Cumulus: Total Revenue of $916.5M, Up 12% Year-Over-Year

Cumulus Media Inc. Wednesday announced operating results for the three months and year ended December 31, 2021.

2021 Key Highlights:

• Made substantial progress on executing multi-dimensional, audio-first strategy (see latest investor presentation on our website)
• Meaningfully increased distribution of broadcast content across multiple digital platforms, including podcast, audio streaming and video
• Executed multiple sponsored content partnerships on major social platforms, including YouTube and Instagram, leveraging unique and exclusive assets
• Entered into multi-year renewal with the NCAA, maintaining Westwood One’s position as the exclusive partner across broadcast radio, digital audio, distribution and licensing for March Madness and all NCAA Championships
• Developed and brought to market several new multi-platform ad solutions for local and national clients, resulting in a 500%+ increase in multi-market package revenue
• Increased full year revenue by 12% year-over-year, or 15% on an ex-political basis
• Sequentially improved revenue performance each quarter of 2021 vs. comparable quarters in 2019
• 
  Increased digital revenue by 48% year-over-year, to more than $125 million (now comprising 14% of total revenue)
• Increased full year net income to $17.3 million from a net loss of $59.7 million in 2020 and increased operating income to $69.1 million from an operating loss of $10.6 million
• Increased full year EBITDA by 66% year-over-year, or 127% on an ex-political basis
• Increased EBITDA margins by nearly 500 basis points, despite typical off-cycle reduction of high-margin political revenue
• Delivered net fixed cost reductions of more than $75 million vs. 2019 baseline
• Significantly strengthened balance sheet
• Generated $68.5 million of cash from operations and $34 million of gross proceeds from Nashville land sale
• Finished year with total cash balance of $177 million
• Paid down $176.3 million of debt and received forgiveness of $20 million of PPP Loans, reducing net leverage (1) from 8.7x at 12/31/2020 to 4.7x at 12/31/2021
• Achieved third-party ESG scores among the highest in the peer group (see inaugural Corporate Sustainability Report on our website)
• Operating Summary (dollars in thousands, except percentages and per share data):
• For the three months ended December 31, 2021, the Company reported net revenue of $252.3 million, an increase of 2.6% from the three months ended December 31, 2020, net income of $17.6 million and Adjusted EBITDA of $43.2 million.
• For the year ended December 31, 2021, the Company reported net revenue of $916.5 million, an increase of 12.3% from the year ended December 31, 2020, net income of $17.3 million and Adjusted EBITDA of $134.9 million.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "2021 was a year of tremendous progress and accomplishment for Cumulus. 

"We not only achieved meaningful revenue growth in core radio, delivered substantial growth in digital, and greatly improved our operating leverage through material fixed cost reductions, but we also further and significantly de-levered our balance sheet, and executed many initiatives which bolstered our position as a true audio-first media company. As we carry this momentum into 2022, we continue to see significant upside with multiple pathways to enhance shareholder value.”