Investors

NASDAQ CMLS $16.13 +0.30 +1.89%


CUMULUS MEDIA Reports Operating Results for the Third Quarter 2019

ATLANTA, GA — November 11, 2019: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three and nine months ended September 30, 2019.

Third Quarter Financial Highlights

  • As compared to the third quarter of 2018 on an As Reported GAAP basis:
    • Net revenue decreased 0.5%
    • Net income was $16.3 million
    • Adjusted EBITDA(1) decreased 5.5%
  • As compared to the third quarter of 2018 on a Same Station(2) basis, excluding the impact of political revenue:
    • Net revenue increased 3.9%
    • Adjusted EBITDA(1) increased 2.2%
  • As compared to the third quarter of 2018 on a Same Station(2) basis, including the impact of political revenue:
    • Net revenue increased 3.2%
    • Adjusted EBITDA(1) decreased 0.8%

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “In the third quarter, the Company turned in another strong performance with same station revenue and Adjusted EBITDA growth of 3.9% and 2.2%, respectively, on an ex-political basis.  Our operating plan has continued to deliver industry-leading digital revenue growth and continuing growth in our national and network channels.  We also made great progress in the quarter on our balance sheet as our free cash flow generation allowed us to fund a voluntary debt prepayment of approximately $29 million, which reduced net leverage to 4.5x.  Additionally, we completed a $525 million term loan refinancing that extended our debt maturity and reduced future interest expense.”


11/11/19 – CUMULUS MEDIA Reports Operating Results for the Third Quarter 2019
10/21/19 – CUMULUS MEDIA Announces Conference Call to Discuss Third Quarter 2019 Operating Results
09/18/19 – CUMULUS MEDIA Announces Pricing of $525 Million Senior Secured Term Loan B
08/08/19 – CUMULUS MEDIA Reports Operating Results for the Second Quarter 2019
07/26/19 – CUMULUS MEDIA Announces Conference Call to Discuss Second Quarter 2019 Operating Results
07/22/19 – CUMULUS MEDIA Makes $50 Million Voluntary Debt Prepayment
06/27/19 – CUMULUS MEDIA Announces Agreement to Sell WABC to Red Apple Media for $12.5 Million
06/12/19 – CUMULUS MEDIA Announces Upsizing and Pricing of $500 Million Offering of Senior Secured First-Lien Notes
06/11/19 – CUMULUS MEDIA Announces Launch of $300 Million Offering of Senior Secured First-Lien Notes
06/05/19 – CUMULUS MEDIA Achieves $200 Million Debt Reduction Milestone
05/09/19 – CUMULUS MEDIA Reports Operating Results for First Quarter 2019
04/25/19 – CUMULUS MEDIA Announces Conference Call to Discuss First Quarter 2019 Operating Results
04/15/19 – CUMULUS MEDIA Announces Two Strategic Transactions
03/18/19 – CUMULUS MEDIA Reports Operating Results for Fourth Quarter and Full Year 2018
02/25/19 – CUMULUS MEDIA Announces Selected Preliminary Unaudited Operating Results for Fourth Quarter and Full Year 2018
02/13/19 – CUMULUS MEDIA Announces Two Strategic Portfolio Optimization Transactions
11/05/18 – CUMULUS MEDIA Announces Conference Call to Discuss Third Quarter 2018 Operating Results
10/11/18 – CUMULUS MEDIA Announces Discounted Prepayment of a Portion of Senior Secured Term Loan Facility
08/20/18 – CUMULUS MEDIA Reports Operating Results for Second Quarter 2018
08/14/18 – CUMULUS MEDIA Announces Conference Call to Discuss Second Quarter 2018 Operating Results
07/27/18 – CUMULUS MEDIA Announces Relisting on the NASDAQ Stock Market
05/05/18 – Cumulus Reports Operating Results for First Quarter 2018
05/01/18 – Cumulus Restructuring Plan Confirmed by Court
03/28/18 – Cumulus Reports Operating Results for Fourth Quarter and Full Year 2017

