FORM 10-Q OR Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 For the transition period from to Delaware 82-5134717 (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.) 780 Johnson Ferry Road NE Suite 500 Atlanta, GA 30342 (Address of ...

Cumulus Media Inc. (NASDAQ:CMLS) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET Company Participants Collin Jones - Executive Vice President, Strategy and Development Mary Berner - President and Chief Executive Officer Frank Lopez-Balboa - Chief Financial Officer Conference Call Participants Dan Day - B. Riley Securities Michael Kupinski - NOBLE Capital Markets Avi Steiner - JPMorgan Operator Welcome to the Cumulus Media Quarterly Earnings Conference Call. I will now turn it over to Colin Jones, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 For the transition period from to Delaware 82-5134717 (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.) 780 Johnson Ferry Road NE Suite 500 Atlanta, GA 30342 (Address of Principal Executive Offices) (ZIP Code) Title of each class Trading Symbol(s) Name of ...

Financial Data and Key Metrics Changes - In Q4 2022, total revenue was approximately flat year-over-year, with digital revenue growth and political revenue offsetting continued weakness in national advertising [33] - For the full year 2022, revenue was $953.5 million, up 4% compared to 2021, with EBITDA finishing at $166 million, an increase of 23% from $135 million in 2021 [24][31] - Fixed costs were approximately $90 million lower than in 2019, contributing to EBITDA recovery [4][11] Business Line Data and Key Metrics Changes - Digital revenue grew by 12% for the full year, with digital marketing services up 16%, streaming up 12%, and podcasting up 11% [24] - Local advertising streams represented nearly 50% of total revenue in 2022, outperforming national advertising [14] - National podcast downloads grew to 1.5 billion from 1.2 billion in 2021, an increase of 26%, although revenue from this segment was affected by national advertiser demand [30] Market Data and Key Metrics Changes - National advertising demand has weakened significantly, impacting most ad categories, while local advertising has shown more resilience [5][14] - The automotive category is showing signs of recovery, with local orders firming up later each month than historically [16][52] Company Strategy and Development Direction - The company is focused on optimizing its radio portfolio and developing new digital businesses, which now generate over $150 million annually, representing more than 15% of total revenue [4][10] - There is a strong emphasis on managing expenses and reducing fixed costs to mitigate the impact of declining national revenue [22][39] - The company is exploring opportunities for asset monetization and potential M&A, leveraging its strong balance sheet and liquidity [48][71] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the challenging advertising environment but expresses confidence in navigating through it, citing a strong financial position and past performance during downturns [28][31] - There is an expectation that as economic conditions improve, national advertising will recover, benefiting from the company's strong digital business [45][46] Other Important Information - The company has reduced net debt by approximately $650 million since June 2018, achieving a net leverage of 3.7x at year-end 2022 [11][35] - The company has returned over $31 million of capital to shareholders through stock repurchases, reducing share count by 12% during 2022 [11] Q&A Session Summary Question: What does the ad environment look like beyond Q1? - Management indicated it is too early to provide a clear outlook but noted some green shoots in the automotive sector and a generally weak national advertising environment [26][44] Question: Can you discuss potential cost reduction levers? - Management confirmed ongoing focus on fixed costs, with $90 million already reduced since 2019, and plans to continue finding efficiencies [39] Question: How is the company positioned regarding asset monetization and M&A? - Management emphasized a strong balance sheet and liquidity, allowing for strategic opportunities without immediate cash constraints [48][71] Question: What is the outlook for local advertising? - Local markets are holding up better than national, with some categories like automotive showing signs of recovery [50][52] Question: How does the company view the digital audio and programmatic space? - The company is actively working to sell digital inventory through programmatic channels and has seen significant growth in streaming, particularly with NFL rights [73]

We must continue to respond to the rapid changes in technology, services and standards that characterize our industry in order to remain competitive. Our failure to timely or appropriately respond to any such changes could materially adversely af ect our business and results of operations. These or other new technologies have the potential to change the means by which advertisers can reach target audiences most effectively. We cannot predict the effect, if any, that competition arising from these or other t ...

