Cumulus Media Reports Operating Results for the Second Quarter 2022

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Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three and six months ended June 30, 2022.

cumulus media

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Our ability to deliver yet another quarter of strong results is testament both to the quality of our strategic plan and the discipline and relentlessness with which we implement it. Specifically, we have deployed our multi-platform audio-first content strategy, developed multiple digital businesses, significantly reduced fixed costs, undertaken high ROI internal investments, and created a best-in-class balance sheet that gives the Company substantial financial flexibility and capital allocation optionality. Given our track record, we have tremendous confidence in our ability, under this plan, to grow shareholder value.”

Berner added, “Despite the challenging macro environment, we increased revenue in the quarter by more than 5%, driven by our digital businesses whose growth accelerated in Q2 to 20% year-over-year. Additionally, bolstered by our ongoing focus on fixed cost reductions, this quarter we generated additional cash from operations and increased net income, EBITDA and EBITDA margins vs. the same period last year. We also efficiently executed nearly half of our $50 million share repurchase authorization and bought back $50 million of bonds at a discount, while simultaneously reducing net leverage(1) to 3.8x, the lowest it’s been in more than a decade. With a robust political spending season anticipated, we are on trend toward achieving our net leverage target of less than 3.5 times and EBITDA at the low end of our 2022 guidance range.”

Key Financial Highlights:

• Increased second quarter revenue by 5% year-over-year

◦ Digital revenue up 20% led by podcasting (+27%) and digital marketing services (+22%)

◦ Strength in local spot (+8%) revenue largely offsetting declines in national spot and network

• Recorded second quarter net income of $8.7 million compared to a net loss of $5.9 million in Q2 2021

• Achieved second quarter EBITDA of $45.5 million, an increase of 23% year-over-year, with year-over-year EBITDA margin(1) improvement of approximately 280 basis points, driven by permanent fixed cost reductions

• Continued reduction of net leverage(1), achieving the lowest levels in more than a decade – best among peers

◦ Retired $49.8 million of senior notes at an average purchase price of 96.8% of par, bringing year-to-date debt reduction to $62.3 million

◦ Generated $6.2 million of cash from operations, bringing year-to-date cash generation from operations to $30.5 million

◦ Reported total debt of $744 million at 6/30/22 and net debt(1) of $635 million

◦ Reduced net leverage from 4.7x at 12/31/2021 to 3.8x at 6/30/22

• Completed $25 million Dutch tender offer (reducing share count by 1.7 million or 8.7% of outstanding Class A shares as of 6/3/22) with $25 million remaining under the previously announced share repurchase authorization

Operating Summary (dollars in thousands, except percentages and per share data):

For the three months ended June 30, 2022, the Company reported net revenue of $236.7 million, an increase of 5.4% from the three months ended June 30, 2021, net income of $8.7 million and Adjusted EBITDA of $45.5 million.

For the six months ended June 30, 2022, the Company reported net revenue of $468.8 million, an increase of 9.9% from the six months ended June 30, 2021, net income of $7.7 million and Adjusted EBITDA of $76.7 million.

As Reported Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 % Change

Net revenue $ 236,741 $ 224,718 5.4 %

Net income (loss) $ 8,654 $ (5,891) 246.9 %

Adjusted EBITDA (1) $ 45,485 $ 36,857 23.4 %

Basic income (loss) per share $ 0.43 $ (0.29) N/A

Diluted income (loss) per share $ 0.42 $ (0.29) N/A

As Reported Six Months Ended June 30, 2022 Six Months ended June 30, 2021 % Change

Net revenue $ 468,773 $ 426,446 9.9 %

Net income (loss) $ 7,749 $ (27,809) 127.9 %

Adjusted EBITDA (1) $ 76,698 $ 45,789 67.5 %

Basic income (loss) per share $ 0.38 $ (1.36) N/A

Diluted income (loss) per share $ 0.37 $ (1.36) N/A

(1) Net leverage, net debt, Adjusted EBITDA and EBITDA margin are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Net leverage is as defined in our Senior Credit Facility. For additional information, see “Non-GAAP Financial Measures.”

Revenue Detail Summary (dollars in thousands):

As Reported Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 % Change

Broadcast radio revenue:

Spot $ 127,009 $ 120,886 5.1 %

Network 48,713 55,346 (12.0)%

Total broadcast radio revenue 175,722 176,232 (0.3) %

Digital 37,801 31,422 20.3 %

Other 23,218 17,064 36.1 %

Net revenue $ 236,741 $ 224,718 5.4 %

As Reported Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 % Change

Broadcast radio revenue:

Spot $ 230,922 $ 213,783 8.0 %

Network 113,986 117,375 (2.9) %

Total broadcast radio revenue 344,908 331,158 4.2 %

Digital 69,694 58,501 19.1 %

Other 54,171 36,787 47.3 %

Net revenue $ 468,773 $ 426,446 9.9 %

Balance Sheet Summary (dollars in thousands):

June 30, 2022 December 31, 2021

Cash and cash equivalents $ 108,694 $ 177,028

Term loan due 2026 (2) $ 343,731 $ 356,240

6.75% Senior notes (2) $ 399,872 $ 449,695

Three Months Ended June 30, 2022 Three Months Ended June 30, 2021

Capital expenditures $ 6,340 $ 9,081

Six Months Ended June 30, 2022 Six Months Ended June 30, 2021

Capital expenditures $ 11,609 $ 11,971

(2) Excludes unamortized debt issuance costs.

Earnings Conference Call Details

The Company will host a conference call today at 4:30 PM ET to discuss its second quarter operating results. NetRoadshow (NRS) is the service provider for this call. They will require email address verification (one-time only) and will provide registration confirmation. To participate in the conference call, please register in advance using the link on the Company’s investor relations website at www.cumulusmedia.com/investors. Upon completing registration, a calendar invitation will follow with call access details, including a unique PIN, and replay details.

To join by phone with operator-assisted dial-in, domestic callers should dial 833-470-1428 and international callers should dial 404-975-4839. If prompted, the participant access code is 267960. Please call five to ten minutes in advance to ensure that you are connected prior to the call.

The conference call will also be broadcast live in listen-only mode through a link on the Company’s investor relations website at www.cumulusmedia.com/investors. This link can also be used to access a recording of the call, which will be available shortly following its completion.

Please see an update to the Company’s investor presentation on the Company’s investor relations website at www.cumulusmedia.com/investors, which may be referenced on the conference call. Unless otherwise specified, information contained in the investor presentation or on our website is not incorporated into this press release or other documents we file with, or furnish to, the SEC.

Forward-Looking Statements

Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance and our plans and objectives, including with regard to returning capital to shareholders.

Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors.

Such factors include, among others, risks and uncertainties related to the implementation of our strategic operating plans, the evolving and uncertain nature of the COVID-19 pandemic and its impact on the Company, the amount and frequency of our shareholder capital returns, the rapidly changing and competitive media industry, the economy in general and other risk factors described under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2021 as well as in the Company’s other filings with the Securities and Exchange Commission. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements.

Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.

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