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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
or | | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________to ___________
Commission File Number: 001-14461
Audacy, Inc.
(Exact name of registrant as specified in its charter) | | | | | | | | |
Pennsylvania | | 23-1701044 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. employer identification no.) |
2400 Market Street, 4th Floor
Philadelphia, Pennsylvania 19103
(Address of principal executive offices and zip code)
(610) 660-5610
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☐
| Accelerated filer | ☒ | Emerging growth company | ☐ |
Non-accelerated filer | ☐
| Smaller reporting 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 7(a)(2)(B) of the Securities Act and Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Class A Common Stock, par value $.01 per share | | AUD | | New York Stock Exchange |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class A common stock, $0.01 par value – 4,759,196 Shares Outstanding as of July 31, 2023
Class B common stock, $0.01 par value – 134,839 Shares Outstanding as of July 31, 2023
AUDACY, INC.
Private Securities Litigation Reform Act Safe Harbor Statement
In addition to historical information, this report contains statements by us with regard to our expectations as to financial results and other aspects of our business that involve risks and uncertainties and may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are presented for illustrative purposes only and reflect our current expectations concerning future results and events. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, without limitation, any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.
You can identify forward-looking statements by our use of words such as “anticipates,” “believes,” “continues,” “expects,” “intends,” “likely,” “may,” “opportunity,” “plans,” “potential,” “project,” “will,” “could,” “would,” “should,” “seeks,” “estimates,” “predicts” and similar expressions which identify forward-looking statements, whether in the negative or the affirmative. We cannot guarantee that we actually will achieve these plans, intentions or expectations. These forward-looking statements are subject to risks, uncertainties and other factors, some of which are beyond our control, which could cause actual results to differ materially from those forecasted or anticipated in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect our view only as of the date of this report. We undertake no obligation to update these statements or publicly release the result of any revision(s) to these statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.
PART I
FINANCIAL INFORMATION
ITEM 1. Financial Statements
AUDACY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited) | | | | | | | | | | | |
| JUNE 30, 2023 | | DECEMBER 31, 2022 |
ASSETS: | | | |
Cash | $ | 80,667 | | | $ | 103,344 | |
Accounts receivable, net of allowance of $8,123 in 2023 and $9,425 in 2022 | 238,864 | | | 261,357 | |
Prepaid expenses, deposits and other | 70,996 | | | 72,350 | |
Total current assets | 390,527 | | | 437,051 | |
Investments | 3,005 | | | 3,005 | |
Net property and equipment | 348,110 | | | 344,690 | |
Operating lease right-of-use assets | 209,868 | | | 211,022 | |
Radio broadcasting licenses | 1,959,440 | | | 2,089,226 | |
Goodwill | 63,915 | | | 63,915 | |
Assets held for sale | 2,476 | | | 5,474 | |
Other assets, net of accumulated amortization | 108,293 | | | 130,510 | |
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TOTAL ASSETS | $ | 3,085,634 | | | $ | 3,284,893 | |
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LIABILITIES: | | | |
Accounts payable | $ | 4,963 | | | $ | 14,002 | |
Accrued expenses | 65,221 | | | 72,488 | |
Other current liabilities | 74,327 | | | 80,549 | |
Operating lease liabilities | 37,486 | | | 40,815 | |
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Total current liabilities | 181,997 | | | 207,854 | |
Long-term debt | 1,921,115 | | | 1,880,362 | |
Operating lease liabilities, net of current portion | 200,193 | | | 196,654 | |
Net deferred tax liabilities | 399,901 | | | 453,378 | |
Other long-term liabilities | 21,854 | | | 26,026 | |
Total long-term liabilities | 2,543,063 | | | 2,556,420 | |
Total liabilities | 2,725,060 | | | 2,764,274 | |
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CONTINGENCIES AND COMMITMENTS | | |
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SHAREHOLDERS' EQUITY: | | | |
Class A common stock $0.01 par value; voting; authorized 200,000,000 shares; issued and outstanding 4,865,759 and 4,705,328 shares at June 30, 2023 and December 31, 2022 respectively | 1,462 | | | 1,412 | |
Class B common stock $0.01 par value; voting; authorized 75,000,000 shares; issued and outstanding 134,839 shares at June 30, 2023 and December 31, 2022 | 40 | | 40 |
Class C common stock $0.01 par value; non voting; authorized 50,000,000 shares; no shares issued and outstanding | — | | | — | |
Additional paid-in capital | 1,679,622 | | | 1,676,843 | |
Accumulated deficit | (1,322,261) | | | (1,160,618) | |
Accumulated other comprehensive income | 1,711 | | | 2,942 | |
Total shareholders' equity | 360,574 | | | 520,619 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 3,085,634 | | | $ | 3,284,893 | |
See notes to condensed consolidated financial statements.
AUDACY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share data)
(unaudited)
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| THREE MONTHS ENDED | | SIX MONTHS ENDED |
| JUNE 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
NET REVENUES | $ | 298,513 | | | $ | 319,439 | | | $ | 558,148 | | | $ | 594,734 | |
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OPERATING EXPENSE: | | | | | | | |
Station operating expenses | 266,120 | | | 260,143 | | | 500,048 | | | 486,905 | |
Depreciation and amortization expense | 17,575 | | | 15,571 | | | 35,017 | | | 29,110 | |
Corporate general and administrative expenses | 25,880 | | | 25,703 | | | 51,179 | | | 51,614 | |
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Restructuring charges | 8,511 | | | 1,016 | | | 10,932 | | | 1,902 | |
Impairment loss | 125,355 | | | 1,770 | | | 130,405 | | | 3,291 | |
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Net gain on sale or disposal | (9,876) | | | (105) | | | (22,280) | | | (2,563) | |
Change in fair value of contingent consideration | — | | | (7,987) | | | — | | | (7,704) | |
Other expenses | 243 | | | 52 | | | 353 | | | 402 | |
Total operating expense | 433,808 | | | 296,163 | | | 705,654 | | | 562,957 | |
OPERATING INCOME (LOSS) | (135,295) | | | 23,276 | | | (147,506) | | | 31,777 | |
NET INTEREST EXPENSE | 34,548 | | | 24,529 | | | 66,929 | | | 48,000 | |
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Other income | — | | | (238) | | | — | | | (238) | |
OTHER (INCOME) EXPENSE | — | | | (238) | | | — | | | (238) | |
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(LOSS) BEFORE TAXES (BENEFIT) | (169,843) | | | (1,015) | | | (214,435) | | | (15,985) | |
TAX (BENEFIT) EXPENSE | (44,041) | | | (242) | | | (52,730) | | | (4,139) | |
NET LOSS | (125,802) | | | (773) | | | (161,705) | | | (11,846) | |
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NET LOSS PER SHARE - BASIC | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | |
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NET LOSS PER SHARE - DILUTED | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | |
WEIGHTED AVERAGE SHARES: | | | | | | | |
Basic | 4,723,023 | | | 4,615,396 | | | 4,723,023 | | | 4,614,364 | |
Diluted | 4,723,023 | | | 4,615,396 | | | 4,723,023 | | | 4,614,364 | |
See notes to condensed consolidated financial statements.
AUDACY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(amounts in thousands)
(unaudited)
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| THREE MONTHS ENDED | | SIX MONTHS ENDED |
| June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
NET LOSS | $ | (125,802) | | | $ | (773) | | | $ | (161,705) | | | (11,846) | |
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OTHER COMPREHENSIVE INCOME, NET OF TAXES: | | | | | | | |
Net unrealized (loss) gain on derivatives, net of taxes (benefit) | (391) | | | 553 | | | (1,231) | | | 1,776 | |
COMPREHENSIVE LOSS | $ | (126,193) | | | $ | (220) | | | $ | (162,936) | | | $ | (10,070) | |
See notes to condensed consolidated financial statements.
AUDACY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(amounts in thousands, except share data)
(unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock (1) | | Additional Paid-in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total |
| Class A | | Class B | | | | |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance, December 31, 2022 | 4,705,328 | | | $ | 1,412 | | | 134,839 | | | $ | 40 | | | $ | 1,676,843 | | | $ | (1,160,618) | | | $ | 2,942 | | | $ | 520,619 | |
Net loss | — | | | — | | | — | | | — | | | — | | | (35,901) | | | — | | | (35,901) | |
Compensation expense related to granting of stock awards | 195,724 | | | 59 | | | — | | | — | | | 1,890 | | | — | | | — | | | 1,949 | |
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Purchase of vested employee restricted stock units | (27,072) | | | (8) | | | — | | | — | | | (119) | | | — | | | — | | | (127) | |
Payment of dividends on common stock | — | | | — | | | — | | | — | | | (60) | | | — | | | — | | | (60) | |
Dividend equivalents, net of forfeitures | — | | | — | | | — | | | — | | | — | | | 22 | | | — | | | 22 | |
Net unrealized gain (loss) on derivatives | — | | | — | | | — | | | — | | | — | | | — | | | (840) | | | (840) | |
Balance, March 31, 2023 | 4,873,980 | | | $ | 1,463 | | | 134,839 | | | $ | 40 | | | $ | 1,678,554 | | | $ | (1,196,497) | | | $ | 2,102 | | | $ | 485,662 | |
Net loss | — | | | — | | | — | | | — | | | — | | | (125,802) | | | — | | | (125,802) | |
Compensation expense related to granting of stock awards | (7,449) | | | — | | | — | | | — | | | 1,049 | | | — | | | — | | | 1,049 | |
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Repurchase of common stock | (215) | | | (1) | | | — | | | — | | | — | | | — | | | — | | | (1) | |
Purchase of vested employee restricted stock units | (557) | | | — | | | — | | | — | | | (2) | | | — | | | — | | | (2) | |
Payment of dividends on common stock | — | | | — | | | — | | | — | | | 21 | | | — | | | — | | | 21 | |
Dividend equivalents, net of forfeitures | | | | | | | | | | | 38 | | | | | 38 | |
Net unrealized gain (loss) on derivatives | — | | | — | | | — | | | — | | | — | | | — | | | (391) | | | (391) | |
Balance, June 30, 2023 | 4,865,759 | | | $ | 1,462 | | | 134,839 | | | $ | 40 | | | $ | 1,679,622 | | | $ | (1,322,261) | | | $ | 1,711 | | | $ | 360,574 | |
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(1) Share counts have been retroactively adjusted to reflect the effect of the stock split.
AUDACY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(amounts in thousands, except share data)
(unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock (1) | | Additional Paid-in Capital | | (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | | Total |
| Class A | | Class B | | | | |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance, December 31, 2021 | 4,668,678 | | | $ | 1,401 | | | 134,839 | | | $ | 40 | | | $ | 1,671,195 | | | $ | (1,020,142) | | | $ | (289) | | | $ | 652,205 | |
Net loss | — | | | — | | | — | | | — | | | — | | | (11,073) | | | — | | | (11,073) | |
Compensation expense related to granting of stock awards | (1,978) | | | (1) | | | — | | | — | | | 2,699 | | | — | | | — | | | 2,698 | |
Issuance of common stock related to the Employee Stock Purchase Plan ("ESPP") | 2,034 | | | 1 | | | — | | | — | | | 176 | | | — | | | — | | | 177 | |
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Purchase of vested employee restricted stock units | (20,729) | | | (6) | | | — | | | — | | | (1,833) | | | — | | | — | | | (1,839) | |
Payment of dividends on common stock | — | | | — | | | — | | | — | | | (174) | | | — | | | — | | | (174) | |
Dividend equivalents, net of forfeitures | — | | | — | | | — | | | — | | | — | | | 202 | | | — | | | 202 | |
Net unrealized gain (loss) on derivatives | — | | | — | | | — | | | — | | | — | | | — | | | 1,223 | | | 1,223 | |
Balance, March 31, 2022 | 4,648,005 | | | $ | 1,395 | | | 134,839 | | | $ | 40 | | | $ | 1,672,063 | | | $ | (1,031,013) | | | $ | 934 | | | $ | 643,419 | |
Net loss | — | | | — | | | — | | | — | | | — | | | (773) | | | — | | | (773) | |
Compensation expense related to granting of stock awards | 57,934 | | | 17 | | | — | | | — | | | 2,464 | | | — | | | — | | | 2,481 | |
Issuance of common stock related to the ESPP | 4,706 | | | 1 | | | — | | | — | | | 131 | | | — | | | — | | | 132 | |
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Purchase of vested employee restricted stock units | (760) | | | — | | | — | | | — | | | (51) | | | — | | | — | | | (51) | |
Payment of dividends on common stock | — | | | — | | | — | | | — | | | (4) | | | — | | | — | | | (4) | |
Dividend equivalents, net of forfeitures | — | | | — | | | — | | | — | | | — | | | 4 | | | — | | | 4 | |
Net unrealized gain (loss) on derivatives | — | | | — | | | — | | | — | | | — | | | — | | | 553 | | | 553 | |
Balance, June 30, 2022 | 4,709,885 | | | $ | 1,413 | | | 134,839 | | | $ | 40 | | | $ | 1,674,603 | | | $ | (1,031,782) | | | $ | 1,487 | | | $ | 645,761 | |
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(1) Share counts have been retroactively adjusted to reflect the effect of the stock split.
See notes to condensed consolidated financial statements.
AUDACY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)
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| SIX MONTHS ENDED JUNE 30, |
| 2023 | | 2022 |
OPERATING ACTIVITIES: | | | |
Net loss | $ | (161,705) | | | $ | (11,846) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | |
Depreciation and amortization | 35,017 | | | 29,110 | |
Net amortization of deferred financing costs (net of original issue discount and debt premium) | 2,929 | | | 2,027 | |
Net deferred taxes (benefit) and other | (53,030) | | | (3,860) | |
Provision for bad debts | 1,271 | | | 94 | |
Net (gain) on sale or disposal | (22,280) | | | (2,563) | |
Non-cash stock-based compensation expense | 2,998 | | | 5,179 | |
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Deferred compensation loss (gain) | 1,257 | | | (4,806) | |
Impairment loss | 130,405 | | | 3,291 | |
Change in fair value of contingent consideration | — | | | (7,704) | |
Changes in assets and liabilities (net of effects of acquisitions and dispositions): | | | |
Accounts receivable | 21,222 | | | 13,626 | |
Prepaid expenses and deposits | 1,354 | | | 1,928 | |
Other assets | (830) | | | 926 | |
Accounts payable and accrued liabilities | (17,275) | | | (17,407) | |
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Accrued interest expense | (402) | | | (43) | |
Operating leases | (4,710) | | | 639 | |
Other long-term liabilities | (5,429) | | | (9,019) | |
Net cash (used in) provided by operating activities | (69,208) | | | (428) | |
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INVESTING ACTIVITIES: | | | |
Additions to property, equipment and software | (25,024) | | | (46,904) | |
Proceeds from sale of property, equipment, intangibles and other assets | 32,724 | | | 2,960 | |
Net cash provided by (used in) investing activities | 7,700 | | | (43,944) | |
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AUDACY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)
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| SIX MONTHS ENDED JUNE 30, |
| 2023 | | 2022 |
FINANCING ACTIVITIES: | | | |
Borrowing under the revolving senior debt | 39,000 | | | 60,000 | |
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Payments of revolving senior debt | — | | | (22,727) | |
Retirement of notes | — | | | (10,000) | |
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Proceeds from issuance of employee stock plan | — | | | 309 | |
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Purchase of vested employee restricted stock units | (129) | | | (1,890) | |
Payment of dividends on common stock | (39) | | | — | |
Payment of dividend equivalents on vested restricted stock units | — | | | (178) | |
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Treasury stock | (1) | | | — | |
Net cash (used in) provided by financing activities | 38,831 | | | 25,514 | |
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (22,677) | | | (18,858) | |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 103,344 | | | 59,439 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 80,667 | | | $ | 40,581 | |
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | |
Cash paid (received) during the period for: | | | |
Interest | $ | 63,876 | | | $ | 44,437 | |
Income taxes | $ | 1,687 | | | $ | (14,792) | |
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See notes to condensed consolidated financial statements.
AUDACY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2023 AND 2022
1. BASIS OF PRESENTATION AND SIGNIFICANT POLICIES
Audacy, Inc. was formed as a Pennsylvania corporation in 1968. Its New York Stock Exchange ticker symbol is "AUD." On May 16, 2023, trading in our Class A common stock on the New York Stock Exchange was suspended. Presently our Class A common stock trades Over The Counter (the "OTC Pink") under the ticker symbol "AUDA".
The interim unaudited condensed consolidated financial statements included herein have been prepared by Audacy, Inc. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year.
This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and filed with the SEC on March 16, 2023, as part of the Company’s Annual Report on Form 10-K (the "2022 Annual Report"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
There have been no material changes from Note 2, Significant Accounting Policies, as described in the notes to the Company’s consolidated financial statements contained in the 2022 Annual Report.
On June 30, 2023, we effected a one-for-thirty reverse stock split (the “Reverse Stock Split”) of our issued and outstanding shares of Class A and Class B common stock, par value $0.01 per share (“Common Stock”). As a result of the Reverse Stock Split every thirty (30) shares of Common Stock issued and outstanding were automatically combined into one (1) share of issued and outstanding Common Stock, without any change in the par value per share. In addition, proportional adjustments were made to the number of shares of the Company’s Class A common stock, par value $0.01 per share (“Class A common stock”) subject to outstanding equity awards, as well as the applicable exercise price, to reflect the Reverse Stock Split. All information related to Common Stock, stock options, restricted stock units and earnings per share have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented. The Company effected the Reverse Stock Split to seek to regain compliance with the minimum average closing price requirement of Rule 802.01C of the New York Stock Exchange’s Listing Company Manual. Following the Reverse Stock Split, the Class A common stock continued to be traded on the OTC Pink under the symbol “AUDA” on a split-adjusted basis beginning on June 30, 2023.
Going Concern
In accordance with Accounting Standards Codification ("ASC") 205-40, Going Concern, the Company continues to critically review its liquidity and anticipated capital requirements in light of the significant uncertainty created by the current macroeconomic conditions and determine whether these conditions and events, when considered in the aggregate, raise substantial doubt about its ability to continue as a going concern within twelve months after the date that the accompanying unaudited consolidated financial statements are issued.
Current macroeconomic conditions have created, and continue to create, significant uncertainty in operations, including rising inflation and interest rates, significant volatility in financial markets, decreases in advertising revenue, and increased competition for advertising expenditures, which have had, and are expected to continue to have, a material adverse effect on the Company’s forecasted revenue. As a result, management continues to execute on cash management and strategic operational plans to manage liquidity and debt covenant compliance, including evaluating contractual obligations and workforce reductions, managing operating expenses, divesting non-strategic assets of the Company, and initiating a variety of transactions to manage the Company’s liabilities, which could include extending maturities or otherwise reorganizing the Company’s debt to decrease overall leverage. The Company is unable to predict with certainty the impact that the current macroeconomic conditions will have on its ability to consummate these transactions or maintain compliance with the financial covenants contained in the Company’s debt agreements.
As of June 30, 2023, the Company was in compliance with such debt covenants. However, based on the Company’s cash and cash equivalents balance, the current maturities of its existing debt facilities, its forecasted business plan in light of current macroeconomic conditions and the Company’s current forecast of future revenue over the next twelve months, indications suggest that such forecasts are unlikely to be sufficient for the Company to be able to maintain compliance with the financial covenants under our debt agreements for at least twelve months from the issuance of the accompanying unaudited consolidated financial statements. Failure to meet these covenant requirements in the future would cause the Company to be in default and could cause the maturity of the related debt to be accelerated and become immediately payable. This could require the Company to obtain waivers or amendments in order to maintain compliance, and there can be no assurance that any such waiver or amendment would be available on acceptable terms or at all. If the Company is unable to obtain necessary waivers or amendments and its debt is accelerated, there can be no assurance that the Company would be able to obtain replacement financing or to satisfy its obligations, in which case the Company may pursue a process to restructure its indebtedness under the protection of a bankruptcy court. This uncertainty surrounding compliance with the Company’s debt covenants raises substantial doubt regarding the Company’s ability to continue as a going concern for a period of twelve months from the issuance of the accompanying unaudited consolidated financial statements. In 2024, $926.4 million of debt is set to mature, beginning with the Accounts Receivable Facility, which has $75 million of outstanding borrowings at June 30, 2023 and a maturity date of July 2024.
The accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and satisfaction of liabilities in the ordinary course of business. As such, they do not include any adjustments to the recoverability and reclassification of recorded amounts that might be necessary should the Company be unable to continue as a going concern.
Refer to Note 8, Long-Term Debt, "Management's Discussion And Analysis Of Financial Condition And Results Of Operations—Liquidity and Capital Resources—Potential Restructuring of our Indebtedness” in Part I, Item 2, and “Risk Factors” in Part II, Item 1A, for additional information.
Recent Accounting Pronouncements
All new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on the Company’s financial position, results of operations or cash flows.
2. BUSINESS COMBINATIONS AND EXCHANGES
The Company records acquisitions under the acquisition method of accounting, and allocates the purchase price to the assets and liabilities based upon their respective fair values as determined as of the acquisition date. Merger and acquisition costs are excluded from the purchase price as these costs are expensed as incurred for book purposes and amortized for tax purposes.
2023 Dispositions
During the first quarter of 2023, the Company completed the sale of tower assets for $16.9 million. The Company recognized a gain on the sale, net of commissions and other expenses, of $12.4 million.
During the first quarter of 2023, the Company entered into an agreement with a third party to sell two FCC licenses and assets in Memphis, Tennessee and Buffalo, New York as well as certain intellectual property. During the fourth quarter of 2022, the Company agreed to sell assets of a station in Palm Desert, California. In aggregate, these assets had a carrying value of approximately $5.8 million. During the second quarter of 2023, the Company completed these sales for $15.7 million, net of $0.3 million transaction fees. The company recognized a gain on sale, net of commissions and other expenses of $9.9 million.
2022 Dispositions
During the second quarter of 2022, the Company entered into an agreement with a third party to dispose of land, and equipment in Houston, Texas. In aggregate, these assets had a carrying value of approximately $4.2 million. In the third quarter of 2022, the Company completed this sale. The Company recognized a gain on the sale, net of commissions and other expenses, of approximately $10.6 million in the third quarter of 2022.
During the third quarter of 2022, the Company entered into an agreement to dispose of land and equipment in Nevada. In the fourth quarter of 2022, the Company completed the sale of land and equipment for $39.1 million cash and reported a gain of approximately $35.3 million.
Beasley Exchange
On December 22, 2022, the Company completed a transaction with Beasley Media Group Licenses, LLC and Beasley Media Group, LLC. (collectively "Beasley") in which the Company exchanged its Station KXTE located in Pahrump, Nevada for Beasley's Station KDWN located in Las Vegas, Nevada (the "Beasley Vegas Exchange"). The Company and Beasley began programming the respective stations under local marketing agreements ("LMAs") on November 14, 2022. During the period of the LMAs, the Company's consolidated financial statements excluded net revenues and station operating expenses associated with station KXTE (the "divested station") and included net revenues and station operating expenses associated with station KDWN (the "acquired station").
Upon completion of the Beasley Vegas Exchange, the Company: (i) removed from its consolidated balance sheet the assets of the divested station; (ii) recorded the assets of the acquired station at fair value; and (iii) recognized a loss on the exchange of approximately $2.0 million.
The allocations presented in the table below are based upon management's estimate of the fair values using valuation techniques including income, cost and market approaches. The following table reflects the final allocation of the purchase price to the assets acquired.
| | | | | |
| |
| Final Value |
| (amounts in thousands) |
Assets | |
Net property and equipment | 535 | |
Total tangible property | $ | 535 | |
Radio broadcasting licenses | 2,002 | |
Total intangible assets | $ | 2,002 | |
Total assets | $ | 2,537 | |
3. RESTRUCTURING CHARGES
Restructuring Charges
The following table presents the components of restructuring charges.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (amounts in thousands) |
Costs to exit duplicative and loss-making contracts | $ | 7,644 | | | $ | — | | | $ | 8,039 | | | $ | — | |
Workforce reduction | 705 | | | 930 | | | 2,565 | | | 1,651 | |
Other restructuring costs | 162 | | | 86 | | | 328 | | | 251 | |
Total restructuring charges | $ | 8,511 | | | $ | 1,016 | | | $ | 10,932 | | | $ | 1,902 | |
Restructuring Plan
During the first quarter of 2023, the Company initiated a restructuring plan to help mitigate the adverse impact that the current macroeconomic conditions are having on financial results and business operations. The Company continues to evaluate what, if any, further actions may be necessary related to the current macroeconomic conditions. The restructuring plans primarily included workforce reduction charges that consists of one-time termination benefits and the related costs to mitigate the adverse impacts of the current macroeconomic conditions, which includes exiting duplicative and loss-making contracts.
The estimated amount of unpaid restructuring charges as of June 30, 2023 includes amounts in accrued expenses that are expected to be paid in less than one year.
| | | | | | | | | | | |
| Six Months Ended June 30, 2023 | | Twelve Months Ended December 31, 2022 |
| (amounts in thousands) |
Restructuring charges, beginning balance | $ | 2,750 | | | $ | 2,623 | |
Additions | 10,932 | | | 10,008 | |
Payments/Settlements | (11,373) | | | (9,881) | |
Restructuring charges unpaid and outstanding | 2,309 | | | 2,750 | |
Restructuring charges - noncurrent portion | — | | | — | |
Restructuring charges - current portion | $ | 2,309 | | | $ | 2,750 | |
4. REVENUE
Spot Revenues
The Company sells air-time to advertisers and broadcasts commercials at agreed upon dates and times. The Company's performance obligations are broadcasting advertisements for advertisers at specifically identifiable days and dayparts. The amount of consideration the Company receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The Company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies.
Digital Revenues
The Company provides targeted advertising through the sale of streaming and display advertisements on its national platforms, audacy.com and eventful.com, the Audacy ® app, and its station websites. Performance obligations include delivery of advertisements over the Company's platforms or delivery of targeted advertisements directly to consumers. The Company recognizes revenue at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies.
Through its podcast studio, Cadence 13, LLC. ("Cadence13"), the Company embeds advertisements in its owned and operated podcasts and other on-demand content. Performance obligations include delivery of advertisements. The Company recognizes revenue at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies.
Through its podcast studio, Pineapple Street Media LLC ("Pineapple"), the Company creates podcasts, for which it earns production fees. Performance obligations include the delivery of episodes. These revenues are fixed based upon contractually agreed upon terms. The Company recognizes revenue over the term of the production contract.
Network Revenues
The Company sells air-time on the Company's Audacy Audio Network. The amount of consideration the Company receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The Company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies.
Sponsorship and Event Revenues
The Company sells advertising space at live and local events hosted by the Company across the country. The Company also earns revenues from attendee-driven ticket sales and merchandise sales. Performance obligations include the presentation of the advertisers' branding in highly visible areas at the event. These revenues are recognized at a point in time, when the event occurs and the performance obligations are satisfied.
The Company also sells sponsorships including, but not limited to, naming rights related to its programs or studios. Performance obligations include the mentioning or displaying of the sponsors' name, logo, product information, slogan or neutral descriptions of the sponsors' goods or services in acknowledgement of their support. These revenues are fixed based upon contractually agreed upon terms. The Company recognizes revenue over the length of the sponsorship agreement based upon the fair value of the deliverables included.
Other Revenues
The Company earns revenues from on-site promotions and endorsements from talent. Performance obligations include the broadcasting of such endorsement at specifically identifiable days and dayparts or at various local events. The Company recognizes revenue at a point in time when the performance obligations are satisfied.
The Company earns trade and barter revenue by providing advertising broadcast time in exchange for certain products, supplies, and services. The Company includes the value of such exchanges in both net revenues and station operating expenses. Trade and barter value is based upon management's estimate of the fair value of the products, supplies and services received.
Contract Balances
Refer to the table below for information about receivables, contract assets and contract liabilities from contracts with customers. Accounts receivable balances in the table below exclude other receivables that are not generated from contracts with customers. These amounts are $0.9 million and $0.8 million as of June 30, 2023 and December 31, 2022, respectively.
| | | | | | | | | | | | | | |
Description | | June 30, 2023 | | December 31, 2022 |
| | (amounts in thousands) |
Receivables, net, included in Accounts receivable net of allowance for doubtful accounts | | $ | 238,864 | | | $ | 261,357 | |
Unearned revenue - current | | 12,936 | | | 13,687 | |
Unearned revenue - noncurrent | | 368 | | | 403 | |
Changes in Contract Balances
The timing of revenue recognition, billings and cash collections results in accounts receivable (billed or unbilled), and customer advances and deposits (unearned revenue) on the Company’s condensed consolidated balance sheet. At times, however, the Company receives advance payments or deposits from its customers before revenue is recognized, resulting in contract liabilities. The contract liabilities primarily relate to consideration received in advance from customers on certain contracts. For these contracts, revenue is recognized upon satisfaction of the underlying performance obligations. The contract liabilities are reported on the condensed consolidated balance sheet on a contract-by-contract basis at the end of each respective reporting period within other current liabilities and other long-term liabilities.
Significant changes in the contract liabilities balances during the period are as follows:
| | | | | | | | |
| | Six Months Ended June 30, 2023 |
Unearned Revenue | | (amounts in thousands) |
| | |
Beginning balance on January 1, 2023 | | $ | 14,090 | |
Revenue recognized during the period that was included in the beginning balance of contract liabilities | | (1,455) | |
Additions, net of revenue recognized during period | | 669 | |
Ending balance | | $ | 13,304 | |
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by revenue source:
| | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
| | 2023 | | 2022 |
Revenue by Source | | (amounts in thousands) |
Spot revenues | | $ | 187,114 | | | $ | 204,486 | |
Digital revenues | | 66,655 | | | 69,300 | |
Network revenues | | 20,824 | | | 21,789 | |
Sponsorships and event revenues | | 11,938 | | | 11,638 | |
Other revenues | | 11,982 | | | 12,226 | |
Net revenues | | $ | 298,513 | | | $ | 319,439 | |
| | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
| | 2023 | | 2022 |
Revenue by Source | | (amounts in thousands) |
Spot revenues | | $ | 346,423 | | | $ | 379,621 | |
Digital revenues | | 123,580 | | | 127,339 | |
Network revenues | | 40,692 | | | 42,929 | |
Sponsorships and event revenues | | 24,382 | | | 21,964 | |
Other revenues | | 23,071 | | | 22,881 | |
Net revenues | | $ | 558,148 | | | $ | 594,734 | |
| | | | |
5. LEASES
Leasing Guidance
The Company recognizes the assets and liabilities that arise from leases on the commencement date of the lease. The Company recognizes the liability to make lease payments as a lease liability, as well as a right-of-use ("ROU") asset representing the right to use the underlying asset for the lease term, on the condensed consolidated balance sheet.
Lease Expense
The components of lease expense were as follows:
| | | | | | | | | | | | | | |
Lease Cost | | Three Months Ended June 30, |
| | 2023 | | 2022 |
| | (amounts in thousands) |
Operating lease cost | | $ | 12,242 | | | $ | 12,767 | |
Variable lease cost | | 2,661 | | | 2,369 | |
| | | | |
Total lease cost | | $ | 14,903 | | | $ | 15,136 | |
| | | | | | | | | | | | | | |
Lease Cost | | Six Months Ended June 30, |
| | 2023 | | 2022 |
| | (amounts in thousands) |
Operating lease cost | | $ | 24,496 | | | $ | 25,352 | |
Variable lease cost | | 5,512 | | | 5,273 | |
| | | | |
Total lease cost | | $ | 30,008 | | | $ | 30,625 | |
| | | | |
Supplemental Cash Flow
Supplemental cash flow information related to leases was as follows:
| | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
| | 2023 | | 2022 |
Description | | (amounts in thousands) |
| | | | |
Cash paid for amounts included in measurement of lease liabilities | | | | |
Operating cash flows from operating leases | | $ | 26,768 | | | $ | 27,126 | |
Right-of-use assets obtained in exchange for lease obligations | | | | |
Operating leases | | $ | 22,108 | | | $ | 13,252 | |
6. INTANGIBLE ASSETS AND GOODWILL
Goodwill and certain intangible assets are not amortized for book purposes. They may, however, be amortized for tax purposes. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair value is less than the carrying value of the reporting unit, then a charge is recorded to the results of operations.
