CUMULUS MEDIA Reports Operating Results for Third Quarter 2018

ATLANTA, Nov. 13, 2018 (GLOBE NEWSWIRE) — Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three and nine months ended September 30, 2018. As described in more detail below, results for the 2018 periods reflect the combined results of the Successor and Predecessor Companies in connection with the Company’s emergence from Chapter 11. For the three months ended September 30, 2018, the Company reported net revenue of $282.3 million, down 1.7% from the three months ended September 30, 2017, net income of $12.7 million and Adjusted EBITDA of $62.1 million, which was up 0.5% from the three months ended September 30, 2017. For the nine months ended September 30, 2018, the Company reported net revenue of $831.2 million, down 1.3% from the nine months ended September 30, 2017, net income of $713.8 million and Adjusted EBITDA of $168.7 million, which was up 0.5% from the nine months ended September 30, 2017. Net income for the nine months ended September 30, 2018 included an after-tax gain associated with the Company’s emergence from Chapter 11 of $641.0 million.

As previously disclosed, on November 29, 2017, the Company and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (“Chapter 11”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”). On May 10, 2018, the Court entered an order confirming the Company’s Plan of Reorganization (the “Plan”). On June 4, 2018, the Plan became effective in accordance with its terms and the Company emerged from Chapter 11.

The Company’s operating results and key operating performance measures on a consolidated basis, as well as within the Cumulus Radio Station Group and Westwood One, were not materially impacted by the reorganization. For the purposes of the analysis of the results presented herein, the Company is presenting the combined results of operations for the period June 4, 2018 to September 30, 2018 of the Successor Company with the period January 1, 2018 to June 3, 2018 of the Predecessor Company. Although this presentation is not in accordance with accounting principles generally accepted in the United States, the Company believes presenting and analyzing the combined results allows for a more meaningful comparison of results for the nine month period ended September 30, 2018 to the nine months ended September 30, 2017. For more information regarding the Predecessor and Successor Company results, please see the Company’s Form 10-Q for the quarter ended September 30, 2018 to be filed with the Securities and Exchange Commission (the “SEC”).

Mary Berner, President and Chief Executive Officer of Cumulus Media commented, “In our first full quarter of operations since emerging from Chapter 11, our positive momentum continued and we remain focused on the path ahead. We delivered another quarter of Adjusted EBITDA growth – approximately 50 basis points on a reported basis and 3.9% when adjusting for the impact of USTN and our exit from WLUP-FM in Chicago. Additionally, in early October, we completed a $50 million prepayment of our term loan using cash generated from operations, demonstrating both our ability to produce significant free cash flow and our commitment to pay down debt with that cash. We continue to believe that our key growth initiatives, including our digital businesses at the Cumulus Radio Station Group, our rapidly expanding podcast business and pricing and inventory management improvements across the Company, as well as our substantial free cash flow generation, position the Company well to create value for all our stakeholders.”

Operating Summary (in thousands, except percentages and per share data):

  Successor
Company
    Predecessor
Company
 
  Three
Months
Ended
September
30, 2018
    Three
Months
Ended
September
30, 2017
% Change
Net revenue $ 282,254       $ 287,240   (1.7 )%
Net income $ 12,713       $ 1,274   **
Adjusted EBITDA (1) $ 62,104       $ 61,765   0.5 %
Basic income per share $ 0.64       $ 0.04   **
Diluted income per share $ 0.63       $ 0.04   **

  Successor
Company
    Predecessor
Company
Combined
Predecessor
and
Successor
Predecessor
Company
 
  Period from
June 4, 2018
through
September
30, 2018
    Period from
January 1,
2018
through
June 3, 2018
Nine Months
Ended
September
30, 2018
Nine Months
Ended
September
30, 2017
% Change
Net revenue $ 377,258       $ 453,924   $ 831,182   $ 841,801   (1.3 )%
Net income (loss) $ 17,693       $ 696,156   $ 713,849   $ (449 ) **
Adjusted EBITDA (1) $ 88,219       $ 80,512   $ 168,731   $ 167,899   0.5 %
Basic income (loss) per share $ 0.88       $ 23.73   ** $ (0.02 ) **
Diluted income (loss) per share $ 0.88       $ 23.73   ** $ (0.02 ) **

(1) Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure”.

