Investors
Cumulus Media Reports Operating Results for the
First Quarter 2022
Delivers Strong Q1 Earnings Results with Total Revenue Up 15% Led by Digital Revenue Growth of 18%
Achieves Lowest Net Leverage Ratio in More Than a Decade and Best Among Peers
Announcing $50 Million Share Repurchase Program
ATLANTA, GA — May 4, 2022: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2022.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Our outstanding first quarter results once again demonstrate the positive impacts of our ‘audio-first’ strategy to transform the Company from a one-dimensional radio broadcaster to a multi-dimensional audio media company. Following a strong 2021 performance, this quarter’s results underscore our ability to deliver value to our shareholders through sustained profitable top- and bottom-line growth and balance sheet de-levering. We delivered sequential revenue improvement for the fifth straight quarter versus the comparable 2019 quarter, grew EBITDA by 250% year-over-year, and generated continued strong cash from operations, which collectively allowed us to achieve the Company’s lowest net leverage in over a decade.”
Berner added, “Given our best-among-peers balance sheet, strong financial momentum and the Company’s positive 2022 outlook, we expect ongoing cash flow generation that will support a meaningful return of capital to shareholders now and in the future. Accordingly, as a first step, today we are announcing a $50 million share repurchase program with a plan to commence share repurchases in the near-term. This capital return program is underpinned by our continued belief that the Company is significantly undervalued.”
Conferences & Presentations
February 2022
May 2022
Corporate Sustainability
Analyst Coverage
| Firm Name | CFA |
|---|---|
| B. Riley | Daniel Day |
| Barrington Research | James Goss |
| Goldman Sachs | Jason Kim |
| Noble Capital Markets | Michael Kupinski |
Corporate Office
780 Johnson Ferry Road
Suite 500
Atlanta, Georgia 30342
ContactUs@cumulus.com
Investor Contact
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Corporate Officers
Mary G. Berner
President and Chief Executive Officer
Frank Lopez-Balboa
Executive Vice President, Treasurer and Chief Financial Officer
Richard S. Denning
Executive Vice President, Secretary and General Counsel
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 406 owned-and-operated radio stations across 86 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 9,500 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.