CUMULUS MEDIA Reports Operating Results for the First Quarter 2021

ATLANTA, May 05, 2021 — Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “CUMULUS MEDIA,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2021.

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “Our first quarter results clearly reflect the benefits of our improved operating leverage in a recovering economy. Over the last three months, expanded vaccine distribution and greater economic activity have supported a significant pickup in advertising, leading to a positive revenue trajectory across all our businesses, with particularly strong results in podcasting which was up approximately 35% year-over-year. Additionally, the meaningful permanent cost reductions we initiated in 2020, more than $10 million of which were reflected in the first quarter, positively impacted Q1 2021 EBITDA. Looking ahead, with our strong competitive positioning, growing digital revenue streams, and substantial free cash flow generating potential, we believe we have multiple avenues along which to grow shareholder value.”

Key Financial Highlights:

  • Continued year-over-year sequential total revenue performance improvement from Q4 2020
    • On an as reported basis, total revenue decline of 11.5% year-over-year
    • On a same station basis and excluding political, total revenue decline of 9.5% year-over-year
    • Aggregate digital revenue growth over Q1 2020, led by podcasting revenue growth of approximately 35%
  • Enhanced operating leverage driven by 2020 cost actions
    • More than $10 million of year-over-year permanent cost reductions realized in the quarter
    • Increased expectation to more than $50 million permanent improvement in expense run-rate vs. 2019 baseline from implemented cost reductions
  • Strengthened balance sheet, finishing the quarter with $294 million of cash on hand
    • Increase in cash of $22 million compared with December 31, 2020
    • Total debt(1) of $983 million at March 31, 2021, resulting in net debt of $689 million

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