ATLANTA, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” "CUMULUS MEDIA," “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2019. For the year ended December 31, 2019, the Company reported net revenue of $1,113.4 million, a decrease of 2.4% from the year ended December 31, 2018, net income of $61.3 million and Adjusted EBITDA of $213.0 million, a decrease of 9.1% from the year ended December 31, 2018. For the three months ended December 31, 2019, the Company reported net revenue of $285.5 million, a decrease of 7.7% from the three months ended December 31, 2018, net income of $1.6 million and Adjusted EBITDA of $50.7 million, a decrease of 22.8% from the three months ended December 31, 2018.

For the year ended December 31, 2019, the Company reported same station net revenue, excluding the impact of political, of $1,103.2 million, an increase of 1.4% from the year ended December 31, 2018, and same station Adjusted EBITDA, excluding the impact of political, of $206.8 million, an increase of 0.5% from the year ended December 31, 2018. For the three months ended December 31, 2019, the Company reported same station net revenue, excluding the impact of political, of $282.4 million, a decrease of 1.7% from the three months ended December 31, 2018, and same station Adjusted EBITDA, excluding the impact of political, of $47.9 million, a decrease of 8.0% from the three months ended December 31, 2018.

2019 Highlights

  • Same Station Revenue Growth for Second Consecutive Year, Driven by Industry-Leading Digital Growth of Nearly 60%
  • Same Station Adjusted EBITDA Growth for Third Consecutive Year, Excluding Political
  • Completion of Significantly Accretive M&A and Swap Transactions that Generated $146.5 Million in Gross Proceeds and Created Market-Leading Clusters
  • $220 Million of Debt Paydown, Reducing Net Leverage to 4.7x
  • Over $275 Million of Debt Paydown Since Emergence from Chapter 11 Equating to Approximately $13.75 per Share
  • Full Recapitalization of Balance Sheet that Lowered Interest Costs and Extended Maturities

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “I am very proud of the Company’s 2019 results. On a same station basis, our team has now delivered the second year in a row of revenue growth and, excluding the impact of political, the third year in a row of Adjusted EBITDA growth. This performance was driven in large part by the industry-leading growth of our digital businesses and active cost management across our platforms. Additionally, we made strong progress against our financial goals during the year, paying down $220 million of debt with cash from operations and highly accretive divestitures, reducing net leverage to 4.7x. This year’s results reflect the success of our consistent focus on key strategies to create value for our investors.”

Berner continued, “Despite a choppy environment and an expected political headwind, fourth quarter revenue finished in-line with the pacing we shared during our last earnings call, and, with some slight favorability on expenses, we delivered Adjusted EBITDA that was somewhat better than we had indicated. As we move into the new year, we are further expanding our delivery of compelling audio experiences and digital offerings that connect and support our advertisers and listeners. And, we are optimistic about 2020 and our continuing ability to drive strong operating and financial performance while aggressively reducing net leverage to below 4.0x.”

Year Ended 2019 Same Station Financial Highlights

  • As compared to the year ended 2018(1) on a Same Station(2) basis, excluding the impact of political revenue:
    — Net revenue increased 1.4%
    — Adjusted EBITDA(3) increased 0.5%
  • As compared to the year ended 2018(1) on a Same Station(2) basis, including the impact of political revenue:
    — Net revenue increased 0.1%
    — Adjusted EBITDA(3) decreased 5.0%

Fourth Quarter 2019 Same Station Financial Highlights

  • As compared to the fourth quarter of 2018 on a Same Station(2) basis, excluding the impact of political revenue:
    — Net revenue decreased 1.7%
    — Adjusted EBITDA(3) decreased 8.0%
  • As compared to the fourth quarter of 2018 on a Same Station(2) basis, including the impact of political revenue:
    — Net revenue decreased 4.4%
    — Adjusted EBITDA(3) decreased 18.6%

As previously disclosed, on November 29, 2017, the Company and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (“Chapter 11”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”). On May 10, 2018, the Court entered an order confirming the Company’s Plan of Reorganization (the “Plan”). On June 4, 2018, the Plan became effective in accordance with its terms and the Company emerged from Chapter 11. The Company's 2018 operating results and key operating performance measures on a consolidated basis, were not materially impacted by the reorganization.

