%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream /GS0 gs q 512.00 0 0 71.35 50.00 665.16 cm /I1 Do Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.45098039215686275 0.6941176470588235 rg BT 50.05 631.55 Td (CUMULUS MEDIA Reports Operating Results for the Second Quarter ) Tj ET Q BT /F2 14.00 Tf ET q 0.027450980392156862 0.45098039215686275 0.6941176470588235 rg BT 499.70 631.55 Td (2020) Tj ET Q BT /F2 14.00 Tf ET q 0.027450980392156862 0.45098039215686275 0.6941176470588235 rg BT 531.06 631.55 Td ( and) Tj ET Q BT /F3 14.00 Tf ET q 0.027450980392156862 0.45098039215686275 0.6941176470588235 rg BT 561.86 631.55 Td ( ) Tj ET Q BT /F2 14.00 Tf ET q 0.027450980392156862 0.45098039215686275 0.6941176470588235 rg BT 50.10 614.75 Td (Announces Definitive Agreement to Monetize Tower Portfolio for $213 Million) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 306.00 602.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 578.75 Td (ATLANT) Tj ET Q q 0 0 0 rg BT 83.71 578.75 Td (A, GA ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 128.30 578.75 Td (August10, 2020) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 203.44 578.75 Td (: Cumulus Media Inc. \(NASDAQ: CMLS\) \(the Company, "CUMULUS ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 566.75 Td (MEDIA," we, us, or our\) today announced operating results for the three and six months ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 554.75 Td (June30, 2020) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 115.08 554.75 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 530.75 Td (Mary G. Berner, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 286.30 530.75 Td (ficer of CUMULUS MEDIA, said, "Despite the COVID-19 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 518.75 Td (pandemics material impact on revenue, the Company generated over $90 million of cash in the quarter ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 506.75 Td (through quick and decisive expense actions, strong working capital management and the completion of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 494.75 Td (the sale of land in Bethesda, MD. Ending the quarter with nearly $200 million of cash, we have also ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 482.75 Td (entered into an agreement to monetize our tower portfolio for more than $210 million, proceeds which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 470.75 Td (will further add to our liquidity and contribute to significant incremental debt paydown. Our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 458.75 Td (demonstrated ability to rise to a challenge, strong liquidity position and resilient balance sheet are critical ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 446.75 Td (assets as we operate through this uncertain environment, and we believe we remain very well-positioned ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 434.75 Td (to drive long-term shareholder value through continued aggressive debt reduction and the execution of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 422.75 Td (our growth initiatives.") Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.90 w 0 i [] 0 d 1 J 1 j 3 M 50 397.3828125 m 123.3935546875 397.3828125 l s q 0 0 0 rg BT 50.00 398.75 Td (Key Highlights: ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 374.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 374.75 Td (Meaningfully mitigated pandemics Q2 impacts through significant fixed cost expense reductions) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 360.59 cm /I2 Do Q q 0 0 0 rg BT 108.00 362.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 362.75 Td (Nearly $36 million realized in Q2) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 348.59 cm /I3 Do Q q 0 0 0 rg BT 108.00 350.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 350.75 Td (T) Tj ET Q q 0 0 0 rg BT 125.77 350.75 Td (otal reductions of more than $85 million expected in 2020) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 326.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 326.75 Td (Delivered sequential monthly revenue and EBITDA improvement through the quarter) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 312.59 cm /I4 Do Q q 0 0 0 rg BT 108.00 314.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 314.75 Td (Continued to deliver profitable growth in digital) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 300.59 cm /I5 Do Q q 0 0 0 rg BT 108.00 302.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 302.75 Td (Posted positive EBITDA in June) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 278.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 278.75 Td (Substantially increased liquidity and strengthened balance sheet) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 264.59 cm /I6 Do Q q 0 0 0 rg BT 108.00 266.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 266.75 Td (Grew cash balance to $197 million, up $91 million from Q1) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 252.59 cm /I7 Do Q q 0 0 0 rg BT 108.00 254.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 254.75 Td (Achieved net debt reduction of approximately 10% since March) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 240.59 cm /I8 Do Q q 0 0 0 rg BT 108.00 242.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 242.75 Td (Generated $28 million of cash from operations and netted $66 million of additional cash ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 230.75 Td (from completion of the sale of land in Bethesda, MD in Q2) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 216.59 cm /I9 Do Q q 0 0 0 rg BT 108.00 218.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 218.75 Td (Maintained balance sheet flexibility with no funded debt maturity prior to 2026 or financial ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 206.75 Td (maintenance covenants) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 182.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 182.75 Td (Executed agreement to monetize tower portfolio and related assets for $213 million) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 168.59 cm /I10 Do Q q 0 0 0 rg BT 108.00 170.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 170.75 Td (Expect funds from deal completion to permit substantial debt paydown and provide ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 158.75 Td (additional liquidity) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 104.00 144.59 cm /I11 Do Q q 0 0 0 rg BT 108.00 146.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 146.75 Td (Anticipate first closing for 85% or more of proceeds in Q4) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.90 w 0 i [] 0 d 1 J 1 j 3 M 50 121.3828125 m 456.9921875 121.3828125 l s q 0 0 0 rg BT 50.00 122.75 Td (Operating Summary \(dollars in thousands, except percentages and per share data\):) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 98.75 Td (For thethree months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.94 98.75 Td (June30, 2020) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 253.02 98.75 Td (, the Company reported net revenue of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 448.80 98.75 Td ($146.0 million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 512.08 98.75 Td (, a ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 86.75 Td (decrease of 47.8%from thethree months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 287.24 86.75 Td (June30, 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 352.32 86.75 Td (, net loss of$36.3 millionand Adjusted ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 74.75 Td (EBITDA of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.71 74.75 Td ($\(6.4\) million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 157.29 74.75 Td (.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.20 31.00 Td (2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 741.50 Td (For the three months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.91 741.50 Td (June30, 2020) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 252.99 741.50 Td (, the Company reported same station net revenue of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 513.04 741.50 Td ($146.0 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 729.50 Td (million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.03 729.50 Td (, a decrease of 46.6%from the three months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 332.38 729.50 Td (June30, 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.46 729.50 Td (, and same station Adjusted ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 717.50 Td (EBITDA of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.71 717.50 Td ($\(6.3\) million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 157.29 717.50 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 693.50 Td (For thesix months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 173.17 693.50 Td (June30, 2020) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 238.25 693.50 Td (, the Company reported net revenue of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 434.03 693.50 Td ($373.9 million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 497.31 693.50 Td (, a decrease ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 681.50 Td (of 31.7%from thesix months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 223.20 681.50 Td (June30, 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 288.28 681.50 Td (, net loss of$43.7 millionand Adjusted EBITDA of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 520.69 681.50 Td ($21.4 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 669.50 Td (million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.03 669.50 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 645.50 Td (For the six months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 173.14 645.50 Td (June30, 2020) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 238.22 645.50 Td (, the Company reported same station net revenue of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 498.27 645.50 Td ($372.5 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 633.50 Td (million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.03 633.50 Td (, a decrease of 29.5%from the six months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 317.61 633.50 Td (June30, 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 382.69 633.50 Td (, and same station Adjusted EBITDA ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 621.50 Td (of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.49 621.50 Td ($22.2 million) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 120.22 621.50 Td (, a decrease of 78.3%from the six months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 357.80 621.50 Td (June30, 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 422.88 621.50 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 567 m 356.5 567 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 567 m 443.5 567 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 567 m 508.5 567 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 161.95 570.16953125 m 215.04912109375 570.16953125 l s q 0 0 0 rg BT 161.95 571.40 Td (As Reported) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 589.