Market Overview

CUMULUS MEDIA Reports Operating Results for Second Quarter 2018

Share:

ATLANTA, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2018. As described in more detail below, results for the 2018 periods reflect the combined results of the Successor and Predecessor Companies in connection with the Company's emergence from Chapter 11. For the three months ended June 30, 2018, the Company reported net revenue of $285.2 million, down 1.8% from the three months ended June 30, 2017, net income of $706.1 million and Adjusted EBITDA of $66.4 million, which was down 1.5% from the three months ended June 30, 2017. For the six months ended June 30, 2018, the Company reported net revenue of $548.9 million, down 1.0% from the six months ended June 30, 2017, net income of $701.1 million and Adjusted EBITDA of $106.6 million, which was up 0.5% from the six months ended June 30, 2017. Net income for the three and six months ended June 30, 2018 included after-tax gains associated with the Company's emergence from Chapter 11 of $671.0 million and $641.0 million, respectively.

As previously disclosed, on November 29, 2017, the Company and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code ("Chapter 11") in the United States Bankruptcy Court for the Southern District of New York (the "Court"). On May 10, 2018, the Court entered an order confirming the Company's Plan of Reorganization (the "Plan"). On June 4, 2018, the Plan became effective in accordance with its terms and the Company emerged from Chapter 11.

The Company's operating results and key operating performance measures on a consolidated basis, as well as within the Cumulus Radio Station Group and Westwood One, were not materially impacted by the reorganization. For the purposes of the analysis of the results presented herein, the Company is presenting the combined results of operations for (1) the period June 4, 2018 to June 30, 2018 of the Successor Company with the period April 1, 2018 to June 3, 2018 of the Predecessor Company, and (2) the period June 4, 2018 to June 30, 2018 of the Successor Company with the period January 1, 2018 to June 3, 2018 of the Predecessor Company. Although, this presentation is not in accordance with accounting principles generally accepted in the United States, the Company believes presenting and analyzing the combined results allows for a more meaningful comparison of results for the three and six month periods ended June 30, 2018 to the three and six months ended June 30, 2017. For more information regarding the Predecessor and Successor Company results, please see the Company's Form 10-Q for the quarter ended June 30, 2018 to be filed with the Securities and Exchange Commission (the "SEC") on August 20, 2018.

Mary Berner, President and Chief Executive Officer of CUMULUS MEDIA said, "In the second quarter, we emerged from Chapter 11 with new and supportive ownership, a billion dollars less debt and results that demonstrate our operational and financial momentum, despite industry challenges and the distractions posed by our Chapter 11 proceedings. Normalizing those results for $4.8 million of write-offs related to United States Traffic Network's well-publicized financial problems, our Adjusted EBITDA grew in the quarter by 5.5%."

Berner continued, "Looking forward, we are excited about the potential of our digital products, improved pricing and inventory management across the entire platform and our young but fast-growing podcasting business to supplement the performance of our core business. These growth drivers, combined with our continued focus on operating fundamentals, our reduced debt load, our ability to generate significant free cash flow and our renewed focus on optimization of our portfolio of assets, position us well to build substantial shareholder value in the quarters and years to come."

Operating Summary (in thousands, except percentages and per share data):

               
  Successor
Company
    Predecessor
Company
Combined
Predecessor
and
Successor
Predecessor
Company
 
  Period
from June
4, 2018
through
June 30,
2018
    Period from
April 1, 2018
through
June 3, 2018
Three
Months
Ended
June
30, 2018
Three
Months
Ended June
30, 2017
% Change
Net revenue $ 95,004       $ 190,245   $ 285,249   $ 290,531   (1.8 )%
Net income $ 4,980       $ 701,157   $ 706,137   $ 5,672   **
Adjusted EBITDA (1) $ 26,115       $ 40,241   $ 66,356   $ 67,400   (1.5 )%
Basic income per share $ 0.25       $ 23.90   ** $ 0.19   **
Diluted income per share $ 0.25       $ 23.90   ** $ 0.19   **
                           


