Q3 2024 Cumulus Media Inc Earnings Call Transcript
Key Points
- Cumulus Media Inc (CMLS) reported $203.6 million in revenue and $24.1 million in EBITDA for Q3 2024, aligning with analyst estimates.
- Digital revenue, which now constitutes 20% of total revenue, grew by 8% year over year, with digital marketing services increasing by nearly 40%.
- The company has successfully increased customer count by 22%, improved customer retention by 6%, and raised the average digital order size per customer by 17%.
- Cumulus Media Inc (CMLS) has extended its debt maturities to 2029, providing financial flexibility and time to navigate economic challenges.
- The network business saw a 5% revenue increase, driven by strong demand for live sports products and exclusive audio relationships with the NFL.
- Overall advertising sentiment remains weak due to economic and interest rate concerns, impacting spending in key categories like automotive and financial services.
- Political spending was lower than expected in Q3 due to the change in the Democratic presidential candidate, affecting both sides' advertising budgets.
- Podcasting revenue experienced a modest decrease, primarily due to declining revenue from The Daily Wire podcast.
- Total company revenue is currently pacing down slightly for Q4, indicating ongoing challenges in the advertising environment.
- Despite cost reductions, the uncertain ad environment necessitates continued focus on managing expenses while investing in digital growth.
Welcome to the Cumulus Media quarterly earnings conference call. I'll now turn it over to Collin Jones, Executive Vice President of Strategy and Development and President of Westwood One. Sir, you may proceed.
Thank you, operator. Welcome, everyone, to our third-quarter 2024 earnings conference call. I'm joined today by our President and CEO, Mary Berner; and our CFO, Frank Lopez-Balboa.
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. 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 they 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
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