Market Overview

Entercom Communications Reports Third Quarter Results, Revenues Up 53% Sequentially from 2Q to 3Q

Share:

Entercom Communications Corp. (NYSE:ETM) today reported financial results for the quarter ended September 30, 2020.

Third Quarter Summary

  • Net revenues for the quarter were $268.5 million, up 53% compared to the second quarter of 2020 and down 30% compared to the third quarter of 2019
  • Net revenues improved each month during the third quarter compared to the prior year: July was down 36%, August was down 32% and September was down 25%
  • Digital revenues were $47.3 million, up 41% compared to the third quarter of 2019 and were propelled by continued strong audience and revenue growth in podcasting and digital audio advertising
  • Station expenses for the quarter declined 16% to $228.1 million compared to the prior year and corporate expenses declined 24% to $13.1 million
  • Operating loss for the quarter was $0.3 million, which included a non-cash impairment charge of $11.8 million, compared to operating income of $79.5 million in the third quarter of 2019
  • Adjusted EBITDA for the quarter was $31.1 million, compared to $98.0 million in the third quarter of 2019
  • During the third quarter, the Company used cash on-hand to pay down its outstanding revolver from $243.7 million at June 30th to $77.7 million at September 30th
  • Liquidity at September 30th was $198 million comprised of $165.6 million of available revolver capacity and $32.4 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 make significant organizational improvements in the third quarter in the face of the deeply challenging pandemic. Third quarter net revenues were up 53% from the second quarter while our continuing work on enhancing our business model yielded an 18% reduction in operating expenses versus the prior year enabling us to rebound to positive Adjusted EBITDA of $31 million. We expect further improvement in both revenues and Adjusted EBITDA in the fourth quarter.

We continue to suffer from the deep impact of the pandemic which has caused many of our advertisers in businesses such as concerts and live events, tourism, gyms, nightclubs, museums, movies, theme parks, public transportation, airlines, restaurants, and others to temporarily cease or significantly curtail their operations and advertising. We look forward to welcoming them back once we emerge from the pandemic.

We continue to build and transform Entercom into a leading multi-platform audio content and entertainment company with scaled audience reach, robust data, analytics and attribution capabilities, and a leadership position in virtually every segment of the dynamic and growing audio market, including broadcasting, podcasting, digital, events, network, music, sports and news. Entercom is strategically well positioned for future performance as our enhanced capabilities enable us to expand our customer relationships and accelerate growth.

As an illustration of the appeal of our evolving capabilities, we recently announced a landmark six-year partnership with FanDuel which we believe is the largest advertising deal in the history of the radio business. This partnership is a powerful testament to the importance of our unrivaled audio sports business which includes most of the country's leading sports talk stations and personalities with their deep fan engagement."

Recent Company Developments

  • Landmark strategic partnership with FanDuel. We announced a six-year partnership designating FanDuel as the official sportsbook partner of Entercom. The agreement, which we believe is the largest advertising deal in radio history, brings FanDuel's sports betting content, products, and risk and trading expertise to our listeners via integration across our entire sports portfolio.
  • Station Exchange with Urban One. We announced a broadcast exchange agreement in which we will transfer ownership of our four stations in Charlotte in exchange for Urban One's WTEM-AM, Washington, DC (Sports); WHHL-FM, St. Louis (Urban/R&B/Hip Hop); and WPHI 103.9 FM, Philadelphia. In addition, in the St. Louis market, we will also acquire the Urban AC format and brand assets of WFUN-FM which we will transition to and use to replace the format on our 96.3 FM signal.
  • Continuing Robust Slate of Podcast Launches. Our podcast business – including Cadence13 and Pineapple Street Studios – continued to deliver more top-rated hits than virtually any other Podcast network, with six shows in the top-ten on the Apple Podcast charts during the third quarter. Recent launches include hit podcasts with Kevin Durant, Jon Meacham, Charli and Dixie D'Amelio, two of the world's biggest social media influencers, and new collaborations with HBO, Netflix, Buzzfeed News, Audible and LeBron James' Springhill Studios.
  • Credit Agreement Amendment. In July, the Company amended the financial maintenance covenant and other provisions under its Credit Agreement. Among other things, the amendment provides for a covenant testing holiday for the quarters ending September 30, 2020 and December 31, 2020. Testing of the financial maintenance covenant will resume on March 31, 2021 with the Company using fixed amounts for Consolidated EBITDA for the quarters ending June 30, 2020, September 30, 2020 and December 31, 2020. Those amounts represent the amounts reported to the Company's lenders for the corresponding quarters in 2019.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Friday, November 6, 2020, 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 (800) 841-8615. 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

