0001193125-21-053494.txt : 20210224 0001193125-21-053494.hdr.sgml : 20210224 20210224083055 ACCESSION NUMBER: 0001193125-21-053494 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210224 DATE AS OF CHANGE: 20210224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERCOM COMMUNICATIONS CORP CENTRAL INDEX KEY: 0001067837 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 231701044 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14461 FILM NUMBER: 21668647 BUSINESS ADDRESS: STREET 1: 2400 MARKET STREET STREET 2: 4TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 610-660-5610 MAIL ADDRESS: STREET 1: 2400 MARKET STREET STREET 2: 4TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 8-K 1 d131556d8k.htm FORM 8-K Form 8-K
ENTERCOM COMMUNICATIONS CORP false 0001067837 0001067837 2021-02-24 2021-02-24

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2021

 

 

ENTERCOM COMMUNICATIONS CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Pennsylvania   001-14461   23-1701044

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

2400 Market Street, 4th Floor

Philadelphia, Pennsylvania

   19103
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (610) 660-5610

 

(Former Address of Principal Executive Offices)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbols

  

Name of each exchange

on which registered

Class A Common Stock, par value $.01 per share   ETM   New York Stock Exchange
Series A Junior Participating Convertible Preferred Stock, par value $0.01 per share    
Series B Junior Participating Convertible Preferred Stock, par value $0.01 per share    

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02.

Results of Operations and Financial Conditions

On February 24, 2021, Entercom Communications Corp. (the “Company”) issued a press release (the “Press Release”) announcing fourth quarter and year ended December 31, 2020 results. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01.

Exhibits

 

  (d)

Exhibits

The following exhibits are provided as part of this Current Report on Form 8-K:

 

Exhibit
No.

   

Title

99.1    Entercom Communications Corp.’s Press Release, issued February 24, 2021.
104    Cover Page Interactive Data File (embedded within the XBRL file).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Entercom Communications Corp.

    By:  

/s/ Andrew P. Sutor, IV

  Andrew P. Sutor, IV
  Executive Vice President

Dated: February 24, 2021

 

-3-

EX-99.1 2 d131556dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

For Immediate Release    Contacts:
February 24, 2021    Joseph Jaffoni, Jennifer
   Neuman, Norberto Aja
   JCIR
   (212) 835-8500
   etm@jcir.com

ENTERCOM COMMUNICATIONS REPORTS

FOURTH QUARTER RESULTS, REVENUES UP 19% SEQUENTIALLY

FROM 3Q TO 4Q

Philadelphia, PA — Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended December 31, 2020.

Fourth Quarter Summary

 

  •  

Net revenues for the quarter were $319.5 million, up 19% compared to the third quarter of 2020 and down 23% compared to the fourth quarter of 2019

 

  •  

Our events business, which contributed 7% of our fourth quarter 2019 net revenues, continued to be significantly disrupted by COVID-19 and our event revenues for the quarter were down 98% compared to the fourth quarter of 2019

 

  •  

Digital revenues were $58.8 million, up 23% compared to the fourth quarter of 2019, propelled by continued strong audience and revenue growth in streaming and podcasting

 

  •  

Station expenses for the quarter declined 16% to $238.8 million compared to the prior year and corporate expenses declined 6% to $20.2 million

 

  •  

Operating loss for the quarter was $204.9 million, which included a non-cash impairment charge of $247.4 million, compared to an operating loss of $455.5 million in the fourth quarter of 2019

 

  •  

Adjusted EBITDA for the quarter was $66.5 million, compared to $113.0 million in the fourth quarter of 2019

 

  •  

Liquidity at year end was $160.2 million comprised of $129.2 million of available revolver capacity and $31.0 million of cash on-hand

CEO Comment

David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that Entercom continued to drive strong sequential operating improvement with revenues up 19% and EBITDA more than doubling vs. the third quarter. Digital, podcasting, sports betting and network radio all posted strong double digit growth over prior year and we are continuing to drive innovation across these businesses to enhance future growth potential. While the pandemic continues to hobble a large number of our advertisers, particularly locally, we are optimistic about a strong recovery in our local ad sales later this year driven by vaccinations, fiscal stimulus and pent-up consumer demand in heavily impacted categories.

