Completed Successful Debt Exchange That Reduced Principal by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates and Preserved Structure Free of Financial Maintenance Covenants; Exceeded Expectations with Approximately 97% Aggregate Participation Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029 Reported Q1 Total Revenue of $200 million, Down 2.7%, In Line with Guidance Increased Digital Marketing Services Revenue by 25%, Total Digital Revenue by 7% ATLANTA, May 03, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three months ended March 31, 2024. Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "We are thrilled to have refinanced our capital structure to secure five-year maturities with favorable terms through a successful debt exchange and ABL Facility upsize and extension. This is an excellent outcome for the Company especially given the generally difficult financing environment for legacy media companies. Specifically, we extended maturities to 2029, reduced the principal amount of outstanding debt by approximately $33 million, obtained attractive interest rates, maintained a structure free of financial maintenance covenants, and increased capacity on our ABL Facility by 25%." Berner continued, "The importance of these transactions is underscored by the continuing choppiness in the macroeconomic environment. While our Q1 revenue was in line with guidance and a marked improvement from 2023 trends, it is also reflective of the uncertainty that continues to weigh on advertisers. With the advertising environment still unsettled, these new terms provide us additional time and flexibility to execute against our key business priorities - accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet - each of which is foundational to our ability to build long-term shareholder value." Q1 Performance Summary: Posted total net revenue of $200.1 million, a decline of 2.7%, a sequential improvement versus Q4 2023's year-over-year performance Generated digital revenue of $34.4 million, an increase of 7.3% year-over-year Digital revenue comprising 17% of total company revenue Digital marketing services growth of 25% driven by the addition of new products and investment in our digital sales capabilities Recorded first quarter net loss of $14.2 million compared to net loss of $21.5 million in Q1 2023 and Adjusted EBITDA(1) of $8.4 million compared to $10.3 million in Q1 2023 Continued to improve operating leverage by reducing fixed costs by approximately $4 million Updated Capital Structure Activity: Consummated the exchange offer for our 6.75% Senior Notes and First Lien Term Loans due 2026 on May 2, 2024, with favorable terms and aggregate participation of approximately 97% of debt outstanding Total debt reduced by approximately $33 million Existing debt maturities extended from 2026 to 2029 Interest rate modified on exchanged Notes to 8.00% and exchanged Term Loans to SOFR + 500 basis points Amended ABL Facility, increasing capacity to $125 million from $100 million and extending maturity to 2029 Operating Summary (dollars in thousands, except percentages and per share data): For the three months ended March 31, 2024, the Company reported net revenue of $200.1 million, a decrease of 2.7% from the three months ended March 31, 2023, net loss of $14.2 million and Adjusted EBITDA of $8.4 million. As Reported Three Months Ended March 31, 2024   Three Months Ended March 31, 2023   % Change Net revenue $ 200,053     $ 205,692     (2.7 )% Net loss $ (14,154 )   $ (21,467 )   34.1 % Adjusted EBITDA $ 8,405     $ 10,329     (18.6 )% Basic loss per share $ (0.85 )   $ (1.17 )   27.4 % Diluted loss per share $ (0.85 )   $ (1.17 )   27.4 %                       Revenue Detail Summary (dollars in thousands): As Reported Three Months Ended March 31, 2024   Three Months Ended March 31, 2023   % Change Broadcast radio revenue:           Spot $ 90,573     $ 97,713     (7.3 )% Network   49,162       50,297     (2.3 )% Total broadcast radio revenue   139,735       148,010     (5.6 )% Digital   34,447       32,089     7.3 % Other   25,871       25,593     1.1 % Net revenue $ 200,053     $ 205,692     (2.7 )%   Balance Sheet Summary (dollars in thousands):     March 31, 2024   December 31, 2023 Cash and cash equivalents   $ 68,339     $ 80,660   Term loan due 2026 (2)   $ 329,510     $ 329,510   6.75% Senior notes (2)   $ 346,245     $