Cumulus Media Inc. (NASDAQ:CMLS) (the “Company,” “we,” “us,” or
“our”) today announced operating results for the three months and
year ended December 31, 2016.
For the three months ended December 31, 2016, the Company
reported net revenue of $299.5 million, down 3.0% from the three
months ended December 31, 2015, net loss of $543.7 million and
Adjusted EBITDA of $56.9 million, down 9.8% from the quarter ended
December 31, 2015. For the year ended December 31,
2016, the Company reported net revenue of $1,141.4 million, down
2.3% from the year ended December 31, 2015, net loss of $510.7
million and Adjusted EBITDA of $205.9 million, down 20.6% from the
year ended December 31, 2015. During the fourth quarter
of 2016, the Company recorded non-cash impairment charges against
intangible assets and goodwill of $603.1 million.
Mary Berner, President and Chief Executive Officer of Cumulus
Media Inc. said, “We entered 2016 with a singular objective:
to fix the core business problems - poor culture, poor ratings and
poor operational execution - which was essential to establishing a
foundation on which to build improved financial results. Throughout
the year we made significant progress addressing each of these
areas, most visibly in ratings growth where we’ve outperformed
the industry for 15 straight months. In fact, with two back-to-back
quarters of revenue share increases on the station side, a trend
which continued through January, we have early evidence that,
despite a tough industry environment, our foundational work is
beginning to translate into improved financial
performance.”
Operating Summary (in thousands, except percentages and
per share data):
|
Three Months Ended December 31, |
|
2016 |
|
2015 |
|
% Change |
Net revenue |
$ |
299,541 |
|
|
$ |
308,825 |
|
|
(3.0 |
)% |
Net loss |
$ |
(543,677) |
|
|
$ |
(4,599) |
|
|
** |
Adjusted EBITDA
(1) |
$ |
56,865 |
|
|
$ |
63,047 |
|
|
(9.8 |
)% |
Basic and diluted loss
per share |
$ |
(18.57) |
|
|
$ |
(0.16) |
|
|
|
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
% Change |
Net revenue |
$ |
1,141,400 |
|
|
$ |
1,168,679 |
|
|
(2.3) |
% |
Net loss |
$ |
(510,720) |
|
|
$ |
(546,494) |
|
|
6.5 |
% |
Adjusted EBITDA
(1) |
$ |
205,867 |
|
|
$ |
259,145 |
|
|
(20.6) |
% |
Basic and diluted loss
per share |
$ |
(17.45) |
|
|
$ |
(18.72) |
|
|
|
** Calculation is not meaningful
|
|
December 31, 2016 |
|
December 31, 2015 |
|
% Change |
Cash and cash
equivalents |
|
$ |
131,259 |
|
|
$ |
31,657 |
|
|
314.6 |
% |
|
|
|
|
|
|
|
Term
loan |
|
$ |
1,810,266 |
|
|
$ |
1,838,940 |
|
|
(1.6) |
% |
7.75%
Senior Notes |
|
610,000 |
|
|
610,000 |
|
|
— |
% |
Total debt |
|
$ |
2,420,266 |
|
|
$ |
2,448,940 |
|
|
(1.2) |
% |
|
Three Months Ended December 31, |
|
2016 |
|
2015 |
|
% Change |
Capital
expenditures |
$ |
6,333 |
|
|
$ |
3,419 |
|
|
85.2 |
% |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
% Change |
Capital
expenditures |
$ |
23,037 |
|
|
$ |
19,236 |
|
|
19.8 |
% |
(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 and Definition”.
Results for Three Months Ended December 31,
2016
Net Revenue
The Company operates in two reportable segments, the Radio
Station Group and Westwood One. The 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 each of the Company’s reportable
segments, including finance and administration, legal, human
resources and information technology functions.