During the quarter, we announced and completed the acquisition of the QL Gaming Group, a rapidly emerging sports betting data and predictive analytics platform that ideally complements our unrivaled position in the sports audio business. In addition, we announced a landmark multi-year partnership with Fan Duel, which we believe is the largest advertising deal in the history of the radio industry.”

Recent Company Developments

 

  •  

QL Gaming Group Acquisition. We acquired sports data and iGaming affiliate platform QL Gaming Group in November in an all-cash deal for approximately $32 million, bringing unrivaled data, analytics and insight-driven content to our best-in-class sports broadcast stations and influential podcasts to RADIO.COM. We believe QLGG is an outstanding complement to our sports business, enabling significant cross-platform opportunities to accelerate subscription and affiliate growth on the BetQL platform while enhancing our programming with exclusive, compelling betting-oriented content. More recently, we launched the BetQL Audio Network establishing a new destination for premier sports betting programming across our platform.

 

  •  

LockedOn Podcast Network Partnership. We launched a sales and content partnership with LockedOn, the No. 1 daily local sports podcast network, recently acquired by TEGNA. Under the partnership, we will feature the LockedOn library of podcasts and develop new content on RADIO.COM. The partnership further enhances our national sports offerings and continues to expand our leadership in sports entertainment.

 

  •  

Accelerating Digital Growth. We continue to drive rapid growth in consumer demand and advertising revenues for our streaming content. Our digital audio platform, RADIO.COM, delivered 34% year-over-year growth in monthly active users in the fourth quarter and 53% growth in smart speaker listenership.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Wednesday, February 24, 2021, at 10:00 AM Eastern Time. The public may access the conference call by dialing Toll Free: (888) 889-0278 and Toll: (773) 799-3659, passcode: Entercom (domestic and international callers). Participants may also listen to a live webcast of the call by visiting the “Investor Relations” section of Entercom’s website at www.entercom.com. A replay of the conference call will be available for one week by dialing (888) 562-7210. A webcast replay of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Additional information is available on the Company’s website at www.entercom.com.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is a leading audio and entertainment company engaging over 170 million consumers each month through its iconic broadcast brands, expansive digital platform, premium podcast network and live events and experiences. With presence in every major U.S. market, and accessible on every device, Entercom delivers the industry’s most compelling live and on-demand content and experiences from voices and influencers its communities trust and love. The company’s robust portfolio of assets and integrated solutions offer advertisers today’s most engaged audiences through targeted reach, brand amplification and local activation—all at national scale. Entercom is the unrivaled leader in local radio sports and news and the #1 creator of live, original local audio content in the U.S. Learn more at www.entercom.com, Facebook and Twitter (@Entercom).

Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Station Expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, restructuring and integration costs, other expenses related to the refinancing; and gain or loss on sale or disposition of assets.

Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); other expenses related to the refinancing; impairment loss, merger and acquisition costs, restructuring and integration costs, preferred stock dividends; COVID-19 related expenses, non-recurring expenses/recoveries otherwise included in corporate or station expenses, loss on early extinguishment of debt, and gain or loss on sale or disposition of assets

Adjusted Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization; net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; restructuring and integration costs, COVID-19 related expenses, other income and non-recurring expenses/recoveries otherwise included in corporate or station expenses; income from discontinued operations (excluding income taxes or tax benefit); and (ii) less net interest expense (excluding amortization of deferred financing costs or debt premium), Adjusted Income Taxes Paid, and Net Capital Expenditures.

Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.

Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on the sale of redundant property.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported, including income taxes otherwise included in income from discontinued operations; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) impairment loss; (v) merger and acquisition costs, restructuring and integration costs, COVID-19 related expenses, and non-recurring expenses/recoveries otherwise included in corporate or station expenses; (vi) other expenses related to refinancing; and (vii) gain/loss on early extinguishment of debt. For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 30% without discrete items of tax.

Adjusted Net Income (Loss) Per Share - Diluted includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income (Loss) Per Share - Diluted.

