Cumulus Media Reports Operating Results for 2022

Total Revenue of $953.5 Million, Up 4% Year-Over-Year
Digital Revenue of More Than $142 Million, Up 12% Year-Over-Year
Net Income of $16.2 Million, Down 6% Year-Over-Year
Adjusted EBITDA of $166.0 Million, Up 23% Year-Over-Year

ATLANTA, GA — February 23, 2023: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2022.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Despite considerable economic turbulence, we delivered fourth quarter financial performance in the upper half of our guidance range, continuing a multi-year period of significant accomplishments. Operating through a series of difficult macroeconomic environments, including the pandemic, we successfully executed a strategic plan under which we developed and drove new areas of growth, right-sized the balance sheet, improved the Company’s operating leverage and returned capital to shareholders. As a result, we have delivered consistent revenue growth, built several digital businesses to a $150+ million revenue run-rate, reduced our net leverage to its lowest level in more than a decade, and boosted our liquidity to give ourselves optionality regarding capital allocation.”

Berner added, “Looking ahead to 2023, we continue to face substantial economic headwinds. However, our battle-tested skill in performing during challenging times, as well as our very strong financial position, gives us substantial confidence in our ability to not only weather this depressed ad environment but take full advantage of opportunities that may arise over the coming quarters.”

2022 Key Highlights:

  • Increased total revenue by 4% year-over-year to $953.5 million
  • Increased digital revenue by 12% year-over-year, to more than $142 million (~15% of revenue)
    • Grew local digital marketing services 16% year-over-year with successful launch of Boost suite of digital presence products contributing to growth
    • Grew Cumulus Podcast Network revenue 11% year-over-year, driven by year-over- year download increase of 26% (from approximately 1.2 billion to 1.5 billion)
    • Increased streaming revenue by 12% year-over-year, driven by enhanced monetization across multiple ad channels and expansion of NFL representation to include streaming rights for first time ever
  • Delivered net income of $16.2 million, a decrease of 6% with margin reduction of approximately 20 basis points
    • Recorded a non-cash, pre-tax FCC license impairment charge of $15.5 million in 2022
    • Recorded a gain on early extinguishment of debt of $20.0 million in 2021
  • Increased Adjusted EBITDA(1) by 23% year-over-year, to $166.0 million
    • Finished 2022 with full year fixed costs approximately $90 million below 2019 baseline
    • Increased Adjusted EBITDA margin(1) year-over-year by approximately 270 basis points
    • Generated $78.5 mm of cash from operations
  • Completed $31.8 million of share repurchases for 2.5 million shares (representing 12.1% of weighted average diluted common shares outstanding as of 12/31/21)
    • Completed $25.0 million tender offer for 1.7 million shares
    • Repurchased additional $6.8 million of shares in open market (approximately 817,000 shares)
    • Retained $18.2 million of availability at year-end under previously announced $50 million share repurchase authorization
  • Reduced gross debt by $86.5 million, achieving the lowest net leverage levels in more than a decade – best among peers
    • Retired $74.0 million of debt (both term loan and senior notes) through open market repurchases at an average price of 93.9% of par
    • Reported total debt of $719.4 million, cash of $107.4 million and net debt(1) of $611.9 million at 12/31/22
    • Reduced net leverage(1) from 4.7x at 12/31/21 to 3.7x at 12/31/22

About Cumulus Media

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 404 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,400 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit

For further information, please contact:

Cumulus Media Inc.
Investor Relations Department