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    Patrick Shaw • Univerbod

    Patrick Shaw is an Equity Research Analyst at Univerbod, specializing in the analysis of technology and consumer sector companies, with a focus on firms such as Apple, Amazon, and Meta Platforms. He has developed a reputation for insightful investment recommendations, maintaining a success rate of approximately 67% on platforms such as TipRanks and generating an average annualized return of 14% across his published calls. Shaw began his finance career in 2016 at Morgan Stanley as an Associate Analyst before joining Univerbod in 2020, where he has since advanced to his current analyst role. He holds FINRA Series 7 and Series 63 licenses and has been recognized within the industry for the accuracy and impact of his stock recommendations.

    Patrick Shaw's questions to Cumulus Media Inc (CMLS) leadership

    Patrick Shaw's questions to Cumulus Media Inc (CMLS) leadership • Q2 2025

    Question

    Patrick Shaw from Univerbod asked for more detail on the drivers of podcasting growth, excluding lost relationships, and questioned if the pace of Q2 operating expense declines would continue for the rest of the year.

    Answer

    President & CEO Mary Berner explained that podcasting growth is driven by adding new shows, strong audience growth execution for existing shows, and multi-platform ad packaging. EVP & CFO Frank Lopez-Balboa stated that while the company remains focused on cost discipline and leveraging AI for efficiencies, future fixed cost savings are expected to be more modest after significant reductions in prior years.

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