Non-GAAP Financial Measures

It is important to note that station operating income, station expense, corporate expense, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income (Loss) Per Share – Diluted, Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”). Management believes that these measures are useful as a way to evaluate the Company and the means for Management to evaluate our radio stations’ performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share - Diluted). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. For purposes of comparability, income taxes are reflected at the expected federal and state income tax rate of 30%, without adjustment for discrete tax adjustments. Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company’s financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD. This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms S-4, 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for

comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company’s actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2020     2019     2020     2019  
STATEMENTS OF OPERATIONS                         

Net Revenues

    $ 319,495     $ 414,118     $ 1,060,898     $ 1,489,929  
  

 

 

    

 

 

    

 

 

    

 

 

  

Station Expenses

      238,805       284,458       905,448       1,081,960  

Station Expense - Non-Cash Compensation

      796       892       2,348       4,657  

Corporate Expenses

      20,230       21,636       57,653       72,777  

Corporate Expenses - Non-Cash Compensation

      2,291       5,006       6,907       11,527  

Depreciation And Amortization

      12,567       12,079       50,231       45,331  

Time Brokerage Agreement Expense

      —         —         —         106  

Merger And Acquisition Costs

      492       465       553       941  

Impairment Loss

      247,411       545,457       264,432       545,457  

Restructuring Charges

      1,671       1,023       11,981       6,976  

Integration Costs

      —         1,017       491       4,297  

Other Expenses Related To Refinancing

      —         2,533       —         4,397  

Net (Gain) Loss On Sale Or Disposition of Assets

      89       (4,957 )      (139 )      (7,640 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Expenses

      524,352       869,609       1,299,905       1,770,786  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Income (Loss)

      (204,857 )      (455,491 )      (239,007 )      (280,857 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Interest Expense

      20,987       24,683       87,096       100,103  

Loss on Early Extinguishment of Debt

      —         265       —         2,046  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) Before Income Taxes

      (225,844 )      (480,439 )      (326,103 )      (383,006 ) 

Income Taxes (Benefit)

      (63,447 )      7,096       (83,879 )      37,206  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss)

    $ (162,397 )    $ (487,535 )    $ (242,224 )    $ (420,212 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) Per Share - Basic

    $ (1.21 )    $ (3.64 )    $ (1.80 )    $ (3.07 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) Per Share - Diluted

    $ (1.21 )    $ (3.64 )    $ (1.80 )    $ (3.07 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Dividends Declared And Paid Per Common Share

    $ 0.00     $ 0.02     $ 0.02     $ 0.22  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted Common Shares Outstanding - Basic

      134,611       133,985       134,571       136,967  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted Common Shares Outstanding - Diluted

      134,611       133,985       134,571       136,967  
  

 

 

    

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL BREAKDOWN OF REVENUE BY TYPE

         

Spot (local and national)

    $ 216,852     $ 286,868     $ 705,743     $ 1,092,029  

Digital (including podcasting)

      58,800       47,844       189,988       146,274  

Network

      23,457       19,369       80,346       75,629  

Sponsorships and Events

      9,607       40,701       42,478       102,385  

Other

      10,779       19,336       42,343       73,612  
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 319,495     $ 414,118     $ 1,060,898     $ 1,489,929  
  

 

 

    

 

 

    

 

 

    

 

 

  

Political

    $ 18,891     $ 4,304     $ 32,285     $ 8,996  
  

 

 

    

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL BREAKDOWN OF REVENUE BY FORMAT

         

Music

    $ 171,939     $ 247,147     $ 567,807     $ 888,751  

Sports

      60,867       77,495       192,939       287,529  

News/Talk

      54,388       60,847       191,352       237,987  

Non-format specific

      32,301       28,629       108,800       75,662  
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 319,495     $ 414,118     $ 1,060,898     $ 1,489,929  
  

 

 

    

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

         

Net Capital Expenditures

    $ 8,932     $ 10,245     $ 29,992     $ 68,312  

Adjusted Income Taxes Paid (Refunded)

