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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES (Tables) | 3 Months Ended
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Mar. 31, 2020
CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) | CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2020 (Unaudited and in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non-Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 309,497 |  |  | $ | 24,962 |  |  | $ | 1,032 |  |  | $ | — |  |  | $ | 335,491 |
Restricted cash |  |  | 300 |  |  |  | 6 |  |  |  | 16,544 |  |  |  | — |  |  |  | 16,850 |
Accounts receivable, net of allowance |  |  | 129,398 |  |  |  | 564,083 |  |  |  | (9,483 | ) |  |  | (411,400 | ) |  |  | 272,598 |
Prepaid expenses and other current assets |  |  | 3,537 |  |  |  | 33,864 |  |  |  | 1,637 |  |  |  | (4,076 | ) |  |  | 34,962 |
Total current assets |  |  | 442,732 |  |  |  | 622,915 |  |  |  | 9,730 |  |  |  | (415,476 | ) |  |  | 659,901 |
Real estate and related assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 2,217,045 |  |  |  | 260,491 |  |  |  | 281,146 |  |  |  | — |  |  |  | 2,758,682 |
Other real estate assets |  |  | 235,691 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 235,691 |
Goodwill |  |  | 35,425 |  |  |  | 15,112 |  |  |  | — |  |  |  | — |  |  |  | 50,537 |
Non-current deferred tax assets |  |  | — |  |  |  | 14,006 |  |  |  | — |  |  |  | (343 | ) |  |  | 13,663 |
Other assets |  |  | 622,709 |  |  |  | 126,733 |  |  |  | 192,860 |  |  |  | (581,977 | ) |  |  | 360,325 |
Total assets |  | $ | 3,553,602 |  |  | $ | 1,039,257 |  |  | $ | 483,736 |  |  | $ | (997,796 | ) |  | $ | 4,078,799 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 265,908 |  |  | $ | 364,841 |  |  | $ | 103,058 |  |  | $ | (415,442 | ) |  | $ | 318,365 |
Current portion of long-term debt, net |  |  | 25,353 |  |  |  | — |  |  |  | 9,538 |  |  |  | — |  |  |  | 34,891 |
Total current liabilities |  |  | 291,261 |  |  |  | 364,841 |  |  |  | 112,596 |  |  |  | (415,442 | ) |  |  | 353,256 |
Long-term debt, net |  |  | 1,889,449 |  |  |  | 114,706 |  |  |  | 347,272 |  |  |  | (115,000 | ) |  |  | 2,236,427 |
Non-current deferred tax liabilities |  |  | 343 |  |  |  | — |  |  |  | — |  |  |  | (343 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 9,061 |  |  |  | — |  |  |  | — |  |  |  | 9,061 |
Other liabilities |  |  | 17,144 |  |  |  | 80,654 |  |  |  | 3,581 |  |  |  | — |  |  |  | 101,379 |
Total liabilities |  |  | 2,198,197 |  |  |  | 569,262 |  |  |  | 463,449 |  |  |  | (530,785 | ) |  |  | 2,700,123 |
Total equity |  |  | 1,355,405 |  |  |  | 469,995 |  |  |  | 20,287 |  |  |  | (467,011 | ) |  |  | 1,378,676 |
Total liabilities and equity |  | $ | 3,553,602 |  |  | $ | 1,039,257 |  |  | $ | 483,736 |  |  | $ | (997,796 | ) |  | $ | 4,078,799 |
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 45,427 |  |  | $ | 45,309 |  |  | $ | 1,384 |  |  | $ | — |  |  | $ | 92,120 |
Restricted cash |  |  | — |  |  |  | 7 |  |  |  | 26,966 |  |  |  | — |  |  |  | 26,973 |
Accounts receivable, net of allowance |  |  | 154,533 |  |  |  | 545,291 |  |  |  | 86 |  |  |  | (419,125 | ) |  |  | 280,785 |
Prepaid expenses and other current assets |  |  | 3,084 |  |  |  | 32,600 |  |  |  | 3,966 |  |  |  | (4,143 | ) |  |  | 35,507 |
Total current assets |  |  | 203,044 |  |  |  | 623,207 |  |  |  | 32,402 |  |  |  | (423,268 | ) |  |  | 435,385 |
Real estate and related assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 2,226,822 |  |  |  | 272,888 |  |  |  | 200,397 |  |  |  | — |  |  |  | 2,700,107 |
Other real estate assets |  |  | 238,637 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 238,637 |
Goodwill |  |  | 35,425 |  |  |  | 15,112 |  |  |  | — |  |  |  | — |  |  |  | 50,537 |
Non-current deferred tax assets |  |  | — |  |  |  | 14,125 |  |  |  | 2,411 |  |  |  | (478 | ) |  |  | 16,058 |
Other assets |  |  | 606,718 |  |  |  | 136,125 |  |  |  | 173,268 |  |  |  | (565,204 | ) |  |  | 350,907 |
Total assets |  | $ | 3,310,646 |  |  | $ | 1,061,457 |  |  | $ | 408,478 |  |  | $ | (988,950 | ) |  | $ | 3,791,631 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 261,588 |  |  | $ | 396,703 |  |  | $ | 102,404 |  |  | $ | (423,233 | ) |  | $ | 337,462 |