The following table presents the changes in the carrying value of broadcasting licenses. Refer to Note 2, Business Combinations, and Note 14, Assets Held For Sale, for additional information.
| | | | | | | | | | | |
| Broadcasting Licenses Carrying Amount |
| June 30, 2023 | | December 31, 2022 |
| (amounts in thousands) |
Broadcasting licenses balance as of January 1, | $ | 2,089,226 | | | $ | 2,251,546 | |
Disposition of radio stations (See Note 2) | (4,956) | | | (4,377) | |
Acquisitions (See Note 2) | — | | | 2,002 | |
Loss on impairment | (124,830) | | | (159,089) | |
Assets held for sale (See Note 14) | — | | | (856) | |
Ending period balance | $ | 1,959,440 | | | $ | 2,089,226 | |
The following table presents the changes in goodwill. Refer to Note 2, Business Combinations, for additional information.
| | | | | | | | | | | |
| Goodwill Carrying Amount |
| June 30, 2023 | | December 31, 2022 |
| (amounts in thousands) |
Goodwill balance before cumulative loss on impairment as of January 1, | $ | 1,062,588 | | | $ | 1,062,723 | |
Accumulated loss on impairment as of January 1, | (998,673) | | | (980,547) | |
Goodwill beginning balance after cumulative loss on impairment as of January 1, | 63,915 | | | 82,176 | |
Loss on impairment | — | | | (18,126) | |
| | | |
| | | |
Measurement period adjustments to acquired goodwill (See Note 2) | — | | | (135) | |
Ending period balance | $ | 63,915 | | | $ | 63,915 | |
Broadcasting Licenses Impairment Test
Each market’s broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. We determine the fair value of the broadcasting licenses in each of our markets by relying on a discounted cash flow approach (a 10-year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. Our fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (i) the discount rate; (ii) the profit margin of an average station within a market, based upon market size and station type; (iii) the forecast growth rate of each radio market; (iv) the estimated capital start-up costs and losses incurred during the early years; (v) the likely media competition within the market area; (vi) the tax rate; and (vii) future terminal values.
The methodology used by us in determining our key estimates and assumptions is applied consistently to each market. Of the seven variables identified above, we believe that the assumptions in items (i) through (iii) above are the most important and sensitive in the determination of fair value.
The Company evaluated whether the facts and circumstances and available information resulted in the need for an impairment assessment for its FCC broadcasting licenses, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was warranted.
During the second quarter of the current year, the Company completed an interim impairment assessment for its broadcasting licenses at the market level using the Greenfield method. As a result of this interim impairment assessment, the Company determined that the fair value of its broadcasting licenses was less than the amount reflected in the balance sheet for certain of the Company's markets and, accordingly, recorded an impairment loss of $124.8 million ($91.5 million, net of tax). The Company will continue to evaluate the impacts of the current macroeconomic conditions on its business, including the impacts of overall economic conditions.
If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. The current macroeconomic conditions increase the uncertainty with respect to such market and economic conditions and, as such, increases the risk of future impairment.
Assumptions and Results - Broadcasting Licenses
The following table reflects the estimates and assumptions used in the interim and annual broadcasting licenses impairment assessments of each year. | | | | | | | | | | | | | |
| Estimates And Assumptions |
| Second Quarter 2023 | | Fourth Quarter 2022 | | |
Discount rate | 9.5 | % | | 9.5 | % | | |
Operating profit margin ranges for average stations in markets where the Company operates | 18% to 32% | | 18% to 33% | | |
Forecasted growth rate (including long-term growth rate) range of the Company's markets | 0.0 | % | | 0.0% to 0.6% | | |
The Company believes it has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. These estimates and assumptions could be materially different from actual results.
Goodwill Impairment Test
We perform a quantitative goodwill impairment test by using a discounted cash flow approach (a 5-year income model). Potential impairment is identified by comparing the fair value of each reporting unit to its carrying value. Our fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information. The cash flow projections for the reporting units include significant judgments and assumptions relating to the revenue, operating expenses, projected operating profit margins, and the discount rate. Changes in our estimates of the fair value of these assets could result in material future period write-downs of the carrying value of our goodwill.
The Company evaluated whether the facts and circumstances and available information result in the need for an impairment assessment for any goodwill, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was warranted.
During the second quarter of the current year, the Company completed an interim impairment assessment for its goodwill at the podcast reporting unit. As a result of this interim impairment assessment, the Company determined that the fair value of its podcast reporting unit was greater than the carrying value, and accordingly, no impairment was recorded. The Company will continue to evaluate the impacts of the current macroeconomic conditions on its business, including the impacts of overall economic conditions.
If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods. The current macroeconomic conditions increase the uncertainty with respect to such market and economic conditions and, as such, increases the risk of future impairment.
Assumptions and Results - Goodwill
The following table reflects the estimates and assumptions used in the interim and annual goodwill impairment assessments of each year:
| | | | | | | | | | | | | | |
| | | Estimates And Assumptions |
| | | Second Quarter 2023 | | Fourth Quarter 2022 | |
Discount rate - podcast reporting unit | | | 11.5 | % | | 11.0 | % | |
The Company believes it has made reasonable estimates and assumptions to calculate the fair value of its reporting units. These estimates and assumptions could be materially different from actual results.
7. OTHER CURRENT LIABILITIES
Other current liabilities consist of the following as of the periods indicated:
| | | | | | | | | | | |
| Other Current Liabilities |
| June 30, 2023 | | December 31, 2022 |
| (amounts in thousands) |
Accrued compensation | $ | 21,817 | | | $ | 25,730 | |
Accounts receivable credits | 3,738 | | | 4,333 | |
Advertiser obligations | 8,283 | | | 6,465 | |
Accrued interest payable | 14,531 | | | 14,933 | |
Unearned revenue | 12,936 | | | 13,687 | |
| | | |
| | | |
Accrued sports rights | 2,826 | | | 3,397 | |
Accrued benefits | 5,452 | | | 7,640 | |
Non-income tax liabilities | 1,858 | | | 1,804 | |
| | | |
Other | 2,886 | | | 2,560 | |
Total other current liabilities | $ | 74,327 | | | $ | 80,549 | |
8. LONG-TERM DEBT
Long-term debt was comprised of the following as of the periods indicated:
| | | | | | | | | | | |
| Long-Term Debt |
| June 30, 2023 | | December 31, 2022 |
| (amounts in thousands) |
Credit Facility | | | |
Revolver | $ | 219,000 | | | $ | 180,000 | |
Term B-2 Loan, due November 17, 2024 | 632,415 | | | 632,415 | |
Plus unamortized premium | 975 | | | 1,116 | |
| 852,390 | | | 813,531 | |
2027 Notes | | | |
6.500% notes due May 1, 2027 | 460,000 | | | 460,000 | |
Plus unamortized premium | 2,849 | | | 3,220 | |
| 462,849 | | | 463,220 | |
| | | |
2029 Notes | | | |
6.750% notes due March 31, 2029 | 540,000 | | | 540,000 | |
| 540,000 | | | 540,000 | |
| | | |
Accounts receivable facility | 75,000 | | | 75,000 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Other debt | 23 | | | 23 | |
Total debt before deferred financing costs | 1,930,262 | | | 1,891,774 | |
| | | |
Deferred financing costs (excludes the revolving credit) | (9,147) | | | (11,412) | |
Total long-term debt, net of current debt | $ | 1,921,115 | | | $ | 1,880,362 | |
Outstanding standby letters of credit | $ | 7,488 | | | $ | 5,909 | |
(A) Senior Debt
The Credit Facility
The Company's credit agreement (the "Credit Facility"), as amended, is currently comprised of $227.3 million Revolver maturing August 19, 2024 and a term B-2 loan (the "Term B-2 Loan") maturing November 17, 2024.
The Credit Facility has usual and customary covenants including, but not limited to, a net first lien leverage ratio, restricted payments and the incurrence of additional debt. Specifically, the Credit Facility requires the Company to comply with a certain financial covenant which is a defined term within the agreement, including a maximum Consolidated Net First-Lien Leverage Ratio that cannot exceed 4.0 times at June 30, 2023. In certain circumstances, if the Company consummates additional acquisition activity permitted under the terms of the Credit Facility, the Consolidated Net First-Lien Leverage Ratio will be increased to 4.5 times for a one year period following the consummation of such permitted acquisition. As of June 30, 2023, the Company’s Consolidated Net First Lien Leverage Ratio was 3.7 times.
Failure to comply with the Company’s financial covenant or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Company’s Credit Facility. Any event of default could have a material adverse effect on the Company’s business and financial condition. The acceleration of the Company’s debt repayment could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates.
As of June 30, 2023, the Company was in compliance with the financial covenant and all other terms of the Credit Facility in all material respects. The Company’s ability to maintain compliance with its covenant is highly dependent on its results of operations. The cash available from the Revolver is dependent on the Company’s Consolidated Net First-Lien Leverage Ratio at the time of such borrowing.
The 2027 Notes
During 2019, the Company and its finance subsidiary, Audacy Capital Corp. issued $325.0 million in aggregate principal amount of senior secured second-lien notes due May 1, 2027 (the "Initial 2027 Notes").
Interest on the Initial 2027 Notes accrues at the rate of 6.500% per annum and is payable semi-annually in arrears on May 1 and November 1 of each year. Until May 1, 2022, only a portion of the Initial 2027 Notes could be redeemed at a price of 106.500% of their principal amount plus accrued interest. On or after May 1, 2022, the Initial 2027 Notes may be redeemed, in whole or in part, at a price of 104.875% of their principal amount plus accrued interest. The prepayment premium continues to decrease over time to 100% of their principal amount plus accrued interest.
During the fourth quarter of 2019, the Company and its finance subsidiary, Audacy Capital Corp., issued $100.0 million of additional 6.500% senior secured second-lien notes due 2027 (the "Additional Notes"). The Additional Notes were issued as additional notes under the Base Indenture, as supplemented by a first supplemental indenture, dated December 13, 2019 (the "First Supplemental Indenture"), and, together with the Base Indenture (the "Indenture"). As of December 31, 2021, the Additional Notes were treated as a single series with the $325.0 million Initial 2027 Notes (together, with the Additional Notes, the "Notes") and have substantially the same terms as the Initial 2027 Notes. The Additional Notes were issued at a price of 105.0% of their principal amount, plus accrued interest from November 1, 2019.
During the fourth quarter of 2021, the Company and its finance subsidiary, Audacy Capital Corp., issued $45.0 million of additional 6.500% senior secured second-lien notes due 2027 (the "Additional 2027 Notes"). The Additional 2027 Notes were issued as additional notes under the Indenture. The Additional 2027 Notes are treated as a single series with the $325.0 million Initial 2027 Notes and the $100.0 million Additional Notes (collectively, the "2027 Notes") and have substantially the same terms as the Initial 2027 Notes. The Additional 2027 Notes were issued at a price of 100.750% of their principal amount. The premium on the Additional 2027 Notes will be amortized over the term under the effective interest rate method.
During the second quarter of 2022, the Company repurchased $10.0 million of its 2027 Notes through open market purchases. This repurchase activity generated a gain on retirement of the 2027 Notes in the amount of $0.6 million. As of any reporting period, the unamortized premium on the 2027 Notes is reflected on the balance sheet as an addition to the 2027 Notes.
The 2029 Notes
During the first quarter of 2021, the Company and its finance subsidiary, Audacy Capital Corp., issued $540.0 million in aggregate principal amount of senior secured second-lien notes due March 31, 2029 (the "2029 Notes"). Interest on the 2029 Notes accrues at the rate of 6.750% per annum and is payable semi-annually in arrears on March 31 and September 30 of each year.
The Company used net proceeds of the offering, along with cash on hand, to: (i) repay $77.0 million of existing indebtedness under the Term B-2 Loan; (ii) repay $40.0 million of drawings under the Revolver; and (iii) fully redeem all of its $400.0 million aggregate principal amount of 7.250% senior notes due 2024 (the "Senior Notes") and to pay fees and expenses in connection with the redemption.
In connection with this activity, during the first quarter of 2021, the Company: (i) recorded $6.6 million of new debt issuance costs attributable to the 2029 Notes; and (ii) $0.4 million of debt issuance costs attributable to the Revolver which will be amortized over the remaining term of the Revolver on a straight line basis. The Company also incurred $0.5 million of costs which were classified within refinancing expenses.
Accounts Receivable Facility
On July 15, 2021, the Company and certain of its subsidiaries entered into a $75.0 million Receivables Facility to provide additional liquidity, to reduce the Company's cost of funds and to repay outstanding indebtedness under the Credit Facility.
The documentation for the Receivables Facility includes (i) a Receivables Purchase Agreement entered into by and among Audacy Operations, Audacy Receivables as seller, the Investors, and DZ BANK, as agent; (ii) a Sale and Contribution Agreement, by and among Audacy Operations, Audacy NY, and Audacy Receivables; and (iii) a Purchase and Sale Agreement and together with the Receivables Purchase Agreement and the Sale and Contribution Agreement, the “Agreements”) by and among certain wholly-owned subsidiaries of the Company (together with Audacy NY, the “Originators”), Audacy Operations and Audacy NY.
Pursuant to the Purchase and Sale Agreement, the Originators (other than Audacy NY) have sold, and will continue to sell on an ongoing basis, their accounts receivable, together with customary related security and interests in the proceeds thereof, to Audacy NY. Pursuant to the Sale and Contribution Agreement, Audacy NY has sold and contributed, and will continue to sell and contribute on an ongoing basis, its accounts receivable, together with customary related security and interests in the proceeds thereof, to Audacy Receivables. Pursuant to the Receivables Purchase Agreement, Audacy Receivables has sold and will continue to sell on an ongoing basis such accounts receivable, together with customary related security and interests in the proceeds thereof, to the Investors in exchange for cash investments.
Yield is payable to Investors under the Receivables Purchase Agreement at a variable rate based on either the Secured Overnight Financing Rate ("SOFR") or commercial paper rates plus a margin. Collections on the accounts receivable: (x) will be used to either: (i) satisfy the obligations of Audacy Receivables under the Receivables Facility; or (ii) purchase additional accounts receivable from the Originators; or (y) may be distributed to Audacy NY, the sole member of Audacy Receivables. Audacy Operations acts as the servicer under the Agreements.
The Agreements contain representations, warranties and covenants that are customary for bankruptcy-remote securitization transactions, including covenants requiring Audacy Receivables to be treated at all times as an entity separate from the Originators, Audacy Operations, the Company or any of its other affiliates and that transactions entered into between Audacy Receivables and any of its affiliates shall be on arm’s-length terms. The Receivables Purchase Agreement also contains customary default and termination provisions which provide for acceleration of amounts owed under the Receivables Purchase Agreement upon the occurrence of certain specified events with respect to Audacy Receivables, Audacy Operations, the Originators, or the Company, including, but not limited to: (i) Audacy Receivables’ failure to pay yield and other amounts due; (ii) certain insolvency events; (iii) certain judgments entered against the parties; (iv) certain liens filed with respect to assets; and (v) breach of certain financial covenants and ratios.
The Company has agreed to guarantee the performance obligations of Audacy Operations and the Originators under the Receivables Facility documents. The Company has not agreed to guarantee any obligations of Audacy Receivables or the collection of any of the receivables and will not be responsible for any obligations to the extent the failure to perform such obligations by Audacy Operations or any Originator results from receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness or other financial inability to pay of the related obligor.
In general, the proceeds from the sale of the accounts receivable are used by the special purpose vehicle ("SPV") to pay the purchase price for accounts receivable it acquires from Audacy NY and may be used to fund capital expenditures, repay borrowings on the Credit Facility, satisfy maturing debt obligations, as well as fund working capital needs and other approved uses.
Although the SPV is a wholly owned consolidated subsidiary of Audacy NY, the SPV is legally separate from Audacy NY. The assets of the SPV (including the accounts receivable) are not available to creditors of Audacy NY, Audacy Operations or the Company, and the accounts receivable are not legally assets of Audacy NY, Audacy Operations or the Company. The Receivables Facility is accounted for as a secured financing.
The Receivables Facility has usual and customary covenants including, but not limited to, a net first lien leverage ratio, a required minimum tangible net worth, and a minimum liquidity requirement (the "financial covenants"). Specifically, the Receivables Facility requires the Company to comply with a certain financial covenant which is a defined term within the agreement, including a maximum Consolidated Net First-Lien Leverage Ratio that cannot exceed 4.0 times at June 30, 2023.
As of June 30, 2023, the Company’s Consolidated Net First Lien Leverage Ratio was 3.7 times. The Receivables Facility also requires the Company to maintain a minimum tangible net worth, as defined within the agreement, of at least $300.0 million. Additionally, the Receivables Facility requires the Company to maintain liquidity of $25 million. As of June 30, 2023, the Company was compliant with the financial covenants.
The Receivables Facility will expire on July 15, 2024, unless earlier terminated or subsequently extended pursuant to the terms of the Receivables Purchase Agreement. The pledged receivables and the corresponding debt are included in Accounts receivable, net and Long-term debt, net of current portion, respectively, on the Condensed Consolidated Balance Sheet. As of June 30, 2023, the SPV has $211.3 million of net accounts receivable and has outstanding borrowings of $75.0 million under the Receivables Facility.
Refer to Note 1, Basis of Presentation And Significant Policies—Going Concern, “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations—Liquidity and Capital Resources—Potential Restructuring of our Indebtedness” in Part I, Item 2, and “Risk Factors” in Part II, Item 1A, for additional information.
(B) Net Interest Expense
The components of net interest expense are as follows:
| | | | | | | | | | | |
| Net Interest Expense |
| Three Months Ended June 30, |
| 2023 | | 2022 |
| (amounts in thousands) |
Interest expense | $ | 32,627 | | | $ | 23,504 | |
Amortization of deferred financing costs | 2,176 | | | 1,281 | |
Amortization of original issue premium of senior notes | (255) | | | (256) | |
Interest income and other investment income | — | | | — | |
Total net interest expense | $ | 34,548 | | | $ | 24,529 | |
| | | | | | | | | | | |
| Net Interest Expense |
| Six Months Ended June 30, |
| 2023 | | 2022 |
| (amounts in thousands) |
Interest expense | $ | 64,000 | | | $ | 46,043 | |
Amortization of deferred financing costs | 3,441 | | | 2,540 | |
Amortization of original issue premium of senior notes | (512) | | | (512) | |
Interest income and other investment income | — | | | (71) | |
Total net interest expense | $ | 66,929 | | | $ | 48,000 | |
| | | |
9. DERIVATIVE AND HEDGING ACTIVITIES
The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates under the Company’s variable rate debt.
Hedge Accounting Treatment
As of June 30, 2023, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type Of Hedge | | Notional Amount | | Effective Date | | Collar | | Fixed LIBOR Rate | | Expiration Date | | Notional Amount Decreases | | Amount After Decrease |
| | (amounts in millions) | | | | | | | | | | | | (amounts in millions) |
| | | | | | Cap | | 2.75% | | | | | | |
Collar | | $ | 90.0 | | | Jun. 25, 2019 | | Floor | | 0.402% | | Jun. 28, 2024 | | Jun. 28, 2023 | | $ | 90.0 | |
Total | | $ | 90.0 | | | | | | | | | | | | | |
For the six months ended June 30, 2023, the Company recorded the net change in the fair value of this derivative as a loss of $1.2 million (net of tax benefit of $0.4 million as of June 30, 2023) to the condensed consolidated statement of comprehensive income (loss). The fair value of this derivative was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative’s fair value (the creditworthiness of the Company for liabilities). As of June 30, 2023, the fair value of these derivatives was an asset of $2.3 million, and is recorded within other assets, net of accumulated amortization on the condensed consolidated balance sheet. The Company does not expect to reclassify any of this amount to the condensed consolidated statement of operations over the next twelve months.
The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of June 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | |
| | Accumulated Derivative Gain (Loss) |
Description | | June 30, 2023 | | December 31, 2022 |
| | (amounts in thousands) |
Accumulated derivative unrealized gain (loss) | | $ | 1,711 | | | $ | 2,942 | |
The following tables present the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the six months ended June 30, 2023 and June 30, 2022:
| | | | | | | | | | | | | | | | | | | | |
Other Comprehensive Income (Loss) |
Net Change in Accumulated Derivative Unrealized Gain (Loss) | | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations |
Three Months Ended June 30, |
2023 | | 2022 | | 2023 | | 2022 |
(amounts in thousands) |
$ | (391) | | | $ | 553 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
Other Comprehensive Income (Loss) |
Net Change in Accumulated Derivative Unrealized Gain (Loss) | | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations |
Six Months Ended June 30, |
2023 | | 2022 | | 2023 | | 2022 |
(amounts in thousands) |
$ | (1,231) | | | $ | 1,776 | | | $ | — | | | $ | 232 | |
| | | | | | |
Undesignated Derivatives
The Company was subject to equity market risks due to changes in the fair value of the notional investments selected by its employees as part of its non-qualified deferred compensation plans. During the quarter ended June 30, 2020, the Company entered into a Total Return Swap ("TRS") in order to manage the market risks associated with its non-qualified deferred compensation plan liabilities. The Company paid floating rate, based on the SOFR, on the notional amount of the TRS. The TRS was designed to substantially offset changes in its non-qualified deferred compensation plan's liabilities due to changes in the value of the investment options made by employees. The Company did not designate the TRS as an accounting hedge. Rather, the Company recorded all changes in the fair value of the TRS to earnings to offset the market value changes of its non-qualified deferred compensation plan liabilities. The contract term of the TRS expired April 2023 and was not renewed.
10. NET INCOME (LOSS) PER COMMON SHARE
The following tables present the computations of basic and diluted net income (loss) per share from continuing operations:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (amounts in thousands, except per share data) |
Basic (Loss) Per Share | | | | | | | |
Numerator | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net loss | $ | (125,802) | | | $ | (773) | | | (161,705) | | | $ | (11,846) | |
Denominator | | | | | | | |
Basic weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net loss per share - Basic | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | |
Diluted (Loss) Per Share | | | | | | | |
Numerator | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net loss | $ | (125,802) | | | $ | (773) | | | $ | (161,705) | | | $ | (11,846) | |
Denominator | | | | | | | |
Basic weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | |
Effect of RSUs and options under the treasury stock method | — | | | — | | | — | | | — | |
Diluted weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net loss per share - Diluted | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | |
Reverse Stock Split
On June 30, 2023, the Company effected a one-for-thirty reverse stock split (the “Reverse Stock Split”) of our issued and outstanding shares of Common Stock. As a result of the Reverse Stock Split every thirty (30) shares of Common Stock issued and outstanding were automatically combined into one (1) share of issued and outstanding Common Stock, without any change in the par value per share. In addition, proportional adjustments were made to the number of shares of the Company’s Class A common stock subject to outstanding equity awards, as well as the applicable exercise price, to reflect the Reverse Stock Split. All information related to Common Stock, stock options, restricted stock units, earnings per share have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented. The Company effected the Reverse Stock Split to seek to regain compliance with the minimum average closing price requirement of Rule 802.01C of the New York Stock Exchange’s Listing Company Manual. Following the Reverse Stock Split, the Class A common stock continued to be traded on the OTC Pink under the symbol “AUDA” on a split-adjusted basis beginning on June 30, 2023.
No fractional shares were issued in connection with the Reverse Stock Split. Instead, any shareholders of Class A or Class B common stock who would have been entitled to receive fractional shares as a result of the Reverse Stock Split received cash payment equal to the product obtained by multiplying (a) the fraction of the share of Class A or Class B common stock which shareholder would have otherwise been entitled to receive by (b) the closing price per share of the Company's Class A common stock on the OTC Pink at the close of business on the date prior to the Effective Time.
Disclosure of Anti-Dilutive Shares
The following table presents those shares excluded as they were anti-dilutive:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
Impact Of Equity Issuances | 2023 | | 2022 | | 2023 | | 2022 |
| (amounts in thousands, except per share data) |
Shares excluded as anti-dilutive under the treasury stock method: | | | | | | | |
Options | 17 | | | 20 | | | 19 | | | 20 | |
Price range of options: from | $ | 106.20 | | | $ | 106.20 | | | $ | 106.20 | | | $ | 106.20 | |
Price range of options: to | $ | 419.40 | | | $ | 419.40 | | | $ | 419.40 | | | $ | 419.40 | |
RSUs with service conditions | 268 | | | 113 | | | 268 | | | 28 | |
RSUs excluded with service and market conditions as market conditions not met | 25 | | | 3 | | | 25 | | | 3 | |
Excluded shares as anti-dilutive when reporting a net loss | — | | | 12 | | | — | | | 53 | |
| | | | | | | |
11. SHARE-BASED COMPENSATION
Under the Company's equity compensation plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants.
Restricted Stock Units (“RSUs”) Activity
The following is a summary of the changes in RSUs under the Plan during the current period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period Ended | | Number of Restricted Stock Units* | | Weighted Average Purchase Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value as of June 30, 2023 |
| (amounts in thousands) |
RSUs outstanding as of: | December 31, 2022 | | 208 | | | | | | | |
RSUs awarded | June 30, 2023 | | 200 | | | | | | | |
RSUs released | June 30, 2023 | | (112) | | | | | | | |
RSUs forfeited | June 30, 2023 | | (12) | | | | | | | |
RSUs outstanding as of: | June 30, 2023 | | 284 | | | $ | — | | | 1.68 | | $ | 605 | |
RSUs vested and expected to vest as of: | June 30, 2023 | | 283 | | | $ | — | | | 1.68 | | $ | 602 | |
RSUs exercisable (vested and deferred) as of: | June 30, 2023 | | — | | | $ | — | | | $ | — | | | $ | — | |
Weighted average remaining recognition period in years | | | 2.66 | | | | | | |
Unamortized compensation expense | | | $ | 5,321 | | | | | | | |
*Reverse Stock Split applied
RSUs with Service and Market Conditions
The Company issued RSUs with service and market conditions that are included in the table above.
Option Activity
The following table presents the option activity during the current period under the Plan:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period Ended | | Number of Options* | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Intrinsic Value as of June 30 2023 |
| (amounts in thousands) |
Options outstanding as of: | December 31, 2022 | | 20 | | | $ | 339.90 | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Options expired | June 30, 2023 | | (5) | | | 397.20 | | | | | |
Options outstanding as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | |
Options vested and expected to vest as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | |
Options vested and exercisable as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | |
Weighted average remaining recognition period in years | | | 0.0 | | | | | | |
Unamortized compensation expense | | | $ | — | | | | | | | |
*Reverse Stock Split applied
The following table summarizes significant ranges of outstanding and exercisable options as of the current period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Options Outstanding | | Options Exercisable |
| | | | (amounts in thousands) |
Range of Exercise Prices | | Number of Options Outstanding June 30, 2023 | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number of Options Exercisable June 30, 2023 | | Weighted Average Exercise Price |
From | | To |
$ | 106.20 | | | 210.3 | | | 2 | | | 6.0 | | 162.05 | | | 2 | | | $ | 162.05 | |
$ | 289.80 | | | 419.4 | | | 13 | | | 1.1 | | 347.75 | | | 13 | | | $ | 347.75 | |
$ | 106.20 | | | 419.4 | | | 15 | | | 1.81 | | 320.55 | | | 15 | | | $ | 320.55 | |
*Reverse Stock Split applied
Recognized Non-Cash Stock-Based Compensation Expense
The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in the Company’s statement of operations:
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
| (amounts in thousands) |
Station operating expenses | $ | 433 | | | $ | 990 | |
Corporate general and administrative expenses | 616 | | | 2,113 | |
Stock-based compensation expense included in operating expenses | 1,049 | | | 3,103 | |
Income tax benefit (1) | 195 | | | 683 | |
After-tax stock-based compensation expense | $ | 854 | | | $ | 2,420 | |
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
| (amounts in thousands) |
Station operating expenses | $ | 1,146 | | | $ | 2,160 | |
Corporate general and administrative expenses | 1,852 | | | 3,933 | |
Stock-based compensation expense included in operating expenses | 2,998 | | | 6,093 | |
Income tax benefit (1) | 585 | | | 1,354 | |
After-tax stock-based compensation expense | $ | 2,413 | | | $ | 4,739 | |
(1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.
12. INCOME TAXES
Tax Rate for the three and six months ended June 30, 2023
The Company recognized an income tax benefit at an effective income tax rate of 25.9% and 24.6% for the three and six months ended June 30, 2023. The effective income tax rate was determined using a forecasted tax rate based upon projected taxable income for the year. The effective income tax rate for the period was impacted by permanent items, state tax expense, and discrete income tax expense items primarily related to stock based compensation.
The Company was able to carryback its 2020 federal income tax loss to prior tax years and filed two refund claims with the IRS for a total of $20.4 million. We received a refund of $15.2 million in connection with the first claim during the first quarter of 2022.
Tax Rate for the three and six months ended June 30, 2022
The Company recognized an income tax benefit at an effective income tax rate of 23.8% and 25.9% for the three and six months ended June 30, 2022, which was determined using a forecasted rate based upon projected taxable income for the full year.
Net Deferred Tax Assets and Liabilities
The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income.
13. FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value of Financial Instruments Subject to Fair Value Measurements
Recurring Fair Value Measurements
The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value Measurements At Reporting Date |
Description | | Balance at June 30, 2023 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (1) |
| | (amounts in thousands) |
Assets | | | | | | | | | | |
Interest Rate Cash Flow Hedge (2) | | $ | 2,334 | | | $ | — | | | $ | 2,334 | | | $ | — | | | $ | — | |
| | | | | | | | | | |
Liabilities | | | | | | | | | | |
Deferred compensation plan liabilities (3) | | $ | 20,153 | | | $ | 16,305 | | | $ | — | | | $ | — | | | $ | 3,848 | |
| | | | | | | | | | |
Contingent Consideration (4) | | $ | 30 | | | $ | — | | | $ | — | | | $ | 30 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value Measurements At Reporting Date |
Description | | Balance at December 31, 2022 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (1) |
| | (amounts in thousands) |
Assets | | | | | | | | | | |
Interest Rate Cash Flow Hedge (2) | | $ | 4,012 | | | $ | — | | | $ | 4,012 | | | $ | — | | | $ | — | |
| | | | | | | | | | |
Liabilities | | | | | | | | | | |
Deferred compensation plan liabilities (3) | | $ | 24,123 | | | $ | 19,944 | | | $ | — | | | $ | — | | | $ | 4,179 | |
| | | | | | | | | | |
Contingent Consideration (4) | | $ | 12 | | | $ | — | | | $ | — | | | $ | 12 | | | $ | — | |
(1)The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance, these investments have not been classified in the fair value hierarchy.
(2)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at June 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity.
(3)The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options.
(4)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at June 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity.
(5)In connection with the Podcorn Acquisition, the Company recorded a liability for contingent consideration payable based upon the achievement of certain annual performance benchmarks over 2 years. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates using a scenario based model, and remeasured quarterly. The significant unobservable inputs (Level 3) used to estimate the fair value include the projected Adjusted EBITDA values for 2022 and 2023, as defined in the purchase agreement, and the discount rate.
Non-Recurring Fair Value Measurements
The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value.
During the six months ended June 30, 2023 and 2022, there were no events or changes in circumstances which indicated the Company’s investments, property and equipment, ROU assets, other intangible assets, or assets held for sale may not be recoverable. As discussed above, the Company conducted an interim impairment assessment on its broadcasting licenses and goodwill during the second quarter of 2023. Refer to Note 6, Intangible Assets And Goodwill, for additional information.
