v3.8.0.1

CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Commitments And Contingencies Guarantor Disclosure [Abstract] |
Scehdule of Rent Expense |
|  | Years Ended December 31,
|  | 2017 |  | 2016 |  | 2015
|  | (amounts in thousands)
Rent expense |  | $ | 23,742 |  | $ | 17,892 |  | $ | 16,116
Schedule of Contracts and Commitments |
|  | Future Minimum Annual Commitments
|  |  |  | Sale |  |  |  |  |  |
|  | Rent Under |  | Leaseback |  | Programming |  |  |
| Operating |  | Operating |  | and Related |  |  |
| Leases |  | Leases |  | Contracts |  | Total
| (amounts in thousands)
Years ending December 31, |  |  |  |  |  |  |  |  |  |  |
2018 | $ | 51,675 |  | $ | 895 |  | $ | 210,691 |  | $ | 263,261
2019 |  | 49,547 |  |  | 920 |  |  | 109,986 |  |  | 160,453
2020 |  | 44,962 |  |  | 948 |  |  | 80,699 |  |  | 126,609
2021 |  | 40,219 |  |  | 976 |  |  | 54,647 |  |  | 95,842
2022 |  | 34,853 |  |  | 1,006 |  |  | 34,529 |  |  | 70,388
Thereafter |  | 154,963 |  |  | 7,733 |  |  | 28,579 |  |  | 191,275
| $ | 376,219 |  | $ | 12,478 |  | $ | 519,131 |  | $ | 907,828
Schedule of Condensed Parent Company Balance Sheet |
| ENTERCOM COMMUNICATIONS CORP.
| CONDENSED PARENT COMPANY BALANCE SHEETS
| (amounts in thousands)
|  |  | 2017 |  | 2016
| ASSETS |  |  |  |  |  |
| Current Assets |  | $ | 96,530 |  | $ | 7,228
| Property And Equipment - Net |  |  | 26,410 |  |  | 2,866
| Goodwill - Net |  |  | 1,221,021 |  |  | -
| Assets Held For Sale |  |  | 114,278 |  |  | -
| Deferred Charges And |  |  |  |  |  |
| Other Assets - Net |  |  | 3,467 |  |  | 1,813
| Investment In Subsidiaries / Intercompany |  |  | 750,692 |  |  | 456,161
| TOTAL ASSETS |  | $ | 2,212,398 |  | $ | 468,068
| LIABILITIES AND |  |  |  |  |  |
| SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Current Liabilities |  | $ | 109,447 |  | $ | 20,042
| Long Term Liabilities |  |  | 338,591 |  |  | 26,920
| Total Liabilities |  |  | 448,038 |  |  | 46,962
| Perpetual Cumulative Convertible Preferred Stock |  |  | - |  |  | 27,732
| Shareholders' Equity: |  |  |  |  |  |
| Class A, B and C Common Stock |  |  | 1,437 |  |  | 407
| Additional Paid-In Capital |  |  | 1,737,132 |  |  | 605,603
| Accumulated Deficit |  |  | 25,791 |  |  | (212,636)
| Total shareholders' equity |  |  | 1,764,360 |  |  | 393,374
| TOTAL LIABILITIES AND |  |  |  |  |  |
| SHAREHOLDERS' EQUITY |  | $ | 2,212,398 |  | $ | 468,068
| See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Income Statement |
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY INCOME STATEMENTS
(amounts in thousands)
|  | YEARS ENDED DECEMBER 31,
|  | 2017 |  | 2016 |  | 2015
NET REVENUES |  | $ | (88) |  | $ | 2,131 |  | $ | 1,536
OPERATING (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 1,793 |  |  | 1,235 |  |  | 1,123
Corporate general and administrative expenses |  |  | 47,787 |  |  | 33,218 |  |  | 26,395
Restructuring charges and transition services costs |  |  | 11,314 |  |  | - |  |  | 2,858
Impairment loss |  |  | 511 |  |  | - |  |  | -
Merger and acquisition costs |  |  | 41,313 |  |  | 708 |  |  | 3,978
Other expenses related to financing |  |  | (117) |  |  | 565 |  |  | -
Net (gain) loss on sale or disposal of assets |  |  | (601) |  |  | (601) |  |  | (601)
Total operating expense |  |  | 102,000 |  |  | 35,125 |  |  | 33,753
OPERATING INCOME (LOSS) |  |  | (102,088) |  |  | (32,994) |  |  | (32,217)
Net interest expense, including amortization |  |  |  |  |  |  |  |  |
of deferred financing expense |  |  | 43 |  |  | 24 |  |  | -
Net recovery of a claim |  |  | - |  |  | 100 |  |  | -
