Delaware | 000-24525 | 36-4159663 | |||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS employer Identification No.) | |||||
3280 Peachtree Road, N.W., Suite 2300, Atlanta GA | 30305 | ||||||
(Address of principal executive offices) | (Zip Code) | ||||||
Registrant’s telephone number, including area code (404) 949-0700 | |||||||
n/a | |||||||
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Number | Exhibit | |
Press release, dated August 20, 2018 |
CUMULUS MEDIA INC. | ||||
By: | /s/ John Abbot | |||
Name: John Abbot | ||||
Title: Executive Vice President, Treasurer and Chief Financial Officer |
Successor Company | Predecessor Company | Combined Predecessor and Successor | Predecessor Company | |||||||||||||
Period from June 4, 2018 through June 30, 2018 | Period from April 1, 2018 through June 3, 2018 | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | % Change | ||||||||||||
Net revenue | $ | 95,004 | $ | 190,245 | $ | 285,249 | $ | 290,531 | (1.8 | )% | ||||||
Net income | $ | 4,980 | $ | 701,157 | $ | 706,137 | $ | 5,672 | ** | |||||||
Adjusted EBITDA (1) | $ | 26,115 | $ | 40,241 | $ | 66,356 | $ | 67,400 | (1.5 | )% | ||||||
Basic income per share | $ | 0.25 | $ | 23.90 | ** | $ | 0.19 | ** | ||||||||
Diluted income per share | $ | 0.25 | $ | 23.90 | ** | $ | 0.19 | ** |
Successor Company | Predecessor Company | Combined Predecessor and Successor | Predecessor Company | |||||||||||||
Period from June 4, 2018 through June 30, 2018 | Period from January 1, 2018 through June 3, 2018 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | % Change | ||||||||||||
Net revenue | $ | 95,004 | $ | 453,924 | $ | 548,928 | $ | 554,561 | (1.0 | )% | ||||||
Net income (loss) | $ | 4,980 | $ | 696,156 | $ | 701,136 | $ | (1,723 | ) | ** | ||||||
Adjusted EBITDA (1) | $ | 26,115 | $ | 80,512 | $ | 106,627 | $ | 106,133 | 0.5 | % | ||||||
Basic income (loss) per share | $ | 0.25 | $ | 23.73 | ** | $ | (0.06 | ) | ** | |||||||
Diluted income (loss) per share | $ | 0.25 | $ | 23.73 | ** | $ | (0.06 | ) | ** |
(1) | Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure”. |
Successor | Predecessor | ||||||||||
June 30, 2018 | December 31, 2017 | % Change | |||||||||
Cash and cash equivalents | $ | 37,444 | $ | 102,891 | (63.6 | )% | |||||
Term loan | $ | 1,300,000 | $ | — | ** | ||||||
Predecessor term loan | $ | — | $ | 1,722,209 | (100.0 | )% | |||||
7.75% senior notes | $ | — | 610,000 | (100.0 | )% | ||||||
Total debt | $ | 1,300,000 | $ | 2,332,209 | (44.3 | )% |
Successor Company | Predecessor Company | Combined Predecessor and Successor | Predecessor Company | ||||||||||||||
Period from June 4, 2018 through June 30, 2018 | Period from April 1, 2018 through June 3, 2018 | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | % Change | |||||||||||||
Capital expenditures | $ | 1,969 | $ | 5,014 | $ | 6,983 | $ | 7,467 | (6.5 | )% |
Successor Company | Predecessor Company | Combined Predecessor and Successor | Predecessor Company | ||||||||||||||
Period from June 4, 2018 through June 30, 2018 | Period from January 1, 2018 through June 3, 2018 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | % Change | |||||||||||||
Capital expenditures | $ | 1,969 | $ | 14,019 | $ | 15,988 | $ | 13,203 | 21.1 | % |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 68,357 | $ | 26,356 | $ | 291 | $ | 95,004 |
Period from April 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 135,093 | $ | 54,924 | $ | 228 | $ | 190,245 |
Three Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 203,450 | $ | 81,280 | $ | 519 | $ | 285,249 | ||||||||
% of total revenue | 71.3 | % | 28.5 | % | 0.2 | % | 100.0 | % | ||||||||
$ change from three months ended June 30, 2017 | $ | (5,146 | ) | $ | 46 | $ | (182 | ) | $ | (5,282 | ) | |||||
