ATLANTA, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three and six months ended June 30, 2019.

Second Quarter Financial Highlights

• As compared to the second quarter of 2018 on an As Reported GAAP basis:

  • Net revenue decreased 2.0%
  • Net income was $42.9 million
  • Adjusted EBITDA(1) decreased 6.8%

• As compared to the second quarter of 2018 on a Same Station(2) basis, excluding the impact of political revenue:

  • Net revenue increased 1.8%
  • Digital revenue increased 69.1%
  • Adjusted EBITDA(1) increased 3.7%

• As compared to the second quarter of 2018 on a Same Station(2) basis, including the impact of political revenue:

  • Net revenue increased 0.7%
  • Adjusted EBITDA(1) decreased 0.9%

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “In the second quarter, we continued to make great progress against the goals we set when we emerged from bankruptcy a little over a year ago. We delivered a solid financial performance, with same station revenue and Adjusted EBITDA up 1.8% and 3.7%, respectively, on an ex-political basis, driven by continued growth in national and network revenue, as well as industry-leading digital growth. Additionally, we have now closed several strategic portfolio optimization transactions and announced one more. The $146.5 million of gross proceeds from the closed transactions along with cash from operations allowed us to prepay $165 million of debt since our last earnings announcement, reducing our total post-bankruptcy debt by approximately $250 million and net leverage to 4.8x. Given the results of the past year, I am more confident than ever that the company will continue to deliver significant value to our investors, employees, listeners, and advertisers.”

For the purposes of analyzing the results presented herein, the Company is presenting the combined results of operations for (1) the period June 4, 2018 to June 30, 2018 of the Successor Company with the period April 1, 2018 to June 3, 2018 of the Predecessor Company, and (2) the period June 4, 2018 to June 30, 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 three and six month periods ended June 30, 2019 to the three and six month periods ended June 30, 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  
As ReportedThree Months Ended June 30, 2019  Three Months Ended June 30, 2018 % Change
Net revenue$279,673   $285,249  (2.0)%
Net income$42,861   $706,137  N/A
Adjusted EBITDA (1)$61,819   $66,356  (6.8)%
Basic income per share$2.13   N/A N/A
Diluted income per share$2.11   N/A N/A

 

Same Station (2)Successor Company  Non-GAAP Combined Predecessor and Successor  
 Three Months Ended June 30, 2019  Three Months Ended June 30, 2018 % Change
Net revenue$275,941   $274,105  0.7%
Adjusted EBITDA (1)$61,454   $61,994  (0.9)%

 

 Successor Company  Non-GAAP Combined Predecessor and Successor

  
As ReportedSix Months Ended June 30, 2019  Six Months Ended June 30, 2018 % Change
Net revenue$547,169   $548,928  (0.3)%
Net income$43,312   $701,136  N/A
Adjusted EBITDA (1)$103,623   $106,627  (2.8)%
Basic income per share$2.16   N/A N/A
Diluted income per share$2.14   N/A N/A

 

Same Station (2)Successor Company  Non-GAAP Combined Predecessor and Successor  
 Six Months Ended June 30, 2019  Six Months Ended June 30, 2018 % Change
Net revenue$543,437   $537,784  1.1%
Adjusted EBITDA (1)$103,258   $102,265  1.0%

Balance Sheet Summary (in thousands):

 As ReportedJune 30, 2019 December 31, 2018 % Change
Cash and cash equivalents$20,500  $27,584  (25.7)%
Term loan$603,738  $1,243,299  (51.4)%
6.75% Senior notes$500,000  $  100.0%

 

 Successor Company  Non-GAAP Combined Predecessor and Successor

  
 As ReportedThree Months Ended June 30, 2019  Three Months Ended June 30, 2018 % Change
Capital expenditures$5,589   $6,983  (20.0)%

 

 Successor Company  Non-GAAP Combined Predecessor and Successor

  
 As ReportedSix Months Ended June 30, 2019  Six Months Ended June 30, 2018 % Change
Capital expenditures$10,715   $15,988  (33.0)%

  1. 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."
  2. Adjusted for certain station dispositions and swaps as if these dispositions and swaps had occurred as of the beginning of each of the three month periods ended June 30, 2019 and June 30, 2018 (or in the case of KLOS-FM, for the three month period ended June 30, 2019 as of the commencement of the LMA on April 16, 2019 and as of April 16, 2018 for the three month period ended June 30, 2018).