The following tables present our net revenue by segment (dollars
in thousands).
|
|
Three Months Ended December 31,
2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net revenue |
|
$ |
209,756 |
|
|
$ |
89,103 |
|
|
$ |
682 |
|
|
$ |
299,541 |
|
% of total revenue |
|
70.0 |
% |
|
29.8 |
% |
|
0.2 |
% |
|
100.0 |
% |
$ change from three
months ended December 31, 2015 |
|
$ |
3,216 |
|
|
$ |
(12,478) |
|
|
$ |
(22) |
|
|
$ |
(9,284) |
|
% change from three
months ended December 31, 2015 |
|
1.6 |
% |
|
(12.3) |
% |
|
(3.1) |
% |
|
(3.0) |
% |
|
|
Three Months Ended December 31,
2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net revenue |
|
$ |
206,540 |
|
|
$ |
101,581 |
|
|
$ |
704 |
|
|
$ |
308,825 |
|
% of total revenue |
|
66.9 |
% |
|
32.9 |
% |
|
0.2 |
% |
|
100.0 |
% |
Net (loss) income
The following tables present our net (loss) income by segment
(dollars in thousands).
|
|
Three Months Ended December 31,
2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net (loss) income |
|
$ |
(561,459) |
|
|
$ |
1,801 |
|
|
$ |
15,981 |
|
|
$ |
(543,677) |
|
$ change from three
months ended December 31, 2015 |
|
$ |
(605,235) |
|
|
$ |
3,996 |
|
|
$ |
62,161 |
|
|
$ |
(539,078) |
|
% change from three
months ended December 31, 2015 |
|
** |
|
** |
|
134.6 |
% |
|
** |
|
|
Three Months Ended December 31,
2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net income (loss) |
|
$ |
43,776 |
|
|
$ |
(2,195) |
|
|
$ |
(46,180) |
|
|
$ |
(4,599) |
|
** Calculation is not meaningful
Adjusted EBITDA
The following tables present our Adjusted EBITDA by segment
(dollars in thousands).
|
|
Three Months Ended December 31,
2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Adjusted EBITDA |
|
$ |
58,915 |
|
|
$ |
4,986 |
|
|
$ |
(7,036) |
|
|
$ |
56,865 |
|
$ change from three
months ended December 31, 2015 |
|
$ |
(3,280) |
|
|
$ |
(4,913) |
|
|
$ |
2,011 |
|
|
$ |
(6,182) |
|
% change from three
months ended December 31, 2015 |
|
(5.3) |
% |
|
(49.6) |
% |
|
22.2 |
% |
|
(9.8) |
% |
|
|
Three Months Ended December 31,
2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Adjusted EBITDA |
|
$ |
62,195 |
|
|
$ |
9,899 |
|
|
$ |
(9,047) |
|
|
$ |
63,047 |
|
** Calculation is not meaningful
Results for Year Ended December 31, 2016
Net Revenue
The following tables present our net revenue by segment (dollars
in thousands).
|
|
Year Ended December 31, 2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net revenue |
|
$ |
802,396 |
|
|
$ |
336,610 |
|
|
$ |
2,394 |
|
|
$ |
1,141,400 |
|
% of total revenue |
|
|
70.3 |
% |
|
|
29.5 |
% |
|
|
0.2 |
% |
|
|
100.0 |
% |
$ change from year
ended December 31, 2015 |
|
$ |
6,013 |
|
|
$ |
(32,358) |
|
|
$ |
(934) |
|
|
$ |
(27,279) |
|
% change from year
ended December 31, 2015 |
|
0.8 |
% |
|
(8.8) |
% |
|
(28.1) |
% |
|
(2.3) |
% |
|
|
Year Ended December 31, 2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net revenue |
|
$ |
796,383 |
|
|
$ |
368,968 |
|
|
$ |
3,328 |
|
|
$ |
1,168,679 |
|
% of total revenue |
|
68.1 |
% |
|
31.6 |
% |
|
0.3 |
% |
|
100.0 |
% |
Net loss
The following tables present our net loss by segment (dollars in
thousands).