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.35 580.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.40 571.40 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.75 589.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.35 580.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.40 571.40 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.60 571.40 Td (% Change) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 556.40 Td (Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 556.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 320.20 556.40 Td (146,022) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.00 556.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 407.20 556.40 Td (279,673) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 556.40 Td (\(47.8) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 556.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 541.40 Td (Net \(loss\) income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 541.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 321.85 541.40 Td (\(36,316) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 352.65 541.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.00 541.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 412.20 541.40 Td (42,861) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 487.75 541.40 Td (N/A) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 526.40 Td (Adjusted EBITDA ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 177.88 528.73 Td (\(1\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 526.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 326.85 526.40 Td (\(6,375) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 352.65 526.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.00 526.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 412.20 526.40 Td (61,819) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 487.75 526.40 Td (N/A) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 511.40 Td (Basic \(loss\) income per share) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 511.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 331.85 511.40 Td (\(1.79) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 352.65 511.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 422.15 511.40 Td (2.13) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 487.75 511.40 Td (N/A) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 496.40 Td (Diluted \(loss\) income per share) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 496.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 331.85 496.40 Td (\(1.79) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 352.65 496.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 422.15 496.40 Td (2.11) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 487.75 496.40 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 438 m 357.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 438 m 444.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 438 m 509.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 438 m 357.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 438 m 509.5 438 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 154.1 441.16953125 m 213.31630859375 441.16953125 l s q 0 0 0 rg BT 154.10 442.40 Td (Same Station ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 213.32 444.73 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 460.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.35 451.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.40 442.40 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.75 460.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.35 451.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.40 442.40 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.60 442.40 Td (% Change) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 104.00 427.40 Td (Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 277.00 427.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 321.20 427.40 Td (146,012) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 427.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.55 427.40 Td (273,451) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 477.90 427.40 Td (\(46.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 498.70 427.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 104.00 412.40 Td (Adjusted EBITDA ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 176.88 414.73 Td (\(1\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 277.00 412.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.85 412.40 Td (\(6,274) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 353.65 412.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 412.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 409.55 412.40 Td (62,496) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 488.75 412.40 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 354 m 361 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 354 m 448 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 354 m 513 354 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 157.45 357.16953125 m 210.54912109375 357.16953125 l s q 0 0 0 rg BT 157.45 358.40 Td (As Reported) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.50 367.40 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.15 358.40 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 367.40 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.65 358.40 Td (June 30, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.10 358.40 Td (% Change) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.50 343.40 Td (Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 273.50 343.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 324.70 343.40 Td (373,936) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 367.50 343.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 411.70 343.40 Td (547,169) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 481.40 343.40 Td (\(31.7) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 502.20 343.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.50 328.40 Td (Net \(loss\) income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 273.50 328.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 326.35 328.40 Td (\(43,667) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 357.15 328.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 367.50 328.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 416.70 328.40 Td (43,312) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 492.25 328.40 Td (N/A) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.50 313.40 Td (Adjusted EBITDA ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 173.38 315.73 Td (\(1\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 273.50 313.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 329.70 313.40 Td (21,350) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 367.50 313.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 411.70 313.40 Td (103,623) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 481.40 313.40 Td (\(79.4) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 502.20 313.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.50 298.40 Td (Basic \(loss\) income per share) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 273.50 298.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 336.35 298.40 Td (\(2.15) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 357.15 298.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 426.65 298.40 Td (2.16) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 492.25 298.40 Td (N/A) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.50 283.40 Td (Diluted \(loss\) income per share) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 273.50 283.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 336.35 283.40 Td (\(2.15) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 357.15 283.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 426.65 283.40 Td (2.14) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 492.25 283.40 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 225 m 357.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 225 m 444.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 225 m 509.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 225 m 357.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 225 m 509.5 225 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 154.1 228.16953124999998 m 213.31630859375 228.16953124999998 l s q 0 0 0 rg BT 154.10 229.40 Td (Same Station ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 213.32 231.73 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.50 238.40 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.15 229.40 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.50 238.40 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.15 229.40 Td (June 30, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.60 229.40 Td (% Change) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 104.00 214.40 Td (Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 277.00 214.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 321.20 214.40 Td (372,485) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 214.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.55 214.40 Td (528,511) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 477.90 214.40 Td (\(29.5) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 498.70 214.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 104.00 199.40 Td (Adjusted EBITDA ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 176.88 201.73 Td (\(1\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 277.00 199.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 326.20 199.40 Td (22,155) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 199.