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenues

 

$

268,505

 

$

386,141

 

$

741,403

 

$

1,075,811

 

 

 

 

 

 

 

 

 

 

 

 

 

Station Expenses

 

 

228,147

 

 

272,005

 

 

666,643

 

 

797,502

Station Expense - Non-Cash Compensation

 

 

524

 

 

1,107

 

 

1,552

 

 

3,765

Corporate Expenses

 

 

13,105

 

 

17,178

 

 

37,423

 

 

51,141

Corporate Expenses - Non-Cash Compensation

 

1,421

 

 

2,234

 

 

4,616

 

 

6,521

Depreciation And Amortization

 

 

12,547

 

 

11,183

 

 

37,665

 

 

33,252

Time Brokerage Agreement Expense (Income)

 

-

 

 

13

 

 

-

 

 

106

Merger And Acquisition Costs

 

 

-

 

 

434

 

 

61

 

 

476

Impairment Loss

 

 

11,814

 

 

-

 

 

17,021

 

 

-

Restructuring Charges

 

 

1,206

 

 

1,577

 

 

10,310

 

 

5,953

Integration Costs

 

 

-

 

 

689

 

 

490

 

 

3,280

Other Expenses Related To Refinancing

 

 

-

 

 

-

 

 

-

 

 

1,864

Net (Gain) Loss On Sale Or Disposition of Assets

 

-

 

 

231

 

 

(228)

 

 

(2,683)

Total Operating Expenses

 

 

268,764

 

 

306,651

 

 

775,553

 

 

901,177

Operating Income (Loss)

 

 

(259)

 

 

79,490

 

 

(34,150)

 

 

174,634

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Expense

 

 

20,846

 

 

25,256

 

 

66,109

 

 

75,420

Loss on Early Extinguishment of Debt

 

 

-

 

 

-

 

 

-

 

 

1,781

Income (Loss) Before Income Taxes

 

 

(21,105)

 

 

54,234

 

 

(100,259)

 

 

97,433

Income Taxes (Benefit)

 

 

(4,227)

 

 

16,026

 

 

(20,432)

 

 

30,110

Net Income (Loss)

 

$

(16,878)

 

$

38,208

 

$

(79,827)

 

$

67,323

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Share - Basic

 

$

(0.13)

 

$

0.28

 

$

(0.59)

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Share - Diluted

 

$

(0.13)

 

$

0.28

 

$

(0.59)

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared And Paid Per Common Share

$

0.00

 

$

0.02

 

$

0.02

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Common Shares Outstanding - Basic

 

 

134,735

 

 

136,449

 

 

134,753

 

 

137,944

Weighted Common Shares Outstanding - Diluted

 

134,735

 

 

136,453

 

 

134,753

 

 

138,295

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL BREAKDOWN OF REVENUE BY TYPE

Spot (local and national)

 

$

183,011

 

$

288,927

 

$

488,891

 

$

805,161

Digital (including podcasting)

 

 

47,337

 

 

33,473

 

 

131,188

 

 

98,430

Network

 

 

18,908

 

 

23,035

 

 

56,889

 

 

56,260

Sponsorships and Events

 

 

8,776

 

 

22,470

 

 

32,871

 

 

61,684

Other

 

 

10,473

 

 

18,236

 

 

31,564

 

 

54,276

 

 

$

268,505

 

$

386,141

 

$

741,403

 

$

1,075,811

Political

 

$

4,964

 

$

1,724

 

$

13,394

 

$

4,692

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL BREAKDOWN OF REVENUE BY FORMAT

Music

 

$

133,555

 

$

227,445

 

$

395,867

 

$

641,604

Sports

 

 

59,885

 

 

82,742

 

 

132,072

 

 

210,034

News/Talk

 

 

47,100

 

 

60,968

 

 

136,964

 

 

177,140

Non-format specific

 

 

27,965

 

 

14,986

 

 

76,499

 

 

47,033

 

 

$

268,505

 

$

386,141

 

$

741,403

 

$

1,075,811

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Net Capital Expenditures

 

$

5,812

 

$

20,658

 

$

21,060

 

$

58,067

Adjusted Income Taxes Paid

 

$

2,660

 

$

-

 

$

3,957

 

$

8,461

Cash Dividends On Common Stock Declared And Paid

 

$

-

 

