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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES (Tables) | 3 Months Ended
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Mar. 31, 2019
CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) | CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2019 (Unaudited and in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non-Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 220 |  |  | $ | 20,049 |  |  | $ | 230 |  |  | $ | — |  |  | $ | 20,499 |
Restricted cash |  |  | — |  |  |  | — |  |  |  | 32,901 |  |  |  | — |  |  |  | 32,901 |
Accounts receivable, net of allowance |  |  | 204,817 |  |  |  | 495,734 |  |  |  | 1,830 |  |  |  | (428,814 | ) |  |  | 273,567 |
Prepaid expenses and other current assets |  |  | 3,288 |  |  |  | 28,169 |  |  |  | 1,021 |  |  |  | (4,114 | ) |  |  | 28,364 |
Total current assets |  |  | 208,325 |  |  |  | 543,952 |  |  |  | 35,982 |  |  |  | (432,928 | ) |  |  | 355,331 |
Real estate and related assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 2,252,514 |  |  |  | 263,499 |  |  |  | 278,754 |  |  |  | — |  |  |  | 2,794,767 |
Other real estate assets |  |  | 244,479 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 244,479 |
Goodwill |  |  | 33,057 |  |  |  | 15,112 |  |  |  | — |  |  |  | — |  |  |  | 48,169 |
Non-current deferred tax assets |  |  | 1,153 |  |  |  | 12,654 |  |  |  | 1,751 |  |  |  | (1,751 | ) |  |  | 13,807 |
Other assets |  |  | 534,288 |  |  |  | 131,794 |  |  |  | 37,485 |  |  |  | (489,740 | ) |  |  | 213,827 |
Total assets |  | $ | 3,273,816 |  |  | $ | 967,011 |  |  | $ | 353,972 |  |  | $ | (924,419 | ) |  | $ | 3,670,380 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 271,625 |  |  | $ | 381,859 |  |  | $ | 110,026 |  |  | $ | (432,893 | ) |  | $ | 330,617 |
Current portion of long-term debt |  |  | 9,983 |  |  |  | — |  |  |  | 5,465 |  |  |  | — |  |  |  | 15,448 |
Total current liabilities |  |  | 281,608 |  |  |  | 381,859 |  |  |  | 115,491 |  |  |  | (432,893 | ) |  |  | 346,065 |
Long-term debt, net |  |  | 1,590,001 |  |  |  | 114,483 |  |  |  | 238,630 |  |  |  | (115,000 | ) |  |  | 1,828,114 |
Non-current deferred tax liabilities |  |  | 1,751 |  |  |  | — |  |  |  | — |  |  |  | (1,751 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 22,694 |  |  |  | — |  |  |  | — |  |  |  | 22,694 |
Other liabilities |  |  | 18,042 |  |  |  | 73,051 |  |  |  | — |  |  |  | — |  |  |  | 91,093 |
Total liabilities |  |  | 1,891,402 |  |  |  | 592,087 |  |  |  | 354,121 |  |  |  | (549,644 | ) |  |  | 2,287,966 |
Total stockholders' equity |  |  | 1,382,414 |  |  |  | 374,924 |  |  |  | (149 | ) |  |  | (374,775 | ) |  |  | 1,382,414 |
Total liabilities and stockholders' equity |  | $ | 3,273,816 |  |  | $ | 967,011 |  |  | $ | 353,972 |  |  | $ | (924,419 | ) |  | $ | 3,670,380 |
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 11,109 |  |  | $ | 40,348 |  |  | $ | 1,345 |  |  | $ | — |  |  | $ | 52,802 |
Restricted cash |  |  | — |  |  |  | — |  |  |  | 21,335 |  |  |  | — |  |  |  | 21,335 |
Accounts receivable, net of allowance |  |  | 254,766 |  |  |  | 445,105 |  |  |  | 1,809 |  |  |  | (431,083 | ) |  |  | 270,597 |
Prepaid expenses and other current assets |  |  | 4,412 |  |  |  | 26,939 |  |  |  | 1,951 |  |  |  | (4,511 | ) |  |  | 28,791 |
Total current assets |  |  | 270,287 |  |  |  | 512,392 |  |  |  | 26,440 |  |  |  | (435,594 | ) |  |  | 373,525 |