    $ (1,233 )    $ 18,757     $ 2,724     $ 27,218  

Cash Dividends On Common Stock Declared And Paid

    $ —       $ 2,679     $ 2,692     $ 30,273  

SELECTED BALANCE SHEET DATA

    December 31,              
     2020     2019              

Cash and Cash Equivalents

    $ 30,964     $ 20,393      

Senior Debt - Term B-1 Loan (Includes Current Portion)

    $ 754,006     $ 770,000      

Senior Debt - Revolver (Includes Current Portion)

    $ 114,727     $ 117,000      

Senior Secured Notes

    $ 425,000     $ 425,000      

Senior Notes

    $ 400,000     $ 400,000      

Total Shareholders’ Equity

    $ 644,738     $ 881,443      

OTHER FINANCIAL DATA

         
     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2020     2019     2020     2019  

Reconciliation Of GAAP Operating Income (Loss) To Station Operating Income

         

Operating Income (Loss)

    $ (204,857 )    $ (455,491 )    $ (239,007 )    $ (280,857 ) 

Corporate Expenses

      20,230       21,636       57,653       72,777  

Corporate Expenses - Non-Cash Compensation

      2,291       5,006       6,907       11,527  

Station Expenses - Non-Cash Compensation

      796       892       2,348       4,657  

Depreciation And Amortization

      12,567       12,079       50,231       45,331  

Merger And Acquisition Costs

      492       465       553       941  

Restructuring Charges

      1,671       1,023       11,981       6,976  

Impairment Loss

      247,411       545,457       264,432       545,457  

Integration Costs

      —         1,017       491       4,297  

Other Expenses Related To Refinancing

      —         2,533       —         4,397  

Time Brokerage Agreement Expense

      —         —         —         106  

Net (Gain) Loss On Sale Or Disposition of Assets

      89       (4,957 )      (139 )      (7,640 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Station Operating Income

    $ 80,690     $ 129,660     $ 155,450     $ 407,969  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA

         

Net Income (Loss)

    $ (162,397 )    $ (487,535 )    $ (242,224 )    $ (420,212 ) 

Income Taxes (Benefit)

      (63,447 )      7,096       (83,879 )      37,206  

Net Interest Expense

      20,987       24,683       87,096       100,103  

Corporate Expenses - Non-Cash Compensation

      2,291       5,006       6,907       11,527  

Station Expenses - Non-Cash Compensation

      796       892       2,348       4,657  

Depreciation And Amortization

      12,567       12,079       50,231       45,331  

Time Brokerage Agreement Expense

      —         —         —         106  

Merger And Acquisition Costs

      492       465       553       941  

Restructuring Charges

      1,671       1,023       11,981       6,976  

Integration Costs

      —         1,017       491       4,297  

COVID-19 Related Expenses

      5,413       —         17,011       —    

Non-Recurring Expenses/(Recoveries) Otherwise Included in Corporate Expenses

      589       5,000       (2,718 )      6,000  

Impairment Loss

      247,411       545,457       264,432       545,457  

Other Expenses Related To Refinancing

      —         2,533       —         4,397  

Loss On Early Extinguishment Of Debt

      —         265       —         2,046  

Net (Gain) Loss On Sale Or Disposition of Assets

      89       (4,957 )      (139 )      (7,640 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 66,462     $ 113,024     $ 112,090     $ 341,192  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of GAAP Net Income (Loss) To Adjusted Free Cash Flow

         

Net Income (Loss)

    $ (162,397 )    $ (487,535 )    $ (242,224 )    $ (420,212 ) 

Depreciation And Amortization

      12,567       12,079       50,231       45,331  

Deferred Financing Costs Included In Interest Expense

      1,039       856       3,981       3,083  

Amortization Debt Premium Included In Interest Expense

      (848 )      (679 )      (3,395 )      (2,927 ) 

