Core Viewpoint - Cumulus Media Inc. will host a conference call on August 7, 2025, to discuss its second quarter 2025 operating results, with a press release summarizing these results to be issued beforehand [1]. Group 1: Conference Call Details - The conference call is scheduled for Thursday, August 7th at 8:30 AM ET [1]. - Participants must register in advance to join the call, with a one-time email verification required [2]. - The call will be available in listen-only mode on the company's investor relations website, and a recording will be accessible shortly after the call [3]. Group 2: Dial-in Information - Domestic callers can join the call by dialing 833-470-1428, while international callers should dial 404-975-4839, using the participant access code 033528 [4]. Group 3: Company Overview - Cumulus Media is an audio-first media company reaching a quarter billion people monthly through 400 radio stations across 84 markets [5]. - The company offers nationally-syndicated programming from major brands and operates the Cumulus Podcast Network, providing original podcasts [5]. - Cumulus Media delivers advertising solutions through various platforms, including digital, mobile, and live events, enhancing local impact and national reach [5].

Group 1 - Cumulus Media's Westwood One is the official audio broadcast partner for the NCAA Men's College World Series, providing coverage of the Championship Finals live from Omaha, Nebraska [1] - The Championship series will begin on June 21, 2025, with a best-of-three format [7] - Coverage will be available on terrestrial radio, SiriusXM, and streamed online for free at NCAA.com/MCWS and westwoodonesports.com [4] Group 2 - The broadcast team includes Kevin Kugler, Scott Graham, and field reporter Connor Happer for the Championship series [2] - Preliminary games will be conducted in a double elimination format, leading to the Championship Finals [3] - A complete schedule of the 2025 NCAA Men's College World Series is provided, detailing game times and matchups [5][6] Group 3 - Westwood One Sports is known for its extensive sports broadcasts, including partnerships with the NFL and NCAA [9] - Cumulus Media operates over 400 radio stations and delivers content to over a quarter billion people monthly [10] - The NCAA supports over 1,100 member colleges and universities, providing opportunities for nearly half a million student-athletes [11]

Core Points - Cumulus Media's Westwood One is the official audio broadcast partner for the NCAA Division I Women's College World Series, providing comprehensive coverage of the event [1][7] - The broadcasts will be available across multiple platforms, including terrestrial radio, SiriusXM, and online streaming [2][8] - A notable broadcast team will cover the games, featuring experienced announcers and analysts [3][6] Company Overview - Cumulus Media operates over 400 radio stations and delivers content to over a quarter billion people monthly, focusing on high-quality local programming and national syndication [8] - Westwood One is recognized as the largest audio network in the U.S., partnering with major sports events and providing extensive sports coverage [7][8] Event Schedule - The NCAA Women's College World Series will commence on May 29, 2025, with a detailed schedule of games outlined, including double elimination rounds and championship finals [4][5][6]

Group 1 - Cumulus Media reported a quarterly loss of $1.88 per share, which was worse than the Zacks Consensus Estimate of a loss of $1.29, and compared to a loss of $0.85 per share a year ago, indicating a significant earnings surprise of -45.74% [1] - The company posted revenues of $187.35 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.45%, and down from $200.05 million in the same quarter last year [2] - Cumulus shares have declined approximately 65.2% since the beginning of the year, contrasting with the S&P 500's decline of -5.3% [3] Group 2 - The earnings outlook for Cumulus is mixed, with the current consensus EPS estimate for the coming quarter at -$0.67 on revenues of $191.65 million, and -$3.21 on revenues of $776.2 million for the current fiscal year [7] - The Broadcast Radio and Television industry, to which Cumulus belongs, is currently ranked in the top 11% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - TEGNA Inc., another company in the same industry, is expected to report quarterly earnings of $0.34 per share, reflecting a year-over-year decline of -24.4%, with revenues anticipated to be $677.17 million, down 5.2% from the previous year [9]