11/13/19 – Women In Country Music: 2019 CMA Awards Host Carrie Underwood Overcome With Emotion Hearing Praise From…
11/12/19 – Cumulus Atlanta’s New Country 101.Five Launches Today With First-Ever, Georgia-Driven Music Format
11/12/19 – Good Kids: How Not To Raise An A**Hole, A New Podcast From Lemonada Media Launches In Time For The Holidays
11/12/19 – Popular 104.1 KRBE Morning Team Roula and Ryan Sign Multi-Year Deal With CUMULUS MEDIA
11/11/19 – CUMULUS MEDIA Reports Operating Results for the Third Quarter 2019
11/07/19 – Westwood One News Presents 30th Anniversary Special On The Fall Of The Berlin Wall
11/03/19 – Marty McFly, Morning Show Host for Nashville Country Radio Station 95.5 NASH Icon, Launches “Hometown Strong” Charity …
10/30/19 – CUMULUS MEDIA Hires Media Veteran Robert Berju as VP, Finance and Strategy
10/23/19 – As Me With Sinéad, A Lemonada Media Original Hosted ByActivist Sinéad Burke, Debuts Today
10/21/19 – Westwood One Adds Classic Gold to its Family of Classic Hits 24-Hour Formats
10/17 /19 – Westwood One’s Podcast Download — Fall 2019 Report Reveals New Insights On The Podcast Listener, Platform Usage…
10/17/19 – Westwood One To Distribute and Sell The McLaughlin Group Radio Show and Podcast
10/08/19 – CUMULUS MEDIA Appoints Tammy O’Dell as Vice President-Market Manager for Cumulus Radio Station Group in Columbia SC
09/16/19 – CUMULUS MEDIA Appoints John Toohey As Vice President Finance
09/09/19 – Mary Berner President and CEO CUMULUS MEDIA to Receive 2019 Gracies Leadership Award From the Alliance for Women…
09/09/19 – NewsTalk 99. 7FM & AM 630 WPRO Confronts the Opioid Crisis In Powerful Day Of Broadcasts On September 13th
09/04/19 – Gigi South Joins CUMULUS MEDIA as Vice President-Market Manager for Savannah-Hilton Head Radio Stations
09/04/19 – Eric Mastel to Lead Cumulus Charleston as Vice President-Market Manager
08/08/19 – CUMULUS MEDIA Reports Operating Results for the Second Quarter 2019
07/26/19 – CUMULUS MEDIA Announces Conference Call to Discuss Second Quarter 2019 Operating Results
07/11/19 – First and Only Female NBA Scout Bonnie-Jill Laflin Launches “The Weekly Pass” On Westwood One Podcast Network
06/27/19 – CUMULUS MEDIA Announces Agreement to Sell WABC to Red Apple Media for $12.5 Million
06/05/19 – CUMULUS MEDIA Achieves $200 Million Debt Reduction Milestone
05/09/19 – CUMULUS MEDIA Reports Operating Results for First Quarter 2019
04/25/19 – CUMULUS MEDIA Announces Conference Call to Discuss First Quarter 2019 Operating Results
04/15/19 – CUMULUS MEDIA Announces Two Strategic Transactions
03/18/19 – CUMULUS MEDIA Reports Operating Results for Fourth Quarter and Full Year 2018
02/25/19 – CUMULUS MEDIA Announces Selected Preliminary Unaudited Operating Results for Fourth Quarter and Full Year 2018
02/13/19 – CUMULUS MEDIA Announces Two Strategic Portfolio Optimization Transactions
11/05/18 – CUMULUS MEDIA Announces Conference Call to Discuss Third Quarter 2018 Operating Results
08/20/18 – CUMULUS MEDIA Reports Operating Results for Second Quarter 2018
08/14/18 – CUMULUS MEDIA Announces Conference Call to Discuss Second Quarter 2018 Operating Results
07/17/18 – CUMULUS MEDIA Announces Relisting on the NASDAQ Stock Market
05/15/18 – Cumulus Reports Operating Results for First Quarter 2018
05/01/18 – Cumulus Restructuring Plan Confirmed by Court
03/28/18 – Cumulus Reports Operating Results for Fourth Quarter and Full Year 2017

11/15/19 – Kicks 101.5 becomes New Country 101.5
11/13/19 – WVLK Addresses Kentucky’s Opioid Crisis With Daylong Broadcast
11/12/19 – Carrie Underwood Praises Miranda Lambert as ‘Super Supportive’: ‘We Lift Each Other Up
11/12/19 – Carrie Underwood tears up over Miranda Lambert’s praise: ‘We lift each other up’
11/12/19 –  Cumulus Digital Revenue Jumps 50%
11/12/19 –  A Healthy Jump For Cumulus
11/11/19 –  Carrie Underwood on female country music artists: ‘We lift each other up’
11/02/19 – Digital, National, Network Pump Cumulus Up 3% In Third Quarter.
11/08/19 –  WDVD/Detroit Comes To the Rescue With Animal Shelter Radiothon
11/07/19 – WWO’s Kevin Harlan’s MNF Black Cat Call Gets National Press
10/01/19 –  New Fisher House Special Coming For Veterans Day Weekend
10/28/19 – Interview: Chris Jericho On Why ‘Talk Is Jericho’ Isn’t A Wrestling Podcast
10/28/19 – Westwood One Moves To Megaphone For Podcast Hosting And Monetization
09/26/19 – Industry Leaders Tackle Radio’s Future in Packed Radio Show Luncheon
09/25/19 – Live From the Radio Show
09/23/19 – More Variety On the Way From Westwood One
09/19/19 – Cumulus Refinances $525 Million of Debt at Lower Interest Rate
09/17/19 – Westwood One Using LeadsRX Software for Attribution Platform
09/16/19 – Cable TV Finance Vet John Toohey Joins Cumulus as VP Finance,
09/09/19 – Enough’: WPRO’s Opioid Awareness Day to Air September 13,
09/04/19 – Eric Mastel to Lead Cumulus Charleston as VP/Market Manager
09/04/19 – Gigi South Joins Cumulus Media as VP/Market Manager for Savannah, GA
09/04/19 – Radio Show to Feature iHM, Entercom, Cumulus CEOs
09/04/19 – Pat McAfee’s Move to Westwood One Includes Podcasts Along With Daily Radio Show



PRESENTATIONS


Corporate Office

3280 Peachtree Road, NW
Suite 2200
Atlanta, Georgia 30305
ContactUs@cumulus.com


Investor Contact

IR@cumulus.com

Corporate Officers

Mary G. Berner
President and Chief Executive Officer

John Abbot
Executive Vice President, Treasurer and Chief Financial Officer

Richard S. Denning
Executive Vice President, Secretary and General Counsel

CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment 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 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the Academy of Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through 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 on-air and on-demand digital, mobile, social, and voice-activated platforms, as well 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.