ATLANTA, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) today announced operating results for the three months and year ended December 31, 2020.
Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, "Given 2020’s extenuating circumstances, I am extremely proud of the Company’s performance and the efforts of the entire Cumulus team to meet the challenges posed by COVID-19. In the face of the pandemic, we maximized revenue performance, materially reduced expenses, generated cash through strong working capital management, and executed highly accretive divestitures that strengthened our balance sheet. As a result of these efforts and with a recovering economy, we believe that we are well-positioned to return our business to its pre-pandemic trajectory and to capitalize on strategic and financial options to best drive shareholder returns.”
2020 Key Highlights:
- Improved quarterly revenue performance sequentially from Q2 to Q4, both in total and excluding political
- Achieved 9.4% year-over-year digital revenue growth (12.1% on a same station basis), driven by podcasting growth of nearly 40%
- Reduced year-over-year fixed and semi-variable costs by more than $90 million, including nearly $30 million of permanent actions with an annual run-rate benefit of more than $45 million
- Generated $33.2 million of cash from operations for the full year
- Completed two significant M&A transactions generating aggregate gross proceeds of $282 million
- Paid down $54.3 million of term loan and retired $47.2 million of senior notes
- Finished the year with $271.8 million of cash on hand (an increase of $256.6 million compared with December 31, 2019)
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended December 31, 2020, the Company reported net revenue of $245.9 million, a decrease of 13.9% from the three months ended December 31, 2019, net loss of $0.2 million and Adjusted EBITDA of $39.6 million.
For the three months ended December 31, 2020, the Company reported same station net revenue of $245.9 million, a decrease of 13.1% from the three months ended December 31, 2019, and same station Adjusted EBITDA of $39.7 million.
For the year ended December 31, 2020, the Company reported net revenue of $816.2 million, a decrease of 26.7% from the year ended December 31, 2019, net loss of $59.7 million and Adjusted EBITDA of $81.3 million.
For the year ended December 31, 2020, the Company reported same station net revenue of $814.8 million, a decrease of 25.2% from the year ended December 31, 2019, and same station Adjusted EBITDA of $82.2 million, a decrease of 61.6% from the year ended December 31, 2019.
| Three Months Ended December 31, 2020 | Three Months Ended December 31, 2019 | % Change | ||||||
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| Three Months Ended December 31, 2020 | Three Months Ended December 31, 2019 | % Change | ||||||
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| Year Ended December 31, 2020 | Year Ended December 31, 2019 | % Change | ||||||
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| Year Ended December 31, 2020 | Year Ended December 31, 2019 | % Change | ||||||
| )% | ||||||||
| )% | ||||||||
| Three Months Ended December 31, 2020 | Three Months Ended December 31, 2019 | % Change | ||||||
| )% | ||||||||
| 72,603 | 79,884 | )% | ||||||
| 200,714 | 238,679 | )% | ||||||
| 23,791 | 21,618 | % | ||||||
| 21,392 | 25,171 | )% | ||||||
| )% | ||||||||
| Three Months Ended December 31, 2020 | Three Months Ended December 31, 2019 | % Change | ||||||
| )% | ||||||||
| 72,603 | 79,884 | )% | ||||||
| 200,714 | 236,794 | )% | ||||||
| 23,791 | 21,384 | % | ||||||
| 21,392 | 24,827 | )% | ||||||
| )% | ||||||||
| Year Ended December 31, 2020 | Year Ended December 31, 2019 | % Change | ||||||
| )% | ||||||||
| 232,820 | 316,329 | )% | ||||||
| 664,045 | 939,024 | )% | ||||||
| 85,963 | 78,602 | % | ||||||
| 66,210 | 95,819 | )% | ||||||
| )% | ||||||||
| Year Ended December 31, 2020 | Year Ended December 31, 2019 | % Change | ||||||
| )% | ||||||||
| 232,820 | 315,089 | )% | ||||||
| 662,950 | 921,005 | )% | ||||||
| 85,893 | 76,642 | % | ||||||
| 65,929 | 92,134 | )% | ||||||
| )% | ||||||||
| December 31, 2020 | December 31, 2019 | ||||
| Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||
| Three Months Ended December 31, 2020 | Three Months Ended December 31, 2019 | ||||
| Capital expenditures | $ | 5,309 | $ | 12,070 | |
| (1) | Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measures.” |
| (2) | Adjusted for all merger and acquisition activity occurring in 2019 and 2020 as if such activity had occurred as of January 1, 2019. Same Station financial measures are not financial measures calculated or presented in accordance with GAAP. For additional information, see “Non-GAAP Financial Measures.” |
| (3) | Excludes unamortized debt issuance costs. |
Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM ET to discuss its fourth quarter and full year 2020 operating results. A link to the webcast of the conference call will be available on the investor section of the Company’s website (www.cumulusmedia.com/investors/). The conference call dial-in number for domestic callers is 833-614-1549 and international callers should dial 914-987-7288 for call access. If prompted, the conference ID number is 6284029. Please call five to ten minutes in advance to ensure that you are connected prior to the call.
The conference call will also be broadcast live in listen-only mode through a link on the Company’s investor relations website at www.cumulusmedia.com/investors. This link can also be used to access a recording of the call, which will be available shortly following its completion.
About CUMULUS MEDIA
CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month - wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 415 owned-and-operated stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across nearly 7,300 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