Financial Data and Key Metrics Changes - Total revenue decreased by 6.4%, and down 3.7% excluding political and Daily Wire impacts, aligning with previous pacing commentary [16] - EBITDA for the quarter was $3,500,000, reflecting ongoing challenges in the advertising market [16] - Digital revenue grew by 6% overall, or 20% excluding the loss of the Daily Wire relationship [16] Business Line Data and Key Metrics Changes - Digital Marketing Services (DMS) revenue increased by 30% in Q1, driven by a 41% increase in total customers and a 16% increase in average campaign order size [7][16] - Podcasting revenue was down 13% when including the Daily Wire, but up nearly 40% when excluding it [9] - Streaming revenue increased by 4% during the quarter, benefiting from in-house sales management [10] Market Data and Key Metrics Changes - Advertising pullbacks were noted in automotive, retail, and consumer packaged goods (CPG) categories, while insurance and financial categories showed growth [11][17] - The Beyond Home market business grew by 48% in the quarter, following a 45% growth in the previous quarter [12] Company Strategy and Development Direction - The company is focusing on digital business growth, particularly in DMS, and leveraging its extensive audience reach to partner with nontraditional parties [5][8] - Cost efficiencies are being pursued, with $7,500,000 in additional annualized fixed cost reductions executed [5][13] - The company is exploring AI applications to enhance operational efficiency and customer service [13][14] Management's Comments on Operating Environment and Future Outlook - The macro environment has become more challenging, with tariffs and government spending cuts impacting consumer demand and advertising spending [4] - Pacing is down approximately 10%, or 5% excluding political and Daily Wire impacts, indicating ongoing economic uncertainty [15][18] - The company remains optimistic about potential FCC deregulation, which could positively affect the industry [26] Other Important Information - The company ended the quarter with $53,000,000 in cash and a net debt of $589,000,000 [18] - The company anticipates asset sales to generate between $10,000,000 to $15,000,000 in proceeds this year [28] Q&A Session Summary Question: Were there any programs or content changes in the network side compared to last year? - The network program did not significantly change, and the decline was driven by general market demand weakness [21][22] Question: Can you provide month-by-month revenue performance for the quarter? - Revenue pacing was down mid-single digits, ending slightly over 6% down due to late advertiser orders [24] Question: What are the implications of FCC deregulation and asset sales? - The company is optimistic about FCC deregulation and expects a notice of proposed rulemaking by late summer [26] - Small asset sales occurred in Q1, with a larger land sale in Nashville anticipated [28]

Financial Data and Key Metrics Changes - Total revenue decreased by 6.4%, and down 3.7% excluding political and the impact of The Daily Wire, aligning with previous pacing commentary [17] - EBITDA for the quarter was $3,500,000, reflecting ongoing challenges in the advertising market [17] - Digital revenue grew by 6% overall, or 20% excluding the loss of The Daily Wire relationship [17] Business Line Data and Key Metrics Changes - Digital Marketing Services (DMS) revenue increased by 30% in Q1, driven by a 41% increase in total customers and a 16% increase in average campaign order size [7][17] - Podcasting revenue was down 13% when including the negative comp from Daily Wire, but up close to 40% when excluding it [9] - Streaming revenue increased by 4% during the quarter, benefiting from bringing the sales function in-house [10] Market Data and Key Metrics Changes - Advertising spending saw pullbacks in key categories such as automotive, retail, and consumer packaged goods (CPG), while insurance and financial categories showed growth [11][17] - The Beyond Home market business grew by 48% in the quarter, following a 45% growth in the previous quarter [12] Company Strategy and Development Direction - The company is focusing on digital business growth, particularly in DMS, and is committed to transforming how it leverages its assets [5][6] - Cost efficiencies are being pursued, with an additional $7,500,000 in annualized fixed cost reductions executed during the quarter [13][18] - The company is optimistic about potential FCC deregulation, which could positively impact the industry [27] Management's Comments on Operating Environment and Future Outlook - The macro environment has become more challenging, with supply chain concerns and inflation pressures affecting consumer sentiment and advertising spending [4] - Pacing is down approximately 10%, or 5% excluding political and Daily Wire impacts, indicating ongoing economic uncertainty [16][19] Other Important Information - The company ended the quarter with $53,000,000 in cash and a net debt of $589,000,000 [19] - The company is exploring asset sales, with expectations of generating $10 to $15 million from such sales this year [29] Q&A Session Summary Question: Were there any programs or content that you had last year that you didn't have this year in the first quarter? - The network's programming did not significantly change, and the decline was driven by general market demand weakness [22][23] Question: Can you provide a month-by-month revenue performance for the quarter? - Revenue pacing was down mid-single digits, ending slightly over 6% down due to late advertiser orders [25] Question: What are the prospects of FCC deregulation and asset sales? - The company is optimistic about FCC deregulation and expects a notice of proposed rulemaking by late summer [27] - Small asset sales occurred in Q1, with a cautious optimism for a significant land sale in Nashville [29]

