Document

0001058623-19-000033.txt : 20190808 0001058623-19-000033.hdr.sgml : 20190808 20190808080545 ACCESSION NUMBER: 0001058623-19-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190808 DATE AS OF CHANGE: 20190808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CUMULUS MEDIA INC CENTRAL INDEX KEY: 0001058623 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 364159663 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38108 FILM NUMBER: 191007541 BUSINESS ADDRESS: STREET 1: 3280 PEACHTREE ROAD N.W. STREET 2: SUITE 2300 CITY: ATLANTA STATE: GA ZIP: 30305 BUSINESS PHONE: 4049490700 MAIL ADDRESS: STREET 1: 3280 PEACHTREE ROAD N.W. STREET 2: SUITE 2300 CITY: ATLANTA STATE: GA ZIP: 30305 8-K 1 cmls63019earningsrelease8-k.htm 8-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 8-K

____________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 8, 2019

____________________________

CUMULUS MEDIA INC.

(Exact name of registrant as specified in its charter)

____________________________



Delaware	000-24525		82-5134717
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS employer Identification No.)

3280 Peachtree Road, N.W., Suite 2200, Atlanta GA		30305
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (404) 949-0700

n/a
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 - Results of Operations and Financial Condition.

On August 8, 2019, Cumulus Media Inc. ("we") issued a press release announcing operating results for the three and six months ended June 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Item 9.01 - Financial Statements and Exhibits.

Exhibits.



Number		Exhibit

99.1		Press release, dated August 8, 2019

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	CUMULUS MEDIA INC.

August 8, 2019	By:	/s/ John Abbot
		Name: John Abbot
		Title: Executive Vice President, Treasurer and Chief Financial Officer

EX-99.1 2 cmls063019earningsrelease.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

CUMULUS MEDIA Reports Operating Results for the Second Quarter 2019

ATLANTA, GA — August 8, 2019: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three and six months ended June 30, 2019.

Second Quarter Financial Highlights


•	As compared to the second quarter of 2018 on an As Reported GAAP basis:


◦	Net revenue decreased 2.0%


◦	Net income was $42.9 million


◦	Adjusted EBITDA⁽¹⁾ decreased 6.8%


•	As compared to the second quarter of 2018 on a Same Station⁽²⁾basis, excluding the impact of political revenue:


◦	Net revenue increased 1.8%


◦	Digital revenue increased 69.1%


◦	Adjusted EBITDA⁽¹⁾ increased 3.7%


•	As compared to the second quarter of 2018 on a Same Station⁽²⁾basis, including the impact of political revenue:


◦	Net revenue increased 0.7%


◦	Adjusted EBITDA⁽¹⁾ decreased 0.9%

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “In the second quarter, we continued to make great progress against the goals we set when we emerged from bankruptcy a little over a year ago. We delivered a solid financial performance, with same station revenue and Adjusted EBITDA up 1.8% and 3.7%, respectively, on an ex-political basis, driven by continued growth in national and network revenue, as well as industry-leading digital growth. Additionally, we have now closed several strategic portfolio optimization transactions and announced one more. The $146.5 million of gross proceeds from the closed transactions along with cash from operations allowed us to prepay $165 million of debt since our last earnings announcement, reducing our total post-bankruptcy debt by approximately $250 million and net leverage to 4.8x. Given the results of the past year, I am more confident than ever that the company will continue to deliver significant value to our investors, employees, listeners, and advertisers.”

For the purposes of analyzing the results presented herein, the Company is presenting the combined results of operations for (1) the period June 4, 2018 to June 30, 2018 of the Successor Company with the period April 1, 2018 to June 3, 2018 of the Predecessor Company, and (2) the period June 4, 2018 to June 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 such combined results allows for a more meaningful comparison of results for the three and six month periods ended June 30, 2019 to the three and six month periods ended June 30, 2018. For more information regarding the Predecessor and Successor Company results, please see the Company’s Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”).