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.55 199.40 Td (102,266) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 477.90 199.40 Td (\(78.3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 498.70 199.40 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.20 31.00 Td (3) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.90 w 0 i [] 0 d 1 J 1 j 3 M 50 740.1328125 m 280.1904296875 740.1328125 l s q 0 0 0 rg BT 50.00 741.50 Td (Revenue Detail Summary \(dollars in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 693 m 358.5 693 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 693 m 443.5 693 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 693 m 508.5 693 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 648 m 358.5 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 648 m 443.5 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 603 m 358.5 603 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 603 m 443.5 603 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 589 m 358.5 589 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 587 m 358.5 587 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 589 m 443.5 589 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 587 m 443.5 587 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 161.95 696.16953125 m 215.04912109375 696.16953125 l s q 0 0 0 rg BT 161.95 697.40 Td (As Reported) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.75 715.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.35 706.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.40 697.40 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.75 715.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.35 706.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.40 697.40 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.60 697.40 Td (% Change) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 682.40 Td ( Broadcast radio revenue:) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 667.40 Td ( Spot) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 667.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.20 667.40 Td (72,437) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 365.00 667.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 403.55 667.40 Td (163,111) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 667.40 Td (\(55.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 667.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 652.40 Td ( Network) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.20 652.40 Td (41,767) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 408.55 652.40 Td (72,877) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 652.40 Td (\(42.7) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 652.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 111.00 638.75 Td (T) Tj ET Q q 0 0 0 rg BT 114.61 638.75 Td (otal broadcast radio revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.20 637.40 Td (114,204) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 403.55 637.40 Td (235,988) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 637.40 Td (\(51.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 637.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 111.00 623.75 Td (Digital) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.20 622.40 Td (20,341) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 408.55 622.40 Td (20,208) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 485.20 622.40 Td (0.7) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 501.00 622.40 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 111.00 608.75 Td (Other) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.20 607.40 Td (11,477) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 408.55 607.40 Td (23,477) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 607.40 Td (\(51.1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 607.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 109.50 592.40 Td ( Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 592.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.20 592.40 Td (146,022) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 365.00 592.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 403.55 592.40 Td (279,673) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 592.40 Td (\(47.8) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 592.40 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 534 m 359 534 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 534 m 446 534 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 534 m 511 534 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 489 m 359 489 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 489 m 446 489 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 444 m 359 444 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 444 m 446 444 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 430 m 359 430 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 428 m 359 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 430 m 446 430 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 428 m 446 428 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 152.5 537.16953125 m 211.71630859375 537.16953125 l s q 0 0 0 rg BT 152.50 538.40 Td (Same Station ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 211.72 540.73 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 556.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.35 547.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.40 538.40 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.25 556.40 Td (Three Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.85 547.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.90 538.40 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.10 538.40 Td (% Change) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.50 523.40 Td ( Broadcast radio revenue:) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.50 508.40 Td ( Spot) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 275.50 508.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.70 508.40 Td (72,466) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 365.50 508.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 406.05 508.40 Td (158,741) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 508.40 Td (\(54.3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 508.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.50 493.40 Td ( Network) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.70 493.40 Td (41,767) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 411.05 493.40 Td (72,504) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 493.40 Td (\(42.4) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 493.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 108.50 479.75 Td (T) Tj ET Q q 0 0 0 rg BT 112.11 479.75 Td (otal broadcast radio revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.70 478.40 Td (114,233) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 406.05 478.40 Td (231,245) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 478.40 Td (\(50.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 478.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 108.50 464.75 Td (Digital) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.70 463.40 Td (20,341) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 411.05 463.40 Td (19,636) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 487.70 463.40 Td (3.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 503.50 463.40 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 108.50 449.75 Td (Other) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.70 448.40 Td (11,438) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 411.05 448.40 Td (22,570) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 448.40 Td (\(49.3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 448.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 107.00 433.40 Td (Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 275.50 433.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.70 433.40 Td (146,012) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 365.50 433.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 406.05 433.40 Td (273,451) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 433.40 Td (\(46.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 433.40 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 369 m 358.5 369 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 369 m 443.5 369 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 369 m 508.5 369 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 324 m 358.5 324 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 324 m 443.5 324 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 279 m 358.5 279 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 279 m 443.5 279 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 265 m 358.5 265 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 263 m 358.5 263 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 265 m 443.5 265 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 263 m 443.5 263 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 161.95 372.16953125 m 215.04912109375 372.16953125 l s q 0 0 0 rg BT 161.95 373.40 Td (As Reported) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.50 382.40 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.15 373.40 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.60 391.40 Td (Six Months) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.35 382.40 Td (Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.40 373.40 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.60 373.40 Td (% Change) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 358.40 Td ( Broadcast radio revenue:) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 343.40 Td ( Spot) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 343.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.20 343.40 Td (194,380) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 365.00 343.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 403.55 343.40 Td (302,690) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 343.40 Td (\(35.8) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 343.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.00 328.40 Td ( Network) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.20 328.40 Td (107,450) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 403.55 328.40 Td (158,041) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 328.40 Td (\(32.0) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 328.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 111.00 314.75 Td (T) Tj ET Q q 0 0 0 rg BT 114.61 314.75 Td (otal broadcast radio revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.20 313.40 Td (301,830) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 403.55 313.40 Td (460,731) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 313.40 Td (\(34.5) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 313.