Free cash flow generation remains highly inconsistent, with margins fluctuating from a peak of 6.1% in 2024Q4 to a negative 12.1% in 2024Q1, highlighting significant liquidity risks.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 8.82M | -3.12M | 31.66M | 78.48M | 68.52M | 33.21M | 104.27M | 59.57M | 86.6M | 35.74M | 82.43M | 136.8M | 121.14M | 179.49M | 71.36M | 42.74M | 28.69M | 76.65M | 46.06M | 65.32M | 78.4M | 75.01M | 45.88M | 40.28M | 11.44M | -14.56M | -13.64M | -4.7M |
| Operating CF Margin % | - | -0.38% | 3.75% | 8.23% | 7.48% | 4.07% | 9.36% | 5.22% | 7.63% | 3.13% | 7.05% | 10.83% | 11.81% | 16.67% | 12.98% | 16.23% | 11.21% | 24.61% | 14.03% | 19.54% | 23.92% | 23.43% | 16.27% | 15.94% | 5.68% | -6.45% | -7.58% | -4.76% |
| Operating CF Growth % | 434.5% | -109.85% | -59.66% | 14.54% | 106.32% | -68.15% | 75.05% | -31.21% | 142.26% | -56.64% | -39.74% | 12.92% | -32.51% | 151.54% | 66.96% | 48.96% | -62.57% | 66.43% | -29.49% | -16.68% | 4.51% | 63.51% | 13.91% | 252.06% | 178.54% | -6.75% | -190.3% | - |
| Net Income | -296.68M | -283.25M | -117.88M | 16.23M | 17.28M | -59.72M | 61.26M | 757.58M | -206.56M | -510.72M | -546.49M | 11.77M | 176.08M | -32.73M | 63.86M | 29.4M | -126.7M | -361.67M | -223.8M | -44.59M | -213.37M | 30.37M | 5.04M | -92.75M | -30.55M | -2.3M | -13.62M | -11.9M |
| Depreciation & Amortization | 56.37M | 59.12M | 58.18M | 56.39M | 53.55M | 52.29M | 76.61M | 56.11M | 62.24M | 87.27M | 102.11M | 115.28M | 116.95M | 143.3M | 52.44M | 9.1M | 11.14M | 8.97M | 13.17M | 17.62M | 21.64M | 21.38M | 19.85M | 18.27M | 52.76M | 45.77M | 33.74M | 17.2M |
| Stock-Based Compensation | 3.25M | 4.71M | 5.27M | 6.23M | 5.19M | 3.34M | 5.3M | 3.63M | 1.61M | 2.95M | 21.03M | 17.64M | 10.8M | 11.89M | 5.86M | 2.45M | 2.88M | 26.06M | 26.06M | 13.86M | 0 | 171K | 171K | 171K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -10.61M | -10M | 17.64M | 1.04M | 1.42M | -28.82M | 8.65M | -206.87M | -168.23M | -27.83M | -48.26M | 6.9M | -76.38M | -18.23M | -61.99M | 3.43M | -23.18M | -118.41M | -34.15M | -3.61M | -19.95M | 25.55M | 24.68M | 76.36M | -3.49M | 812K | -6.98M | 0 |
| Other Non-Cash Items | 223.47M | 212.85M | 53.14M | 14.56M | -34.7M | 29.2M | -29.08M | -366.05M | 375.6M | 512.32M | 588.62M | 12.47M | -65.47M | 83.03M | -16.5M | -6.92M | 171.13M | 517.13M | 274.29M | 82.14M | 284.98M | 5.19M | 16.5M | 47.15M | -3.06M | -40.77M | 0 | 100K |
| Working Capital Changes | 33.02M | 13.45M | 15.31M | -15.97M | 25.78M | 36.92M | -18.47M | -40.03M | 21.94M | -28.24M | -34.57M | -27.26M | -40.85M | -7.78M | 27.69M | 5.28M | -6.57M | 4.58M | -9.49M | -108K | 5.08M | -7.65M | -20.36M | -8.92M | -4.21M | -18.08M | -26.78M | -10.1M |
| Change in Receivables | 35.04M | 20.37M | 26.93M | -16.88M | 4.62M | 34.42M | 3.49M | -26.17M | -8.71M | 9.9M | -1.32M | 14.16M | 4.69M | 28.25M | -5.63M | -152K | 2.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 5.69M | -307.69M | -7.66M | -7.02M | 16.98M | -14.75M | 1.38M | -6.99M | 38.4M | 6.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -7.59M | -11.18M | -3.17M | 777K | 12.81M | -5.59M | -32.24M | -2.79M | 45.1M | -16.64M | -33.71M | 7.19M | -40.45M | -17.19M | -501K | -1.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -17.73M | -4.23M | -6.82M | -26.24M | -1.54M | 64.36M | 117.59M | -47.12M | -26.82M | 83.85M | -7.96M | -15.57M | -92.63M | 98.14M | -2.03B | -2.42M | -3.06M | -6.75M | -29K | -19.22M | -92.76M | -28.76M | -146.67M | -138.73M | -48.16M | -190.27M | -192.1M | -351M |
