The following is a summary of the Cumulus Media Inc. (CMLS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cumulus Media reported a Q1 2024 revenue of $200 million, a decrease of 2.7% year-on-year, with an EBITDA of $8.4 million.

• Improvements were observed in national broadcast business and digital services, the latter seeing a 25% growth.

• Costs were reduced by around $4 million due to the implementation of fixed cost reductions.

• Debt management was effectively handled with a $33 million debt principal reduction, extended loan maturities till 2029, and secure attractive interest rates.

• Increased availability of the ABL facility by 25%.

Business Progress:

• Significant progress noted in digital growth, particularly in digital marketing services.

• Expansion of digital sales force and enhancement of Cumulus Boost were key highlights.

• Total Digital Marketing Services customers increased by a considerable 25% rate.

• Launched 12 local podcasts contributing to a milestone of 47 charting shows on Apple Podcast.

• Focus areas for the future include digital growth, further fixed cost reductions, and additional debt reduction.

More details: Cumulus Media IR

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