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 111.00 299.75 Td (Digital) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.20 298.40 Td (42,227) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 408.55 298.40 Td (37,049) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 480.20 298.40 Td (14.0) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 501.00 298.40 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 111.00 284.75 Td (Other) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.20 283.40 Td (29,879) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 408.55 283.40 Td (49,389) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 476.90 283.40 Td (\(39.5) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.70 283.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 109.50 268.40 Td ( Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 278.00 268.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.20 268.40 Td (373,936) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 365.00 268.40 Td ($) Tj ET Q 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(289,565) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 184.40 Td (\(33.3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 184.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.50 169.40 Td ( Network) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.70 169.40 Td (107,450) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 406.05 169.40 Td (156,800) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 169.40 Td (\(31.5) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 169.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 108.50 155.75 Td (T) Tj ET Q q 0 0 0 rg BT 112.11 155.75 Td (otal broadcast radio revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 322.70 154.40 Td (300,730) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 406.05 154.40 Td (446,365) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 479.40 154.40 Td (\(32.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.20 154.40 Td (\)%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 108.50 140.75 Td (Digital) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.70 139.40 Td (42,156) Tj 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Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 135.00 602.40 Td (Capital expenditures) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 279.00 602.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 351.20 602.40 Td (5,575) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 384.00 602.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 447.20 602.40 Td (10,715) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 89.00 567.30 Td (\(1\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 107.00 567.30 Td (Adjusted EBITDA is not a financial measure calculated or presented in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 470.78 567.30 Td (. For additional ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 107.00 557.70 Td (information, see Non-GAAP Financial Measures.) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 89.00 548.10 Td (\(2\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 107.00 548.10 Td (Adjusted for all merger and acquisition activity occurring in 2019 and 2020 as if such activity had occurred as of ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 107.00 538.55 Td (January 1, 2019. Same Station financial measures are not financial measures calculated or presented in accordance ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 107.00 528.95 Td (with accounting principles generally accepted in the United States of America \(GAAP\). For additional information, ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 107.00 519.30 Td (see Non-GAAP Financial Measures.) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 89.00 509.75 Td (\(3\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 107.00 509.75 Td (Excludes unamortized debt issuance costs.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.20 31.00 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.50 Td (Earnings Conference Call Details) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 729.50 Td (The Company will host a conference call today at 8:30 AM EDT to discuss its second quarter operating ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 717.50 Td (results. A link to the webcast of the conference call will be available on the investor section of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 705.50 Td (Companys website \(www.cumulusmedia.com/investors/\). The conference call dial-in number for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 693.50 Td (domestic callers is 877-830-7699 for call access. If prompted, the conference ID number is 3379889. Please ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 681.50 Td (call five to ten minutes in advance to ensure that you are connected prior to the call. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 657.50 Td (Following completion of the call, a recording of the call can be accessed via a link at ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 645.50 Td (www.cumulusmedia.com/investors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 621.50 Td (Forward-Looking Statements) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 609.50 Td (Certain statements in this release may constitute forward-looking statements within the meaning of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 597.50 Td (Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 585.50 Td (statements other than historical fact and relate to our intent, belief or current expectations primarily with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 573.50 Td (respect to our future operating, financial, and strategic performance. Any such forward-looking ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 561.50 Td (statements are not guarantees of future performance and involve risks and uncertainties. Actual results ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 549.50 Td (may dif) Tj ET Q q 0 0 0 rg BT 86.36 549.50 Td (fer from those contained in or implied by the forward-looking statements as a result of various ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 537.50 Td (factors including, but not limited to, risks and uncertainties related to the implementation of our strategic ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 525.50 Td (operating plans, the evolving and uncertain nature of the COVID-19 pandemic and its impact on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 513.50 Td (Company, the media industry, and the economy in general and other risk factors described from time to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 501.50 Td (time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 489.50 Td (beyond our control, and the unexpected occurrence or failure to occur of any such events or matters ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 477.50 Td (could significantly alter our actual results of operations or financial condition. CUMULUS MEDIA assumes ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 465.50 Td (no responsibility to update any forward-looking statements, which are based upon expectations as of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 453.50 Td (date hereof, as a result of new information, future events or otherwise.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.50 Td (About CUMULUS MEDIA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 417.50 Td (CUMULUS MEDIA \(NASDAQ: CMLS\) is a leading audio-first media and entertainment company delivering ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 405.50 Td (premium content to over a quarter billion people every month - wherever and whenever they want it. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 393.50 Td (CUMULUS MEDIA engages listeners with high-quality local programming through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 438.45 393.50 Td (424) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 455.07 393.50 Td ( owned-and-) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 381.50 Td (operated stations across ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 171.35 381.50 Td (87) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 182.44 381.50 Td ( markets; delivers nationally-syndicated sports, news, talk, and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 369.50 Td (entertainmentprogramming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 357.50 Td (the Academy of Country Music Awards, and many other world-class partners across nearly ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 491.04 357.50 Td (8,000) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 515.98 357.50 Td ( af) Tj ET Q q 0 0 0 rg BT 528.75 357.50 Td (filiated ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 345.50 Td (stations through W) Tj ET Q q 0 0 0 rg BT 138.60 345.50 Td (estwood One, the largest audio network in America;and inspires listeners through its ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 333.50 Td (rapidly growing networkof original podcasts that are smart, entertaining and thought-provoking. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 321.50 Td (CUMULUS MEDIA provides advertisers with personal connections, local impact and national ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 309.50 Td (reachthrough on-air and on-demand digital, mobile, social, and voice-activated platforms, as well as ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 297.50 Td (integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 285.50 Td (research and insights, and live eventexperiences. CUMULUS MEDIA is the only audio media company to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 273.50 Td (provide marketers with local and national advertising performance guarantees. For more information ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 261.50 Td (visitwww.cumulusmedia.com.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.20 31.00 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.50 Td (Non-GAAP Financial Measures ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 717.50 Td (From time to time, we utilize certain financial measures that are not prepared or calculated in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 705.50 Td (accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 693.50 Td (earnings before interest, taxes, depreciation, and amortization \("Adjusted EBITDA"\) is the financial metric ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 681.50 Td (by which management and the chief operating decision maker allocate resources of the Company and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 669.50 Td (analyze the performance of the Company as a whole. Management also uses this measure to determine ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 657.50 Td (the contribution of our core operations to the funding of our corporate resources utilized to manage our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 645.50 Td (operations and the funding of our non-operating expenses including debt service and acquisitions. