Cumulus Media Inc. (NASDAQ:CMLS) (the “Company,” “we,” “us,” or
“our”) today announced operating results for the three and six
months ended June 30, 2017.
For the three months ended June 30, 2017, the Company
reported net revenue of $290.5 million, up 1.2% from the three
months ended June 30, 2016, net income of $5.7 million and
Adjusted EBITDA of $67.4 million which was up 6.7% from the three
months ended June 30, 2016. For the six months ended
June 30, 2017, the Company reported net revenue of 554.6
million, down 0.2% from the six months ended June 30, 2016,
net loss of $1.7 million and Adjusted EBITDA of $106.1 million
which was up 1.0% from the six months ended June 30, 2016.
Mary Berner, President and Chief Executive Officer of Cumulus
Media Inc. said, "Our second quarter results provide further
evidence of the success of our turnaround strategies as we posted a
year-over-year increase in Adjusted EBITDA for the first time in
over three years despite what continues to be a tough market
environment."
|
Operating Summary (in thousands, except percentages and per
share data): |
|
|
| |
|
Three Months Ended June 30, |
| |
|
2017 |
|
2016 |
|
% Change |
| Net revenue |
|
$ |
290,531 |
|
|
$ |
287,193 |
|
|
1.2 |
% |
| Net income |
|
$ |
5,672 |
|
|
$ |
1,066 |
|
|
** |
| Adjusted EBITDA
(1) |
|
$ |
67,400 |
|
|
$ |
63,180 |
|
|
6.7 |
% |
| Basic and diluted
income per share |
|
$ |
0.19 |
|
|
$ |
0.04 |
|
|
|
| |
|
Six Months Ended June 30, |
| |
|
2017 |
|
2016 |
|
% Change |
| Net revenue |
|
$ |
554,561 |
|
|
$ |
555,723 |
|
|
(0.2 |
)% |
| Net loss |
|
$ |
(1,723 |
) |
|
$ |
(13,363 |
) |
|
** |
| Adjusted EBITDA
(1) |
|
$ |
106,133 |
|
|
$ |
105,114 |
|
|
1.0 |
% |
| Basic and diluted loss
per share |
|
$ |
(0.06 |
) |
|
$ |
(0.46 |
) |
|
|
| |
|
June 30, 2017 |
|
December 31, 2016 |
|
% Change |
| Cash and cash
equivalents |
|
$ |
141,195 |
|
|
$ |
131,259 |
|
|
7.6 |
% |
| |
|
|
|
|
|
|
| Term loan
(2) |
|
$ |
1,810,266 |
|
|
$ |
1,810,266 |
|
|
— |
% |
| 7.75%
senior notes (3) |
|
610,000 |
|
|
610,000 |
|
|
— |
% |
| Total debt |
|
$ |
2,420,266 |
|
|
$ |
2,420,266 |
|
|
— |
% |
| |
|
Three Months Ended June 30, |
| |
|
2017 |
|
2016 |
|
% Change |
| Capital
expenditures |
|
$ |
7,467 |
|
|
$ |
7,301 |
|
|
2.3 |
% |
| |
|
Six Months Ended June 30, |
| |
|
2017 |
|
2016 |
|
% Change |
| Capital
expenditures |
|
$ |
13,203 |
|
|
$ |
11,462 |
|
|
15.2 |
% |
(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”.(2)
Term loan excludes debt issuance costs/discounts of $26,053 and
$29,909 at June 30, 2017 and December 31, 2016, respectively.(3)
7.75% senior notes exclude debt issuance costs/discounts of $4,969
and $6,200 at June 30, 2017 and December 31, 2016,
respectively.
** Calculation not meaningful
Results for Three Months Ended June 30,
2017
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 both of the Company’s reportable
segments, including programming, finance, legal, human resources
and information technology functions.