Fair Value of Financial Instruments Subject to Disclosures
The carrying amounts of the following assets and liabilities approximate fair value due to the short maturity of these instruments: (i) cash and cash equivalents; (ii) accounts receivable; and (iii) accounts payable, including accrued liabilities.
The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| Carrying Value | | Fair Value | | Carrying Value | | Fair Value |
| (amounts in thousands) |
Term B-2 Loans (1) | $ | 632,415 | | | $ | 352,571 | | | $ | 632,415 | | | $ | 454,548 | |
Revolver (2) | $ | 219,000 | | | $ | 219,000 | | | $ | 180,000 | | | $ | 180,000 | |
| | | | | | | |
2029 Notes (3) | $ | 540,000 | | | $ | 75,263 | | | $ | 540,000 | | | $ | 92,138 | |
2027 Notes (3) | $ | 460,000 | | | $ | 76,763 | | | $ | 460,000 | | | $ | 82,513 | |
Accounts receivable facility (4) | $ | 75,000 | | | | | $ | 75,000 | | | |
Other debt (4) | $ | 22 | | | | | $ | 23 | | | |
Letters of credit (4) | $ | 7,488 | | | | | $ | 5,909 | | | |
The following methods and assumptions were used to estimate the fair value of financial instruments:
(1)The Company utilizes a Level 2 valuation input based upon the market trading price of the Term B-2 Loan to compute the fair value as the Term B-2 Loan is traded in the debt securities market. The fair value of the Term B-2 Loan is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.
(2)The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.
(3)The Company utilizes a Level 2 valuation input based upon the market trading prices of the 2029 Notes and 2027 Notes to compute the fair value as these 2029 Notes and 2027 Notes are traded in the debt securities market. The 2029 Notes and 2027 Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.
(4)The Company does not believe it is practicable to estimate the fair value of the accounts receivable facility, other debt or the outstanding standby letters of credit.
14. ASSETS HELD FOR SALE
Assets Held for Sale
Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. This is considered a Level 3 measurement.
During the second quarter 2023, the Company entered into letters of intent to sell certain assets located in Phoenix and Boston. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at June 30, 2023. In aggregate, these assets have a carrying value of approximately $2.5 million. The transactions are expected to close within one year.
The major categories of these assets held for sale are as follows as of the dates indicated:
| | | | | | | | | | | |
| Assets Held for Sale |
| June 30, 2023 | | December 31, 2022 |
| (amounts in thousands) |
Land and land improvements | $ | 590 | | | $ | — | |
Building | 1,776 | | | — | |
Equipment | 110 | | | 4,618 | |
| | | |
Radio broadcasting licenses | — | | | 856 | |
| | | |
| | | |
| | | |
Net assets held for sale | 2,476 | | | 5,474 | |
15. SHAREHOLDERS’ EQUITY
Dividend Equivalents
The following table presents the amounts accrued and unpaid dividends on unvested RSUs as of the dates indicated:
| | | | | | | | | | | | | | | | | |
| | | Dividend Equivalent Liabilities |
| Balance Sheet Location | | June 30, 2023 | | December 31, 2022 |
| | | (amounts in thousands) |
Short-term | Other current liabilities | | $ | 160 | | | $ | 229 | |
Long-term | Other long-term liabilities | | 19 | | | 1 | |
Total | | | $ | 179 | | | $ | 230 | |
Employee Stock Purchase Plan
The Company temporarily suspended the ESPP effective January 1, 2023. The following table presents the amount of shares purchased and non-cash compensation expense recognized in connection with the ESPP as of the periods indicated:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
| (amounts in thousands) |
Number of shares purchased | — | | | 202 | |
Non-cash compensation expense recognized | $ | — | | | $ | 46 | |
Share Repurchase Program
During the six months ended June 30, 2023, the Company did not repurchase any shares under the 2017 Share Repurchase Program.
16. CONTINGENCIES AND COMMITMENTS
Contingencies
The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company’s Form 10-K, filed with the SEC on March 16, 2023.
17. SUBSEQUENT EVENTS
Events occurring after June 30, 2023, and through the date that these condensed consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included.
ITEM 2. Management’s Discussion And Analysis Of Financial Condition And Results Of Operations
In preparing the discussion and analysis contained in this Item 2, we presume that readers have read or have access to the discussion and analysis contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2023. In addition, you should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this report. The following results of operations include a discussion of the three and six months ended June 30, 2023 as compared to the comparable periods in the prior year. Our results of operations during the relevant periods represent the operations of the radio stations owned or operated by us.
The following discussion and analysis contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. You should not place undue reliance on any of these forward-looking statements. In addition, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which the statement is made, to reflect the occurrence of unanticipated events or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for us to predict which will arise or to assess with any precision the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
On May 16, 2023, the New York Stock Exchange (the “NYSE”) announced the suspension of trading of our Class A common stock on the NYSE, and that it had elected to commence proceedings to delist our Class A common stock based on the Company’s “abnormally low” price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual. On May 31, 2023, the Company submitted a written appeal request for a review of the NYSE’s determination by a Committee of the Board of Directors of the NYSE. We cannot assure you that any appeal we undertake will be successful. The delisting of our Class A common stock will be stayed pending the conclusion of the review process, while the trading suspension that was implemented on May 16, 2023 will remain in effect. In the interim, the Company’s Class A common stock will continue to trade over the counter (the “OTC Pink”) under the symbol “AUDA.”
On June 30, 2023, we effected a one-for-thirty reverse stock split (the “Reverse Stock Split”) of our issued and outstanding shares of Class A and Class B common stock, par value $0.01 per share (“Common Stock”). As a result of the Reverse Stock Split every thirty (30) shares of Common Stock issued and outstanding were automatically combined into one (1) share of issued and outstanding Common Stock, without any change in the par value per share. In addition, proportional adjustments were made to the number of shares of our Class A common stock, par value $0.01 per share (the “Class A common stock”) subject to outstanding equity awards, as well as the applicable exercise price, to reflect the Reverse Stock Split. All information related to Common Stock, stock options, restricted stock units, warrants and earnings per share have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented. The Company effected the Reverse Stock Split to seek to regain compliance with the minimum average closing price requirement of Rule 802.01C of the NYSE Listing Company Manual. Following the Reverse Stock Split, the Class A common stock continued to be traded on the OTC Pink under the symbol “AUDA” on a split-adjusted basis beginning on June 30, 2023.
Results of Operations
Three Months Ended June 30, 2023, As compared to Three Months Ended June 30, 2022
The table below presents the comparison of our historical results of operations for the three months ended June 30, 2023 to the three months ended June 30, 2022:
| | | | | | | | | | | | | | | | | |
| THREE MONTHS ENDED JUNE 30, |
| 2023 | | 2022 | | % Change |
| (dollars in millions) | | |
NET REVENUES | $ | 298.5 | | | $ | 319.4 | | | (7) | % |
| | | | | |
OPERATING EXPENSE: | | | | | |
Station operating expenses | 266.1 | | | 260.1 | | | 2 | % |
Depreciation and amortization expense | 17.6 | | | 15.6 | | | 13 | % |
Corporate general and administrative expenses | 25.9 | | | 25.7 | | | 1 | % |
| | | | | |
Restructuring charges | 8.5 | | | 1.0 | | | 750 | % |
Impairment loss | 125.4 | | | 1.8 | | | 6,867 | % |
Net (gain) loss on sale or disposal | (9.9) | | | (0.1) | | | 9,800 | % |
| | | | | |
Change in fair value of contingent consideration | — | | | (8.0) | | | (100) | % |
Other expenses | 0.2 | | | 0.1 | | | 100 | % |
Total operating expense | 433.8 | | | 296.2 | | | 46 | % |
OPERATING INCOME (LOSS) | (135.3) | | | 23.2 | | | (683) | % |
INTEREST EXPENSE | 34.5 | | | 24.5 | | | 41 | % |
| | | | | |
| | | | | |
OTHER INCOME (EXPENSE) | — | | | (0.2) | | | (100) | % |
| | | | | |
LOSS BEFORE INCOME TAX BENEFIT | (169.8) | | | (0.9) | | | (18,967) | % |
| | | | | |
INCOME TAX BENEFIT | (44.0) | | | (0.2) | | | (22,100) | % |
| | | | | |
| | | | | |
| | | | | |
NET INCOME (LOSS) | $ | (125.8) | | | $ | (0.7) | | | (18,071) | % |
The following significant factors affected our results of operations for the three months ended June 30, 2023, as compared to the three months ended June 30, 2022:
Net Revenues
Revenues decreased compared to prior year primarily due to a decrease in advertising spending in our spot, digital and network revenue streams triggered by the current macroeconomic conditions.
Partially offsetting these decreases, net revenues were positively impacted by growth in our sponsorship and events revenues.
Net revenues increased the most for our stations located in the Riverside and Seattle markets. Net revenues decreased the most for our stations located in the New York City and San Francisco markets.
Station Operating Expenses
Station operating expenses increased compared to prior year primarily due to: (i) an increase in payroll and related expenses in the current year; and (ii) an increase in digital expenses related to user acquisition, content licenses and podcast host and talent fees.
Station operating expenses include non-cash compensation expense of $0.4 million and $1.0 million for the three months ended June 30, 2023 and June 30, 2022, respectively.
Depreciation and Amortization Expense
Depreciation and amortization expense increased primarily due to an increase in amortization of capitalized software intangible assets in 2023 relative to 2022. These intangible assets were placed into service in the third quarter of 2022.
Corporate General and Administrative Expenses
Corporate general and administrative expenses increased primarily as a result of a decrease in non-cash compensation expense. This reduction was attributable to the reversal of performance-based compensation expense upon reassessment.
Corporate general and administrative expenses include non-cash compensation expense of $0.6 million and $2.1 million for the three months ended June 30, 2023 and June 30, 2022, respectively.
Restructuring Charges
We incurred restructuring charges in 2023 and 2022 primarily in response to the current macroeconomic conditions. These costs primarily included workforce reduction charges as well as termination charges associated with loss-making contracts. Amounts were expensed as incurred.
Impairment Loss
The impairment loss incurred during the three months ended June 30, 2023 includes $124.8 million of FCC license impairment charges and $0.5 million related to early termination of leases. The impairment loss incurred during the three months ended June 30, 2022 includes $2.1 million related to an early termination of a lease which was partially offset by $0.4 million of gains recognized from removal of certain leased assets.
Net Gain on Sale or Disposal
During the three months ended June 30, 2023, we recognized a gain of approximately $9.9 million on the sale of assets in the following markets: (i) Memphis, Tennessee, (ii) Buffalo, New York, (iii) Houston, Texas, and, (iv) Palm Desert, California.
Interest Expense
During three months ended June 30, 2023, we incurred an additional $10.0 million in interest expense as compared to the three months ended June 30, 2022.
This increase in interest expense was primarily attributable to an increase in the outstanding variable-rate indebtedness upon which interest is computed coupled with an increase in variable interest rates.
Income Tax Benefit
Tax Rate for the three Months Ended June 30, 2023
We recognized an income tax benefit at an effective income tax rate of 25.9% for the three months ended June 30, 2023. The effective income tax rate for the period was impacted by permanent items, state tax expense, and discrete income tax expense items primarily related to stock based compensation.
Tax Rate for the three Months Ended June 30, 2022
We recognized an income tax benefit at an effective income tax rate of 23.8% for the three months ended June 30, 2022,
Results of Operations for the Year-To-Date
Six Months Ended June 30, 2023 As compared to The Six Months Ended June 30, 2022
The table below presents the comparison of our historical results of operations for the six months ended June 30, 2023 to the six months ended June 30, 2022:
| | | | | | | | | | | | | | | | | |
| SIX MONTHS ENDED JUNE 30, |
| 2023 | | 2022 | | % Change |
| (dollars in millions) | | |
NET REVENUES | $ | 558.1 | | | $ | 594.7 | | | (6) | % |
| | | | | |
OPERATING EXPENSE: | | | | | |
Station operating expenses | 500.0 | | | 486.9 | | | 3 | % |
Depreciation and amortization expense | 35.0 | | | 29.1 | | | 20 | % |
Corporate general and administrative expenses | 51.2 | | | 51.6 | | | (1) | % |
| | | | | |
Restructuring charges | 10.9 | | | 1.9 | | | 474 | % |
Impairment loss | 130.4 | | | 3.3 | | | 3,852 | % |
Net (gain) loss on sale or disposal | (22.3) | | | (2.6) | | | 758 | % |
| | | | | |
Change in fair value of contingent consideration | — | | | (7.7) | | | (100) | % |
Other expenses | 0.4 | | | 0.4 | | | — | % |
Total operating expense | 705.6 | | | 562.9 | | | 25 | % |
OPERATING INCOME (LOSS) | (147.5) | | | 31.8 | | | (564) | % |
| | | | | |
INTEREST EXPENSE | 66.9 | | | 48.0 | | | 39 | % |
| | | | | |
| | | | | |
OTHER INCOME (EXPENSE) | — | | | (0.2) | | | (100) | % |
| | | | | |
LOSS BEFORE INCOME TAX BENEFIT | (214.4) | | | (16.0) | | | 1,240 | % |
| | | | | |
INCOME TAX BENEFIT | (52.7) | | | (4.1) | | | 1,185 | % |
| | | | | |
| | | | | |
| | | | | |
NET INCOME (LOSS) | $ | (161.7) | | | $ | (11.9) | | | 1,259 | % |
The following significant factors affected our results of operations for the six months ended June 30, 2023, as compared to the six months ended June 30, 2022:
Net Revenues
Revenues decreased compared to prior year primarily due to a decrease in advertising spending in our spot, digital and network revenue streams triggered by the current macroeconomic conditions.
Partially offsetting these decreases, net revenues were positively impacted by growth in our sponsorship and events revenues.
Net revenues increased the most for our stations located in the Riverside and Phoenix markets. Net revenues decreased the most for our stations located in the New York City and San Francisco markets.
Station Operating Expenses
Station operating expenses increased compared to prior year primarily due to: (i) an increase in payroll and related expenses in the current year; and (ii) an increase in digital expenses related to user acquisition, content licenses and podcast host and talent fees.
Station operating expenses include non-cash compensation expense of $1.1 million and $2.2 million for the six months ended June 30, 2023 and June 30, 2022, respectively.
Depreciation and Amortization Expense
Depreciation and amortization expense increased primarily due to an increase in amortization of capitalized software intangible assets in 2023 relative to 2022. These intangible assets were placed into service in the third quarter of 2022.
Corporate General and Administrative Expenses
Corporate general and administrative expenses decreased primarily as a result of a decrease in non-cash compensation expense. This reduction was attributable to the reversal of performance-based compensation expense upon reassessment.
Corporate general and administrative expenses include non-cash compensation expense of $1.9 million and $3.9 million for the six months ended June 30, 2023 and June 30, 2022, respectively.
Restructuring Charges
In response to the current macroeconomic conditions, we incurred restructuring charges, including workforce reductions as well as termination charges associated with loss-making contracts; of $10.9 million and $1.9 million for six months ended June 30, 2023 and June 30, 2022, respectively. Amounts were expensed as incurred and are included in restructuring charges.
Impairment Loss
The impairment loss incurred during the six months ended June 30, 2023 of $130.4 million includes $124.8 million of FCC license impairment charges and $5.6 million related to early termination of leases. The impairment loss incurred during the six months ended June 30, 2022 includes $3.2 million related to an early termination of certain leases.
Net Gain on Sale or Disposal
During the six months ended June 30, 2023, we recognized a gain of approximately $22.3 million on the sale of assets in the following markets: (i) Los Angeles, California, (ii) St Louis, Missouri, (iii) Rochester, New York, (iv) Baltimore, Maryland, (v) Washington DC, (vi) Memphis, Tennessee, (vii) Buffalo, New York and, (viii) Houston, Texas, (ix) Palm Desert, California.
Interest Expense
During six months ended June 30, 2023, we incurred an additional $18.9 million in interest expense as compared to the six months ended June 30, 2022.
This increased in interest expense was primarily attributable to an increase in the outstanding variable-rate indebtedness upon which interest is computed coupled with an increase in variable interest rates.
Income Tax Benefit
Tax Rate for the six Months Ended June 30, 2023
We recognized an income tax benefit at an effective income tax rate of 24.6% for the six months ended June 30, 2023. The effective income tax rate for the period was impacted by permanent items, state tax expense, and discrete income tax expense items primarily related to stock based compensation.
Tax Rate for the six Months Ended June 30, 2022
We recognized an income tax benefit at an effective income tax rate of 25.9% for the six months ended June 30, 2022.
Liquidity and Capital Resources
Liquidity
In accordance with Accounting Standards Codification ("ASC") 205-40, Going Concern, the Company continues to critically review its liquidity and anticipated capital requirements in light of the significant uncertainty created by the current macroeconomic conditions and determine whether these conditions and events, when considered in the aggregate, raise substantial doubt about its ability to continue as a going concern within twelve months after the date that the accompanying unaudited consolidated financial statements are issued.
Current macroeconomic conditions have created, and continue to create, significant uncertainty in operations, including rising inflation and interest rates, significant volatility in financial markets, decreases in advertising revenue, and increased competition for advertising expenditures, which have had, and are expected to continue to have, a material adverse effect on the Company’s forecasted revenue. As a result, management continues to execute on cash management and strategic operational plans to manage liquidity and debt covenant compliance, including evaluating contractual obligations and workforce reductions, managing operating expenses, divesting non-strategic assets of the Company, and initiating a variety of transactions to manage the Company’s liabilities, which could include extending maturities or otherwise reorganizing the Company’s debt to decrease overall leverage. The Company is unable to predict with certainty the impact that the current macroeconomic conditions will have on its ability to consummate these transactions or maintain compliance with the financial covenants contained in the Company’s debt agreements.
As of June 30, 2023, the Company was in compliance with such debt covenants. However, based on the Company’s cash and cash equivalents balance, the current maturities of its existing debt facilities, its forecasted business plan in light of current macroeconomic conditions, the Company’s current forecast of future revenue over the next twelve months, indications suggest that such forecasts are unlikely to be sufficient for the Company to be able to maintain compliance with the financial covenants under our debt agreements for at least twelve months from the issuance of the accompanying unaudited consolidated financial statements. Failure to meet these covenant requirements in the future would cause the Company to be in default and could cause the maturity of the related debt to be accelerated and become immediately payable. This could require the Company to obtain waivers or amendments in order to maintain compliance, and there can be no assurance that any such waiver or amendment would be available on acceptable terms or at all. If the Company is unable to obtain necessary waivers or amendments and its debt is accelerated, there can be no assurance that the Company would be able to obtain replacement financing or to satisfy its obligations, in which case the Company may pursue a process to restructure its indebtedness under the protection of a bankruptcy court. This uncertainty surrounding compliance with the Company’s debt covenants raises substantial doubt regarding the Company’s ability to continue as a going concern for a period of twelve months from the issuance of the accompanying unaudited consolidated financial statements. In 2024, $926.4 million of debt is set to mature, beginning with the Accounts Receivable Facility, which has $75 million of outstanding borrowings at June 30, 2023 and a maturity date of July 2024.
The Credit Facility, as amended, is comprised of the $227.3 million Revolver and the Term B-2 Loan. As of June 30, 2023, we had $632.4 million outstanding under the Term B-2 Loan and $219.0 million outstanding under the Revolver. In addition, we had $7.5 million in outstanding letters of credit.
As of June 30, 2023, total liquidity was $81.6 million, which was comprised of $0.9 million available under the Revolver and $80.7 million in cash and cash equivalents.
As of June 30, 2023, our Consolidated Net First Lien Leverage Ratio was 3.7 times as calculated in accordance with the terms of our Credit Facility, which place restrictions on the amount of cash and cash equivalents that can be subtracted in determining consolidated first lien net debt.
The Credit Facility
The Company's credit agreement (the "Credit Facility"), as amended, is currently comprised of $227.3 million Revolver maturing August 19, 2024 and a term B-2 loan (the "Term B-2 Loan") maturing November 17, 2024.
The Credit Facility has usual and customary covenants including, but not limited to, a net first lien leverage ratio, restricted payments and the incurrence of additional debt. Specifically, the Credit Facility requires the Company to comply with a certain financial covenant which is a defined term within the agreement, including a maximum Consolidated Net First-Lien Leverage Ratio that cannot exceed 4.0 times at June 30, 2023. In certain circumstances, if the Company consummates additional acquisition activity permitted under the terms of the Credit Facility, the Consolidated Net First-Lien Leverage Ratio will be increased to 4.5 times for a one year period following the consummation of such permitted acquisition. As of June 30, 2023, the Company’s Consolidated Net First Lien Leverage Ratio was 3.7 times.
Failure to comply with the Company’s financial covenant or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Company’s Credit Facility. Any event of default could have a material adverse effect on the Company’s business and financial condition. The acceleration of the Company’s debt repayment could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates.
As of June 30, 2023, the Company is in compliance with the financial covenant and all other terms of the Credit Facility in all material respects. The Company’s ability to maintain compliance with its covenant is highly dependent on its results of operations. The cash available from the Revolver is dependent on the Company’s Consolidated Net First-Lien Leverage Ratio at the time of such borrowing.
The 2027 Notes
During 2019, the Company and its finance subsidiary, Audacy Capital Corp. issued $325.0 million in aggregate principal amount of senior secured second-lien notes due May 1, 2027 (the "Initial 2027 Notes").
Interest on the Initial 2027 Notes accrues at the rate of 6.500% per annum and is payable semi-annually in arrears on May 1 and November 1 of each year. Until May 1, 2022, only a portion of the Initial 2027 Notes could be redeemed at a price of 106.500% of their principal amount plus accrued interest. On or after May 1, 2022, the Initial 2027 Notes may be redeemed, in whole or in part, at a price of 104.875% of their principal amount plus accrued interest. The prepayment premium continues to decrease over time to 100% of their principal amount plus accrued interest.
During the fourth quarter of 2019, the Company and its finance subsidiary, Audacy Capital Corp., issued $100.0 million of additional 6.500% senior secured second-lien notes due 2027 (the "Additional Notes"). The Additional Notes were issued as additional notes under the Base Indenture, as supplemented by a first supplemental indenture, dated December 13, 2019 (the "First Supplemental Indenture"), and, together with the Base Indenture (the "Indenture"). As of December 31, 2021, the Additional Notes were treated as a single series with the $325.0 million Initial 2027 Notes (together, with the Additional Notes, the "Notes") and have substantially the same terms as the Initial 2027 Notes. The Additional Notes were issued at a price of 105.0% of their principal amount, plus accrued interest from November 1, 2019.
During the fourth quarter of 2021, the Company and its finance subsidiary, Audacy Capital Corp., issued $45.0 million of additional 6.500% senior secured second-lien notes due 2027 (the "Additional 2027 Notes"). The Additional 2027 Notes were issued as additional notes under the Indenture. The Additional 2027 Notes are treated as a single series with the $325.0 million Initial 2027 Notes and the $100.0 million Additional Notes (collectively, the "2027 Notes") and have substantially the same terms as the Initial 2027 Notes. The Additional 2027 Notes were issued at a price of 100.750% of their principal amount. The premium on the Additional 2027 Notes will be amortized over the term under the effective interest rate method.
During the second quarter of 2022, the Company repurchased $10.0 million of its 2027 Notes through open market purchases. This repurchase activity generated a gain on retirement of the 2027 Notes in the amount of $0.6 million. As of any reporting period, the unamortized premium on the 2027 Notes is reflected on the balance sheet as an addition to the 2027 Notes.
The 2029 Notes
During the first quarter of 2021, the Company and its finance subsidiary, Audacy Capital Corp., issued $540.0 million in aggregate principal amount of senior secured second-lien notes due March 31, 2029 (the "2029 Notes"). Interest on the 2029 Notes accrues at the rate of 6.750% per annum and is payable semi-annually in arrears on March 31 and September 30 of each year.
The Company used net proceeds of the offering, along with cash on hand, to: (i) repay $77.0 million of existing indebtedness under the Term B-2 Loan; (ii) repay $40.0 million of drawings under the Revolver; and (iii) fully redeem all of its $400.0 million aggregate principal amount of 7.250% senior notes due 2024 (the "Senior Notes") and to pay fees and expenses in connection with the redemption.
In connection with this activity, during the first quarter of 2021, the Company: (i) recorded $6.6 million of new debt issuance costs attributable to the 2029 Notes; and (ii) $0.4 million of debt issuance costs attributable to the Revolver which will be amortized over the remaining term of the Revolver on a straight line basis. The Company also incurred $0.5 million of costs which were classified within refinancing expenses.
Accounts Receivable Facility
On July 15, 2021, the Company and certain of its subsidiaries entered into a $75.0 million Receivables Facility to provide additional liquidity, to reduce the Company's cost of funds and to repay outstanding indebtedness under the Credit Facility.
The documentation for the Receivables Facility includes (i) a Receivables Purchase Agreement entered into by and among Audacy Operations, Audacy Receivables as seller, the Investors, and DZ BANK, as agent; (ii) a Sale and Contribution Agreement, by and among Audacy Operations, Audacy NY, and Audacy Receivables; and (iii) a Purchase and Sale Agreement and together with the Receivables Purchase Agreement and the Sale and Contribution Agreement, the “Agreements”) by and among certain wholly-owned subsidiaries of the Company (together with Audacy NY, the “Originators”), Audacy Operations and Audacy NY.
Pursuant to the Purchase and Sale Agreement, the Originators (other than Audacy NY) have sold, and will continue to sell on an ongoing basis, their accounts receivable, together with customary related security and interests in the proceeds thereof, to Audacy NY. Pursuant to the Sale and Contribution Agreement, Audacy NY has sold and contributed, and will continue to sell and contribute on an ongoing basis, its accounts receivable, together with customary related security and interests in the proceeds thereof, to Audacy Receivables. Pursuant to the Receivables Purchase Agreement, Audacy Receivables has sold and will continue to sell on an ongoing basis such accounts receivable, together with customary related security and interests in the proceeds thereof, to the Investors in exchange for cash investments.
Yield is payable to Investors under the Receivables Purchase Agreement at a variable rate based on either the Secured Overnight Financing Rate ("SOFR") or commercial paper rates plus a margin. Collections on the accounts receivable: (x) will be used to either: (i) satisfy the obligations of Audacy Receivables under the Receivables Facility; or (ii) purchase additional accounts receivable from the Originators; or (y) may be distributed to Audacy NY, the sole member of Audacy Receivables. Audacy Operations acts as the servicer under the Agreements.
The Agreements contain representations, warranties and covenants that are customary for bankruptcy-remote securitization transactions, including covenants requiring Audacy Receivables to be treated at all times as an entity separate from the Originators, Audacy Operations, the Company or any of its other affiliates and that transactions entered into between Audacy Receivables and any of its affiliates shall be on arm’s-length terms. The Receivables Purchase Agreement also contains customary default and termination provisions which provide for acceleration of amounts owed under the Receivables Purchase Agreement upon the occurrence of certain specified events with respect to Audacy Receivables, Audacy Operations, the Originators, or the Company, including, but not limited to: (i) Audacy Receivables’ failure to pay yield and other amounts due; (ii) certain insolvency events; (iii) certain judgments entered against the parties; (iv) certain liens filed with respect to assets; and (v) breach of certain financial covenants and ratios.
The Company has agreed to guarantee the performance obligations of Audacy Operations and the Originators under the Receivables Facility documents. The Company has not agreed to guarantee any obligations of Audacy Receivables or the collection of any of the receivables and will not be responsible for any obligations to the extent the failure to perform such obligations by Audacy Operations or any Originator results from receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness or other financial inability to pay of the related obligor.
In general, the proceeds from the sale of the accounts receivable are used by the special purpose vehicle ("SPV") to pay the purchase price for accounts receivable it acquires from Audacy NY and may be used to fund capital expenditures, repay borrowings on the Credit Facility, satisfy maturing debt obligations, as well as fund working capital needs and other approved uses.
Although the SPV is a wholly owned consolidated subsidiary of Audacy NY, the SPV is legally separate from Audacy NY. The assets of the SPV (including the accounts receivable) are not available to creditors of Audacy NY, Audacy Operations or the Company, and the accounts receivable are not legally assets of Audacy NY, Audacy Operations or the Company. The Receivables Facility is accounted for as a secured financing.
The Receivables Facility has usual and customary covenants including, but not limited to, a net first lien leverage ratio, a required minimum tangible net worth, and a minimum liquidity requirement (the "financial covenants"). Specifically, the Receivables Facility requires the Company to comply with a certain financial covenant which is a defined term within the agreement, including a maximum Consolidated Net First-Lien Leverage Ratio that cannot exceed 4.0 times at June 30, 2023.
As of June 30, 2023, the Company’s Consolidated Net First Lien Leverage Ratio was 3.7 times. The Receivables Facility also requires the Company to maintain a minimum tangible net worth, as defined within the agreement, of at least $300.0 million. Additionally, the Receivables Facility requires the Company to maintain liquidity of $25 million. As of June 30, 2023, the Company was compliant with the financial covenants.
The Receivables Facility will expire on July 15, 2024, unless earlier terminated or subsequently extended pursuant to the terms of the Receivables Purchase Agreement. The pledged receivables and the corresponding debt are included in Accounts receivable, net and Long-term debt, net of current portion, respectively, on the Condensed Consolidated Balance Sheet. As of June 30, 2023, the SPV has $211.3 million of net accounts receivable and has outstanding borrowings of $75.0 million under the Receivables Facility.
Potential Restructuring of Our Indebtedness
We have been reviewing a number of potential alternatives regarding our outstanding indebtedness. These alternatives include refinancings, exchange offers, consent solicitations, the issuance of new indebtedness, amendments to the terms of our existing indebtedness and/or other transactions. We have initiated discussions with holders of our indebtedness with respect to these alternatives. Among these alternatives is a restructuring that would, on a consensual basis, seek to modify the terms of substantially all of our outstanding indebtedness. We may offer to exchange the indebtedness under our Credit Facility, the 2027 Notes, the 2029 Notes, and the Accounts Receivable Facility for new debt and/or equity securities of our parent and/or subsidiary companies. In conjunction with any such transactions, we may seek consents to amend the documents governing our indebtedness to amend or eliminate certain covenants or collateral provisions.
Because the terms of any such transactions will be subject to negotiations with the holders of our indebtedness, they may differ materially from those described above and are, to a large extent, outside of our control. There can be no assurance that we will be able to complete any such transactions, and, as no decision with respect to the terms of any such transactions has been made, we may decide not to pursue any such transactions. If we are unable or elect not to complete any such transactions, we may pursue a process to restructure our indebtedness under the protection of a bankruptcy court.
Refer to Note 1, Basis of Presentation And Significant Policies—Going Concern, Note 8, Long-Term Debt, and “Risk Factors” in Part II, Item 1A, for additional information.
Operating Activities
Net cash flows used in operating activities were $69.2 million for the six months ended June 30, 2023. Net cash flows used in operating activities were $0.4 million for the six months ended June 30, 2022.
The cash flows used in operating activities increased primarily due to: (i) increase in net loss, as adjusted for certain non-cash charges and income tax benefits of $71.9 million; (ii) an increase in net gain on disposals of assets of $19.7 million; (iii) a decrease in net investment in working capital of $3.3 million; and (iv) a decrease in net gains on deferred compensation of $6.1 million.
The increase in cash flows used in operating activities were partially offset by (i) an increase in depreciation and amortization of $5.9 million; and (ii) an increase in impairment loss of $127.1 million.
The decrease in investment in working capital is primarily due to the timing of: (i) settlements of accounts payable and accrued liabilities; (ii) collections of accounts receivable; (iii) settlements of other long-term liabilities; (iv) settlements of accrued interest expense; and (v) settlements of prepaid expenses.
The decrease in net loss, as adjusted for certain non-cash charges and income tax benefits is primarily attributable to an increase in net loss of $149.9 million which is offset by (i) an increase in deferred tax benefits of $49.2 million; and (ii) an increase in impairment loss of $127.1 million.
