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QUARTERLY RESULTS OF OPERATIONS (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data) |  | Successor Company
|  | Three Months Ended March 31, |  | Three Months Ended June 30, |  |  |  | Three Months Ended September 30, |  | Three Months Ended December 31,
|  | 2020 |  | 2020 |  |  |  | 2020 |  |  |  | 2020 |  |
Revenue |  | $ | 780,634 |  |  | $ | 487,648 |  |  |  |  | $ | 744,406 |  |  |  |  | $ | 935,530 |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating expenses |  | 301,632 |  |  | 249,866 |  |  |  |  | 276,719 |  |  |  |  | 334,931 |  |  |
Selling, general and administrative expenses |  | 344,141 |  |  | 261,219 |  |  |  |  | 292,581 |  |  |  |  | 327,156 |  |  |
Corporate expenses |  | 39,949 |  |  | 26,419 |  |  |  |  | 34,657 |  |  |  |  | 43,547 |  |  |
Depreciation and amortization |  | 96,768 |  |  | 103,347 |  |  |  |  | 99,379 |  |  |  |  | 103,435 |  |  |
Impairment charges |  | 1,727,857 |  |  | 5,378 |  |  |  |  | — |  |  |  |  | 5,517 |  |  |
Other operating expense, net |  | 1,066 |  |  | 506 |  |  |  |  | 1,675 |  |  |  |  | 8,097 |  |  |
Operating income (loss) |  | (1,730,779) |  |  | (159,087) |  |  |  |  | 39,395 |  |  |  |  | 112,847 |  |  |
Interest expense, net |  | 90,089 |  |  | 81,963 |  |  |  |  | 85,562 |  |  |  |  | 86,131 |  |  |
Gain (loss) on investments, net |  | (9,955) |  |  | 1,280 |  |  |  |  | 62 |  |  |  |  | (733) |  |  |
Equity in income (loss) of nonconsolidated affiliates |  | (564) |  |  | (31) |  |  |  |  | (58) |  |  |  |  | 274 |  |  |
Other income (expense), net |  | (7,860) |  |  | (1,258) |  |  |  |  | (1,177) |  |  |  |  | 2,544 |  |  |
Income (loss) before income taxes |  | (1,839,247) |  |  | (241,059) |  |  |  |  | (47,340) |  |  |  |  | 28,801 |  |  |
Income tax benefit (expense) |  | 150,511 |  |  | 43,742 |  |  |  |  | 15,228 |  |  |  |  | (25,858) |  |  |
Net income (loss) |  | (1,688,736) |  |  | (197,317) |  |  |  |  | (32,112) |  |  |  |  | 2,943 |  |  |
Less amount attributable to noncontrolling interest |  | — |  |  | — |  |  |  |  | — |  |  |  |  | (523) |  |  |
Net income (loss) attributable to the Company |  | $ | (1,688,736) |  |  | $ | (197,317) |  |  |  |  | $ | (32,112) |  |  |  |  | $ | 3,466 |  |  |
Net income (loss) attributable to the Company per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (11.60) |  |  | $ | (1.35) |  |  |  |  | $ | (0.22) |  |  |  |  | $ | 0.02 |  |  |
Diluted |  | $ | (11.60) |  |  | $ | (1.35) |  |  |  |  | $ | (0.22) |  |  |  |  | $ | 0.02 |  |  |
The Successor Company's Class A common shares are quoted for trading on the Nasdaq Global Select Market under the symbol IHRT.
(In thousands, except per share data) | Predecessor Company |  |  | Successor Company
| Three Months Ended March 31, |  | Period from April 1, 2019 through May 1, |  |  | Period from May 2, 2019 through June 30, |  | Three Months Ended September 30, |  | Three Months Ended December 31,
| 2019 |  | 2019 |  |  | 2019 |  | 2019 |  | 2019
Revenue | $ | 795,797 |  |  | $ | 277,674 |  |  |  | $ | 635,646 |  |  | $ | 948,338 |  |  | $ | 1,026,072 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating expenses | 282,874 |  |  | 98,310 |  |  |  | 198,772 |  |  | 316,740 |  |  | 363,444 |
Selling, general and administrative expenses | 324,934 |  |  | 102,296 |  |  |  | 220,231 |  |  | 327,115 |  |  | 350,324 |
Corporate expenses | 39,141 |  |  | 14,506 |  |  |  | 26,818 |  |  | 58,513 |  |  | 50,840 |
Depreciation and amortization | 38,290 |  |  | 14,544 |  |  |  | 59,383 |  |  | 95,268 |  |  | 94,972 |
Impairment charges | 91,382 |  |  | — |  |  |  | — |  |  | — |  |  | — |
Other operating (income) expense, net | 27 |  |  | 127 |  |  |  | (3,246) |  |  | 9,880 |  |  | 1,366 |
Operating income | 19,149 |  |  | 47,891 |  |  |  | 133,688 |  |  | 140,822 |  |  | 165,126 |
Interest expense (income), net | (99) |  |  | (400) |  |  |  | 69,711 |  |  | 100,967 |  |  | 96,095 |
Gain (loss) on investments, net | (10,237) |  |  | — |  |  |  | — |  |  | 1,735 |  |  | (22,663) |
Equity in loss of nonconsolidated affiliates | (7) |  |  | (59) |  |  |  | (24) |  |  | (1) |  |  | (254) |
Other income (expense), net | (127) |  |  | 150 |  |  |  | (9,157) |  |  | (12,457) |  |  | 3,348 |
Reorganization items, net | (36,118) |  |  | 9,497,944 |  |  |  | — |  |  | — |  |  | — |
Income (loss) from continuing operations before income taxes | (27,241) |  |  | 9,546,326 |  |  |  | 54,796 |  |  | 29,132 |  |  | 49,462 |
Income tax benefit (expense) | 61,194 |  |  | (100,289) |  |  |  | (16,003) |  |  | (16,758) |  |  | 12,670 |
Income from continuing operations | 33,953 |  |  | 9,446,037 |  |  |  | 38,793 |  |  | 12,374 |  |  | 62,132 |
Income (loss) from discontinued operations | (169,554) |  |  | 1,854,677 |  |  |  | — |  |  | — |  |  | — |
Net income (loss) | (135,601) |  |  | 11,300,714 |  |  |  | 38,793 |  |  | 12,374 |  |  | 62,132 |
Less amount attributable to noncontrolling interest | (21,218) |  |  | 2,190 |  |  |  | — |  |  | — |  |  | 751 |
Net income (loss) attributable to the Company | $ | (114,383) |  |  | $ | 11,298,524 |  |  |  | $ | 38,793 |  |  | $ | 12,374 |  |  | $ | 61,381 |
Net income (loss) to the Company per common share: |  |  |  |  |  |  |
From continuing operations - Basic | $ | 0.40 |  |  | $ | 110.28 |  |  |  | $ | 0.27 |  |  | $ | 0.08 |  |  | $ | 0.42 |
From discontinued operations - Basic | $ | (1.73) |  |  | $ | 21.63 |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
From continuing operations - Diluted | $ | 0.40 |  |  | $ | 110.28 |  |  |  | $ | 0.27 |  |  | $ | 0.08 |  |  | $ | 0.42 |
From discontinued operations - Diluted | $ | (1.73) |  |  | $ | 21.63 |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The Predecessor Company's Class A common shares were quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT. The Successor Company's Class A common shares are quoted for trading on the Nasdaq Global Select Market under the symbol IHRT.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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