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 621.50 Td (In determining Adjusted EBITDA, the Company excludes from net income items not related to core ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 609.50 Td (operations and those that are non-cash including: interest, taxes, depreciation, amortization, stock-based ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 597.50 Td (compensation expense, gain or loss on the exchange, sale or disposal of any assets or stations, early ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 585.50 Td (extinguishment of debt, local marketing agreement fees, expenses relating to acquisitions, divestitures, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 573.50 Td (restructuring costs, reorganization items and non-cash impairments of assets, if any.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 549.50 Td (Because of the significant ef) Tj ET Q q 0 0 0 rg BT 187.06 549.50 Td (fect that the Companys material station acquisitions and dispositions have ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 537.50 Td (had on our results of operations, the Company also presentscertain financial information herein on a ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 525.50 Td (Same Station basis, both with and excluding the ef) Tj ET Q q 0 0 0 rg BT 304.74 525.50 Td (fect of political advertising in order to address the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 513.50 Td (cyclical nature of the two-year election cycle. Same Station metrics are adjusted for material station ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 501.50 Td (acquisitions and dispositions as if these acquisitions and dispositions had occurred as of the beginning of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 489.50 Td (the comparable period in the prior year, as indicated. Same station financial measures excluding the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 477.50 Td (impact of political advertising are further adjusted to exclude the impact of political advertising in the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 465.50 Td (comparable periods. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 444.50 Td (Management believes that Adjusted EBITDA and Same Station financial measures, with and excluding ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 432.50 Td (the impact of political advertising, although not measures that are calculated in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 556.37 432.50 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 420.50 Td (are commonly employed by the investment community as measures for determining the market value of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 408.50 Td (a media company and comparing the operational and financial performance among media ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 396.50 Td (companies. Management has also observed that Adjusted EBITDA and Same Station financial measures, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 384.50 Td (with and excluding the impact of political advertising, are routinely utilized to evaluate and negotiate the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 372.50 Td (potential purchase price for media companies. Given the relevance to our overall value, management ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 360.50 Td (believes that investors consider the metrics to be extremely useful.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 339.50 Td (Adjusted EBITDA and Same Station financial measures, with and excluding the impact of political ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 327.50 Td (advertising, should not be considered in isolation or as a substitute for net income, net revenue, operating ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 315.50 Td (income, cash flows from operating activities or any other measure for determining the Companys ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 303.50 Td (operating performance or liquidity that is calculated in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 434.19 303.50 Td (. In addition, Adjusted ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 291.50 Td (EBITDA and Same Station financial measures, both with and excluding the impact of political advertising, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 279.50 Td (may be defined or calculated dif) Tj ET Q q 0 0 0 rg BT 211.67 279.50 Td (ferently by other companies and, therefore, comparability may be ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 267.50 Td (limited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.50 Td (For further information, please contact:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 219.50 Td (Cumulus Media Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 207.50 Td (Investor Relations Department) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 195.50 Td (IR@cumulus.com) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 183.50 Td (404-260-6600) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.20 31.00 Td (7) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.90 w 0 i [] 0 d 1 J 1 j 3 M 50 740.1328125 m 287.59765625 740.1328125 l s q 0 0 0 rg BT 50.00 741.50 Td (Supplemental Financial Data and Reconciliations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.30 718.70 Td (CUMULUS MEDIA INC.) 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0 J 0 j 3 M 422.71806640625 350.2 m 487.71806640625 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.71806640625 350.2 m 558.71806640625 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.71806640625 350.2 m 344.71806640625 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.71806640625 335.2 m 344.71806640625 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.71806640625 350.2 m 418.71806640625 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.71806640625 335.2 m 418.71806640625 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.71806640625 350.2 m 487.71806640625 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.71806640625 335.2 m 487.71806640625 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.71806640625 350.2 m 558.71806640625 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.71806640625 335.2 m 558.71806640625 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.71806640625 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i [] 0 d 0 J 0 j 3 M 491.71806640625 289.2 m 558.71806640625 289.2 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.37 656.60 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.22 656.60 Td (Six Months Ended) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 57.22 624.60 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.87 624.60 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.87 624.60 Td (June 30, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.37 624.60 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.37 624.60 Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 57.22 609.60 Td (Net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 281.22 609.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 308.42 609.60 Td (146,022) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 351.22 609.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 382.42 609.60 Td (279,673) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 425.22 609.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.42 609.60 Td (373,936) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 494.22 609.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 522.42 609.60 Td (547,169) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 57.22 594.60 Td (Operating expenses:) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 579.60 Td (Content costs) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 313.42 579.60 Td (65,725) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 387.42 579.60 Td (93,844) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.42 579.60 Td (154,291) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 522.42 579.60 Td (197,596) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 565.60 Td (Selling, general & administrative expenses) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 313.42 565.60 Td (79,904) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 382.42 565.60 Td (115,817) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.42 565.60 Td (183,531) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 522.42 565.60 Td (229,320) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 550.60 Td (Depreciation and amortization) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 313.42 550.60 Td (13,122) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 387.42 550.60 Td (13,545) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 456.42 550.60 Td (25,912) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.42 550.60 Td (28,135) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 535.60 Td (Local marketing agreement fees) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 318.42 535.60 Td (1,006) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 399.87 535.60 Td (438) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.42 535.60 Td (2,053) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 532.42 535.60 Td (1,481) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 520.60 Td (Corporate expenses) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 318.42 520.60 Td (7,003) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 392.42 520.60 Td (8,545) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 456.42 520.60 Td (15,172) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.42 520.60 Td (17,077) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 505.60 Td (Stock-based compensation expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 325.87 505.60 Td (985) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 392.42 505.60 Td (1,106) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.42 505.60 Td (1,704) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 532.42 505.60 Td (2,314) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 490.60 Td (Restructuring costs) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 318.42 490.60 Td (2,343) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 387.42 490.60 Td (13,024) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.42 490.60 Td (5,263) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.42 490.60 Td (15,801) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 475.60 Td (Loss \(gain\) on sale of assets or stations) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 318.42 475.60 Td (3,767) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 384.07 475.65 Td (\(47,750) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 414.87 475.