Investing Activities
Net cash flows provided by and used in investing activities were $7.7 million and $43.9 million for the six months ended June 30, 2023 and June 30, 2022, respectively.
During 2023, net cash flows provided by investing activities increased primarily due to an increase in cash proceeds from the sale of property, equipment, intangibles and other assets of $29.8 million related to the sale of buildings. This increase in cash flows provided by investing activities was partially offset by a decrease in additions to tangible and intangible assets of $21.9 million.
Financing Activities
Net cash flows provided by financing activities were $38.8 million and $25.5 million for six months ended June 30, 2023 and June 30, 2022, respectively.
During 2023, net cash flows provided by financing activities increased primarily due to: a decrease in borrowing under the revolver of $21.0 million offset by (i) a decrease in payments against the Revolver of $22.7 million, retirement of debt of $10.0 million and (ii) a decrease of Purchase of vested employee restricted stock units of $1.8 million.
Dividends
We presently do not pay a dividend. Any future dividends will be at the discretion of the Board based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in our Credit Facility, the 2027 Notes, and the 2029 Notes.
Share Repurchase Program
During the six months ended June 30, 2023, we did not repurchase any shares under our share repurchase program (the "2017 Share Repurchase Program").
Income Taxes
We do not anticipate making any federal income tax payments in 2023 primarily as a result of the availability of NOLs to offset federal tax due.
For federal income tax purposes, the acquisition of CBS Radio was treated as a reverse acquisition which caused us to undergo an ownership change under Section 382 of the Internal Revenue Code ("Code"). This ownership change will limit the utilization of our NOLs for post-acquisition tax years. We may need to make additional state estimated tax payments during the remainder of the year.
Capital Expenditures
Capital expenditures, including amortizable intangibles, for the six months ended June 30, 2023 were $25.0 million. We anticipate that total capital expenditures in 2023 will be approximately $50 million as we continue our investment in the rapidly growing digital audio advertising market.
Contractual Obligations
As of June 30, 2023, there have been no net material changes in the total amount from the contractual obligations listed in our Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 16, 2023, other than as described below.
Off-Balance Sheet Arrangements
As of June 30, 2023, we did not have any material off-balance sheet transactions, arrangements or obligations, including contingent obligations.
We do not have any other relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet financial arrangements or other contractually narrow or limited purposes as of June 30, 2023. Accordingly, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships.
Critical Accounting Policies
There have been no material changes to our critical accounting policies from the information provided in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 16, 2023.
Goodwill Interim Impairment Test
We perform a quantitative goodwill impairment test by using a discounted cash flow approach (a 5-year income model). Potential impairment is identified by comparing the fair value of each reporting unit to its carrying value. Our fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information. The cash flow projections for the reporting units include significant judgments and assumptions relating to the revenue, operating expenses, projected operating profit margins, and the discount rate. Changes in our estimates of the fair value of these assets could result in material future period write-downs of the carrying value of our goodwill.
The Company evaluated whether the facts and circumstances and available information result in the need for an impairment assessment for any goodwill, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was warranted.
During the second quarter of the current year, the Company completed an interim impairment assessment for its goodwill at the podcast reporting unit. As a result of this interim impairment assessment, the Company determined that the fair value of its podcast reporting unit was greater than the carrying value, and accordingly, no impairment was recorded. The Company will continue to evaluate the impacts of the current macroeconomic conditions on its business, including the impacts of overall economic conditions.
If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods. The current macroeconomic conditions increase the uncertainty with respect to such market and economic conditions and, as such, increases the risk of future impairment.
Goodwill Valuation Risk
Our remaining goodwill as of June 30, 2023 is limited to the goodwill acquired in the Cadence13 Acquisition and Pineapple Acquisition in 2019, and the goodwill acquired in the Podcorn Acquisition and AmperWave Acquisition in 2021.
Future impairment charges may be required on our goodwill, as the discounted cash flow model is subject to change based upon our performance, peer company performance, overall market conditions, and the state of the credit markets. We continue to monitor these relevant factors to determine if an interim impairment assessment is warranted.
A deterioration in our forecasted financial performance, an increase in discount rates, a reduction in long-term growth rates, a sustained decline in our stock price, or a failure to achieve analyst expectations could all be potential indicators of an impairment to the remaining goodwill, which could be material, in future periods. Due to the uncertainty of the current market and economic conditions, there is an increased risk of future impairment.
We will continue to evaluate the impacts of the current macroeconomic conditions on our business, including the impacts of overall economic conditions, which could result in the recognition of an impairment charge, which could be material, in the future.
Sensitivity of Key Goodwill Assumptions
If we were to assume changes in certain of our key assumptions used to determine the fair value of our podcasting reporting unit detailed below, we would not be required to record an impairment charge. | | | | | | | | | | | | | | | | | |
Sensitivity Analysis (1) |
| Percentage Decrease in Reporting Unit Carrying Value |
Increase the discount rate from 11.5% to 12.5% | — | % |
Reduction in forecasted growth rate (including long-term growth rate) to 0% | — | % |
Reduction in operating profit margin by 10% | — | % |
(1) Each assumption used in the sensitivity analysis is independent of the other assumptions.
If overall market conditions or the performance of the economy deteriorates, advertising expenditures and radio industry results could be negatively impacted, including expectations for future growth. This could result in future impairment charges for our podcast reporting unit or other of our units of accounting, which could be material. Due to the uncertainty of the current market and economic conditions, there is an increased risk of future impairment.
We will continue to evaluate the impacts of the current macroeconomic conditions on our business, including the impacts of overall economic conditions, which could result in the recognition of an impairment charge, which could be material, in the future.
Broadcasting License Valuation Risk
Broadcasting Licenses Impairment Test
Each market’s broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. We determine the fair value of the broadcasting licenses in each of our markets by relying on a discounted cash flow approach (a 10-year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. Our fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (i) the discount rate; (ii) the profit margin of an average station within a market, based upon market size and station type; (iii) the forecast growth rate of each radio market; (iv) the estimated capital start-up costs and losses incurred during the early years; (v) the likely media competition within the market area; (vi) the tax rate; and (vii) future terminal values.
The methodology used by us in determining our key estimates and assumptions was applied consistently to each market. Of the seven variables identified above, we believe that the assumptions in items (i) through (iii) above are the most important and sensitive in the determination of fair value.
The Company evaluated whether the facts and circumstances and available information result in the need for an impairment assessment for its FCC broadcasting licenses, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was warranted.
During the second quarter of the current year, the Company completed an interim impairment assessment for its broadcasting licenses at the market level using the Greenfield method. As a result of this interim impairment assessment, the Company determined that the fair value of its broadcasting licenses was less than the amount reflected in the balance sheet for certain of the Company's markets and, accordingly, recorded an impairment loss of $124.8 million ($91.5 million, net of tax). The Company will continue to evaluate the impacts of the current macroeconomic conditions on its business, including the impacts of overall economic conditions.
If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. The current macroeconomic conditions increase the uncertainty with respect to such market and economic conditions and, as such, increases the risk of future impairment.
Assumptions and Results - Broadcasting Licenses
The following table reflects the estimates and assumptions used in the interim and annual broadcasting licenses impairment assessments of each year. | | | | | | | | | | | | | |
| Estimates And Assumptions |
| Second Quarter 2023 | | Fourth Quarter 2022 | | |
Discount rate | 9.5 | % | | 9.5 | % | | |
Operating profit margin ranges for average stations in markets where the Company operates | 18% to 32% | | 18% to 33% | | |
Forecasted growth rate (including long-term growth rate) range of the Company's markets | 0.0% | | 0.0% to 0.6% | | |
The Company believes it has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. These estimates and assumptions could be materially different from actual results.
Broadcasting License Valuation Risk
The table below presents the percentage within a range by which the fair value exceeded the carrying value of our broadcasting licenses as of June 30, 2023. Rather than presenting the percentage separately for each unit of accounting, our opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses. In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
After the interim impairment test conducted on our broadcasting licenses in the second quarter of 2023, the results indicated that there were 40 units of accounting where the fair value exceeded their carrying value by 10% or less. In aggregate, these 40 units of accounting had a carrying value of $1,924.2 million at June 30, 2023. As discussed above, as a result of the interim impairment assessment conducted in the second quarter of 2023, we wrote down the carrying value of our broadcasting licenses in 28 markets.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Units of Accounting as of June 30, 2023 Based Upon the Valuation as of June 30, 2023 Percentage Range by Which Fair Value Exceeds the Carrying Value |
| | 0% To 5% | | Greater Than 5% To 10% | | Greater Than 10% To 15% | | Greater Than 15% |
Number of units of accounting | | 36 | | 4 | | 2 | | 3 |
Carrying value (in thousands) | | $ | 1,785,140 | | | $ | 139,051 | | | $ | 30,545 | | | $ | 4,703 | |
Sensitivity of Key Broadcasting Licenses Assumptions
If we were to assume changes in certain of our key assumptions used to determine the fair value of our broadcasting licenses outlined below, the following would be the incremental impact: | | | | | | | | | | | | | | | | | |
Sensitivity Analysis (1) |
| Percentage Decrease in Broadcasting Licenses Carrying Value |
Increase the discount rate from 9.5% to 10.5% | 17.1 | % |
Reduction in forecasted growth rate (including long-term growth rate) to 0% for all markets | — | % |
Reduction in operating profit margin by 10% | 16.4 | % |
(1) Each assumption used in the sensitivity analysis is independent of the other assumptions.
If overall market conditions or the performance of the economy deteriorates, advertising expenditures and radio industry results could be negatively impacted, including expectations for future growth. This could result in future impairment charges for these or other of our units of accounting, which could be material. Due to the uncertainty of the current market and economic conditions, there is an increased risk of future impairment.
We will continue to evaluate the impacts of the current macroeconomic conditions on our business, including the impacts of overall economic conditions, which could result in the recognition of an impairment charge, which could be material, in the future.
ITEM 3. Quantitative And Qualitative Disclosures About Market Risk
We are exposed to market risk from changes in interest rates on our variable-rate senior indebtedness (the Term B-2 Loan and Revolver). From time to time, we may seek to limit our exposure to interest rate volatility through the use of derivative rate hedging instruments.
As of June 30, 2023, if the borrowing rates under LIBOR were to increase 1% above the current rates, our interest expense on: (i) our Term B-2 Loan would increase $5.4 million on an annual basis, including any increase or decrease in interest expense associated with the use of derivative rate hedging instruments as described below; and (ii) our Revolver would increase by $2.2 million, assuming our entire Revolver was outstanding as of June 30, 2023.
We may seek from time to time to amend our Credit Facility or obtain additional funding, which may result in higher interest rates on our indebtedness and could increase our exposure to variable-rate indebtedness.
During the quarter ended June 30, 2019, we entered into the following derivative rate hedging transaction in the notional amount of $560.0 million to hedge our exposure to fluctuations in interest rates on our variable-rate debt. This rate hedging transaction is tied to the one-month LIBOR interest rate.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type Of Hedge | | Notional Amount | | Effective Date | | Collar | | Fixed LIBOR Rate | | Expiration Date | | Notional Amount Decreases | | Amount After Decrease |
| | (amounts (in millions) | | | | | | | | | | | | (amounts (in millions) |
| | | | | | | | | | | | | | |
| | | | | | Cap | | 2.75% | | | | | | |
Collar | | $ | 90.0 | | | Jun. 25, 2019 | | Floor | | 0.402% | | Jun. 28, 2024 | | Jun. 28, 2023 | | $ | 90.0 | |
Total | | $ | 90.0 | | | | | | | | | | | | | |
The fair value (based upon current market rates) of the rate hedging transaction is included as derivative instruments in other assets, net of accumulated amortization at June 30, 2023 as the maturity dates on this instrument are greater than one year. The fair value of the hedging transaction is affected by a combination of several factors, including the change in the one-month LIBOR rate. Any increase in the one-month LIBOR rate results in a more favorable valuation, while any decrease in the one-month LIBOR rate results in a less favorable valuation.
Our credit exposure under our hedging agreement, or similar agreements we may enter into in the future, is the cost of replacing such agreements in the event of nonperformance by our counterparty. To minimize this risk, we select high credit quality counterparties. We do not anticipate nonperformance by such counterparties, but could recognize a loss in the event of nonperformance. Our derivative instrument asset as of June 30, 2023 was $2.3 million.
From time to time, we invest all or a portion of our cash in cash equivalents, which are money market instruments consisting of short-term government securities and repurchase agreements that are fully collateralized by government securities. When such investments are made, we do not believe that we have any material credit exposure with respect to these assets. As of June 30, 2023, we did not have any investments in money market instruments.
Our credit exposure related to our accounts receivable does not represent a significant concentration of credit risk due to the quantity of advertisers, the minimal reliance on any one advertiser, the multiple markets in which we operate and the wide variety of advertising business sectors.
In recent months, inflation has continued to increase significantly, resulting in rising wages and other costs. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, results of operations or financial condition.
See also additional disclosures regarding liquidity and capital resources made under "Liquidity and Capital Resources" in Part 1, Item 2, above.
ITEM 4. Controls And Procedures
Evaluation of Controls and Procedures
We maintain “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) that are designed to provide reasonable assurance that: (i) information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms; and (ii) such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our President/Chief Executive Officer and Executive Vice President/Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II
OTHER INFORMATION
ITEM 1. Legal Proceedings
We currently and from time to time are involved in litigation incidental to the conduct of our business. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. There were no material developments relating to the legal proceedings described in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the "SEC") on March 16, 2023. Refer to Note 16, Contingencies And Commitments, for additional information.
ITEM 1A Risk Factors
Except as set forth below, there have been no material changes to the risk factors associated with our business previously described in our Annual Report on Form 10-K filed with the SEC on March 16, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC on May 10, 2023. The risk factors set forth below update, and should be read together with, the risk factors described in Part I, Item 1A, Risk Factors, in our Annual Report on Form 10-K filed with the SEC on March 16, 2023 and in Part II, Item 1A, Risk Factors, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC on May 10, 2023.
We have identified conditions and events that could raise substantial doubt about our ability to continue as a going concern.
We have identified certain conditions or events, which, considered in the aggregate, could raise substantial doubt about our ability to continue as a going concern, including our continued compliance with certain financial covenants contained in our debt agreements and the current maturities of our existing debt facilities.
Current macroeconomic conditions have created, and may continue to create, significant uncertainty in operations, including rising inflation and interest rates, significant volatility in financial markets, decreases in advertising revenue, and increased competition for advertising expenditures, which have had, and are expected to continue to have, a material adverse effect on our forecasted revenue. As a result, our management continues to execute on cash management and strategic operational plans to manage liquidity and debt covenant compliance, including evaluating contractual obligations and
workforce reductions, managing operating expenses, divesting non-strategic assets, and initiating a variety of transactions to manage our liabilities, which could include extending maturities of our debt, including the Credit Facility, or otherwise reorganizing our debt to decrease overall leverage. We are unable to predict with certainty the impact that the current macroeconomic conditions will have on our ability to consummate these transactions or maintain compliance with the financial covenants contained in our debt agreements.
As of June 30, 2023, we were in compliance with such debt covenants. However, based on our cash and cash equivalents balance, the current maturities of our existing debt facilities, and our forecasted business plan in light of current macroeconomic conditions, our current forecast of future revenue over the next twelve months indicates that such revenue is unlikely to be sufficient for us to be able to maintain compliance with the financial covenants under our debt agreements for at least twelve months from the issuance of the accompanying unaudited consolidated financial statements. Failure to meet these covenant requirements in the future would cause us to be in default and could cause the maturity of the related debt to be accelerated and become immediately payable. This could require us to obtain waivers or amendments in order to maintain compliance, and there can be no assurance that any such waiver or amendment would be available on acceptable terms or at all. If we are unable to obtain necessary waivers or amendments and our debt is accelerated, there can be no assurance that we would be able to obtain replacement financing or to satisfy our obligations, in which case we may pursue a process to restructure our indebtedness under the protection of a bankruptcy court. This uncertainty surrounding compliance with our debt covenants raises substantial doubt regarding our ability to continue as a going concern for a period of twelve months from the issuance of the accompanying unaudited consolidated financial statements. In 2024, $926.4 million of debt is set to mature, beginning with the Accounts Receivable Facility, which has $75 million of outstanding borrowings at June 30, 2023 and a maturity date of July 2024.
The accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and satisfaction of liabilities in the ordinary course of business. As such, they do not include any adjustments to the recoverability and reclassification of recorded amounts that might be necessary should we be unable to continue as a going concern. Any inability to continue as a going concern, or the perception that we will be unable to do so, could materially adversely affect our ability to meet our obligations and the value of your investment.
Refer to Note 1, Basis of Presentation And Significant Policies—Going Concern, Note 8, Long-Term Debt, and “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations—Liquidity and Capital Resources—Potential Restructuring of our Indebtedness” in Part I, Item 2, for additional information.
The NYSE has suspended trading of our Class A common stock, which are currently traded in the over-the-counter market, and may delist our Class A common stock from trading on the NYSE. This could negatively affect the price and liquidity of our Class A common stocks.
On May 16, 2023, the NYSE announced the suspension of trading of our Class A common stock on the NYSE, and that it had elected to commence proceedings to delist our Class A common stock based on the Company’s “abnormally low” price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual. On May 31, 2023, the Company submitted a written appeal request for a review of the NYSE’s determination by a Committee of the Board of Directors of the NYSE. We cannot assure you that any appeal we undertake will be successful. The delisting of our Class A common stock will be stayed pending the conclusion of the review process, while the trading suspension that was implemented on May 16, 2023 will remain in effect. In the interim, the Company’s Class A common stock will continue to trade on the OTC Pink under the symbol “AUDA.”
The over-the-counter markets are significantly more limited than the NYSE, and quotation on the over-the-counter markets may result in a less liquid market available for existing and potential securityholders to trade in our Class A common stock and could further depress the trading price of our Class A common stock. The suspension and delisting of our Class A common stock from the NYSE could also result in other adverse consequences, including lower demand for our Class A common stock, increased volatility in the price of our Class A common stock, adverse publicity, reputational harm and a reduced interest in our Company from investors, analysts and other market participants. In addition, the suspension and delisting could impair our ability to raise additional capital through equity or debt financing and our ability to attract and retain employees by means of equity compensation. There can be no assurance that our Class A common stock will continue to trade on the OTC market or that any public market for our Class A common stock will exist in the future, whether broker-dealers will continue to provide public quotes of the Class A common stock on this market, whether the trading volume of the Class A common stock will be sufficient to provide for an efficient trading market, whether quotes for the Class A common stock may be blocked by in the future, or that we will seek to, or be able to, relist the Class A common stock on a national securities exchange.
The delisting of our Class A common stock will be stayed pending the conclusion of the review process, while the trading suspension that was implemented on May 16, 2023 will remain in effect. In the interim, the Company’s Class A common stock will continue to trade over the counter (the “OTC Pink”) under the symbol “AUDA.”
ITEM 2. Unregistered Sales Of Equity Securities And Use Of Proceeds
The following table provides information on our repurchases during the quarter ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period (1)(2) | | (a) Total Number Of Shares Purchased | | (b) Average Price Paid Per Share | | (c) Total Number Of Shares Purchased As Part Of Publicly Announced Plans Or Programs | | (d) Maximum Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans Or Programs |
April 1, 2023 - April 30, 2023 | | 248 | | | $ | 4.50 | | | — | | $ | 41,578,230 | |
May 1, 2023 - May 31, 2023 | | 309 | | | $ | 3.60 | | | — | | $ | 41,578,230 | |
June 1, 2023 - June 30, 2023 | | — | | | $ | — | | | — | | $ | 41,578,230 | |
Total | | 557 | | | | | — | | |
*Reverse Stock Split applied
| | | | | |
(1) | | We withheld shares upon the vesting of RSUs in order to satisfy employees’ tax obligations. As a result, we are deemed to have purchased: (i) 248 shares at an average price of $4.50 in April 2023; (ii) 309 shares at an average price of $3.60 in May 2023; and (iii) 0 shares at an average price of $0.00 in June 2023. These shares are included in the table above. |
(2) | | On November 2, 2017, our Board announced a share repurchase program (the “2017 Share Repurchase Program”) to permit us to purchase up to $100.0 million of our issued and outstanding shares of Class A common stock through open market purchases. In connection with the 2017 Share Repurchase Program, we did not repurchase any shares during the three months ended June 30, 2023. |
ITEM 3. Defaults Upon Senior Securities
None.
ITEM 4. Mine Safety Disclosures
Not applicable.
ITEM 5. Other Information
None
ITEM 6. Exhibits
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Exhibit Number | Description | |
3.1 # | | |
3.2 # | | |
3.3 # | | |
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4.2 # | | |
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10.1 # | | |
10.2* | | |
10.3 # | | |
31.1 * | | |
31.2 * | | |
32.1 ** | | |
32.2 ** | | |
101.INS* | Inline XBRL Instance Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101) | |
* | Filed Herewith | |
# | Incorporated by reference. | |
** | Furnished herewith. Exhibit is “accompanying” this report and shall not be deemed to be “filed” herewith. | |
SIGNATURES
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 thereunto duly authorized.
| | | | | |
| AUDACY, INC. (Registrant) |
| |
Date: August 7, 2023 | /S/ David J. Field Name: David J. Field Title: Chairman, Chief Executive Officer and President (principal executive officer) |
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Date: August 7, 2023 | /S/ Richard J. Schmaeling Name: Richard J. Schmaeling Title: Executive Vice President - Chief Financial Officer (principal financial officer) |
EMPLOYMENT AGREEMENT Susan LarkinCaliforniaSan Francisco 450000
For
Susan Larkin
THIS EMPLOYMENT AGREEMENT (this “Agreement”) is by and between Audacy Services, LLC (the “Employer”), for the provision of services to Audacy Operations, Inc. (the “Company”) and Susan Larkin (“Employee”). The Company agrees to employ the Employee and Employee agrees to full-time employment on and subject to the terms and conditions of this Agreement.
1.Employment.
(a)Term. The Company agrees to employ Employee and Employee agrees to accept such employment from May 5, 2023 through May 4, 2026 (the “Initial Term”) and as may be otherwise extended or earlier terminated as set forth herein (“Term”). The Initial Term shall be automatically extended from year to year unless either the Company or Employee gives written notice of non-renewal on or before March 5, 2026, and, if extended, each March 5 thereafter.
(b)Duties. As Chief Operating Officer of the Company you will be responsible for the general management and supervision of the Company’s radio market operations and discharge such other duties as may from time to time be assigned by the Board of Directors or the CEO. In addition, you will oversee various corporate staff functions as designated by the Company's CEO and will be responsible for facilitating the effective coordination and integration of the various activities of relevant functions of the corporate staff and local markets to help facilitate meeting and exceeding the Company's business goals. You agree that you will devote your full time and best efforts to the Company's business and will not accept any outside employment without the prior written consent of the CEO of the Company.
2.Compensation. During the term of this Agreement and provided Employee is performing the services specified in Section 1, Employee shall be compensated as follows. All such compensation shall be subject to all payroll deductions or withholding authorized by Employee or required by federal, state or local laws or regulations.
(a)Salary. The Company will pay Employee, on the Company’s regular payroll cycle, a salary at an annualized rate of: (i) $775,000 from May 5, 2023 to May 4, 2024; (ii) $800,000 from May 5, 2024 to May 4, 2025; and (iii) $825,000 from May 5, 2025 to May 4, 2026. This position is an exempt position, and Employee is not entitled to overtime.
(b)Incentive Compensation. Commencing with calendar year 2023 (i.e., for a bonus payable in 2024 based on work performed in 2023), Employee shall be eligible for incentive compensation (“Annual Incentive Bonus”) as established by Audacy on or about the beginning of each calendar year and communicated to Employee by the Company, with a target annual amount of eighty-five percent (85%) of Employee’s base salary for the calendar year in which work was performed on which the bonus was based. In event of any changes in Employee’s salary in the calendar year prior to such award, the Company will pro-rate such amounts to reflect the number of days worked in the year under the different salary rates.
The actual amount of such bonus will be determined in the sole discretion of the Compensation Committee (the “Compensation Committee”) of the Company’s Board of Directors (the “Board of Directors”) based on a review of the Company’s performance and Employee’s performance during the fiscal year then ended. Any bonuses earned will be paid no later than the end of the quarter following the applicable calendar year in question. The
Company and Employee intend that payment of any incentive compensation to be within the Short-Term Deferral period for purposes of Section 409A of the Internal Revenue Code.
(c)Future Grants of Time Vesting Equity. Commencing in 2024, Employee will be entitled to future grants of restricted stock and/or stock options under the Plan, on or about the same annual schedule as grants to other similarly situated employees, with an aggregate annual target amount of $500,000 or such other amount as determined at the discretion of the Compensation Committee. Subject to Employee’s continued employment with the Company, such equity grants shall vest as determined by the Compensation Committee of the Board in its discretion. All shares granted under this section shall be issued pursuant to the Plan, and shall be subject to the terms and conditions memorialized in a grant instrument in the form approved by the Compensation Committee.
(d)Car Allowance. The Company will pay a monthly car allowance of $1,000 per month for each month that this Agreement is in effect.
3.Benefits. Employee shall be entitled to such flexible time away, leave and other benefits and shall be subject to such rules and regulations and disciplinary action as shall be in effect from time to time in accordance with Company policy as applied uniformly to similarly-situated executives. The Company reserves the right in its sole discretion to alter, amend, eliminate or discontinue at any time any such benefits, rules or regulations. The incentive compensation payable hereunder for any period when an unpaid leave occurs shall be the prorated portion of the incentive compensation for the full period using the proportion that the time excluding such unpaid leave bears to the full period.
4.Restrictive Covenants.
(a)Non-Competition by Employee. During the Term, and for a period of one (1) year following Employee’s separation from the Company for any reason, Employee will not directly or indirectly, provide any service either as an employee, employer, consultant, contractor, agent, principal, partner, substantial stockholder, corporate officer or director of or for any Audio Company that serves any portion of the United States. For this purpose, a “Audio Company” is any company that, as a material part of its business, competes in any material manner with the then present or planned business activities of the Company, which shall include specifically but limited to the distribution of audio entertainment products (e.g., terrestrial radio, satellite radio, wireless / mobile radio and internet radio, smartphone applications) and broadcast or cable television products. If Employee is employed by a company with a non-material Audio Company division, Employee agrees not to perform any services for that Audio Company division during such one (1) year period. In the event that Employee violates the restrictive covenant set forth above, it is agreed that the term of the restrictive covenant so violated shall be extended for a period equal to one (1) year from the time such violation ceases. Employee’s obligations as set forth above in this Section shall survive beyond the termination of Employee’s employment with the Company.
(b)Non-Solicitation of Other Employees. During the Term, and for a period of one (1) year following Employee’s separation from the Company for any reason (to the extent permissible under applicable state law at the time of such separation), Employee shall not, without prior written permission of the Chief Executive Officer of the Company: (i) employ, (ii) offer to employ, (iii) counsel a third party to employ, or (iv) otherwise participate in any manner in the recommendation, recruitment or solicitation of the employment, of any person who was an employee of Audacy on the date of the termination of Employee’s employment or at any time within the 90 days prior thereto, for any such individual to engage or participate in or render any service to any Broadcast Company (as defined above). Employee’s obligations as set forth
above in this Section shall survive beyond the termination of Employee’s employment with the Company.
(c)Non-Solicitation of Clients. During the Term, and for a period of one (1) year following Employee’s separation from the Company for any reason (to the extent permissible under applicable state law at the time of such separation), Employee will not, without prior written permission of the Chief Executive Officer of Audacy, directly or indirectly, solicit for the sale of any advertising, marketing or promotional services, any client or customer of Audacy. For purposes of the foregoing, a client or customer of Audacy shall mean any person or entity that purchased or was solicited to purchase advertising, marketing, or promotional services by Audacy during the one (1) year period preceding the date of Employee’s separation. Employee’s obligations as set forth above in this Section shall survive beyond the termination of Employee’s employment with the Company.
5.Equitable Remedies. Employee acknowledges and agrees that a material portion of the covenants of the Company contained herein and of the compensation and benefits Employee will receive from the Company are consideration for the restrictions contained in this Agreement. As a result of the foregoing, as well as the personal qualifications of Employee and the unique character of Employee’s duties, Employee further acknowledges that the services to be performed by the Employee under the terms of this Agreement are of a special, unique, unusual, extraordinary, and intellectual character, which gives the services a peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an action at law. Employee further acknowledges that any violation of this Agreement by Employee may cause irreparable harm to the Company. The Employee, therefore, expressly agrees that the Company, in addition to any other rights or remedies which the Company may possess, shall be entitled to injunctive and other equitable relief to prevent a breach of Sections 4, 6, 8, and/or 9 this Agreement by the Employee.
6.Exclusivity. During Employee’s employment the Company under this Agreement, Employee agrees to devote Employee’s best efforts and full working time to the employment by the Company hereunder and shall not directly or indirectly, either as an employee, employer, consultant, contractor, agent, or in any other individual or representative capacity, engage in or participate in or render any service to any business other than the business of the Company without the express written permission of the Chief Executive Officer of Audacy.
7.Termination. In addition to any other termination provisions in this Agreement, this Agreement shall automatically terminate upon Employee’s death, and may be terminated in accordance with any of the following provisions:
(a)Mutual Agreement. This Agreement may be terminated by mutual agreement of the parties. Upon termination, neither party shall have any further obligation hereunder (with the exception of those provisions which explicitly survive beyond the termination of Employee’s employment with the Company).
(b)By the Company with Cause. This Agreement may be terminated by the Company at any time for Cause (as defined below) without further obligation hereunder. For purposes of this Agreement, “Cause” shall include, but shall not be limited to, Employee’s: (a) breach of any material term or condition of this Agreement; (b) gross misconduct; (c) dishonesty or theft; (d) gross insubordination; (e) willful, habitual, or substantial neglect of Employee’s duties; (f) excessive absenteeism or tardiness; (g) use or possession of illegal drugs during working hours; (h) arrest for, charged with, indictment for, plea of guilty or nolo contendere to, or conviction of, a felony or of a crime involving moral turpitude regardless of the result of any subsequent trial, appeal, hearing, proceeding or sentencing; (i) conduct that brings Employee or the Company into
public disrepute, contempt, scandal or ridicule; (j) conduct that insults or offends the community at large or any organized group thereof, and which reflects unfavorably upon the Company, and injures Company’s ability to utilize Employee’s services hereunder; and (k) Incapacity (as defined below) for ninety (90) days or more during any 52-week period. The term “Incapacity” shall mean any physical or mental impairment(s) that renders Employee unable to perform the essential functions of Employee’s position (with any reasonable accommodation that Company and Employee may agree to). For the “with Cause” reasons (a), (b), (d) and (e), as a condition precedent to any such termination, the Company must first notify Employee, in writing, of any such grounds and provide Employee with thirty (30) days to remedy or cure such grounds, to the extent such remedy or cure is possible.
