v3.24.2.u1

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION | 6 Months Ended
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Jun. 30, 2024
Reorganizations [Abstract] |
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION | CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed combined financial statements of the Debtors. The results of the Company's non-debtor entity, Audacy Receivables, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the condensed combined Debtors' financial statements. Intercompany transactions between the Debtors and Audacy Receivables have not been eliminated in the Debtors' financial statements. The Debtors' transfer of trade receivables to Audacy Receivables and receipt of receivable collections, net of collection costs are reflected as capital contributions and distributions through Investment in affiliates. The Debtors also earn a fee for servicing the contributed receivables from Audacy Receivables, and unpaid servicing fees are reflected in the Due from affiliates balance. The Debtor's loss on sale of receivables and income related to its servicing of receivables are reflected as Other income and expense with affiliates. The results of operations of the Debtors may not represent the actual results if operating on a stand-alone basis. 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 |
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) |
Debtors' 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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