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



	Successor Company		Non-GAAP Combined Predecessor and Successor
As Reported	Three Months Ended June 30, 2019		Three Months Ended June 30, 2018		% Change
Net revenue	$	279,673	$	285,249	(2.0	)%
Net income	$	42,861	$	706,137	N/A
Adjusted EBITDA ⁽¹⁾	$	61,819	$	66,356	(6.8	)%
Basic income per share	$	2.13	N/A		N/A
Diluted income per share	$	2.11	N/A		N/A



Same Station ⁽²⁾	Successor Company		Non-GAAP Combined Predecessor and Successor
	Three Months Ended June 30, 2019		Three Months Ended June 30, 2018		% Change
Net revenue	$	275,941	$	274,105	0.7	%
Adjusted EBITDA ⁽¹⁾	$	61,454	$	61,994	(0.9	)%



	Successor Company		Non-GAAP Combined Predecessor and Successor
As Reported	Six Months Ended June 30, 2019		Six Months Ended June 30, 2018		% Change
Net revenue	$	547,169	$	548,928	(0.3	)%
Net income	$	43,312	$	701,136	N/A
Adjusted EBITDA ⁽¹⁾	$	103,623	$	106,627	(2.8	)%
Basic income per share	$	2.16	N/A		N/A
Diluted income per share	$	2.14	N/A		N/A



Same Station ⁽²⁾	Successor Company		Non-GAAP Combined Predecessor and Successor
	Six Months Ended June 30, 2019		Six Months Ended June 30, 2018		% Change
Net revenue	$	543,437	$	537,784	1.1	%
Adjusted EBITDA ⁽¹⁾	$	103,258	$	102,265	1.0	%

Balance Sheet Summary (in thousands):



As Reported	June 30, 2019		December 31, 2018		% Change
Cash and cash equivalents	$	20,500	$	27,584	(25.7	)%
Term loan	$	603,738	$	1,243,299	(51.4	)%
6.75% Senior notes	$	500,000	$	—	100.0	%



	Successor Company		Non-GAAP Combined Predecessor and Successor
As Reported	Three Months Ended June 30, 2019		Three Months Ended June 30, 2018		% Change
Capital expenditures	$	5,589	$	6,983	(20.0	)%



	Successor Company		Non-GAAP Combined Predecessor and Successor
As Reported	Six Months Ended June 30, 2019		Six Months Ended June 30, 2018		% Change
Capital expenditures	$	10,715	$	15,988	(33.0	)%


(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."


(2)	Adjusted for certain station dispositions and swaps as if these dispositions and swaps had occurred as of the beginning of each of the three month periods ended June 30, 2019 and June 30, 2018 (or in the case of KLOS-FM, for the three month period ended June 30, 2019 as of the commencement of the LMA on April 16, 2019 and as of April 16, 2018 for the three month period ended June 30, 2018).

Results for Three Months Ended June 30, 2019

Net Revenue

The Company currently 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 on our owned or operated stations to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising on our owned or operated stations and on its nearly 8,000 affiliate stations.

Corporate and Other includes overall executive, administrative, and support functions for all of the Company's operations, including accounting, finance, legal, human resources, information technology, and programming functions.

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



	Three Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
Net revenue	$	193,162		$	85,764		$	747		$	279,673
% of total revenue	69.1		%	30.6		%	0.3		%	100.0		%
$ change from three months ended June 30, 2018	$	(10,288	)	$	4,484		$	228		$	(5,576	)
% change from three months ended June 30, 2018	(5.1		)%	5.5		%	43.9		%	(2.0		)%



	Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
Net revenue	$	203,450		$	81,280		$	519		$	285,249
% of total revenue	71.3		%	28.5		%	0.2		%	100.0		%

Net income (loss)

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



	Three Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group		Westwood One			Corporate and Other			Consolidated
Net income (loss)	$	92,974	$	11,610		$	(61,723	)	$	42,861
$ change from three months ended June 30, 2018	$	581,421	$	(247,805	)	$	(996,892	)	$	(663,276	)
% change from three months ended June 30, 2018	N/A		N/A			N/A			N/A



	Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One		Corporate and Other		Consolidated
Net (loss) income	$	(488,447	)	$	259,415	$	935,169	$	706,137

