Cumulus Media has announced its financial results for the second quarter of 2022, with overall revenue up by 5.4 percent to $236.7 million compared to $224.7 million in Q2 last year. Digital revenue was up by just over 20 percent to $37.8 million vs. $31.4 million in the second quarter of 2021. This was led by podcasting (up 27%) and digital marketing services (up 22%). Total broadcast radio revenue fell slightly from $176.2 million in Q2 2021 to $175.7 million this year.
Cumulus also reported Q2 net income of $8.7 million compared to a net loss of $5.9 million in Q2 2021.
Mary G. Berner, President/CEO of Cumulus Media, said, “Our ability to deliver yet another quarter of strong results is testament both to the quality of our strategic plan and the discipline and relentlessness with which we implement it. Specifically, we have deployed our multi-platform audio-first content strategy, developed multiple digital businesses, significantly reduced fixed costs, undertaken high ROI internal investments, and created a best-in-class balance sheet that gives the Company substantial financial flexibility and capital allocation optionality. Given our track record, we have tremendous confidence in our ability, under this plan, to grow shareholder value.”
Berner added, “Despite the challenging macro environment, we increased revenue in the quarter by more than 5%, driven by our digital businesses whose growth accelerated in Q2 to 20% year-over-year. Additionally, bolstered by our ongoing focus on fixed cost reductions, this quarter we generated additional cash from operations and increased net income, EBITDA and EBITDA margins vs. the same period last year. We also efficiently executed nearly half of our $50 million share repurchase authorization and bought back $50 million of bonds at a discount, while simultaneously reducing net leverage(1) to 3.8x, the lowest it’s been in more than a decade. With a robust political spending season anticipated, we are on trend toward achieving our net leverage target of less than 3.5 times and EBITDA at the low end of our 2022 guidance range.”
