Market Overview

CUMULUS MEDIA Reports Operating Results for the Third Quarter 2019

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ATLANTA, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company," "we," "us," or "our") today announced operating results for the three and nine months ended September 30, 2019.

Third Quarter Financial Highlights

  • As compared to the third quarter of 2018 on an As Reported GAAP basis:
       --   Net revenue decreased 0.5%
       --   Net income was $16.3 million
       --   Adjusted EBITDA(1) decreased 5.5%
  • As compared to the third quarter of 2018 on a Same Station(2) basis, excluding the impact of political revenue:
       --   Net revenue increased 3.9%
       --   Adjusted EBITDA(1) increased 2.2%
  • As compared to the third quarter of 2018 on a Same Station(2) basis, including the impact of political revenue:
       --   Net revenue increased 3.2%
       --   Adjusted EBITDA(1) decreased 0.8%

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, "In the third quarter, the Company turned in another strong performance with same station revenue and Adjusted EBITDA growth of 3.9% and 2.2%, respectively, on an ex-political basis.  Our operating plan has continued to deliver industry-leading digital revenue growth and continuing growth in our national and network channels.  We also made great progress in the quarter on our balance sheet as our free cash flow generation allowed us to fund a voluntary debt prepayment of approximately $29 million, which reduced net leverage to 4.5x.  Additionally, we completed a $525 million term loan refinancing that extended our debt maturity and reduced future interest expense."

Within the quarter, the Company reassessed its reportable segments and concluded it has one reportable segment. Prior to this change, the Company had two reportable segments: Cumulus Radio Station Group and Westwood One.

References to "Successor Company" relate to the Company on and subsequent to June 4, 2018. References to "Predecessor Company" refer to the Company prior to June 4, 2018.  For the purposes of analyzing the results presented herein, the Company is presenting the combined results of operations for the period June 4, 2018 to September 30, 2018 of the Successor Company with the period January 1, 2018 to June 3, 2018 of the Predecessor Company. Although this presentation is not in accordance with accounting principles generally accepted in the United States, the Company believes presenting such combined results allows for a more meaningful comparison of results for the nine month period ended September 30, 2019 to the nine month period ended September 30, 2018. For more information regarding the Predecessor and Successor Company results, please see the Company's Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission (the "SEC").

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

As Reported Three Months Ended
September 30, 2019
  Three Months Ended
September 30, 2018
  % Change
Net revenue $ 280,808     $ 282,254     (0.5 )%
Net income $ 16,323     $ 12,713     28.4 %
Adjusted EBITDA (1) $ 58,707     $ 62,104     (5.5 )%
Basic income per share $ 0.81     $ 0.64     N/A  
Diluted income per share $ 0.81     $ 0.63     N/A  


Same Station (2)      
  Three Months Ended
September 30, 2019
  Three Months Ended
September 30, 2018
  % Change
Net revenue $ 280,808     $ 272,189     3.2 %
Adjusted EBITDA (1) $ 58,707     $ 59,207     (0.8 )%


  Successor Company   Non-GAAP
Combined
Predecessor and
Successor Company
   
As Reported Nine Months Ended
September 30, 2019
  Nine Months Ended
September 30, 2018
  % Change
Net revenue $ 827,977     $ 831,182     (0.4 )%
Net income $ 59,635     $ 713,849     (91.6 )%
Adjusted EBITDA (1) $ 162,325     $ 168,731     (3.8 )%
Basic income per share $ 2.96       N/A     N/A  
Diluted income per share $ 2.95       N/A     N/A  


Same Station (2) Successor Company   Non-GAAP
Combined
Predecessor and
Successor Company
   
  Nine Months Ended
September 30, 2019
  Nine Months Ended
September 30, 2018
  % Change
Net revenue $ 824,246     $ 809,836     1.8 %
Adjusted EBITDA (1) $ 161,962     $ 161,569     0.2 %
                     

 Revenue Detail Summary (in thousands):

As Reported Three Months Ended
September 30, 2019
  Three Months Ended
September 30, 2018
  % Change
Broadcast Radio Revenue:          
Spot $ 161,211     $ 168,554     (4.4 )%
Network 78,404     75,716     3.6 %
Total Broadcast Radio Revenue 239,615     244,270     (1.9 )%
Digital 19,935     13,459     48.1 %
Other 21,258     24,525     (13.3 )%
Net Revenue $ 280,808     $ 282,254     (0.5 )%


  Successor Company   Non-GAAP
Combined
Predecessor and
Successor Company
   
As Reported Nine Months Ended
September 30, 2019
  Nine Months Ended
September 30, 2018
  % Change
Broadcast Radio Revenue:          
Spot $ 463,900     $ 488,276     (5.0 )%
Network 236,446     230,949     2.4 %
Total Broadcast Radio Revenue 700,346     719,225     (2.6 )%
Digital 56,984     34,626     64.6 %
Other 70,647     77,331    
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