Cumulus Media, Inc. · OTC:CMLSQ
Cumulus Media — FY2022 Earnings Presentation
15 slides from Cumulus Media's earnings presentation, February 2023
Slide 1: FY 2022 Investor Update
FY 2022 Investor Update February 2023
Slide 2: Safe Harbor Statements
SAFE HARBOR STATEMENTS Forward-Looking Statements: Certain statements in this presentation may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fa
Slide 3: Full Year 2022 Earnings Key Highlights
FULL YEAR 2022 EARNINGS KEY HIGHLIGHTS CONTINUED STRONG EXECUTION OF STRATEGIC PLAN CAPITAL ALLOCATION STRATEGY RESULTING IN SOLID FINANCIAL RESULTS DESPITE INCLUDING DEBT REDUCTION & GROWING MACROECONOMIC HEADWINDS RETURN OF CAPITAL +4.0% +12.2% +23.1% $86.5M $31.8M Total Digital Revenue Adjusted E
Slide 4: Strategy Execution & Post-Pandemic Recovery Delivering Strong Financial Results
STRATEGY EXECUTION & POST-PANDEMIC RECOVERY DELIVERING STRONG FINANCIAL RESULTS TOTAL REVENUE ADJUSTED EBITDA ($ MM) ($ MM) +102% Growth +17% Growth +155% (ex-political) $166 +19% (ex-political) $954 $916 $135 $815 $82 Margin 17.4% Margin 14.7% Margin 10.1% 2020 2021 2022 2020 2021 2022 4 NOTE: Reco
Slide 5: Continued Focus on De-Leveraging Providing Significant Financial Flexibility
CONTINUED FOCUS ON DE-LEVERAGING PROVIDING SIGNIFICANT FINANCIAL FLEXIBILITY NET DEBT AND NET LEVERAGE DELIVERY OF SUBSTANTIAL & ($ MM) ONGOING DE-LEVERAGING $711 Achieved net debt reduction of ~$650 mm (~50% of outstanding amount) since June 2018 $629 $612 FOCUS ON RETURN OF CAPITAL AND 8.7x DEBT P
Slide 6: Cumulus Media 2022 Investment Highlights
CUMULUS MEDIA 2022 INVESTMENT HIGHLIGHTS Audio-First Media Strategy with Fast-Growing Digital Businesses Driving Sustainable Growth → Digital Revenue +12% | Digital Marketing Services +16%, Streaming 12%, Podcasting +11% Substantial Fixed Cost Reductions Providing Enhanced Operating Leverage → ~$90
Slide 7: Appendix: Company Overview
Appendix: SeAT Tein) &.. Overview MEDIA
Slide 8: An Audio-First Media Company
AN AUDIO-FIRST MEDIA COMPANY Captivating LISTENERS with engaging, multi-platform audio content in every community in the U.S…. TRADITIONAL + and delivering highly efficient DIGITAL advertising & marketing SOLUTIONS… connecting with tens of thousands of 250+ million potential BUSINESSES… CUSTOMERS 8
Slide 9: Cumulus Media at a Glance
CUMULUS MEDIA AT A GLANCE LEADING TALENT & BRANDS 404 Stations in 85 Markets News/Talk Sports Music & Entertainment #1 Network with ~9,400 Affiliates 1.5B+ Annual Podcast Downloads Larry O’Connor Pete Mundo Rich Valdés John Phillips Hallerin Hilton Hill Steve Cochran Kevin Harlan Rich Eisen Greg McE
Slide 10: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 10
Slide 11: Glossary of Non-GAAP Terms
GLOSSARY OF NON-GAAP TERMS The non-GAAP terms referenced below may be provided on an As-Reported Basis as well as a Same Station Basis. Net income or loss excluding: interest, taxes, depreciation, amortization, stock-based “Adjusted EBITDA” compensation expense, gain or loss on the exchange, sale, o
Slide 12: Net Income to Adjusted EBITDA (As Reported Basis, 2017-2022, Ex. Political)
RECONCILIATIONS TO NON-GAAP TERMS NET INCOME TO ADJUSTED EBITDA (AS REPORTED BASIS, 2017-2022, EX. POLITICAL) ($ in ‘000s) 2017 2018 2019 2020 2021 2022 Net (loss) income $ (206,565) $ 757,581 $ 61,257 $ (59,719) $ 17,278 $ 16,235 Income tax (benefit) expense (163,726) (189,212) 22,263 (19,249) 2,98
Slide 13: Net Income to Adjusted EBITDA (Q4 2021 and Q4 2022, Ex. Political)
RECONCILIATIONS TO NON-GAAP TERMS NET INCOME TO ADJUSTED EBITDA (AS REPORTED BASIS, Q4 2021 AND Q4 2022, EX. POLITICAL) ($ in ‘000s) Q4 2021 Q4 2022 Net income (loss) $ 17,639 $ (54) Income tax expense (benefit) 2,925 (4,961) Non-operating expense, including net interest expense 16,697 17,108 Local
Slide 14: Net Income to Adjusted EBITDA (Same Station Basis, 2019-2020)
RECONCILIATIONS TO NON-GAAP TERMS NET INCOME TO ADJUSTED EBITDA (SAME STATION BASIS, 2019-2020, EX. POLITICAL) ($ in ‘000s) 2019 2020 Net income (loss) $ 62,705 $ (57,160) Income tax expense (benefit) 22,263 (19,249) Non-operating expense, including net interest expense 83,068 68,366 Local marketing
Slide 15: Total Debt to Net Debt
RECONCILIATIONS TO NON-GAAP TERMS TOTAL DEBT TO NET DEBT ($ in ‘000s) Q2 2018 2018 2019 2020 2021 2022 Total debt $ 1,300,000 $ 1,243,299 $ 1,023,688 $ 982,247 $ 805,935 $ 719,379 Cash and cash equivalents 37,444 27,584 15,142 271,761 177,028 107,433 Net Debt $ 1,262,556 $ 1,215,715 $ 1,008,546 $ 71