#Cumulus works but not easyweather why how to#
#Cumulus works but not easyweather why drivers#
#Cumulus works but not easyweather why full#

At a high level, we've always created value by linking our two main constituencies, our listeners and our advertisers. The new investor presentation we released last month, which you can find on our website, walks through our transition from a legacy radio model to the multidimensional, multiproduct, multichannel, on-demand audio-first media company that we're building today, a new model that significantly expands the markets in which we participate, generates new audiences and gives us the ability to drive profitable growth.

#Cumulus works but not easyweather why drivers#

All this said, we don't believe that our current stock price fully contemplates these drivers or what the company is and where it's going. Since our 2018 restructuring, we've reduced net debt by more than $600 million or approximately 45% or $30 per share, which has resulted in a very strong balance sheet.ДЄnd finally, significant flexibility with respect to capital allocation. A robust free cash flow profile and aggressive deleveraging strategy. Continued cost reductions, starting with the actions we've taken that will deliver more than $70 million in fixed cost savings in 2022 versus our 2019 baseline. Multiple digital growth initiatives, which now represent over 14% of revenue and have generated more than $115 million over the last 12 months. These include anticipated additional recovery of the radio market. Q3 results also demonstrate the impact of the multiple drivers of shareholder value creation that are propelling our growth. Another quarter validating the continuing success of our ongoing transformation from a one-dimensional radio company to a multidimensional audio-first media company. Once again, this quarter's results across the board were strong and exceeded expectations. Thanks, Collin, and good afternoon, everyone. Berner - President and Chief Executive Officer With that, I'll now turn it over to our President and Chief Executive Officer, Mary Berner.

#Cumulus works but not easyweather why how to#

A recording of today's call will be available for about a month and details for how to access that replay can also be found on our website. 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.

#Cumulus works but not easyweather why full#

A full description of these risks as well as financial reconciliations to non-GAAP terms are in our press release and SEC filings. We believe this supplementary information is useful to investors, although it should not be considered superior to the measures presented in accordance with GAAP. In addition, we will also use certain non-GAAP financial measures. These statements are based on management's current assessments and assumptions, and they are subject to a number of risks and uncertainties. Actual results may differ materially from the results expressed or implied in forward-looking statements. 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. I'm joined today by our President and Chief Executive Officer, Mary Berner and our Chief Financial Officer, Frank Lopez-Balboa.

Welcome, everyone, to our Third Quarter 2021 Earnings Conference Call.