Cumulus Fourth Quarter Revenue Up Overall, But Radio Revenue Dips As Digital Grows

Q4 Results

CUMULUS MEDIA's fourth quarter 2021 financial performance showed improvement overall from the previous year, but broadcast radio's weakness kept the growth limited.

Overall revenue rose 2.6% year-over-year to $252.3 million and net income up from a loss of $249,000 to a gain of $17.6 million (86 cents/share). Adjusted EBITDA rose 9.3% to $43,2 million. Broadcast radio revenue, on the other hand, shrank 3.8% to $193.1 million, with spot revenue off 4.9% to $121.8 million and network revenue off 1.8% to $71.3 million. Digital revenue was a bright spot, up 47.3% to $35 million.

Pres./CEO MARY BERNER said, "2021 was a year of tremendous progress and accomplishment for CUMULUS. We not only achieved meaningful revenue growth in core radio, delivered substantial growth in digital, and greatly improved our operating leverage through material fixed cost reductions, but we also further and significantly de-levered our balance sheet, and executed many initiatives which bolstered our position as a true audio-first media company. As we carry this momentum into 2022, we continue to see significant upside with multiple pathways to enhance shareholder value.”

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