Current portion of long-term debt |  |  | 23,776 |  |  |  | — |  |  |  | 7,573 |  |  |  | — |  |  |  | 31,349 |
Total current liabilities |  |  | 285,364 |  |  |  | 396,703 |  |  |  | 109,977 |  |  |  | (423,233 | ) |  |  | 368,811 |
Long-term debt, net |  |  | 1,629,745 |  |  |  | 114,682 |  |  |  | 298,596 |  |  |  | (115,000 | ) |  |  | 1,928,023 |
Non-current deferred tax liabilities |  |  | 478 |  |  |  | — |  |  |  | — |  |  |  | (478 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 12,469 |  |  |  | — |  |  |  | — |  |  |  | 12,469 |
Other liabilities |  |  | 18,310 |  |  |  | 87,269 |  |  |  | — |  |  |  | — |  |  |  | 105,579 |
Total liabilities |  |  | 1,933,897 |  |  |  | 611,123 |  |  |  | 408,573 |  |  |  | (538,711 | ) |  |  | 2,414,882 |
Total stockholders' equity |  |  | 1,376,749 |  |  |  | 450,334 |  |  |  | (95 | ) |  |  | (450,239 | ) |  |  | 1,376,749 |
Total liabilities and stockholders' equity |  | $ | 3,310,646 |  |  | $ | 1,061,457 |  |  | $ | 408,478 |  |  | $ | (988,950 | ) |  | $ | 3,791,631 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the three months ended March 31, 2020 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 336,062 |  |  | $ | 405,482 |  |  | $ | 9,047 |  |  | $ | (259,490 | ) |  | $ | 491,101 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 267,851 |  |  |  | 350,872 |  |  |  | 3,082 |  |  |  | (259,490 | ) |  |  | 362,315 |
General and administrative |  |  | 10,168 |  |  |  | 21,111 |  |  |  | — |  |  |  | — |  |  |  | 31,279 |
Depreciation and amortization |  |  | 23,483 |  |  |  | 11,310 |  |  |  | 3,159 |  |  |  | — |  |  |  | 37,952 |
Asset impairments |  |  | 404 |  |  |  | 132 |  |  |  | — |  |  |  | — |  |  |  | 536 |
|  |  | 301,906 |  |  |  | 383,425 |  |  |  | 6,241 |  |  |  | (259,490 | ) |  |  | 432,082 |
OPERATING INCOME |  |  | 34,156 |  |  |  | 22,057 |  |  |  | 2,806 |  |  |  | — |  |  |  | 59,019 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 19,123 |  |  |  | 1,638 |  |  |  | 1,777 |  |  |  | — |  |  |  | 22,538 |
Other (income) expense |  |  | (490 | ) |  |  | (75 | ) |  |  | 32 |  |  |  | — |  |  |  | (533 | )
|  |  | 18,633 |  |  |  | 1,563 |  |  |  | 1,809 |  |  |  | — |  |  |  | 22,005 |
INCOME BEFORE INCOME TAXES |  |  | 15,523 |  |  |  | 20,494 |  |  |  | 997 |  |  |  | — |  |  |  | 37,014 |
Income tax expense |  |  | (275 | ) |  |  | (416 | ) |  |  | (3,085 | ) |  |  | — |  |  |  | (3,776 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 15,248 |  |  |  | 20,078 |  |  |  | (2,088 | ) |  |  | — |  |  |  | 33,238 |
Income from equity in subsidiaries |  |  | 17,990 |  |  |  | — |  |  |  | — |  |  |  | (17,990 | ) |  |  | — |
NET INCOME |  |  | 33,238 |  |  |  | 20,078 |  |  |  | (2,088 | ) |  |  | (17,990 | ) |  |  | 33,238 |
Net income attributable to non-controlling interest |  |  | — |  |  |  | — |  |  |  | (1,181 | ) |  |  | — |  |  |  | (1,181 | )
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |  | $ | 33,238 |  |  | $ | 20,078 |  |  | $ | (3,269 | ) |  | $ | (17,990 | ) |  | $ | 32,057 |
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 CASH FLOWS (Unaudited) | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2020 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Net cash provided by (used in) operating activities |  | $ | 82,070 |  |  | $ | (15,566 | ) |  | $ | 8,873 |  |  | $ | — |  |  | $ | 75,377 |
Net cash used in investing activities |  |  | (18,520 | ) |  |  | (5,265 | ) |  |  | (18,284 | ) |  |  | — |  |  |  | (42,069 | )
Net cash provided by (used in) financing activities |  |  | 200,820 |  |  |  | 483 |  |  |  | (1,363 | ) |  |  | — |  |  |  | 199,940 |
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | 264,370 |  |  |  | (20,348 | ) |  |  | (10,774 | ) |  |  | — |  |  |  | 233,248 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period |  |  | 45,427 |  |  |  | 45,316 |  |  |  | 28,350 |  |  |  | — |  |  |  | 119,093 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period |  | $ | 309,797 |  |  | $ | 24,968 |  |  | $ | 17,576 |  |  | $ | — |  |  | $ | 352,341 |
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 |

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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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