The following tables present our net revenue by segment (dollars
in thousands).
| |
|
Three Months Ended June 30, 2017 |
| |
|
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 |
% |
| $ change from three
months ended June 30, 2016 |
|
$ |
(1,368 |
) |
|
$ |
4,704 |
|
|
$ |
2 |
|
|
$ |
3,338 |
|
| % change from three
months ended June 30, 2016 |
|
(0.7 |
)% |
|
6.1 |
% |
|
0.3 |
% |
|
1.2 |
% |
| |
|
Three Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Net revenue |
|
$ |
209,964 |
|
|
$ |
76,530 |
|
|
$ |
699 |
|
|
$ |
287,193 |
|
| % of total revenue |
|
73.1 |
% |
|
26.7 |
% |
|
0.2 |
% |
|
100.0 |
% |
Net income (loss)
The following tables present our net income (loss) by segment
(dollars in thousands).
| |
|
Three Months Ended June 30, 2017 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Net income (loss) |
|
$ |
46,803 |
|
|
$ |
10,976 |
|
|
$ |
(52,107 |
) |
|
$ |
5,672 |
|
| $ change from three
months ended June 30, 2016 |
|
$ |
398 |
|
|
$ |
10,089 |
|
|
$ |
(5,881 |
) |
|
$ |
4,606 |
|
| % change from three
months ended June 30, 2016 |
|
0.9 |
% |
|
** |
|
(12.7 |
)% |
|
** |
**
Calculation not meaningful
| |
|
Three Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Net income (loss) |
|
$ |
46,405 |
|
|
$ |
887 |
|
|
$ |
(46,226 |
) |
|
$ |
1,066 |
|
Adjusted EBITDA
The following tables present our Adjusted EBITDA by segment
(dollars in thousands).
| |
|
Three Months Ended June 30, 2017 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Adjusted EBITDA |
|
$ |
59,870 |
|
|
$ |
16,942 |
|
|
$ |
(9,412 |
) |
|
$ |
67,400 |
|
| $ change from three
months ended June 30, 2016 |
|
$ |
549 |
|
|
$ |
4,014 |
|
|
$ |
(343 |
) |
|
$ |
4,220 |
|
| % change from three
months ended June 30, 2016 |
|
0.9 |
% |
|
31.0 |
% |
|
(3.8 |
)% |
|
6.7 |
% |
| |
|
Three Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Adjusted EBITDA |
|
$ |
59,321 |
|
|
$ |
12,928 |
|
|
$ |
(9,069 |
) |
|
$ |
63,180 |
|
Results for Six Months Ended June 30, 2017
Net Revenue
The following tables present our net revenue by segment (dollars
in thousands).
| |
|
Six Months Ended June 30, 2017 |
| |
|
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 |
% |
| $ change from six
months ended June 30, 2016 |
|
$ |
(4,244 |
) |
|
$ |
2,996 |
|
|
$ |
86 |
|
|
$ |
(1,162 |
) |
| % change from six
months ended June 30, 2016 |
|
(1.1 |
)% |
|
1.8 |
% |
|
7.2 |
% |
|
(0.2 |
)% |
| |
|
Six Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Net revenue |
|
$ |
386,441 |
|
|
$ |
168,094 |
|
|
$ |
1,188 |
|
|
$ |
555,723 |
|
| % of total revenue |
|
69.5 |
% |
|
30.3 |
% |
|
0.2 |
% |
|
100.0 |
% |
Net income (loss)
The following tables present our net income (loss) by segment
(dollars in thousands).
| |
|
Six Months Ended June 30, 2017 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Net income (loss) |
|
$ |
75,341 |
|
|
$ |
13,241 |
|
|
$ |
(90,305 |
) |
|
$ |
(1,723 |
) |
| $ change from six
months ended June 30, 2016 |
|
$ |
4,197 |
|
|
$ |
15,239 |
|
|
$ |
(7,796 |
) |
|
$ |
11,640 |
|
| % change from six
months ended June 30, 2016 |
|
5.9 |
% |
|
** |
|
(9.4 |
)% |
|
** |
**
Calculation not meaningful
| |
|
Six Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Net income (loss) |
|
$ |
71,144 |
|
|
$ |
(1,998 |
) |
|
$ |
(82,509 |
) |
|
$ |
(13,363 |
) |
Adjusted EBITDA
The following tables present our Adjusted EBITDA by segment
(dollars in thousands).
| |
|
Six Months Ended June 30, 2017 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Adjusted EBITDA |
|
$ |
98,911 |
|
|
$ |
25,911 |
|
|
$ |
(18,689 |
) |
|
$ |
106,133 |
|
| $ change from six
months ended June 30, 2016 |
|
$ |
(4,130 |
) |
|
$ |
5,224 |
|
|
$ |
(75 |
) |
|
$ |
1,019 |
|
| % change from six
months ended June 30, 2016 |
|
(4.0 |
)% |
|
25.3 |
% |
|
(0.4 |
)% |
|
1.0 |
% |
| |
|
Six Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| Adjusted EBITDA |
|
$ |
103,041 |
|
|
$ |
20,687 |
|
|
$ |
(18,614 |
) |
|
$ |
105,114 |
|
Earnings Call InformationCumulus Media Inc.
