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CST: 17/07/2019 12:23:41   

CUMULUS MEDIA Reports Operating Results for Fourth Quarter and Full Year 2018

120 Days ago

Reports Q4 Net Revenue Growth of 5.2% and Adjusted EBITDA Growth of 31.6%

Reports Full Year Revenue Growth of 0.4% and Adjusted EBITDA Growth of 7.6%

ATLANTA, March 18, 2019 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2018.  As described in more detail below, results for the full-year 2018 period 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 December 31, 2018, the Company reported net revenue of $309.2 million, up 5.2% from the three months ended December 31, 2017, net income of $43.7 million and Adjusted EBITDA of $65.6 million, up 31.6% from the three months ended December 31, 2017.  For the year ended December 31, 2018, the Company reported net revenue of $1,140.4 million, an increase of 0.4% from the year ended December 31, 2017, net income of $757.6 million and Adjusted EBITDA of $234.3 million, an increase of 7.6% from the year ended December 31, 2017.  Net income for the year ended December 31, 2018 included after-tax gains associated with the Company's emergence from Chapter 11 of $641.0 million.

The operating results herein are not adjusted to reflect the impact of the recently announced divestiture of six stations to Educational Media Foundation.  If the stations subject to this transaction were excluded for the twelve months ended December 31, 2018, net revenue would have been lower by $23 to $25 million and Adjusted EBITDA would have been lower by $5 to $7 million.

Earlier today, the Company completed a prepayment of $25.4 million principal amount of the Term Loan for $25.0 million, a discount to par value of 1.50%. This transaction was funded with cash from operations and the availability on the Revolving Credit Agreement remained unchanged.

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 the period June 4, 2018 to December 31, 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 twelve-month period ended December 31, 2018 to the twelve month period ended December 31, 2017. For more information regarding the Predecessor and Successor Company results, please see the Company’s Form 10-K for the year ended December 31, 2018 to be filed with the Securities and Exchange Commission (the “SEC”).

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA said, “We are delighted by the Company’s strong 2018 performance. Despite the challenges presented by our bankruptcy in the first half of the year and industry headwinds throughout the year, Cumulus was able to deliver its first full year of revenue growth in four years fueled by digital growth of more than 60%, its eighth straight quarter of increased market revenue share and its second consecutive year of EBITDA growth after years of declines. That EBITDA growth, in conjunction with our October 2018 $50 million voluntary debt prepayment, brought our net leverage down to 5.2x at year end. Additionally, as previously announced, we entered into two station transactions this quarter, which should further reduce net leverage when completed later this year. In combination, these results demonstrate our firm commitment to the execution of our strategic priorities - maximizing operating performance, growing our digital businesses, and optimizing our asset portfolio - and the achievement of our financial goals of annually generating up to $100 million of free cash flow, reducing our net leverage to below 4.0x, and reinvesting in meaningful growth opportunities. With the entire Cumulus team, I look forward to demonstrating continued progress against all these objectives in coming quarters.”

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

             
  Successor
Company
    Predecessor
Company
   
  Three
Months
Ended
December
31, 2018
    Three
Months
Ended
December
31, 2017
  % Change
Net revenue $ 309,178       $ 293,861     5.2 %
Net income (loss) $ 43,732       $ (206,116 )   N/A
Adjusted EBITDA (1) $ 65,615       $ 49,852     31.6 %
Basic income (loss) per share $ 2.19       $ (7.03 )   N/A
Diluted income (loss) per share $ 2.18       $ (7.03 )   N/A
                     


                     
  Successor
Company
    Predecessor
Company
  Non-GAAP -
Successor
and
Predecessor
Company
  Predecessor
Company
   
  Period
from June
4, 2018
through
December
31, 2018
    Period
January 1,
2018
through
June 3, 2018
  Year Ended
December
31, 2018
  Year Ended
December
31, 2017
  % Change
Net revenue $ 686,436       $ 453,924     $ 1,140,360     $ 1,135,662     0.4 %
Net income (loss) $ 61,425       $ 696,156     $ 757,581     $ (206,565 )   N/A
Adjusted EBITDA (1) $ 153,835       $ 80,512     $ 234,347     $ 217,751     7.6 %
Basic income (loss) per share $ 3.07       $ 23.73     N/A   $ (7.05 )   N/A
Diluted income (loss) per share $ 3.05       $ 23.73     N/A   $ (7.05 )   N/A
                                 


