Cumulus Media Reports Operating Results for the First Quarter 2022


Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,”  “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2022.  

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Our outstanding first  quarter results once again demonstrate the positive impacts of our ‘audio-first’ strategy to transform the  Company from a one-dimensional radio broadcaster to a multi-dimensional audio media company. 

Following a strong 2021 performance, this quarter’s results underscore our ability to deliver value to our  shareholders through sustained profitable top- and bottom-line growth and balance sheet de-levering.  We delivered sequential revenue improvement for the fifth straight quarter versus the comparable 2019  quarter, grew EBITDA by 250% year-over-year, and generated continued strong cash from operations,  which collectively allowed us to achieve the Company’s lowest net leverage in over a decade.” 

Berner added, “Given our best-among-peers balance sheet, strong financial momentum and the  Company’s positive 2022 outlook, we expect ongoing cash flow generation that will support a meaningful  return of capital to shareholders now and in the future. Accordingly, as a first step, today we are  announcing a $50 million share repurchase program with a plan to commence share repurchases in the  near-term. This capital return program is underpinned by our continued belief that the Company is  significantly undervalued.” 

Key Financial Highlights:  

• Increased first quarter revenue by 15% year-over-year 

◦ Fifth straight quarter of sequential improvement in revenue performance vs.  

comparable quarter in 2019 

◦ Digital revenue up 18% led by digital marketing services, up 35%, and podcasting,  up 22% 

• Recorded first quarter net loss of $0.9 million compared to a net loss of $21.9 million in Q1  2021 

• Achieved first quarter EBITDA of $31.2 million, an increase of 250% year-over-year, with  year-over-year EBITDA margin improvement of approximately 900 basis points, driven by  permanent fixed cost reductions

• Reduced net leverage(1) to the lowest levels in more than a decade – best among peers ◦ Generated $24.3 million of cash from operations and finished quarter with $181  million of cash  

◦ Reported total debt of $793 million at 3/31/22 and net debt(1) of $612 million 

◦ Reduced net leverage from 4.7x at 12/31/2021 to 3.9x at 3/31/22 

• Reiterating full year EBITDA(1) guidance range of $175 to $200 million(2)  

• Announcing $50 million share repurchase program with plan to commence repurchases in  the near-term 

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

For the  three months ended  March  31, 2022, the Company reported net revenue of  $232.0 million, an  increase of 15.0%  from the  three months ended  March  31, 2021, net loss of  $0.9 million  and Adjusted  EBITDA of $31.2 million. 

As ReportedThree Months Ended  

March 31, 2022Three Months Ended  

March 31, 2021 % Change 

Net revenue $ 232,032 $ 201,728 15.0 % Net loss $ (905) $ (21,917) (95.9) % Adjusted EBITDA (1) $ 31,213 $ 8,932 249.5 % Basic loss per share $ (0.04) $ (1.07) (96.3) % Diluted income loss per share $ (0.04) $ (1.07) (96.3) % 

Revenue Detail Summary (dollars in thousands): 

As ReportedThree Months Ended  

March 31, 2022Three Months Ended  

March 31, 2021 % Change 

 Broadcast radio revenue: 

 Spot $ 103,913 $ 92,896 11.9 %  Network 65,273 62,030 5.2 % Total broadcast radio revenue 169,186 154,926 9.2 % Digital 31,893 27,078 17.8 % Other 30,953 19,724 56.9 %  Net revenue $ 232,032 $ 201,728 15.0 % 

(1) Net leverage is as defined in our Senior Credit Facility. Net leverage, net debt and Adjusted EBITDA are not financial  measures calculated or presented in accordance with accounting principles generally accepted in the United States  of America (“GAAP”). For additional information, see “Non-GAAP Financial Measures.” 

(2) With respect to our forward-looking guidance, no reconciliation between a non-GAAP measure to the closest  corresponding GAAP measure is included because we are unable to quantify certain amounts that would be  required to be included in the GAAP measure without unreasonable efforts, and we believe such reconciliations  would imply a degree of precision that would be confusing or misleading to investors. In particular, a reconciliation of  forward-looking Adjusted EBITDA to the closest corresponding GAAP measure is not available without unreasonable  efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the amounts  required to reconcile such measure. The unavailable information could have a significant impact on the company's  future financial results. 


Balance Sheet Summary (dollars in thousands): 

March 31, 2022 December 31, 2021 

Cash and cash equivalents $ 181,095 $ 177,028  

Term loan due 2026 (3) $ 343,731 $ 356,240  

6.75% Senior notes (3) $ 449,695 $ 449,695  

Three Months Ended  

March 31, 2022Three Months Ended  

March 31, 2021 

Capital expenditures $ 5,269 $ 2,890  

(3) Excludes unamortized debt issuance costs. 

Share Repurchase Program 

On May 3, 2022, the Board of Directors authorized a share repurchase program for up to $50 million of  outstanding Class A common stock, with a plan to commence share repurchases in the near term.  Purchases made pursuant to the program may be made from time to time, at the Company’s discretion,  in the open market, through privately negotiated transactions or through other manners as permitted by  federal securities laws including, but not limited to, 10b5-1 trading plans, accelerated stock repurchase  programs and tender offers. The specific timing, manner, price and amount of any repurchases will be  determined by the Company and may be subject to economic and market conditions, stock price,  applicable legal requirements and other factors.  


Earnings Conference Call Details 

The Company will host a conference call today at 8:30 AM ET to discuss its first quarter operating results.  NetRoadshow (NRS) is the service provider for this call. They will require email address verification (one time only) and will provide registration confirmation. To participate in the conference call, please register  in advance using the link on the Company's investor relations website at investors. Upon completing registration, a calendar invitation will follow with call access details, including  a unique PIN, and replay details.  

To join by phone with operator-assisted dial-in, domestic callers should dial 833-470-1428 and international  callers should dial 404-975-4839. If prompted, the participant access code is 793501. Please call five to ten  minutes in advance to ensure that you are connected prior to the call.  

The conference call will also be broadcast live in listen-only mode through a link on the Company’s  investor relations website at This link can also be used to access a  recording of the call, which will be available shortly following its completion. 

Please see an update to the Company’s investor presentation on the Company's investor relations  website at, which may be referenced on the conference call. Unless  otherwise specified, information contained in the investor presentation or on our website is not  incorporated into this press release or other documents we file with, or furnish to, the SEC. 

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 and our plans and objectives,  including with regard to returning capital to shareholders. Any such forward-looking statements are not  guarantees of future performance and involve risks, uncertainties and other factors that may cause  actual results, performance or achievements to differ from those contained in or implied by the forward 

looking statements as a result of various factors. Such factors include, among others, risks and  uncertainties related to the implementation of our strategic operating plans, the evolving and uncertain  nature of the COVID-19 pandemic and its impact on the Company, the amount and frequency of our  shareholder capital returns, future actions that may be taken in furtherance of the unsolicited indication  of interest received by the Company, the rapidly changing and competitive media industry, the  economy in general and other risk factors described under “Risk Factors” in the Company’s Form 10-K for  the year ended December 31, 2021 as well as in the Company’s other filings with the Securities and  Exchange Commission. You should not rely on forward-looking statements since they involve known and  unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control,  and the unexpected occurrence or failure to occur of any such events or matters could cause our actual  results, performance, financial condition or achievements to differ materially from those expressed or  implied by such forward-looking statements. Cumulus Media assumes no responsibility to update any  forward-looking statements, which are based upon expectations as of the date hereof, as a result of new  information, future events or otherwise.

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