Cumulus Media Reports Operating Results for 2022
Total Revenue of $953.5 Million, Up 4% Year-Over-Year
Digital Revenue of More Than $142 Million, Up 12% Year-Over-Year
Net Income of $16.2 Million, Down 6% Year-Over-Year
Adjusted EBITDA of $166.0 Million, Up 23% Year-Over-Year
Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2022.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Despite considerable economic turbulence, we delivered fourth quarter financial performance in the upper half of our guidance range, continuing a multi-year period of significant accomplishments. Operating through a series of difficult macroeconomic environments, including the pandemic, we successfully executed a strategic plan under which we developed and drove new areas of growth, right-sized the balance
Berner added, “Looking ahead to 2023, we continue to face substantial economic headwinds. However, our battle-tested skill in performing during challenging times, as well as our very strong financial position, gives us substantial confidence in our ability to not only weather this depressed ad environment but take full advantage of opportunities that may arise over the coming quarters.”
2022 Key Highlights:
• Increased total revenue by 4% year-over-year to $953.5 million
• Increased digital revenue by 12% year-over-year, to more than $142 million (~15% of revenue)
◦ Grew local digital marketing services 16% year-over-year with successful launch of Boost suite of digital presence products contributing to growth
◦ Grew Cumulus Podcast Network revenue 11% year-over-year, driven by year-over- year download increase of 26% (from approximately 1.2 billion to 1.5 billion)
◦ Increased streaming revenue by 12% year-over-year, driven by enhanced monetization across multiple ad channels and expansion of NFL representation to include streaming rights for first time ever
• Delivered net income of $16.2 million, a decrease of 6% with margin reduction of approximately 20 basis points
◦ Recorded a non-cash, pre-tax FCC license impairment charge of $15.5 million in 2022
◦ Recorded a gain on early extinguishment of debt of $20.0 million in 2021
• Increased Adjusted EBITDA(1) by 23% year-over-year, to $166.0 million
◦ FiniSee report here
