Cumulus Media Reports Operating Results for the Second Quarter 2025
Cumulus Media (OTCQB: CMLS) reported Q2 2025 financial results, showing a challenging quarter with net revenue of $186.0 million, down 9.2% year-over-year. The company posted a net loss of $12.8 million, an improvement from the $27.7 million loss in Q2 2024. Digital revenue reached $38.8 million, with digital marketing services growing 38% and now representing 50% of total digital revenue.
Despite market headwinds, the company achieved $5 million in annualized cost reductions, bringing total cost reductions to $175 million over five years. The quarter ended with $96.7 million in cash, including a $55.0 million draw on their revolving credit facility. Adjusted EBITDA was $22.4 million, compared to $25.2 million in Q2 2024.
Cumulus Media (OTCQB: CMLS) ha riportato i risultati finanziari del secondo trimestre 2025, evidenziando un periodo difficile con un fatturato netto di 186,0 milioni di dollari, in calo del 9,2% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di 12,8 milioni di dollari, un miglioramento rispetto alla perdita di 27,7 milioni del secondo trimestre 2024. I ricavi digitali hanno raggiunto 38,8 milioni di dollari, con i servizi di marketing digitale in crescita del 38% e ora rappresentano il 50% del totale dei ricavi digitali.
Nonostante le difficoltà di mercato, la società ha ottenuto 5 milioni di dollari di riduzioni dei costi annualizzate, portando il totale delle riduzioni a 175 milioni in cinque anni. Il trimestre si è chiuso con 96,7 milioni di dollari in liquidità, inclusi 55,0 milioni di dollari prelevati dalla linea di credito revolving. L'EBITDA rettificato è stato di 22,4 milioni di dollari, rispetto ai 25,2 milioni del secondo trimestre 2024.
Cumulus Media (OTCQB: CMLS) reportó los resultados financieros del segundo trimestre de 2025, mostrando un trimestre desafiante con ingresos netos de 186,0 millones de dólares, una caída del 9,2% interanual. La compañía registró una pérdida neta de 12,8 millones de dólares, mejorando respecto a la pérdida de 27,7 millones en el segundo trimestre de 2024. Los ingresos digitales alcanzaron 38,8 millones de dólares, con los servicios de marketing digital creciendo un 38% y representando ahora el 50% del total de ingresos digitales.
A pesar de los vientos en contra del mercado, la empresa logró reducciones de costos anualizadas por 5 millones de dólares, llevando el total de reducciones a 175 millones en cinco años. El trimestre finalizó con 96,7 millones de dólares en efectivo, incluyendo un uso de 55,0 millones de dólares de su línea de crédito revolvente. El EBITDA ajustado fue de 22,4 millones de dólares, comparado con 25,2 millones en el segundo trimestre de 2024.
Cumulus Media (OTCQB: CMLS)는 2025년 2분기 재무 실적을 발표하며, 순매출 1억 8,600만 달러로 전년 동기 대비 9.2% 감소한 어려운 분기를 기록했습니다. 회사는 1,280만 달러의 순손실을 보고했으나, 이는 2024년 2분기의 2,770만 달러 손실에 비해 개선된 수치입니다. 디지털 매출은 3,880만 달러에 달했으며, 디지털 마케팅 서비스는 38% 성장하여 전체 디지털 매출의 50%를 차지하게 되었습니다.
시장 역풍에도 불구하고, 회사는 연간 500만 달러의 비용 절감을 달성하여 5년 동안 총 1억 7,500만 달러의 비용 절감을 이루었습니다. 분기 말 현금은 9,670만 달러였으며, 이 중 5,500만 달러는 회전 신용 대출에서 차입한 금액입니다. 조정 EBITDA는 2,240만 달러로, 2024년 2분기의 2,520만 달러와 비교됩니다.
Cumulus Media (OTCQB : CMLS) a publié ses résultats financiers du deuxième trimestre 2025, révélant un trimestre difficile avec un chiffre d'affaires net de 186,0 millions de dollars, en baisse de 9,2 % par rapport à l'année précédente. La société a enregistré une perte nette de 12,8 millions de dollars, une amélioration par rapport à la perte de 27,7 millions au deuxième trimestre 2024. Les revenus numériques ont atteint 38,8 millions de dollars, avec une croissance de 38 % des services de marketing digital qui représentent désormais 50 % du total des revenus numériques.