Non-Cash Compensation Expense

      3,087       5,898       9,255       16,184  

Merger And Acquisition Costs

      492       465       553       941  

Integration Costs

      —         1,017       491       4,297  

Restructuring Charges

      1,671       1,023       11,981       6,976  

COVID-19 Related Expenses

      5,413       —         17,011       —    

Non-Recurring Expenses (Recoveries) Otherwise Included in Corporate Expenses

      589       5,000       (2,718 )      6,000  

Impairment Loss

      247,411       545,457       264,432       545,457  

Net (Gain) Loss On Sale Or Disposition of Assets

      89       (4,957 )      (139 )      (7,640 ) 

Other Expenses Related To Refinancing

      —         2,533       —         4,397  

Loss On Early Extinguishment Of Debt

      —         265       —         2,046  

Income Taxes (Benefit)

      (63,447 )      7,096       (83,879 )      37,206  

Net Capital Expenditures, Including Amortizable Intangibles

      (8,932 )      (10,245 )      (29,992 )      (68,312 ) 

Adjusted Income Taxes (Paid) Refunded

      1,233       (18,757 )      (2,724 )      (27,218 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Free Cash Flow

    $ 37,967     $ 59,516     $ (7,136 )    $ 145,609  
  

 

 

    

 

 

    

 

 

    

 

 

  
     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2020     2019     2020     2019  

Reconciliation Of Capital Expenditures, Including Amortizable Intangibles, To Net Capital Expenditures

         

Capital Expenditures, Including Amortizable Intangibles

    $ (8,932 )    $ (14,326 )    $ (30,837 )    $ (77,901 ) 

Reimbursed Tenant Improvement Allowance

      —         4,081       845       9,589  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Capital Expenditures

    $ (8,932 )    $ (10,245 )    $ (29,992 )    $ (68,312 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of Income Taxes Paid To Adjusted Income Taxes (Paid) Refunded

         

Income Taxes (Paid) Refunded

    $ 1,233     $ (20,619 )    $ (2,724 )    $ (39,100 ) 

Income Taxes Paid Related to Gain/Loss On Sale Or Exchange Of Radio Station Assets

      —         —         —         894  

Income Taxes Paid Related to Gain/Loss On Sale Of Redundant Properties

      —         1,862       —         10,988  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Income Taxes (Paid) Refunded

    $ 1,233     $ (18,757 )    $ (2,724 )    $ (27,218 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of GAAP Net Income (Loss) To Adjusted Net Income (Loss)

         

Net Income (Loss)

    $ (162,397 )    $ (487,535 )    $ (242,224 )    $ (420,212 ) 

Income Taxes (Benefit)

      (63,447 )      7,096       (83,879 )      37,206  

Merger And Acquisition Costs

      492       465       553       941  

COVID-19 Related Expenses

      5,413       —         17,011       —    

Non-Recurring Expenses (Recoveries) Otherwise Included in Corporate Expenses

      589       5,000       (2,718 )      6,000  

Other Expenses Related To Refinancing

      —         2,533       —         4,397  

Impairment Loss

      247,411       545,457       264,432       545,457  

Integration Costs

      —         1,017       491       4,297  

Restructuring Charges

      1,671       1,023       11,981       6,976  

Loss On Early Extinguishment Of Debt

      —         265       —         2,046  

Net (Gain) Loss On Sale Or Disposition of Assets

      89       (4,957 )      (139 )      (7,640 ) 

Non-Cash Compensation Expense

      3,087       5,898       9,255       16,184  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income (Loss) Before Income Taxes

      32,908       76,262       (25,237 )      195,652  

Income Taxes (Benefit)

      9,872       22,879       (7,571 )      58,696  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income (Loss)

    $ 23,036     $ 53,383     $ (17,666 )    $ 136,956  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted Average Diluted Shares Outstanding For Purposes Of Computing Adjusted Net Income (Loss) Per Share - Diluted

         

Weighted Common Shares Outstanding - Diluted As Reported

      134,611       133,985       134,571       136,967  

Diluted Shares Excluded When Reporting A Net Loss

      88       130       139       331  
  

 

 

    

 

 

    

 

 

    

 

 

  
     134,699       134,115       134,710       137,298  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income (Loss) Per Share - Diluted

    $ 0.17     $ 0.40     $ (0.13 )    $ 1.00  
  

 

 

    

 

 

    

 

 

    

 

 

  
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