| Capital Expenditures | -19.05M | -19.46M | -24.81M | -31.06M | -29.09M | -14.87M | -29.47M | -29.7M | -31.93M | -23.04M | -19.24M | -27.51M | -333.92M | -16.61M | -6.69M | -2.72M | -3.11M | -7.08M | -5.76M | -19.05M | -9.31M | -12.12M | -9.63M | -11.92M | -10.09M | -9.48M | -18.56M | -349.5M |
| CapEx % of Revenue | 2.47% | 2.35% | 2.94% | 3.26% | 3.17% | 1.82% | 2.65% | 2.6% | 2.81% | 2.02% | 1.65% | 2.18% | 32.54% | 1.54% | 1.22% | 1.03% | 1.21% | 2.27% | 1.76% | 5.7% | 2.84% | 3.79% | 3.41% | 4.72% | 5.01% | 4.2% | 10.31% | 353.74% |
| Acquisitions | 0 | 56K | 0 | 2.01M | 0 | 0 | 147.06M | -17.41M | 6.09M | 106.94M | 9.2M | -8.5M | -322.84M | 0 | -2.02B | 0 | -52K | 0 | -265K | -26K | -47.39M | -11M | -133.56M | -132.34M | -82M | -172.79M | -152.74M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.32M | 15.18M | 17.99M | 2.81M | 27.55M | 79.23M | 0 | 586K | 5.12M | 106.89M | 11.28M | 11.93M | 241.29M | 114.75M | -2.02B | 296K | 102K | 323K | 6M | 2.6M | -36.06M | -5.63M | -3.48M | 5.53M | 43.93M | -8M | -20.81M | -1.5M |
| Cash from Financing | 47.16M | -9.47M | -51.61M | -121.84M | -161.71M | 157.19M | -234.89M | -94.3M | -88.15M | -20M | -50.09M | -146.75M | -83.77M | -220.18M | 1.98B | -43.72M | -62.41M | -49.18M | -16.13M | -48.83M | -12.47M | -21.02M | 47.13M | 153.53M | 31.05M | -3.76M | 400.44M | 379M |
| Debt Issued (Net) | -6.07M | -1.42M | -34.6M | -82.35M | -156.59M | -41.78M | -220.84M | -94.3M | -88.06M | -20M | -50M | -146.13M | -84.38M | -153.31M | 1.58B | -43.14M | -59.11M | -40.3M | -14.95M | 182.25M | 86.9M | -7.54M | 52.95M | 96.5M | 34.79M | -19K | 62.48M | 179.7M |
| Equity Issued (Net) | -274K | -1000K | -1000K | -1000K | -563K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 1000K | -1000K | 1000K | 0 | -193K | -1000K | 199K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.39M | -15.02M | -521K | 0 | 0 | 0 | 0 | -1.91M | 0 | -27.31M | -1.15M | -11.81M | -379K | -3.53M | 0 | 0 |
| Share Repurchases | -274K | -1.09M | -9.21M | -33.56M | -563K | -1.24M | -1.17M | 0 | 0 | 0 | 0 | 0 | 0 | -49.23M | -41.56M | 0 | -193K | -6.52M | -104K | -224.04M | -95.74M | -14.64M | -15.42M | -144.96M | -2.5M | 0 | -51.27M | 0 |
| Other Financing | 53.51M | -6.97M | -7.8M | -7.64M | -4.55M | 200.21M | -12.88M | -1.96M | -91K | 3K | -85K | -620K | -11.15M | -2.75M | -31.74M | -587K | -3.11M | -2.41M | -1.38M | -8.72M | -4.38M | 27.31M | 0 | 0 | -917K | -2.71M | -27.55M | -24M |
| Net Change in Cash | 38.26M | -16.82M | -26.77M | -69.59M | -94.73M | 254.75M | -13.03M | -81.85M | -28.37M | 99.6M | 24.39M | -25.52M | -55.26M | 57.46M | 17.78M | -3.41M | -36.78M | 20.72M | 29.89M | -2.73M | -26.84M | 25.24M | -53.66M | 55.07M | -5.67M | -208.6M | 194.7M | 379M |
| Free Cash Flow | -10.22M | -22.58M | 6.85M | 47.42M | 39.43M | 18.34M | 74.8M | 29.86M | 54.66M | 12.71M | 63.2M | 109.29M | -212.78M | 162.88M | 64.67M | 40.02M | 25.58M | 69.58M | 40.29M | 46.27M | 69.08M | 62.89M | 36.25M | 28.35M | 1.35M | -24.05M | -32.2M | -354.2M |
| FCF Margin % | -1.32% | -2.73% | 0.81% | 4.97% | 4.3% | 2.25% | 6.72% | 2.62% | 4.81% | 1.11% | 5.41% | 8.65% | -20.74% | 15.13% | 11.77% | 15.2% | 9.99% | 22.33% | 12.27% | 13.84% | 21.08% | 19.65% | 12.86% | 11.22% | 0.67% | -10.64% | -17.89% | -358.5% |
| FCF Growth % | 72.23% | -429.82% | -85.56% | 20.27% | 114.95% | -75.48% | 150.47% | -45.37% | 330.15% | -79.89% | -42.18% | 151.36% | -230.63% | 151.88% | 61.6% | 56.43% | -63.23% | 72.68% | -12.91% | -33.02% | 9.84% | 73.5% | 27.84% | 2001.85% | 105.61% | 25.34% | 90.91% | - |
| FCF per Share | -0.59 | -1.34 | 0.40 | 2.37 | 1.88 | 0.90 | 3.69 | 1.80 | 1.87 | 0.43 | 2.17 | 3.82 | -5.21 | 8.01 | 7.30 | 7.77 | 5.06 | 13.15 | 7.46 | 7.28 | 8.26 | 7.04 | 4.33 | 4.16 | 0.31 | -5.49 | -10.33 | -145.24 |