$

2,677

 

$

2,692

 

$

27,594

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED BALANCE SHEET DATA

 

September 30,

 

December 31,

 

 

 

 

 

 

 

 

2020

 

2019

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

32,369

 

$

20,393

 

 

 

 

 

 

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

 

$

755,378

 

$

770,000

 

 

 

 

 

 

Senior Debt - Revolver (Includes Current Portion)

 

$

77,727

 

$

117,000

 

 

 

 

 

 

Senior Secured Notes

 

$

425,000

 

$

425,000

 

 

 

 

 

 

Senior Notes

 

$

400,000

 

$

400,000

 

 

 

 

 

 

Total Shareholders' Equity

 

$

803,687

 

$

881,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER FINANCIAL DATA

   

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

Reconciliation Of GAAP Operating Income To Station

   

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

$

(259)

 

$

79,490

 

$

(34,150)

 

$

174,634

Corporate Expenses

 

 

13,105

 

 

17,178

 

 

37,423

 

 

51,141

Corporate Expenses - Non-Cash Compensation

   

1,421

 

 

2,234

 

 

4,616

 

 

6,521

Station Expenses - Non-Cash Compensation

 

 

524

 

 

1,107

 

 

1,552

 

 

3,765

Depreciation And Amortization

 

 

12,547

 

 

11,183

 

 

37,665

 

 

33,252

Merger And Acquisition Costs

 

 

-

 

 

434

 

 

61

 

 

476

Restructuring Charges

 

 

1,206

 

 

1,577

 

 

10,310

 

 

5,953

Impairment Loss

 

 

11,814

 

 

-

 

 

17,021

 

 

-

Integration Costs

 

 

-

 

 

689

 

 

490

 

 

3,280

Other Expenses Related To Refinancing

 

 

-

 

 

-

 

 

-

 

 

1,864

Net Time Brokerage Agreement Expense

 

 

-

 

 

13

 

 

-

 

 

106

Net Gain (Loss) On Sale Or Disposition of Assets

   

-

 

 

231

 

 

(228)

 

 

(2,683)

Station Operating Income

 

$

40,358

 

$

114,136

 

$

74,760

 

$

278,309

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA

Net Income (Loss)

 

$

(16,878)

 

$

38,208

 

$

(79,827)

 

$

67,323

Income Taxes (Benefit)

 

 

(4,227)

 

 

16,026

 

 

(20,432)

 

 

30,110

Net Interest Expense

 

 

20,846

 

 

25,256

 

 

66,109

 

 

75,420

Corporate Expenses - Non-Cash Compensation

   

1,421

 

 

2,234

 

 

4,616

 

 

6,521

Station Expenses - Non-Cash Compensation

 

 

524

 

 

1,107

 

 

1,552

 

 

3,765

Depreciation And Amortization

 

 

12,547

 

 

11,183

 

 

37,665

 

 

33,252

Time Brokerage Agreement Expense (Income)

 

 

-

 

 

13

 

 

-

 

 

106

Merger And Acquisition Costs

 

 

-

 

 

434

 

 

61

 

 

476

Restructuring Charges

 

 

1,206

 

 

1,577

 

 

10,310

 

 

5,953

Integration Costs

 

 

-

 

 

689

 

 

490

 

 

3,280

COVID-19 Related Expenses

 

 

3,187

 

 

-

 

 

11,598

 

 

-

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

   

693

 

 

1,000

 

 

(3,307)

 

 

1,000

Impairment Loss

 

 

11,814

 

 

-

 

 

17,021

 

 

-

Other Expenses Related To Refinancing

 

 

-

 

 

-

 

 

-

 

 

1,864

Loss On Early Extinguishment Of Debt

 

 

-

 

 

-

 

 

-

 

 

1,781

Net Gain (Loss) On Sale Or Disposition of Assets

   

-

 

 

231

 

 

(228)

 

 

(2,683)

Adjusted EBITDA

 

$

31,133

 

$

97,958

 

$

45,628

 

$

228,168

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Net Income (Loss)

 

$

(16,878)

 

$

38,208

 

$

(79,827)

 

$

67,323

Depreciation And Amortization

 

 

12,547

 

 

11,183

 

 

37,665

 

 

33,252

Deferred Financing Costs Included In Interest Expense

   

999

 

 

755

 

 

2,942

 

 

2,227

Amortization Debt Premium Included In Interest Expense

   

(849)

 

 

(678)

 

 

(2,547)

 

 