Adjusted EBITDA

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



	Three Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
Adjusted EBITDA	$	52,222		$	17,866		$	(8,269	)	$	61,819
$ change from three months ended June 30, 2018	$	(8,462	)	$	3,622		$	303		$	(4,537	)
% change from three months ended June 30, 2018	(13.9		)%	25.4		%	3.5		%	(6.8		)%



	Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
As Reported	Cumulus Radio Station Group		Westwood One		Corporate and Other			Consolidated
Adjusted EBITDA	$	60,684	$	14,244	$	(8,572	)	$	66,356

Results for Six Months Ended June 30, 2019

Net Revenue

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



	Six Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
Net revenue	$	359,703		$	186,123		$	1,343		$	547,169
% of total revenue	65.7		%	34.0		%	0.3		%	100.0		%
$ change from six months ended June 30, 2018	$	(11,971	)	$	10,052		$	160		$	(1,759	)
% change from six months ended June 30, 2018	(3.2		)%	5.7		%	13.5		%	(0.3		)%



	Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
Net revenue	$	371,674		$	176,071		$	1,183		$	548,928
% of total revenue	67.7		%	32.1		%	0.2		%	100.0		%

Net income (loss)

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



	Six Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group		Westwood One			Corporate and Other			Consolidated
Net income (loss)	$	118,817	$	21,173		$	(96,678	)	$	43,312
$ change from six months ended June 30, 2018	$	578,456	$	(244,064	)	$	(992,216	)	$	(657,824	)
% change from six months ended June 30, 2018	N/A		N/A			N/A			N/A



	Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One		Corporate and Other		Consolidated
Net (loss) income	$	(459,639	)	$	265,237	$	895,538	$	701,136

Adjusted EBITDA

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



	Six Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
Adjusted EBITDA	$	86,613		$	33,816		$	(16,806	)	$	103,623
$ change from six months ended June 30, 2018	$	(10,256	)	$	6,916		$	336		$	(3,004	)
% change from six months ended June 30, 2018	(10.6		)%	25.7		%	2.0		%	(2.8		)%



	Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor Company)
As Reported	Cumulus Radio Station Group		Westwood One		Corporate and Other			Consolidated
Adjusted EBITDA	$	96,869	$	26,900	$	(17,142	)	$	106,627

Earnings Conference Call Details

The Company will host a conference call today at 8:30 AM EDT to discuss its second quarter 2019 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 for call access. If prompted, the conference ID number is 9378766. Please call five to ten minutes in advance to ensure that you are connected prior to the call.

Following completion of the call, a recording of the call can be accessed via a link at www.cumulusmedia.com/investors.

Forward-Looking Statements

Certain statements in this 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 our actual results of 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

CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month - wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

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. 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 the funding of 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 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, divestitures, 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.

For further information, please contact:

Cumulus Media Inc.

Investor Relations

IR@cumulus.com

404-260-6600

Supplemental Financial Data and Reconciliations

CUMULUS MEDIA INC.

Unaudited Condensed Consolidated Statements of Operations

(Dollars in thousands)



	Successor Company			Non-GAAP Combined Predecessor and Successor			Successor Company			Non-GAAP Combined Predecessor and Successor
	Three Months Ended June 30, 2019			Three Months Ended June 30, 2018			Six Months Ended June 30, 2019			Six Months Ended June 30, 2018
Net revenue	$	279,673		$	285,249		$	547,169		$	548,928
Operating expenses:
Content costs	93,844			89,989			197,596			192,855
Selling, general and administrative expenses	115,817			120,629			229,320			232,712
Depreciation and amortization	13,545			14,444			28,135			26,425
Local marketing agreement fees	438			1,060			1,481			2,167
Corporate expenses	8,545			8,415			17,077			17,015
Stock-based compensation expense	1,106			717			2,314			883
Restructuring costs	13,024			7,675			15,801			9,396
(Gain) loss on sale of assets or stations	(47,750		)	147			(47,724		)	158
Total operating expenses	198,569			243,076			444,000			481,611
Operating income	81,104			42,173			103,169			67,317
Non-operating (expense) income:
Reorganization items, net	—			496,368			—			466,201
Interest expense	(21,191		)	(6,308		)	(43,347		)	(6,436		)
Interest income	8			25			12			54
Gain on early extinguishment of debt	—			—			381			—
Other expense, net	(34		)	(256		)	(62		)	(253		)
Total non-operating (expense) income, net	(21,217		)	489,829			(43,016		)	459,566
Income before income tax (expense) benefit	59,887			532,002			60,153			526,883
Income tax (expense) benefit	(17,026		)	174,135			(16,841		)	174,253
Net income	$	42,861		$	706,137		$	43,312		$	701,136