    Successor   Predecessor    
    September 30, 2018   December 31, 2017   % Change
Cash and cash equivalents   $ 53,978     $ 102,891     (47.5 )%
             
Term loan   $ 1,296,750     $     **
Predecessor term loan   $     $ 1,722,209     **
7.75% senior notes   $     610,000     **
Total debt   $ 1,296,750     $ 2,332,209     (44.4 )%

** Calculation not meaningful

  Successor
Company
Predecessor
Company
   
  Three Months
Ended
September 30,
2018
Three Months
Ended
September 30,
2017
  % Change
Capital expenditures $ 5,897   $ 7,442     (20.8 )%

  Successor
Company
    Predecessor
Company
Combined
Predecessor
and Successor
Predecessor
Company
   
  Period from
June 4, 2018
through
September 30,
2018
    Period from
January 1, 2018
through June 3,
2018
Nine months
ended
September 30,
2018
Nine months
ended
September 30,
2017
  % Change
Capital expenditures $ 7,866       $ 14,019   $ 21,885   $ 20,645     6.0 %

Three Months Ended September 30, 2018

Net Revenue

The Company operates in two reportable segments, the Cumulus Radio Station Group and Westwood One. Cumulus Radio Station Group revenue is derived primarily from the sale of broadcasting time to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising.

Corporate and Other includes overall executive, administrative and support functions for both of the Company’s reportable segments, including accounting, finance, legal, human resources, information technology functions and programming.

The following tables present our net revenue by segment (dollars in thousands).

    Three Months Ended September 30, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 196,357     $ 85,227     $ 670     $ 282,254  
% of total revenue   69.6 %   30.2 %   0.2 %   100.0 %
$ change from three months ended September 30, 2017   $ (6,495 )   $ 1,449     $ 60     $ (4,986 )
% change from three months ended September 30, 2017   (3.2 )%   1.7 %   9.8 %   (1.7 )%

    Three Months Ended September 30, 2017
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 202,852     $ 83,778     $ 610     $ 287,240  
% of total revenue   70.6 %   29.2 %   0.2 %   100.0 %

Net Income (Loss)

The following tables present our net income (loss) by segment (dollars in thousands).

    Three Months Ended September 30, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 42,395     $ 13,100     $ (42,782 )   $ 12,713  
$ change from three months ended September 30, 2017   $ 1,583     $ 1,088     $ 8,768     $ 11,439  
% change from three months ended September 30, 2017   3.7 %   9.1 %   17.0 %     **  

** Calculation not meaningful

    Three Months Ended September 30, 2017
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 40,812     $ 12,012     $ (51,550 )   $ 1,274  

Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands).

    Three Months Ended September 30, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 50,399     $ 19,157     $ (7,452 )   $ 62,104  
$ change from three months ended September 30, 2017   $ (2,371 )   $ 1,170     $ 1,540     $ 339  
% change from three months ended September 30, 2017   (4.5 )%   6.5 %   17.1 %   0.5 %

    Three Months Ended September 30, 2017
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 52,770     $ 17,987     $ (8,992 )   $ 61,765  

Nine Months Ended September 30, 2018

Net Revenue

The following tables present our net revenue by segment (dollars in thousands).

    Period from June 4, 2018 through September 30, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 264,714     $ 111,583     $ 961     $ 377,258  

    Period from January 1, 2018 through June 3, 2018
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 303,317     $ 149,715     $ 892     $ 453,924  

    Nine Months Ended September 30, 2018
(Combined Predecessor and Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 568,031     $ 261,298     $ 1,853     $ 831,182  
% of total revenue   68.4 %   31.4 %   0.2 %   100.0 %
$ change from nine months ended September 30, 2017   $ (17,019 )   $ 6,431     $ (31 )   $ (10,619 )
% change from nine months ended September 30, 2017   (2.9 )%   2.5 %   (1.7 )%   (1.3 )%

    Nine Months Ended September 30, 2017
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net revenue   $ 585,050     $ 254,867     $ 1,884     $ 841,801  
% of total revenue   69.5 %   30.3 %   0.2 %   100.0 %

Net Income (Loss)
The following tables present our net income (loss) by segment (dollars in thousands).