|
|
Year Ended December 31, 2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net loss |
|
$ |
(356,198) |
|
|
$ |
(11,071) |
|
|
$ |
(143,451) |
|
|
$ |
(510,720) |
|
$ change from year
ended December 31, 2015 |
|
$ |
(90,935) |
|
|
$ |
130,108 |
|
|
$ |
(3,399) |
|
|
$ |
35,774 |
|
% change from year
ended December 31, 2015 |
|
(34.3) |
% |
|
92.2 |
% |
|
(2.4) |
% |
|
6.5 |
% |
|
|
Year Ended December 31, 2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Net loss |
|
$ |
(265,263) |
|
|
$ |
(141,179) |
|
|
$ |
(140,052) |
|
|
$ |
(546,494) |
|
** Calculation is not meaningful
Adjusted EBITDA
The following tables present our Adjusted EBITDA by segment
(dollars in thousands).
|
|
Year Ended December 31, 2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Adjusted EBITDA |
|
$ |
218,192 |
|
|
$ |
22,984 |
|
|
$ |
(35,309) |
|
|
$ |
205,867 |
|
$ change from year
ended December 31, 2015 |
|
$ |
(23,481) |
|
|
$ |
(29,974) |
|
|
$ |
177 |
|
|
$ |
(53,278) |
|
% change from year
ended December 31, 2015 |
|
(9.7) |
% |
|
(56.6) |
% |
|
0.5 |
% |
|
(20.6) |
% |
|
|
Year Ended December 31, 2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
Adjusted EBITDA |
|
$ |
241,673 |
|
|
$ |
52,958 |
|
|
$ |
(35,486) |
|
|
$ |
259,145 |
|
Earnings Call InformationCumulus Media Inc.
will host a teleconference today at 4:30 PM eastern time to discuss
its fourth quarter and full year 2016 operating results.
The conference call dial-in number for domestic callers is
877-830-7699. International callers should dial 574-990-0924 for
conference call access. If prompted, the conference ID is
84471235. Please call five to ten minutes in advance to ensure that
you are connected prior to the presentation.
Following completion of the call, a replay can be accessed until
11:30 PM eastern time, April 16, 2017. Domestic callers can access
the replay by dialing 800-585-8367 or 855-859-2056, replay code
84471235. International callers should dial +44 (0)145255000 for
conference replay access. An archive of the webcast will be
available beginning 24 hours after the call for a period of 30
days.
A link to the live audio webcast of the conference call and the
related earnings presentation will be available on the investor
section of the Cumulus Media Inc. website
(www.cumulus.com/investors).
Forward-Looking StatementsCertain statements in
this 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 certain historical and our
future operating, financial, and strategic performance. Any such
forward-looking statements are not guarantees of future performance
and may 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 relating to the need for
additional funds to service our debt and to execute our business
strategy, our ability to access borrowings under our revolving
credit facility, our ability from time to time to renew one or more
of our broadcast licenses, changes in interest rates, changes in
the fair value of our investments, the timing of, and our ability
to complete any acquisitions or dispositions pending from time to
time, costs and synergies resulting from the integration of any
completed acquisitions, our ability to effectively manage costs,
our ability to generate and manage growth, the popularity of radio
as a broadcasting and advertising medium, changing consumer tastes,
the impact of general economic conditions in the United States or
in specific markets in which we currently do business, industry
conditions, including existing competition and future competitive
technologies and cancellation, disruptions or postponements of
advertising schedules in response to national or world events, our
ability to generate revenues from new sources, including local
commerce and technology-based initiatives, the impact of regulatory
rules or proceedings that may affect our business from time to
time, the write off of a material portion of the fair value of our
FCC broadcast licenses and goodwill, and other risk factors
described from time to time in our filings with the Securities and
Exchange Commission, including our Form 10-K for the year ended
December 31, 2016 (the “2016 Form 10-K”) and any previously
filed Forms 10-Q. 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 our actual
results of operations or financial condition. Cumulus Media Inc.
assumes no responsibility to update any forward-looking statement
as a result of new information, future events or otherwise.
About Cumulus MediaA 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 445
owned-and-operated stations broadcasting in 90 US media markets
(including eight of the top 10), more than 8,200 broadcast radio
stations affiliated with its Westwood One network and numerous
digital channels. Together, the Cumulus/Westwood One platforms make
Cumulus Media one of the few media companies that can provide
advertisers with national reach and local impact. Cumulus/Westwood
One is the exclusive radio broadcast partner 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, Westwood One News, and more. Additionally, it 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.cumulus.com.