(c)By the Company without Cause. The Company may, at any time, terminate this Agreement for the convenience of the Company, provided the Company: (i) beginning with the first payroll period following the sixtieth (60th) day following termination, pays Employee twelve (12) months of Employee’s then current base salary, provided, that the initial payment shall include salary for all payroll periods from the date of termination through the date of such initial payment; (ii) pays Employee, on the sixtieth (60th) day after termination, a one-time bonus in an amount equal to the Annual Incentive Bonus that Employee was paid in the calendar year immediately preceding the calendar year in which termination occurs, prorated to reflect the number of days in which Employee worked in the year in which such termination occurs, provided however, that for a termination that occurs in calendar years 2023 or 2024, such pro-rated bonus shall be based on the greater of Employee’s (aa) bonus paid for the prior year’s performance (i.e., the 2022 bonus paid in 2023 or the 2023 bonus paid in 2024, as applicable) or (bb) fifty percent (50%) of Employee’s contractual target bonus; and (iii) provide that all grants of equity made through the effective date of such termination will continue to vest through the period ending on the one (1) year anniversary of such termination, as if Employee had remained employed hereunder through that date (i.e., subject to the conditions stated immediately below) (the “Without Cause Severance Benefits”). Employee’s receipt of the Without Cause Severance Benefits is expressly conditioned on: (x) Employee agreeing to a general release in form satisfactory to the Company releasing the Company and its affiliated entities and all of their officers, directors, employees and agents from any and all claims or liabilities arising out of her employment and/or the termination of employment, (y) Employee’s full compliance with the restrictive covenants contained in Section 4 hereof, and (z) for a period of twelve (12) months following the date of termination, Employee’s availability to provide and, if reasonably requested by the Company, provision of reasonable consultative services related to the Company’s transition to Employee’s successor, i.e., if Employee fails to timely sign or revoke a release, violates any of the restrictive covenants contained in Section 4 hereof, or fails to provide consulting services when requested, the Without Cause Severance Benefits shall cease. Any payment of salary made by the Company pursuant to this Section 7.c shall be made pro rata on the Company’s regularly scheduled payroll dates following the termination, and the payment made pursuant to this Section 7.c shall be in lieu of and in satisfaction of all claims for severance, payment in lieu of notice or other compensation which may otherwise arise upon termination of employment with the Company, except for salary or other compensation earned through the date of termination and payment of earned but unused vacation in accordance with Company policy then in existence.
(d)By Employee with Good Reason. The Employee may terminate this Agreement and her employment hereunder at any time for Good Reason. For purposes of this Agreement, “Good Reason” shall mean (i) a material diminution in the Employee’s position, authority or duties or in her direct reporting to the CEO without her prior written consent; (ii) a reduction in the Employee’s salary or target annual incentive bonus for any calendar year without her prior written consent; (iii) the relocation of the Employee’s job location by more than thirty-five (35) miles from the Company’s Philadelphia headquarters without her prior written consent; or (iv) the Company’s material breach of the terms of this Agreement; provided, however, that no such
occurrence shall constitute the basis for a termination for Good Reason unless the Employee shall notify the Company in writing within sixty (60) days of such occurrence that she considers the occurrence to be the basis for a termination for Good Reason and the Company does not cure such occurrence within thirty (30) days of receipt of written notice from Employee, provided the occurrence is subject to cure. In the event Employee terminates this Agreement pursuant to this paragraph for Good Reason, such termination shall be treated as the Company having terminated Employee’s employment without Cause, i.e., Employee shall be entitled to the Without Cause Severance Benefits set forth in Section 7(c).
(e)Non-Renewal by Employee. If Employee gives notice of non-renewal under Section 1(a), the notice period shall be deemed for the benefit of the Company and, accordingly, the Company may designate a date during such renewal period on which this Agreement and Employee’s employment with the Company shall terminate, which may be prior to the scheduled end of the Initial Term. Upon termination, neither party shall have any further obligation hereunder (with the exception of those provisions which explicitly survive beyond the termination of Employee’s employment with the Company).
(f)Non-Renewal by the Company. If the Company gives notice of non-renewal under Section 1(a), the Company may designate a date during such renewal period on which this Agreement and Employee’s employment with the Company shall terminate, which may be prior to then scheduled end of the Initial Term. The Company will: (i) beginning with the first payroll period following the sixtieth (60th) day following termination, pay Employee twelve (12) months of Employee’s then current base salary; and (ii) pay Employee, on the sixtieth (60th) day after termination, a one-time bonus in an amount equal to the Annual Incentive Bonus that Employee was paid in the calendar year immediately preceding the calendar year in which termination occurs, prorated to reflect the number of quarters (whole or partial) in which Employee worked in the year in which such termination occurs (the “Non-Renewal by Company Severance Benefits”). Employee’s receipt of the Non-Renewal by Company Severance Benefits is expressly conditioned on: (x) Employee agreeing to a general release in form satisfactory to the Company releasing the Company and its affiliated entities and all of their officers, directors, employees and agents from any and all claims or liabilities arising out of her employment and/or the termination of employment, and (y) Employee’s full compliance with the restrictive covenants contained in Section 4 hereof, i.e., if Employee fails to timely sign or revoke a release, or violates any of the restrictive covenants contained in Section 4 hereof, the Non-Renewal by Company Severance Benefits shall cease. Any payment of salary made by the Company pursuant to this Section 7.f shall be made pro rata on the Company’s regularly scheduled payroll dates following the termination, and the payment made pursuant to this Section 7.f shall be in lieu of and in satisfaction of all claims for severance, payment in lieu of notice or other compensation which may otherwise arise upon termination of employment with the Company, except for salary or other compensation earned through the date of termination and payment of earned but unused vacation in accordance with Company policy then in existence.
(g)Change of Control. If (i) a Change in Control (as defined below) occurs during the Term; and (ii) a termination of this Agreement and Employee’s employment hereunder by the Company without Cause or by Employee for Good Reason or Non-Renewal by the Company occurs as a result of a Change of Control during the period commencing on the date of execution of a binding agreement which would result in a Change in Control if consummated and ending on the twelve (12) month anniversary of the consummation of such Change in Control, then Employee shall be entitled to the Without Cause Severance Benefits, subject to the terms and conditions thereof (including, without limitation, those requirements that Employee must satisfy as a condition of receipt of the Severance Benefits), except that for purposes of this Section 7(g), all of Employee’s then-outstanding equity grants, to the extent not previously vested, which are subject to vesting solely on the basis of time shall fully vest and become immediately exercisable or settled as of the date of such termination of employment (which shall be in lieu of any
continued vesting of such equity grants pursuant to clause (iii) of Section(c)). For purposes of this paragraph, a “Change in Control” shall mean any transaction or series of related transactions the consummation of which results in another individual or entity holding or having a beneficial interest in shares of Audacy Inc.’s capital stock that represent more than fifty percent (50%) of the voting power of the Company’s outstanding capital stock; provided, that a Change of Control shall not include any transaction which results in the Field Family or any group thereof holding or having a beneficial interest in shares of the Company’s capital stock that represent more than fifty percent (50%) of the voting power of the Company’s outstanding capital stock.
8.Intellectual Property Rights. All copyright, trademark and/or other intellectual property rights of any kind created, conceived, developed or reduced to practice by Employee, alone or in cooperation with other Company employees, during the Term and relating to or useful in the Company’s business or to Employee’s duties, (“Works”) shall be deemed a “work for hire” and shall be and remain the sole and exclusive property of the Company, and Employee shall, to the extent deemed necessary or desirable by the Company, cooperate and assist the Company in perfecting, filing and recording any such rights, including without limitation executing inventors’ declarations and assignment forms. To the extent that any Works are not deemed “work for hire” Employee shall assign and hereby does assign all of the Employee’s rights in such Works to the Company and waives any and all moral rights the Employee may have in such Works. Employee’s obligations under this Section shall survive the expiration or termination of this Agreement.
9.Confidentiality. During Employee’s employment with the Company, Employee will receive information and training which are proprietary to the Company, including without limitation customer lists, pricing, programming techniques, financial information, sales strategies and methods and promotional programs and techniques. Employee agrees that all such information is the sole and exclusive property of the Company, and that Employee will safeguard all such information and maintain it as secret and confidential. Employee further agrees not to disclose such information to any third party without the express prior written consent of the Company’s Chief Executive Officer. Notwithstanding the foregoing, this Agreement shall not prohibit Employee from disclosing to or discussing with others the compensation Employee receives from the Company. Employee’s obligations under this Section shall survive the expiration or termination of this Agreement. Notwithstanding any other provision herein, Employee understands and acknowledges that, pursuant to Section 7 of the Defend Trade Secrets Act of 2016 (which added 18 U.S.C. § 1833(b)), Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (A) (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such Section.
10.No Restrictions. Employee represents and warrants that Employee is free to enter into and perform this Agreement with Company and is not and will not be under any disability, restriction or prohibition, contractual or otherwise, with respect to: (a) Employee’s right to execute this Agreement; (b) Employee’s right to grant all of the rights granted to the Company hereunder; and (c) Employee’s right to fully perform each and every term and obligation hereof. Employee agrees not to do or attempt to do, or suffer to be done, during or after the term of this Agreement any act in derogation of or inconsistent with the Company’s rights under this Agreement.
11.Non-Waiver. The waiver by either party of any term or condition of this Agreement or of the breach thereof shall not be deemed to constitute the waiver of any other term or condition of this Agreement or of any subsequent breach of any term or condition hereof.
12.Governing Law. The validity, construction, interpretation and effect of this Agreement shall be governed and construed by and determined in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflict of laws provisions thereof.
13.Assignment. Employee may not assign any of Employee’s rights or obligations hereunder without the express prior written permission of the Company. The Company may assign its rights and obligations hereunder (including without limitation, any rights to enforce the Restrictive Covenants contained herein) to any individual or entity. Upon agreement in writing by such successor to be bound by the terms hereof, Company shall be relieved from all further liability or obligation hereunder.
14.Company’s Obligation. Nothing herein shall be construed to require Company to utilize Employee’s services hereunder and, in the event that the Company decides not to utilize Employee’s services during any period of the term of this Agreement, Company’s obligation shall be deemed fully satisfied by payment of the salary provided in Section 2(a) during such portion the term.
15.Severability. If any clause or provision of this Agreement is illegal, invalid, or unenforceable under present or future laws, then the remainder of this Agreement shall not be affected thereby and in lieu of such clause or provision, there shall be added as a part of this Agreement a clause or provision as similar in terms to such illegal, invalid, or unenforceable clause or provision as may be possible and be legal, valid, and enforceable.
16.Attorney’s Fees. If either party hereto initiates judicial proceedings in order to enforce any of the terms and conditions of this Agreement, to compel the other party to perform any of the terms and conditions of this Agreement, to obtain a declaration of the rights, duties and obligations of the parties pursuant to this Agreement, or to obtain damages or any other relief at law or in equity, the party prevailing in such litigation shall be entitled to receive, in addition to such relief as may be granted, a reasonable sum as and for attorneys’ fees and expenses and court costs incurred in prosecuting such litigation, which fees, expenses and costs shall be determined and awarded by the court having jurisdiction of any action brought for the purpose of determining and collecting said attorneys’ fees.
17.Litigation and Regulatory Cooperation. During and after the Term, Employee shall reasonably cooperate in the defense or prosecution of claims, investigations, or other actions which relate to events or occurrences during Employee’s employment with the Company. Employee’s cooperation shall include being available to prepare for the Company’s fact investigation, discovery or trial and to act as a witness. The Company shall reimburse Employee for reasonable expenses, including travel expenses, incurred in such cooperation. Employee’s obligations as set forth above in this Section shall survive beyond the termination of Employee’s employment with the Company.
18.Section 409A Compliance.
(a)To the extent applicable, this Agreement shall be interpreted and applied consistent and in accordance with Section 409A of Internal Revenue Code of 1986, as amended (the “Code”) and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). If, however, the parties determine that any compensation or benefits payable under this Agreement may be or become subject to Section 409A, the parties
shall cooperate to adopt such amendments to this Agreement or to adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take such other actions, as the parties determine to be necessary or appropriate to (i) exempt the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of such compensation and benefits, or (ii) comply with the requirements of Section 409A.
(b)Notwithstanding any provision to the contrary in the Agreement, in order to be eligible to receive any termination benefits under this Agreement that are deemed deferred compensation subject to Section 409A of the Code, Employee’s termination of employment must constitute a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) (a “Separation from Service”) and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “Separation from Service.”
(c)Notwithstanding anything herein to the contrary, if Employee is deemed at the time of termination of employment with the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which Employee is entitled under the Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of termination benefits shall not be provided to Employee prior to the earlier of (i) the expiration of the six-month period measured from the date of the Employee’s Separation from Service with the Company or (ii) the date of Employee’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section shall be paid in a lump sum to Employee, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether Employee is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of the Separation from Service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto).
(d)Notwithstanding the foregoing or any other provisions of the Agreement, Employee and the Company agree that, for purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under the Agreement shall be treated as a right to receive a series separate and distinct payments of compensation for purposes of applying the Section 409A of the Code.
(e)Notwithstanding anything herein to the contrary, to the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Section 409A, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Employee, (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
19.Miscellaneous. This Agreement constitutes the entire agreement and understanding between Employee and the Company concerning the compensation to be paid to Employee and all of the terms and conditions of Employee’s employment by Company. Effective May 5, 2020, this Agreement supersedes any prior understandings, representations or agreements, whether oral or written, concerning the subject matter hereof, including but not limited to that certain agreement between Employee and Entercom Operations, LLC dated March 4, 2020 (as amended). This Agreement may not be modified or amended except by a written
instrument duly executed by the party against whom such modification or amendment is sought to be enforced.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date(s) set forth below.
AUDACY SERVICES, LLC
By: /Michael E. Dash, Jr./
Michael E. Dash, Jr.
Executive Vice President, Deputy General Counsel
Date: 05/24/2023
ACCEPTED & AGREED TO
By: __/Susan Larkin./_______________
Susan Larkin
Date: 05/24/2023
EXHIBIT 31.1
CERTIFICATION OF PRESIDENT AND CHIEF EXECUTIVE OFFICER
I, David J. Field, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Audacy, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 7, 2023
| | | | | | | | |
By: | /s/ David J. Field | |
Name: | David J. Field | |
Title: | Chairman, Chief Executive Officer and President | |
| (principal executive officer) | |
EXHIBIT 31.2
CERTIFICATION OF EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
I, Richard J. Schmaeling, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Audacy, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 7, 2023
| | | | | | | | |
By: | /s/ Richard J. Schmaeling | |
Name: | Richard J. Schmaeling | |
Title: | Executive Vice President – Chief Financial Officer | |
| (principal financial officer) | |
EXHIBIT 32.1
CERTIFICATION OF PRESIDENT AND CHIEF EXECUTIVE OFFICER
Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Audacy, Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:
(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 7, 2023 | | | | | | | | |
| | |
By: | /s/ David J. Field | |
Name: | David J. Field | |
Title: | Chairman, Chief Executive Officer and President | |
| (principal executive officer) | |
A signed original of this written statement required by Section 906 has been provided to Audacy, Inc. and will be retained by Audacy, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32.2
CERTIFICATION OF EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Audacy, Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:
(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 7, 2023 | | | | | | | | |
| | |
By: | /s/ Richard J. Schmaeling | |
Name: | Richard J. Schmaeling | |
Title: | Executive Vice President - Chief Financial Officer | |
| (principal financial officer) | |
A signed original of this written statement required by Section 906 has been provided to Audacy, Inc. and will be retained by Audacy, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover Page - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Jul. 31, 2023 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-14461
|
|
Entity Registrant Name |
Audacy, Inc.
|
|
Entity Incorporation, State or Country Code |
PA
|
|
Entity Tax Identification Number |
23-1701044
|
|
Entity Address, Address Line One |
2400 Market Street
|
|
Entity Address, Address Line Two |
4th Floor
|
|
Entity Address, City or Town |
Philadelphia
|
|
Entity Address, State or Province |
PA
|
|
Entity Address, Postal Zip Code |
19103
|
|
City Area Code |
(610)
|
|
Local Phone Number |
660-5610
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Accelerated Filer
|
|
Entity Emerging Growth Company |
false
|
|
Entity Small Business |
true
|
|
Entity Shell Company |
false
|
|
Title of 12(b) Security |
Class A Common Stock, par value $.01 per share
|
|
Trading Symbol |
AUD
|
|
Security Exchange Name |
NYSE
|
|
Amendment Flag |
false
|
|
Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Entity Central Index Key |
0001067837
|
|
Current Fiscal Year End Date |
--12-31
|
|
Common Class A |
|
|
Document Information [Line Items] |
|
|
Entity Common Stock, Shares Outstanding |
|
4,759,196
|
Common Class B |
|
|
Document Information [Line Items] |
|
|
Entity Common Stock, Shares Outstanding |
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134,839
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
ASSETS: |
|
|
Cash |
$ 80,667
|
$ 103,344
|
Accounts receivable, net of allowance of $8,123 in 2023 and $9,425 in 2022 |
238,864
|
261,357
|
Prepaid expenses, deposits and other |
70,996
|
72,350
|
Total current assets |
390,527
|
437,051
|
Investments |
3,005
|
3,005
|
Net property and equipment |
348,110
|
344,690
|
Operating lease right-of-use assets |
209,868
|
211,022
|
Radio broadcasting licenses |
1,959,440
|
2,089,226
|
Goodwill |
63,915
|
63,915
|
Assets held for sale |
2,476
|
5,474
|
Other assets, net of accumulated amortization |
108,293
|
130,510
|
TOTAL ASSETS |
3,085,634
|
3,284,893
|
LIABILITIES: |
|
|
Accounts payable |
4,963
|
14,002
|
Accrued expenses |
65,221
|
72,488
|
Other current liabilities |
74,327
|
80,549
|
Operating lease liabilities |
37,486
|
40,815
|
Total current liabilities |
181,997
|
207,854
|
Long-term debt |
1,921,115
|
1,880,362
|
Operating lease liabilities, net of current portion |
200,193
|
196,654
|
Net deferred tax liabilities |
399,901
|
453,378
|
Other long-term liabilities |
21,854
|
26,026
|
Total long-term liabilities |
2,543,063
|
2,556,420
|
Total liabilities |
2,725,060
|
2,764,274
|
CONTINGENCIES AND COMMITMENTS |
|
|
SHAREHOLDERS' EQUITY: |
|
|
Additional paid-in capital |
1,679,622
|
1,676,843
|
Accumulated deficit |
(1,322,261)
|
(1,160,618)
|
Accumulated other comprehensive income |
1,711
|
2,942
|
Total shareholders' equity |
360,574
|
520,619
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
3,085,634
|
3,284,893
|
Common Class A |
|
|
SHAREHOLDERS' EQUITY: |
|
|
Common stock |
1,462
|
1,412
|
Common Class B |
|
|
SHAREHOLDERS' EQUITY: |
|
|
Common stock |
40
|
40
|
Common Class C |
|
|
SHAREHOLDERS' EQUITY: |
|
|
Common stock |
$ 0
|
$ 0
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Allowance for credit loss |
$ 8,123
|
$ 9,425
|
Common Class A |
|
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
200,000,000
|
200,000,000
|
Common stock shares issued (in shares) |
4,865,759
|
4,705,328
|
Common stock shares outstanding (in shares) |
4,865,759
|
4,705,328
|
Common Class B |
|
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
75,000,000
|
75,000,000
|
Common stock shares issued (in shares) |
134,839
|
134,839
|
Common stock shares outstanding (in shares) |
134,839
|
134,839
|
Common Class C |
|
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
50,000,000
|
50,000,000
|
Common stock shares issued (in shares) |
0
|
0
|
Common stock shares outstanding (in shares) |
0
|
0
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
NET REVENUES |
$ 298,513
|
$ 319,439
|
$ 558,148
|
$ 594,734
|
OPERATING EXPENSE: |
|
|
|
|
Station operating expenses |
266,120
|
260,143
|
500,048
|
486,905
|
Depreciation and amortization expense |
17,575
|
15,571
|
35,017
|
29,110
|
Corporate general and administrative expenses |
25,880
|
25,703
|
51,179
|
51,614
|
Restructuring charges |
8,511
|
1,016
|
10,932
|
1,902
|
Impairment loss |
125,355
|
1,770
|
130,405
|
3,291
|
Net gain on sale or disposal |
(9,876)
|
(105)
|
(22,280)
|
(2,563)
|
Change in fair value of contingent consideration |
0
|
(7,987)
|
0
|
(7,704)
|
Other expenses |
243
|
52
|
353
|
402
|
Total operating expense |
433,808
|
296,163
|
705,654
|
562,957
|
OPERATING INCOME (LOSS) |
(135,295)
|
23,276
|
(147,506)
|
31,777
|
NET INTEREST EXPENSE |
34,548
|
24,529
|
66,929
|
48,000
|
Other income |
0
|
(238)
|
0
|
(238)
|
OTHER (INCOME) EXPENSE |
0
|
(238)
|
0
|
(238)
|
(LOSS) BEFORE TAXES (BENEFIT) |
(169,843)
|
(1,015)
|
(214,435)
|
(15,985)
|
TAX (BENEFIT) EXPENSE |
(44,041)
|
(242)
|
(52,730)
|
(4,139)
|
Net loss |
$ (125,802)
|
$ (773)
|
$ (161,705)
|
$ (11,846)
|
NET LOSS PER SHARE - BASIC (in dollars per share) |
$ (26.64)
|
$ (0.17)
|
$ (34.24)
|
$ (2.57)
|
NET LOSS PER SHARE - DILUTED (in dollars per share) |
$ (26.64)
|
$ (0.17)
|
$ (34.24)
|
$ (2.57)
|
WEIGHTED AVERAGE SHARES: |
|
|
|
|
Basic (in shares) |
4,723,023
|
4,615,396
|
4,723,023
|
4,614,364
|
Diluted (in shares) |
4,723,023
|
4,615,396
|
4,723,023
|
4,614,364
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
NET LOSS |
$ (125,802)
|
$ (773)
|
$ (161,705)
|
$ (11,846)
|
OTHER COMPREHENSIVE INCOME, NET OF TAXES: |
|
|
|
|
Net unrealized (loss) gain on derivatives, net of taxes (benefit) |
(391)
|
553
|
(1,231)
|
1,776
|
COMPREHENSIVE LOSS |
$ (126,193)
|
$ (220)
|
$ (162,936)
|
$ (10,070)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common Class A |
Common Class B |
Common Stock
Common Class A
|
Common Stock
Common Class B
|
Additional Paid-in Capital |
(Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2021 |
[1] |
|
|
|
4,668,678
|
|
134,839
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
|
$ 652,205
|
|
|
$ 1,401
|
[1] |
$ 40
|
[1] |
$ 1,671,195
|
$ (1,020,142)
|
$ (289)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(11,073)
|
|
|
|
|
|
|
|
(11,073)
|
|
Compensation expense related to granting of stock awards (in shares) |
[1] |
|
|
|
(1,978)
|
|
|
|
|
|
|
Compensation expense related to granting of stock awards |
|
2,698
|
|
|
$ (1)
|
[1] |
|
|
2,699
|
|
|
Issuance of common stock related to the Employee Stock Purchase Plan ("ESPP") (in shares) |
[1] |
|
|
|
2,034
|
|
|
|
|
|
|
Issuance of common stock related to the Employee Stock Purchase Plan ("ESPP") |
|
177
|
|
|
$ 1
|
[1] |
|
|
176
|
|
|
Purchase of vested employee restricted stock units (in shares) |
[1] |
|
|
|
(20,729)
|
|
|
|
|
|
|
Purchase of vested employee restricted stock units |
|
(1,839)
|
|
|
$ (6)
|
[1] |
|
|
(1,833)
|
|
|
Payment of dividends on common stock |
|
(174)
|
|
|
|
|
|
|
(174)
|
0
|
|
Dividend equivalents, net of forfeitures |
|
202
|
|
|
|
|
|
|
|
202
|
0
|
Net unrealized gain (loss) on derivatives |
|
1,223
|
|
|
|
|
|
|
|
0
|
1,223
|
Ending balance (in shares) at Mar. 31, 2022 |
[1] |
|
|
|
4,648,005
|
|
134,839
|
|
|
|
|
Ending balance at Mar. 31, 2022 |
|
643,419
|
|
|
$ 1,395
|
[1] |
$ 40
|
[1] |
1,672,063
|
(1,031,013)
|
934
|
Beginning balance (in shares) at Dec. 31, 2021 |
[1] |
|
|
|
4,668,678
|
|
134,839
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
|
652,205
|
|
|
$ 1,401
|
[1] |
$ 40
|
[1] |
1,671,195
|
(1,020,142)
|
(289)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(11,846)
|
|
|
|
|
|
|
|
|
|
Net unrealized gain (loss) on derivatives |
|
1,776
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2022 |
[1] |
|
|
|
4,709,885
|
|
134,839
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
|
645,761
|
|
|
$ 1,413
|
[1] |
$ 40
|
[1] |
1,674,603
|
(1,031,782)
|
1,487
|
Beginning balance (in shares) at Mar. 31, 2022 |
[1] |
|
|
|
4,648,005
|
|
134,839
|
|
|
|
|
Beginning balance at Mar. 31, 2022 |
|
643,419
|
|
|
$ 1,395
|
[1] |
$ 40
|
[1] |
1,672,063
|
(1,031,013)
|
934
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(773)
|
|
|
|
|
|
|
|
(773)
|
|
Compensation expense related to granting of stock awards (in shares) |
[1] |
|
|
|
57,934
|
|
|
|
|
|
|
Compensation expense related to granting of stock awards |
|
2,481
|
|
|
$ 17
|
[1] |
|
|
2,464
|
|
|
Issuance of common stock related to the Employee Stock Purchase Plan ("ESPP") (in shares) |
[1] |
|
|
|
4,706
|
|
|
|
|
|
|
Issuance of common stock related to the Employee Stock Purchase Plan ("ESPP") |
|
132
|
|
|
$ 1
|
[1] |
|
|
131
|
|
|
Purchase of vested employee restricted stock units (in shares) |
[1] |
|
|
|
(760)
|
|
|
|
|
|
|
Purchase of vested employee restricted stock units |
|
(51)
|
|
|
|
|
|
|
(51)
|
|
|
Payment of dividends on common stock |
|
(4)
|
|
|
|
|
|
|
(4)
|
|
|
Dividend equivalents, net of forfeitures |
|
4
|
|
|
|
|
|
|
|
4
|
|
Net unrealized gain (loss) on derivatives |
|
553
|
|
|
|
|
|
|
|
|
553
|
Ending balance (in shares) at Jun. 30, 2022 |
[1] |
|
|
|
4,709,885
|
|
134,839
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
|
645,761
|
|
|
$ 1,413
|
[1] |
$ 40
|
[1] |
1,674,603
|
(1,031,782)
|
1,487
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
4,705,328
|
134,839
|
4,705,328
|
[2] |
134,839
|
[2] |
|
|
|
Beginning balance at Dec. 31, 2022 |
|
520,619
|
|
|
$ 1,412
|
[2] |
$ 40
|
[2] |
1,676,843
|
(1,160,618)
|
2,942
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(35,901)
|
|
|
|
|
|
|
|
(35,901)
|
|
Compensation expense related to granting of stock awards (in shares) |
[2] |
|
|
|
195,724
|
|
|
|
|
|
|
Compensation expense related to granting of stock awards |
|
1,949
|
|
|
$ 59
|
[2] |
|
|
1,890
|
|
|
Purchase of vested employee restricted stock units (in shares) |
[2] |
|
|
|
(27,072)
|
|
|
|
|
|
|
Purchase of vested employee restricted stock units |
|
(127)
|
|
|
$ (8)
|
[2] |
|
|
(119)
|
|
|
Payment of dividends on common stock |
|
(60)
|
|
|
|
|
|
|
(60)
|
|
|
Dividend equivalents, net of forfeitures |
|
22
|
|
|
|
|
|
|
|
22
|
|
Net unrealized gain (loss) on derivatives |
|
(840)
|
|
|
|
|
|
|
|
|
(840)
|
Ending balance (in shares) at Mar. 31, 2023 |
[2] |
|
|
|
4,873,980
|
|
134,839
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
|
485,662
|
|
|
$ 1,463
|
[2] |
$ 40
|
[2] |
1,678,554
|
(1,196,497)
|
2,102
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
4,705,328
|
134,839
|
4,705,328
|
[2] |
134,839
|
[2] |
|
|
|
Beginning balance at Dec. 31, 2022 |
|
520,619
|
|
|
$ 1,412
|
[2] |
$ 40
|
[2] |
1,676,843
|
(1,160,618)
|
2,942
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ (161,705)
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock (in shares) |
|
0
|
|
|
|
|
|
|
|
|
|
Net unrealized gain (loss) on derivatives |
|
$ (1,231)
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
4,865,759
|
134,839
|
4,865,759
|
[2] |
134,839
|
[2] |
|
|
|
Ending balance at Jun. 30, 2023 |
|
360,574
|
|
|
$ 1,462
|
[2] |
$ 40
|
[2] |
1,679,622
|
(1,322,261)
|
1,711
|
Beginning balance (in shares) at Mar. 31, 2023 |
[2] |
|
|
|
4,873,980
|
|
134,839
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
|
485,662
|
|
|
$ 1,463
|
[2] |
$ 40
|
[2] |
1,678,554
|
(1,196,497)
|
2,102
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(125,802)
|
|
|
|
|
|
|
|
(125,802)
|
|
Compensation expense related to granting of stock awards (in shares) |
[2] |
|
|
|
(7,449)
|
|
|
|
|
|
|
Compensation expense related to granting of stock awards |
|
1,049
|
|
|
$ 0
|
[2] |
|
|
1,049
|
|
|
Repurchase of common stock (in shares) |
[2] |
|
|
|
(215)
|
|
|
|
|
|
|
Repurchase of common stock |
|
(1)
|
|
|
$ (1)
|
[2] |
|
|
|
|
|
Purchase of vested employee restricted stock units (in shares) |
[2] |
|
|
|
(557)
|
|
|
|
|
|
|
Purchase of vested employee restricted stock units |
|
(2)
|
|
|
$ 0
|
[2] |
|
|
(2)
|
|
|
Payment of dividends on common stock |
|
21
|
|
|
|
|
|
|
21
|
|
|
Dividend equivalents, net of forfeitures |
|
38
|
|
|
|
|
|
|
|
38
|
|
Net unrealized gain (loss) on derivatives |
|
(391)
|
|
|
|
|
|
|
|
|
(391)
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
4,865,759
|
134,839
|
4,865,759
|
[2] |
134,839
|
[2] |
|
|
|
Ending balance at Jun. 30, 2023 |
|
$ 360,574
|
|
|
$ 1,462
|
[2] |
$ 40
|
[2] |
$ 1,679,622
|
$ (1,322,261)
|
$ 1,711
|
|
|
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
OPERATING ACTIVITIES: |
|
|
Net loss |
$ (161,705)
|
$ (11,846)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortization |
35,017
|
29,110
|
Net amortization of deferred financing costs (net of original issue discount and debt premium) |
2,929
|
2,027
|
Net deferred taxes (benefit) and other |
(53,030)
|
(3,860)
|
Provision for bad debts |
1,271
|
94
|
Net (gain) on sale or disposal |
(22,280)
|
(2,563)
|
Non-cash stock-based compensation expense |
2,998
|
5,179
|
Deferred compensation loss (gain) |
1,257
|
(4,806)
|
Impairment loss |
130,405
|
3,291
|
Change in fair value of contingent consideration |
0
|
(7,704)
|
Changes in assets and liabilities (net of effects of acquisitions and dispositions): |
|
|
Accounts receivable |
21,222
|
13,626
|
Prepaid expenses and deposits |
1,354
|
1,928
|
Other assets |
(830)
|
926
|
Accounts payable and accrued liabilities |
(17,275)
|
(17,407)
|
Accrued interest expense |
(402)
|
(43)
|
Operating leases |
(4,710)
|
639
|
Other long-term liabilities |
(5,429)
|
(9,019)
|
Net cash (used in) provided by operating activities |
(69,208)
|
(428)
|
INVESTING ACTIVITIES: |
|
|
Additions to property, equipment and software |
(25,024)
|
(46,904)
|
Proceeds from sale of property, equipment, intangibles and other assets |
32,724
|
2,960
|
Net cash provided by (used in) investing activities |
7,700
|
(43,944)
|
FINANCING ACTIVITIES: |
|
|
Borrowing under the revolving senior debt |
39,000
|
60,000
|
Payments of revolving senior debt |
0
|
(22,727)
|
Retirement of notes |
0
|
(10,000)
|
Proceeds from issuance of employee stock plan |
0
|
309
|
Purchase of vested employee restricted stock units |
(129)
|
(1,890)
|
Payment of dividends on common stock |
(39)
|
0
|
Payment of dividend equivalents on vested restricted stock units |
0
|
(178)
|
Treasury stock |
(1)
|
0
|
Net cash (used in) provided by financing activities |
38,831
|
25,514
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(22,677)
|
(18,858)
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
103,344
|
59,439
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
80,667
|
40,581
|
Cash paid (received) during the period for: |
|
|
Interest |
63,876
|
44,437
|
Income taxes |
$ 1,687
|
$ (14,792)
|
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v3.23.2
BASIS OF PRESENTATION AND SIGNIFICANT POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION AND SIGNIFICANT POLICIES |
BASIS OF PRESENTATION AND SIGNIFICANT POLICIES Audacy, Inc. was formed as a Pennsylvania corporation in 1968. Its New York Stock Exchange ticker symbol is "AUD." On May 16, 2023, trading in our Class A common stock on the New York Stock Exchange was suspended. Presently our Class A common stock trades Over The Counter (the "OTC Pink") under the ticker symbol "AUDA". The interim unaudited condensed consolidated financial statements included herein have been prepared by Audacy, Inc. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year. This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and filed with the SEC on March 16, 2023, as part of the Company’s Annual Report on Form 10-K (the "2022 Annual Report"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. There have been no material changes from Note 2, Significant Accounting Policies, as described in the notes to the Company’s consolidated financial statements contained in the 2022 Annual Report. On June 30, 2023, we effected a one-for-thirty reverse stock split (the “Reverse Stock Split”) of our issued and outstanding shares of Class A and Class B common stock, par value $0.01 per share (“Common Stock”). As a result of the Reverse Stock Split every thirty (30) shares of Common Stock issued and outstanding were automatically combined into one (1) share of issued and outstanding Common Stock, without any change in the par value per share. In addition, proportional adjustments were made to the number of shares of the Company’s Class A common stock, par value $0.01 per share (“Class A common stock”) subject to outstanding equity awards, as well as the applicable exercise price, to reflect the Reverse Stock Split. All information related to Common Stock, stock options, restricted stock units and earnings per share have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented. The Company effected the Reverse Stock Split to seek to regain compliance with the minimum average closing price requirement of Rule 802.01C of the New York Stock Exchange’s Listing Company Manual. Following the Reverse Stock Split, the Class A common stock continued to be traded on the OTC Pink under the symbol “AUDA” on a split-adjusted basis beginning on June 30, 2023. Going Concern In accordance with Accounting Standards Codification ("ASC") 205-40, Going Concern, the Company continues to critically review its liquidity and anticipated capital requirements in light of the significant uncertainty created by the current macroeconomic conditions and determine whether these conditions and events, when considered in the aggregate, raise substantial doubt about its ability to continue as a going concern within twelve months after the date that the accompanying unaudited consolidated financial statements are issued. Current macroeconomic conditions have created, and continue to create, significant uncertainty in operations, including rising inflation and interest rates, significant volatility in financial markets, decreases in advertising revenue, and increased competition for advertising expenditures, which have had, and are expected to continue to have, a material adverse effect on the Company’s forecasted revenue. As a result, management continues to execute on cash management and strategic operational plans to manage liquidity and debt covenant compliance, including evaluating contractual obligations and workforce reductions, managing operating expenses, divesting non-strategic assets of the Company, and initiating a variety of transactions to manage the Company’s liabilities, which could include extending maturities or otherwise reorganizing the Company’s debt to decrease overall leverage. The Company is unable to predict with certainty the impact that the current macroeconomic conditions will have on its ability to consummate these transactions or maintain compliance with the financial covenants contained in the Company’s debt agreements. As of June 30, 2023, the Company was in compliance with such debt covenants. However, based on the Company’s cash and cash equivalents balance, the current maturities of its existing debt facilities, its forecasted business plan in light of current macroeconomic conditions and the Company’s current forecast of future revenue over the next twelve months, indications suggest that such forecasts are unlikely to be sufficient for the Company to be able to maintain compliance with the financial covenants under our debt agreements for at least twelve months from the issuance of the accompanying unaudited consolidated financial statements. Failure to meet these covenant requirements in the future would cause the Company to be in default and could cause the maturity of the related debt to be accelerated and become immediately payable. This could require the Company to obtain waivers or amendments in order to maintain compliance, and there can be no assurance that any such waiver or amendment would be available on acceptable terms or at all. If the Company is unable to obtain necessary waivers or amendments and its debt is accelerated, there can be no assurance that the Company would be able to obtain replacement financing or to satisfy its obligations, in which case the Company may pursue a process to restructure its indebtedness under the protection of a bankruptcy court. This uncertainty surrounding compliance with the Company’s debt covenants raises substantial doubt regarding the Company’s ability to continue as a going concern for a period of twelve months from the issuance of the accompanying unaudited consolidated financial statements. In 2024, $926.4 million of debt is set to mature, beginning with the Accounts Receivable Facility, which has $75 million of outstanding borrowings at June 30, 2023 and a maturity date of July 2024. The accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and satisfaction of liabilities in the ordinary course of business. As such, they do not include any adjustments to the recoverability and reclassification of recorded amounts that might be necessary should the Company be unable to continue as a going concern. Refer to Note 8, Long-Term Debt, "Management's Discussion And Analysis Of Financial Condition And Results Of Operations—Liquidity and Capital Resources—Potential Restructuring of our Indebtedness” in Part I, Item 2, and “Risk Factors” in Part II, Item 1A, for additional information. Recent Accounting Pronouncements All new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on the Company’s financial position, results of operations or cash flows.