will host a teleconference today at 4:30 PM eastern time to discuss
its second quarter 2017 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
56090542. 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
11:59 PM eastern time, September 14, 2017. Domestic callers can
access the replay by dialing 855-859-2056 or 404-537-3406, replay
code 56090542. 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 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, our ability to continue to meet the listing standards for our
Class A common stock to continue to be listed for trading on the
NASDAQ stock market, 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 subsequent filings. 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 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 447
owned-and-operated stations broadcasting in 90 US media markets
(including eight of the top 10), more than 8,000 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.
| CUMULUS MEDIA INC.Unaudited Condensed
Consolidated Statements of Operations(Dollars in thousands,
except per share data) |
| |
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
| Net revenue |
|
$ |
290,531 |
|
|
$ |
287,193 |
|
|
$ |
554,561 |
|
|
$ |
555,723 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
| Content
costs |
|
93,289 |
|
|
97,133 |
|
|
195,069 |
|
|
197,178 |
|
| Selling,
general and administrative expenses |
|
120,506 |
|
|
117,860 |
|
|
234,896 |
|
|
235,087 |
|
|
Depreciation and amortization |
|
16,120 |
|
|
22,969 |
|
|
32,402 |
|
|
46,066 |
|
| Local
marketing agreement fees |
|
2,713 |
|
|
2,482 |
|
|
5,420 |
|
|
7,870 |
|
| Corporate
expenses |
|
9,476 |
|
|
9,203 |
|
|
18,742 |
|
|
18,713 |
|
|
Stock-based compensation expense |
|
530 |
|
|
790 |
|
|
1,068 |
|
|
1,668 |
|
|
Acquisition-related and restructuring costs |
|
467 |
|
|
1,421 |
|
|
1,618 |
|
|
3,687 |
|
| Loss
(gain) on sale of assets or stations |
|
104 |
|
|
(3,146 |
) |
|
(2,502 |
) |
|
(3,141 |
) |
|
Impairment of intangible assets and goodwill |
|
— |
|
|
1,816 |
|
|
— |
|
|
1,816 |
|
| Total
operating expenses |
|
243,205 |
|
|
250,528 |
|
|
486,713 |
|
|
508,944 |
|
| Operating
income |
|
47,326 |
|
|
36,665 |
|
|
67,848 |
|
|
46,779 |
|
| Non-operating
expense: |
|
|
|
|
|
|
|
|
| Interest
expense |
|
(34,344 |
) |
|
(34,486 |
) |
|
(68,407 |
) |
|
(68,967 |
) |
| Interest
income |
|
35 |
|
|
140 |
|
|
72 |
|
|
225 |
|
| Other
(expense) income, net |
|
(111 |
) |
|
(4 |
) |
|
(28 |
) |
|
716 |
|
| Total
non-operating expense, net |
|
(34,420 |
) |
|
(34,350 |
) |
|
(68,363 |
) |
|
(68,026 |
) |
| Income
(loss) before income taxes |
|
12,906 |
|
|
2,315 |
|
|
(515 |
) |
|
(21,247 |
) |
| Income tax (expense)
benefit |
|
(7,234 |
) |
|
(1,249 |
) |
|
(1,208 |
) |
|
7,884 |
|
| Net
income (loss) |
|
$ |
5,672 |
|
|
$ |
1,066 |
|
|
$ |
(1,723 |
) |
|
$ |
(13,363 |
) |
| Basic and
diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
| Basic: Earnings
(loss) per share |
|
$ |
0.19 |
|
|
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.46 |
) |
| Diluted: Earnings
(loss) per share |
|
$ |
0.19 |
|
|
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.46 |
) |
| Weighted average basic
common shares outstanding |
|
29,306,374 |
|
|
29,291,128 |
|
|
29,306,374 |
|
|
29,273,774 |
|
| Weighted average
diluted common shares outstanding |
|
29,306,374 |
|
|
29,336,502 |
|
|
29,306,374 |
|
|
29,273,774 |
|
Non-GAAP Financial Measure and DefinitionFrom
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 the Company to analyze the cash flow
generated by our business. This measure isolates the amount of
income generated by our core operations after the incurrence of
corporate, general and administrative expenses. The Company 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, excluding the impact of local marketing agreement fees, is
a key metric for purposes of calculating and determining our
compliance with certain covenants contained 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 and any gain or loss on derivative
instruments, early extinguishment of debt, and local marketing
agreement fees as they are not 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.
