ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

Statement of Operations


	For The Six Months Ended June 30, 2019
	As Previously
	Reported		Adjustments		Restated

Provision For Income Taxes	$	5,366	$	(3,559)	$	1,807
Consolidated Net Income	$	599	$	3,559	$	4,158
Net (Loss) Income Attributable to Common Stockholders	$	(72)	$	3,559	$	3,487

Basic and Diluted Net Income Attributable to Common Stockholders	$	0.00	$	0.08	$	0.08

Weighted Average Share Outstanding
Diluted		45,175,521		809,418		45,984,939

Statement of Comprehensive Income


	For The Six Months Ended June 30, 2019
	As Previously
	Reported		Adjustments		Restated

Comprehensive Income	$	599	$	3,559	$	4,158
Comprehensive (Loss) Income Attributable To Common Stockholders	$	(72)		3,559		3,487

Statement of Cash Flows


	For The Six Months Ended June 30, 2019
	As Previously
	Reported		Adjustments		Restated

Consolidated Net Income	$	599	$	3,559	$	4,158
Adjustments to reconcile net income to cash provided by operating activities - Deferred income taxes		6,101		(3,559)		2,542


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In thousands, unaudited)
Net Revenue:
Radio Advertising	$	52,194	$	48,880	$	94,607	$	93,502
Political Advertising		317		1,182		441		1,383
Digital Advertising		7,663		6,559		15,100		14,705
Cable Television Advertising		19,816		18,118		40,009		37,054
Cable Television Affiliate Fees		26,599		28,020		54,074		55,269
Event Revenues & Other		14,982		12,447		15,789		12,914
Net Revenue (as reported)	$	121,571	$	115,206	$	220,020	$	214,827


	June 30, 2019		December 31, 2018		June 30, 2018
	(Unaudited)				(Unaudited)
			(In thousands)

Contract assets:
Unbilled receivables	$	3,530	$	3,425	$	7,226

Contract liabilities:
Customer advances and unearned income	$	3,634	$	3,766	$	4,681
Unearned event income		3,848		3,864		2,368

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Unaudited)
	(In Thousands)
	(Restated)
Numerator:
Net income attributable to common stockholders	$	6,591	$	23,590	$	3,487	$	1,035
Denominator:
Denominator for basic net income per share - weighted average outstanding shares		45,061,821		46,033,402		45,175,521		46,321,633
Effect of dilutive securities:
Stock options and restricted stock		639,834		2,405,291		809,418		2,456,165
Denominator for diluted net income per share - weighted-average outstanding shares		45,701,655		48,438,693		45,984,939		48,777,798

Net income attributable to common stockholders per share – basic	$	0.15	$	0.51	$	0.08	$	0.02
Net income attributable to common stockholders per share –diluted	$	0.14	$	0.49	$	0.08	$	0.02


	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
As of June 30, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,349		—		—	$	2,349
Employment agreement award (b)		26,406		—		—		26,406
Total	$	28,755	$	—	$	—	$	28,755

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	11,168	$	—	$	—	$	11,168

As of December 31, 2018
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,831		—		—	$	2,831
Employment agreement award (b)		25,660		—		—		25,660
Total	$	28,491	$	—	$	—	$	28,491

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,232	$	—	$	—	$	10,232


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests
	(In thousands)

Balance at December 31, 2018	$	2,831	$	25,660	$	10,232
Net income attributable to noncontrolling interests		—		—		671
Distribution		(649)		(1,969)		—
Dividends paid to noncontrolling interests		—		—		(1,000)
Change in fair value		167		2,715		1,265
Balance at June 30, 2019	$	2,349	$	26,406	$	11,168

The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	$	(167)	$	(2,715)	$	—


					As of
			As of		December 31,
		Significant	June 30, 2019		2018
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value

Contingent consideration	Monte Carlo Simulation	Expected volatility	23.0	%	34.6	%
Contingent consideration	Monte Carlo Simulation	Discount Rate	14.5	%	15.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate	11.0	%	11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	2.5	%	2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	10.5	%	10.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	1.0	%	1.0	%

The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases as of June 30, 2019, dollars in thousands:


Operating Lease Cost (Cost resulting from lease payments)	$	6,438
Variable Lease Cost (Cost excluded from lease payments)		76
Total Lease Cost	$	6,514

Operating Lease - Operating Cash Flows (Fixed Payments)	$	6,809
Operating Lease - Operating Cash Flows (Liability Reduction)	$	3,960

Weighted Average Lease Term - Operating Leases		6.01	years
Weighted Average Discount Rate - Operating Leases		11.00	%


For the Year Ended December 31,	(Dollars in thousands)
For the remaining six months ending December 31, 2019	$	13,734
2020		13,031
2021		12,286
2022		11,231
2023		8,275
Thereafter		14,674
Total future lease payments		73,231
Imputed interest		(19,571)
Total	$	53,660