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 accounts13,384 13,918 
Prepaid expenses, deposits and other77,830 70,537 
Due from affiliates140 178 
Total current assets187,900 144,622 
Investment in affiliates145,252 184,868 
Net property and equipment279,359 284,681 
Operating lease right-of-use assets195,984 202,010 
Radio broadcasting licenses794,771 794,771 
Goodwill63,915 63,915 
Assets held for sale— 1,544 
Software, net122,918 129,128 
Other assets, net of accumulated amortization24,070 22,772 
TOTAL ASSETS$1,814,169 $1,828,311 
LIABILITIES:
Accounts payable$6,214 $21,742 
Accrued expenses69,237 73,040 
Other current liabilities46,934 131,031 
Operating lease liabilities39,206 37,631 
Short-term borrowing32,000 
Long-term debt, current portion— 1,849,518 
Total current liabilities193,591 2,112,962 
Long-term debt— — 
Operating lease liabilities, net of current portion188,448 201,802 
Deferred tax liabilities97,452 101,937 
Other long-term liabilities21,930 23,508 
Liabilities subject to compromise1,931,787 — 
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,
20242023
NET REVENUES$261,806 $259,635 
OPERATING EXPENSE:
Station operating expenses232,492 233,927 
Depreciation and amortization expense21,910 17,442 
Corporate general and administrative expenses22,947 25,298 
Restructuring charges442 2,421 
Impairment loss156 5,050 
Net gain on sale or disposal of assets(15,804)(12,404)
Other expenses88 110 
TOTAL OPERATING EXPENSES262,231 271,844 
OPERATING LOSS(425)(12,209)
Interest expense, net3,500 30,889 
Reorganization items. net26,035 — 
Other (income) expense(20,885)3,894 
LOSS BEFORE INCOME TAXES(9,075)(46,992)
INCOME TAX BENEFIT(4,485)(8,689)
NET LOSS$(4,590)$(38,303)
Schedule of Condensed Combined Debtor-In-Possession Combined Statement of Cash Flows
Debtors' Statement of Cash Flows
(amounts in thousands)
(unaudited)
Three Months Ended
March 31,
20242023
OPERATING ACTIVITIES:
Net cash used in operating activities$(63,057)$(65,624)
INVESTING ACTIVITIES:
Additions to property and equipment(2,110)(7,195)
Proceeds from sale of property, equipment, intangibles and other assets14,395 16,866 
Additions to software(4,839)(6,423)
Proceeds from sale of investment25,489 — 
Net cash provided by investing activities32,935 3,248 
FINANCING ACTIVITIES:
Borrowing DIP Facility32,000 — 
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 affiliates36,760 50,322 
Net cash provided by financing activities66,679 50,125 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH36,557 (12,251)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR59,989 88,989 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$96,546 $76,738