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.42 475.60 Td (5,583) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 524.07 475.65 Td (\(47,724) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 554.87 475.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 458.60 Td (Impairment of intangible assets) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 318.42 458.60 Td (4,509) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 405.87 458.60 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.42 458.60 Td (4,509) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 545.87 458.60 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 93.22 443.60 Td (T) Tj ET Q q 0 0 0 rg BT 96.83 443.60 Td (otal operating expenses) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 308.42 443.60 Td (178,364) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 382.42 443.60 Td (198,569) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.42 443.60 Td (398,018) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 522.42 443.60 Td (444,000) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 93.22 428.60 Td (Operating \(loss\) income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 310.07 428.60 Td (\(32,342) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 340.87 428.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 387.42 428.60 Td (81,104) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 453.07 428.65 Td (\(24,082) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.87 428.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 522.42 428.60 Td (103,169) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 57.22 413.60 Td (Non-operating expense:) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 398.60 Td (Interest expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 310.07 398.60 Td (\(15,888) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 340.87 398.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 384.07 398.65 Td (\(21,191) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 414.87 398.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 453.07 398.65 Td (\(33,047) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.87 398.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 524.07 398.65 Td (\(43,347) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 554.87 398.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 383.60 Td (Interest income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 335.87 383.60 Td (2) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 409.87 383.60 Td (8) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 478.87 383.60 Td (4) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 544.87 383.60 Td (12) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 369.60 Td (Gain on early extinguishment of debt) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 331.87 369.60 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 405.87 369.60 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 474.87 369.60 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 539.87 369.60 Td (381) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.22 354.60 Td (Other expense, net) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 327.57 354.65 Td (\(61) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 340.87 354.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 401.57 354.65 Td (\(34) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 414.87 354.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 470.57 354.65 Td (\(64) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.87 354.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 541.57 354.65 Td (\(62) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 554.87 354.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 93.22 339.60 Td (T) Tj ET Q q 0 0 0 rg BT 96.83 339.60 Td (otal non-operating expense, net) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 310.07 339.60 Td (\(15,947) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 340.87 339.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 384.07 339.65 Td (\(21,217) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 414.87 339.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 453.07 339.65 Td (\(33,107) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.87 339.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 524.07 339.65 Td (\(43,016) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 554.87 339.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 93.22 324.60 Td (\(Loss\) income before income taxes) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 310.07 324.60 Td (\(48,289) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 340.87 324.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 387.42 324.60 Td (59,887) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 453.07 324.65 Td (\(57,189) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.87 324.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.42 324.60 Td (60,153) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 57.22 309.60 Td (Income tax benefit \(expense\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 313.42 309.60 Td (11,973) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 384.07 309.65 Td (\(17,026) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 414.87 309.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 456.42 309.60 Td (13,522) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 524.07 309.65 Td (\(16,841) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 554.87 309.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 93.22 294.60 Td (Net \(loss\) income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 281.22 294.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 310.07 294.60 Td (\(36,316) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 340.87 294.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 351.22 294.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 387.42 294.60 Td (42,861) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 425.22 294.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 453.07 294.65 Td (\(43,667) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.87 294.60 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 494.22 294.60 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.42 294.60 Td (43,312) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 242.70 Td ( ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.20 31.00 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 741.50 Td (The following tables reconcile net \(loss\) income, the most directly comparable financial measure ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 729.50 Td (calculated and presented in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 307.44 729.50 Td (, to Adjusted EBITDA for the periods presented herein ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 717.50 Td (\(dollars in thousands\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.57 717.50 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 684 m 455.5 684 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 684 m 561.5 684 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 684 m 455.5 684 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 536 m 455.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 522 m 455.5 522 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 520 m 455.5 520 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 536 m 561.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 522 m 561.5 522 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 520 m 561.5 520 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 176.45 687.16953125 m 229.54912109375 687.16953125 l s q 0 0 0 rg BT 176.45 688.40 Td (As Reported) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.15 697.40 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.65 688.40 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.15 697.40 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.65 688.40 Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.00 673.40 Td (GAAP net \(loss\) income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 673.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 420.85 673.45 Td (\(36,316) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.65 673.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 462.00 673.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 673.40 Td (42,861) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 658.40 Td (Income tax \(benefit\) expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 420.85 658.45 Td (\(11,973) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.65 658.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 658.40 Td (17,026) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 643.40 Td (Non-operating expense, including net interest expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 424.20 643.40 Td (15,947) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 643.40 Td (21,217) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 628.40 Td (Local marketing agreement fees) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 628.40 Td (1,006) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 542.65 628.40 Td (438) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 613.40 Td (Depreciation and amortization) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 424.20 613.40 Td (13,122) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 613.40 Td (13,545) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 598.40 Td (Stock-based compensation expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 436.65 598.40 Td (985) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 535.20 598.40 Td (1,106) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 583.40 Td (Loss \(gain\) on sale of assets or stations) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 583.40 Td (3,767) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 526.85 583.45 Td (\(47,750) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 557.65 583.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 569.75 Td (Impairment of intangible assets) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 569.75 Td (4,509) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 548.65 569.75 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 555.40 Td (Restructuring costs) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 555.40 Td (2,343) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 555.40 Td (13,024) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 540.40 Td (Franchise taxes) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 436.65 540.40 Td (235) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 542.65 540.40 Td (352) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.00 525.40 Td (Adjusted EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 525.