v3.24.2.u1

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Reorganizations [Abstract] |
Schedule of Condensed Combined Debtor-In-Possession Combined Balance Sheet | Debtors Balance Sheets (amounts in thousands) (unaudited)
| June 30, 2024 |  | December 31, 2023
ASSETS: |  |  |
Cash | $ | 97,562 |  |  | $ | 59,989 |
Accounts receivable, net of allowance for doubtful accounts | 13,624 |  |  | 13,918 |
Prepaid expenses, deposits and other | 70,124 |  |  | 70,537 |
Due from affiliates | 154 |  |  | 178 |
Total current assets | 181,464 |  |  | 144,622 |
Investment in affiliates | 174,364 |  |  | 184,868 |
Net property and equipment | 274,739 |  |  | 284,681 |
Operating lease right-of-use assets | 188,326 |  |  | 202,010 |
Radio broadcasting licenses | 794,771 |  |  | 794,771 |
Goodwill | 63,915 |  |  | 63,915 |
Assets held for sale | — |  |  | 1,544 |
Software, net | 109,745 |  |  | 129,128 |
Other assets, net of accumulated amortization | 25,665 |  |  | 22,772 |
TOTAL ASSETS | $ | 1,812,989 |  |  | $ | 1,828,311 |
LIABILITIES: |  |  |
Accounts payable | $ | 11,911 |  |  | $ | 21,742 |
Accrued expenses | 66,484 |  |  | 73,040 |
Other current liabilities | 50,943 |  |  | 131,031 |
Operating lease liabilities | 39,014 |  |  | 37,631 |
Short-term borrowing | 32,000 |  |  |
Long-term debt, current portion | — |  |  | 1,849,518 |
Total current liabilities | 200,352 |  |  | 2,112,962 |
Long-term debt | — |  |  | — |
Operating lease liabilities, net of current portion | 179,794 |  |  | 201,802 |
Deferred tax liabilities | 94,367 |  |  | 101,937 |
Other long-term liabilities | 20,788 |  |  | 23,508 |
Liabilities subject to compromise | 1,931,787 |  |  | — |
SHAREHOLDERS' DEFICIT: |  |  |
Equity (deficit) | (614,099) |  |  | (611,898) |
Total shareholders' deficit | (614,099) |  |  | (611,898) |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 1,812,989 |  |  | $ | 1,828,311 |
Schedule of Condensed Combined Debtor-In-Possession Combined Statement of Operations | Debtors' Statements of Operations (amounts in thousands) (unaudited)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
NET REVENUES | $ | 301,610 |  |  | $ | 298,513 |  |  | $ | 563,417 |  |  | $ | 558,148 |
OPERATING EXPENSE: |  |  |  |  |  |  |
Station operating expenses | 251,715 |  |  | 266,121 |  |  | 484,208 |  |  | 500,048 |
Depreciation and amortization expense | 21,714 |  |  | 17,575 |  |  | 43,624 |  |  | 35,017 |
Corporate general and administrative expenses | 21,094 |  |  | 25,881 |  |  | 44,041 |  |  | 51,179 |
Restructuring charges | 3,870 |  |  | 8,511 |  |  | 4,312 |  |  | 10,932 |
Impairment loss | 5,473 |  |  | 125,355 |  |  | 5,629 |  |  | 130,405 |
Net loss (gain) on sale or disposal of assets | 634 |  |  | (9,876) |  |  | (15,170) |  |  | (22,280) |
Other expenses | 72 |  |  | 243 |  |  | 161 |  |  | 353 |
TOTAL OPERATING EXPENSES | 304,572 |  |  | 433,810 |  |  | 566,805 |  |  | 705,654 |
OPERATING LOSS | (2,962) |  |  | (135,297) |  |  | (3,388) |  |  | (147,506) |
Interest expense, net | 849 |  |  | 33,043 |  |  | 4,350 |  |  | 63,933 |
Reorganization items. net | 8,063 |  |  | — |  |  | 34,097 |  |  | — |
Other (income) expense | (5,964) |  |  | 6,971 |  |  | (26,849) |  |  | 10,865 |
LOSS BEFORE INCOME TAXES | (5,910) |  |  | (175,311) |  |  | (14,986) |  |  | (222,304) |
INCOME TAX BENEFIT | (3,086) |  |  | (44,041) |  |  | (7,571) |  |  | (52,730) |
NET LOSS | $ | (2,824) |  |  | $ | (131,270) |  |  | $ | (7,415) |  |  | $ | (169,574) |
Schedule of Condensed Combined Debtor-In-Possession Combined Statement of Cash Flows | ebtors' Statements of Cash Flows (amounts in thousands) (unaudited)
| Six Months Ended June 30,
| 2024 |  | 2023
OPERATING ACTIVITIES: |  |  |
Net cash used in operating activities | $ | (44,134) |  |  | $ | (96,899) |
INVESTING ACTIVITIES: |  |  |
Additions to property and equipment | (6,078) |  |  | (25,024) |
Proceeds from sale of property, equipment, intangibles and other assets | 14,395 |  |  | 32,724 |
Additions to software | (10,682) |  |  | — |
Proceeds from sale of investment | 39,119 |  |  | — |
Net cash provided by investing activities | 36,754 |  |  | 7,700 |
FINANCING ACTIVITIES: |  |  |
Borrowing DIP Facility | 32,000 |  |  | 39,000 |
Payment for debt issuance costs associated with short-term borrowing | (2,081) |  |  | — |
Purchase of vested employee restricted stock units | — |  |  | (129) |
Payment of dividend equivalents on vested restricted stock units | — |  |  | (39) |
Net distributions from investment in affiliates | 15,034 |  |  | 33,173 |
Net cash provided by financing activities | 44,953 |  |  | 72,005 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 37,573 |  |  | (17,194) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 59,989 |  |  | 88,989 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 97,562 |  |  | $ | 71,795 |

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