Results for Three Months Ended June 30, 2019

Net Revenue

The Company currently operates in two reportable segments: the Cumulus Radio Station Group and Westwood One. Cumulus Radio Station Group revenue is derived primarily from the sale of broadcasting time on our owned or operated stations to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising on our owned or operated stations and on its nearly 8,000 affiliate stations.

Corporate and Other includes overall executive, administrative, and support functions for all of the Company's operations, including accounting, finance, legal, human resources, information technology, and programming functions.

The following tables present our net revenue by segment (dollars in thousands):

  Three Months Ended June 30, 2019 (Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net revenue $193,162  $85,764  $747  $279,673 
% of total revenue 69.1% 30.6% 0.3% 100.0%
$ change from three months ended June 30, 2018 $(10,288) $4,484  $228  $(5,576)
% change from three months ended June 30, 2018 (5.1)% 5.5% 43.9% (2.0)%

 

  Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net revenue $203,450  $81,280  $519  $285,249 
% of total revenue 71.3% 28.5% 0.2% 100.0%

Net income (loss)

The following tables present our net income (loss) by segment (dollars in thousands):

  Three Months Ended June 30, 2019 (Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net income (loss) $92,974  $11,610  $(61,723) $42,861 
$ change from three months ended June 30, 2018 $581,421  $(247,805) $(996,892) $(663,276)
% change from three months ended June 30, 2018 N/A N/A N/A N/A

 

  Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net (loss) income $(488,447) $259,415  $935,169  $706,137 

Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands):

  Three Months Ended June 30, 2019 (Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Adjusted EBITDA $52,222  $17,866  $(8,269) $61,819 
$ change from three months ended June 30, 2018 $(8,462) $3,622  $303  $(4,537)
% change from three months ended June 30, 2018 (13.9)% 25.4% 3.5% (6.8)%

 

  Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Adjusted EBITDA $60,684  $14,244  $(8,572) $66,356 

 

Results for Six Months Ended June 30, 2019

Net Revenue

The following tables present our net revenue by segment (dollars in thousands):

  Six Months Ended June 30, 2019 (Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net revenue $359,703  $186,123  $1,343  $547,169 
% of total revenue 65.7% 34.0% 0.3% 100.0%
$ change from six months ended June 30, 2018 $(11,971) $10,052  $160  $(1,759)
% change from six months ended June 30, 2018 (3.2)% 5.7% 13.5% (0.3)%

 

  Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net revenue $371,674  $176,071  $1,183  $548,928 
% of total revenue 67.7% 32.1% 0.2% 100.0%

Net income (loss)

The following tables present our net income (loss) by segment (dollars in thousands):

  Six Months Ended June 30, 2019 (Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net income (loss) $118,817  $21,173  $(96,678) $43,312 
$ change from six months ended June 30, 2018 $578,456  $(244,064) $(992,216) $(657,824)
% change from six months ended June 30, 2018 N/A N/A N/A N/A

 

  Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net (loss) income $(459,639) $265,237  $895,538  $701,136 

Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands):

  Six Months Ended June 30, 2019 (Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Adjusted EBITDA $86,613  $33,816  $(16,806) $103,623 
$ change from six months ended June 30, 2018 $(10,256) $6,916  $336  $(3,004)
% change from six months ended June 30, 2018 (10.6)% 25.7% 2.0% (2.8)%

 

  Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
 As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Adjusted EBITDA $96,869  $26,900  $(17,142) $106,627 

Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM EDT to discuss its second quarter 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 9378766. 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 recently completed financial restructuring 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 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 GRAMMYs, the American 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 local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, 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 Measure
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") and segment Adjusted EBITDA are the financial metrics by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole and each of our reportable segments. 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 addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants in our credit agreement.

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.

Management believes that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure 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 is 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 metric to be extremely useful.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), 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 may be defined or calculated differently by other companies, and comparability may be limited.