Financial Performance - Net revenue for Q1 2025 decreased by $12.7 million, or 6.4%, compared to Q1 2024, primarily due to a reduction in spot and network revenues [96]. - Adjusted EBITDA for Q1 2025 was $3.5 million, down $4.9 million or 58.1% from $8.4 million in Q1 2024 [106]. - Operating loss for Q1 2025 was $14.8 million, an increase of $4.3 million or 41.1% compared to Q1 2024 [96]. - Net loss for Q1 2025 was $32.4 million, compared to a net loss of $14.2 million in Q1 2024, representing an increase of $18.2 million or 128.7% [96]. Cost Management - Content costs for Q1 2025 decreased by $5.7 million, or 6.7%, primarily due to lower syndicated programming and personnel costs [98]. - Selling, general and administrative expenses for Q1 2025 decreased by $1.4 million, or 1.5%, mainly from lower personnel costs and reduced rent expenses [99]. - Interest expense for Q1 2025 decreased by $1.3 million, or 7.7%, compared to Q1 2024, totaling $16.0 million [102]. Cash Flow and Liquidity - As of March 31, 2025, the company had $52.7 million in cash and cash equivalents, with cash used for operating activities decreasing to $3.8 million from $16.1 million in Q1 2024 [109]. - Net cash used in operating activities for the three months ended March 31, 2025, decreased to $(3,824) thousand from $(16,107) thousand in the same period of 2024, primarily due to changes in working capital [122]. - Net cash used in investing activities for the three months ended March 31, 2025, was $(5,058) thousand, primarily consisting of capital expenditures [123]. - Net cash used in financing activities for the three months ended March 31, 2025, was $(2,260) thousand, primarily related to repayments of financing obligations [125]. Share Repurchase and Debt Management - The company has authorized a new share repurchase program for up to $25.0 million of outstanding Class A common stock, which expires on May 15, 2025 [120]. - As of March 31, 2025, $25.0 million of the company's outstanding Class A common stock remained available for repurchase under the share repurchase program, subject to restrictions under debt agreements [121]. - The company exchanged $328.3 million in aggregate principal amount of its Term Loan due 2026 for $311.8 million in aggregate principal amount of Term Loan due 2029 [115]. - The company accepted $323.0 million in aggregate principal amount of Senior Notes due 2026 in exchange for approximately $306.4 million in aggregate principal amount of Senior Notes due 2029 [119]. - The company is subject to significant restrictions under the terms of its debt agreements with respect to repurchasing shares of common stock [120]. Market Compliance and Future Plans - The company is transitioning to the OTC Markets' OTCQB® market tier due to non-compliance with Nasdaq Listing Rules, effective May 2, 2025 [89]. - The company continues to evaluate opportunities to obtain additional capital from divestitures or the issuance of equity and/or debt securities [113]. - The company did not have any off-balance sheet arrangements as of March 31, 2025 [127]. Taxation - The effective tax rate for Q1 2025 was approximately (5.4)%, compared to (11.8)% for Q1 2024 [104].

