Supplemental Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Statements of Operations

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2015

(Dollars in thousands)

(Unaudited)

	Cumulus Media Inc. (Parent  Guarantor)			Cumulus Media Holdings Inc. (Subsidiary  Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations		Total Consolidated
Net revenue	$	—		$	125		$	270,954		$	—		$	—	$	271,079
Operating expenses:
Content costs	—			—			100,807			—			—		100,807
Selling, general & administrative expenses	—			—			115,776			531			—		116,307
Depreciation and amortization	—			260			25,051			—			—		25,311
LMA fees	—			—			2,498			—			—		2,498
Corporate expenses (including stock-based compensation expense of $3,863)	—			13,462			—			—			—		13,462
Loss on sale of assets or stations	—			—			819			—			—		819
Total operating expenses	—			13,722			244,951			531			—		259,204
Operating (loss) income	—			(13,597		)	26,003			(531		)	—		11,875
Non-operating (expense) income:
Interest expense	(2,184		)	(32,753		)	—			(47		)	—		(34,984		)
Interest income	—			—			358			—			—		358
Other income, net	—			—			379			—			—		379
Total non-operating (expense) income, net	(2,184		)	(32,753		)	737			(47		)	—		(34,247		)
(Loss) income before income taxes	(2,184		)	(46,350		)	26,740			(578		)	—		(22,372		)
Income tax benefit (expense)	867			28,242			(10,617		)	(8,135		)	—		10,357
(Loss) income from continuing operations	(1,317		)	(18,108		)	16,123			(8,713		)	—		(12,015		)
(Loss) earnings from consolidated subsidiaries	(10,698		)	7,410			(8,713		)	—			12,001		—
Net (loss) income	$	(12,015	)	$	(10,698	)	$	7,410		$	(8,713	)	$	12,001	$	(12,015	)

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2014

(Dollars in thousands)

(Unaudited)

	Cumulus Media Inc. (Parent  Guarantor)			Cumulus Media Holdings  Inc. (Subsidiary  Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Net revenue	$	—		$	104		$	291,940		$	—		$	—		$	292,044
Operating expenses:
Content costs	—			—			108,493			—			—			108,493
Selling, general & administrative expenses	—			—			114,744			591			—			115,335
Depreciation and amortization	—			458			28,423			—			—			28,881
LMA fees	—			—			1,557			—			—			1,557
Corporate expenses (including stock-based compensation expense of $4,091)	—			19,194			—			—			—			19,194
Gain on sale of assets or stations	—			—			(538		)	—			—			(538		)
Total operating expenses	—			19,652			252,679			591			—			272,922
Operating (loss) income	—			(19,548		)	39,261			(591		)	—			19,122
Non-operating (expense) income:
Interest expense	(2,576		)	(33,644		)	—			(45		)	—			(36,265		)
Interest income	—			—			331			—			—			331
Other expense, net	—			—			(65		)	—			—			(65		)
Total non-operating (expense) income, net	(2,576		)	(33,644		)	266			(45		)	—			(35,999		)
(Loss) income before income taxes	(2,576		)	(53,192		)	39,527			(636		)	—			(16,877		)
Income tax benefit (expense)	942			19,061			(12,599		)	204			—			7,608
(Loss) income from continuing operations	(1,634		)	(34,131		)	26,928			(432		)	—			(9,269		)
(Loss) earnings from consolidated subsidiaries	(7,635		)	26,496			(432		)	—			(18,429		)	—
Net (loss) income	$	(9,269	)	$	(7,635	)	$	26,496		$	(432	)	$	(18,429	)	$	(9,269	)

Condensed Consolidated Balance Sheets

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2015

(Dollars in thousands, except for share and per share data)

(Unaudited)