Malgré les vents contraires du marché, l'entreprise a réalisé 5 millions de dollars de réductions de coûts annualisées, portant le total des réductions à 175 millions sur cinq ans. Le trimestre s'est terminé avec 96,7 millions de dollars en trésorerie, incluant un tirage de 55,0 millions sur leur ligne de crédit renouvelable. L'EBITDA ajusté s'est élevé à 22,4 millions de dollars, contre 25,2 millions au deuxième trimestre 2024.
Cumulus Media (OTCQB: CMLS) meldete die Finanzergebnisse für das zweite Quartal 2025 und zeigte ein herausforderndes Quartal mit einem Nettoerlös von 186,0 Millionen US-Dollar, was einem Rückgang von 9,2 % im Jahresvergleich entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 12,8 Millionen US-Dollar, eine Verbesserung gegenüber dem Verlust von 27,7 Millionen US-Dollar im zweiten Quartal 2024. Die digitalen Einnahmen erreichten 38,8 Millionen US-Dollar, wobei die digitalen Marketingdienste um 38 % wuchsen und nun 50 % der gesamten digitalen Einnahmen ausmachen.
Trotz Gegenwind am Markt erzielte das Unternehmen jährliche Kosteneinsparungen von 5 Millionen US-Dollar, wodurch die Gesamtkosteneinsparungen über fünf Jahre auf 175 Millionen US-Dollar anstiegen. Das Quartal endete mit 96,7 Millionen US-Dollar an liquiden Mitteln, einschließlich einer Inanspruchnahme von 55,0 Millionen US-Dollar aus der revolvierenden Kreditlinie. Das bereinigte EBITDA betrug 22,4 Millionen US-Dollar, im Vergleich zu 25,2 Millionen US-Dollar im zweiten Quartal 2024.
- None.
- Total net revenue declined 9.2% year-over-year to $186.0 million
- Broadcast radio revenue decreased 13.0% year-over-year
- Digital revenue decreased 1.4% year-over-year
- Drew $55.0 million from revolving credit facility
- Significant debt load of $723.7 million with $23.9 million due in 2026
Insights
Cumulus Media delivered mixed Q2 results with declining revenue but improving net loss amid significant digital marketing growth and ongoing cost reductions.
Cumulus Media's Q2 2025 results reflect a company navigating difficult headwinds in traditional media while attempting to pivot toward digital growth. Total revenue dropped
The most promising element is their digital marketing services segment, which grew
On the operational front, management executed
The company's liquidity position warrants attention. While Cumulus ended the quarter with
Market share gains across all broadcast spot revenue channels offer a silver lining, suggesting Cumulus is outperforming peers in a declining sector. However, management explicitly stated they "do not expect near-term relief from market headwinds," indicating continued challenges ahead as the company attempts to transition from its legacy broadcast business to a more digital-centric model.
ATLANTA, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (OTCQB: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2025.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels. We also significantly outperformed in digital, delivering double the growth rate of our radio peers, driven by the
Berner continued, “These results underscore our disciplined focus on optimizing performance and investing in growth opportunities despite capital constraints. Looking ahead, while we do not expect near-term relief from market headwinds, we are confident in our ability to position the business for long-term success through strong execution and by capitalizing on the Company’s valuable underlying assets.”