         
    Successor
Company
  Predecessor
Company
    December 31,
2018
  December 31,
2017
Cash and cash equivalents   $ 27,584     $ 102,891  
         
  Term loan   $ 1,243,299     $ 1,722,209  
  7.75% Senior Notes       610,000  
Total debt   $ 1,243,299     $ 2,332,209  
                 


           
  Successor
Company
  Predecessor
Company
   
  Three Months
Ended December
31, 2018
  Three Months Ended
December
31, 2017
  % Change
Capital expenditures $ 7,818     $ 11,287     (30.7 )%
                     

(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
Company
    Predecessor
Company
  Non-GAAP -
Successor
and
Predecessor
Company
  Predecessor
Company
   
  Period from
June 4, 2018
through
December 31,
2018
    Period from
January 1,
2018 through
June 3, 2018
  Year ended
December
31, 2018
  Year ended
December
31, 2017
  % Change
Capital expenditures $ 15,684       $ 14,019     $ 29,703     $ 31,932     (7.0 )%
                                       

Results for Three Months Ended December 31, 2018

Net Revenue

The Company operates in 2 reportable segments, the Cumulus Radio Station Group and Westwood One. Cumulus Radio Station Group revenue is derived primarily from the sale of broadcasting time on our owned or operated stations to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising on our owned or operated stations and on its approximately 8,000 affiliate stations.

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

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

     
    Three Months Ended December 31, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 212,404     $ 96,119     $ 655     $ 309,178  
% of total revenue   68.7 %   31.1 %   0.2 %   100.0 %
$ change from three months ended December 31, 2017   $ 10,491     $ 4,821     $ 5     $ 15,317  
% change from three months ended December 31, 2017   5.2 %   5.3 %   0.8 %   5.2 %
                         


     
    Three Months Ended December 31, 2017 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 201,913     $ 91,298     $ 650     $ 293,861  
% of total revenue   68.7 %   31.1 %   0.2 %   100.0 %
                         

Net income (loss)

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

     
    Three Months Ended December 31, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 51,662     $ 5,818     $ (13,748 )   $ 43,732  
$ change from three months ended December 31, 2017   $ 350,151     $ 3,463     $ (103,766 )   $ 249,848  
% change from three months ended December 31, 2017   N/A   N/A   N/A   N/A
                 


     
    Three Months Ended December 31, 2017 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income   $ (298,489 )   $ 2,355     $ 90,018     $ (206,116 )
                                 

Adjusted EBITDA

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

     
    Three Months Ended December 31, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 60,249     $ 12,896     $ (7,530 )   $ 65,615  
$ change from three months ended December 31, 2017   $ 11,267     $ 3,787     $ 709     $ 15,763  
% change from three months ended December 31, 2017   23.0 %   41.6 %   8.6 %   31.6 %
                         


     
    Three Months Ended December 31, 2017 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 48,982     $ 9,109     $ (8,239 )   $ 49,852  
                                 

Results for Year Ended December 31, 2018

Net Revenue

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

     
    Period from June 4, 2018 through December 31, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 477,118     $ 207,702     $ 1,616     $ 686,436  
                                 


     
    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  
                                 


     
    Year Ended December 31, 2018 (Non-GAAP - Combined
Predecessor and Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 780,435     $ 357,417     $ 2,508     $ 1,140,360  
% of total revenue   68.4 %   31.4 %   0.2 %   100.0 %
$ change from year ended December 31, 2017   $ (6,528 )   $ 11,252     $ (26 )   $ 4,698  
% change from year ended December 31, 2017   (0.8 )%   3.3 %   (1.0 )%   0.4 %
                         


     
    Year Ended December 31, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 786,963     $ 346,165     $ 2,534     $ 1,135,662  
% of total revenue   69.3 %   30.5 %   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 December 31, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 112,385     $ 24,713     $ (75,673 )   $ 61,425  
                                 


     
    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  
                                 


     
    Year Ended December 31, 2018 (Non-GAAP - Combined
Predecessor and Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income

  $ (365,581 )   $ 284,154     $ 839,008     $ 757,581  
$ change from year ended December 31, 2017   $ (180,358 )   $ 255,293     $ 889,211     $ 964,146  
% change from year ended December 31, 2017   N/A   N/A   N/A   N/A
                 


     
    Year Ended December 31, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income
  $ (185,223 )   $ 28,861     $ (50,203 )   $ (206,565 )
                                 