For further information, please contact:
Cumulus Media Inc.
Investor Relations
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  Non-GAAP Combined Predecessor and Successor Successor Company  Non-GAAP Combined Predecessor and Successor
 Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018
Net revenue$279,673  $285,249  $547,169  $548,928 
Operating expenses:       
Content costs93,844  89,989  197,596  192,855 
Selling, general and administrative expenses115,817  120,629  229,320  232,712 
Depreciation and amortization13,545  14,444  28,135  26,425 
Local marketing agreement fees438  1,060  1,481  2,167 
Corporate expenses8,545  8,415  17,077  17,015 
Stock-based compensation expense1,106  717  2,314  883 
Restructuring costs13,024  7,675  15,801  9,396 
(Gain) loss on sale of assets or stations(47,750) 147  (47,724) 158 
Total operating expenses198,569  243,076  444,000  481,611 
Operating income81,104  42,173  103,169  67,317 
Non-operating (expense) income:       
Reorganization items, net  496,368    466,201 
Interest expense(21,191) (6,308) (43,347) (6,436)
Interest income8  25  12  54 
Gain on early extinguishment of debt    381   
Other expense, net(34) (256) (62) (253)
Total non-operating (expense) income, net(21,217) 489,829  (43,016) 459,566 
Income before income tax (expense) benefit59,887  532,002  60,153  526,883 
Income tax (expense) benefit(17,026) 174,135  (16,841) 174,253 
Net income$42,861  $706,137  $43,312  $701,136 

 

 Successor Company  Predecessor Company
 Period from June 4, 2018 through June 30, 2018  Period from April 1, 2018 through June 30, 2018
Net revenue$95,004   $190,245 
Operating expenses:    
Content costs28,970   61,019 
Selling, general and administrative expenses37,434   83,195 
Depreciation and amortization4,379   10,065 
Local marketing agreement fees358   702 
Corporate expenses2,532   5,883 
Stock-based compensation expense652   65 
Restructuring costs6,941   734 
Loss on sale of assets or stations   147 
Total operating expenses81,266   161,810 
Operating income13,738   28,435 
Non-operating (expense) income:    
Reorganization items, net   496,368 
Interest expense(6,176)  (132)
Interest income4   21 
Other income (expense), net20   (276)
Total non-operating (expense) income, net(6,152)  495,981 
Income before income tax (expense) benefit7,586   524,416 
Income tax (expense) benefit(2,606)  176,741 
Net income$4,980   $701,157 

 

 Successor Company  Predecessor Company
 Period from June 4, 2018 through June 30, 2018  Period from January 1, 2018 through June 30, 2018
Net revenue$95,004   $453,924 
Operating expenses:    
Content costs28,970   163,885 
Selling, general and administrative expenses37,434   195,278 
Depreciation and amortization4,379   22,046 
Local marketing agreement fees358   1,809 
Corporate expenses2,532   14,483 
Stock-based compensation expense652   231 
Acquisition-related restructuring costs6,941   2,455 
Loss on sale of assets or stations   158 
Total operating expenses81,266   400,345 
Operating income13,738   53,579 
Non-operating (expense) income:    
Reorganization items, net   466,201 
Interest expense(6,176)  (260)
Interest income4   50 
Other income (expense), net20   (273)
Total non-operating (expense) income, net(6,152)  465,718 
Income before income tax (expense) benefit7,586   519,297 
Income tax (expense) benefit(2,606)  176,859 
Net income$4,980   $696,156 

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

  Three Months Ended June 30, 2019 (Successor Company)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net income (loss) $92,974  $11,610  $(61,723) $42,861 
Income tax expense     17,026  17,026 
Non-operating expense, including net interest expense 79  122  21,016  21,217 
Local marketing agreement fees 438      438 
Depreciation and amortization 6,414  5,968  1,163  13,545 
Stock-based compensation expense     1,106  1,106 
(Gain) loss on sale of assets or stations (47,780)   30  (47,750)
Restructuring costs 97  166  12,761  13,024 
Franchise and state taxes     352  352 
Adjusted EBITDA $52,222  $17,866  $(8,269) $61,819 

 

Same Station Three Months Ended June 30, 2019 (Successor Company)
Net income $42,496 
Income tax expense 17,026 
Non-operating expense, including net interest expense 21,217 
Local marketing agreement fees 438 
Depreciation and amortization 13,545 
Stock-based compensation expense 1,106 
Gain on sale of assets or stations (47,750)
Restructuring costs 13,024 
Franchise and state taxes 352 
Adjusted EBITDA $61,454 