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 425.85 525.45 Td (\(6,375) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.65 525.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 462.00 525.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 525.40 Td (61,819) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 474 m 455.5 474 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 474 m 561.5 474 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 474 m 455.5 474 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 474 m 561.5 474 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 325 m 455.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 311 m 455.5 311 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 309 m 455.5 309 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 325 m 561.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 311 m 561.5 311 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 309 m 561.5 309 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 169.5 477.16953125 m 226.1982421875 477.16953125 l s q 0 0 0 rg BT 169.50 478.40 Td (Same Station) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.20 478.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 228.72 480.73 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.15 487.40 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.65 478.40 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.15 487.40 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.65 478.40 Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.00 463.40 Td (Net \(loss\) income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 463.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 420.85 463.45 Td (\(36,454) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.65 463.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 462.00 463.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 463.40 Td (45,703) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 448.40 Td (Income tax \(benefit\) expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 420.85 448.45 Td (\(11,973) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.65 448.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 448.40 Td (17,026) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 434.40 Td (Non-operating expense, including net interest expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 424.20 434.40 Td (15,947) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 434.40 Td (21,217) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 419.40 Td (Local marketing agreement fees) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 419.40 Td (1,006) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 542.65 419.40 Td (438) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 404.40 Td (Depreciation and amortization) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 424.20 404.40 Td (13,108) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 404.40 Td (13,471) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 389.40 Td (Stock-based compensation expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 436.65 389.40 Td (985) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 535.20 389.40 Td (1,106) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 374.40 Td (Loss \(gain\) on sale of assets or stations) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 374.40 Td (4,076) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 526.85 374.45 Td (\(49,841) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 557.65 374.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 359.40 Td (Impairment of intangible assets) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 359.40 Td (4,509) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 548.65 359.40 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 344.40 Td (Restructuring costs) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 429.20 344.40 Td (2,287) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 344.40 Td (13,024) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 58.00 329.40 Td (Franchise taxes) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 436.65 329.40 Td (235) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 542.65 329.40 Td (352) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.00 314.40 Td (Adjusted EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.00 314.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 425.85 314.45 Td (\(6,274) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 451.65 314.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 462.00 314.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.20 314.40 Td (62,496) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 265 m 454.5 265 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 265 m 560.5 265 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 265 m 454.5 265 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 265 m 560.5 265 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 101 m 454.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 101 m 454.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 87 m 454.5 87 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 85 m 454.5 85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 101 m 560.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 87 m 560.5 87 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 85 m 560.5 85 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 176.45 268.16953125 m 229.54912109375 268.16953125 l s q 0 0 0 rg BT 176.45 269.40 Td (As Reported) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 278.40 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.65 269.40 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.00 278.40 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.65 269.40 Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 254.40 Td (GAAP net loss) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.00 254.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 419.85 254.45 Td (\(43,667) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 450.65 254.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.00 254.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 254.40 Td (43,312) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 239.40 Td (Income tax \(benefit\) expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 419.85 239.45 Td (\(13,522) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 450.65 239.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 239.40 Td (16,841) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 224.40 Td (Non-operating expense, including net interest expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 423.20 224.40 Td (33,107) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 224.40 Td (43,397) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 209.40 Td (Local marketing agreement fees) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 209.40 Td (2,053) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 534.20 209.40 Td (1,481) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 194.40 Td (Depreciation and amortization) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 423.20 194.40 Td (25,912) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 194.40 Td (28,135) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 179.40 Td (Stock-based compensation expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 179.40 Td (1,704) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 534.20 179.40 Td (2,314) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 164.40 Td (Loss \(gain\) on sale of assets or stations) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 164.40 Td (5,583) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 525.85 164.45 Td (\(47,724) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 556.65 164.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 150.40 Td (Impairment of intangible assets) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 150.40 Td (4,509) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 547.65 150.40 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 135.40 Td (Restructuring costs) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 135.40 Td (5,263) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 135.40 Td (15,801) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 120.40 Td (Franchise taxes) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 435.65 120.40 Td (408) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 541.65 120.40 Td (447) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 105.40 Td (Gain on early extinguishment of debt) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 441.65 105.40 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 538.35 105.45 Td (\(381) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 556.65 105.40 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 90.40 Td (Adjusted EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.00 90.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 423.20 90.40 Td (21,350) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.00 90.40 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 524.20 90.40 Td (103,623) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.20 31.00 Td (9) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 723.5 m 454.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 723.5 m 560.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 723.5 m 454.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 723.5 m 560.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 559.5 m 454.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 559.5 m 560.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 545.5 m 454.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 543.5 m 454.5 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 545.5 m 560.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 543.5 m 560.5 543.5 l s BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 169.5 726.66953125 m 226.1982421875 726.66953125 l s q 0 0 0 rg BT 169.50 727.90 Td (Same Station) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.20 727.90 Td ( ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 228.72 730.23 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 736.90 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.65 727.90 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.00 736.90 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.65 727.90 Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 712.90 Td (Net \(loss\) income) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.00 712.