| FCF Conversion (FCF/Net Income) | 0.03x | 0.01x | -0.27x | 4.83x | 3.97x | -0.56x | 1.70x | 0.08x | -0.42x | -0.07x | -0.15x | 11.62x | 0.62x | -5.48x | 1.12x | 1.45x | -0.23x | -0.21x | -0.21x | -1.47x | -0.37x | 2.47x | 9.10x | -0.43x | -0.37x | 6.34x | 1.00x | 0.34x |
| Interest Paid | -11.05M | 0 | 63.37M | 47.13M | 59.67M | 0 | 0 | 0 | 96.22M | 126.52M | 129.31M | 135.39M | 164.89M | 192.08M | 69.56M | 41.42M | 39.38M | 33.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -473K | 0 | 484K | 7.36M | 6.2M | 0 | 0 | 0 | 3.78M | 4.45M | 2.62M | 9.63M | 7.31M | 6.66M | 6.15M | 324K | 895K | 618K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inability to generate cash
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently oscillating between negative values and extreme outliers, suggesting that reported net income is a poor proxy for the company's actual liquidity generation capabilities.
The persistent gap between accounting losses and operating cash flow suggests that non-cash charges, such as depreciation and amortization, are masking the underlying cash burn. Investors should monitor this divergence, as the inability to consistently convert earnings into positive operating cash flow indicates a structural weakness in the core business model.
As reported in financial statements, Cumulus Media's free cash flow trajectory remains deeply inconsistent, with FCF margins fluctuating from a high of 6.1% in 2024Q4 to a low of -12.1% in 2024Q1, reflecting the company's struggle to maintain positive cash generation amidst secular revenue headwinds.
The frequent negative FCF prints suggest that the company is currently unable to fund its operations and capital requirements through internal cash generation alone. This trend warrants further investigation into whether the firm can achieve sustainable positive cash flow without further compromising its long-term asset base.
Based on the reported figures, capital expenditures have remained relatively steady, averaging roughly 2-4% of revenue, which suggests that the company is prioritizing essential maintenance of its terrestrial infrastructure despite the ongoing contraction in its top-line broadcast advertising revenue streams.
While the current level of capital intensity appears manageable, the lack of significant growth-oriented investment may limit the company's ability to pivot toward higher-margin digital services. Analysts should consider whether this maintenance-level spending is sufficient to preserve the competitive utility of the Westwood One syndication network.
Data from recent filings indicates that working capital changes have acted as a volatile swing factor for cash flow, with a notable $17.2 million inflow in 2024Q4 followed by significant outflows in other periods, highlighting the company's reliance on timing differences to manage its immediate liquidity needs.
The reliance on working capital fluctuations to bolster operating cash flow suggests that the company's underlying operational efficiency is insufficient to cover its obligations. Investors should monitor these shifts closely, as they may indicate aggressive collection or payment timing strategies that are not sustainable over the long term.
Quick answers to the most common questions about buying CMLS stock.
Cumulus Media Inc. (CMLS) generated $-3.1M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Cumulus Media Inc. (CMLS) reported negative free cash flow of $22.6M in 2024, indicating capital requirements exceeded cash from operations.
Cumulus Media Inc. (CMLS) spent $19.5M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Cumulus Media Inc. (CMLS) spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.