Movers and SHAKERS
Cumulus Media Inc. (CMLS)
Improving Revenue Trends; Nice Liquidity
CUMULUS MEDIA, Inc. (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.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overachieves Q3 expectations. Total company revenues of $196.4 million was slightly above our $193.0 million estimate, but below consensus. Cash flow, as measured by adj. EBITDA, was $20.3 million, significantly better than our $10.2 million estimate, reflecting cost cutting actions.
Revenue outlook still cautious. Management indicated that Q4 revenue pacings, while improving sequentially, are down in the mid teen range, in spite of a heavy influx of Political advertising. Political advertising is expected to be a record $12.5 million in Q4. We are tweaking slightly lower our Q4 revenue estimate from $240.0 million to $235.0 million to be more conservative ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.