CUMULUS MEDIA INC. |
Unaudited Condensed Consolidated Statements of
Operations |
(Dollars in thousands, except per share
data) |
|
|
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net revenue |
|
$ |
299,541 |
|
|
$ |
308,825 |
|
|
$ |
1,141,400 |
|
|
$ |
1,168,679 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Content
costs |
|
115,254 |
|
|
109,771 |
|
|
427,780 |
|
|
396,426 |
|
Selling,
general & administrative expenses |
|
120,426 |
|
|
126,910 |
|
|
472,900 |
|
|
477,327 |
|
Depreciation and amortization |
|
19,244 |
|
|
25,523 |
|
|
87,267 |
|
|
102,105 |
|
LMA
fees |
|
2,473 |
|
|
2,544 |
|
|
12,824 |
|
|
10,129 |
|
Corporate
expenses |
|
6,975 |
|
|
8,726 |
|
|
35,383 |
|
|
35,730 |
|
Stock-based compensation expense |
|
565 |
|
|
986 |
|
|
2,948 |
|
|
21,033 |
|
Acquisition-related and restructuring costs |
|
(1,420) |
|
|
3,480 |
|
|
1,817 |
|
|
16,640 |
|
Loss
(gain) on sale of assets or stations |
|
1,460 |
|
|
2,064 |
|
|
(95,695) |
|
|
2,856 |
|
Impairment of intangible assets and goodwill |
|
603,149 |
|
|
— |
|
|
604,965 |
|
|
565,584 |
|
Impairment charges - equity interest in Pulser Media Inc. |
|
— |
|
|
— |
|
|
— |
|
|
19,364 |
|
Total
operating expenses |
|
868,126 |
|
|
280,004 |
|
|
1,550,189 |
|
|
1,647,194 |
|
Operating
(loss) income |
|
(568,585) |
|
|
28,821 |
|
|
(408,789) |
|
|
(478,515) |
|
Non-operating (expense)
income: |
|
|
|
|
|
|
|
|
Interest
expense |
|
(34,738) |
|
|
(35,592) |
|
|
(138,634) |
|
|
(141,679) |
|
Interest
income |
|
129 |
|
|
26 |
|
|
493 |
|
|
433 |
|
Loss on
early extinguishment of debt |
|
8,017 |
|
|
13,222 |
|
|
8,017 |
|
|
13,222 |
|
Other
income, net |
|
441 |
|
|
1,604 |
|
|
2,039 |
|
|
14,205 |
|
Total
non-operating expense, net |
|
(26,151) |
|
|
(20,740) |
|
|
(128,085) |
|
|
(113,819) |
|
(Loss)
income before income taxes |
|
(594,736) |
|
|
8,081 |
|
|
(536,874) |
|
|
(592,334) |
|
Income tax benefit
(expense) |
|
51,059 |
|
|
(12,680) |
|
|
26,154 |
|
|
45,840 |
|
Net
loss |
|
$ |
(543,677) |
|
|
$ |
(4,599) |
|
|
$ |
(510,720) |
|
|
$ |
(546,494) |
|
Basic and
diluted loss per common share: |
|
|
|
|
|
|
|
|
Basic: Loss per
share |
|
$ |
(18.57) |
|
|
$ |
(0.16) |
|
|
$ |
(17.45) |
|
|
$ |
(18.72) |
|
Diluted: Loss per
share |
|
$ |
(18.57) |
|
|
$ |
(0.16) |
|
|
$ |
(17.45) |
|
|
$ |
(18.72) |
|
Weighted average basic
common shares outstanding |
|
29,275,111 |
|
|
29,211,773 |
|
|
29,270,455 |
|
|
29,176,930 |
|
Weighted average
diluted common shares outstanding |
|
29,275,111 |
|
|
29,211,773 |
|
|
29,270,455 |
|
|
29,176,930 |
|
|
Non-GAAP Financial Measure and
Definition
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. Adjusted EBITDA is the
financial metric utilized by management to analyze the performance
of the Company as a whole and each of our reportable segments,
respectively. This measure isolates the amount of income generated
by our core operations after the incurrence of corporate, general
and administrative expenses. 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, Adjusted EBITDA, excluding the impact of LMA fees, is a
key metric for purposes of calculating and determining compliance
with certain covenants in our Credit Agreement.
