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, 2023.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Despite continued challenges in the overall market, our second quarter revenue performed in-line with expectations while Adjusted EBITDA exceeded them. As in prior quarters, we generated strong revenue growth in our digital marketing services business, implemented meaningful cost reductions, and further improved our balance sheet by generating cash from operations and reducing our total and net debt to the lowest levels in more than a decade. Additionally, we executed a highly accretive and opportunistic tender offer, which resulted in the retirement of approximately 10% of our shares outstanding.”

Berner continued, “Our proven track record of strong operational and financial execution in adverse conditions gives us unwavering confidence in our ability to optimize results in the current weak ad market and rebound strongly when the environment improves. In the meantime, we will continue to invest in our digital businesses, further enhance our operating leverage through additional cost reductions, and execute on our strategy to opportunistically deploy capital to maximize long-term shareholder value.”

Q2 Performance Summary:

• Posted total net revenue of $210.1 million, a decline of 11% year-over-year

• Generated digital revenue of $37.5 million, representing 18% of total revenue, driven by digital marketing services growth of 21% year-over-year

• Recorded a second quarter net loss of $1.1 million compared to net income of $8.7 million in Q2 2022 and second quarter Adjusted EBITDA⁽¹⁾ of $30.7 million compared to $45.5 million in Q2 2022

• Generated additional cash, returned capital to shareholders and reduced debt

  • Delivered $11.5 million of cash from operations

  • Repurchased $5.7 million of shares through an opportunistic tender offer, retaining $11.0 million of availability under a previously announced $50 million share repurchase authorization

  • Retired $32.2 million face value of 6.75% senior notes at an average purchase price of 73.9% of par

  • Reported total debt of $680.9 million at June 30, 2023, and net debt⁽¹⁾ of $588.5 million, in each instance, the lowest level in more than a decade

• Announced the sale of WDRQ-FM for $10.0 million, with closing anticipated in Q3

(1)   Adjusted EBITDA and net debt are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

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

For the three months ended June 30, 2023, the Company reported net revenue of $210.1 million, a decrease of 11.2% from the three months ended June 30, 2022, net loss of $1.1 million and Adjusted EBITDA of $30.7 million.

For the six months ended June 30, 2023, the Company reported net revenue of $415.8 million, a decrease of 11.3% from the six months ended June 30, 2022, net loss of $22.5 million and Adjusted EBITDA of $41.0 million.

Revenue Detail Summary (dollars in thousands):

Balance Sheet Summary (dollars in thousands):

(2)   Excludes unamortized debt issuance costs.

Earnings Conference Call Details

The Company will host a conference call today at 8:30 AM 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 419009. 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.