Cumulus Media, Inc. (NASDAQ:CMLS) Q1 2022 Earnings Conference Call May 4, 2022 8:30 AM ET

Company Participants

Collin Jones - SVP, Corporate Development & Strategy

Mary Berner - President, CEO & Director

Frank Lopez-Balboa - EVP, CFO & Treasurer

Conference Call Participants

Michael Kupinski - NOBLE Capital Markets

Daniel Day - B. Riley Securities

Operator

Good morning, ladies and gentlemen. Thank you for attending today's Cumulus Media Quarterly Earnings Conference Call. My name is Jaquita, I will be your moderator for today's call. [Operator Instructions].

I would now like to pass the conference over to your host, Collin Jones, Senior Vice President of Corporate Development and Strategy. Collin, please go ahead.

Collin Jones

Thank you, operator. Welcome, everyone, to our first quarter 2022 earnings conference call. I'm joined today by our President and CEO, Mary Berner; and our CFO, Frank Lopez-Balboa.

Before we start, please note that certain statements in today's press release and discussed on this call may constitute forward-looking statements under federal securities laws. Actual results may differ materially from the results expressed or implied in forward-looking statements. These statements are based on management's current assessments and assumptions, and they are subject to a number of risks and uncertainties.

In addition, we will also use certain non-GAAP financial measures. We believe the supplementary information is useful to investors, though it should not be considered superior to the measures presented in accordance with GAAP. A full description of these risks as well as financial reconciliations to non-GAAP terms are in our press release and SEC filings.

The press release can be found in the Investor Relations portion of our website and our Form 10-Q was also filed with the SEC shortly before this call. We also posted a Q1 investor update to our website, which speaks to this quarter's highlights and accompanies the full investor presentation that we first released last year and updated earlier this year. We encourage you to download that if you haven't already. A recording of today's call will be available for about a month via a link on our website.

With that, I'll now turn it over to our President and CEO, Mary Berner. Mary?

Mary Berner

Thanks, Collin, and good morning, everyone. In the first quarter of 2022, Cumulus delivered strong results reflected across a number of key financial metrics, including robust revenue growth, improved operating efficiency and significant additional deleveraging of the balance sheet. This performance once again demonstrates the positive impact of our multi-platform or, as we call it, our audio-first strategy, which transforms the company from a one-dimensional radio broadcaster to a multidimensional audio media company.