               
  Successor
Company
    Predecessor
Company
Combined
Predecessor
and
Successor
Predecessor
Company
 
  Period
from June
4, 2018
through
June 30,
2018
    Period from
January 1,
2018
through
June 3, 2018
Six Months
Ended June
30, 2018
Six Months
Ended June
30, 2017
% Change
Net revenue $ 95,004       $ 453,924   $ 548,928   $ 554,561   (1.0 )%
Net income (loss) $ 4,980       $ 696,156   $ 701,136   $ (1,723 ) **
Adjusted EBITDA (1) $ 26,115       $ 80,512   $ 106,627   $ 106,133   0.5 %
Basic income (loss) per share $ 0.25       $ 23.73   ** $ (0.06 ) **
Diluted income (loss) per share $ 0.25       $ 23.73   ** $ (0.06 ) **
                           

(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 Measure".

             
    Successor   Predecessor    
    June 30, 2018   December 31, 2017   % Change
Cash and cash equivalents   $ 37,444     $ 102,891     (63.6 )%
             
Term loan   $ 1,300,000     $     **
Predecessor term loan   $     $ 1,722,209     (100.0 )%
7.75% senior notes   $     610,000     (100.0 )%
Total debt   $ 1,300,000     $ 2,332,209     (44.3 )%
                       

**             Calculation not meaningful

                 
  Successor
Company
    Predecessor
Company
Combined
Predecessor
and Successor
Predecessor
Company
   
  Period from
June 4, 2018
through June 30,
2018
    Period from April
1, 2018 through
June 3, 2018
Three Months
Ended June
30, 2018
Three Months
Ended June
30, 2017
  % Change
Capital expenditures $ 1,969       $ 5,014   $ 6,983   $ 7,467     (6.5 )%
                                   


                 
  Successor
Company
    Predecessor
Company
Combined
Predecessor
and Successor
Predecessor
Company
   
  Period from
June 4, 2018
through June 30,
2018
    Period from
January 1, 2018
through June 3,
2018
Six Months
Ended June
30, 2018
Six Months
Ended June
30, 2017
  % Change
Capital expenditures $ 1,969       $ 14,019   $ 15,988   $ 13,203     21.1 %
                                   


Three Months Ended June 30, 2018

Net Revenue

The Company operates in two reportable segments, the Cumulus Radio Station Group and Westwood One. Cumulus Radio Station Group revenue is derived primarily from the sale of broadcasting time to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising.

Corporate and Other includes overall executive, administrative and support functions for both of the Company's reportable segments, including accounting, finance, legal, human resources, information technology functions and programming.

The following tables present our net revenue by segment (dollars in thousands).

     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 68,357     $ 26,356     $ 291     $ 95,004  
                                 


     
    Period from April 1, 2018 through June 3, 2018 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 135,093     $ 54,924     $ 228     $ 190,245  
                                 


     
    Three Months Ended June 30, 2018 (Combined Predecessor and
Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 203,450     $ 81,280     $ 519     $ 285,249  
% of total revenue   71.3 %   28.5 %   0.2 %   100.0 %
$ change from three months ended June 30, 2017   $ (5,146 )   $ 46     $ (182 )   $ (5,282 )
% change from three months ended June 30, 2017   (2.5 )%   0.1 %   (26.0 )%   (1.8 )%
                         


     
    Three Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 208,596     $ 81,234     $ 701     $ 290,531  
% of total revenue   71.8 %   28.0 %   0.2 %   100.0 %
                         


Net Income (Loss)

The following tables present our net income (loss) by segment (dollars in thousands).

     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 18,327     $ 5,796     $ (19,143 )   $ 4,980  
                                 


     
    Period from April 1, 2018 through June 3, 2018 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income   $ (506,774 )   $ 253,619     $ 954,312     $ 701,157  
                                 


     
    Three Months Ended June 30, 2018 (Combined Predecessor
and Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income   $ (488,447 )   $ 259,415     $ 935,169     $ 706,137  
$ change from three months ended June 30, 2017   $ (535,250 )   $ 248,439     $ 987,276     $ 700,465  
% change from three months ended June 30, 2017   **   **   **   **
                 

**             Calculation not meaningful

     
    Three Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 46,803     $ 10,976     $ (52,107 )   $ 5,672  
                                 


Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands).