Income from equity investment in subsidiaries |  |  | (78,895) |  |  | (85,977) |  |  | (79,838)
TOTAL OTHER (INCOME) EXPENSE |  |  | (78,852) |  |  | (85,853) |  |  | (79,838)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) |  |  | (23,236) |  |  | 52,859 |  |  | 47,621
INCOME TAXES (BENEFIT) |  |  | (257,085) |  |  | 14,794 |  |  | 18,437
NET INCOME AVAILABLE TO THE COMPANY - CONTINUING OPERATIONS |  |  | 233,849 |  |  | 38,065 |  |  | 29,184
Preferred stock dividend |  |  | (2,015) |  |  | (1,901) |  |  | (752)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS - CONTINUING OPERATIONS |  |  | 231,834 |  |  | 36,164 |  |  | 28,432
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS |  | $ | 231,834 |  | $ | 36,164 |  | $ | 28,432
See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Shareholder's Equity |
ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY
YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015
(amounts in thousands, except share data)
|  |  |  |  |  |  |  |  |  |  |  |  | Retained |  |  |
| Common Stock |  | Additional |  | Earnings |  |  |
| Class A |  | Class B |  | Paid-in |  | (Accumulated |  |  |
| Shares |  | Amount |  | Shares |  | Amount |  | Capital |  | Deficit) |  | Total
Balance, December 31, 2014 | 31,862,294 |  | $ | 319 |  | 7,197,532 |  | $ | 72 |  | $ | 608,515 |  | $ | (279,885) |  | $ | 329,021
Net income (loss) available to the Company | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 29,184 |  |  | 29,184
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock awards | 738,195 |  |  | 7 |  | - |  |  | - |  |  | 5,517 |  |  | - |  |  | 5,524
Exercise of stock options | 11,750 |  |  | - |  | - |  |  | - |  |  | 35 |  |  | - |  |  | 35
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (131,688) |  |  | (1) |  | - |  |  | - |  |  | (1,561) |  |  | - |  |  | (1,562)
Preferred stock dividend | - |  |  | - |  | - |  |  | - |  |  | (752) |  |  | - |  |  | (752)
Balance, December 31, 2015 | 32,480,551 |  |  | 325 |  | 7,197,532 |  |  | 72 |  |  | 611,754 |  |  | (250,701) |  |  | 361,450
Net income (loss) available to the Company | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 38,065 |  |  | 38,065
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock awards | 1,095,759 |  |  | 11 |  | - |  |  | - |  |  | 6,528 |  |  | - |  |  | 6,539
Issuance of common stock related to the Employee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock Purchase Plan ("ESPP") | 31,933 |  |  | - |  | - |  |  | - |  |  | 379 |  |  | - |  |  | 379
Exercise of stock options | 134,238 |  |  | 1 |  | - |  |  | - |  |  | 264 |  |  | - |  |  | 265
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (232,297) |  |  | (2) |  | - |  |  | - |  |  | (2,266) |  |  | - |  |  | (2,268)
Payment of dividends on common stock | - |  |  | - |  | - |  |  | - |  |  | (8,666) |  |  | - |  |  | (8,666)
Payment of dividends on preferred stock | - |  |  | - |  | - |  |  | - |  |  | (1,788) |  |  | - |  |  | (1,788)
Dividend equivalents, net of forfeitures | - |  |  | - |  | - |  |  | - |  |  | (602) |  |  | - |  |  | (602)
Balance, December 31, 2016 | 33,510,184 |  |  | 335 |  | 7,197,532 |  |  | 72 |  |  | 605,603 |  |  | (212,636) |  |  | 393,374
Net income (loss) available to the Company | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 233,849 |  |  | 233,849
Conversion of Class B common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to Class A common stock in the Merger | 3,152,333 |  |  | 32 |  | (3,152,333) |  |  | (32) |  |  | - |  |  | - |  |  | -
Issuance of Class A common stock in the Merger | 101,407,494 |  |  | 1,014 |  | - |  |  | - |  |  | 1,160,102 |  |  | - |  |  | 1,161,116