	Successor Company			Predecessor Company
	Period from June 4, 2018 through June 30, 2018			Period from April 1, 2018 through June 30, 2018
Net revenue	$	95,004		$	190,245
Operating expenses:
Content costs	28,970			61,019
Selling, general and administrative expenses	37,434			83,195
Depreciation and amortization	4,379			10,065
Local marketing agreement fees	358			702
Corporate expenses	2,532			5,883
Stock-based compensation expense	652			65
Restructuring costs	6,941			734
Loss on sale of assets or stations	—			147
Total operating expenses	81,266			161,810
Operating income	13,738			28,435
Non-operating (expense) income:
Reorganization items, net	—			496,368
Interest expense	(6,176		)	(132		)
Interest income	4			21
Other income (expense), net	20			(276		)
Total non-operating (expense) income, net	(6,152		)	495,981
Income before income tax (expense) benefit	7,586			524,416
Income tax (expense) benefit	(2,606		)	176,741
Net income	$	4,980		$	701,157



	Successor Company			Predecessor Company
	Period from June 4, 2018 through June 30, 2018			Period from January 1, 2018 through June 30, 2018
Net revenue	$	95,004		$	453,924
Operating expenses:
Content costs	28,970			163,885
Selling, general and administrative expenses	37,434			195,278
Depreciation and amortization	4,379			22,046
Local marketing agreement fees	358			1,809
Corporate expenses	2,532			14,483
Stock-based compensation expense	652			231
Acquisition-related restructuring costs	6,941			2,455
Loss on sale of assets or stations	—			158
Total operating expenses	81,266			400,345
Operating income	13,738			53,579
Non-operating (expense) income:
Reorganization items, net	—			466,201
Interest expense	(6,176		)	(260		)
Interest income	4			50
Other income (expense), net	20			(273		)
Total non-operating (expense) income, net	(6,152		)	465,718
Income before income tax (expense) benefit	7,586			519,297
Income tax (expense) benefit	(2,606		)	176,859
Net income	$	4,980		$	696,156

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 periods presented herein (dollars in thousands):



	Three Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One		Corporate and Other			Consolidated
GAAP net income (loss)	$	92,974		$	11,610	$	(61,723	)	$	42,861
Income tax expense	—			—		17,026			17,026
Non-operating expense, including net interest expense	79			122		21,016			21,217
Local marketing agreement fees	438			—		—			438
Depreciation and amortization	6,414			5,968		1,163			13,545
Stock-based compensation expense	—			—		1,106			1,106
(Gain) loss on sale of assets or stations	(47,780		)	—		30			(47,750		)
Restructuring costs	97			166		12,761			13,024
Franchise and state taxes	—			—		352			352
Adjusted EBITDA	$	52,222		$	17,866	$	(8,269	)	$	61,819



Same Station	Three Months Ended June 30, 2019 (Successor Company)
Net income	$	42,496
Income tax expense	17,026
Non-operating expense, including net interest expense	21,217
Local marketing agreement fees	438
Depreciation and amortization	13,545
Stock-based compensation expense	1,106
Gain on sale of assets or stations	(47,750		)
Restructuring costs	13,024
Franchise and state taxes	352
Adjusted EBITDA	$	61,454



	Period from June 4, 2018 through June 30, 2018 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
GAAP net income (loss)	$	18,327		$	5,796		$	(19,143	)	$	4,980
Income tax expense	—			—			2,606			2,606
Non-operating (income) expense, including net interest expense	(4		)	47			6,109			6,152
Local marketing agreement fees	358			—			—			358
Depreciation and amortization	2,179			1,949			251			4,379
Stock-based compensation expense	—			—			652			652
Restructuring costs	—			(102		)	7,043			6,941
Franchise and state taxes	—			—			47			47
Adjusted EBITDA	$	20,860		$	7,690		$	(2,435	)	$	26,115



