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]

Financial Performance - Net revenue for Q1 2022 was $232.0 million, a 15.0% increase from $201.7 million in Q1 2021[92] - Adjusted EBITDA for Q1 2022 was $31.2 million, up 249.5% from $8.9 million in Q1 2021[92] - Net loss for Q1 2022 decreased to $0.9 million from $21.9 million in Q1 2021, representing a 95.9% improvement[92] Expenses - Content costs for Q1 2022 were $91.3 million, a slight increase of 1.3% from $90.1 million in Q1 2021[92] - Selling, general and administrative expenses rose to $95.3 million, a 5.8% increase from $90.1 million in Q1 2021[92] - Interest expense decreased to $15.9 million in Q1 2022 from $17.5 million in Q1 2021, a reduction of 9.6%[92] - Corporate expenses increased by 10.5% to $18.2 million, primarily due to operational realignment[92] Advertising Revenue - The company experienced a significant recovery in advertising revenue due to the easing of COVID-19 restrictions[94] - Local marketing agreement fees dropped significantly by 99.0% to $5, down from $496 in Q1 2021[92] Cash Flow and Liquidity - As of March 31, 2022, the company had $181.1 million in cash and cash equivalents, with cash generated from operating activities of $24.3 million for the three months ended March 31, 2022, compared to $25.9 million for the same period in 2021[112] - Net cash provided by operating activities decreased slightly to $24.3 million for the three months ended March 31, 2022, primarily due to changes in working capital[122] - Net cash used in investing activities was $(4.0 million) for the three months ended March 31, 2022, compared to $(2.9 million) for the same period in 2021, mainly due to capital expenditures[123] - Net cash used in financing activities was $(16.2 million) for the three months ended March 31, 2022, primarily related to a $12.5 million Excess Cash Flow payment and repayments of financing obligations[125] - The company anticipates that cash on hand, future cash from operations, and borrowings will be sufficient to fund operations and debt service obligations[116] Capital and Investment - The company has evaluated opportunities to obtain additional capital through divestitures and the issuance of equity or debt securities[117] Risks and Uncertainties - The company continues to monitor the impact of COVID-19 on its operations and financial condition, with uncertainties remaining[86] - Future reductions in revenue or profitability are possible and could materially affect the company's business and financial condition[115] - The company’s cash flows from operations are subject to risks such as fluctuations in advertising media preferences and changes in demand due to demographic shifts[113] - A 100 basis point increase in the variable interest rate would have increased interest expense by approximately $0.8 million for the three months ended March 31, 2022[111] - The company did not have any off-balance sheet arrangements as of March 31, 2022[127]

Cumulus Media Inc. (NASDAQ:CMLS) Q4 2021 Earnings Conference Call February 23, 2022 4:30 PM ET Company Participants Collin Jones – Senior Vice President of Corporate Development and Strategy Mary Berner – Chief Executive Officer Frank Lopez-Balboa – Chief Financial Officer Conference Call Participants Dan Day – B. Riley Securities Mike Kupinski – NOBLE Capital Markets Avi Steiner – JPMorgan Operator Good afternoon. Thank you for attending today's Cumulus Media Quarterly Earnings Conference Call. My name is ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No þ For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Cumulus Media Inc. (NASDAQ:CMLS) Q3 2021 Earnings Conference Call November 3, 2021 4:30 PM ET Company Participants Collin Jones – Senior Vice President of Corporate Development and Strategy Mary Berner – President and Chief Executive Officer Frank Lopez-Balboa – Executive Vice President, Treasurer and Chief Financial Officer Conference Call Participants Michael Kupinski – NOBLE Capital Markets Dan Day – B. Riley Securities Operator Good afternoon. Thank you for attending Cumulus Media Quarterly Earnings Con ...