Q2 Key Highlights:
- Posted total net revenue of
$186.0 million , a decline of9.2% year-over-year - Generated digital revenue of
$38.8 million , a decrease of1.4% year-over-year, or an increase of20% excluding the$6.8 million impact from discontinuing the Daily Wire and Dan Bongino relationships
- Digital marketing services grew
38% driven by investments made in our digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing - Digital marketing services revenue now represents approximately
50% of total digital revenue
- Digital marketing services grew
- Recorded net loss of
$12.8 million compared to net loss of$27.7 million in Q2 2024 - Executed actions resulting in
$5 million of annualized fixed cost reductions - Recorded Adjusted EBITDA(1) of
$22.4 million compared to$25.2 million in Q2 2024 - Ended quarter with
$96.7 million of cash, which reflected a$55.0 million draw on the Company’s revolving credit facility - Reported total debt(2)(3) of
$723.7 million , total debt at maturity(1)(2)(3) of$697.1 million , and net debt less total unamortized discount(1)(2)(3)of$600.4 million at June 30, 2025, including total debt due in 2026(2) of$23.9 million
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended June 30, 2025, the Company reported net revenue of
For the six months ended June 30, 2025, the Company reported net revenue of
| As Reported | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | ||||||||
| Net revenue | $ | 186,017 | $ | 204,849 | (9.2 | )% | |||||
| Net loss | $ | (12,821 | ) | $ | (27,699 | ) | 53.7 | % | |||
| Adjusted EBITDA | $ | 22,358 | $ | 25,213 | (11.3 | )% | |||||
| Basic loss per share | $ | (0.74 | ) | $ | (1.64 | ) | 54.9 | % | |||
| Diluted loss per share | $ | (0.74 | ) | $ | (1.64 | ) | 54.9 | % | |||
| As Reported | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | ||||||||
| Net revenue | $ | 373,366 | $ | 404,902 | (7.8 | )% | |||||
| Net loss | $ | (45,188 | ) | $ | (41,853 | ) | (8.0 | )% | |||
| Adjusted EBITDA | $ | 25,877 | $ | 33,618 | (23.0 | )% | |||||
| Basic loss per share | $ | (2.61 | ) | $ | (2.49 | ) | (4.8 | )% | |||
| Diluted loss per share | $ | (2.61 | ) | $ | (2.49 | ) | (4.8 | )% | |||
Revenue Detail Summary (dollars in thousands):
| As Reported | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | ||||||||
| Broadcast radio revenue: | |||||||||||
| Spot | $ | 91,151 | $ | 101,806 | (10.5 | )% | |||||
| Network | 27,286 | 34,306 | (20.5 | )% | |||||||
| Total broadcast radio revenue | 118,437 | 136,112 | (13.0 | )% | |||||||
| Digital | 38,832 | 39,397 | (1.4 | )% | |||||||
| Other | 28,748 | 29,340 | (2.0 | )% | |||||||
| Net revenue | $ | 186,017 | $ | 204,849 | (9.2 | )% | |||||
| As Reported | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | ||||||||
| Broadcast radio revenue: | |||||||||||
| Spot | $ | 172,115 | $ | 192,379 | (10.5 | )% | |||||
| Network | 71,219 | 83,468 | (14.7 | )% | |||||||
| Total broadcast radio revenue | 243,334 | 275,847 | (11.8 | )% | |||||||
| Digital | 75,397 | 73,844 | 2.1 | % | |||||||
| Other | 54,635 | 55,211 | (1.0 | )% | |||||||
| Net revenue | $ | 373,366 | $ | 404,902 | (7.8 | )% | |||||
Balance Sheet Summary (dollars in thousands):
| June 30, 2025 | December 31, 2024 | ||||||||
| Cash and cash equivalents | $ | 96,745 | $ | 63,836 | |||||
| Term Loan due 2026 (2) | $ | 1,203 | $ | 1,203 | |||||
| Senior Notes due 2026 (2) | $ | 22,697 | $ | 22,697 | |||||
| Term Loan due 2029 (2) (3) | $ | 325,073 | $ | 326,514 | |||||
| Senior Notes due 2029 (2) (3) | $ | 319,730 | $ | 321,181 | |||||
| 2020 Revolving credit facility | $ | 55,000 | $ | — | |||||
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | |||||||
| Capital expenditures | $ | 5,528 | $ | 4,387 | ||||
| Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | |||||||
| Capital expenditures | $ | 11,068 | $ | 12,553 | ||||
| (1) | Adjusted EBITDA, total debt at maturity and net debt less total unamortized discount are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see "Non-GAAP Financial Measures." | |
| (2) | Excludes any debt issuance costs | |
| (3) | The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The |
Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM ET to discuss its second quarter 2025 operating results. NetRoadshow (NRS) is the service provider for this call. They will require email address verification (one-time only) and will provide registration confirmation. To participate in the conference call, please register in advance using the link on the Company's investor relations website at www.cumulusmedia.com/investors. Upon completing registration, a calendar invitation will follow with call access details, including a unique PIN, and replay details.
To join by phone with operator-assisted dial-in, domestic callers should dial 833-470-1428 and international callers should dial 404-975-4839. If prompted, the participant access code is 033528. Please call five to ten minutes in advance to ensure that you are connected prior to the call.