During the third quarter of 2019, the Company reassessed its reportable segments and concluded it has one reportable segment. Prior to this change, the Company had two reportable segments: Cumulus Radio Station Group and Westwood One.

References to "Successor Company" relate to the Company on and subsequent to June 4, 2018. References to "Predecessor Company" refer to the Company prior to June 4, 2018. For the purposes of analyzing the results presented herein, the Company is presenting the combined results of operations for the period June 4, 2018 to December 31, 2018 of the Successor Company with the period January 1, 2018 to June 3, 2018 of the Predecessor Company. Although this presentation is not in accordance with accounting principles generally accepted in the United States, the Company believes presenting such combined results allows for a more meaningful comparison of results for the twelve-month period ended December 31, 2019 to the twelve-month period ended December 31, 2018. For more information regarding the Predecessor and Successor Company results, please see the Company’s Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”).


Operating Summary (in thousands, except percentages and per share data):

 Successor
Company
 Non-GAAP
Combined
Predecessor
and Successor
Company
  
As ReportedYear Ended
December 31,
2019
 Year Ended
December 31,
2018
 % Change
Net revenue$1,113,445  $1,140,360  (2.4)%
Net income$61,257  $757,581  N/A 
Adjusted EBITDA (3)$212,988  $234,347  (9.1)%
Basic income per share$3.04   N/A  N/A 
Diluted income per share$3.02   N/A  N/A 


Same Station (2)Successor
Company
 Non-GAAP
Combined
Predecessor
and Successor
Company
  
 Year Ended
December 31,
2019
 Year Ended
December 31,
2018
 % Change
Net revenue$1,109,713  $1,108,409  0.1%
Adjusted EBITDA (3)$212,623  $223,821  (5.0)%


As ReportedThree Months
Ended
December 31,
2019
 Three Months
Ended
December 31,
2018
 % Change 
Net revenue$285,468  $309,178  (7.7)%
Net income$1,621  $43,732  N/A 
Adjusted EBITDA (3)$50,662  $65,615  (22.8)%
Basic income per share$0.08  $2.19  N/A 
Diluted income per share$0.08  $2.18  N/A 


Same Station (2)Three Months
Ended
December 31,
2019
 Three Months
Ended
December 31,
2018
 % Change
Net revenue$285,468  $298,572  (4.4)%
Adjusted EBITDA (3)$50,662  $62,252  (18.6)%


Revenue Detail Summary (in thousands):

 Successor
Company
 Non-GAAP
Combined
Predecessor
and Successor
Company
  
As ReportedYear Ended
December 31,
2019
 Year Ended
December 31,
2018
 % Change
Broadcast Radio Revenue:     
Spot$622,695  $668,445  (6.8)%
Network316,329  316,050  0.1%
Total Broadcast Radio Revenue939,024  984,495  (4.6)%
Digital78,602  50,265  56.4%
Other95,819  105,600  (9.3)%
Net Revenue$1,113,445  $1,140,360  (2.4)%


 Successor
Company
 Non-GAAP
Combined
Predecessor
and Successor
Company
  
Same Station (2)Year Ended
December 31,
2019
 Year Ended
December 31,
2018
 % Change
Broadcast Radio Revenue:     
Spot$620,095  $647,911  (4.3)%
Network315,873  310,377  1.8%
Total Broadcast Radio Revenue935,968  958,288  (2.3)%
Digital78,514  49,537  58.5%
Other95,231  100,584  (5.3)%
Net Revenue$1,109,713  $1,108,409  0.1%