	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary  Issuer)		Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	22,758	$	—		$	—		$	—		$	22,758
Restricted cash	—			8,414		—			—			—			8,414
Accounts receivable, less allowance for doubtful accounts of $5,158	—			—		—			217,824			—			217,824
Trade receivable	—			—		4,103			—			—			4,103
Asset held for sale				—		45,157			—			—			45,157
Prepaid expenses and other current assets	—			63,795		26,678			—			—			90,473
Total current assets	—			94,967		75,938			217,824			—			388,729
Property and equipment, net	—			2,816		190,643			—			—			193,459
Broadcast licenses	—			—		—			1,593,939			—			1,593,939
Other intangible assets, net	—			—		226,343			—			—			226,343
Goodwill	—			—		1,252,694			—			—			1,252,694
Investment in consolidated subsidiaries	621,301			4,191,054		1,086,494			—			(5,898,849		)	—
Intercompany receivables, net	—			88,663		1,476,597			—			(1,565,260		)	—
Other assets	—			31,708		25,818			696			—			58,222
Total assets	$	621,301		$	4,409,208	$	4,334,527		$	1,812,459		$	(7,464,109	)	$	3,713,386
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	—		$	40,777	$	101,477		$	—		$	—		$	142,254
Trade payable	—			—		4,729			—			—			4,729
Total current liabilities	—			40,777		106,206			—			—			146,983
Long-term debt, excluding 7.75% Senior Notes	—			1,876,177		—			—			—			1,876,177
7.75% Senior Notes	—			610,000		—			—			—			610,000
Other liabilities	—			2,180		49,119			—			—			51,299
Intercompany payables, net	87,967			1,258,773		—			218,520			(1,565,260		)	—
Deferred income taxes	—			—		(11,852		)	507,445			—			495,593
Total liabilities	87,967			3,787,907		143,473			725,965			(1,565,260		)	3,180,052
Stockholders’ equity (deficit):
Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 255,280,514 shares issued and 232,636,706 shares outstanding	2,552			—		—			—			—			2,552
Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding	6			—		—			—			—			6
Treasury stock, at cost, 22,643,808 shares	(231,684		)	—		—			—			—			(231,684		)
Additional paid-in-capital	1,604,825			248,869		4,193,276			2,070,394			(6,512,539		)	1,604,825
Accumulated (deficit) equity	(842,365		)	372,432		(2,222		)	(983,900		)	613,690			(842,365		)
Total stockholders’ equity (deficit)	533,334			621,301		4,191,054			1,086,494			(5,898,849		)	533,334
Total liabilities and stockholders’ equity (deficit)	$	621,301		$	4,409,208	$	4,334,527		$	1,812,459		$	(7,464,109	)	$	3,713,386

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2014

(Dollars in thousands, except for share and per share data)

(Unaudited)

	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary  Issuer)		Subsidiary Guarantors			Subsidiary Non-guarantors				Eliminations			Total Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	7,268	$	3		$	—			$	—		$	7,271
Restricted cash	—			10,055		—			—				—			10,055
Accounts receivable, less allowance for doubtful accounts of $6,004	—			—		—			248,308				—			248,308
Trade receivable	—			—		2,455			—				—			2,455
Asset held for sale	—			—		15,007			—			—	—			15,007
Prepaid expenses and other current assets	—			66,020		21,710			—				—			87,730
Total current assets	—			83,343		39,175			248,308				—			370,826
Property and equipment, net	—			2,653		218,844			—				—			221,497
Broadcast licenses	—			—		—			1,596,715				—			1,596,715
Other intangible assets, net	—			—		243,640			—				—			243,640
Goodwill	—			—		1,253,823			—				—			1,253,823
Investment in consolidated subsidiaries	627,363			4,154,147		1,097,404			—				(5,878,914		)	—
Intercompany receivables, net	—			86,527		1,462,776			—				(1,549,303		)	—
Other assets	—			32,776		25,420			744				—			58,940
Total assets	$	627,363		$	4,359,446	$	4,341,082		$	1,845,767			$	(7,428,217	)	$	3,745,441
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	—		$	30,322	$	121,336		$	—			$	—		$	151,658
Trade payable	—			—		3,964			—				—			3,964
Total current liabilities	—			30,322		125,300			—				—			155,622
Long-term debt, excluding 7.75% Senior Notes	—			1,875,127		—			—				—			1,875,127
7.75% Senior Notes	—			610,000		—			—				—			610,000
Other liabilities	—			2,166		52,955			—				—			55,121
Intercompany payables, net	85,783			1,214,468		—			249,052				(1,549,303		)	—
Deferred income taxes	—			—		8,680			499,311				—			507,991
Total liabilities	85,783			3,732,083		186,935			748,363				(1,549,303		)	3,203,861
Stockholders’ equity (deficit):
Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 254,997,925 shares issued and 232,378,371 shares outstanding	2,549			—		—			—				—			2,549
Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding	6			—		—			—				—			6
Treasury stock, at cost, 22,619,554 shares	(231,588		)	—		—			—				—			(231,588		)
Additional paid-in-capital	1,600,963			244,233		4,163,779			2,072,591				(6,480,603		)	1,600,963
Accumulated (deficit) equity	(830,350		)	383,130		(9,632		)	(975,187		)		601,689			(830,350		)
Total stockholders’ equity (deficit)	541,580			627,363		4,154,147			1,097,404				(5,878,914		)	541,580
Total liabilities and stockholders’ equity (deficit)	$	627,363		$	4,359,446	$	4,341,082		$	1,845,767			$	(7,428,217	)	$	3,745,441

