Cumulus Media Inc today announced operating results for the three months and year ended December 31, 2018.
For the three months ended December 31, 2018, the Company reported net revenue of $309.2 million, up5.2% 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 $641.0million.
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.”