CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

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)

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