The Company 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. The Company has
also observed that Adjusted EBITDA is routinely employed to
evaluate and negotiate the potential purchase price for media
companies. Given the relevance to our overall value, the Company
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 Adjusted EBITDA for the three and six
months ended June 30, 2017 and 2016 (dollars in
thousands):
| |
|
Three Months Ended June 30, 2017 |
| |
|
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 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 |
|
| |
|
Three Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| GAAP net income
(loss) |
|
$ |
46,405 |
|
|
$ |
887 |
|
|
$ |
(46,226 |
) |
|
$ |
1,066 |
|
| Income
tax expense |
|
— |
|
|
— |
|
|
1,249 |
|
|
1,249 |
|
|
Non-operating expense, including net interest expense |
|
17 |
|
|
63 |
|
|
34,270 |
|
|
34,350 |
|
| Local
marketing agreement fees |
|
2,482 |
|
|
— |
|
|
— |
|
|
2,482 |
|
|
Depreciation and amortization |
|
13,538 |
|
|
8,894 |
|
|
537 |
|
|
22,969 |
|
|
Stock-based compensation expense |
|
— |
|
|
— |
|
|
790 |
|
|
790 |
|
| Gain on
sale of assets or stations |
|
(3,121 |
) |
|
— |
|
|
(25 |
) |
|
(3,146 |
) |
|
Impairment of intangible assets |
|
— |
|
|
1,816 |
|
|
— |
|
|
1,816 |
|
|
Acquisition-related and restructuring costs |
|
— |
|
|
1,268 |
|
|
153 |
|
|
1,421 |
|
| Franchise
and state taxes |
|
— |
|
|
— |
|
|
183 |
|
|
183 |
|
| Adjusted EBITDA |
|
$ |
59,321 |
|
|
$ |
12,928 |
|
|
$ |
(9,069 |
) |
|
$ |
63,180 |
|
| |
|
Six Months Ended June 30, 2017 |
| |
|
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 |
|
| |
|
Six Months Ended June 30, 2016 |
| |
|
Radio Station Group |
|
Westwood One |
|
Corporate and Other |
|
Consolidated |
| GAAP net income
(loss) |
|
$ |
71,144 |
|
|
$ |
(1,998 |
) |
|
$ |
(82,509 |
) |
|
$ |
(13,363 |
) |
| Income
tax benefit |
|
— |
|
|
— |
|
|
(7,884 |
) |
|
(7,884 |
) |
|
Non-operating expense, including net interest expense |
|
16 |
|
|
166 |
|
|
67,844 |
|
|
68,026 |
|
| Local
marketing agreement fees |
|
7,870 |
|
|
— |
|
|
— |
|
|
7,870 |
|
|
Depreciation and amortization |
|
27,127 |
|
|
17,876 |
|
|
1,063 |
|
|
46,066 |
|
|
Stock-based compensation expense |
|
— |
|
|
— |
|
|
1,668 |
|
|
1,668 |
|
| Gain on
sale of assets or stations |
|
(3,116 |
) |
|
— |
|
|
(25 |
) |
|
(3,141 |
) |
|
Impairment of intangible assets |
|
— |
|
|
1,816 |
|
|
— |
|
|
1,816 |
|
|
Acquisition-related and restructuring costs |
|
— |
|
|
2,827 |
|
|
860 |
|
|
3,687 |
|
| Franchise
and state taxes |
|
— |
|
|
— |
|
|
369 |
|
|
369 |
|
| Adjusted EBITDA |
|
$ |
103,041 |
|
|
$ |
20,687 |
|
|
$ |
(18,614 |
) |
|
$ |
105,114 |
|
For further information, please contact:
Cumulus Media Inc.
Collin Jones
Investor Relations
collin@cumulus.com
404-260-6600