Cumulus Media Sees 5.4% Year-Over-Year Net Revenue Increase For Second Quarter 2022

Revs Up

CUMULUS MEDIA second quarter 2022 net revenue rose 5.4% year-over-year to $236.7 million, with net income rising from a loss of $5.9 million to a gain of $8.7 million, a 246.9% turnaround (-29 to 43 cents/basic share). Adjusted EBITDA rose 23.4% to $45.5 million.

Broadcast radio spot revenue rose 5.1% to $127 million, with network revenue down 12% to $48.7 million, leading to total broadcast radio revenue slipping 0.3% to $175.7 million despite local spot revenue increasing by 8%. Digital revenue increased 20.3% to $37.8 million, fueled by a 27% increase in podcasting revenue and 22% jump in digital marketing services revenue.

Pres./CEO MARY G. BERNER touted "the quality of our strategic plan and the discipline and relentlessness with which we implement it" in her statement on the company's quarterly results, pointing to how CUMULUS has "deployed our multi-platform audio-first content strategy, developed multiple digital businesses, significantly reduced fixed costs, undertaken high ROI internal investments, and created a best-in-class balance sheet that gives the Company substantial financial flexibility and capital allocation optionality." She noted the company's stock and bond buybacks and reduction of net leverage to 3.8x, "the lowest it’s been in more than a decade," and added that with a strong political ad season coming up, CUMULUS is "on trend toward achieving our net leverage target of less than 3.5 times and EBITDA at the low end of our 2022 guidance range.”

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