As ReportedThree Months
Ended
December 31,
2019
 Three Months
Ended
December 31,
2018
 % Change
Broadcast Radio Revenue:     
Spot$158,795  $180,168  (11.9)%
Network79,884  85,101  (6.1)%
Total Broadcast Radio Revenue238,679  265,269  (10.0)%
Digital21,618  15,638  38.2%
Other25,171  28,271  (11.0)%
Net Revenue$285,468  $309,178  (7.7)%


Same Station (2)Three Months
Ended
December 31,
2019
 Three Months
Ended
December 31,
2018
 % Change
Broadcast Radio Revenue:     
Spot$158,795  $173,854  (8.7)%
Network79,884  82,493  (3.2)%
Total Broadcast Radio Revenue238,679  256,347  (6.9)%
Digital21,618  15,407  40.3%
Other25,171  26,818  (6.1)%
Net Revenue$285,468  $298,572  (4.4)%


Balance Sheet Summary (in thousands):

  December 31,
2019
 December 31,
2018
Cash and cash equivalents $15,142  $27,584 
Term loan due 2022 $  $1,243,299 
Term loan due 2026 (4) $523,688  $ 
6.75% Senior notes (4) $500,000  $ 


 Successor
Company
 Non-GAAP
Combined
Predecessor and
Successor
Company
  
 Year Ended
December 31,
2019
 Year Ended
December 31,
2018
 % Change
Capital expenditures$29,469  $29,703  (0.8)%


 Three Months Ended
December 31, 2019
 Three Months Ended
December 31, 2018
 % Change
Capital expenditures$12,070  $7,818  54.4%


  
(1)As discussed within, results for the full-year 2018 period reflect the combined results of the Successor and Predecessor Company periods in connection with the Company's emergence from Chapter 11.
(2)Adjusted for certain station dispositions and swaps as if these dispositions and swaps had occurred as of April 1, 2019 and April 1, 2018 (or in the case of KLOS-FM, as of the commencement of the LMA on April 16, 2019 and as of April 16, 2018).
(3)Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure.”
(4)Excludes unamortized debt issuance costs.
  

Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM EST to discuss its fourth quarter and full year 2019 operating results. A link to the webcast of the conference call will be available on the investor section of the Company’s website (www.cumulusmedia.com/investors/). The conference call dial-in number for domestic callers is 877-830-7699 for call access. If prompted, the conference ID number is 9191317. Please call five to ten minutes in advance to ensure that you are connected prior to the call.

Following completion of the call, a recording of the call can be accessed via a link at www.cumulusmedia.com/investors.

Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those contained in or implied by the forward-looking statements as a result of various factors including, but not limited to, risks and uncertainties related to our recent financial restructuring, the implementation of our strategic operating plans, and other risk factors described from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond our control, and the unexpected occurrence or failure to occur of any such events or matters could significantly alter our actual results of operations or financial condition. CUMULUS MEDIA assumes no responsibility to update any forward-looking statement, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.

About CUMULUS MEDIA
CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month – wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the Academy of Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through on-air and on-demand digital, mobile, social, and voice-activated platforms, as well integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Non-GAAP Financial Measures

From time to time, we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is the financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and the funding of our non-operating expenses including debt service and acquisitions.

In determining Adjusted EBITDA, the Company excludes from net income items not related to core operations and those that are non-cash including: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale or disposal of any assets or stations, early extinguishment of debt, local marketing agreement fees, expenses relating to acquisitions, divestitures, restructuring costs, reorganization items and non-cash impairments of assets, if any.

Because of the significant effect that the Company’s material station acquisitions and dispositions have had on our results of operations, the Company also presents certain financial information herein on a “Same Station” basis, both with and excluding the effect of political advertising in order to address the cyclical nature of the two-year election cycle. Same Station metrics are adjusted for material station acquisitions and dispositions as if these acquisitions and dispositions had occurred as of the beginning of the comparable period in the prior year, as indicated. Same station financial measures excluding the impact of political advertising are further adjusted to exclude the impact of political advertising in the comparable periods.

