Cumulus Media Beats Q2 Revenue Expectations, Raises FY22 Cost Reduction Guidance - Cumulus Media (NASDAQ:CMLS)

Cumulus Media Inc CMLS reported second-quarter FY21 net revenue growth of 53.9% year-on-year to $224.7 million, beating the analyst consensus of $220.9 million.
Revenues from Broadcast radio grew 54.3% Y/Y to $176.2 million, Spot rose 66.9% Y/Y to $120.9 million, Network increased 32.5% Y/Y to $55.3 million, Digital improved 54.5% Y/Y to $31.4 million, and Other increased 48.7% Y/Y to $17.1 million.
EPS loss of $(0.29) missed the analyst consensus loss of $(0.05).
Cumulus posted a positive adjusted EBITDA margin of 16.4% and held $124.98 million in cash and equivalents.
In addition to the continued improvement in the core radio business, total digital revenue grew by 55% Y/Y, with each digital channel posting new all-time highs, CEO Mary G. Berner stated.
Additionally, it enhanced its considerable stronghold in the news/talk ecosystem with The Dan Bongino Show, now on over 300 radio stations.
The company also significantly expanded its fast-growing sports betting space with an innovative and expansive multi-year, multi-platform marketing and content partnership with WynnBET.
Cumulus completed the sale of non-core real estate in Nashville to a partnership comprised of Centrum Realty and Development and Nashville Capital Group for $34 million.
Outlook: Cumulus increased fixed cost reduction guidance to $70 million in 2022 from the prior guidance of $50 million versus the 2019 baseline.
Price action: CMLS shares traded higher by 1.28% at $12.67 on the last check Wednesday.