Condensed Consolidated Statements of Cash Flows

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31, 2015

(Dollars in thousands)

(Unaudited)

	Cumulus Media Inc. (Parent  Guarantor)			Cumulus Media Holdings Inc. (Subsidiary  Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Cash flows from operating activities:
Net (loss) income	$	(12,015	)	$	(10,698	)	$	7,410		$	(8,713	)	$	12,001		$	(12,015	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	—			260			25,051			—			—			25,311
Amortization of debt issuance costs/discounts	—			2,295			—			47			—			2,342
Provision for doubtful accounts	—			—			596			—			—			596
Loss on sale of assets or stations	—			—			819			—			—			819
Deferred income taxes	(867		)	(27,846		)	10,617			8,135			—			(9,961		)
Stock-based compensation expense	—			3,863			—			—			—			3,863
Loss (earnings) from consolidated subsidiaries	10,698			(7,410		)	8,713			—			(12,001		)	—
Changes in assets and liabilities	—			100,389			(90,897		)	531			—			10,023
Net cash (used in) provided by operating activities	(2,184		)	60,853			(37,691		)	—			—			20,978
Cash flows from investing activities
Proceeds from sale of assets or stations	—			—			3,055			—			—			3,055
Restricted cash	—			1,641			—			—			—			1,641
Capital expenditures	—			(423		)	(9,672		)	—			—			(10,095		)
Net cash provided by (used in) investing activities	—			1,218			(6,617		)	—			—			(5,399		)
Cash flows from financing activities:
Intercompany transactions, net	2,183			(46,488		)	44,305			—			—			—
Tax withholding payments on behalf of employees	—			(93		)	—			—			—			(93		)
Proceeds from exercises of warrants	1			—			—			—			—			1
Net cash provided by (used in) financing activities	2,184			(46,581		)	44,305			—			—			(92		)
Increase (decrease) in cash and cash equivalents	—			15,490			(3		)	—			—			15,487
Cash and cash equivalents at beginning of period	—			7,268			3			—			—			7,271
Cash and cash equivalents at end of period	$	—		$	22,758		$	—		$	—		$	—		$	22,758

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31, 2014

(Dollars in thousands)

(Unaudited)

	Cumulus Media Inc. (Parent  Guarantor)			Cumulus Media Holdings Inc. (Subsidiary  Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Cash flows from operating activities:
Net (loss) income	$	(9,269	)	$	(7,635	)	$	26,496		$	(432	)	$	(18,429	)	$	(9,269	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	—			458			28,423			—			—			28,881
Amortization of debt issuance costs/discount	—			2,270			—			48			—			2,318
Provision for doubtful accounts	—			—			568			—			—			568
Gain on sale of assets or stations	—			—			(538		)	—			—			(538		)
Fair value adjustment of derivative instruments	—			14			—			—			—			14
Deferred income taxes	—			(7,631		)	—			—			—			(7,631		)
Stock-based compensation expense	—			4,091			—			—			—			4,091
Earnings (loss) from consolidated subsidiaries	7,635			(26,496		)	432			—			18,429			—
Changes in assets and liabilities	—			58,986			(73,561		)	33,017			—			18,442
Net cash (used in) provided by operating activities	(1,634		)	24,057			(18,180		)	32,633			—			36,876
Cash flows from investing activities:
Proceeds from sale of assets or stations	—			—			1,054			—			—			1,054
Capital expenditures	—			(38		)	(1,297		)	—			—			(1,335		)
Net cash used in investing activities	—			(38		)	(243		)	—			—			(281		)
Cash flows from financing activities:
Intercompany transactions, net	1,482			(12,337		)	18,488			(7,633		)	—			—
Repayments of borrowings under term loans and revolving credit facilities	—			(5,937		)	—			(25,000		)	—			(30,937		)
Tax withholding payments on behalf of employees	—			(1,314		)	—			—			—			(1,314		)
Proceeds from exercises of warrants	38			—			—			—			—			38
Proceeds from exercise of options	117			—			—			—			—			117
Deferred financing costs	—			(21		)	—			—			—			(21		)
Net cash provided (used in) by financing activities	1,637			(19,609		)	18,488			(32,633		)	—			(32,117		)
Increase in cash and cash equivalents	3			4,410			65			—			—			4,478
Cash and cash equivalents at beginning of period	11,804			20,988			—			—			—			32,792
Cash and cash equivalents at end of period	$	11,807		$	25,398		$	65		$	—		$	—		$	37,270