Cumulus Media Inc today announced its operating results for the first three months of 2022. Its key financial highlights include a 15% increase in revenue from Q1 2021 to Q1 2022, reaching $232 million. Digital revenue was up 18%, led by digital marketing services, up 35%, and podcasting, up 22%. The company shrank its net loss from $21.9 million a year ago to $0.9 million this year.
Mary G. Berner, President/CEO of Cumulus Media, 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.”