Adjusted EBITDA

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

     
    Period from June 4, 2018 through December 31, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 131,509     $ 39,743     $ (17,417 )   $ 153,835  
                                 


     
    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  
                                 


     
    Year Ended December 31, 2018 (Non-GAAP - Combined
Predecessor and Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 207,518     $ 58,953     $ (32,124 )   $ 234,347  
$ change from year ended December 31, 2017   $ 9,743     $ 4,693     $ 2,160     $ 16,596  
% change from year ended December 31, 2017   4.9 %   8.6 %   6.3 %   7.6 %
                         


     
    Year Ended December 31, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 197,775     $ 54,260     $ (34,284 )   $ 217,751  
                                 

Earnings Conference Call Details
The Company will host a conference call today at 4:30 PM EDT to discuss its fourth quarter and full year 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 4160518. 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 April 17, 2019, by dialing 855-859-2056 or 404-537-3406 and using the replay code 4160518.

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. 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 our actual results of 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 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 433 owned-and-operated stations broadcasting in 88 US 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 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, 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 further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@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
December
31, 2018
    Period from
January 1,
2018 through
June 3 ,2018
Net revenue $ 686,436       $ 453,924  
Operating expenses:        
Content costs 238,888       163,885  
Selling, general and administrative expenses 276,551       195,278  
Depreciation and amortization 34,060       22,046  
Local marketing agreement fees 2,471       1,809  
Corporate expenses 17,116       14,483  
Stock-based compensation expense 3,404       231  
Acquisition-related restructuring costs 11,194       2,455  
Loss on sale of assets or stations 103       158  
Total operating expenses 583,787       400,345  
Operating income 102,649       53,579  
Non-operating (expense) income:        
Reorganization items, net       466,201  
Interest expense (50,718 )     (260 )
Interest income 36       50  
Gain on early extinguishment of debt 201        
Other expense, net (3,096 )     (273 )
Total non-operating (expense) income, net (53,577 )     465,718  
Income before income tax benefit 49,072       519,297  
Income tax benefit 12,353       176,859  
Net income $ 61,425       $ 696,156  
                 


CUMULUS MEDIA INC.

Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)

    Three Months Ended
December 31,
  Year Ended December 31,
    2018   2017   2018   2017
    Successor
Company
  Predecessor
Company
  Non-GAAP
Combined
Predecessor
and
Successor
Company
  Predecessor
Company
Net revenue   $ 309,178     $ 293,861     $ 1,140,360     $ 1,135,662  
Operating expenses:                
Content costs   111,424     114,110     402,773     409,213  
Selling, general & administrative expenses   124,772     120,824     471,829     471,300  
Depreciation and amortization   15,539     14,629     56,106     62,239  
Local marketing agreement fees   1,106     2,747     4,280     10,884  
Corporate expenses   7,571     9,215     31,599     37,956  
Stock-based compensation expense   1,620     191     3,635     1,614  
Acquisition-related and restructuring costs   1,514     17,375     13,649     19,492  
Loss (gain) on sale of assets or stations   69     86     261     (2,499 )
Impairment of intangible assets and goodwill       335,909         335,909  
Total operating expenses   263,615     615,086     984,132     1,346,108  
Operating income (loss)   45,563     (321,225 )   156,228     (210,446 )
Non-operating (expense) income:                
Reorganization items, net       (31,603 )   466,201     (31,603 )
Interest expense   (22,138 )   (23,210 )   (50,978 )   (126,952 )
Interest income   16     30     86     136  
Gain (loss) on early extinguishment of debt   201         201     (1,063 )
Other income (expense), net   53     (299 )   (3,369 )   (363 )
Total non-operating (expense) income, net   (21,868 )   (55,082 )   412,141     (159,845 )
Income (loss) before income taxes   23,695     (376,307 )   568,369     (370,291 )
Income tax benefit   20,037     170,191     189,212     163,726  
Net Income (loss)   $ 43,732     $ (206,116 )   $ 757,581     $ (206,565 )
                                 

                       

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. 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 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, expenses relating to acquisitions, divestitures, 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 December 31, 2018, the period from January 1, 2018 through June 3, 2018 and the three and twelve months ended December 31, 2018 and 2017 (dollars in thousands):