    Period from June 4, 2018 through September 30, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 60,722     $ 18,896     $ (61,925 )   $ 17,693  

    Period from January 1, 2018 through June 3, 2018
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income   $ (477,966 )   $ 259,441     $ 914,681     $ 696,156  

    Nine Months Ended September 30, 2018
(Combined Predecessor and Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net (loss) income   $ (417,244 )   $ 278,337     $ 852,756     $ 713,849  
$ change from nine months ended September 30, 2017   $ (530,510 )   $ 251,838     $ 992,970     $ 714,298  
% change from nine months ended September 30, 2017   **   **   **   **

** Calculation not meaningful

    Nine Months Ended September 30, 2017
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Net income (loss)   $ 113,266     $ 26,499     $ (140,214 )   $ (449 )

Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands).

    Period from June 4, 2018 through September 30, 2018
(Successor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 71,259     $ 26,847     $ (9,887 )   $ 88,219  

    Period from January 1, 2018 through June 3, 2018
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 76,009     $ 19,210     $ (14,707 )   $ 80,512  

    Nine Months Ended September 30, 2018
(Combined Predecessor and Successor)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 147,268     $ 46,057     $ (24,594 )   $ 168,731  
$ change from nine months September 30, 2017   $ (1,526 )   $ 913     $ 1,445     $ 832  
% change from nine months ended September 30, 2017   (1.0 )%   2.0 %   5.5 %   0.5 %

    Nine Months Ended September 30, 2017
(Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood
One
  Corporate
and Other
  Consolidated
Adjusted EBITDA   $ 148,794     $ 45,144     $ (26,039 )   $ 167,899  

Earnings Call Information
The Company will host a conference call today at 4:30 PM EDT to discuss its third quarter 2018 operating results.

A link to the webcast of the conference call will be available on the investor section of the Company’s website (www.cumulusmedia.com/investors/). The conference call dial-in number for domestic callers is 877-830-7699, and international callers should dial 248-847-2515 for call access. If prompted, the conference ID number is 9093578. Please call five to ten minutes in advance to ensure that you are connected prior to the call.

Following completion, a telephonic replay can be accessed until 11:59 PM EDT on December 13, 2018, by dialing 855-859-2056 or 404-537-3406 and using the replay code 9093578.

Forward-Looking Statements
Certain statements in this press release 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 fact and relate to our intent, belief or current expectations, primarily with respect to our future operating, financial and strategic performance. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those contained in or implied by the forward-looking statements as a result of various factors including, but not limited to, risks and uncertainties related to our recently completed financial restructuring and other risk factors described from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond our control, and the unexpected occurrence or failure to occur of any such events or matters could significantly alter the actual results of our operations or financial condition. CUMULUS MEDIA assumes no responsibility to update any forward-looking statement as a result of new information, future events or otherwise.

About CUMULUS MEDIA
A leader in the radio broadcasting industry, CUMULUS MEDIA (NASDAQ: CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through its 440 owned-and-operated stations broadcasting in 90 U.S. media markets (including eight of the top 10), approximately 8,000 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus Radio Station Group and Westwood One platforms make CUMULUS MEDIA one of the few media companies that can provide advertisers with national reach and local impact. The Cumulus Radio Station Group and Westwood One are the exclusive radio broadcast partners to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, and more. Additionally, the Company is the nation’s leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events.  For more information, visit www.cumulusmedia.com.