	Period from April 1, 2018 through June 3, 2018 (Predecessor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
GAAP net (loss) income	$	(506,774	)	$	253,619		$	954,312		$	701,157
Income tax benefit	—			—			(176,741		)	(176,741		)
Non-operating (income) expense, including net interest expense	(1		)	77			311			387
Local marketing agreement fees	702			—			—			702
Depreciation and amortization	4,111			4,488			1,466			10,065
Stock-based compensation expense	—			—			65			65
Loss on sale of assets or stations	3			—			144			147
Reorganization items, net	541,903			(251,669		)	(786,602		)	(496,368		)
Restructuring costs	(120		)	39			815			734
Franchise and state taxes	—			—			93			93
Adjusted EBITDA	$	39,824		$	6,554		$	(6,137	)	$	40,241



	Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
GAAP net (loss) income	$	(488,447	)	$	259,415		$	935,169		$	706,137
Income tax benefit	—			—			(174,135		)	(174,135		)
Non-operating (income) expense, including net interest expense	(5		)	124			6,420			6,539
Local marketing agreement fees	1,060			—			—			1,060
Depreciation and amortization	6,290			6,437			1,717			14,444
Stock-based compensation expense	—			—			717			717
Loss on sale of assets or stations	3			—			144			147
Reorganization items, net	541,903			(251,669		)	(786,602		)	(496,368		)
Restructuring costs	(120		)	(63		)	7,858			7,675
Franchise and state taxes	—			—			140			140
Adjusted EBITDA	$	60,684		$	14,244		$	(8,572	)	$	66,356



Same Station	Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
Net income	$	701,775
Income tax benefit	(174,135		)
Non-operating expense, including net interest expense	6,539
Local marketing agreement fees	1,060
Depreciation and amortization	14,444
Stock-based compensation expense	717
Loss on sale of assets or stations	147
Reorganization items, net	(496,368		)
Restructuring costs	7,675
Franchise and state taxes	140
Adjusted EBITDA	$	61,994



	Six Months Ended June 30, 2019 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One		Corporate and Other			Consolidated
GAAP net income (loss)	$	118,817		$	21,173	$	(96,678	)	$	43,312
Income tax expense	—			—		16,841			16,841
Non-operating expense, including net interest expense	265			264		42,868			43,397
Local marketing agreement fees	1,481			—		—			1,481
Depreciation and amortization	13,719			12,163		2,253			28,135
Stock-based compensation expense	—			—		2,314			2,314
(Gain) loss on sale of assets or stations	(47,766		)	—		42			(47,724		)
Restructuring costs	97			216		15,488			15,801
Franchise and state taxes	—			—		447			447
Gain on early extinguishment of debt	—			—		(381		)	(381		)
Adjusted EBITDA	$	86,613		$	33,816	$	(16,806	)	$	103,623



Same Station	Six Months Ended June 30, 2019 (Successor Company)
Net income	$	42,947
Income tax expense	16,841
Non-operating expense, including net interest expense	43,397
Local marketing agreement fees	1,481
Depreciation and amortization	28,135
Stock-based compensation expense	2,314
Gain on sale of assets or stations	(47,724		)
Restructuring costs	15,801
Franchise and state taxes	447
Gain on early extinguishment of debt	(381		)
Adjusted EBITDA	$	103,258



	Period from June 4, 2018 through June 30, 2018 (Successor Company)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
GAAP net income (loss)	$	18,327		$	5,796		$	(19,143	)	$	4,980
Income tax expense	—			—			2,606			2,606
Non-operating (income) expense, including net interest expense	(4		)	47			6,109			6,152
Local marketing agreement fees	358			—			—			358
Depreciation and amortization	2,179			1,949			251			4,379
Stock-based compensation expense	—			—			652			652
Restructuring costs	—			(102		)	7,043			6,941
Franchise and state taxes	—			—			47			47
Adjusted EBITDA	$	20,860		$	7,690		$	(2,435	)	$	26,115



