ATLANTA, GA — November 3, 2021: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the nine months ended September 30, 2021.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Our third quarter results exceeded expectations across the board, despite the ongoing impacts of COVID-19. This performance is yet another strong example of the continuing success of our evolution from a one-dimensional radio company to a multi-dimensional, audio-first media company. We see significant and continued upside potential and multiple drivers of shareholder value, which include additional radio market recovery, several fast-growing digital business lines, attractive free cash flow conversion, a strong balance sheet and liquidity profile, and substantial optionality regarding future capital allocation.”

Key Highlights:

• Released new investor presentation on September 20th highlighting the Company’s strategic positioning and levers to drive future shareholder value – the presentation (updated through 3Q) can be found on our website

• Delivered continued positive revenue trajectory across all ad channels
  • Increased total revenue by 21% year-over-year
  • Increased digital revenue by 67% year-over-year

• Further strengthened balance sheet through cash generation, M&A and debt forgiveness
  • Generated $13 million of cash from operations and $34 million of gross proceeds from Nashville land sale
  • Finished quarter with total cash balance of $153 million
  • Received forgiveness of $20 million of PPP Loans (after quarter end)
  • Reported total debt of $826 million as of September 30^th and net debt of $673 million, an approximately 45% reduction since June 30, 2018 ($653 million pro forma for PPP Loan forgiveness) ⁽¹⁾

• Reiterating 2022 EBITDA guidance range of $175 – $200 million ⁽²⁾
  • Implied 2022 revenue of approximately $1.0+ billion
  • Maintain expectation of more than $70 million of permanent fixed cost reductions vs. 2019

Click here to view the full press release.

(1) Net debt is defined as total debt of $826 million less cash and cash equivalents of $153 million. Pro forma for PPP Loan forgiveness gives effect to the $20 million in PPP Loan forgiveness. June 30, 2018 was the first reporting period following the Company’s emergence from bankruptcy.

(2) With respect to our forward-looking guidance, no reconciliation between a non-GAAP measure to the closest corresponding GAAP measure is included because we are unable to quantify certain reconciling amounts that would be required to be included in the GAAP measure without unreasonable efforts such as certain non-operating expenses, income tax expense (benefit), stock-based compensation expense and restructuring costs, due to the high variability, unpredictability and low visibility with respect to the amounts. We also believe such reconciliations would imply a degree of precision that may be misleading to investors. The unavailable information could have a significant impact on the company’s future financial results.