For further information, please contact:
Cumulus Media Inc.
Collin Jones
Investor Relations
[email protected]
404-260-6600

CUMULUS MEDIA INC.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)

  Successor
Company
    Predecessor
Company
  Period from
June 4, 2018
through
September 30,
    Period from
January 1,
2018 through
June 3,
  2018     2018
Net revenue $ 377,258       $ 453,924  
Operating expenses:        
Content costs 127,464       163,885  
Selling, general and administrative expenses 151,779       195,278  
Depreciation and amortization 18,521       22,046  
Local marketing agreement fees 1,364       1,809  
Corporate expenses 9,541       14,483  
Stock-based compensation expense 1,783       231  
Acquisition-related restructuring costs 9,679       2,455  
Loss on sale or disposal of assets or stations 34       158  
Total operating expenses 320,165       400,345  
Operating income 57,093       53,579  
Non-operating (expense) income:        
Reorganization items, net       466,201  
Interest expense (28,579 )     (260 )
Interest income 20       50  
Other expense, net (3,157 )     (273 )
Total non-operating (expense) income, net (31,716 )     465,718  
Income before income tax (expense) benefit 25,377       519,297  
Income tax (expense) benefit (7,684 )     176,859  
Net income $ 17,693       $ 696,156  


CUMULUS MEDIA INC.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)

    Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2018   2017   2018   2017
    Successor
Company
  Predecessor
Company
  Combined
Predecessor
and
Successor
  Predecessor
Company
Net revenue   $ 282,254     $ 287,240     $ 831,182     $ 841,801  
Operating expenses:                
Content costs   98,494     97,924     291,349     295,103  
Selling, general and administrative expenses   114,345     117,690     347,057     350,476  
Depreciation and amortization   14,142     15,208     40,567     47,610  
Local marketing agreement fees   1,006     2,717     3,173     8,137  
Corporate expenses   7,009     10,000     24,024     28,743  
Stock-based compensation expense   1,131     354     2,014     1,422  
Acquisition-related and restructuring costs   2,738     499     12,134     2,116  
Loss (gain) on sale or disposal of assets or stations   34     (83 )   192     (2,585 )
Total operating expenses   238,899     244,309     720,510     731,022  
Operating income   43,355     42,931     110,672     110,779  
Non-operating (expense) income:                
Reorganization items, net           466,201      
Interest expense   (22,403 )   (35,335 )   (28,839 )   (103,742 )
Interest income   16     34     70     106  
Loss on early extinguishment of debt       (1,063 )       (1,063 )
Other expense, net   (3,177 )   (36 )   (3,430 )   (64 )
Total non-operating (expense) income, net   (25,564 )   (36,400 )   434,002     (104,763 )
Income before income tax (expense) benefit   17,791     6,531     544,674     6,016  
Income tax (expense) benefit   (5,078 )   (5,257 )   169,175     (6,465 )
Net income (loss)   $ 12,713     $ 1,274     $ 713,849     $ (449 )

                       

Non-GAAP Financial Measure

From time to time we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) and segment Adjusted EBITDA are the financial metrics by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole and each of our reportable segments, respectively. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit agreement.

In determining Adjusted EBITDA, the Company excludes from net income items not related to core operations and those that are non-cash including: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations, early extinguishment of debt, local marketing agreement fees, expenses relating to acquisitions, restructuring costs, reorganization items and non-cash impairments of assets, if any.

Management believes that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider the metric to be extremely useful.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Adjusted EBITDA may be defined or calculated differently by other companies, and comparability may be limited.

The following tables reconcile net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to segment and consolidated Adjusted EBITDA for the period from June 4, 2018 through September 30, 2018, the period from January 1, 2018 through June 3, 2018 and the three and nine months ended September 30, 2018 and 2017 (dollars in thousands):

    Three Months Ended September 30, 2018 (Successor Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 42,395     $ 13,100     $ (42,782 )   $ 12,713  
Income tax expense           5,078     5,078  
Non-operating expense, including net interest expense       206     25,358     25,564  
Local marketing agreement fees   1,006             1,006  
Depreciation and amortization   6,964     5,845     1,333     14,142  
Stock-based compensation expense           1,131     1,131  
Loss on sale or disposal of assets or stations   34             34  
Acquisition-related and restructuring costs       6     2,732     2,738  
Franchise and state taxes           (302 )   (302 )
Adjusted EBITDA   $ 50,399     $ 19,157     $ (7,452 )   $ 62,104  