In deriving this measure, the Company excludes depreciation,
amortization and stock-based compensation expense, as these do not
represent cash payments for activities directly related to our core
operations. The Company also excludes any gain or loss on the
exchange or sale of any assets, any gain or loss on derivative
instruments, early extinguishment of debt and LMA fees as they do
not represent cash transactions nor are they associated with core
operations. Expenses relating to acquisitions and
restructuring costs are also excluded from the calculation of
Adjusted EBITDA as they are not directly related to our ongoing
core operations. The Company also excludes any costs associated
with impairment of assets as they do not require a cash outlay.
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 employed to evaluate and
negotiate the potential purchase price for media companies and is a
key metric for purposes of calculating and determining compliance
with certain covenants in our Credit Agreement. 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 (loss) income, the most
directly comparable financial measure calculated and presented in
accordance with GAAP, to Adjusted EBITDA for the three months and
year ended December 31, 2016 and 2015 (dollars in
thousands):
|
|
Three Months Ended December 31,
2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
GAAP net (loss)
income |
|
$ |
(561,459) |
|
|
$ |
1,801 |
|
|
$ |
15,981 |
|
|
$ |
(543,677) |
|
Income
tax benefit |
|
— |
|
|
— |
|
|
(51,059) |
|
|
(51,059) |
|
Non-operating (income) expense, including net interest expense |
|
— |
|
|
(104) |
|
|
34,268 |
|
|
34,164 |
|
LMA
fees |
|
2,473 |
|
|
— |
|
|
— |
|
|
2,473 |
|
Depreciation and amortization |
|
13,290 |
|
|
5,521 |
|
|
433 |
|
|
19,244 |
|
Stock-based compensation expense |
|
— |
|
|
— |
|
|
545 |
|
|
545 |
|
Loss
(gain) on sale of assets or stations |
|
1,462 |
|
|
— |
|
|
(2) |
|
|
1,460 |
|
Impairment of intangible assets and goodwill |
|
603,149 |
|
|
— |
|
|
— |
|
|
603,149 |
|
Acquisition-related and restructuring costs |
|
— |
|
|
(2,232) |
|
|
812 |
|
|
(1,420) |
|
Franchise
and state taxes |
|
— |
|
|
— |
|
|
3 |
|
|
3 |
|
Gain on
early extinguishment of debt |
|
— |
|
|
— |
|
|
(8,017) |
|
|
(8,017) |
|
Adjusted EBITDA |
|
$ |
58,915 |
|
|
$ |
4,986 |
|
|
$ |
(7,036) |
|
|
$ |
56,865 |
|
|
|
Three Months Ended December 31,
2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
GAAP net income
(loss) |
|
$ |
43,776 |
|
|
$ |
(2,195) |
|
|
$ |
(46,180) |
|
|
$ |
(4,599) |
|
Income
tax expense |
|
— |
|
|
— |
|
|
12,680 |
|
|
12,680 |
|
Non-operating (income) expense, including net interest expense |
|
(2) |
|
|
293 |
|
|
33,671 |
|
|
33,962 |
|
LMA
fees |
|
2,541 |
|
|
— |
|
|
3 |
|
|
2,544 |
|
Depreciation and amortization |
|
15,894 |
|
|
8,976 |
|
|
653 |
|
|
25,523 |
|