Real estate and related assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 2,255,361 |  |  |  | 310,989 |  |  |  | 264,239 |  |  |  | — |  |  |  | 2,830,589 |
Other real estate assets |  |  | 247,223 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 247,223 |
Goodwill |  |  | 33,057 |  |  |  | 15,112 |  |  |  | — |  |  |  | — |  |  |  | 48,169 |
Non-current deferred tax assets |  |  | 727 |  |  |  | 14,220 |  |  |  | 1,165 |  |  |  | (1,165 | ) |  |  | 14,947 |
Other assets |  |  | 507,161 |  |  |  | 61,104 |  |  |  | 38,112 |  |  |  | (465,170 | ) |  |  | 141,207 |
Total assets |  | $ | 3,313,816 |  |  | $ | 913,817 |  |  | $ | 329,956 |  |  | $ | (901,929 | ) |  | $ | 3,655,660 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 294,474 |  |  | $ | 377,699 |  |  | $ | 115,661 |  |  | $ | (435,559 | ) |  | $ | 352,275 |
Current portion of long-term debt |  |  | 8,720 |  |  |  | — |  |  |  | 5,401 |  |  |  | — |  |  |  | 14,121 |
Total current liabilities |  |  | 303,194 |  |  |  | 377,699 |  |  |  | 121,062 |  |  |  | (435,559 | ) |  |  | 366,396 |
Long-term debt, net |  |  | 1,579,273 |  |  |  | 114,428 |  |  |  | 208,854 |  |  |  | (115,000 | ) |  |  | 1,787,555 |
Non-current deferred tax liabilities |  |  | 1,165 |  |  |  | — |  |  |  | — |  |  |  | (1,165 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 26,102 |  |  |  | — |  |  |  | — |  |  |  | 26,102 |
Other liabilities |  |  | 15,125 |  |  |  | 45,423 |  |  |  | — |  |  |  | — |  |  |  | 60,548 |
Total liabilities |  |  | 1,898,757 |  |  |  | 563,652 |  |  |  | 329,916 |  |  |  | (551,724 | ) |  |  | 2,240,601 |
Total stockholders' equity |  |  | 1,415,059 |  |  |  | 350,165 |  |  |  | 40 |  |  |  | (350,205 | ) |  |  | 1,415,059 |
Total liabilities and stockholders' equity |  | $ | 3,313,816 |  |  | $ | 913,817 |  |  | $ | 329,956 |  |  | $ | (901,929 | ) |  | $ | 3,655,660 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the three months ended March 31, 2019 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non-Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 335,212 |  |  | $ | 392,077 |  |  | $ | 5,723 |  |  | $ | (248,948 | ) |  | $ | 484,064 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 257,493 |  |  |  | 334,995 |  |  |  | 2,292 |  |  |  | (248,948 | ) |  |  | 345,832 |
General and administrative |  |  | 10,028 |  |  |  | 19,417 |  |  |  | — |  |  |  | — |  |  |  | 29,445 |
Depreciation and amortization |  |  | 23,284 |  |  |  | 10,315 |  |  |  | 1,924 |  |  |  | — |  |  |  | 35,523 |
|  |  | 290,805 |  |  |  | 364,727 |  |  |  | 4,216 |  |  |  | (248,948 | ) |  |  | 410,800 |
OPERATING INCOME |  |  | 44,407 |  |  |  | 27,350 |  |  |  | 1,507 |  |  |  | — |  |  |  | 73,264 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 18,286 |  |  |  | 1,453 |  |  |  | 1,697 |  |  |  | — |  |  |  | 21,436 |
Other (income) expense |  |  | (68 | ) |  |  | 40 |  |  |  | 32 |  |  |  | — |  |  |  | 4 |
|  |  | 18,218 |  |  |  | 1,493 |  |  |  | 1,729 |  |  |  | — |  |  |  | 21,440 |
INCOME BEFORE INCOME TAXES |  |  | 26,189 |  |  |  | 25,857 |  |  |  | (222 | ) |  |  | — |  |  |  | 51,824 |
Income tax expense |  |  | (529 | ) |  |  | (1,955 | ) |  |  | — |  |  |  | — |  |  |  | (2,484 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 25,660 |  |  |  | 23,902 |  |  |  | (222 | ) |  |  | — |  |  |  | 49,340 |
Income from equity in subsidiaries |  |  | 23,680 |  |  |  | — |  |  |  | — |  |  |  | (23,680 | ) |  |  | — |