 

  Period from June 4, 2018 through June 30, 2018 (Successor Company)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net income (loss) $18,327  $5,796  $(19,143) $4,980 
Income tax expense     2,606  2,606 
Non-operating (income) expense, including net interest expense (4) 47  6,109  6,152 
Local marketing agreement fees 358      358 
Depreciation and amortization 2,179  1,949  251  4,379 
Stock-based compensation expense     652  652 
Restructuring costs   (102) 7,043  6,941 
Franchise and state taxes     47  47 
Adjusted EBITDA $20,860  $7,690  $(2,435) $26,115 

 

  Period from April 1, 2018 through June 3, 2018 (Predecessor Company)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net (loss) income $(506,774) $253,619  $954,312  $701,157 
Income tax benefit     (176,741) (176,741)
Non-operating (income) expense, including net interest expense (1) 77  311  387 
Local marketing agreement fees 702      702 
Depreciation and amortization 4,111  4,488  1,466  10,065 
Stock-based compensation expense     65  65 
Loss on sale of assets or stations 3    144  147 
Reorganization items, net 541,903  (251,669) (786,602) (496,368)
Restructuring costs (120) 39  815  734 
Franchise and state taxes     93  93 
Adjusted EBITDA $39,824  $6,554  $(6,137) $40,241 

 

  Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net (loss) income $(488,447) $259,415  $935,169  $706,137 
Income tax benefit     (174,135) (174,135)
Non-operating (income) expense, including net interest expense (5) 124  6,420  6,539 
Local marketing agreement fees 1,060      1,060 
Depreciation and amortization 6,290  6,437  1,717  14,444 
Stock-based compensation expense     717  717 
Loss on sale of assets or stations 3    144  147 
Reorganization items, net 541,903  (251,669) (786,602) (496,368)
Restructuring costs (120) (63) 7,858  7,675 
Franchise and state taxes     140  140 
Adjusted EBITDA $60,684  $14,244  $(8,572) $66,356 

 

Same Station Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
Net income $701,775 
Income tax benefit (174,135)
Non-operating expense, including net interest expense 6,539 
Local marketing agreement fees 1,060 
Depreciation and amortization 14,444 
Stock-based compensation expense 717 
Loss on sale of assets or stations 147 
Reorganization items, net (496,368)
Restructuring costs 7,675 
Franchise and state taxes 140 
Adjusted EBITDA $61,994 

 

  Six Months Ended June 30, 2019 (Successor Company)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net income (loss) $118,817  $21,173  $(96,678) $43,312 
Income tax expense     16,841  16,841 
Non-operating expense, including net interest expense 265  264  42,868  43,397 
Local marketing agreement fees 1,481      1,481 
Depreciation and amortization 13,719  12,163  2,253  28,135 
Stock-based compensation expense     2,314  2,314 
(Gain) loss on sale of assets or stations (47,766)   42  (47,724)
Restructuring costs 97  216  15,488  15,801 
Franchise and state taxes     447  447 
Gain on early extinguishment of debt     (381) (381)
Adjusted EBITDA $86,613  $33,816  $(16,806) $103,623 

 

Same Station Six Months Ended June 30, 2019 (Successor Company)
Net income $42,947 
Income tax expense 16,841 
Non-operating expense, including net interest expense 43,397 
Local marketing agreement fees 1,481 
Depreciation and amortization 28,135 
Stock-based compensation expense 2,314 
Gain on sale of assets or stations (47,724)
Restructuring costs 15,801 
Franchise and state taxes 447 
Gain on early extinguishment of debt (381)
Adjusted EBITDA $103,258 

 

  Period from June 4, 2018 through June 30, 2018 (Successor Company)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net income (loss) $18,327  $5,796  $(19,143) $4,980 
Income tax expense     2,606  2,606 
Non-operating (income) expense, including net interest expense (4) 47  6,109  6,152 
Local marketing agreement fees 358      358 
Depreciation and amortization 2,179  1,949  251  4,379 
Stock-based compensation expense     652  652 
Restructuring costs   (102) 7,043  6,941 
Franchise and state taxes     47  47 
Adjusted EBITDA $20,860  $7,690  $(2,435) $26,115 