    Three Months Ended September 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 40,812     $ 12,012     $ (51,550 )   $ 1,274  
Income tax expense           5,257     5,257  
Non-operating (income) expense, including net interest expense   (1 )   132     35,204     35,335  
Local marketing agreement fees   2,717             2,717  
Depreciation and amortization   9,349     5,443     416     15,208  
Stock-based compensation expense           354     354  
(Gain) loss on sale or disposal of assets or stations   (107 )       24     (83 )
Loss on early extinguishment of debt           1,063     1,063  
Acquisition-related and restructuring costs       400     99     499  
Franchise and state taxes           141     141  
Adjusted EBITDA   $ 52,770     $ 17,987     $ (8,992 )   $ 61,765  

    Period from June 4, 2018 through September 30, 2018 (Successor Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 60,722     $ 18,896     $ (61,925 )   $ 17,693  
Income tax expense           7,684     7,684  
Non-operating (income) expense, including net interest expense   (4 )   253     31,467     31,716  
Local marketing agreement fees   1,364             1,364  
Depreciation and amortization   9,143     7,794     1,584     18,521  
Stock-based compensation expense           1,783     1,783  
Loss on sale or disposal of assets or stations   34             34  
Acquisition-related and restructuring costs       (96 )   9,775     9,679  
Franchise and state taxes           (255 )   (255 )
Adjusted EBITDA   $ 71,259     $ 26,847     $ (9,887 )   $ 88,219  

    Period from January 1, 2018 through June 3, 2018 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net (loss) income   $ (477,966 )   $ 259,441     $ 914,681     $ 696,156  
Income tax benefit           (176,859 )   (176,859 )
Non-operating (income) expense, including net interest expense   (2 )   204     281     483  
Local marketing agreement fees   1,809             1,809  
Depreciation and amortization   10,251     9,965     1,830     22,046  
Stock-based compensation expense           231     231  
Loss on sale or disposal of assets or stations   14         144     158  
Reorganization items, net   541,903     (251,487 )   (756,617 )   (466,201 )
Acquisition-related and restructuring costs       1,087     1,368     2,455  
Franchise and state taxes           234     234  
Adjusted EBITDA   $ 76,009     $ 19,210     $ (14,707 )   $ 80,512  

    Nine Months Ended September 30, 2018 (Combined Predecessor and Successor)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net (loss) income   $ (417,244 )   $ 278,337     $ 852,756     $ 713,849  
Income tax benefit           (169,175 )   (169,175 )
Non-operating (income) expense, including net interest expense   (6 )   457     31,748     32,199  
Local marketing agreement fees   3,173             3,173  
Depreciation and amortization   19,394     17,759     3,414     40,567  
Stock-based compensation expense           2,014     2,014  
Loss on sale or disposal of assets or stations   48         144     192  
Reorganization items, net   541,903     (251,487 )   (756,617 )   (466,201 )
Acquisition-related and restructuring costs       991     11,143     12,134  
Franchise and state taxes           (21 )   (21 )
Adjusted EBITDA   $ 147,268     $ 46,057     $ (24,594 )   $ 168,731  

    Nine Months Ended September 30, 2017 (Predecessor Company)
    Cumulus
Radio Station
Group
  Westwood One   Corporate
and Other
  Consolidated
GAAP net income (loss)   $ 113,266     $ 26,499     $ (140,214 )   $ (449 )
Income tax expense           6,465     6,465  
Non-operating (income) expense, including net interest expense   (4 )   407     103,297     103,700  
Local marketing agreement fees   8,137             8,137  
Depreciation and amortization   30,004     16,346     1,260     47,610  
Stock-based compensation expense           1,422     1,422  
(Gain) loss on sale or disposal of assets or stations   (2,609 )       24     (2,585 )
Loss on early extinguishment of debt           1,063     1,063  
Acquisition-related and restructuring costs       1,892     224     2,116  
Franchise and state taxes           420     420  
Adjusted EBITDA   $ 148,794     $ 45,144     $ (26,039 )   $ 167,899