NET INCOME |  | $ | 49,340 |  |  | $ | 23,902 |  |  | $ | (222 | ) |  | $ | (23,680 | ) |  | $ | 49,340 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the three months ended March 31, 2018 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 307,529 |  |  | $ | 366,685 |  |  | $ | (233,298 | ) |  | $ | 440,916 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 242,185 |  |  |  | 310,264 |  |  |  | (233,298 | ) |  |  | 319,151 |
General and administrative |  |  | 8,235 |  |  |  | 16,736 |  |  |  | — |  |  |  | 24,971 |
Depreciation and amortization |  |  | 22,533 |  |  |  | 15,556 |  |  |  | — |  |  |  | 38,089 |
|  |  | 272,953 |  |  |  | 342,556 |  |  |  | (233,298 | ) |  |  | 382,211 |
OPERATING INCOME |  |  | 34,576 |  |  |  | 24,129 |  |  |  | — |  |  |  | 58,705 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 16,177 |  |  |  | 2,859 |  |  |  | — |  |  |  | 19,036 |
Other (income) expense |  |  | (118 | ) |  |  | 58 |  |  |  | 17 |  |  |  | (43 | )
|  |  | 16,059 |  |  |  | 2,917 |  |  |  | 17 |  |  |  | 18,993 |
INCOME BEFORE INCOME TAXES |  |  | 18,517 |  |  |  | 21,212 |  |  |  | (17 | ) |  |  | 39,712 |
Income tax expense |  |  | (423 | ) |  |  | (1,512 | ) |  |  | — |  |  |  | (1,935 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 18,094 |  |  |  | 19,700 |  |  |  | (17 | ) |  |  | 37,777 |
Income from equity in subsidiaries |  |  | 19,683 |  |  |  | — |  |  |  | (19,683 | ) |  |  | — |
NET INCOME |  | $ | 37,777 |  |  | $ | 19,700 |  |  | $ | (19,700 | ) |  | $ | 37,777 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non-Guarantor Subsidiaries |  |  | Consolidating Adjustments And Other |  |  | Total Consolidated Amounts |
Net cash provided by operating activities |  | $ | 54,278 |  |  | $ | 20,642 |  |  | $ | 2,903 |  |  | $ | — |  |  | $ | 77,823 |
Net cash provided by (used in) investing activities |  |  | 16,075 |  |  |  | (71,605 | ) |  |  | (22,280 | ) |  |  | (190 | ) |  |  | (78,000 | )
Net cash provided by (used in) financing activities |  |  | (81,242 | ) |  |  | 30,664 |  |  |  | 29,828 |  |  |  | 190 |  |  |  | (20,560 | )
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | (10,889 | ) |  |  | (20,299 | ) |  |  | 10,451 |  |  |  | — |  |  |  | (20,737 | )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period |  |  | 11,109 |  |  |  | 40,348 |  |  |  | 22,680 |  |  |  | — |  |  |  | 74,137 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period |  | $ | 220 |  |  | $ | 20,049 |  |  | $ | 33,131 |  |  | $ | — |  |  | $ | 53,400 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments And Other |  |  | Total Consolidated Amounts |
Net cash provided by operating activities |  | $ | 120,543 |  |  | $ | (12,064 | ) |  | $ | — |  |  | $ | 108,479 |
Net cash provided by (used in) investing activities |  |  | (80,955 | ) |  |  | 11,105 |  |  |  | — |  |  |  | (69,850 | )
Net cash used in financing activities |  |  | (29,913 | ) |  |  | (4,499 | ) |  |  | — |  |  |  | (34,412 | )
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | 9,675 |  |  |  | (5,458 | ) |  |  | — |  |  |  | 4,217 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period |  |  | 25,745 |  |  |  | 26,438 |  |  |  | — |  |  |  | 52,183 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period |  | $ | 35,420 |  |  | $ | 20,980 |  |  | $ | — |  |  | $ | 56,400 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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