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.”