Entercom Communications Reports Fourth Quarter Results, Revenues Up 19% Sequentially From 3Q to 4Q

PHILADELPHIA–(BUSINESS WIRE)–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

 

Contacts

Joseph Jaffoni, Jennifer
Neuman, Norberto Aja
JCIR
(212) 835-8500
etm@jcir.com

Read full story here

error: Content is protected !!