v3.24.1.1.u2

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Reorganizations [Abstract] |
Schedule of Condensed Combined Debtor-In-Possession Combined Balance Sheet | Debtors Balance Sheet (amounts in thousands) (unaudited)
| March 31, 2024 |  | December 31, 2023
ASSETS: |  |  |
Cash | $ | 96,546 |  |  | $ | 59,989 |
Accounts receivable, net of allowance for doubtful accounts | 13,384 |  |  | 13,918 |
Prepaid expenses, deposits and other | 77,830 |  |  | 70,537 |
Due from affiliates | 140 |  |  | 178 |
Total current assets | 187,900 |  |  | 144,622 |
Investment in affiliates | 145,252 |  |  | 184,868 |
Net property and equipment | 279,359 |  |  | 284,681 |
Operating lease right-of-use assets | 195,984 |  |  | 202,010 |
Radio broadcasting licenses | 794,771 |  |  | 794,771 |
Goodwill | 63,915 |  |  | 63,915 |
Assets held for sale | — |  |  | 1,544 |
Software, net | 122,918 |  |  | 129,128 |
Other assets, net of accumulated amortization | 24,070 |  |  | 22,772 |
TOTAL ASSETS | $ | 1,814,169 |  |  | $ | 1,828,311 |
LIABILITIES: |  |  |
Accounts payable | $ | 6,214 |  |  | $ | 21,742 |
Accrued expenses | 69,237 |  |  | 73,040 |
Other current liabilities | 46,934 |  |  | 131,031 |
Operating lease liabilities | 39,206 |  |  | 37,631 |
Short-term borrowing | 32,000 |  |  |
Long-term debt, current portion | — |  |  | 1,849,518 |
Total current liabilities | 193,591 |  |  | 2,112,962 |
Long-term debt | — |  |  | — |
Operating lease liabilities, net of current portion | 188,448 |  |  | 201,802 |
Deferred tax liabilities | 97,452 |  |  | 101,937 |
Other long-term liabilities | 21,930 |  |  | 23,508 |
Liabilities subject to compromise | 1,931,787 |  |  | — |
SHAREHOLDERS' DEFICIT: |  |  |
Equity (deficit) | (619,039) |  |  | (611,898) |
Total shareholders' deficit | (619,039) |  |  | (611,898) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ | 1,814,169 |  |  | $ | 1,828,311 |
Schedule of Condensed Combined Debtor-In-Possession Combined Statement of Operations | Debtors' Statement of Operations (amounts in thousands) (unaudited)
| Three Months Ended
| March 31,
| 2024 |  | 2023
NET REVENUES | $ | 261,806 |  |  | $ | 259,635 |
OPERATING EXPENSE: |  |  |
Station operating expenses | 232,492 |  |  | 233,927 |
Depreciation and amortization expense | 21,910 |  |  | 17,442 |
Corporate general and administrative expenses | 22,947 |  |  | 25,298 |
Restructuring charges | 442 |  |  | 2,421 |
Impairment loss | 156 |  |  | 5,050 |
Net gain on sale or disposal of assets | (15,804) |  |  | (12,404) |
Other expenses | 88 |  |  | 110 |
TOTAL OPERATING EXPENSES | 262,231 |  |  | 271,844 |
OPERATING LOSS | (425) |  |  | (12,209) |
Interest expense, net | 3,500 |  |  | 30,889 |
Reorganization items. net | 26,035 |  |  | — |
Other (income) expense | (20,885) |  |  | 3,894 |
LOSS BEFORE INCOME TAXES | (9,075) |  |  | (46,992) |
INCOME TAX BENEFIT | (4,485) |  |  | (8,689) |
NET LOSS | $ | (4,590) |  |  | $ | (38,303) |
Schedule of Condensed Combined Debtor-In-Possession Combined Statement of Cash Flows | Debtors' Statement of Cash Flows (amounts in thousands) (unaudited)
| Three Months Ended
| March 31,
| 2024 |  | 2023
OPERATING ACTIVITIES: |  |  |
Net cash used in operating activities | $ | (63,057) |  |  | $ | (65,624) |
INVESTING ACTIVITIES: |  |  |
Additions to property and equipment | (2,110) |  |  | (7,195) |
Proceeds from sale of property, equipment, intangibles and other assets | 14,395 |  |  | 16,866 |
Additions to software | (4,839) |  |  | (6,423) |
Proceeds from sale of investment | 25,489 |  |  | — |
Net cash provided by investing activities | 32,935 |  |  | 3,248 |
FINANCING ACTIVITIES: |  |  |
Borrowing DIP Facility | 32,000 |  |  | — |
Payments of long-term debt | — |  |  | (10) |
Payment for debt issuance costs associated with short-term borrowing | (2,081) |  |  | — |
Purchase of vested employee restricted stock units | — |  |  | (127) |
Payment of dividend equivalents on vested restricted stock units | — |  |  | (60) |
Net distributions from investment in affiliates | 36,760 |  |  | 50,322 |
Net cash provided by financing activities | 66,679 |  |  | 50,125 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 36,557 |  |  | (12,251) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 59,989 |  |  | 88,989 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 96,546 |  |  | $ | 76,738 |

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