The conference call will also be broadcast live in listen-only mode through a link on the Company’s investor relations website at www.cumulusmedia.com/investors. This link can also be used to access a recording of the call, which will be available shortly following its completion.
Please see an update to the Company’s investor presentation on the Company's investor relations website at www.cumulusmedia.com/investors, which may be referenced on the conference call. Unless otherwise specified, information contained in the investor presentation or on our website is not incorporated into this press release or other documents we file with, or furnish to, the SEC.
Forward-Looking Statements
Certain 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 our future operating, financial, and strategic performance and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors. Such factors include, among others, risks and uncertainties related to the implementation of our strategic operating plans, the continued uncertain financial and economic conditions, the rapidly changing and competitive media industry, and the economy in general. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections contained therein. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.
About Cumulus Media
Cumulus Media (OTCQB: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 400 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, Infinity Sports Network, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.
Non-GAAP Financial Measures
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") is a financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole. 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 the funding of 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 agreements.
In determining Adjusted EBITDA, we exclude the following from net loss: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations or early extinguishment of debt, restructuring costs, expenses relating to acquisitions and divestitures, non-routine legal expenses incurred in connection with certain litigation matters, and non-cash impairments of assets, if any.
Management believes that Adjusted EBITDA, with and excluding impact of political advertising, 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, with and excluding impact of political advertising, 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 these metrics to be extremely useful.
The Company presents revenue, excluding impact of political revenue. As a result of the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting net revenue, excluding impact of political revenue, provides useful information to investors about the Company’s revenue growth comparable from period to period.
The Company presents the non-GAAP financial measure total debt at maturity which is total debt principal, gross, less total unamortized debt discount. In addition, the Company presents the non-GAAP financial measure net debt less total unamortized discount which is total debt at maturity less cash and cash equivalents. Management believes that total debt at maturity and net debt less total unamortized discount are important measures to monitor leverage and evaluate the balance sheet.
We refer to Adjusted EBITDA, with and excluding the impact of political advertising, net revenue, excluding the impact of political revenue, total debt at maturity, and net debt less total unamortized discount as the "Non-GAAP Financial Measures." Non-GAAP Financial Measures should not be considered in isolation or as a substitute for net income, net revenue, 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, Non-GAAP Financial Measures may be defined or calculated differently by other companies and, therefore, comparability may be limited.
For further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@cumulus.com
404-260-6600
Supplemental Financial Data and Reconciliations
| Cumulus Media Inc. Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net revenue | $ | 186,017 | $ | 204,849 | $ | 373,366 | $ | 404,902 | ||||||||
| Operating expenses: | ||||||||||||||||
| Content costs | 59,426 | 73,631 | 138,757 | 158,688 | ||||||||||||
| Selling, general & administrative expenses | 93,227 | 94,359 | 186,606 | 189,119 | ||||||||||||
| Depreciation and amortization | 14,116 | 14,725 | 28,912 | 29,603 | ||||||||||||
| Corporate expenses | 11,218 | 12,122 | 22,518 | 24,752 | ||||||||||||
| Stock-based compensation expense | 574 | 1,336 | 1,423 | 2,408 | ||||||||||||
| Restructuring costs | 2,358 | 1,988 | 4,826 | 4,118 | ||||||||||||
| Debt exchange costs | — | 16,271 | — | 16,271 | ||||||||||||
