Cumulus Media, Inc. · OTC:CMLSQ
Cumulus Media — Q3 2022 Earnings Presentation
16 slides from Cumulus Media's earnings presentation, October 2022
Slide 1: Q3 2022 Investor Update
Q3 2022 Investor Update October 2022
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: Q3 2022 Earnings Key Highlights
Q3 2022 EARNINGS KEY HIGHLIGHTS CURRENT OUTLOOK & STRONG CONTINUED STRONG EXECUTION OF STRATEGIC PLAN BALANCE SHEET SUPPORT EXECUTION DELIVERS SOLID FINANCIAL RESULTS OF CAPITAL RETURN PROGRAM $3.9M $2.8M -2% +5% +2% Share Buyback Bond Buyback YoY Total YoY Digital YoY EBITDA in Q3 in Q3 Revenue Cha
Slide 4: Strategy Execution & Post-Pandemic Recovery Driving Strong Financial Results
STRATEGY EXECUTION & POST-PANDEMIC RECOVERY DRIVING STRONG FINANCIAL RESULTS TOTAL REVENUE EBITDA ($ MM) ($ MM) +102% Growth Range: +17% Growth +166% (ex-political) $160-170 +20% (ex-political) $167 $955 $916 $815 $135 Margin $82 17.4% Margin 14.7% Margin 10.1% 2020 2021 LTM Q3 2022 2020 2021 LTM Q3
Slide 5: Continued Focus on De-Leveraging Providing Significant Financial Flexibility
CONTINUED FOCUS ON DE-LEVERAGING PROVIDING SIGNIFICANT FINANCIAL FLEXIBILITY NET DEBT AND NET LEVERAGE DELIVERY OF SUBSTANTIAL & ($ MM) ONGOING DE-LEVERAGING $711 Achieved net debt reduction of ~$640 mm (~50% of outstanding amount) since June 2018 $629 $623 Reiterated net leverage target of <3.5x 8.
Slide 6: Cumulus Media Q3 2022 Investment Highlights
CUMULUS MEDIA Q3 2022 INVESTMENT HIGHLIGHTS Audio-First Media Strategy with Fast-Growing Digital Businesses Driving Sustainable Growth → Digital Revenue +5%, Led by Digital Marketing Services (+12%) and Streaming (+11%) Substantial Fixed Cost Reductions Providing Enhanced Operating Leverage → Q3 EBI
Slide 7: Appendix: Company Overview
Appendix: SeAT Tein) &.. Overview MEDIA
Slide 8: An Audio-First Media Company
AN AUDIO-FIRST MEDIA COMPANY Captivating LISTENERS with engaging, multi-platform audio content in every community in the U.S…. TRADITIONAL + and delivering highly efficient DIGITAL advertising & marketing SOLUTIONS… connecting with tens of thousands of 250+ million potential BUSINESSES… CUSTOMERS 8
Slide 9: Cumulus Media at a Glance
CUMULUS MEDIA AT A GLANCE LEADING TALENT & BRANDS 405 Stations in 86 Markets News/Talk Sports Music & Entertainment #1 Network with ~9,500 Affiliates 1.5B+ Annual Podcast Downloads Larry O’Connor Pete Mundo Mitch Albom John Phillips Hallerin Hilton Hill Steve Cochran Kevin Harlan Rich Eisen Greg McE
Slide 10: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 10
Slide 11: Glossary of Non-GAAP Terms
GLOSSARY OF NON-GAAP TERMS The non-GAAP terms referenced below may be provided on an As-Reported Basis as well as a Same Station Basis. Net income or loss excluding: interest, taxes, depreciation, amortization, stock-based “EBITDA” or “Adjusted EBITDA” compensation expense, gain or loss on the excha
Slide 12: Net Income to Adjusted EBITDA (2016-2021, Ex. Political)
RECONCILIATIONS TO NON-GAAP TERMS NET INCOME TO ADJUSTED EBITDA (AS REPORTED BASIS, 2016-2021, EX. POLITICAL) ($ in ‘000s) 2016 2017 2018 2019 2020 2021 Net (loss) income $ (510,720) $ (206,565) $ 757,581 $ 61,257 $ (59,719) $ 17,278 Income tax (benefit) expense (26,154) (163,726) (189,212) 22,263 (
Slide 13: Net Income to Adjusted EBITDA (Q3 2022 LTM, Ex. Political)
RECONCILIATIONS TO NON-GAAP TERMS NET INCOME TO ADJUSTED EBITDA (AS REPORTED BASIS, Q3 2022 LTM, EX. POLITICAL) ($ in ‘000s) Q3 2022 LTM Net income $ 33,928 Income tax expense 11,256 Non-operating expense, including net interest expense 64,269 Local marketing agreement fees 44 Depreciation and amort
Slide 14: Net Income to Adjusted EBITDA (Q3 2021 and Q3 2022)
RECONCILIATIONS TO NON-GAAP TERMS NET INCOME TO ADJUSTED EBITDA (AS REPORTED BASIS, Q3 2021 AND Q3 2022, EX. POLITICAL) ($ in ‘000s) Q3 2021 Q3 2022 Net income $ 27,448 $ 8,540 Income tax expense 3,668 4,624 Non-operating expense, including net interest expense 16,692 15,538 Local marketing agreemen
Slide 15: Net Income to Adjusted EBITDA (Same Station, 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 16: Total Debt to Net Debt
RECONCILIATIONS TO NON-GAAP TERMS TOTAL DEBT TO NET DEBT ($ in ‘000s) Q2 2018 2018 2019 2020 2021 Q3 2022 Total debt $ 1,300,000 $ 1,243,299 $ 1,023,688 $ 982,247 $ 805,935 $ 740,858 Cash and cash equivalents 37,444 27,584 15,142 271,761 177,028 118,149 Net Debt $ 1,262,556 $ 1,215,715 $ 1,008,546 $