Equity awards assumed in the Merger | 618,325 |  |  | 6 |  | - |  |  | - |  |  | 6,771 |  |  | - |  |  | 6,777
Stock options assumed in the Merger | - |  |  | - |  | - |  |  | - |  |  | 1,007 |  |  | - |  |  | 1,007
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock awards | 2,066,241 |  |  | 21 |  | - |  |  | - |  |  | 9,546 |  |  | - |  |  | 9,567
Issuance of common stock related to the Employee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock Purchase Plan ("ESPP") | 14,833 |  |  | - |  | - |  |  | - |  |  | 182 |  |  | - |  |  | 182
Exercise of stock options | 8,250 |  |  | - |  | - |  |  | - |  |  | 42 |  |  | - |  |  | 42
Common stock repurchase | (932,600) |  |  | (9) |  | - |  |  | - |  |  | (10,666) |  |  | - |  |  | (10,675)
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (169,279) |  |  | (2) |  | - |  |  | - |  |  | (2,563) |  |  | - |  |  | (2,565)
Payment of dividends on common stock | - |  |  | - |  | - |  |  | - |  |  | (29,296) |  |  | - |  |  | (29,296)
Dividend equivalents, net of forfeitures | - |  |  | - |  | - |  |  | - |  |  | (1,556) |  |  | - |  |  | (1,556)
Payment of dividends on preferred stock | - |  |  | - |  | - |  |  | - |  |  | (2,574) |  |  | - |  |  | (2,574)
Modified retrospective application of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock-based compensation guidance | - |  |  | - |  | - |  |  | - |  |  | 534 |  |  | 4,578 |  |  | 5,112
Balance, December 31, 2017 | 139,675,781 |  | $ | 1,397 |  | 4,045,199 |  | $ | 40 |  | $ | 1,737,132 |  | $ | 25,791 |  | $ | 1,764,360
See notes to Parent Company financial statements.
Schedule of Condensed Parent Company Cash flow |
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS
(amounts in thousands)
|  | YEARS ENDED DECEMBER 31,
|  | 2017 |  | 2016 |  | 2015
OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | (69,704) |  | $ | (24,344) |  | $ | (25,355)
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Additions to property and equipment |  |  | (528) |  |  | (1,849) |  |  | (304)
Additions to amortizable intangible assets |  |  | - |  |  | (182) |  |  | (1,142)
Proceeds (distributions) from investments in subsidiaries |  |  | 116,127 |  |  | 44,527 |  |  | 29,030
Net cash provided by (used in) investing activities |  |  | 115,599 |  |  | 42,496 |  |  | 27,584
Proceeds from issuance of employee stock plan |  |  | 182 |  |  | 379 |  |  | -
Payment of fees associated with the issuance of preferred stock |  |  | - |  |  | - |  |  | (220)
Payment of call premium and other fees |  |  | - |  |  | (5,977) |  |  | -
Proceeds from the exercise of stock options |  |  | 42 |  |  | 265 |  |  | 35
Purchase of vested employee restricted stock units |  |  | (2,565) |  |  | (2,268) |  |  | (1,562)
Payment of dividends on common stock |  |  | (29,296) |  |  | (8,666) |  |  | -
Payment of dividend equivalents on vested restricted stock units |  |  | (1,556) |  |  | (94) |  |  | (7)
Repurchase of common stock |  |  | (10,042) |  |  | - |  |  | -
Payment of dividends on preferred stock |  |  | (2,574) |  |  | (1,788) |  |  | (413)
Net cash provided by (used in) financing activities |  |  | (45,809) |  |  | (18,149) |  |  | (2,167)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  |  | 86 |  |  | 3 |  |  | 62
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  |  | 198 |  |  | 195 |  |  | 133
CASH AND CASH EQUIVALENTS, END OF YEAR |  | $ | 284 |  | $ | 198 |  | $ | 195
See notes to condensed Parent Company financial statements.

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