     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate and
Other
  Consolidated
Adjusted EBITDA   $ 20,860     $ 7,690     $ (2,435 )   $ 26,115  
                                 


     
    Period from April 1, 2018 through June 3, 2018 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 39,824     $ 6,554     $ (6,137 )   $ 40,241  
                                 


     
    Three Months Ended June 30, 2018 (Combined Predecessor and
Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 60,684     $ 14,244     $ (8,572 )   $ 66,356  
$ change from three months ended June 30, 2017   $ 814     $ (2,698 )   $ 840     $ (1,044 )
% change from three months ended June 30, 2017   1.4 %   (15.9 )%   (8.9 )%   (1.5 )%
                         


     
    Three Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 59,870     $ 16,942     $ (9,412 )   $ 67,400  
                                 


Six Months Ended June 30, 2018

Net Revenue

The following tables present our net revenue by segment (dollars in thousands).

     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 68,357     $ 26,356     $ 291     $ 95,004  
                                 


     
    Period from January 1, 2018 through June 3, 2018
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 303,317     $ 149,715     $ 892     $ 453,924  
                                 


     
    Six Months Ended June 30, 2018 (Combined Predecessor
and Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 371,673     $ 176,071     $ 1,184     $ 548,928  
% of total revenue   67.7 %   32.1 %   0.2 %   100.0 %
$ change from six months ended June 30, 2017   $ (10,524 )   $ 4,981     $ (90 )   $ (5,633 )
% change from six months ended June 30, 2017   (2.8 )%   2.9 %   (7.1 )%   (1.0 )%
                         


     
    Six Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 382,197     $ 171,090     $ 1,274     $ 554,561  
% of total revenue   68.9 %   30.9 %   0.2 %   100.0 %
                         


Net (Loss) Income

The following tables present our net (loss) income by segment (dollars in thousands).

     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 18,327     $ 5,796     $ (19,143 )   $ 4,980  
                                 


     
    Period from January 1, 2018 through June 3, 2018
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income   $ (477,966 )   $ 259,441     $ 914,681     $ 696,156  
                                 


     
    Six Months Ended June 30, 2018 (Combined Predecessor
and Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income   $ (459,639 )   $ 265,237     $ 895,538     $ 701,136  
$ change from three months ended June 30, 2017   $ (534,980 )   $ 251,996     $ 985,843     $ 702,859  
% change from three months ended June 30, 2017   **   **   **   **
                 

**             Calculation not meaningful

     
    Six Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 75,341     $ 13,241     $ (90,305 )   $ (1,723 )
                                 


Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands).

     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate and
Other
  Consolidated
Adjusted EBITDA   $ 20,860     $ 7,690     $ (2,435 )   $ 26,115  
                                 


     
    Period from January 1, 2018 through June 3, 2018
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 76,009     $ 19,210     $ (14,707 )   $ 80,512  
                                 


     
    Six Months Ended June 30, 2018 (Combined Predecessor
and Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 96,869     $ 26,900     $ (17,142 )   $ 106,627  
$ change from six months June 30, 2017   $ (2,042 )   $ 989     $ 1,547     $ 494  
% change from six months ended June 30, 2017   (2.1 )%   3.8 %   (8.3 )%   0.5 %
                         


     
    Six Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 98,911     $ 25,911     $ (18,689 )   $ 106,133  
                                 

Earnings Call Information
The Company will host a conference call today at 4:30 PM EDT to discuss its second quarter 2018 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 877-830-7699, and international callers should dial 248-847-2515 for call access. If prompted, the conference ID number is 9993757. Please call five to ten minutes in advance to ensure that you are connected prior to the call.

Following completion, a telephonic replay can be accessed until 11:59 PM EDT on September 20, 2018, by dialing 855-859-2056 or 404-537-3406 and using the replay code 9993757. An archive of the webcast will be available beginning 24 hours after the call for a period of 30 days and can be accessed via the same link on our website by using the password "cumulusmedia".

Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations, primarily with respect to our future operating, financial and strategic performance. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those contained in or implied by the forward-looking statements as a result of various factors including, but not limited to, risks and uncertainties related to our recently completed financial restructuring and other risk factors described from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond our control, and the unexpected occurrence or failure to occur of any such events or matters could significantly alter the actual results of our operations or financial condition. CUMULUS MEDIA assumes no responsibility to update any forward-looking statement as a result of new information, future events or otherwise.

About CUMULUS MEDIA
A leader in the radio broadcasting industry, CUMULUS MEDIA (NASDAQ:CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through its 441 owned-and-operated stations broadcasting in 90 U.S. media markets (including eight of the top 10), approximately 8,000 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus Radio Station Group and Westwood One platforms make CUMULUS MEDIA one of the few media companies that can provide advertisers with national reach and local impact. The Cumulus Radio Station Group and Westwood One are the exclusive radio broadcast partners to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, and more. Additionally, the Company is the nation's leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events.  For more information, visit www.cumulusmedia.com.

For further information, please contact:
Cumulus Media Inc.
Collin Jones
Investor Relations
collin@cumulus.com
404-260-6600

CUMULUS MEDIA INC.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)

         
  Successor
Company
    Predecessor
Company
  Period from
June 4, 2018
through June 30,
    Period from
April 1, 2018
through June 3,
  2018     2018
Net revenue $ 95,004       $ 190,245  
Operating expenses:        
Content costs 27,685       59,117  
Selling, general and administrative expenses 38,719       85,097  
Depreciation and amortization 4,379       10,065  
Local marketing agreement fees 358       702  
Corporate expenses 2,532       5,883  
Stock-based compensation expense 652       65  
Acquisition-related restructuring costs 6,941       734  
Loss on sale or disposal of assets or stations       147  
Total operating expenses 81,266       161,810  
Operating income 13,738       28,435  
Non-operating (expense) income:        
Reorganization items, net       496,368  
Interest expense (6,176 )     (132 )
Interest income 4       21  
Other income (expense), net 20       (276 )
Total non-operating (expense) income, net (6,152 )     495,981  
Income before income tax (expense) benefit 7,586       524,416  
Income tax (expense) benefit (2,606 )     176,741  
Net income $ 4,980       $ 701,157  
                 


CUMULUS MEDIA INC.

Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)

         
  Successor
Company
    Predecessor
Company
  Period from
June 4, 2018
through June
30,
    Period from
January 1,
2018 through
June 3,
  2018     2018
Net revenue $ 95,004       $ 453,924  
Operating expenses:        
Content costs 27,685       159,681  
Selling, general and administrative expenses 38,719       199,482  
Depreciation and amortization 4,379       22,046  
Local marketing agreement fees 358       1,809  
Corporate expenses 2,532       14,483  
Stock-based compensation expense 652       231  
Acquisition-related restructuring costs 6,941       2,455  
Loss on sale or disposal of assets or stations       158  
Total operating expenses 81,266       400,345  
Operating income 13,738       53,579  
Non-operating (expense) income:        
Reorganization items, net       466,201  
Interest expense (6,176 )     (260 )
Interest income 4       50  
Other income (expense), net 20       (273 )
Total non-operating (expense) income, net (6,152 )     465,718  
Income before income tax (expense) benefit 7,586       519,297  
Income tax (expense) benefit (2,606 )     176,859  
Net income $ 4,980       $ 696,156  
                 


CUMULUS MEDIA INC.

Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)

         
    Three Months Ended June 30,   Six Months Ended June 30,
    2018   2017   2018   2017
    Combined
Predecessor
and
Successor
  Predecessor
Company
  Combined
Predecessor
and
Successor
  Predecessor
Company
Net revenue   $ 285,249     $ 290,531     $ 548,928     $ 554,561  
Operating expenses:                
Content costs   86,802     93,289     187,366     195,069  
Selling, general and administrative expenses   123,816     120,506     238,201     234,896  
Depreciation and amortization   14,444     16,120     26,425     32,402  
Local marketing agreement fees   1,060     2,713     2,167     5,420  
Corporate expenses   8,413     9,476     17,015     18,742  
Stock-based compensation expense   717     530     883     1,068  
Acquisition-related and restructuring costs   7,675     467     9,396     1,618  
Loss (gain) on sale or disposal of assets or stations   147     104     158     (2,502 )
Total operating expenses   243,074     243,205     481,611     486,713  
Operating income   42,175     47,326     67,317     67,848  
Non-operating income (expense):                
Reorganization items, net   496,368         466,201      
Interest expense   (6,308 )   (34,344 )   (6,436 )   (68,407 )
Interest income   25     35     54     72  
Other expense, net   (256 )   (111 )   (253 )   (28 )
Total non-operating income (expense), net   489,829     (34,420 )   459,566     (68,363 )
Income (loss) before income tax benefit (expense)   532,004     12,906     526,883     (515 )
Income tax benefit (expense)   174,135     (7,234 )   174,253     (1,208 )
Net income (loss)   $ 706,139     $ 5,672     $ 701,136     $ (1,723 )
                                 

          

Non-GAAP Financial Measure

From time to time we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") and segment Adjusted EBITDA are the financial metrics by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole and each of our reportable segments, respectively. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit agreement.

In determining Adjusted EBITDA, the Company excludes from net income items not related to core operations and those that are non-cash including: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations, early extinguishment of debt, local marketing agreement fees (as such fees are excluded from the definition of such term for purposes of calculating covenant compliance under the credit agreement), expenses relating to acquisitions, restructuring costs, reorganization items and non-cash impairments of assets, if any.

Management believes that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider the metric to be extremely useful.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), operating income, cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP. In addition, Adjusted EBITDA may be defined or calculated differently by other companies, and comparability may be limited.

The following tables reconcile net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to segment and consolidated Adjusted EBITDA for the period from June 4, 2018 through June 30, 2018, the period from April 1, 2018 through June 3, 2018, the period from January 1, 2018 through June 3, 2018 and the three and six months ended June 30, 2018 and 2017 (dollars in thousands):

     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 18,327     $ 5,796     $ (19,143 )   $ 4,980  
Income tax expense           2,606     2,606  
Non-operating (income) expense, including net interest expense   (4 )   47     6,109     6,152  
Local marketing agreement fees   358             358  
Depreciation and amortization   2,179     1,949     251     4,379  
Stock-based compensation expense           652     652  
Acquisition-related and restructuring costs       (102 )   7,043     6,941  
Franchise and state taxes           47     47  
Adjusted EBITDA   $ 20,860     $ 7,690     $ (2,435 )   $ 26,115  
                                 


     
    Period from April 1, 2018 through June 3, 2018 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
GAAP net (loss) income   $ (506,774 )   $ 253,619     $ 954,312     $ 701,157  
Income tax benefit           (176,741 )   (176,741 )
Non-operating (income) expense, including net interest expense   (1 )   77     311     387  
Local marketing agreement fees   702             702  
Depreciation and amortization   4,111     4,488     1,466     10,065  
Stock-based compensation expense           65     65  
Loss on sale or disposal of assets or stations   3         144     147  
Reorganization items, net   541,903     (251,669 )   (786,602 )   (496,368 )
Acquisition-related and restructuring costs   (120 )   39     815     734  
Franchise and state taxes           93     93  
Adjusted EBITDA   $ 39,824     $ 6,554     $ (6,137 )   $ 40,241  
                                 


     
    Three Months Ended June 30, 2018 (Combined Predecessor and
Successor)
    Cumulus
Radio Station
Group
  Westwood One   Corporate and Other   Consolidated
GAAP net (loss) income   $ (488,447 )   $ 259,415     $ 935,169     $ 706,137  
Income tax benefit           (174,135 )   (174,135 )
Non-operating (income) expense, including net interest expense   (5 )   124     6,420     6,539  
Local marketing agreement fees   1,060             1,060  
Depreciation and amortization   6,290     6,437     1,717     14,444  
Stock-based compensation expense           717     717  
Loss on sale or disposal of assets or stations   3         144     147  
Reorganization items, net   541,903     (251,669 )   (786,602 )   (496,368 )
Acquisition-related and restructuring costs   (120 )   (63 )   7,858     7,675  
Franchise and state taxes           140     140  
Adjusted EBITDA   $ 60,684     $ 14,244     $ (8,572 )   $ 66,356  
                                 