|
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v3.23.2
BUSINESS COMBINATIONS AND EXCHANGES
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
BUSINESS COMBINATIONS AND EXCHANGES |
BUSINESS COMBINATIONS AND EXCHANGES The Company records acquisitions under the acquisition method of accounting, and allocates the purchase price to the assets and liabilities based upon their respective fair values as determined as of the acquisition date. Merger and acquisition costs are excluded from the purchase price as these costs are expensed as incurred for book purposes and amortized for tax purposes.
2023 Dispositions During the first quarter of 2023, the Company completed the sale of tower assets for $16.9 million. The Company recognized a gain on the sale, net of commissions and other expenses, of $12.4 million. During the first quarter of 2023, the Company entered into an agreement with a third party to sell two FCC licenses and assets in Memphis, Tennessee and Buffalo, New York as well as certain intellectual property. During the fourth quarter of 2022, the Company agreed to sell assets of a station in Palm Desert, California. In aggregate, these assets had a carrying value of approximately $5.8 million. During the second quarter of 2023, the Company completed these sales for $15.7 million, net of $0.3 million transaction fees. The company recognized a gain on sale, net of commissions and other expenses of $9.9 million.
2022 Dispositions During the second quarter of 2022, the Company entered into an agreement with a third party to dispose of land, and equipment in Houston, Texas. In aggregate, these assets had a carrying value of approximately $4.2 million. In the third quarter of 2022, the Company completed this sale. The Company recognized a gain on the sale, net of commissions and other expenses, of approximately $10.6 million in the third quarter of 2022. During the third quarter of 2022, the Company entered into an agreement to dispose of land and equipment in Nevada. In the fourth quarter of 2022, the Company completed the sale of land and equipment for $39.1 million cash and reported a gain of approximately $35.3 million.
Beasley Exchange On December 22, 2022, the Company completed a transaction with Beasley Media Group Licenses, LLC and Beasley Media Group, LLC. (collectively "Beasley") in which the Company exchanged its Station KXTE located in Pahrump, Nevada for Beasley's Station KDWN located in Las Vegas, Nevada (the "Beasley Vegas Exchange"). The Company and Beasley began programming the respective stations under local marketing agreements ("LMAs") on November 14, 2022. During the period of the LMAs, the Company's consolidated financial statements excluded net revenues and station operating expenses associated with station KXTE (the "divested station") and included net revenues and station operating expenses associated with station KDWN (the "acquired station"). Upon completion of the Beasley Vegas Exchange, the Company: (i) removed from its consolidated balance sheet the assets of the divested station; (ii) recorded the assets of the acquired station at fair value; and (iii) recognized a loss on the exchange of approximately $2.0 million. The allocations presented in the table below are based upon management's estimate of the fair values using valuation techniques including income, cost and market approaches. The following table reflects the final allocation of the purchase price to the assets acquired. | | | | | | | | | Final Value | | (amounts in thousands) | Assets | | Net property and equipment | 535 | | Total tangible property | $ | 535 | | Radio broadcasting licenses | 2,002 | | Total intangible assets | $ | 2,002 | | Total assets | $ | 2,537 | |
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- DefinitionThe entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.
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v3.23.2
RESTRUCTURING CHARGES
|
6 Months Ended |
Jun. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
RESTRUCTURING CHARGES |
RESTRUCTURING CHARGES Restructuring Charges The following table presents the components of restructuring charges. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (amounts in thousands) | Costs to exit duplicative and loss-making contracts | $ | 7,644 | | | $ | — | | | $ | 8,039 | | | $ | — | | Workforce reduction | 705 | | | 930 | | | 2,565 | | | 1,651 | | Other restructuring costs | 162 | | | 86 | | | 328 | | | 251 | | Total restructuring charges | $ | 8,511 | | | $ | 1,016 | | | $ | 10,932 | | | $ | 1,902 | |
Restructuring Plan During the first quarter of 2023, the Company initiated a restructuring plan to help mitigate the adverse impact that the current macroeconomic conditions are having on financial results and business operations. The Company continues to evaluate what, if any, further actions may be necessary related to the current macroeconomic conditions. The restructuring plans primarily included workforce reduction charges that consists of one-time termination benefits and the related costs to mitigate the adverse impacts of the current macroeconomic conditions, which includes exiting duplicative and loss-making contracts. The estimated amount of unpaid restructuring charges as of June 30, 2023 includes amounts in accrued expenses that are expected to be paid in less than one year. | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Twelve Months Ended December 31, 2022 | | (amounts in thousands) | Restructuring charges, beginning balance | $ | 2,750 | | | $ | 2,623 | | Additions | 10,932 | | | 10,008 | | Payments/Settlements | (11,373) | | | (9,881) | | Restructuring charges unpaid and outstanding | 2,309 | | | 2,750 | | Restructuring charges - noncurrent portion | — | | | — | | Restructuring charges - current portion | $ | 2,309 | | | $ | 2,750 | |
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- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.23.2
REVENUE
|
6 Months Ended |
Jun. 30, 2023 |
Revenues [Abstract] |
|
REVENUE |
REVENUE Spot Revenues The Company sells air-time to advertisers and broadcasts commercials at agreed upon dates and times. The Company's performance obligations are broadcasting advertisements for advertisers at specifically identifiable days and dayparts. The amount of consideration the Company receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The Company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Digital Revenues
The Company provides targeted advertising through the sale of streaming and display advertisements on its national platforms, audacy.com and eventful.com, the Audacy ® app, and its station websites. Performance obligations include delivery of advertisements over the Company's platforms or delivery of targeted advertisements directly to consumers. The Company recognizes revenue at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Through its podcast studio, Cadence 13, LLC. ("Cadence13"), the Company embeds advertisements in its owned and operated podcasts and other on-demand content. Performance obligations include delivery of advertisements. The Company recognizes revenue at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Through its podcast studio, Pineapple Street Media LLC ("Pineapple"), the Company creates podcasts, for which it earns production fees. Performance obligations include the delivery of episodes. These revenues are fixed based upon contractually agreed upon terms. The Company recognizes revenue over the term of the production contract. Network Revenues
The Company sells air-time on the Company's Audacy Audio Network. The amount of consideration the Company receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The Company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Sponsorship and Event Revenues
The Company sells advertising space at live and local events hosted by the Company across the country. The Company also earns revenues from attendee-driven ticket sales and merchandise sales. Performance obligations include the presentation of the advertisers' branding in highly visible areas at the event. These revenues are recognized at a point in time, when the event occurs and the performance obligations are satisfied. The Company also sells sponsorships including, but not limited to, naming rights related to its programs or studios. Performance obligations include the mentioning or displaying of the sponsors' name, logo, product information, slogan or neutral descriptions of the sponsors' goods or services in acknowledgement of their support. These revenues are fixed based upon contractually agreed upon terms. The Company recognizes revenue over the length of the sponsorship agreement based upon the fair value of the deliverables included. Other Revenues
The Company earns revenues from on-site promotions and endorsements from talent. Performance obligations include the broadcasting of such endorsement at specifically identifiable days and dayparts or at various local events. The Company recognizes revenue at a point in time when the performance obligations are satisfied. The Company earns trade and barter revenue by providing advertising broadcast time in exchange for certain products, supplies, and services. The Company includes the value of such exchanges in both net revenues and station operating expenses. Trade and barter value is based upon management's estimate of the fair value of the products, supplies and services received. Contract Balances Refer to the table below for information about receivables, contract assets and contract liabilities from contracts with customers. Accounts receivable balances in the table below exclude other receivables that are not generated from contracts with customers. These amounts are $0.9 million and $0.8 million as of June 30, 2023 and December 31, 2022, respectively. | | | | | | | | | | | | | | | Description | | June 30, 2023 | | December 31, 2022 | | | (amounts in thousands) | Receivables, net, included in Accounts receivable net of allowance for doubtful accounts | | $ | 238,864 | | | $ | 261,357 | | Unearned revenue - current | | 12,936 | | | 13,687 | | Unearned revenue - noncurrent | | 368 | | | 403 | |
Changes in Contract Balances The timing of revenue recognition, billings and cash collections results in accounts receivable (billed or unbilled), and customer advances and deposits (unearned revenue) on the Company’s condensed consolidated balance sheet. At times, however, the Company receives advance payments or deposits from its customers before revenue is recognized, resulting in contract liabilities. The contract liabilities primarily relate to consideration received in advance from customers on certain contracts. For these contracts, revenue is recognized upon satisfaction of the underlying performance obligations. The contract liabilities are reported on the condensed consolidated balance sheet on a contract-by-contract basis at the end of each respective reporting period within other current liabilities and other long-term liabilities. Significant changes in the contract liabilities balances during the period are as follows: | | | | | | | | | | | Six Months Ended June 30, 2023 | Unearned Revenue | | (amounts in thousands) | | | | Beginning balance on January 1, 2023 | | $ | 14,090 | | Revenue recognized during the period that was included in the beginning balance of contract liabilities | | (1,455) | | Additions, net of revenue recognized during period | | 669 | | Ending balance | | $ | 13,304 | |
Disaggregation of Revenue The following table presents the Company’s revenues disaggregated by revenue source:
| | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2023 | | 2022 | Revenue by Source | | (amounts in thousands) | Spot revenues | | $ | 187,114 | | | $ | 204,486 | | Digital revenues | | 66,655 | | | 69,300 | | Network revenues | | 20,824 | | | 21,789 | | Sponsorships and event revenues | | 11,938 | | | 11,638 | | Other revenues | | 11,982 | | | 12,226 | | Net revenues | | $ | 298,513 | | | $ | 319,439 | |
| | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2023 | | 2022 | Revenue by Source | | (amounts in thousands) | Spot revenues | | $ | 346,423 | | | $ | 379,621 | | Digital revenues | | 123,580 | | | 127,339 | | Network revenues | | 40,692 | | | 42,929 | | Sponsorships and event revenues | | 24,382 | | | 21,964 | | Other revenues | | 23,071 | | | 22,881 | | Net revenues | | $ | 558,148 | | | $ | 594,734 | | | | | | |
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
LEASES |
LEASES Leasing Guidance The Company recognizes the assets and liabilities that arise from leases on the commencement date of the lease. The Company recognizes the liability to make lease payments as a lease liability, as well as a right-of-use ("ROU") asset representing the right to use the underlying asset for the lease term, on the condensed consolidated balance sheet. Lease Expense The components of lease expense were as follows: | | | | | | | | | | | | | | | Lease Cost | | Three Months Ended June 30, | | | 2023 | | 2022 | | | (amounts in thousands) | Operating lease cost | | $ | 12,242 | | | $ | 12,767 | | Variable lease cost | | 2,661 | | | 2,369 | | | | | | | Total lease cost | | $ | 14,903 | | | $ | 15,136 | |
| | | | | | | | | | | | | | | Lease Cost | | Six Months Ended June 30, | | | 2023 | | 2022 | | | (amounts in thousands) | Operating lease cost | | $ | 24,496 | | | $ | 25,352 | | Variable lease cost | | 5,512 | | | 5,273 | | | | | | | Total lease cost | | $ | 30,008 | | | $ | 30,625 | | | | | | |
Supplemental Cash Flow Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2023 | | 2022 | Description | | (amounts in thousands) | | | | | | Cash paid for amounts included in measurement of lease liabilities | | | | | Operating cash flows from operating leases | | $ | 26,768 | | | $ | 27,126 | | Right-of-use assets obtained in exchange for lease obligations | | | | | Operating leases | | $ | 22,108 | | | $ | 13,252 | |
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS AND GOODWILL |
INTANGIBLE ASSETS AND GOODWILL Goodwill and certain intangible assets are not amortized for book purposes. They may, however, be amortized for tax purposes. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair value is less than the carrying value of the reporting unit, then a charge is recorded to the results of operations. The following table presents the changes in the carrying value of broadcasting licenses. Refer to Note 2, Business Combinations, and Note 14, Assets Held For Sale, for additional information. | | | | | | | | | | | | | Broadcasting Licenses Carrying Amount | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Broadcasting licenses balance as of January 1, | $ | 2,089,226 | | | $ | 2,251,546 | | Disposition of radio stations (See Note 2) | (4,956) | | | (4,377) | | Acquisitions (See Note 2) | — | | | 2,002 | | Loss on impairment | (124,830) | | | (159,089) | | Assets held for sale (See Note 14) | — | | | (856) | | Ending period balance | $ | 1,959,440 | | | $ | 2,089,226 | |
The following table presents the changes in goodwill. Refer to Note 2, Business Combinations, for additional information. | | | | | | | | | | | | | Goodwill Carrying Amount | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Goodwill balance before cumulative loss on impairment as of January 1, | $ | 1,062,588 | | | $ | 1,062,723 | | Accumulated loss on impairment as of January 1, | (998,673) | | | (980,547) | | Goodwill beginning balance after cumulative loss on impairment as of January 1, | 63,915 | | | 82,176 | | Loss on impairment | — | | | (18,126) | | | | | | | | | | Measurement period adjustments to acquired goodwill (See Note 2) | — | | | (135) | | Ending period balance | $ | 63,915 | | | $ | 63,915 | |
Broadcasting Licenses Impairment Test Each market’s broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. We determine the fair value of the broadcasting licenses in each of our markets by relying on a discounted cash flow approach (a 10-year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. Our fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (i) the discount rate; (ii) the profit margin of an average station within a market, based upon market size and station type; (iii) the forecast growth rate of each radio market; (iv) the estimated capital start-up costs and losses incurred during the early years; (v) the likely media competition within the market area; (vi) the tax rate; and (vii) future terminal values. The methodology used by us in determining our key estimates and assumptions is applied consistently to each market. Of the seven variables identified above, we believe that the assumptions in items (i) through (iii) above are the most important and sensitive in the determination of fair value. The Company evaluated whether the facts and circumstances and available information resulted in the need for an impairment assessment for its FCC broadcasting licenses, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was warranted. During the second quarter of the current year, the Company completed an interim impairment assessment for its broadcasting licenses at the market level using the Greenfield method. As a result of this interim impairment assessment, the Company determined that the fair value of its broadcasting licenses was less than the amount reflected in the balance sheet for certain of the Company's markets and, accordingly, recorded an impairment loss of $124.8 million ($91.5 million, net of tax). The Company will continue to evaluate the impacts of the current macroeconomic conditions on its business, including the impacts of overall economic conditions. If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. The current macroeconomic conditions increase the uncertainty with respect to such market and economic conditions and, as such, increases the risk of future impairment. Assumptions and Results - Broadcasting Licenses The following table reflects the estimates and assumptions used in the interim and annual broadcasting licenses impairment assessments of each year. | | | | | | | | | | | | | | | Estimates And Assumptions | | Second Quarter 2023 | | Fourth Quarter 2022 | | | Discount rate | 9.5 | % | | 9.5 | % | | | Operating profit margin ranges for average stations in markets where the Company operates | 18% to 32% | | 18% to 33% | | | Forecasted growth rate (including long-term growth rate) range of the Company's markets | 0.0 | % | | 0.0% to 0.6% | | |
The Company believes it has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. These estimates and assumptions could be materially different from actual results. Goodwill Impairment Test We perform a quantitative goodwill impairment test by using a discounted cash flow approach (a 5-year income model). Potential impairment is identified by comparing the fair value of each reporting unit to its carrying value. Our fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information. The cash flow projections for the reporting units include significant judgments and assumptions relating to the revenue, operating expenses, projected operating profit margins, and the discount rate. Changes in our estimates of the fair value of these assets could result in material future period write-downs of the carrying value of our goodwill. The Company evaluated whether the facts and circumstances and available information result in the need for an impairment assessment for any goodwill, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was warranted. During the second quarter of the current year, the Company completed an interim impairment assessment for its goodwill at the podcast reporting unit. As a result of this interim impairment assessment, the Company determined that the fair value of its podcast reporting unit was greater than the carrying value, and accordingly, no impairment was recorded. The Company will continue to evaluate the impacts of the current macroeconomic conditions on its business, including the impacts of overall economic conditions. If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods. The current macroeconomic conditions increase the uncertainty with respect to such market and economic conditions and, as such, increases the risk of future impairment. Assumptions and Results - Goodwill The following table reflects the estimates and assumptions used in the interim and annual goodwill impairment assessments of each year: | | | | | | | | | | | | | | | | | | Estimates And Assumptions | | | | Second Quarter 2023 | | Fourth Quarter 2022 | | Discount rate - podcast reporting unit | | | 11.5 | % | | 11.0 | % | |
The Company believes it has made reasonable estimates and assumptions to calculate the fair value of its reporting units. These estimates and assumptions could be materially different from actual results.
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v3.23.2
OTHER CURRENT LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
OTHER CURRENT LIABILITIES |
OTHER CURRENT LIABILITIES Other current liabilities consist of the following as of the periods indicated: | | | | | | | | | | | | | Other Current Liabilities | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Accrued compensation | $ | 21,817 | | | $ | 25,730 | | Accounts receivable credits | 3,738 | | | 4,333 | | Advertiser obligations | 8,283 | | | 6,465 | | Accrued interest payable | 14,531 | | | 14,933 | | Unearned revenue | 12,936 | | | 13,687 | | | | | | | | | | Accrued sports rights | 2,826 | | | 3,397 | | Accrued benefits | 5,452 | | | 7,640 | | Non-income tax liabilities | 1,858 | | | 1,804 | | | | | | Other | 2,886 | | | 2,560 | | Total other current liabilities | $ | 74,327 | | | $ | 80,549 | |
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v3.23.2
LONG-TERM DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT |
LONG-TERM DEBT Long-term debt was comprised of the following as of the periods indicated: | | | | | | | | | | | | | Long-Term Debt | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Credit Facility | | | | Revolver | $ | 219,000 | | | $ | 180,000 | | Term B-2 Loan, due November 17, 2024 | 632,415 | | | 632,415 | | Plus unamortized premium | 975 | | | 1,116 | | | 852,390 | | | 813,531 | | 2027 Notes | | | | 6.500% notes due May 1, 2027 | 460,000 | | | 460,000 | | Plus unamortized premium | 2,849 | | | 3,220 | | | 462,849 | | | 463,220 | | | | | | 2029 Notes | | | | 6.750% notes due March 31, 2029 | 540,000 | | | 540,000 | | | 540,000 | | | 540,000 | | | | | | Accounts receivable facility | 75,000 | | | 75,000 | | | | | | | | | | | | | | | | | | | | | | | | | | Other debt | 23 | | | 23 | | Total debt before deferred financing costs | 1,930,262 | | | 1,891,774 | | | | | | Deferred financing costs (excludes the revolving credit) | (9,147) | | | (11,412) | | Total long-term debt, net of current debt | $ | 1,921,115 | | | $ | 1,880,362 | | Outstanding standby letters of credit | $ | 7,488 | | | $ | 5,909 | |
(A) Senior Debt The Credit Facility The Company's credit agreement (the "Credit Facility"), as amended, is currently comprised of $227.3 million Revolver maturing August 19, 2024 and a term B-2 loan (the "Term B-2 Loan") maturing November 17, 2024. The Credit Facility has usual and customary covenants including, but not limited to, a net first lien leverage ratio, restricted payments and the incurrence of additional debt. Specifically, the Credit Facility requires the Company to comply with a certain financial covenant which is a defined term within the agreement, including a maximum Consolidated Net First-Lien Leverage Ratio that cannot exceed 4.0 times at June 30, 2023. In certain circumstances, if the Company consummates additional acquisition activity permitted under the terms of the Credit Facility, the Consolidated Net First-Lien Leverage Ratio will be increased to 4.5 times for a one year period following the consummation of such permitted acquisition. As of June 30, 2023, the Company’s Consolidated Net First Lien Leverage Ratio was 3.7 times. Failure to comply with the Company’s financial covenant or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Company’s Credit Facility. Any event of default could have a material adverse effect on the Company’s business and financial condition. The acceleration of the Company’s debt repayment could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates. As of June 30, 2023, the Company was in compliance with the financial covenant and all other terms of the Credit Facility in all material respects. The Company’s ability to maintain compliance with its covenant is highly dependent on its results of operations. The cash available from the Revolver is dependent on the Company’s Consolidated Net First-Lien Leverage Ratio at the time of such borrowing. The 2027 Notes
During 2019, the Company and its finance subsidiary, Audacy Capital Corp. issued $325.0 million in aggregate principal amount of senior secured second-lien notes due May 1, 2027 (the "Initial 2027 Notes").
Interest on the Initial 2027 Notes accrues at the rate of 6.500% per annum and is payable semi-annually in arrears on May 1 and November 1 of each year. Until May 1, 2022, only a portion of the Initial 2027 Notes could be redeemed at a price of 106.500% of their principal amount plus accrued interest. On or after May 1, 2022, the Initial 2027 Notes may be redeemed, in whole or in part, at a price of 104.875% of their principal amount plus accrued interest. The prepayment premium continues to decrease over time to 100% of their principal amount plus accrued interest. During the fourth quarter of 2019, the Company and its finance subsidiary, Audacy Capital Corp., issued $100.0 million of additional 6.500% senior secured second-lien notes due 2027 (the "Additional Notes"). The Additional Notes were issued as additional notes under the Base Indenture, as supplemented by a first supplemental indenture, dated December 13, 2019 (the "First Supplemental Indenture"), and, together with the Base Indenture (the "Indenture"). As of December 31, 2021, the Additional Notes were treated as a single series with the $325.0 million Initial 2027 Notes (together, with the Additional Notes, the "Notes") and have substantially the same terms as the Initial 2027 Notes. The Additional Notes were issued at a price of 105.0% of their principal amount, plus accrued interest from November 1, 2019.
During the fourth quarter of 2021, the Company and its finance subsidiary, Audacy Capital Corp., issued $45.0 million of additional 6.500% senior secured second-lien notes due 2027 (the "Additional 2027 Notes"). The Additional 2027 Notes were issued as additional notes under the Indenture. The Additional 2027 Notes are treated as a single series with the $325.0 million Initial 2027 Notes and the $100.0 million Additional Notes (collectively, the "2027 Notes") and have substantially the same terms as the Initial 2027 Notes. The Additional 2027 Notes were issued at a price of 100.750% of their principal amount. The premium on the Additional 2027 Notes will be amortized over the term under the effective interest rate method.
During the second quarter of 2022, the Company repurchased $10.0 million of its 2027 Notes through open market purchases. This repurchase activity generated a gain on retirement of the 2027 Notes in the amount of $0.6 million. As of any reporting period, the unamortized premium on the 2027 Notes is reflected on the balance sheet as an addition to the 2027 Notes. The 2029 Notes
During the first quarter of 2021, the Company and its finance subsidiary, Audacy Capital Corp., issued $540.0 million in aggregate principal amount of senior secured second-lien notes due March 31, 2029 (the "2029 Notes"). Interest on the 2029 Notes accrues at the rate of 6.750% per annum and is payable semi-annually in arrears on March 31 and September 30 of each year.
The Company used net proceeds of the offering, along with cash on hand, to: (i) repay $77.0 million of existing indebtedness under the Term B-2 Loan; (ii) repay $40.0 million of drawings under the Revolver; and (iii) fully redeem all of its $400.0 million aggregate principal amount of 7.250% senior notes due 2024 (the "Senior Notes") and to pay fees and expenses in connection with the redemption. In connection with this activity, during the first quarter of 2021, the Company: (i) recorded $6.6 million of new debt issuance costs attributable to the 2029 Notes; and (ii) $0.4 million of debt issuance costs attributable to the Revolver which will be amortized over the remaining term of the Revolver on a straight line basis. The Company also incurred $0.5 million of costs which were classified within refinancing expenses. Accounts Receivable Facility On July 15, 2021, the Company and certain of its subsidiaries entered into a $75.0 million Receivables Facility to provide additional liquidity, to reduce the Company's cost of funds and to repay outstanding indebtedness under the Credit Facility. The documentation for the Receivables Facility includes (i) a Receivables Purchase Agreement entered into by and among Audacy Operations, Audacy Receivables as seller, the Investors, and DZ BANK, as agent; (ii) a Sale and Contribution Agreement, by and among Audacy Operations, Audacy NY, and Audacy Receivables; and (iii) a Purchase and Sale Agreement and together with the Receivables Purchase Agreement and the Sale and Contribution Agreement, the “Agreements”) by and among certain wholly-owned subsidiaries of the Company (together with Audacy NY, the “Originators”), Audacy Operations and Audacy NY. Pursuant to the Purchase and Sale Agreement, the Originators (other than Audacy NY) have sold, and will continue to sell on an ongoing basis, their accounts receivable, together with customary related security and interests in the proceeds thereof, to Audacy NY. Pursuant to the Sale and Contribution Agreement, Audacy NY has sold and contributed, and will continue to sell and contribute on an ongoing basis, its accounts receivable, together with customary related security and interests in the proceeds thereof, to Audacy Receivables. Pursuant to the Receivables Purchase Agreement, Audacy Receivables has sold and will continue to sell on an ongoing basis such accounts receivable, together with customary related security and interests in the proceeds thereof, to the Investors in exchange for cash investments. Yield is payable to Investors under the Receivables Purchase Agreement at a variable rate based on either the Secured Overnight Financing Rate ("SOFR") or commercial paper rates plus a margin. Collections on the accounts receivable: (x) will be used to either: (i) satisfy the obligations of Audacy Receivables under the Receivables Facility; or (ii) purchase additional accounts receivable from the Originators; or (y) may be distributed to Audacy NY, the sole member of Audacy Receivables. Audacy Operations acts as the servicer under the Agreements.
The Agreements contain representations, warranties and covenants that are customary for bankruptcy-remote securitization transactions, including covenants requiring Audacy Receivables to be treated at all times as an entity separate from the Originators, Audacy Operations, the Company or any of its other affiliates and that transactions entered into between Audacy Receivables and any of its affiliates shall be on arm’s-length terms. The Receivables Purchase Agreement also contains customary default and termination provisions which provide for acceleration of amounts owed under the Receivables Purchase Agreement upon the occurrence of certain specified events with respect to Audacy Receivables, Audacy Operations, the Originators, or the Company, including, but not limited to: (i) Audacy Receivables’ failure to pay yield and other amounts due; (ii) certain insolvency events; (iii) certain judgments entered against the parties; (iv) certain liens filed with respect to assets; and (v) breach of certain financial covenants and ratios.
The Company has agreed to guarantee the performance obligations of Audacy Operations and the Originators under the Receivables Facility documents. The Company has not agreed to guarantee any obligations of Audacy Receivables or the collection of any of the receivables and will not be responsible for any obligations to the extent the failure to perform such obligations by Audacy Operations or any Originator results from receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness or other financial inability to pay of the related obligor.