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 419.85 712.95 Td (\(41,706) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 450.65 712.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.00 712.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 712.90 Td (44,361) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 697.90 Td (Income tax \(benefit\) expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 419.85 697.95 Td (\(13,522) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 450.65 697.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 697.90 Td (16,841) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 683.90 Td (Non-operating expense, including net interest expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 423.20 683.90 Td (33,107) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 683.90 Td (43,397) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 668.90 Td (Local marketing agreement fees) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 668.90 Td (2,053) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 534.20 668.90 Td (1,481) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 653.90 Td (Depreciation and amortization) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 423.20 653.90 Td (25,738) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 653.90 Td (27,828) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 638.90 Td (Stock-based compensation expense) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 638.90 Td (1,704) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 534.20 638.90 Td (2,314) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 623.90 Td (Loss \(gain\) on sale of assets or stations) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 623.90 Td (4,690) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 525.85 623.95 Td (\(49,823) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 556.65 623.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 608.90 Td (Impairment of intangible assets) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 608.90 Td (4,509) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 547.65 608.90 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 593.90 Td (Restructuring costs) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.20 593.90 Td (5,174) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 529.20 593.90 Td (15,801) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 59.00 578.90 Td (Franchise taxes) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 435.65 578.90 Td (408) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 541.65 578.90 Td (447) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 563.90 Td ( Gain on early extinguishment of debt) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 441.65 563.90 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 538.35 563.95 Td (\(381) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 556.65 563.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 548.90 Td (Adjusted EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.00 548.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 423.20 548.90 Td (22,155) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 461.00 548.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 524.20 548.90 Td (102,266) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 521.00 Td (The following tables reconcile as reported net revenue and as reported Adjusted EBITDA to same station ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 509.00 Td (net revenue and same station Adjusted EBITDA, both including and excluding the impact of political, for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 497.00 Td (the periods presented herein \(dollars in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 451.5 m 408.5 451.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 451.5 m 511.5 451.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 451.5 m 408.5 451.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 421.5 m 408.5 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 421.5 m 511.5 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 391.5 m 408.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 391.5 m 511.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 367.5 m 408.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 365.5 m 408.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 367.5 m 511.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 365.5 m 511.5 365.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.65 464.90 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.15 455.90 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.65 464.90 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.15 455.90 Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 440.90 Td (As reported net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.00 440.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 372.20 440.90 Td (146,022) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 415.00 440.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 475.20 440.90 Td (279,673) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 108.00 425.90 Td (Station dispositions and swaps) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 391.35 425.95 Td (\(10) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.65 425.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 481.85 425.95 Td (\(6,222) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 507.65 425.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 410.90 Td (Same station net revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.00 410.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 372.20 410.90 Td (146,012) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 415.00 410.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 475.20 410.90 Td (273,451) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 106.50 395.90 Td (Political revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 378.85 395.95 Td (\(1,183) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.65 395.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 489.35 395.95 Td (\(810) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 507.65 395.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 379.90 Td (Same station net revenue, excluding impact) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 370.90 Td (of political revenue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.00 370.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 372.20 370.90 Td (144,829) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 415.00 370.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 475.20 370.90 Td (272,641) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 321.5 m 408.5 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 321.5 m 511.5 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 321.5 m 408.5 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 321.5 m 511.5 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 291.5 m 408.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 291.5 m 511.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 261.5 m 408.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 261.5 m 511.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 261.5 m 408.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 239.5 m 408.5 239.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 237.5 m 408.5 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 261.5 m 511.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 239.5 m 511.5 239.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 237.5 m 511.5 237.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.65 334.90 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.15 325.90 Td (June 30, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.65 334.90 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.15 325.90 Td (June 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 310.90 Td (As reported Adjusted EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.00 310.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 378.85 310.95 Td (\(6,375) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.65 310.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 415.00 310.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 480.20 310.90 Td (61,819) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 108.00 295.90 Td (Station dispositions and swaps) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 389.65 295.90 Td (101) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 492.65 295.90 Td (677) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 280.90 Td (Same station Adjusted EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.00 280.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 378.85 280.95 Td (\(6,274) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.65 280.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 415.00 280.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 480.20 280.90 Td (62,496) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 106.50 265.90 Td (Political EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 378.85 265.95 Td (\(1,065) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.65 265.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 489.35 265.95 Td (\(729) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 507.65 265.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 251.90 Td (Same station Adjusted EBITDA, excluding) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.00 242.90 Td (impact of political EBITDA) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.00 242.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 378.85 242.95 Td (\(7,339) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 404.65 242.90 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 415.00 242.90 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 480.20 242.90 Td (61,767) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 193.5 m 408.5 193.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 193.5 m 511.5 193.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 193.5 m 408.5 193.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 163.5 m 408.5 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 163.5 m 511.5 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 133.5 m 408.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 133.5 m 511.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 109.5 m 408.5 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 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