Cumulus Media Inc. (NASDAQ:CMLS) Q3 2022 Earnings Conference Call October 28, 2022 8:30 AM ET Company Participants Collin Jones - Executive Vice President of Strategy and Development Mary Berner - President and Chief Executive Officer Frank Lopez-Balboa - Chief Financial Officer Conference Call Participants Michael Kupinski - Noble Capital Markets Aaron Watts - Deutsche Bank Dan Day - B. Riley Securities Jim Goss - Barrington Research Operator Good morning ladies and gentlemen. Welcome to today’s Cumulus Me ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38108 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or Other J ...

Cumulus Media Inc. (NASDAQ:CMLS) Q2 2022 Earnings Conference Call August 3, 2022 4:30 PM ET Company Participants Collin Jones - Executive Vice President of Strategy and Development Mary Berner - President and Chief Executive Officer Frank Lopez-Balboa - Chief Financial Officer Conference Call Participants Dan Day - B. Riley Securities Pat McCann - Noble Capital Markets Jim Goss - Barrington Research Avi Steiner - JPMorgan Operator Welcome to the Cumulus Media Quarterly Earnings Conference Call. I will now t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38108 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or Other Jurisd ...

Financial Data and Key Metrics Changes - In Q1 2022, Cumulus Media reported a revenue increase of 15% year-over-year, reaching $232 million, marking the fifth consecutive quarter of sequential revenue improvement compared to 2019 [9][25] - EBITDA for Q1 2022 was $31.2 million, up 250% from $8.9 million in Q1 2021, with an EBITDA margin improvement of 900 basis points [9][28] - The company achieved a net leverage of 3.9x, down from 4.7x at year-end 2021, reflecting a net debt reduction of over $650 million [12][30] Business Line Data and Key Metrics Changes - Local spot revenue grew 13% year-over-year, while digital businesses collectively increased by 18%, with digital marketing services growing 35% and podcasting over 20% [9][25] - The top 5 ranked podcasting business experienced more than 20% growth, marking its tenth consecutive quarter of sequential growth [17] - Local podcast revenue doubled in Q1, with a run rate of nearly 100 million annual downloads [18] Market Data and Key Metrics Changes - Strong growth was observed in professional services, live entertainment, restaurants, and travel, driven by the easing of COVID restrictions [26] - The auto category continued to struggle, down over 25% from Q1 2021 and 50% from Q1 2019 [26] - The total U.S. addressable market for digital marketing services is estimated at $15 billion, growing at 5% to 10% annually [20] Company Strategy and Development Direction - Cumulus Media's audio-first strategy aims to transform the company from a traditional radio broadcaster to a multi-dimensional audio media company [7] - The company plans to continue expanding its digital marketing services and podcasting efforts, which are integral to its growth strategy [16][19] - A $50 million share repurchase program was announced, reflecting the Board's confidence in the company's long-term operating plan and ability to generate positive cash flow [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the company's growth trajectory and the ability to further improve the balance sheet [8] - The outlook for the remainder of 2022 remains positive, with expectations to achieve annual EBITDA guidance of $175 million to $200 million [11][29] - Management noted ongoing supply chain challenges but highlighted strong recovery in physical presence advertising categories [29] Other Important Information - The company is open to exploring M&A opportunities, particularly in digital marketing services and podcasting, while maintaining a focus on shareholder value [58] - Cumulus Media's Board unanimously rejected an unsolicited indication of interest, deeming it undervalued the company [15] Q&A Session Summary Question: Spot advertising recovery and its variance - Management acknowledged that spot advertising revenues are still below 2019 levels, primarily impacted by the auto sector, but noted significant sequential improvements [35][36] Question: Corporate expenses and centralization - Corporate expenses increased due to centralizing functions previously recorded in SG&A, which is expected to lead to greater efficiency [37][38] Question: Capital return strategy - The Board considered various alternatives for returning capital to shareholders and decided on the share repurchase program as the first step [41][43] Question: Digital advertising demand - Management indicated that while streaming radio growth was slower, overall digital revenues remained strong, particularly in marketing services and podcasting [44][46] Question: Sports betting partnership updates - Management confirmed ongoing discussions for a new flagship partner in sports betting following the termination of the WynnBET partnership [47][48] Question: Audience behavior post-COVID - Management observed a return to pre-COVID listening patterns, with radio continuing to dominate ad-supported audio [55] Question: M&A strategy - The company remains focused on accretive M&A opportunities, particularly in digital marketing services and podcasting, while also considering its legacy radio assets [59][60]