In general, the proceeds from the sale of the accounts receivable are used by the special purpose vehicle ("SPV") to pay the purchase price for accounts receivable it acquires from Audacy NY and may be used to fund capital expenditures, repay borrowings on the Credit Facility, satisfy maturing debt obligations, as well as fund working capital needs and other approved uses.
Although the SPV is a wholly owned consolidated subsidiary of Audacy NY, the SPV is legally separate from Audacy NY. The assets of the SPV (including the accounts receivable) are not available to creditors of Audacy NY, Audacy Operations or the Company, and the accounts receivable are not legally assets of Audacy NY, Audacy Operations or the Company. The Receivables Facility is accounted for as a secured financing.
The Receivables Facility has usual and customary covenants including, but not limited to, a net first lien leverage ratio, a required minimum tangible net worth, and a minimum liquidity requirement (the "financial covenants"). Specifically, the Receivables Facility requires the Company to comply with a certain financial covenant which is a defined term within the agreement, including a maximum Consolidated Net First-Lien Leverage Ratio that cannot exceed 4.0 times at June 30, 2023. As of June 30, 2023, the Company’s Consolidated Net First Lien Leverage Ratio was 3.7 times. The Receivables Facility also requires the Company to maintain a minimum tangible net worth, as defined within the agreement, of at least $300.0 million. Additionally, the Receivables Facility requires the Company to maintain liquidity of $25 million. As of June 30, 2023, the Company was compliant with the financial covenants. The Receivables Facility will expire on July 15, 2024, unless earlier terminated or subsequently extended pursuant to the terms of the Receivables Purchase Agreement. The pledged receivables and the corresponding debt are included in Accounts receivable, net and Long-term debt, net of current portion, respectively, on the Condensed Consolidated Balance Sheet. As of June 30, 2023, the SPV has $211.3 million of net accounts receivable and has outstanding borrowings of $75.0 million under the Receivables Facility. Refer to Note 1, Basis of Presentation And Significant Policies—Going Concern, “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations—Liquidity and Capital Resources—Potential Restructuring of our Indebtedness” in Part I, Item 2, and “Risk Factors” in Part II, Item 1A, for additional information. (B) Net Interest Expense The components of net interest expense are as follows: | | | | | | | | | | | | | Net Interest Expense | | Three Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Interest expense | $ | 32,627 | | | $ | 23,504 | | Amortization of deferred financing costs | 2,176 | | | 1,281 | | Amortization of original issue premium of senior notes | (255) | | | (256) | | Interest income and other investment income | — | | | — | | Total net interest expense | $ | 34,548 | | | $ | 24,529 | |
| | | | | | | | | | | | | Net Interest Expense | | Six Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Interest expense | $ | 64,000 | | | $ | 46,043 | | Amortization of deferred financing costs | 3,441 | | | 2,540 | | Amortization of original issue premium of senior notes | (512) | | | (512) | | Interest income and other investment income | — | | | (71) | | Total net interest expense | $ | 66,929 | | | $ | 48,000 | | | | | |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
DERIVATIVE AND HEDGING ACTIVITIES
|
6 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE AND HEDGING ACTIVITIES |
DERIVATIVE AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates under the Company’s variable rate debt. Hedge Accounting Treatment As of June 30, 2023, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type Of Hedge | | Notional Amount | | Effective Date | | Collar | | Fixed LIBOR Rate | | Expiration Date | | Notional Amount Decreases | | Amount After Decrease | | | (amounts in millions) | | | | | | | | | | | | (amounts in millions) | | | | | | | Cap | | 2.75% | | | | | | | Collar | | $ | 90.0 | | | Jun. 25, 2019 | | Floor | | 0.402% | | Jun. 28, 2024 | | Jun. 28, 2023 | | $ | 90.0 | | Total | | $ | 90.0 | | | | | | | | | | | | | |
For the six months ended June 30, 2023, the Company recorded the net change in the fair value of this derivative as a loss of $1.2 million (net of tax benefit of $0.4 million as of June 30, 2023) to the condensed consolidated statement of comprehensive income (loss). The fair value of this derivative was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative’s fair value (the creditworthiness of the Company for liabilities). As of June 30, 2023, the fair value of these derivatives was an asset of $2.3 million, and is recorded within other assets, net of accumulated amortization on the condensed consolidated balance sheet. The Company does not expect to reclassify any of this amount to the condensed consolidated statement of operations over the next twelve months. The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of June 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | Accumulated Derivative Gain (Loss) | Description | | June 30, 2023 | | December 31, 2022 | | | (amounts in thousands) | Accumulated derivative unrealized gain (loss) | | $ | 1,711 | | | $ | 2,942 | |
The following tables present the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the six months ended June 30, 2023 and June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | Other Comprehensive Income (Loss) | Net Change in Accumulated Derivative Unrealized Gain (Loss) | | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations | Three Months Ended June 30, | 2023 | | 2022 | | 2023 | | 2022 | (amounts in thousands) | $ | (391) | | | $ | 553 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | Other Comprehensive Income (Loss) | Net Change in Accumulated Derivative Unrealized Gain (Loss) | | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations | Six Months Ended June 30, | 2023 | | 2022 | | 2023 | | 2022 | (amounts in thousands) | $ | (1,231) | | | $ | 1,776 | | | $ | — | | | $ | 232 | | | | | | | | |
Undesignated Derivatives
The Company was subject to equity market risks due to changes in the fair value of the notional investments selected by its employees as part of its non-qualified deferred compensation plans. During the quarter ended June 30, 2020, the Company entered into a Total Return Swap ("TRS") in order to manage the market risks associated with its non-qualified deferred compensation plan liabilities. The Company paid floating rate, based on the SOFR, on the notional amount of the TRS. The TRS was designed to substantially offset changes in its non-qualified deferred compensation plan's liabilities due to changes in the value of the investment options made by employees. The Company did not designate the TRS as an accounting hedge. Rather, the Company recorded all changes in the fair value of the TRS to earnings to offset the market value changes of its non-qualified deferred compensation plan liabilities. The contract term of the TRS expired April 2023 and was not renewed.
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v3.23.2
NET INCOME (LOSS) PER COMMON SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET INCOME (LOSS) PER COMMON SHARE |
NET INCOME (LOSS) PER COMMON SHARE The following tables present the computations of basic and diluted net income (loss) per share from continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (amounts in thousands, except per share data) | Basic (Loss) Per Share | | | | | | | | Numerator | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss | $ | (125,802) | | | $ | (773) | | | (161,705) | | | $ | (11,846) | | Denominator | | | | | | | | Basic weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss per share - Basic | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | | Diluted (Loss) Per Share | | | | | | | | Numerator | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss | $ | (125,802) | | | $ | (773) | | | $ | (161,705) | | | $ | (11,846) | | Denominator | | | | | | | | Basic weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | | Effect of RSUs and options under the treasury stock method | — | | | — | | | — | | | — | | Diluted weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss per share - Diluted | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | |
Reverse Stock Split
On June 30, 2023, the Company effected a one-for-thirty reverse stock split (the “Reverse Stock Split”) of our issued and outstanding shares of Common Stock. As a result of the Reverse Stock Split every thirty (30) shares of Common Stock issued and outstanding were automatically combined into one (1) share of issued and outstanding Common Stock, without any change in the par value per share. In addition, proportional adjustments were made to the number of shares of the Company’s Class A common stock subject to outstanding equity awards, as well as the applicable exercise price, to reflect the Reverse Stock Split. All information related to Common Stock, stock options, restricted stock units, earnings per share have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented. The Company effected the Reverse Stock Split to seek to regain compliance with the minimum average closing price requirement of Rule 802.01C of the New York Stock Exchange’s Listing Company Manual. Following the Reverse Stock Split, the Class A common stock continued to be traded on the OTC Pink under the symbol “AUDA” on a split-adjusted basis beginning on June 30, 2023.
No fractional shares were issued in connection with the Reverse Stock Split. Instead, any shareholders of Class A or Class B common stock who would have been entitled to receive fractional shares as a result of the Reverse Stock Split received cash payment equal to the product obtained by multiplying (a) the fraction of the share of Class A or Class B common stock which shareholder would have otherwise been entitled to receive by (b) the closing price per share of the Company's Class A common stock on the OTC Pink at the close of business on the date prior to the Effective Time. Disclosure of Anti-Dilutive Shares The following table presents those shares excluded as they were anti-dilutive: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Impact Of Equity Issuances | 2023 | | 2022 | | 2023 | | 2022 | | (amounts in thousands, except per share data) | Shares excluded as anti-dilutive under the treasury stock method: | | | | | | | | Options | 17 | | | 20 | | | 19 | | | 20 | | Price range of options: from | $ | 106.20 | | | $ | 106.20 | | | $ | 106.20 | | | $ | 106.20 | | Price range of options: to | $ | 419.40 | | | $ | 419.40 | | | $ | 419.40 | | | $ | 419.40 | | RSUs with service conditions | 268 | | | 113 | | | 268 | | | 28 | | RSUs excluded with service and market conditions as market conditions not met | 25 | | | 3 | | | 25 | | | 3 | | Excluded shares as anti-dilutive when reporting a net loss | — | | | 12 | | | — | | | 53 | | | | | | | | | |
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v3.23.2
SHARE-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION Under the Company's equity compensation plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. Restricted Stock Units (“RSUs”) Activity The following is a summary of the changes in RSUs under the Plan during the current period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Period Ended | | Number of Restricted Stock Units* | | Weighted Average Purchase Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value as of June 30, 2023 | | (amounts in thousands) | RSUs outstanding as of: | December 31, 2022 | | 208 | | | | | | | | RSUs awarded | June 30, 2023 | | 200 | | | | | | | | RSUs released | June 30, 2023 | | (112) | | | | | | | | RSUs forfeited | June 30, 2023 | | (12) | | | | | | | | RSUs outstanding as of: | June 30, 2023 | | 284 | | | $ | — | | | 1.68 | | $ | 605 | | RSUs vested and expected to vest as of: | June 30, 2023 | | 283 | | | $ | — | | | 1.68 | | $ | 602 | | RSUs exercisable (vested and deferred) as of: | June 30, 2023 | | — | | | $ | — | | | $ | — | | | $ | — | | Weighted average remaining recognition period in years | | | 2.66 | | | | | | | Unamortized compensation expense | | | $ | 5,321 | | | | | | | |
*Reverse Stock Split applied RSUs with Service and Market Conditions The Company issued RSUs with service and market conditions that are included in the table above. Option Activity
The following table presents the option activity during the current period under the Plan: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Period Ended | | Number of Options* | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Intrinsic Value as of June 30 2023 | | (amounts in thousands) | Options outstanding as of: | December 31, 2022 | | 20 | | | $ | 339.90 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options expired | June 30, 2023 | | (5) | | | 397.20 | | | | | | Options outstanding as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | | Options vested and expected to vest as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | | Options vested and exercisable as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | | Weighted average remaining recognition period in years | | | 0.0 | | | | | | | Unamortized compensation expense | | | $ | — | | | | | | | |
*Reverse Stock Split applied The following table summarizes significant ranges of outstanding and exercisable options as of the current period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | | | | | (amounts in thousands) | Range of Exercise Prices | | Number of Options Outstanding June 30, 2023 | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number of Options Exercisable June 30, 2023 | | Weighted Average Exercise Price | From | | To | $ | 106.20 | | | 210.3 | | | 2 | | | 6.0 | | 162.05 | | | 2 | | | $ | 162.05 | | $ | 289.80 | | | 419.4 | | | 13 | | | 1.1 | | 347.75 | | | 13 | | | $ | 347.75 | | $ | 106.20 | | | 419.4 | | | 15 | | | 1.81 | | 320.55 | | | 15 | | | $ | 320.55 | |
*Reverse Stock Split applied Recognized Non-Cash Stock-Based Compensation Expense The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in the Company’s statement of operations: | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Station operating expenses | $ | 433 | | | $ | 990 | | Corporate general and administrative expenses | 616 | | | 2,113 | | Stock-based compensation expense included in operating expenses | 1,049 | | | 3,103 | | Income tax benefit (1) | 195 | | | 683 | | After-tax stock-based compensation expense | $ | 854 | | | $ | 2,420 | |
| | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Station operating expenses | $ | 1,146 | | | $ | 2,160 | | Corporate general and administrative expenses | 1,852 | | | 3,933 | | Stock-based compensation expense included in operating expenses | 2,998 | | | 6,093 | | Income tax benefit (1) | 585 | | | 1,354 | | After-tax stock-based compensation expense | $ | 2,413 | | | $ | 4,739 | |
(1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXES Tax Rate for the three and six months ended June 30, 2023 The Company recognized an income tax benefit at an effective income tax rate of 25.9% and 24.6% for the three and six months ended June 30, 2023. The effective income tax rate was determined using a forecasted tax rate based upon projected taxable income for the year. The effective income tax rate for the period was impacted by permanent items, state tax expense, and discrete income tax expense items primarily related to stock based compensation. The Company was able to carryback its 2020 federal income tax loss to prior tax years and filed two refund claims with the IRS for a total of $20.4 million. We received a refund of $15.2 million in connection with the first claim during the first quarter of 2022.
Tax Rate for the three and six months ended June 30, 2022 The Company recognized an income tax benefit at an effective income tax rate of 23.8% and 25.9% for the three and six months ended June 30, 2022, which was determined using a forecasted rate based upon projected taxable income for the full year. Net Deferred Tax Assets and Liabilities The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments Subject to Fair Value Measurements Recurring Fair Value Measurements The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At Reporting Date | Description | | Balance at June 30, 2023 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (1) | | | (amounts in thousands) | Assets | | | | | | | | | | | Interest Rate Cash Flow Hedge (2) | | $ | 2,334 | | | $ | — | | | $ | 2,334 | | | $ | — | | | $ | — | | | | | | | | | | | | | Liabilities | | | | | | | | | | | Deferred compensation plan liabilities (3) | | $ | 20,153 | | | $ | 16,305 | | | $ | — | | | $ | — | | | $ | 3,848 | | | | | | | | | | | | | Contingent Consideration (4) | | $ | 30 | | | $ | — | | | $ | — | | | $ | 30 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At Reporting Date | Description | | Balance at December 31, 2022 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (1) | | | (amounts in thousands) | Assets | | | | | | | | | | | Interest Rate Cash Flow Hedge (2) | | $ | 4,012 | | | $ | — | | | $ | 4,012 | | | $ | — | | | $ | — | | | | | | | | | | | | | Liabilities | | | | | | | | | | | Deferred compensation plan liabilities (3) | | $ | 24,123 | | | $ | 19,944 | | | $ | — | | | $ | — | | | $ | 4,179 | | | | | | | | | | | | | Contingent Consideration (4) | | $ | 12 | | | $ | — | | | $ | — | | | $ | 12 | | | $ | — | |
(1)The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance, these investments have not been classified in the fair value hierarchy. (2)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at June 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity. (3)The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. (4)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at June 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity. (5)In connection with the Podcorn Acquisition, the Company recorded a liability for contingent consideration payable based upon the achievement of certain annual performance benchmarks over 2 years. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates using a scenario based model, and remeasured quarterly. The significant unobservable inputs (Level 3) used to estimate the fair value include the projected Adjusted EBITDA values for 2022 and 2023, as defined in the purchase agreement, and the discount rate. Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. During the six months ended June 30, 2023 and 2022, there were no events or changes in circumstances which indicated the Company’s investments, property and equipment, ROU assets, other intangible assets, or assets held for sale may not be recoverable. As discussed above, the Company conducted an interim impairment assessment on its broadcasting licenses and goodwill during the second quarter of 2023. Refer to Note 6, Intangible Assets And Goodwill, for additional information. Fair Value of Financial Instruments Subject to Disclosures The carrying amounts of the following assets and liabilities approximate fair value due to the short maturity of these instruments: (i) cash and cash equivalents; (ii) accounts receivable; and (iii) accounts payable, including accrued liabilities. The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | (amounts in thousands) | Term B-2 Loans (1) | $ | 632,415 | | | $ | 352,571 | | | $ | 632,415 | | | $ | 454,548 | | Revolver (2) | $ | 219,000 | | | $ | 219,000 | | | $ | 180,000 | | | $ | 180,000 | | | | | | | | | | 2029 Notes (3) | $ | 540,000 | | | $ | 75,263 | | | $ | 540,000 | | | $ | 92,138 | | 2027 Notes (3) | $ | 460,000 | | | $ | 76,763 | | | $ | 460,000 | | | $ | 82,513 | | Accounts receivable facility (4) | $ | 75,000 | | | | | $ | 75,000 | | | | Other debt (4) | $ | 22 | | | | | $ | 23 | | | | Letters of credit (4) | $ | 7,488 | | | | | $ | 5,909 | | | |
The following methods and assumptions were used to estimate the fair value of financial instruments: (1)The Company utilizes a Level 2 valuation input based upon the market trading price of the Term B-2 Loan to compute the fair value as the Term B-2 Loan is traded in the debt securities market. The fair value of the Term B-2 Loan is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (2)The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (3)The Company utilizes a Level 2 valuation input based upon the market trading prices of the 2029 Notes and 2027 Notes to compute the fair value as these 2029 Notes and 2027 Notes are traded in the debt securities market. The 2029 Notes and 2027 Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (4)The Company does not believe it is practicable to estimate the fair value of the accounts receivable facility, other debt or the outstanding standby letters of credit.
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v3.23.2
ASSETS HELD FOR SALE
|
6 Months Ended |
Jun. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
ASSETS HELD FOR SALE |
ASSETS HELD FOR SALE Assets Held for Sale Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. This is considered a Level 3 measurement. During the second quarter 2023, the Company entered into letters of intent to sell certain assets located in Phoenix and Boston. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at June 30, 2023. In aggregate, these assets have a carrying value of approximately $2.5 million. The transactions are expected to close within one year. The major categories of these assets held for sale are as follows as of the dates indicated: | | | | | | | | | | | | | Assets Held for Sale | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Land and land improvements | $ | 590 | | | $ | — | | Building | 1,776 | | | — | | Equipment | 110 | | | 4,618 | | | | | | Radio broadcasting licenses | — | | | 856 | | | | | | | | | | | | | | Net assets held for sale | 2,476 | | | 5,474 | |
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v3.23.2
SHAREHOLDERS' EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Stockholders' Equity Note [Abstract] |
|
SHAREHOLDERS’ EQUITY |
SHAREHOLDERS’ EQUITY Dividend Equivalents The following table presents the amounts accrued and unpaid dividends on unvested RSUs as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | Dividend Equivalent Liabilities | | Balance Sheet Location | | June 30, 2023 | | December 31, 2022 | | | | (amounts in thousands) | Short-term | Other current liabilities | | $ | 160 | | | $ | 229 | | Long-term | Other long-term liabilities | | 19 | | | 1 | | Total | | | $ | 179 | | | $ | 230 | |
Employee Stock Purchase Plan The Company temporarily suspended the ESPP effective January 1, 2023. The following table presents the amount of shares purchased and non-cash compensation expense recognized in connection with the ESPP as of the periods indicated: | | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Number of shares purchased | — | | | 202 | | Non-cash compensation expense recognized | $ | — | | | $ | 46 | |
Share Repurchase ProgramDuring the six months ended June 30, 2023, the Company did not repurchase any shares under the 2017 Share Repurchase Program
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v3.23.2
CONTINGENCIES AND COMMITMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
CONTINGENCIES AND COMMITMENTS |
CONTINGENCIES AND COMMITMENTS Contingencies The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company’s Form 10-K, filed with the SEC on March 16, 2023.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTSEvents occurring after June 30, 2023, and through the date that these condensed consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
BASIS OF PRESENTATION AND SIGNIFICANT POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Consolidation |
The interim unaudited condensed consolidated financial statements included herein have been prepared by Audacy, Inc. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year. This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and filed with the SEC on March 16, 2023, as part of the Company’s Annual Report on Form 10-K (the "2022 Annual Report"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. There have been no material changes from Note 2, Significant Accounting Policies, as described in the notes to the Company’s consolidated financial statements contained in the 2022 Annual Report.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements All new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on the Company’s financial position, results of operations or cash flows.
|
Revenue |
Spot Revenues The Company sells air-time to advertisers and broadcasts commercials at agreed upon dates and times. The Company's performance obligations are broadcasting advertisements for advertisers at specifically identifiable days and dayparts. The amount of consideration the Company receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The Company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Digital Revenues
The Company provides targeted advertising through the sale of streaming and display advertisements on its national platforms, audacy.com and eventful.com, the Audacy ® app, and its station websites. Performance obligations include delivery of advertisements over the Company's platforms or delivery of targeted advertisements directly to consumers. The Company recognizes revenue at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Through its podcast studio, Cadence 13, LLC. ("Cadence13"), the Company embeds advertisements in its owned and operated podcasts and other on-demand content. Performance obligations include delivery of advertisements. The Company recognizes revenue at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Through its podcast studio, Pineapple Street Media LLC ("Pineapple"), the Company creates podcasts, for which it earns production fees. Performance obligations include the delivery of episodes. These revenues are fixed based upon contractually agreed upon terms. The Company recognizes revenue over the term of the production contract. Network Revenues
The Company sells air-time on the Company's Audacy Audio Network. The amount of consideration the Company receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The Company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Sponsorship and Event Revenues
The Company sells advertising space at live and local events hosted by the Company across the country. The Company also earns revenues from attendee-driven ticket sales and merchandise sales. Performance obligations include the presentation of the advertisers' branding in highly visible areas at the event. These revenues are recognized at a point in time, when the event occurs and the performance obligations are satisfied. The Company also sells sponsorships including, but not limited to, naming rights related to its programs or studios. Performance obligations include the mentioning or displaying of the sponsors' name, logo, product information, slogan or neutral descriptions of the sponsors' goods or services in acknowledgement of their support. These revenues are fixed based upon contractually agreed upon terms. The Company recognizes revenue over the length of the sponsorship agreement based upon the fair value of the deliverables included. Other Revenues
The Company earns revenues from on-site promotions and endorsements from talent. Performance obligations include the broadcasting of such endorsement at specifically identifiable days and dayparts or at various local events. The Company recognizes revenue at a point in time when the performance obligations are satisfied. The Company earns trade and barter revenue by providing advertising broadcast time in exchange for certain products, supplies, and services. The Company includes the value of such exchanges in both net revenues and station operating expenses. Trade and barter value is based upon management's estimate of the fair value of the products, supplies and services received.
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- DefinitionDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.
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- DefinitionTabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.
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v3.23.2
RESTRUCTURING CHARGES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
Schedule of Restructuring Charges |
The following table presents the components of restructuring charges. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (amounts in thousands) | Costs to exit duplicative and loss-making contracts | $ | 7,644 | | | $ | — | | | $ | 8,039 | | | $ | — | | Workforce reduction | 705 | | | 930 | | | 2,565 | | | 1,651 | | Other restructuring costs | 162 | | | 86 | | | 328 | | | 251 | | Total restructuring charges | $ | 8,511 | | | $ | 1,016 | | | $ | 10,932 | | | $ | 1,902 | |
|
Schedule of Restructuring Reserve |
The estimated amount of unpaid restructuring charges as of June 30, 2023 includes amounts in accrued expenses that are expected to be paid in less than one year. | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Twelve Months Ended December 31, 2022 | | (amounts in thousands) | Restructuring charges, beginning balance | $ | 2,750 | | | $ | 2,623 | | Additions | 10,932 | | | 10,008 | | Payments/Settlements | (11,373) | | | (9,881) | | Restructuring charges unpaid and outstanding | 2,309 | | | 2,750 | | Restructuring charges - noncurrent portion | — | | | — | | Restructuring charges - current portion | $ | 2,309 | | | $ | 2,750 | |
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- DefinitionTabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.
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v3.23.2
REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenues [Abstract] |
|
Schedule of Contract Assets and Liabilities Balances and Changes |
Refer to the table below for information about receivables, contract assets and contract liabilities from contracts with customers. Accounts receivable balances in the table below exclude other receivables that are not generated from contracts with customers. These amounts are $0.9 million and $0.8 million as of June 30, 2023 and December 31, 2022, respectively. | | | | | | | | | | | | | | | Description | | June 30, 2023 | | December 31, 2022 | | | (amounts in thousands) | Receivables, net, included in Accounts receivable net of allowance for doubtful accounts | | $ | 238,864 | | | $ | 261,357 | | Unearned revenue - current | | 12,936 | | | 13,687 | | Unearned revenue - noncurrent | | 368 | | | 403 | |
Significant changes in the contract liabilities balances during the period are as follows: | | | | | | | | | | | Six Months Ended June 30, 2023 | Unearned Revenue | | (amounts in thousands) | | | | Beginning balance on January 1, 2023 | | $ | 14,090 | | Revenue recognized during the period that was included in the beginning balance of contract liabilities | | (1,455) | | Additions, net of revenue recognized during period | | 669 | | Ending balance | | $ | 13,304 | |
|
Schedule of Disaggregation of Revenue |
The following table presents the Company’s revenues disaggregated by revenue source:
| | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2023 | | 2022 | Revenue by Source | | (amounts in thousands) | Spot revenues | | $ | 187,114 | | | $ | 204,486 | | Digital revenues | | 66,655 | | | 69,300 | | Network revenues | | 20,824 | | | 21,789 | | Sponsorships and event revenues | | 11,938 | | | 11,638 | | Other revenues | | 11,982 | | | 12,226 | | Net revenues | | $ | 298,513 | | | $ | 319,439 | |
| | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2023 | | 2022 | Revenue by Source | | (amounts in thousands) | Spot revenues | | $ | 346,423 | | | $ | 379,621 | | Digital revenues | | 123,580 | | | 127,339 | | Network revenues | | 40,692 | | | 42,929 | | Sponsorships and event revenues | | 24,382 | | | 21,964 | | Other revenues | | 23,071 | | | 22,881 | | Net revenues | | $ | 558,148 | | | $ | 594,734 | | | | | | |
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Schedule of Components of Lease Expense |
The components of lease expense were as follows: | | | | | | | | | | | | | | | Lease Cost | | Three Months Ended June 30, | | | 2023 | | 2022 | | | (amounts in thousands) | Operating lease cost | | $ | 12,242 | | | $ | 12,767 | | Variable lease cost | | 2,661 | | | 2,369 | | | | | | | Total lease cost | | $ | 14,903 | | | $ | 15,136 | |
| | | | | | | | | | | | | | | Lease Cost | | Six Months Ended June 30, | | | 2023 | | 2022 | | | (amounts in thousands) | Operating lease cost | | $ | 24,496 | | | $ | 25,352 | | Variable lease cost | | 5,512 | | | 5,273 | | | | | | | Total lease cost | | $ | 30,008 | | | $ | 30,625 | | | | | | |
|
Schedule of Supplemental Cash Flow Information |
Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2023 | | 2022 | Description | | (amounts in thousands) | | | | | | Cash paid for amounts included in measurement of lease liabilities | | | | | Operating cash flows from operating leases | | $ | 26,768 | | | $ | 27,126 | | Right-of-use assets obtained in exchange for lease obligations | | | | | Operating leases | | $ | 22,108 | | | $ | 13,252 | |
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Changes in Broadcasting License |
The following table presents the changes in the carrying value of broadcasting licenses. Refer to Note 2, Business Combinations, and Note 14, Assets Held For Sale, for additional information. | | | | | | | | | | | | | Broadcasting Licenses Carrying Amount | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Broadcasting licenses balance as of January 1, | $ | 2,089,226 | | | $ | 2,251,546 | | Disposition of radio stations (See Note 2) | (4,956) | | | (4,377) | | Acquisitions (See Note 2) | — | | | 2,002 | | Loss on impairment | (124,830) | | | (159,089) | | Assets held for sale (See Note 14) | — | | | (856) | | Ending period balance | $ | 1,959,440 | | | $ | 2,089,226 | |
|
Schedule of Changes in Goodwill |
The following table presents the changes in goodwill. Refer to Note 2, Business Combinations, for additional information. | | | | | | | | | | | | | Goodwill Carrying Amount | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Goodwill balance before cumulative loss on impairment as of January 1, | $ | 1,062,588 | | | $ | 1,062,723 | | Accumulated loss on impairment as of January 1, | (998,673) | | | (980,547) | | Goodwill beginning balance after cumulative loss on impairment as of January 1, | 63,915 | | | 82,176 | | Loss on impairment | — | | | (18,126) | | | | | | | | | | Measurement period adjustments to acquired goodwill (See Note 2) | — | | | (135) | | Ending period balance | $ | 63,915 | | | $ | 63,915 | |
|
Schedule of Assumptions and Estimates for Broadcasting Licenses Impairment Testing |
The following table reflects the estimates and assumptions used in the interim and annual broadcasting licenses impairment assessments of each year. | | | | | | | | | | | | | | | Estimates And Assumptions | | Second Quarter 2023 | | Fourth Quarter 2022 | | | Discount rate | 9.5 | % | | 9.5 | % | | | Operating profit margin ranges for average stations in markets where the Company operates | 18% to 32% | | 18% to 33% | | | Forecasted growth rate (including long-term growth rate) range of the Company's markets | 0.0 | % | | 0.0% to 0.6% | | |
|
Schedule of Assumptions and Estimates for Goodwill Impairment Testing |
The following table reflects the estimates and assumptions used in the interim and annual goodwill impairment assessments of each year: | | | | | | | | | | | | | | | | | | Estimates And Assumptions | | | | Second Quarter 2023 | | Fourth Quarter 2022 | | Discount rate - podcast reporting unit | | | 11.5 | % | | 11.0 | % | |
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v3.23.2
OTHER CURRENT LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
Schedule of Other Current Liabilities |
Other current liabilities consist of the following as of the periods indicated: | | | | | | | | | | | | | Other Current Liabilities | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Accrued compensation | $ | 21,817 | | | $ | 25,730 | | Accounts receivable credits | 3,738 | | | 4,333 | | Advertiser obligations | 8,283 | | | 6,465 | | Accrued interest payable | 14,531 | | | 14,933 | | Unearned revenue | 12,936 | | | 13,687 | | | | | | | | | | Accrued sports rights | 2,826 | | | 3,397 | | Accrued benefits | 5,452 | | | 7,640 | | Non-income tax liabilities | 1,858 | | | 1,804 | | | | | | Other | 2,886 | | | 2,560 | | Total other current liabilities | $ | 74,327 | | | $ | 80,549 | |
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v3.23.2
LONG-TERM DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
Long-term debt was comprised of the following as of the periods indicated: | | | | | | | | | | | | | Long-Term Debt | | June 30, 2023 | | December 31, 2022 | | (amounts in thousands) | Credit Facility | | | | Revolver | $ | 219,000 | | | $ | 180,000 | | Term B-2 Loan, due November 17, 2024 | 632,415 | | | 632,415 | | Plus unamortized premium | 975 | | | 1,116 | | | 852,390 | | | 813,531 | | 2027 Notes | | | | 6.500% notes due May 1, 2027 | 460,000 | | | 460,000 | | Plus unamortized premium | 2,849 | | | 3,220 | | | 462,849 | | | 463,220 | | | | | | 2029 Notes | | | | 6.750% notes due March 31, 2029 | 540,000 | | | 540,000 | | | 540,000 | | | 540,000 | | | | | | Accounts receivable facility | 75,000 | | | 75,000 | | | | | | | | | | | | | | | | | | | | | | | | | | Other debt | 23 | | | 23 | | Total debt before deferred financing costs | 1,930,262 | | | 1,891,774 | | | | | | Deferred financing costs (excludes the revolving credit) | (9,147) | | | (11,412) | | Total long-term debt, net of current debt | $ | 1,921,115 | | | $ | 1,880,362 | | Outstanding standby letters of credit | $ | 7,488 | | | $ | 5,909 | |
|
Schedule of Net Interest Expense |
The components of net interest expense are as follows: | | | | | | | | | | | | | Net Interest Expense | | Three Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Interest expense | $ | 32,627 | | | $ | 23,504 | | Amortization of deferred financing costs | 2,176 | | | 1,281 | | Amortization of original issue premium of senior notes | (255) | | | (256) | | Interest income and other investment income | — | | | — | | Total net interest expense | $ | 34,548 | | | $ | 24,529 | |
| | | | | | | | | | | | | Net Interest Expense | | Six Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Interest expense | $ | 64,000 | | | $ | 46,043 | | Amortization of deferred financing costs | 3,441 | | | 2,540 | | Amortization of original issue premium of senior notes | (512) | | | (512) | | Interest income and other investment income | — | | | (71) | | Total net interest expense | $ | 66,929 | | | $ | 48,000 | | | | | |
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v3.23.2
DERIVATIVE AND HEDGING ACTIVITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Outstanding Derivatives |
As of June 30, 2023, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type Of Hedge | | Notional Amount | | Effective Date | | Collar | | Fixed LIBOR Rate | | Expiration Date | | Notional Amount Decreases | | Amount After Decrease | | | (amounts in millions) | | | | | | | | | | | | (amounts in millions) | | | | | | | Cap | | 2.75% | | | | | | | Collar | | $ | 90.0 | | | Jun. 25, 2019 | | Floor | | 0.402% | | Jun. 28, 2024 | | Jun. 28, 2023 | | $ | 90.0 | | Total | | $ | 90.0 | | | | | | | | | | | | | |
|
Schedule of Accumulated Derivatives Gain (Loss) Included in Comprehensive Income (Loss) |
The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of June 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | Accumulated Derivative Gain (Loss) | Description | | June 30, 2023 | | December 31, 2022 | | | (amounts in thousands) | Accumulated derivative unrealized gain (loss) | | $ | 1,711 | | | $ | 2,942 | |
The following tables present the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the six months ended June 30, 2023 and June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | Other Comprehensive Income (Loss) | Net Change in Accumulated Derivative Unrealized Gain (Loss) | | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations | Three Months Ended June 30, | 2023 | | 2022 | | 2023 | | 2022 | (amounts in thousands) | $ | (391) | | | $ | 553 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | Other Comprehensive Income (Loss) | Net Change in Accumulated Derivative Unrealized Gain (Loss) | | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations | Six Months Ended June 30, | 2023 | | 2022 | | 2023 | | 2022 | (amounts in thousands) | $ | (1,231) | | | $ | 1,776 | | | $ | — | | | $ | 232 | | | | | | | | |
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v3.23.2
NET INCOME (LOSS) PER COMMON SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Net Income (Loss) Per Share Reconciliation |
The following tables present the computations of basic and diluted net income (loss) per share from continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (amounts in thousands, except per share data) | Basic (Loss) Per Share | | | | | | | | Numerator | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss | $ | (125,802) | | | $ | (773) | | | (161,705) | | | $ | (11,846) | | Denominator | | | | | | | | Basic weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss per share - Basic | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | | Diluted (Loss) Per Share | | | | | | | | Numerator | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss | $ | (125,802) | | | $ | (773) | | | $ | (161,705) | | | $ | (11,846) | | Denominator | | | | | | | | Basic weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | | Effect of RSUs and options under the treasury stock method | — | | | — | | | — | | | — | | Diluted weighted average shares outstanding | 4,723 | | | 4,615 | | | 4,723 | | | 4,614 | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss per share - Diluted | $ | (26.64) | | | $ | (0.17) | | | $ | (34.24) | | | $ | (2.57) | |
|
Schedule of Antidilutive Shares Excluded |
The following table presents those shares excluded as they were anti-dilutive: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Impact Of Equity Issuances | 2023 | | 2022 | | 2023 | | 2022 | | (amounts in thousands, except per share data) | Shares excluded as anti-dilutive under the treasury stock method: | | | | | | | | Options | 17 | | | 20 | | | 19 | | | 20 | | Price range of options: from | $ | 106.20 | | | $ | 106.20 | | | $ | 106.20 | | | $ | 106.20 | | Price range of options: to | $ | 419.40 | | | $ | 419.40 | | | $ | 419.40 | | | $ | 419.40 | | RSUs with service conditions | 268 | | | 113 | | | 268 | | | 28 | | RSUs excluded with service and market conditions as market conditions not met | 25 | | | 3 | | | 25 | | | 3 | | Excluded shares as anti-dilutive when reporting a net loss | — | | | 12 | | | — | | | 53 | | | | | | | | | |
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v3.23.2
SHARE-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Changes in RSUs |
The following is a summary of the changes in RSUs under the Plan during the current period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Period Ended | | Number of Restricted Stock Units* | | Weighted Average Purchase Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value as of June 30, 2023 | | (amounts in thousands) | RSUs outstanding as of: | December 31, 2022 | | 208 | | | | | | | | RSUs awarded | June 30, 2023 | | 200 | | | | | | | | RSUs released | June 30, 2023 | | (112) | | | | | | | | RSUs forfeited | June 30, 2023 | | (12) | | | | | | | | RSUs outstanding as of: | June 30, 2023 | | 284 | | | $ | — | | | 1.68 | | $ | 605 | | RSUs vested and expected to vest as of: | June 30, 2023 | | 283 | | | $ | — | | | 1.68 | | $ | 602 | | RSUs exercisable (vested and deferred) as of: | June 30, 2023 | | — | | | $ | — | | | $ | — | | | $ | — | | Weighted average remaining recognition period in years | | | 2.66 | | | | | | | Unamortized compensation expense | | | $ | 5,321 | | | | | | | | *Reverse Stock Split applied
|
Schedule of Option Activity |
The following table presents the option activity during the current period under the Plan: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Period Ended | | Number of Options* | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Intrinsic Value as of June 30 2023 | | (amounts in thousands) | Options outstanding as of: | December 31, 2022 | | 20 | | | $ | 339.90 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options expired | June 30, 2023 | | (5) | | | 397.20 | | | | | | Options outstanding as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | | Options vested and expected to vest as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | | Options vested and exercisable as of: | June 30, 2023 | | 15 | | | $ | 320.55 | | | 1.81 | | $ | — | | Weighted average remaining recognition period in years | | | 0.0 | | | | | | | Unamortized compensation expense | | | $ | — | | | | | | | |
*Reverse Stock Split applied
|
Schedule of Significant Ranges of Outstanding and Exercisable Options |
The following table summarizes significant ranges of outstanding and exercisable options as of the current period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | | | | | (amounts in thousands) | Range of Exercise Prices | | Number of Options Outstanding June 30, 2023 | | Weighted Average Remaining Contractual Life | | Weighted Average Exercise Price | | Number of Options Exercisable June 30, 2023 | | Weighted Average Exercise Price | From | | To | $ | 106.20 | | | 210.3 | | | 2 | | | 6.0 | | 162.05 | | | 2 | | | $ | 162.05 | | $ | 289.80 | | | 419.4 | | | 13 | | | 1.1 | | 347.75 | | | 13 | | | $ | 347.75 | | $ | 106.20 | | | 419.4 | | | 15 | | | 1.81 | | 320.55 | | | 15 | | | $ | 320.55 | | *Reverse Stock Split applied
|
Schedule of Non-Cash Stock-Based Compensation Expense |
The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in the Company’s statement of operations: | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Station operating expenses | $ | 433 | | | $ | 990 | | Corporate general and administrative expenses | 616 | | | 2,113 | | Stock-based compensation expense included in operating expenses | 1,049 | | | 3,103 | | Income tax benefit (1) | 195 | | | 683 | | After-tax stock-based compensation expense | $ | 854 | | | $ | 2,420 | |
| | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Station operating expenses | $ | 1,146 | | | $ | 2,160 | | Corporate general and administrative expenses | 1,852 | | | 3,933 | | Stock-based compensation expense included in operating expenses | 2,998 | | | 6,093 | | Income tax benefit (1) | 585 | | | 1,354 | | After-tax stock-based compensation expense | $ | 2,413 | | | $ | 4,739 | |
(1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.
