Cumulus Media Reports Operating Results for the Third

ATLANTA, Oct. 28, 2022 (GLOBE NEWSWIRE) — Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) at this time introduced working outcomes for the three and 9 months ended September 30, 2022.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, stated, “Notwithstanding a difficult macro environment, consistent execution of our strategic plan has put us in an enviable financial position to effectively navigate through the continuing headwinds. Our solid Q3 results reflect that execution – although total revenue declined, driven by weakness in national advertising channels, digital revenue continued to grow, and we increased profitability as well. We also generated $24 million of cash from operations, repurchased $3.9 million of shares, opportunistically retired $2.8 million of senior notes at a discount and finished the quarter with net leverage of 3.7x, the lowest it’s been in more than a decade.”

Berner added, “Looking ahead, we will continue to rigorously implement our plan, which includes: furthering our multi-platform evolution; supporting growth of multiple, profitable digital businesses; reducing our fixed cost base; investing in high-ROI internal initiatives; maintaining a disciplined approach to M&A, including enhancing cash generation from non-core asset monetization; bolstering liquidity; reducing net leverage; and optimizing a multi-pronged capital allocation strategy. Given our track record, we continue to have strong confidence in our ability, under this plan, to grow shareholder value even in the incrementally challenging macro environment.”

Key Financial Highlights:

• Posted income decline of two%, reflecting market-driven headwinds
  • Outperformed in native spot versus nationwide advert channels (i.e., community and nationwide spot)
  • Delivered digital income development of 5% year-over-year, led by digital advertising and marketing companies (+12%), which benefited from new product additions, multi-market partnerships and robust gross sales execution, and streaming (+11%)
• Recorded third quarter web earnings of $8.5 million in comparison with web earnings of $27.4 million in Q3 2021, a interval which included a one-time pre-tax achieve of $20.8 million attributable to a land sale in Nashville
• Increased third quarter EBITDA by 2% year-over yr, from $45.8 million to $46.6 million, with income declines greater than offset by the advantages of prior and present interval everlasting fastened value reductions
• Reduced web leverage⁽¹⁾ additional, attaining the lowest ranges in additional than a decade – greatest amongst friends
  • Generated $24.0 million of money from operations, bringing year-to-date money era from operations to $54.5 million
  • Retired $2.8 million of senior notes at a mean buy value of 89.8% of par, bringing year-to-date debt discount to $65.1 million
  • Reported complete debt of $740.9 million at 9/30/22 and web debt⁽¹⁾ of $622.7 million
  • Reduced web leverage from 4.7x at 12/31/21 to three.7x at 9/30/22
• Completed $3.9 million of open market share repurchases with a volume-weighted common value of $9.43 per share – $21.1 million of availability stays below beforehand introduced $50 million share repurchase authorization
  • In Q3, repurchased 415,063 shares or 2.0% of weighted common diluted frequent shares excellent as of 6/30/22
  • Year-to-date, repurchased 2,139,200 shares or 10.2% of weighted common diluted frequent shares excellent as of 12/31/21

Operating Summary ({dollars} in 1000’s, besides percentages and per share information):

For the three months ended September 30, 2022, the Company reported web income of $233.5 million, a lower of 1.8% from the three months ended September 30, 2021, web earnings of $8.5 million and Adjusted EBITDA of $46.6 million.

For the 9 months ended September 30, 2022, the Company reported web income of $702.2 million, a rise of 5.7% from the 9 months ended September 30, 2021, web earnings of $16.3 million and Adjusted EBITDA of $123.3 million.

⁽¹⁾ Net leverage, web debt, and Adjusted EBITDA are usually not monetary measures calculated or offered in accordance with accounting rules typically accepted in the United States of America (“GAAP”). Net leverage is as outlined in our Senior Credit Facility. For extra data, see “Non-GAAP Financial Measures.”

Revenue Detail Summary ({dollars} in 1000’s):

Balance Sheet Summary ({dollars} in 1000’s):

(2) Excludes unamortized debt issuance prices.

Earnings Conference Call Details

The Company will host a convention name at this time at 8:30 AM ET to debate its third quarter working outcomes. NetRoadshow (NRS) is the service supplier for this name. They would require e-mail tackle verification (one-time solely) and can present registration affirmation. To take part in the convention name, please register upfront utilizing the hyperlink on the Company’s investor relations web site at www.cumulusmedia.com/buyers. Upon finishing registration, a calendar invitation will observe with name entry particulars, together with a novel PIN, and replay particulars.

To be a part of by telephone with operator-assisted dial-in, home callers ought to dial 833-470-1428 and worldwide callers ought to dial 404-975-4839. If prompted, the participant entry code is 539497. Please name 5 to 10 minutes upfront to make sure that you’re linked previous to the name.

The convention name will even be broadcast stay in listen-only mode via a hyperlink on the Company’s investor relations web site at www.cumulusmedia.com/buyers. This hyperlink will also be used to entry a recording of the name, which will probably be obtainable shortly following its completion.

Please see an replace to the Company’s investor presentation on the Company’s investor relations web site at www.cumulusmedia.com/buyers, which can be referenced on the convention name. Unless in any other case specified, data contained in the investor presentation or on our web site shouldn’t be integrated into this press launch or different paperwork we file with, or furnish to, the SEC.