	Period from January 1, 2018 through June 4, 2018 (Predecessor Company)
As Reported	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 of assets or stations	14			—			144			158
Reorganization items, net	541,903			(251,487		)	(756,617		)	(466,201		)
Restructuring costs	—			1,087			1,368			2,455
Franchise and state taxes	—			—			234			234
Adjusted EBITDA	$	76,009		$	19,210		$	(14,707	)	$	80,512



	Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As Reported	Cumulus Radio Station Group			Westwood One			Corporate and Other			Consolidated
GAAP net (loss) income	$	(459,639	)	$	265,237		$	895,538		$	701,136
Income tax benefit	—			—			(174,253		)	(174,253		)
Non-operating (income) expense, including net interest expense	(6		)	251			6,390			6,635
Local marketing agreement fees	2,167			—			—			2,167
Depreciation and amortization	12,430			11,914			2,081			26,425
Stock-based compensation expense	—			—			883			883
Loss on sale of assets or stations	14			—			144			158
Reorganization items, net	541,903			(251,487		)	(756,617		)	(466,201		)
Restructuring costs	—			985			8,411			9,396
Franchise and state taxes	—			—			281			281
Adjusted EBITDA	$	96,869		$	26,900		$	(17,142	)	$	106,627



Same Station	Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
Net income	$	696,774
Income tax benefit	(174,253		)
Non-operating expense, including net interest expense	6,635
Local marketing agreement fees	2,167
Depreciation and amortization	26,425
Stock-based compensation expense	883
Loss on sale of assets or stations	158
Reorganization items, net	(466,201		)
Restructuring costs	9,396
Franchise and state taxes	281
Adjusted EBITDA	$	102,265

The following tables reconcile as reported net revenue and as reported Adjusted EBITDA to same station net revenue and same station Adjusted EBITDA for the periods presented herein (dollars in thousands):



	Three Months Ended June 30, 2019 (Successor Company)			Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported net revenue	$	279,673		$	285,249
Station dispositions and swaps	(3,732		)	(11,144		)
Same station net revenue	$	275,941		$	274,105



	Six Months Ended June 30, 2019 (Successor Company)			Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported net revenue	$	547,169		$	548,928
Station dispositions and swaps	(3,732		)	(11,144		)
Same station net revenue	$	543,437		$	537,784



	Three Months Ended June 30, 2019 (Successor Company)			Three Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported Adjusted EBITDA	$	61,819		$	66,356
Station dispositions and swaps	(365		)	(4,362		)
Same station Adjusted EBITDA	$	61,454		$	61,994



	Six Months Ended June 30, 2019 (Successor Company)			Six Months Ended June 30, 2018 (Non-GAAP Combined Predecessor and Successor)
As reported Adjusted EBITDA	$	103,623		$	106,627
Station dispositions and swaps	(365		)	(4,362		)
Same station Adjusted EBITDA	$	103,258		$	102,265

The following tables disclose net revenue for each of the Predecessor Company and Successor Company periods presented herein. When combined, these periods present the Company's non-GAAP combined Predecessor and Successor net revenue for the three and six months ended June 30, 2018 (dollars in thousands):



	Period from June 4, 2018 through June 30, 2018 (Successor Company)
	Cumulus Radio Station Group		Westwood One		Corporate and Other		Consolidated
Net revenue	$	68,357	$	26,356	$	291	$	95,004



	Period from April 1, 2018 through June 3, 2018 (Predecessor Company)
	Cumulus Radio Station Group		Westwood One		Corporate and Other		Consolidated
Net revenue	$	135,093	$	54,924	$	228	$	190,245



	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

The following table discloses capital expenditures for each of the Predecessor Company and Successor Company periods presented below. When combined, these periods present the Company's non-GAAP combined Predecessor and Successor capital expenditures for the three and six months ended June 30, 2018 (dollars in thousands):



	Successor Company		Predecessor Company
	Period from June 4, 2018 through June 30, 2018		Period from April 1, 2018 through June 3, 2018		Period from January 1, 2018 through June 3, 2018
Capital expenditures	$	1,969	$	5,014	$	14,019

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