Investors
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
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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
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PRESENTATIONS
Corporate Office
3280 Peachtree Road, NW
Suite 2200
Atlanta, Georgia 30305
ContactUs@cumulus.com
Investor Contact
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.
