Q1 2024 Cumulus Media Inc Earnings Call Transcript
Key Points
- Cumulus Media Inc successfully refinanced its capital structure, extending maturities to 2029 and reducing the principal amount of debt by approximately $33 million.
- Digital marketing services revenue grew by 25% in the quarter, demonstrating strong growth in the digital sector.
- The company achieved a 12% improvement in converting previously radio-only customers to digital marketing services buyers.
- Cumulus Media Inc managed to increase its total gross merchandise sales customers by over 25% in the first quarter.
- The company saw significant improvements in national spot and network business trends compared to 2023, with strong increases in consumer packaged goods and insurance categories.
- Total company revenue was down 2.7% year over year, indicating a continued overall decline in revenue.
- Political revenue for the quarter was down 55% from 2020, reflecting less competitive presidential primaries.
- The recovery in national advertising remains uneven, with several key categories like mortgage banking and home improvement citing the interest rate environment as a significant obstacle.
- Local spot revenue performance, although improved from Q4 2023, was still down, indicating ongoing challenges in local markets.
- Total company revenue is currently pacing down low single digits for Q2, suggesting continued revenue challenges ahead.
Welcome to the Cumulus Media quarterly earnings conference call. I'll now turn it over to Colin Jones, Executive Vice President of Strategy and Development and President of Westwood One. Sir, you may proceed.
Thank you, operator, and welcome, everyone, to our first quarter 2024 earnings conference call. I'm joined today by our President and CEO, Mary Berner, and our CFO, Frank Lopez.
Before we start, please note that certain statements in today's press release and discussed on this call may constitute forward-looking statements under federal securities laws and actual results may differ materially from the results expressed or implied in forward-looking statements. These statements are based on management's current assessments and assumptions and are subject to a number of risks and uncertainties. As discussed in our filings with the SEC.
In addition, we will also use certain non-GAAP financial measures. We believe the supplementary information is useful to investors, although it should
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