% change from three months ended June 30, 2017 | (2.5 | )% | 0.1 | % | (26.0 | )% | (1.8 | )% |
Three Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 208,596 | $ | 81,234 | $ | 701 | $ | 290,531 | ||||||||
% of total revenue | 71.8 | % | 28.0 | % | 0.2 | % | 100.0 | % |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net income (loss) | $ | 18,327 | $ | 5,796 | $ | (19,143 | ) | $ | 4,980 |
Period from April 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (506,774 | ) | $ | 253,619 | $ | 954,312 | $ | 701,157 |
Three Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (488,447 | ) | $ | 259,415 | $ | 935,169 | $ | 706,137 | |||||||
$ change from three months ended June 30, 2017 | $ | (535,250 | ) | $ | 248,439 | $ | 987,276 | $ | 700,465 | |||||||
% change from three months ended June 30, 2017 | ** | ** | ** | ** |
Three Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net income (loss) | $ | 46,803 | $ | 10,976 | $ | (52,107 | ) | $ | 5,672 |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 20,860 | $ | 7,690 | $ | (2,435 | ) | $ | 26,115 |
Period from April 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 39,824 | $ | 6,554 | $ | (6,137 | ) | $ | 40,241 |
Three Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 60,684 | $ | 14,244 | $ | (8,572 | ) | $ | 66,356 | |||||||
$ change from three months ended June 30, 2017 | $ | 814 | $ | (2,698 | ) | $ | 840 | $ | (1,044 | ) | ||||||
% change from three months ended June 30, 2017 | 1.4 | % | (15.9 | )% | (8.9 | )% | (1.5 | )% |
Three Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 59,870 | $ | 16,942 | $ | (9,412 | ) | $ | 67,400 |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 68,357 | $ | 26,356 | $ | 291 | $ | 95,004 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 303,317 | $ | 149,715 | $ | 892 | $ | 453,924 |
Six Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 371,673 | $ | 176,071 | $ | 1,184 | $ | 548,928 | ||||||||
% of total revenue | 67.7 | % | 32.1 | % | 0.2 | % | 100.0 | % | ||||||||
$ change from six months ended June 30, 2017 | $ | (10,524 | ) | $ | 4,981 | $ | (90 | ) | $ | (5,633 | ) | |||||
% change from six months ended June 30, 2017 | (2.8 | )% | 2.9 | % | (7.1 | )% | (1.0 | )% |
Six Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 382,197 | $ | 171,090 | $ | 1,274 | $ | 554,561 | ||||||||
% of total revenue | 68.9 | % | 30.9 | % | 0.2 | % | 100.0 | % |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net income (loss) | $ | 18,327 | $ | 5,796 | $ | (19,143 | ) | $ | 4,980 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (477,966 | ) | $ | 259,441 | $ | 914,681 | $ | 696,156 |
Six Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (459,639 | ) | $ | 265,237 | $ | 895,538 | $ | 701,136 | |||||||
$ change from three months ended June 30, 2017 | $ | (534,980 | ) | $ | 251,996 | $ | 985,843 | $ | 702,859 | |||||||
% change from three months ended June 30, 2017 | ** | ** | ** | ** |
Six Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net income (loss) | $ | 75,341 | $ | 13,241 | $ | (90,305 | ) | $ | (1,723 | ) |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 20,860 | $ | 7,690 | $ | (2,435 | ) | $ | 26,115 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 76,009 | $ | 19,210 | $ | (14,707 | ) | $ | 80,512 |
Six Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 96,869 | $ | 26,900 | $ | (17,142 | ) | $ | 106,627 | |||||||
$ change from six months June 30, 2017 | $ | (2,042 | ) | $ | 989 | $ | 1,547 | $ | 494 | |||||||
% change from six months ended June 30, 2017 | (2.1 | )% | 3.8 | % | (8.3 | )% | 0.5 | % |
Six Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 98,911 | $ | 25,911 | $ | (18,689 | ) | $ | 106,133 |
Successor Company | Predecessor Company | |||||||
Period from June 4, 2018 through June 30, | Period from April 1, 2018 through June 3, | |||||||
