Cumulus Media Inc. (NASDAQ:CMLS) Q1 2024 Earnings Conference Call May 3, 2024 8:30 AM ET

Company Participants

Collin Jones - EVP, Strategy and Development, President of Westwood One
Mary Berner - President and CEO
Frank Lopez-Balboa - Executive Vice President and CFO

Conference Call Participants

Michael Kupinski - Noble Capital Markets

Operator

Welcome to the Cumulus Media Quarterly Earnings Conference Call.

I'll now turn it over to Collin Jones, Executive Vice President of Strategy and Development and President of Westwood One. Sir, you may proceed.

Collin Jones

Thank you, operator. Welcome everyone to our first quarter 2024 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 as discussed in our filings with the SEC. In addition, we will also use certain non-GAAP financial measures. We believe the supplementary information is useful to investors, although 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 and that 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.

A recording of today's call will be available for about a month via link in the Investors portion of 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. This morning I'm very pleased to let you know that we've refinanced our capital structure to secure five-year maturities with very favorable terms through a successful debt exchange and ABL facility upside and extension, which is an excellent outcome for the company given the generally difficult financing environment for legacy media companies.

Specifically, with the completion of these transactions, we have extended maturities to 2029, reduced the principal amount of debt outstanding by approximately $33 million, secured attractive interest rates, maintained covenant like terms and increased our ABL facility availability by 25%.