Revenue Down 11.5%, Loss Widens At Cumulus Media, But Digital Revenues Gain

Down Quarter

CUMULUS MEDIA first quarter 2021 net revenue fell 11.5% year-to-year to $201.7 million (down 10.9% on a same-station basis), with adjusted EBITDA plummeting 67.8% to $8.9 million and net loss tripling to $21.9 million (-$1.07/share). Broadcast radio revenue dipped 17.4% to $201.7 million (spot down 23.8% to $92.9 million, network off 5.6% to $62 million, but digital up 23.7% to $27.1 million with podcasting up 35%).

Pres./CEO MARY BERNER said, "Our first quarter results clearly reflect the benefits of our improved operating leverage in a recovering economy. Over the last three months, expanded vaccine distribution and greater economic activity have supported a significant pickup in advertising, leading to a positive revenue trajectory across all our businesses, with particularly strong results in podcasting which was up approximately 35% year-over-year. Additionally, the meaningful permanent cost reductions we initiated in 2020, more than $10 million of which were reflected in the first quarter, positively impacted Q1 2021 EBITDA. Looking ahead, with our strong competitive positioning, growing digital revenue streams, and substantial free cash flow generating potential, we believe we have multiple avenues along which to grow shareholder value.”

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