 

  Period from January 1, 2018 through June 4, 2018 (Predecessor Company)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net (loss) income $(477,966) $259,441  $914,681  $696,156 
Income tax benefit     (176,859) (176,859)
Non-operating (income) expense, including net interest expense (2) 204  281  483 
Local marketing agreement fees 1,809      1,809 
Depreciation and amortization 10,251  9,965  1,830  22,046 
Stock-based compensation expense     231  231 
Loss on sale of assets or stations 14    144  158 
Reorganization items, net 541,903  (251,487) (756,617) (466,201)
Restructuring costs   1,087  1,368  2,455 
Franchise and state taxes     234  234 
Adjusted EBITDA $76,009  $19,210  $(14,707) $80,512 

 

  Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As Reported Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
GAAP net (loss) income $(459,639) $265,237  $895,538  $701,136 
Income tax benefit     (174,253) (174,253)
Non-operating (income) expense, including net interest expense (6) 251  6,390  6,635 
Local marketing agreement fees 2,167      2,167 
Depreciation and amortization 12,430  11,914  2,081  26,425 
Stock-based compensation expense     883  883 
Loss on sale of assets or stations 14    144  158 
Reorganization items, net 541,903  (251,487) (756,617) (466,201)
Restructuring costs   985  8,411  9,396 
Franchise and state taxes     281  281 
Adjusted EBITDA $96,869  $26,900  $(17,142) $106,627 

 

Same Station Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
Net income $696,774 
Income tax benefit (174,253)
Non-operating expense, including net interest expense 6,635 
Local marketing agreement fees 2,167 
Depreciation and amortization 26,425 
Stock-based compensation expense 883 
Loss on sale of assets or stations 158 
Reorganization items, net (466,201)
Restructuring costs 9,396 
Franchise and state taxes 281 
Adjusted EBITDA $102,265 

The following tables reconcile as reported net revenue and as reported Adjusted EBITDA to same station net revenue and same station Adjusted EBITDA for the periods presented herein (dollars in thousands):

  Three Months Ended June 30, 2019 (Successor Company) Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported net revenue $279,673  $285,249 
Station dispositions and swaps (3,732) (11,144)
Same station net revenue $275,941  $274,105 

 

  Six Months Ended June 30, 2019 (Successor Company) Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported net revenue $547,169  $548,928 
Station dispositions and swaps (3,732) (11,144)
Same station net revenue $543,437  $537,784 

 

  Three Months Ended June 30, 2019 (Successor Company) Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported Adjusted EBITDA $61,819  $66,356 
Station dispositions and swaps (365) (4,362)
Same station Adjusted EBITDA $61,454  $61,994 

 

  Six Months Ended June 30, 2019 (Successor Company) Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported Adjusted EBITDA $103,623  $106,627 
Station dispositions and swaps (365) (4,362)
Same station Adjusted EBITDA $103,258  $102,265 

The following tables disclose net revenue for each of the Predecessor Company and Successor Company periods presented herein.  When combined, these periods present the Company's non-GAAP combined Predecessor and Successor net revenue for the three and six months ended June 30, 2018 (dollars in thousands):

  Period from June 4, 2018 through June 30, 2018 (Successor Company)
  Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net revenue $68,357  $26,356  $291  $95,004 

 

  Period from April 1, 2018 through June 3, 2018 (Predecessor Company)
  Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net revenue $135,093  $54,924  $228  $190,245 

 

  Period from January 1, 2018 through June 3, 2018 (Predecessor Company)
  Cumulus Radio Station Group Westwood One Corporate and Other Consolidated
Net revenue $303,317  $149,715  $892  $453,924 

The following table discloses capital expenditures for each of the Predecessor Company and Successor Company periods presented below.  When combined, these periods present the Company's non-GAAP combined Predecessor and Successor capital expenditures for the three and six months ended June 30, 2018 (dollars in thousands):

 Successor Company  Predecessor Company 
 Period from June 4, 2018 through June 30, 2018  Period from April 1, 2018 through June 3, 2018 Period from January 1, 2018 through June 3, 2018 
Capital expenditures$1,969   $5,014  $14,019