     
    Three Months Ended December 31, 2018 (Successor Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 51,662     $ 5,818     $ (13,748 )   $ 43,732  
Income tax benefit           (20,037 )   (20,037 )
Non-operating (income) expense, including net interest (income) expense   (1 )   247     21,823     22,069  
Local marketing agreement fees   1,037         69     1,106  
Depreciation and amortization   7,475     6,801     1,263     15,539  
Stock-based compensation expense           1,620     1,620  
Loss on sale of assets or stations   70     (1 )       69  
Acquisition-related and restructuring costs   5     33     1,476     1,514  
Franchise and state taxes   1     (2 )   205     204  
Gain on early extinguishment of debt           (201 )   (201 )
Adjusted EBITDA   $ 60,249     $ 12,896     $ (7,530 )   $ 65,615  
                                 


     
    Three Months Ended December 31, 2017 (Predecessor
Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net (loss) income   $ (298,489 )   $ 2,355     $ 90,018     $ (206,116 )
Income tax benefit           (170,191 )   (170,191 )
Non-operating (income) expense, including net interest (income) expense   (1 )   130     23,350     23,479  
Local marketing agreement fees   2,747             2,747  
Depreciation and amortization   8,730     5,490     409     14,629  
Stock-based compensation expense           191     191  
Loss on sale of assets or stations   86             86  
Reorganization items, net           31,603     31,603  
Impairment of intangible assets and goodwill   335,909             335,909  
Franchise and state taxes           140     140  
Acquisition-related and restructuring costs       1,134     16,241     17,375  
Adjusted EBITDA   $ 48,982     $ 9,109     $ (8,239 )   $ 49,852  
                                 


     
    Period from June 4, 2018 through December 31, 2018 (Successor
Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 112,385     $ 24,713     $ (75,673 )   $ 61,425  
Income tax benefit           (12,353 )   (12,353 )
Non-operating (income) expense, including net interest (income) expense   (6 )   500     53,283     53,777  
Local marketing agreement fees   2,402         69     2,471  
Depreciation and amortization   16,619     14,595     2,846     34,060  
Stock-based compensation expense           3,404     3,404  
Loss (gain) on sale or disposal of assets or stations   104     (1 )       103  
Gain on early extinguishment of debt           (201 )   (201 )
Acquisition-related and restructuring costs   5     (64 )   11,253     11,194  
Franchise and state taxes           (45 )   (45 )
Adjusted EBITDA   $ 131,509     $ 39,743     $ (17,417 )   $ 153,835  
                                 


                         
  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 (income) 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  
                                 


     
    Year Ended December 31, 2018 (Non-GAAP - Combined
Predecessor and Successor)
      Cumulus
Radio Station
Group
     Westwood One      Corporate
and Other
      Consolidated   
GAAP net (loss) income   $ (365,581 )   $ 284,154     $ 839,008     $ 757,581  
Income tax benefit           (189,212 )   (189,212 )
Non-operating (income) expense, including net interest (income) expense   (8 )   704     53,564     54,260  
Local marketing agreement fees   4,211         69     4,280  
Depreciation and amortization   26,870     24,560     4,676     56,106  
Stock-based compensation expense           3,635     3,635  
Loss (gain) on sale or disposal of assets or stations   118     (1 )   144     261  
Reorganization items, net   541,903     (251,487 )   (756,617 )   (466,201 )
Gain on early extinguishment of debt           (201 )   (201 )
Acquisition-related and restructuring costs   5     1,023     12,621     13,649  
Franchise and state taxes           189     189  
Adjusted EBITDA   $ 207,518     $ 58,953     $ (32,124 )   $ 234,347  
                                 


                             
  Year Ended December 31, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net (loss) income   $ (185,223 )   $ 28,861     $ (50,203 )   $ (206,565 )
Income tax benefit           (163,726 )   (163,726 )
Non-operating expense (income), including net interest (income) expense   (6 )   537     126,648     127,179  
Local marketing agreement fees   10,884             10,884  
Depreciation and amortization   38,734     21,836     1,669     62,239  
Stock-based compensation expense           1,614     1,614  
(Gain) loss on sale of assets or stations   (2,523 )       24     (2,499 )
Reorganization items, net           31,603     31,603  
Impairment of intangible assets and goodwill   335,909             335,909  
Acquisition-related and restructuring costs       3,026     16,466     19,492  
Franchise and state taxes           558     558  
Loss on early extinguishment of debt           1,063     1,063  
Adjusted EBITDA   $ 197,775     $ 54,260     $ (34,284 )   $ 217,751  
                                 

 

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