Stock-based compensation expense |
|
— |
|
|
— |
|
|
986 |
|
|
986 |
|
(Gain)
loss on sale of assets or stations |
|
(17) |
|
|
2,081 |
|
|
— |
|
|
2,064 |
|
Acquisition-related and restructuring costs |
|
— |
|
|
747 |
|
|
2,733 |
|
|
3,480 |
|
Franchise
and state taxes |
|
— |
|
|
— |
|
|
(371) |
|
|
(371) |
|
Gain on
early extinguishment of debt |
|
— |
|
|
— |
|
|
(13,222) |
|
|
(13,222) |
|
Adjusted EBITDA |
|
$ |
62,192 |
|
|
$ |
9,902 |
|
|
$ |
(9,047) |
|
|
$ |
63,047 |
|
|
|
Year Ended December 31, 2016 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
GAAP net loss |
|
$ |
(356,198) |
|
|
$ |
(11,071) |
|
|
$ |
(143,451) |
|
|
$ |
(510,720) |
|
Income
tax benefit |
|
— |
|
|
— |
|
|
(26,154) |
|
|
(26,154) |
|
Non-operating expense, including net interest expense |
|
13 |
|
|
122 |
|
|
135,967 |
|
|
136,102 |
|
LMA
fees |
|
12,824 |
|
|
— |
|
|
— |
|
|
12,824 |
|
Depreciation and amortization |
|
54,071 |
|
|
31,178 |
|
|
2,018 |
|
|
87,267 |
|
Stock-based compensation expense |
|
— |
|
|
— |
|
|
2,948 |
|
|
2,948 |
|
Gain on
sale of assets or stations |
|
(95,667) |
|
|
— |
|
|
(28) |
|
|
(95,695) |
|
Impairment of intangible assets and goodwill |
|
603,149 |
|
|
1,816 |
|
|
— |
|
|
604,965 |
|
Acquisition-related and restructuring costs |
|
— |
|
|
939 |
|
|
878 |
|
|
1,817 |
|
Franchise
and state taxes |
|
— |
|
|
— |
|
|
530 |
|
|
530 |
|
Gain on
early extinguishment of debt |
|
— |
|
|
— |
|
|
(8,017) |
|
|
(8,017) |
|
Adjusted EBITDA |
|
$ |
218,192 |
|
|
$ |
22,984 |
|
|
$ |
(35,309) |
|
|
$ |
205,867 |
|
|
|
Year Ended December 31, 2015 |
|
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
GAAP net loss |
|
$ |
(265,263) |
|
|
$ |
(141,179) |
|
|
$ |
(140,052) |
|
|
$ |
(546,494) |
|
Income
tax benefit |
|
— |
|
|
— |
|
|
(45,840) |
|
|
(45,840) |
|
Non-operating (income) expense, including net interest expense |
|
(6) |
|
|
1,247 |
|
|
125,800 |
|
|
127,041 |
|
LMA
fees |
|
10,127 |
|
|
— |
|
|
2 |
|
|
10,129 |
|
Depreciation and amortization |
|
63,342 |
|
|
36,538 |
|
|
2,225 |
|
|
102,105 |
|
Stock-based compensation expense |
|
— |
|
|
— |
|
|
21,035 |
|
|
21,035 |
|
Loss on
sale of assets or stations |
|
668 |
|
|
2,081 |
|
|
107 |
|
|
2,856 |
|
Impairment of intangible assets and goodwill |
|
432,805 |
|
|
132,671 |
|
|
104 |
|
|
565,580 |
|
Impairment charges -- equity interest in Pulser Media Inc. |
|
— |
|
|
19,364 |
|
|
— |
|
|
19,364 |
|
Acquisition-related and restructuring costs |
|
— |
|
|
2,236 |
|
|
14,405 |
|
|
16,641 |
|
Franchise
and state taxes |
|
— |
|
|
— |
|
|
(50) |
|
|
(50) |
|
Gain on
early extinguishment of debt |
|
— |
|
|
— |
|
|
(13,222) |
|
|
(13,222) |
|
Adjusted EBITDA |
|
$ |
241,673 |
|
|
$ |
52,958 |
|
|
$ |
(35,486) |
|
|
$ |
259,145 |
|
|
For further information, please contact:
Cumulus Media Inc.
Collin Jones
Investor Relations
collin@cumulus.com
404-260-6600