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We are a multi-platform media company whose primary business is operating radio stations throughout the United States. We offer local and national advertisers integrated marketing solutions across audio, digital and event platforms.
The business is unprofitable at the operating level (-111.52% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 14.3% YoY. Margins deteriorated 117.0pp alongside, both lines moving the wrong way.
ROIC dropped from 2.33% to -51.46%, capital efficiency is deteriorating. Negative free cash flow of -$13M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$200M
▼ -14.3% YoY
Net Income (TTM)
-$191M
▼ -3238.6% YoY
Op. Margin
-111.52%
▼ -117.0pp YoY
ROIC
-51.46%
▼ -53.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$13M
▼ -97.8% YoY
Op. Cash Flow (TTM)
-$8M
▼ -128.2% YoY
Net Debt
$243M
Cash & Equiv.
$6M
5Y CAGR: -0.0%
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