclosures relevant to investors are presented within this report.

Why It Matters

This 10-Q filing provides crucial financial updates for Cumulus Media Inc., allowing investors to assess the company's performance and financial health during the third quarter of 2024.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal significant financial health indicators or operational changes that may impact risk.

Key Numbers

• 2024-09-30 — Reporting Period End Date (This date marks the end of the fiscal quarter for which the 10-Q provides financial information.)
• 2024-11-01 — Filing Date (This is the date Cumulus Media Inc. officially submitted the 10-Q to the SEC.)
• 2023-12-31 — Prior Year-End Date (This date is used for comparative financial analysis within the 10-Q.)

Key Players & Entities

• CUMULUS MEDIA INC (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-11-01 (date) — Filing date of the 10-Q
• 2023-12-31 (date) — Previous fiscal year-end date for comparative financial data

FAQ

Filing Documents

• cmls-20240930.htm (10-Q) — 1055KB
• cmls9302024ex-311.htm (EX-31.1) — 10KB
• cmls9302024ex-312.htm (EX-31.2) — 10KB
• cmls9302024ex-321.htm (EX-32.1) — 8KB
• cmls-20240930_g1.jpg (GRAPHIC) — 47KB
• 0001058623-24-000106.txt ( ) — 5814KB
• cmls-20240930.xsd (EX-101.SCH) — 37KB
• cmls-20240930_cal.xml (EX-101.CAL) — 62KB
• cmls-20240930_def.xml (EX-101.DEF) — 227KB
• cmls-20240930_lab.xml (EX-101.LAB) — 512KB
• cmls-20240930_pre.xml (EX-101.PRE) — 383KB
• cmls-20240930_htm.xml (XML) — 715KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity For the Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8

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 21

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

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 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31

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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 52,154 $ 80,660 Accounts receivable, less allowance for doubtful accounts of $ 5,804 and $ 5,983 at September 30, 2024 and December 31, 2023, respectively 167,914 180,706 Trade receivable 4,075 1,495 Prepaid expenses and other current assets 30,392 24,036 Total current assets 254,535 286,897 Property and equipment, net 166,246 180,596 Operating lease right-of-use assets 106,220 118,646 Broadcast licenses 741,635 741,716 Other intangible assets, net 83,672 95,913 Other assets 12,046 16,533 Total assets $ 1,364,354 $ 1,440,301 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 104,593 $ 114,072 Current portion of operating lease liabilities 26,431 27,515 Trade payable 3,358 2,152 Total current liabilities 134,382 143,739 Long-term debt 670,313 672,424 Operating lease liabilities 101,207 113,141 Financing liabilities, net 201,489 205,890 Other liabilities 5,757 6,200 Deferred income tax liabilities 14,427 12,325 Total liabilities 1,127,575 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; 22,154,838 and 21,456,675 shares issued; 16,673,622 and 16,237,939 shares outstanding at September 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 September 30, 2024 and December 31, 2023 — — Treasury stock, at cost, 5,481,216 and 5,218,736 shares at September 30, 2024 and December 31, 2023, respectively ( 46,833 ) ( 45,747 ) Additional paid-in-capital 357,189 353,732 Accumulated deficit ( 73,577 ) ( 21,403 ) Total stockh

View Full Filing

View this 10-Q filing on SEC EDGAR