Management believes that Adjusted EBITDA and Same Station financial measures, with and excluding the impact of political advertising, although not measures that are calculated in accordance with GAAP, are commonly employed by the investment community as measures for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA and Same Station financial measures, with and excluding the impact of political advertising, are routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider the metrics to be extremely useful.

Adjusted EBITDA and Same Station financial measures, with and excluding the impact of political advertising, should not be considered in isolation or as a substitute for net income, net revenue, operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Adjusted EBITDA and Same Station financial measures, both with and excluding the impact of political advertising, may be defined or calculated differently by other companies and, therefore, comparability may be limited.

For further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@cumulus.com
404-260-6600


Supplemental Financial Data and Reconciliations

CUMULUS MEDIA INC.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)

  Successor Company Successor
Company
  Non-GAAP
Combined
Predecessor
and
Successor
Company
       
  Three Months Ended
December 31,
 Year Ended December 31,
  2019 2018 2019 2018
Net revenue $285,468  $309,178  $1,113,445  $1,140,360 
Operating expenses:        
Content costs 109,722  111,424  405,653  402,773 
Selling, general & administrative expenses 116,610  124,772  461,218  471,829 
Depreciation and amortization 12,535  15,539  52,554  56,106 
Local marketing agreement fees 1,117  1,106  3,500  4,280 
Corporate expenses 8,646  7,571  34,372  31,599 
Stock-based compensation expense 1,494  1,620  5,301  3,635 
Restructuring costs 750  1,514  18,315  13,649 
Loss (gain) on sale of assets or stations 509  69  (55,403) 261 
Impairment of assets held for sale 1,165    6,165   
Impairment of intangible assets 15,563    15,563   
Total operating expenses 268,111  263,615  947,238  984,132 
Operating income 17,357  45,563  166,207  156,228 
Non-operating (expense) income:        
Reorganization items, net       466,201 
Interest expense (16,816) (22,138) (82,916) (50,978)
Interest income 5  16  25  86 
Gain on early extinguishment of debt   201  381  201 
Other (expense) income, net (133) 53  (177) (3,369)
Total non-operating (expense) income, net (16,944) (21,868) (82,687) 412,141 
Income before income taxes 413  23,695  83,520  568,369 
Income tax benefit (expense) 1,208  20,037  (22,263) 189,212 
Net Income $1,621  $43,732  $61,257  $757,581 


 Successor
Company
  Predecessor
Company
 Period from
June 4, 2018
through
December 31,
2018
  Period from
January 1,
2018 through
June 3, 2018
Net revenue$686,436   $453,924 
Operating expenses:    
Content costs238,888   163,885 
Selling, general and administrative expenses276,551   195,278 
Depreciation and amortization34,060   22,046 
Local marketing agreement fees2,471   1,809 
Corporate expenses17,116   14,483 
Stock-based compensation expense3,404   231 
Restructuring costs11,194   2,455 
Loss on sale of assets or stations103   158 
Total operating expenses583,787   400,345 
Operating income102,649   53,579 
Non-operating (expense) income:    
Reorganization items, net   466,201 
Interest expense(50,718)  (260)
Interest income36   50 
Gain on early extinguishment of debt201    
Other expense, net(3,096)  (273)
Total non-operating (expense) income, net(53,577)  465,718 
Income before income tax benefit49,072   519,297 
Income tax benefit12,353   176,859 
Net income$61,425   $696,156 


The following tables reconcile net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the periods presented herein (dollars in thousands):

  Successor
Company
 Non-GAAP
Combined
Predecessor and
Successor Company
As Reported Year Ended
December 31, 2019
 Year Ended
December 31, 2018
GAAP net income $61,257  $757,581 
Income tax expense (benefit) 22,263  (189,212)
Non-operating expense, including net interest expense 83,068  54,260 
Local marketing agreement fees 3,500  4,280 
Depreciation and amortization 52,554  56,106 
Stock-based compensation expense 5,301  3,635 
Impairment of assets held for sale 6,165   
Impairment of intangible assets 15,563   
(Gain) loss on sale of assets or stations (55,403) 261 
Reorganization items, net   (466,201)
Restructuring costs 18,315  13,649 
Franchise taxes 786  189 
Gain on early extinguishment of debt (381) (201)
Adjusted EBITDA $212,988  $234,347 