(2,248)

Non-Cash Compensation Expense

 

 

1,945

 

 

3,341

 

 

6,168

 

 

10,286

Merger And Acquisition Costs

 

 

-

 

 

434

 

 

61

 

 

476

Integration Costs

 

 

-

 

 

689

 

 

490

 

 

3,280

Restructuring Charges

 

 

1,206

 

 

1,577

 

 

10,310

 

 

5,953

COVID-19 Related Expenses

 

 

3,187

 

 

-

 

 

11,598

 

 

-

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

   

693

 

 

1,000

 

 

(3,307)

 

 

1,000

Impairment Loss

 

 

11,814

 

 

-

 

 

17,021

 

 

-

Net (Gain) Loss On Sale Or Disposition of Assets

   

-

 

 

231

 

 

(228)

 

 

(2,683)

Other Expenses Related To Refinancing

 

 

-

 

 

-

 

 

-

 

 

1,864

Loss On Early Extinguishment Of Debt

 

 

-

 

 

-

 

 

-

 

 

1,781

Income Taxes (Benefit)

 

 

(4,227)

 

 

16,026

 

 

(20,432)

 

 

30,110

Net Capital Expenditures, Including Amortizable Intangibles

   

(5,812)

 

 

(20,658)

 

 

(21,060)

 

 

(58,067)

Adjusted Income Taxes Paid

 

 

(2,660)

 

 

-

 

 

(3,957)

 

 

(8,461)

Adjusted Free Cash Flow

 

$

1,965

 

$

52,108

 

$

(45,103)

 

$

86,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

Reconciliation Of Capital Expenditures, Including Amortizable

   

 

 

 

 

 

Intangibles, To Net Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures, Including Amortizable Intangibles

 

$

(5,812)

 

$

(22,862)

 

$

(21,905)

 

$

(63,575)

Reimbursed Tenant Improvement Allowance

 

 

-

 

 

2,204

 

 

845

 

 

5,508

Net Capital Expenditures

 

$

(5,812)

 

$

(20,658)

 

$

(21,060)

 

$

(58,067)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation Of Income Taxes Paid To

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Income Taxes Paid

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes Paid

 

$

(2,660)

 

$

(3,935)

 

$

(3,957)

 

$

(18,481)

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

   

-

 

 

3,935

 

 

-

 

 

9,126

Adjusted Income Taxes Paid

 

$

(2,660)

 

$

-

 

$

(3,957)

 

$

(8,461)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Net Income (Loss)

 

$

(16,878)

 

$

38,208

 

$

(79,827)

 

$

67,323

Income Taxes (Benefit)

 

 

(4,227)

 

 

16,026

 

 

(20,432)

 

 

30,110

Merger And Acquisition Costs

 

 

-

 

 

434

 

 

61

 

 

476

COVID-19 Related Expenses

 

 

3,187

 

 

-

 

 

11,598

 

 

-

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

   

693

 

 

1,000

 

 

(3,307)

 

 

1,000

Other Expenses Related To Refinancing

 

 

-

 

 

-

 

 

-

 

 

1,864

Impairment Loss

 

 

11,814

 

 

-

 

 

17,021

 

 

-

Integration Costs

 

 

-

 

 

689

 

 

490

 

 

3,280

Restructuring Charges

 

 

1,206

 

 

1,577

 

 

10,310

 

 

5,953

Loss On Early Extinguishment Of Debt

 

 

-

 

 

-

 

 

-

 

 

1,781

Net (Gain) Loss On Sale Or Disposition of Assets

   

-

 

 

231

 

 

(228)

 

 

(2,683)

Non-Cash Compensation Expense

 

 

1,945

 

 

3,341

 

 

6,168

 

 

10,286

Adjusted Net Income (Loss) Before Income Taxes

   

(2,260)

 

 

61,506

 

 

(58,146)

 

 

119,390

Income Taxes (Benefit)

 

 

(678)

 

 

18,452

 

 

(17,444)

 

 

35,817

Adjusted Net Income (Loss)

 

$

(1,582)

 

$

43,054

 

$

(40,702)

 

$

83,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Diluted Shares Outstanding For Purposes

Of Computing Adjusted Net Income Per Share - Diluted

Weighted Common Shares Outstanding - Diluted As Reported

   

134,735

 

 

136,453

 

 

134,753

 

 

138,295

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss) Per Share - Diluted

 

$

(0.01)

 

$

0.32

 

$

(0.30)

 

$

0.60

 

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com