CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2015



CONDENSED CONSOLIDATING UNAUDITED BALANCE SHEETS
	June 30, 2015
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	213,786	$	262,473	$	45,119		$	—		$	521,378
Property and equipment, net	—		1,059,966		77,568			—			1,137,534
Goodwill	—		556,658		4,381			—			561,039
Intercompany notes and accounts receivable and investment in subsidiaries	3,047,124		1,228,949		49,976			(4,326,049		)	—
Other assets	—		51,928		17,899			—			69,827
TOTAL ASSETS	$	3,260,910	$	3,159,974	$	194,943		$	(4,326,049	)	$	2,289,778
Liabilities and equity:
Current liabilities	$	21,018	$	115,315	$	21,606		$	—		$	157,939
Long-term debt	961,080		—		—			—			961,080
Intercompany notes and accounts payable	1,162,648		2,710,438		131,150			(4,004,236		)	—
Deferred tax liabilities	178,008		398		(143		)	—			178,263
Other long-term liabilities	1,276		54,186		136			—			55,598
Equity	936,880		279,637		42,194			(321,813		)	936,898
TOTAL LIABILITIES AND EQUITY	$	3,260,910	$	3,159,974	$	194,943		$	(4,326,049	)	$	2,289,778

CONDENSED CONSOLIDATING BALANCE SHEETS

	December 31, 2014
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	39,020	$	341,188	$	53,587		$	—		$	433,795
Property and equipment, net	—		1,128,776		106,482			—			1,235,258
Goodwill	—		578,358		4,381			—			582,739
Intercompany notes and accounts receivable and investment in subsidiaries	3,170,874		1,426,160		42,352			(4,639,386		)	—
Other assets	—		56,664		14,307			—			70,971
TOTAL ASSETS	$	3,209,894	$	3,531,146	$	221,109		$	(4,639,386	)	$	2,322,763
Liabilities and equity:
Current liabilities	$	22,046	$	192,079	$	27,733		$	—		$	241,858
Long-term debt	737,691		—		—			—			737,691
Intercompany notes and accounts payable	1,162,648		2,696,051		123,810			(3,982,509		)	—
Deferred tax liabilities	228,199		398		(134		)	(69		)	228,394
Other long-term liabilities	1,264		55,182		311			—			56,757
Equity	1,058,046		587,436		69,389			(656,808		)	1,058,063
TOTAL LIABILITIES AND EQUITY	$	3,209,894	$	3,531,146	$	221,109		$	(4,639,386	)	$	2,322,763



CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended June 30, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	185,061		$	15,118		$	(2,683	)	$	197,496
Direct operating expense	—			148,714			11,325			(1,198		)	158,841
Depreciation and amortization expense	—			43,085			2,811			—			45,896
General and administrative expense	186			48,159			3,842			(1,477		)	50,710
Impairment expense	—			—			21,352			—			21,352
Operating loss	(186		)	(54,897		)	(24,212		)	(8		)	(79,303		)
Interest expense, net of amounts capitalized	17,058			—			—			—			17,058
Other (income) loss, net	(582		)	445			(126		)	15			(248		)
Loss before income taxes	(16,662		)	(55,342		)	(24,086		)	(23		)	(96,113		)
Income tax (expense) benefit	30,756			(74		)	52			—			30,734
Net income (loss)	$	14,094		$	(55,416	)	$	(24,034	)	$	(23	)	$	(65,379	)



CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended June 30, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	326,835		$	30,272		$	(6,512	)	$	350,595
Direct operating expense	—			245,267			20,632			(3,016		)	262,883
Depreciation and amortization expense	—			48,702			3,482			—			52,184
General and administrative expense	242			55,459			5,623			(3,443		)	57,881
Impairment expense	—			—			28,687			—			28,687
Operating loss	(242		)	(22,593		)	(28,152		)	(53		)	(51,040		)
Interest expense, net of amounts capitalized	13,402			(1		)	25			—			13,426
Other income, net	(618		)	(572		)	(1,564		)	21			(2,733		)
Loss before income taxes	(13,026		)	(22,020		)	(26,613		)	(74		)	(61,733		)
Income tax (expense) benefit	7,977			2,094			(534		)	—			9,537
Net loss	$	(5,049	)	$	(19,926	)	$	(27,147	)	$	(74	)	$	(52,196	)



CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
	Six Months Ended June 30, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	434,468		$	38,069		$	(7,242	)	$	465,295
Direct operating expense	—			338,340			28,620			(3,589		)	363,371
Depreciation and amortization expense	—			87,524			5,583			—			93,107
General and administrative expense	407			113,794			7,793			(3,640		)	118,354
Impairment expense	—			21,700			21,352			—			43,052
Operating loss	(407		)	(126,890		)	(25,279		)	(13		)	(152,589		)
Interest expense, net of amounts capitalized	30,400			—			—			—			30,400
Other (income) loss, net	(900		)	4,486			583			15			4,184
Loss before income taxes	(29,907		)	(131,376		)	(25,862		)	(28		)	(187,173		)
Income tax benefit	61,618			3			497			—			62,118
Net income (loss)	$	31,711		$	(131,373	)	$	(25,365	)	$	(28	)	$	(125,055	)



CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
	Six Months Ended June 30, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	657,310		$	63,553		$	(14,127	)	$	706,736
Direct operating expense	—			481,925			45,684			(6,424		)	521,185
Depreciation and amortization expense	—			96,465			6,814			—			103,279
General and administrative expense	478			105,007			12,957			(7,695		)	110,747
Impairment expense	—			—			28,687			—			28,687
Operating loss	(478		)	(26,087		)	(30,589		)	(8		)	(57,162		)
Interest expense, net of amounts capitalized	26,954			(1		)	27			—			26,980
Other income, net	(1,289		)	(1,296		)	(248		)	31			(2,802		)
Loss before income taxes	(26,143		)	(24,790		)	(30,368		)	(39		)	(81,340		)
Income tax benefit	10,983			5,843			419			—			17,245
Net loss	$	(15,160	)	$	(18,947	)	$	(29,949	)	$	(39	)	$	(64,095	)



CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF CASH FLOWS
	Six Months Ended June 30, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	—		$	(6,317	)	$	5,119		$	—		$	(1,198	)
Cash flows from investing activities:
Capital expenditures	—			(31,435		)	(1,240		)	—			(32,675		)
Intercompany notes and accounts	—			41,993			—			(41,993		)	—
Other investing activities, net	—			10,545			—			—			10,545
Net cash provided by (used in) investing activities	—			21,103			(1,240		)	(41,993		)	(22,130		)
Cash flows from financing activities:
Proceeds from long-term debt	305,550			—			—			—			305,550
Proceeds from borrowings on revolving credit facility	130,000			—			—			—			130,000
Repayments on revolving credit facility	(200,000		)	—			—			—			(200,000		)
Payment of deferred financing costs	(11,072		)	—			—			—			(11,072		)
Repurchases of common stock	(312		)	—			—			—			(312		)
Intercompany notes and accounts	(41,993		)	—			—			41,993			—
Other financing activities, net	(2,950		)	—			—			—			(2,950		)
Net cash provided by financing activities	179,223			—			—			41,993			221,216
Effect of changes in exchange rates on cash	—			—			289			—			289
Net increase in cash and cash equivalents	179,223			14,786			4,168			—			198,177
Cash and cash equivalents at beginning of period	19,949			450			6,905			—			27,304
Cash and cash equivalents at end of period	$	199,172		$	15,236		$	11,073		$	—		$	225,481



CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF CASH FLOWS
	Six Months Ended June 30, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net cash provided by operating activities	$	—		$	100,170		$	7,098		$	—		$	107,268
Cash flows from investing activities:
Capital expenditures	—			(66,280		)	(3,149		)	—			(69,429		)
Intercompany notes and accounts	—			(41,350		)	—			41,350			—
Other investing activities, net	—			9,389			—			—			9,389
Net cash used in investing activities	—			(98,241		)	(3,149		)	41,350			(60,040		)
Cash flows from financing activities:
Repayments of long-term debt	(3,573		)	—			—			—			(3,573		)
Proceeds from borrowings on revolving credit facility	115,000			—			—			—			115,000
Repayments on revolving credit facility	(160,000		)	—			—			—			(160,000		)
Repurchases of common stock	(2,211		)	—			—			—			(2,211		)
Intercompany notes and accounts	41,350			—			—			(41,350		)	—
Other financing activities, net	(1,221		)	—			—			—			(1,221		)
Net cash used in financing activities	(10,655		)	—			—			(41,350		)	(52,005		)
Effect of changes in exchange rates on cash	—			—			(81		)	—			(81		)
Net increase (decrease) in cash and cash equivalents	(10,655		)	1,929			3,868			—			(4,858		)
Cash and cash equivalents at beginning of period	23,115			788			4,403			—			28,306
Cash and cash equivalents at end of period	$	12,460		$	2,717		$	8,271		$	—		$	23,448