     
    Three Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 46,803     $ 10,976     $ (52,107 )   $ 5,672  
Income tax expense           7,234     7,234  
Non-operating (income) expense, including net interest expense   (1 )   133     34,288     34,420  
Local marketing agreement fees   2,713             2,713  
Depreciation and amortization   10,251     5,449     420     16,120  
Stock-based compensation expense           530     530  
Loss on sale or disposal of assets or stations   104             104  
Acquisition-related and restructuring costs       384     83     467  
Franchise and state taxes           140     140  
Adjusted EBITDA   $ 59,870     $ 16,942     $ (9,412 )   $ 67,400  
                                 


     
    Period from June 4, 2018 through June 30, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 18,327     $ 5,796     $ (19,143 )   $ 4,980  
Income tax expense           2,606     2,606  
Non-operating (income) expense, including net interest expense   (4 )   47     6,109     6,152  
Local marketing agreement fees   358             358  
Depreciation and amortization   2,179     1,949     251     4,379  
Stock-based compensation expense           652     652  
Acquisition-related and restructuring costs       (102 )   7,043     6,941  
Franchise and state taxes           47     47  
Adjusted EBITDA   $ 20,860     $ 7,690     $ (2,435 )   $ 26,115  
                                 


     
    Period from January 1, 2018 through June 3, 2018 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
GAAP net (loss) income   $ (477,966 )   $ 259,441     $ 914,681     $ 696,156  
Income tax benefit           (176,859 )   (176,859 )
Non-operating (income) expense, including net interest expense   (2 )   204     281     483  
Local marketing agreement fees   1,809             1,809  
Depreciation and amortization   10,251     9,965     1,830     22,046  
Stock-based compensation expense           231     231  
Loss on sale or disposal of assets or stations   14         144     158  
Reorganization items, net   541,903     (251,487 )   (756,617 )   (466,201 )
Acquisition-related and restructuring costs       1,087     1,368     2,455  
Franchise and state taxes           234     234  
Adjusted EBITDA   $ 76,009     $ 19,210     $ (14,707 )   $ 80,512  
                                 


     
    Six Months Ended June 30, 2018 (Combined Predecessor and
Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
GAAP net (loss) income   $ (459,639 )   $ 265,237     $ 895,538     $ 701,136  
Income tax benefit           (174,253 )   (174,253 )
Non-operating (income) expense, including net interest expense   (6 )   251     6,390     6,635  
Local marketing agreement fees   2,167             2,167  
Depreciation and amortization   12,430       11,914     2,081     26,425  
Stock-based compensation expense           883     883  
Loss on sale or disposal of assets or stations   14         144     158  
Reorganization items, net   541,903     (251,487 )   (756,617 )   (466,201 )
Acquisition-related and restructuring costs       985     8,411     9,396  
Franchise and state taxes           281     281  
Adjusted EBITDA   $ 96,869     $ 26,900     $ (17,142 )   $ 106,627  
                                 


     
    Six Months Ended June 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 75,341     $ 13,241     $ (90,305 )   $ (1,723 )
Income tax expense           1,208     1,208  
Non-operating (income) expense, including net interest expense   (3 )   275     68,091     68,363  
Local marketing agreement fees   5,420             5,420  
Depreciation and amortization   20,655     10,903     844     32,402  
Stock-based compensation expense           1,068     1,068  
Gain on sale of assets or stations   (2,502 )           (2,502 )
Acquisition-related and restructuring costs       1,492     126     1,618  
Franchise and state taxes           279     279  
Adjusted EBITDA   $ 98,911     $ 25,911     $ (18,689 )   $ 106,133  
                                 

 

Primary Logo

View Comments and Join the Discussion!