Forward-Looking Statements

Certain statements on this launch might represent “forward-looking” statements inside the that means of the Private Securities Litigation Reform Act of 1995 and different federal securities legal guidelines. Such statements are statements apart from historic reality and relate to our intent, perception or present expectations primarily with respect to our future working, monetary, and strategic efficiency and our plans and goals, together with with regard to returning capital to shareholders. Any such forward-looking statements are usually not ensures of future efficiency and contain dangers, uncertainties and different components that will trigger precise outcomes, efficiency or achievements to vary from these contained in or implied by the forward-looking statements on account of varied components. Such components embody, amongst others, dangers and uncertainties associated to the implementation of our strategic working plans, the evolving and unsure nature of the COVID-19 pandemic and its impression on the Company, the quantity and frequency of our shareholder capital returns, the quickly altering and aggressive media {industry}, the economy on the whole and different danger components described below “Risk Factors” in the Company’s Form 10-Ok for the yr ended December 31, 2021 in addition to in the Company’s different filings with the Securities and Exchange Commission. You mustn’t depend on forward-looking statements since they contain recognized and unknown dangers, uncertainties and different components which can be, in some circumstances, past the Company’s management, and the surprising prevalence or failure to happen of any such occasions or issues might trigger our precise outcomes, efficiency, monetary situation or achievements to vary materially from these expressed or implied by such forward-looking statements. Cumulus Media assumes no duty to replace any forward-looking statements, that are primarily based upon expectations as of the date hereof, on account of new data, future occasions or in any other case.

About Cumulus Media
Cumulus Media (NASDAQ: CMLS) is an audio-first media firm delivering premium content material to over 1 / 4 billion individuals each month — wherever and at any time when they need it. Cumulus Media engages listeners with high-quality native programming via 405 owned-and-operated radio stations throughout 86 markets; delivers nationally-syndicated sports activities, information, speak, and leisure programming from iconic manufacturers together with the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and lots of different world-class companions throughout greater than 9,500 affiliated stations via Westwood One, the largest audio community in America; and conjures up listeners via the Cumulus Podcast Network, its quickly rising community of authentic podcasts which can be good, entertaining and thought-provoking. Cumulus Media supplies advertisers with private connections, native impression and nationwide attain via broadcast and on-demand digital, cellular, social, and voice-activated platforms, in addition to built-in digital advertising and marketing companies, highly effective influencers, full-service audio options, industry-leading analysis and insights, and stay occasion experiences. Cumulus Media is the solely audio media firm to offer entrepreneurs with native and nationwide promoting efficiency ensures. For extra data go to www.cumulusmedia.com.

Non-GAAP Financial Measures

From time to time, we make the most of sure monetary measures that aren’t ready or calculated in accordance with GAAP to evaluate our monetary efficiency and profitability. Consolidated adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (“Adjusted EBITDA” or “EBITDA”) is the monetary metric by which administration and the chief working resolution maker allocate sources of the Company and analyze the efficiency of the Company as a complete. Management additionally makes use of this measure to find out the contribution of our core operations to the funding of our company sources utilized to handle our operations and the funding of our non-operating bills together with debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for functions of calculating and figuring out our compliance with sure covenants contained in our Refinanced Credit Agreement.

In figuring out Adjusted EBITDA, we exclude the following from web earnings (loss): curiosity, taxes, depreciation, amortization, stock-based compensation expense, achieve or loss on the trade, sale, or disposal of any property or stations or early extinguishment of debt, native advertising and marketing settlement charges, restructuring prices, bills referring to acquisitions and divestitures, non-routine authorized bills incurred in reference to sure litigation issues, and non-cash impairments of property, if any.

Management believes that Adjusted EBITDA, with and excluding impression of political promoting, though not a measure that’s calculated in accordance with GAAP, is usually employed by the funding neighborhood as a measure for figuring out the market worth of a media firm and for evaluating the operational and monetary efficiency amongst media firms. Management has additionally noticed that Adjusted EBITDA, with and excluding impression of political promoting, is routinely utilized to guage and negotiate the potential buy value for media firms. Given the relevance to our general worth, administration believes that buyers take into account these metrics to be extraordinarily helpful.

The Company presents income, excluding impression of political income. As a results of the cyclical nature of the electoral system and the seasonality of the associated political income, administration believes presenting web income, excluding impression of political income, supplies helpful data to buyers about the Company’s income development comparable from interval to interval.

The Company presents the non-GAAP monetary measure web debt which is complete debt principal, gross, much less money and money equivalents. The Company additionally presents the non-GAAP monetary measure web leverage, which is outlined in our Senior Credit Facility as web debt divided by Adjusted EBITDA. Management believes that web leverage and web debt are necessary measures to observe leverage and consider the steadiness sheet. Additionally, web leverage is required for complying with sure covenants below the Company’s credit score agreements.

We discuss with Adjusted EBITDA, with and excluding the impression of political promoting, web income, excluding impression of political income, web debt and web leverage as the “Non-GAAP Financial Measures.” Non-GAAP Financial Measures shouldn’t be thought-about in isolation or in its place for web earnings, web income, working earnings, money flows from working actions or every other measure for figuring out the Company’s working efficiency or liquidity that’s calculated in accordance with GAAP. In addition, Non-GAAP Financial Measures could also be outlined or calculated otherwise by different firms and, due to this fact, comparability could also be restricted.

For additional data, please contact:
Cumulus Media Inc.
Investor Relations Department
[email protected] 
404-260-6600

Supplemental Financial Data and Reconciliations

Cumulus Media Inc.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in 1000’s)

The following tables reconcile web earnings (loss), the most immediately comparable monetary measure calculated and offered in accordance with GAAP, to Adjusted EBITDA for the durations offered herein ({dollars} in 1000’s):        

The following tables reconcile the as reported web income and as reported Adjusted EBITDA, each together with and excluding the impression of political, for the durations offered herein ({dollars} in 1000’s):

The following desk units forth a reconciliation of our complete debt principal, gross, money and money equivalents, and Adjusted EBITDA to web leverage for the durations offered herein ({dollars} in 1000’s):