Financial Performance - Total net revenue for Q1 2025 was $187.3 million, a decline of 6.4% year-over-year[3] - The company recorded a net loss of $32.4 million compared to a net loss of $14.2 million in Q1 2024, reflecting a 128.7% increase in losses[5] - GAAP net loss for Q1 2025 was $32,367,000, compared to a loss of $14,154,000 in Q1 2024[24] - As reported net revenue for Q1 2025 was $187,349,000, down from $200,053,000 in Q1 2024, representing a decrease of approximately 6.8%[24] - Excluding the impact of political revenue, net revenue for Q1 2025 was $186,517,000, compared to $197,854,000 in Q1 2024, a decrease of approximately 5.7%[24] Revenue Breakdown - Digital revenue reached $36.6 million, an increase of 6.1% year-over-year, representing 20% of total revenue[3] - Podcasting revenue decreased by 13%, but increased by 39% when excluding the impact of the Daily Wire relationship[3] - Broadcast radio revenue declined by 10.6% year-over-year, totaling $124.9 million[6] - Digital marketing services grew by 30% driven by investments in sales, support, and fulfillment capabilities[2] Adjusted Metrics - Adjusted EBITDA for Q1 2025 was $3.5 million, down 58.1% from $8.4 million in Q1 2024[5] - Adjusted EBITDA for Q1 2025 was $3,519,000, significantly lower than $8,405,000 in Q1 2024, indicating a decline of about 58%[24] - Adjusted EBITDA, excluding political EBITDA, was $2,770,000 for Q1 2025, down from $6,426,000 in Q1 2024, reflecting a decline of about 56.8%[24] Debt and Cash Position - Total debt as of March 31, 2025, was $670.2 million, with net debt less total unamortized discount at $589.4 million[3] - Total debt principal, gross, as of March 31, 2025, was $670,165,000, slightly down from $675,755,000 in the previous year[24] - Net debt less total unamortized discount decreased to $589,423,000 in Q1 2025 from $607,416,000 in Q1 2024[24] - Total debt at maturity as of March 31, 2025, was $642,117,000, compared to $675,755,000 in the previous year[24] - Cash and cash equivalents at the end of Q1 2025 were $52.7 million, down from $63.8 million at the end of 2024[7] - Cash and cash equivalents decreased to $52,694,000 in Q1 2025 from $68,339,000 in Q1 2024[24] Cost Management - The company achieved annualized fixed cost reductions of $7.5 million during the quarter[3] - Political revenue impact on net revenue was a reduction of $832,000 in Q1 2025, compared to a reduction of $2,199,000 in Q1 2024[24]

Core Insights - Cumulus Media reported a net revenue of $187.3 million for Q1 2025, reflecting a 6.4% decrease compared to Q1 2024, alongside a net loss of $32.4 million, which is a significant increase in losses from $14.2 million in the previous year [4][7][25] - The company emphasized its focus on mitigating macroeconomic impacts, including a 30% growth in digital marketing services and $7.5 million in annualized cost reductions [2][4] Financial Performance - Net revenue for Q1 2025 was $187.3 million, down from $200.1 million in Q1 2024, marking a 6.4% decline [4][8] - The net loss increased to $32.4 million in Q1 2025 from $14.2 million in Q1 2024, representing a 128.7% increase in losses [4][7] - Adjusted EBITDA for the quarter was $3.5 million, down 58.1% from $8.4 million in Q1 2024 [4][7] Revenue Breakdown - Digital revenue reached $36.6 million, a 6.1% increase year-over-year, and represented 20% of total revenue [7][8] - Broadcast radio revenue decreased by 10.6%, with spot revenue at $80.9 million and network revenue at $43.9 million [8] - Podcasting revenue decreased by 13%, but increased by 39% when excluding the impact of the Daily Wire relationship [7] Cost Management - The company executed actions resulting in $7.5 million of annualized fixed cost reductions [2][7] - Total operating expenses for Q1 2025 were $202.1 million, down from $210.5 million in Q1 2024 [25] Balance Sheet and Debt - As of March 31, 2025, total debt was reported at $670.2 million, with net debt less total unamortized discount at $589.4 million [7][9] - The company ended the quarter with $52.7 million in cash [7][9]

Core Viewpoint - Cumulus Media Inc. will host a conference call on May 1, 2025, to discuss its first quarter 2025 operating results, with a press release summarizing these results to be issued beforehand [1]. Group 1: Conference Call Details - The conference call is scheduled for May 1 at 8:30 AM ET, with a press release to be issued at approximately 8:00 AM ET [1]. - Participants must register in advance to join the conference call, with a one-time email address verification required [2]. - The call will be available in listen-only mode via the company's investor relations website, and a recording will be accessible shortly after the call [3]. Group 2: Dial-in Information - Domestic callers can join the call by dialing 833-470-1428, while international callers should dial 404-975-4839, using the participant access code 624457 if prompted [4]. Group 3: Company Overview - Cumulus Media is an audio-first media company reaching over a quarter billion people monthly through 400 radio stations across 84 markets [5]. - The company offers nationally-syndicated programming from major brands and operates the Cumulus Podcast Network, which features original podcasts [5]. - Cumulus Media provides advertisers with a combination of local impact and national reach through various platforms and services, including performance guarantees for advertising [5].