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Cumulus Media Q1 Net Revenues Up 15% to $232 Million


Cumulus Media
Cumulus Media

Cumulus Media reported first quarter net revenue grew 15% to $232 million from $201.7 million in 2021. Total broadcast radio revenue was up 9.2% to $169.1 million, while Digital, led by digital marketing services and podcasting, rose 17.8% to $31.8 million. Adjusted EBITDA climbed a whopping 249.5% to $31.2 million from $8.93 million. The company posted a net loss of $0.9 million (4 cents per share) compared to a net loss of $21.9 million ($1.07) in the year-ago period.

President and Chief Executive Officer Mary G. Berner said, "Our outstanding first quarter results once again demonstrate the positive impacts of our 'audio-first' strategy to transform the company from a one-dimensional radio broadcaster to a multi-dimensional audio media company. Following a strong 2021 performance, this quarter's results underscore our ability to deliver value to our shareholders through sustained profitable top- and bottom-line growth and balance sheet de-levering. We delivered sequential revenue improvement for the fifth straight quarter versus the comparable 2019 quarter, grew EBITDA by 250% year-over-year, and generated continued strong cash from operations, which collectively allowed us to achieve the Company's lowest net leverage in over a decade."

Berner added, "Given our best-among-peers balance sheet, strong financial momentum and the Company's positive 2022 outlook, we expect ongoing cash flow generation that will support a meaningful return of capital to shareholders now and in the future. Accordingly, as a first step, today we are announcing a $50 million share repurchase program with a plan to commence share repurchases in the near-term. This capital return program is underpinned by our continued belief that the Company is significantly undervalued."

On May 3, the company's board of directors authorized a share repurchase program for up to $50 million of outstanding Class A common stock, with a plan to commence share repurchases in the near term.

Additionally, Cumulus disclosed a letter to shareholder in which it rejected a "Unsolicited, Non-Binding, Highly Conditional Indication of Interest" the company recently of interest in acquiring the Cumuls for $15 to $17 per share.

"After a careful and thorough review, conducted in consultation with our financial and legal advisors, the board unanimously concluded that the indication of interest significantly undervalues the company and is not in the best interests of its shareholders.

"The company's board is open to all paths that continue to drive superior shareholder value. Our strong momentum across business lines, multiple digital revenue growth drivers, operational efficiency and superior cash flow provide the Company with substantial untapped upside that it expects to continue to realize on behalf of its shareholders. Given these facts and circumstances, the board unanimously believes execution of the company's strategy will deliver significantly more value to shareholders than this indication of interest."

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