| Impairment of assets held for sale | 1,420 | — | 1,420 | — | ||||||||||||
| Total operating expenses | 182,339 | 214,432 | 384,462 | 424,959 | ||||||||||||
| Operating income (loss) | 3,678 | (9,583 | ) | (11,096 | ) | (20,057 | ) | |||||||||
| Non-operating expense: | ||||||||||||||||
| Interest expense | (16,307 | ) | (17,626 | ) | (32,329 | ) | (34,986 | ) | ||||||||
| Interest income | 202 | 146 | 288 | 492 | ||||||||||||
| Gain on early extinguishment of debt | — | 170 | — | 170 | ||||||||||||
| Other (expense) income, net | (22 | ) | (27 | ) | (32 | ) | 14,806 | |||||||||
| Total non-operating expense, net | (16,127 | ) | (17,337 | ) | (32,073 | ) | (19,518 | ) | ||||||||
| Loss before income taxes | (12,449 | ) | (26,920 | ) | (43,169 | ) | (39,575 | ) | ||||||||
| Income tax expense | (372 | ) | (779 | ) | (2,019 | ) | (2,278 | ) | ||||||||
| Net loss | $ | (12,821 | ) | $ | (27,699 | ) | $ | (45,188 | ) | $ | (41,853 | ) | ||||
The following tables reconcile net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the periods presented herein (dollars in thousands):
| As Reported | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | ||||||
| GAAP net loss | $ | (12,821 | ) | $ | (27,699 | ) | ||
| Income tax expense | 372 | 779 | ||||||
| Non-operating expense, net (includes net interest expense) | 16,127 | 17,507 | ||||||
| Depreciation and amortization | 14,116 | 14,725 | ||||||
| Stock-based compensation expense | 574 | 1,336 | ||||||
| Impairment of assets held for sale | 1,420 | — | ||||||
| Gain on early extinguishment of debt | — | (170 | ) | |||||
| Restructuring costs | 2,358 | 1,988 | ||||||
| Debt exchange costs | — | 16,271 | ||||||
| Non-routine legal expenses | 42 | 280 | ||||||
| Franchise taxes | 170 | 196 | ||||||
| Adjusted EBITDA | $ | 22,358 | $ | 25,213 | ||||
| As Reported | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | ||||||
| GAAP net loss | $ | (45,188 | ) | $ | (41,853 | ) | ||
| Income tax expense | 2,019 | 2,278 | ||||||
| Non-operating expense, net (includes net interest expense) | 32,073 | 19,688 | ||||||
| Depreciation and amortization | 28,912 | 29,603 | ||||||
| Stock-based compensation expense | 1,423 | 2,408 | ||||||
| Impairment of assets held for sale | 1,420 | — | ||||||
| Gain on early extinguishment of debt | — | (170 | ) | |||||
| Restructuring costs | 4,826 | 4,118 | ||||||
| Debt exchange costs | — | 16,271 | ||||||
| Non-routine legal expenses | 42 | 888 | ||||||
| Franchise taxes | 350 | 387 | ||||||
| Adjusted EBITDA | $ | 25,877 | $ | 33,618 | ||||
The following tables reconcile the as reported net revenue and as reported Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | ||||||||
| As reported net revenue | $ | 186,017 | $ | 204,849 | |||||
| Political revenue | (1,149 | ) | (1,909 | ) | |||||
| As reported net revenue, excluding impact of political revenue | $ | 184,868 | $ | 202,940 | |||||
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | ||||||||
| As reported Adjusted EBITDA | $ | 22,358 | $ | 25,213 | |||||
| Political EBITDA | (1,034 | ) | (1,718 | ) | |||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 21,324 | $ | 23,495 | |||||
| Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | ||||||||
| As reported net revenue | $ | 373,366 | $ | 404,902 | |||||
| Political revenue | (1,981 | ) | (4,108 | ) | |||||
| As reported net revenue, excluding impact of political revenue | $ | 371,385 | $ | 400,794 | |||||
| Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | ||||||||
| As reported Adjusted EBITDA | $ | 25,877 | $ | 33,618 | |||||
| Political EBITDA | (1,783 | ) | (3,697 | ) | |||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 24,094 | $ | 29,921 | |||||
The following table reconciles total debt principal, gross, the most directly comparable financial measure calculated and presented in accordance with GAAP, to total debt at maturity and net debt less total unamortized discount (dollars in thousands):
| As of June 30, | |||||||||
| 2025 | 2024 | ||||||||
| Total debt principal, gross | $ | 723,703 | $ | 674,364 | |||||
| Less: Total unamortized discount | (26,586 | ) | (32,242 | ) | |||||
| Total debt at maturity | 697,117 | 642,122 | |||||||
| Less: Cash and cash equivalents | (96,745 | ) | (53,492 | ) | |||||
| Net debt less total unamortized discount | $ | 600,372 | $ | 588,630 | |||||
FAQ
What were Cumulus Media's (CMLS) Q2 2025 earnings results?
How much debt does Cumulus Media (CMLS) have in 2025?
How is Cumulus Media's digital business performing in 2025?
What cost reduction measures has Cumulus Media implemented?
How much did Cumulus Media's broadcast radio revenue decline in Q2 2025?
