Despite the decline in revenue, CEO Mary Berner said the company is in an “enviable financial position to effectively navigate through the continuing headwinds.” She called it a “solid” performance in the quarter.
Local revenue outperformed national for Cumulus in July, August and September.
Digital revenue was up 5%.
The company generated $233,463 in net revenue for the quarter, compared to $237,716 in Q3 of 2021. For the first nine months of the year, total net revenue for the company of $702,236 is 5.7% higher than 2021. Political revenue was $4.49 million in Q3 with more expected in Q4 with the election now one week away.
Cumulus generated $24 million of cash from operations in the quarter (bringing year-to-date total to $54.5 million), repurchased $3.9 million worth of company shares, and retired $2.8 million of senior notes.
The company finished the quarter with net leverage of 3.7x, the lowest it’s been in more than a decade.”