  Successor
Company
 Predecessor
Company
As Reported Period from June 4,
2018 through
December 31, 2018
 Period from January 1,
2018 through June 3,
2018
GAAP net income $61,425  $696,156 
Income tax benefit (12,353) (176,859)
Non-operating expense, including net interest expense 53,777  483 
Local marketing agreement fees 2,471  1,809 
Depreciation and amortization 34,060  22,046 
Stock-based compensation expense 3,404  231 
Loss on sale of assets or stations 103  158 
Reorganization items, net   (466,201)
Restructuring costs 11,194  2,455 
Franchise taxes (45) 234 
Gain on early extinguishment of debt (201)  
Adjusted EBITDA $153,835  $80,512 


  Successor
Company
 Non-GAAP Combined
Predecessor and
Successor Company
Same Station (2) Year Ended
December 31, 2019
 Year Ended
December 31, 2018
Net income $60,892  $747,055 
Income tax expense (benefit) 22,263  (189,212)
Non-operating expense, including net interest expense 83,068  54,260 
Local marketing agreement fees 3,500  4,280 
Depreciation and amortization 52,554  56,106 
Stock-based compensation expense 5,301  3,635 
Impairment of assets held for sale 6,165   
Impairment of intangible assets 15,563   
(Gain) loss on sale of assets or stations (55,403) 261 
Reorganization items, net   (466,201)
Restructuring costs 18,315  13,649 
Franchise taxes 786  189 
Gain on early extinguishment of debt (381) (201)
Adjusted EBITDA $212,623  $223,821 


As Reported Three Months Ended
December 31, 2019
 Three Months Ended
December 31, 2018
GAAP net income $1,621  $43,732 
Income tax benefit (1,208) (20,037)
Non-operating expense, including net interest expense 16,944  22,069 
Local marketing agreement fees 1,117  1,106 
Depreciation and amortization 12,535  15,539 
Stock-based compensation expense 1,494  1,620 
Impairment of assets held for sale 1,165   
Impairment of intangible assets 15,563   
Loss on sale of assets or stations 509  69 
Restructuring costs 750  1,514 
Franchise taxes 172  204 
Gain on early extinguishment of debt   (201)
Adjusted EBITDA $50,662  $65,615 


Same Station (2) Three Months Ended
December 31, 2019
 Three Months Ended
December 31, 2018
Net income $1,621  $40,369 
Income tax benefit (1,208) (20,037)
Non-operating expense, including net interest expense 16,944  22,069 
Local marketing agreement fees 1,117  1,106 
Depreciation and amortization 12,535  15,539 
Stock-based compensation expense 1,494  1,620 
Impairment of assets held for sale 1,165   
Impairment of intangible assets 15,563   
Loss on sale of assets or stations 509  69 
Restructuring costs 750  1,514 
Franchise taxes 172  204 
Gain on early extinguishment of debt   (201)
Adjusted EBITDA $50,662  $62,252 


The following tables reconcile as reported net revenue and as reported Adjusted EBITDA to same station net revenue and same station Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):

  Year Ended
December 31, 2019
(Successor
Company)
 Year Ended December
31, 2018
(Non-GAAP Combined
Predecessor and
Successor Company)
As reported net revenue $1,113,445  $1,140,360 
Station dispositions and swaps (3,732) (31,951)
Same station net revenue $1,109,713  $1,108,409 
Political revenue (6,500) (20,010)
Same station net revenue, excluding impact of political revenue $1,103,213  $1,088,399 


  Three Months Ended
December 31, 2019
 Three Months Ended
December 31, 2018
As reported net revenue $285,468  $309,178 
Station dispositions and swaps   (10,606)
Same station net revenue $285,468  $298,572 
Political revenue (3,053) (11,312)
Same station net revenue, excluding impact of political revenue $282,415  $287,260 