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v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Recurring Fair Value Measurements |
The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At Reporting Date | Description | | Balance at June 30, 2023 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (1) | | | (amounts in thousands) | Assets | | | | | | | | | | | Interest Rate Cash Flow Hedge (2) | | $ | 2,334 | | | $ | — | | | $ | 2,334 | | | $ | — | | | $ | — | | | | | | | | | | | | | Liabilities | | | | | | | | | | | Deferred compensation plan liabilities (3) | | $ | 20,153 | | | $ | 16,305 | | | $ | — | | | $ | — | | | $ | 3,848 | | | | | | | | | | | | | Contingent Consideration (4) | | $ | 30 | | | $ | — | | | $ | — | | | $ | 30 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At Reporting Date | Description | | Balance at December 31, 2022 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (1) | | | (amounts in thousands) | Assets | | | | | | | | | | | Interest Rate Cash Flow Hedge (2) | | $ | 4,012 | | | $ | — | | | $ | 4,012 | | | $ | — | | | $ | — | | | | | | | | | | | | | Liabilities | | | | | | | | | | | Deferred compensation plan liabilities (3) | | $ | 24,123 | | | $ | 19,944 | | | $ | — | | | $ | — | | | $ | 4,179 | | | | | | | | | | | | | Contingent Consideration (4) | | $ | 12 | | | $ | — | | | $ | — | | | $ | 12 | | | $ | — | |
(1)The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance, these investments have not been classified in the fair value hierarchy. (2)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at June 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity. (3)The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. (4)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at June 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity. (5)In connection with the Podcorn Acquisition, the Company recorded a liability for contingent consideration payable based upon the achievement of certain annual performance benchmarks over 2 years. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates using a scenario based model, and remeasured quarterly. The significant unobservable inputs (Level 3) used to estimate the fair value include the projected Adjusted EBITDA values for 2022 and 2023, as defined in the purchase agreement, and the discount rate.
|
Schedule of Carrying Value of Financial Instruments |
The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | (amounts in thousands) | Term B-2 Loans (1) | $ | 632,415 | | | $ | 352,571 | | | $ | 632,415 | | | $ | 454,548 | | Revolver (2) | $ | 219,000 | | | $ | 219,000 | | | $ | 180,000 | | | $ | 180,000 | | | | | | | | | | 2029 Notes (3) | $ | 540,000 | | | $ | 75,263 | | | $ | 540,000 | | | $ | 92,138 | | 2027 Notes (3) | $ | 460,000 | | | $ | 76,763 | | | $ | 460,000 | | | $ | 82,513 | | Accounts receivable facility (4) | $ | 75,000 | | | | | $ | 75,000 | | | | Other debt (4) | $ | 22 | | | | | $ | 23 | | | | Letters of credit (4) | $ | 7,488 | | | | | $ | 5,909 | | | |
The following methods and assumptions were used to estimate the fair value of financial instruments: (1)The Company utilizes a Level 2 valuation input based upon the market trading price of the Term B-2 Loan to compute the fair value as the Term B-2 Loan is traded in the debt securities market. The fair value of the Term B-2 Loan is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (2)The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (3)The Company utilizes a Level 2 valuation input based upon the market trading prices of the 2029 Notes and 2027 Notes to compute the fair value as these 2029 Notes and 2027 Notes are traded in the debt securities market. The 2029 Notes and 2027 Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (4)The Company does not believe it is practicable to estimate the fair value of the accounts receivable facility, other debt or the outstanding standby letters of credit.
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- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.23.2
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- DefinitionTabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).
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v3.23.2
SHAREHOLDERS' EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Stockholders' Equity Note [Abstract] |
|
Schedule of Amounts Accrued and Unpaid on Unvested RSUs |
The following table presents the amounts accrued and unpaid dividends on unvested RSUs as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | Dividend Equivalent Liabilities | | Balance Sheet Location | | June 30, 2023 | | December 31, 2022 | | | | (amounts in thousands) | Short-term | Other current liabilities | | $ | 160 | | | $ | 229 | | Long-term | Other long-term liabilities | | 19 | | | 1 | | Total | | | $ | 179 | | | $ | 230 | |
|
Schedule of ESPP Shares Purchased and Non-Cash Comp Expense |
The following table presents the amount of shares purchased and non-cash compensation expense recognized in connection with the ESPP as of the periods indicated: | | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | (amounts in thousands) | Number of shares purchased | — | | | 202 | | Non-cash compensation expense recognized | $ | — | | | $ | 46 | |
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- DefinitionTabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date.
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v3.23.2
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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BUSINESS COMBINATIONS AND EXCHANGES - Narrative (Details) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
Dec. 22, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
fCCLicenseAndAsset
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Proceeds from sale of property, equipment, intangibles and other assets |
|
|
$ 16,900
|
|
|
$ 32,724
|
$ 2,960
|
Gain on sale of assets |
|
|
$ 12,400
|
|
|
|
|
Number of FCC licenses and assets to be sold | fCCLicenseAndAsset |
|
|
2
|
|
|
|
|
Beasley Exchange 2022 |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Loss on sale of business |
$ 2,000
|
|
|
|
|
|
|
CALIFORNIA |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Proceeds from sale of property, equipment, intangibles and other assets |
|
$ 15,700
|
|
|
|
|
|
Gain on sale of assets |
|
9,900
|
|
|
|
|
|
Asset held for sale |
|
|
|
$ 5,800
|
|
|
|
Transaction fees |
|
$ 300
|
|
|
|
|
|
Houston Texas |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Gain on sale of assets |
|
|
|
|
$ 10,600
|
|
|
Asset held for sale |
|
|
|
|
|
|
$ 4,200
|
NEVADA |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Proceeds from sale of property, equipment, intangibles and other assets |
|
|
|
39,100
|
|
|
|
Gain on sale of assets |
|
|
|
$ 35,300
|
|
|
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v3.23.2
RESTRUCTURING CHARGES - Restructuring charges (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total restructuring charges |
$ 8,511
|
$ 1,016
|
$ 10,932
|
$ 1,902
|
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag |
|
|
Total restructuring charges
|
Total restructuring charges
|
Costs to exit duplicative and loss-making contracts |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total restructuring charges |
7,644
|
0
|
$ 8,039
|
$ 0
|
Workforce reduction |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total restructuring charges |
705
|
930
|
2,565
|
1,651
|
Other restructuring costs |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total restructuring charges |
$ 162
|
$ 86
|
$ 328
|
$ 251
|
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RESTRUCTURING CHARGES - Accrued Restructuring (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Restructuring Reserve [Roll Forward] |
|
|
Restructuring charges, beginning balance |
$ 2,750
|
$ 2,623
|
Additions |
10,932
|
10,008
|
Payments/Settlements |
(11,373)
|
(9,881)
|
Restructuring charges, ending balance |
2,309
|
2,750
|
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0
|
0
|
Restructuring charges - current portion |
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|
$ 2,750
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REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net revenues |
$ 298,513
|
$ 319,439
|
$ 558,148
|
$ 594,734
|
Spot revenues |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net revenues |
187,114
|
204,486
|
346,423
|
379,621
|
Digital revenues |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net revenues |
66,655
|
69,300
|
123,580
|
127,339
|
Network revenues |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net revenues |
20,824
|
21,789
|
40,692
|
42,929
|
Sponsorships and event revenues |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net revenues |
11,938
|
11,638
|
24,382
|
21,964
|
Other revenues |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net revenues |
$ 11,982
|
$ 12,226
|
$ 23,071
|
$ 22,881
|
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v3.23.2
LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Leases [Abstract] |
|
|
|
|
Operating lease cost |
$ 12,242
|
$ 12,767
|
$ 24,496
|
$ 25,352
|
Variable lease cost |
2,661
|
2,369
|
5,512
|
5,273
|
Total lease cost |
$ 14,903
|
$ 15,136
|
$ 30,008
|
$ 30,625
|
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL - Changes in Carrying Value of Broadcasting Licenses (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Indefinite-lived Intangible Assets [Roll Forward] |
|
|
Broadcasting licenses balance as of January 1, |
$ 2,089,226
|
$ 2,251,546
|
Disposition of radio stations |
(4,956)
|
(4,377)
|
Acquisitions |
0
|
2,002
|
Loss on impairment |
(124,830)
|
(159,089)
|
Assets held for sale |
0
|
(856)
|
Ending period balance |
$ 1,959,440
|
$ 2,089,226
|
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] |
Impairment loss
|
Impairment loss
|
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL - Changes in Goodwill (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Goodwill [Roll Forward] |
|
|
|
Goodwill balance before cumulative loss on impairment as of January 1, |
|
$ 1,062,588
|
$ 1,062,723
|
Accumulated loss on impairment as of January 1, |
|
(998,673)
|
$ (980,547)
|
Goodwill beginning balance after cumulative loss on impairment as of January 1, |
$ 63,915
|
82,176
|
|
Loss on impairment |
0
|
(18,126)
|
|
Measurement period adjustments to acquired goodwill (See Note 2) |
0
|
(135)
|
|
Ending period balance |
$ 63,915
|
$ 63,915
|
|
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v3.23.2
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] |
|
|
Accrued compensation |
$ 21,817
|
$ 25,730
|
Accounts receivable credits |
3,738
|
4,333
|
Advertiser obligations |
8,283
|
6,465
|
Accrued interest payable |
14,531
|
14,933
|
Unearned revenue |
12,936
|
13,687
|
Accrued sports rights |
2,826
|
3,397
|
Accrued benefits |
5,452
|
7,640
|
Non-income tax liabilities |
1,858
|
1,804
|
Other |
2,886
|
2,560
|
Total other current liabilities |
$ 74,327
|
$ 80,549
|
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v3.23.2
LONG-TERM DEBT - Long Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Carrying value of debt |
$ 1,930,262
|
$ 1,891,774
|
Long-term debt |
1,921,115
|
1,880,362
|
Deferred financing costs (excludes the revolving credit) |
(9,147)
|
(11,412)
|
Outstanding standby letters of credit |
7,488
|
5,909
|
Credit Facility |
|
|
Debt Instrument [Line Items] |
|
|
Plus unamortized premium |
975
|
1,116
|
Long-term debt |
852,390
|
813,531
|
Credit Facility | Revolver |
|
|
Debt Instrument [Line Items] |
|
|
Carrying value of debt |
219,000
|
180,000
|
Credit Facility | Term B-2 Loan, due November 17, 2024 |
|
|
Debt Instrument [Line Items] |
|
|
Carrying value of debt |
632,415
|
632,415
|
Senior Notes | 6.500% notes due May 1, 2027 |
|
|
Debt Instrument [Line Items] |
|
|
Carrying value of debt |
460,000
|
460,000
|
Plus unamortized premium |
2,849
|
3,220
|
Long-term debt |
$ 462,849
|
463,220
|
Debt instrument, stated percentage (percent) |
6.50%
|
|
Senior Notes | 6.750% notes due March 31, 2029 |
|
|
Debt Instrument [Line Items] |
|
|
Carrying value of debt |
$ 540,000
|
540,000
|
Long-term debt |
$ 540,000
|
540,000
|
Debt instrument, stated percentage (percent) |
6.75%
|
|
Accounts receivable facility |
|
|
Debt Instrument [Line Items] |
|
|
Carrying value of debt |
$ 75,000
|
75,000
|
Other debt |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
$ 23
|
$ 23
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v3.23.2
LONG-TERM DEBT - Senior Debt and Credit Facility (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2019 |
Jun. 30, 2023 |
Dec. 31, 2019 |
Senior secured second-lien notes due 2027 |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Notes issued |
|
$ 325,000,000
|
|
$ 325,000,000
|
$ 325,000,000
|
$ 325,000,000
|
Interest rate on notes |
|
|
|
|
|
6.50%
|
Debt issuance price, percentage of principal (percent) |
|
100.75%
|
|
|
|
|
Senior secured second-lien notes due 2027 | Debt Instrument, Redemption, Period One |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Redemption rate as a percentage of principal amount |
|
|
|
|
|
106.50%
|
Senior secured second-lien notes due 2027 | Debt Instrument, Redemption, Period Two |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Redemption rate as a percentage of principal amount |
|
|
|
|
|
104.875%
|
Senior Secured Second-Lien Notes Due 2027 - Additional Notes |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Notes issued |
|
$ 45,000,000
|
|
$ 100,000,000
|
$ 100,000,000
|
$ 100,000,000
|
Interest rate on notes |
|
6.50%
|
|
6.50%
|
|
|
Debt issuance price, percentage of principal (percent) |
|
|
|
105.00%
|
|
|
Senior Notes | 6.500% notes due May 1, 2027 |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Repurchase amount |
$ 10,000,000
|
|
|
|
|
|
Gain on repurchase |
$ 600,000
|
|
|
|
|
|
Debt instrument, stated percentage (percent) |
|
|
|
|
6.50%
|
|
Senior Notes | 6.750% notes due March 31, 2029 |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, stated percentage (percent) |
|
|
|
|
6.75%
|
|
Senior Debt Obligations |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Consolidated leverage ratio |
|
|
|
|
3.7
|
|
Refinancing expenses |
|
|
$ 500,000
|
|
|
|
Senior Debt Obligations | Maximum |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Consolidated leverage ratio |
|
|
|
|
4.0
|
|
Senior Debt Obligations | New Revolver |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Long-term line of credit |
|
|
|
|
$ 227,300,000
|
|
Senior Debt Obligations | Credit Facility | Maximum |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Consolidated leverage ratio |
|
|
|
|
4.5
|
|
Covenant effective period |
|
|
|
|
1 year
|
|
Senior Debt Obligations | 6.750% notes due March 31, 2029 |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Notes issued |
|
|
$ 540,000,000
|
|
|
|
Debt instrument, stated percentage (percent) |
|
|
6.75%
|
|
|
|
Debt issuance costs |
|
|
$ 6,600,000
|
|
|
|
Senior Debt Obligations | Revolver |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Repayments of debt |
|
|
40,000,000
|
|
|
|
Debt issuance costs attributable to the revolver |
|
|
$ 400,000
|
|
|
|
Senior Debt Obligations | 7.25% senior unsecured notes, due November 1, 2024 |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, stated percentage (percent) |
|
|
7.25%
|
|
|
|
Repayments of debt |
|
|
$ 400,000,000
|
|
|
|
Term Loan | Term B-2 Loan, due November 17, 2024 |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Repayments of debt |
|
|
$ 77,000,000
|
|
|
|
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v3.23.2
LONG-TERM DEBT - Accounts Receivable Facility (Details)
|
|
6 Months Ended |
|
Jul. 15, 2021
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
Accounts receivable, after allowance for credit loss |
|
$ 238,864,000
|
$ 261,357,000
|
Carrying value of debt |
|
$ 1,930,262,000
|
1,891,774,000
|
Senior Debt Obligations |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Consolidated leverage ratio |
|
3.7
|
|
Senior Debt Obligations | Maximum |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Consolidated leverage ratio |
|
4.0
|
|
Accounts receivable facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Borrowing under the accounts receivable facility |
$ 75,000,000
|
|
|
Minimum tangible net worth covenant |
|
$ 300,000,000
|
|
Minimum liquidity covenant |
|
25,000,000
|
|
Accounts receivable, after allowance for credit loss |
|
211,300,000
|
|
Carrying value of debt |
|
$ 75,000,000
|
$ 75,000,000
|
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LONG-TERM DEBT - Net Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Debt Disclosure [Abstract] |
|
|
|
|
Interest expense |
$ 32,627
|
$ 23,504
|
$ 64,000
|
$ 46,043
|
Amortization of deferred financing costs |
2,176
|
1,281
|
3,441
|
2,540
|
Amortization of original issue premium of senior notes |
(255)
|
(256)
|
(512)
|
(512)
|
Interest income and other investment income |
0
|
0
|
0
|
(71)
|
Total net interest expense |
$ 34,548
|
$ 24,529
|
$ 66,929
|
$ 48,000
|
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v3.23.2
NET INCOME (LOSS) PER COMMON SHARE - Basic and Diluted Net Income (loss) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Numerator |
|
|
|
|
Net loss |
$ (125,802)
|
$ (773)
|
$ (161,705)
|
$ (11,846)
|
Denominator |
|
|
|
|
Basic weighted average shares outstanding (in shares) |
4,723,023
|
4,615,396
|
4,723,023
|
4,614,364
|
Net loss per share - Basic (in dollars per share) |
$ (26.64)
|
$ (0.17)
|
$ (34.24)
|
$ (2.57)
|
Numerator |
|
|
|
|
Net loss |
$ (125,802)
|
$ (773)
|
$ (161,705)
|
$ (11,846)
|
Denominator |
|
|
|
|
Basic weighted average shares outstanding (in shares) |
4,723,023
|
4,615,396
|
4,723,023
|
4,614,364
|
Effect of RSUs and options under the treasury stock method (in shares) |
0
|
0
|
0
|
0
|
Diluted weighted average shares outstanding (in shares) |
4,723,023
|
4,615,396
|
4,723,023
|
4,614,364
|
Net loss per share - Diluted (in dollars per share) |
$ (26.64)
|
$ (0.17)
|
$ (34.24)
|
$ (2.57)
|
X |
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v3.23.2
SHARE-BASED COMPENSATION - Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands |
6 Months Ended |
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Number of Options* |
|
Options beginning (in shares) | shares |
20
|
Options expired (in shares) | shares |
(5,000)
|
Options ending (in shares) | shares |
15
|
Options vested and expected to vest (in shares) | shares |
15
|
Options vested and exercisable (in shares) | shares |
15
|
Unamortized compensation expense | $ |
$ 0
|
Weighted Average Exercise Price |
|
Weighted average exercise price - beginning (in dollars per shares) | $ / shares |
$ 339.90
|
Weighted Average Exercise Price - expired (in dollars per shares) | $ / shares |
397.20
|
Weighted average exercise price - ending (in dollars per shares) | $ / shares |
320.55
|
Weighted average exercise price - vested and expected (in dollars per shares) | $ / shares |
320.55
|
Weighted average exercise price - vested and exercisable (in dollars per shares) | $ / shares |
$ 320.55
|
Weighted Average Remaining Contractual Term (Years) |
|
Weighted average remaining contractual life, outstanding |
1 year 9 months 21 days
|
Weighted average remaining contractual life, vested and expected to vest |
1 year 9 months 21 days
|
Weighted average remaining contractual life, vested and exercisable |
1 year 9 months 21 days
|
Intrinsic Value |
|
Intrinsic value, outstanding | $ |
$ 0
|
Intrinsic value, vested and expected to vest | $ |
0
|
Intrinsic value, vested and exercisable | $ |
$ 0
|
Options |
|
Number of Options* |
|
Weighted average remaining recognition period in years |
0 years
|
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v3.23.2
SHARE-BASED COMPENSATION - Outstanding and Exercisable Options (Details) - $ / shares shares in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Price range of options: from (in dollars per share) |
$ 106.20
|
|
Price range of options: to (in dollars per share) |
$ 419.4
|
|
Options outstanding number (in shares) |
15
|
20
|
Weighted Average Remaining Contractual Life |
1 year 9 months 21 days
|
|
Options outstanding, weighted average exercise price (in dollars per share) |
$ 320.55
|
$ 339.90
|
Options, vested and expected to vest, exercisable, number (in shares) |
15
|
|
Options, vested and expected to vest, exercisable, weighted average exercise price (in dollars per share) |
$ 320.55
|
|
Exercise Prices One |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Price range of options: from (in dollars per share) |
106.20
|
|
Price range of options: to (in dollars per share) |
$ 210.3
|
|
Options outstanding number (in shares) |
2
|
|
Weighted Average Remaining Contractual Life |
6 years
|
|
Options outstanding, weighted average exercise price (in dollars per share) |
$ 162.05
|
|
Options, vested and expected to vest, exercisable, number (in shares) |
2
|
|
Options, vested and expected to vest, exercisable, weighted average exercise price (in dollars per share) |
$ 162.05
|
|
Exercise Prices Two |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Price range of options: from (in dollars per share) |
289.80
|
|
Price range of options: to (in dollars per share) |
$ 419.4
|
|
Options outstanding number (in shares) |
13
|
|
Weighted Average Remaining Contractual Life |
1 year 1 month 6 days
|
|
Options outstanding, weighted average exercise price (in dollars per share) |
$ 347.75
|
|
Options, vested and expected to vest, exercisable, number (in shares) |
13
|
|
Options, vested and expected to vest, exercisable, weighted average exercise price (in dollars per share) |
$ 347.75
|
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v3.23.2
SHARE-BASED COMPENSATION - Non Cash Stock Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense included in operating expenses |
$ 1,049
|
$ 3,103
|
$ 2,998
|
$ 6,093
|
Income tax benefit |
195
|
683
|
585
|
1,354
|
After-tax stock-based compensation expense |
854
|
2,420
|
2,413
|
4,739
|
Station operating expenses |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense included in operating expenses |
433
|
990
|
1,146
|
2,160
|
Corporate general and administrative expenses |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense included in operating expenses |
$ 616
|
$ 2,113
|
$ 1,852
|
$ 3,933
|
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v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands |
Mar. 09, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Liabilities |
|
|
|
Contingent Consideration |
|
$ 30
|
$ 12
|
Podcorn |
|
|
|
Liabilities |
|
|
|
Performance period |
2 years
|
|
|
Assets |
|
|
|
Assets |
|
|
|
Interest Rate Cash Flow Hedge |
|
2,334
|
4,012
|
Liabilities |
|
|
|
Liabilities |
|
|
|
Deferred compensation plan liabilities |
|
20,153
|
24,123
|
Quoted prices in active markets Level 1 |
|
|
|
Liabilities |
|
|
|
Contingent Consideration |
|
0
|
0
|
Quoted prices in active markets Level 1 | Assets |
|
|
|
Assets |
|
|
|
Interest Rate Cash Flow Hedge |
|
0
|
0
|
Quoted prices in active markets Level 1 | Liabilities |
|
|
|
Liabilities |
|
|
|
Deferred compensation plan liabilities |
|
16,305
|
19,944
|
Significant other observable inputs Level 2 |
|
|
|
Liabilities |
|
|
|
Contingent Consideration |
|
0
|
0
|
Significant other observable inputs Level 2 | Assets |
|
|
|
Assets |
|
|
|
Interest Rate Cash Flow Hedge |
|
2,334
|
4,012
|
Significant other observable inputs Level 2 | Liabilities |
|
|
|
Liabilities |
|
|
|
Deferred compensation plan liabilities |
|
0
|
0
|
Significant unobservable inputs Level 3 |
|
|
|
Liabilities |
|
|
|
Contingent Consideration |
|
30
|
12
|
Significant unobservable inputs Level 3 | Assets |
|
|
|
Assets |
|
|
|
Interest Rate Cash Flow Hedge |
|
0
|
0
|
Significant unobservable inputs Level 3 | Liabilities |
|
|
|
Liabilities |
|
|
|
Deferred compensation plan liabilities |
|
0
|
0
|
Fair Value Measured at Net Asset Value |
|
|
|
Liabilities |
|
|
|
Contingent Consideration |
|
0
|
0
|
Fair Value Measured at Net Asset Value | Assets |
|
|
|
Assets |
|
|
|
Interest Rate Cash Flow Hedge |
|
0
|
0
|
Fair Value Measured at Net Asset Value | Liabilities |
|
|
|
Liabilities |
|
|
|
Deferred compensation plan liabilities |
|
$ 3,848
|
$ 4,179
|
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v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Term B-2 Loans | Carrying Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
$ 632,415
|
$ 632,415
|
Term B-2 Loans | Fair Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
352,571
|
454,548
|
Revolver | Carrying Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
219,000
|
180,000
|
Revolver | Fair Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
219,000
|
180,000
|
2029 Notes | Carrying Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
540,000
|
540,000
|
2029 Notes | Fair Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
75,263
|
92,138
|
2027 Notes | Carrying Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
460,000
|
460,000
|
2027 Notes | Fair Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
76,763
|
82,513
|
Accounts receivable facility | Carrying Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
75,000
|
75,000
|
Other debt | Carrying Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
22
|
23
|
Letters of credit | Carrying Value |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value of debt |
$ 7,488
|
$ 5,909
|
X |
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v3.23.2
ASSETS HELD FOR SALE - Narrative (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Net assets held for sale |
$ 2,476
|
$ 5,474
|
License And Assets |
|
|
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|
|
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|
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