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Company Overview Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 393 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brand…
The business is unprofitable at the operating level (-18.62% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.3% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$42M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$719M
▼ -10.3% YoY
Net Income (TTM)
-$185M
▲ +29.1% YoY
Op. Margin
-20.84%
▲ +10.4pp YoY
ROIC
-14.43%
▲ +5.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$56M
▼ -84.1% YoY
Op. Cash Flow (TTM)
-$37M
▼ -584.1% YoY
Net Debt
$640M
Cash & Equiv.
$58M
5Y CAGR: -1.9%
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