  Year Ended
December 31, 2019
(Successor
Company)
 Year Ended December
31, 2018
(Non-GAAP Combined
Predecessor and
Successor Company)
As reported Adjusted EBITDA $212,988  $234,347 
Station dispositions and swaps (365) (10,526)
Same station Adjusted EBITDA $212,623  $223,821 
Political EBITDA (5,850) (18,009)
Same station Adjusted EBITDA, excluding impact of political EBITDA $206,773  $205,812 


  Three Months Ended
December 31, 2019
 Three Months Ended
December 31, 2018
As reported Adjusted EBITDA $50,662  $65,615 
Station dispositions and swaps   (3,363)
Same station Adjusted EBITDA $50,662  $62,252 
Political EBITDA (2,748) (10,181)
Same station Adjusted EBITDA, excluding impact of political EBITDA $47,914  $52,071 


The following tables provide disaggregated revenue detail by quarter for 2019 and 2018 as reported and same station (dollars in thousands):

As ReportedThree Months
Ended
December 31,
2019
 Three Months
Ended
September 30,
2019
 Three Months
Ended June 30,
2019
 Three Months
Ended March 31,
2019
Broadcast Radio Revenue:       
Spot$158,795  $161,211  $163,111  $139,579 
Network79,884  78,404  72,877  85,164 
Total Broadcast Radio Revenue238,679  239,615  235,988  224,743 
Digital21,618  19,935  20,208  16,841 
Other25,171  21,258  23,477  25,912 
Net Revenue$285,468  $280,808  $279,673  $267,496 


Same Station (2)Three Months
Ended
December 31,
2019
 Three Months
Ended
September 30,
2019
 Three Months
Ended June 30,
2019
 Three Months
Ended March 31,
2019
Broadcast Radio Revenue:       
Spot$158,795  $161,211  $160,510  $139,579 
Network79,884  78,404  72,421  85,164 
Total Broadcast Radio Revenue238,679  239,615  232,931  224,743 
Digital21,618  19,935  20,120  16,841 
Other25,171  21,258  22,890  25,912 
Net Revenue$285,468  $280,808  $275,941  $267,496 


 Successor Company Non-GAAP
Combined
Predecessor and
Successor
Company
 Predecessor
Company
As ReportedThree Months
Ended
December 31,
2018
 Three Months
Ended
September 30,
2018
 Three Months
Ended June 30,
2018
 Three Months
Ended March 31,
2018
Broadcast Radio Revenue:       
Spot$180,168  $168,554  $174,502  $145,221 
Network85,101  75,716  72,389  82,844 
Total Broadcast Radio Revenue265,269  244,270  246,891  228,065 
Digital15,638  13,459  11,929  9,239 
Other28,271  24,525  26,429  26,375 
Net Revenue$309,178  $282,254  $285,249  $263,679 


 Successor Company Non-GAAP
Combined
Predecessor and
Successor
Company
 Predecessor
Company
Same Station(2)Three Months
Ended
December 31,
2018
 Three Months
Ended
September 30,
2018
 Three Months
Ended June 30,
2018
 Three Months
Ended March 31,
2018
Broadcast Radio Revenue:       
Spot$173,854  $161,306  $167,617  $145,135 
Network82,493  74,715  70,326  82,844 
Total Broadcast Radio Revenue256,347  236,021  237,943  227,979 
Digital15,407  13,171  11,669  9,290 
Other26,818  22,997  24,493  26,274 
Net Revenue$298,572  $272,189  $274,105  $263,543 


The following table discloses capital expenditures for each of the Predecessor and Successor Company periods presented below. When combined, these periods present the Company's non-GAAP combined Predecessor and Successor capital expenditures for the year ended December 31, 2018 (dollars in thousands):

 Successor Company  Predecessor Company
 Period from June 4,
2018 through
December 31, 2018
  Period from January 1,
2018 through June 3,
2018
Capital expenditures$15,684   $14,019