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QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of 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.