RESTATEMENT OF FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

RESTATEMENT OF FINANCIAL STATEMENTS

Schedule of impact of restatement on financial statements

Consolidated Balance Sheets

	As of December 31, 2021
	As Previously
	Reported		Adjustments		Other Adjustments		As Restated
	(In thousands)
ASSETS
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,743	$	127,446	$	—	$	313	$	127,759
Other current assets		4,760		—		(1,263)		3,497
Total current assets		313,274		—		(950)		312,324
RIGHT OF USE ASSETS		38,044		—		(88)		37,956
RADIO BROADCASTING LICENSES		505,148		—		(3,728)		501,420
OTHER INTANGIBLE ASSETS, net		50,159		—		(2,238)		47,921
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000		—		112,600		—		112,600
OTHER ASSETS		44,635		(40,000)		2,321		6,956
Total assets	$	1,261,108	$	72,600	$	(4,683)	$	1,329,025
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	14,588	$	—	$	2,304	$	16,892
Other current liabilities		26,421		—		(1,991)		24,430
Total current liabilities		106,471		—		313		106,784
DEFERRED TAX LIABILITIES, net		2,473		17,617		(1,213)		18,877
Total liabilities		989,973		17,617		(900)		1,006,690
REDEEMABLE NONCONTROLLING INTERESTS		17,015		—		1,640		18,655
STOCKHOLDERS’ EQUITY:
Accumulated other comprehensive income		—		54,950		—		54,950
Additional paid-in capital		1,020,636		—		(1,640)		1,018,996
Accumulated deficit		(766,567)		33		(3,783)		(770,317)
Total stockholders’ equity		254,120		54,983		(5,423)		303,680
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	1,261,108	$	72,600	$	(4,683)	$	1,329,025

Consolidated Statements of Operations

	Year Ended December 31, 2021
	As Previously				Other
	Reported		Adjustments		Adjustments		As Restated
	(In thousands, except share data)
NET REVENUE	$	441,462	$	—	$	(1,177)	$	440,285
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $31		143,187		—		(1,177)		142,010
Impairment of long-lived assets		—		—		2,104		2,104
Total operating expenses		322,919		—		927		323,846
Operating income (loss)		118,543		—		(2,104)		116,439
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		54,244		—		(2,104)		52,140
PROVISION FOR (BENEFIT FROM) INCOME TAXES		13,577		(33)		(510)		13,034
NET INCOME (LOSS)		40,667		33		(1,594)		39,106
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	38,352	$	33	$	(1,594)	$	36,791
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.76	$	—	$	(0.03)	$	0.73
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.71	$	—	$	(0.03)	$	0.68

Consolidated Statements of Comprehensive Income

	Year Ended December 31, 2021
	As Previously				Other
	Reported		Adjustments		Adjustments		As Restated
	(In thousands)
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$	—	$	9,500	$	—	$	9,500
Income tax expense related to unrealized gain on available-for-sale securities		—		(2,305)		—		(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX		—		7,195		—		7,195
COMPREHENSIVE INCOME (LOSS)	$	40,667	$	7,228	$	(1,594)	$	46,301
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	38,352	$	7,228	$	(1,594)	$	43,986

Consolidated Statements of Changes in Stockholders’ Equity

		As Previously Reported
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		38,352		38,352
Stock-based compensation expense		—		—		—		—		—		—		565		—		565
Repurchase of 521,877 shares of Class D common stock		—		—		—		—		(1)		—		(969)		—		(970)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 229,756 shares of Class D common stock		—		—		—		—		—		—		397		—		397
Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock		—		1		—		(1)		—		—		—		—		—
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,399)		—		(4,399)
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120

		Adjustments and Other Adjustments
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	—	$	—	$	—	$	—	$	47,755	$	(1,241)	$	(2,189)	$	44,325
Net income		—		—		—		—		—		—		—		(1,561)		(1,561)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(399)		—		(399)
Other comprehensive income, net of tax		—		—		—		—		—		7,195		—		—		7,195
Total Adjustments	$	—	$	—	$	—	$	—	$	—	$	54,950	$	(1,640)	$	(3,750)	$	49,560

		As Restated
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	47,755	$	990,528	$	(807,108)	$	231,223
Net income		—		—		—		—		—		—		—		36,791		36,791
Stock-based compensation expense		—		—		—		—		—		—		565		—		565
Repurchase of 521,877 shares of Class D common stock		—		—		—		—		(1)		—		(969)		—		(970)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 229,756 shares of Class D common stock		—		—		—		—		—		—		397		—		397
Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock		—		1		—		(1)		—		—		—		—		—
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,798)		—		(4,798)
Other comprehensive income, net of tax				—		—		—		—		7,195		—		—		7,195
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	54,950	$	1,018,996	$	(770,317)	$	303,680

Consolidated Statements of Cash Flows

	Year Ended December 31, 2021
	As
	Previously				Other		As
	Reported		Adjustments		Adjustments		Restated
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	40,667	$	33	$	(1,594)	$	39,106
Adjustments to reconcile net income (loss) to net cash from operating activities:
Deferred income taxes		12,514		(33)		(510)		11,971
Non-cash lease liability expense		4,684		—		(4,684)		—
Impairment of goodwill and broadcasting licenses		—		—		2,104		2,104
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		(22,734)		—		(73)		(22,807)
Accounts payable		3,453		—		153		3,606
Other liabilities		(5,892)		—		4,604		(1,288)
Net cash flows provided by operating activities		80,150		—		—		80,150
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	$	4,399	$	—	$	399	$	4,798