2018 | 2018 | |||||||
Net revenue | $ | 95,004 | $ | 190,245 | ||||
Operating expenses: | ||||||||
Content costs | 27,685 | 59,117 | ||||||
Selling, general and administrative expenses | 38,719 | 85,097 | ||||||
Depreciation and amortization | 4,379 | 10,065 | ||||||
Local marketing agreement fees | 358 | 702 | ||||||
Corporate expenses | 2,532 | 5,883 | ||||||
Stock-based compensation expense | 652 | 65 | ||||||
Acquisition-related restructuring costs | 6,941 | 734 | ||||||
Loss on sale or disposal of assets or stations | — | 147 | ||||||
Total operating expenses | 81,266 | 161,810 | ||||||
Operating income | 13,738 | 28,435 | ||||||
Non-operating (expense) income: | ||||||||
Reorganization items, net | — | 496,368 | ||||||
Interest expense | (6,176 | ) | (132 | ) | ||||
Interest income | 4 | 21 | ||||||
Other income (expense), net | 20 | (276 | ) | |||||
Total non-operating (expense) income, net | (6,152 | ) | 495,981 | |||||
Income before income tax (expense) benefit | 7,586 | 524,416 | ||||||
Income tax (expense) benefit | (2,606 | ) | 176,741 | |||||
Net income | $ | 4,980 | $ | 701,157 |
Successor Company | Predecessor Company | |||||||
Period from June 4, 2018 through June 30, | Period from January 1, 2018 through June 3, | |||||||
2018 | 2018 | |||||||
Net revenue | $ | 95,004 | $ | 453,924 | ||||
Operating expenses: | ||||||||
Content costs | 27,685 | 159,681 | ||||||
Selling, general and administrative expenses | 38,719 | 199,482 | ||||||
Depreciation and amortization | 4,379 | 22,046 | ||||||
Local marketing agreement fees | 358 | 1,809 | ||||||
Corporate expenses | 2,532 | 14,483 | ||||||
Stock-based compensation expense | 652 | 231 | ||||||
Acquisition-related restructuring costs | 6,941 | 2,455 | ||||||
Loss on sale or disposal of assets or stations | — | 158 | ||||||
Total operating expenses | 81,266 | 400,345 | ||||||
Operating income | 13,738 | 53,579 | ||||||
Non-operating (expense) income: | ||||||||
Reorganization items, net | — | 466,201 | ||||||
Interest expense | (6,176 | ) | (260 | ) | ||||
Interest income | 4 | 50 | ||||||
Other income (expense), net | 20 | (273 | ) | |||||
Total non-operating (expense) income, net | (6,152 | ) | 465,718 | |||||
Income before income tax (expense) benefit | 7,586 | 519,297 | ||||||
Income tax (expense) benefit | (2,606 | ) | 176,859 | |||||
Net income | $ | 4,980 | $ | 696,156 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Combined Predecessor and Successor | Predecessor Company | Combined Predecessor and Successor | Predecessor Company | |||||||||||||
Net revenue | $ | 285,249 | $ | 290,531 | $ | 548,928 | $ | 554,561 | ||||||||
Operating expenses: | ||||||||||||||||
Content costs | 86,802 | 93,289 | 187,366 | 195,069 | ||||||||||||
Selling, general and administrative expenses | 123,816 | 120,506 | 238,201 | 234,896 | ||||||||||||
Depreciation and amortization | 14,444 | 16,120 | 26,425 | 32,402 | ||||||||||||
Local marketing agreement fees | 1,060 | 2,713 | 2,167 | 5,420 | ||||||||||||
Corporate expenses | 8,413 | 9,476 | 17,015 | 18,742 | ||||||||||||
Stock-based compensation expense | 717 | 530 | 883 | 1,068 | ||||||||||||
Acquisition-related and restructuring costs | 7,675 | 467 | 9,396 | 1,618 | ||||||||||||
Loss (gain) on sale or disposal of assets or stations | 147 | 104 | 158 | (2,502 | ) | |||||||||||
Total operating expenses | 243,074 | 243,205 | 481,611 | 486,713 | ||||||||||||
Operating income | 42,175 | 47,326 | 67,317 | 67,848 | ||||||||||||
Non-operating income (expense): | ||||||||||||||||
Reorganization items, net | 496,368 | — | 466,201 | — | ||||||||||||
Interest expense | (6,308 | ) | (34,344 | ) | (6,436 | ) | (68,407 | ) | ||||||||
Interest income | 25 | 35 | 54 | 72 | ||||||||||||
Other expense, net | (256 | ) | (111 | ) | (253 | ) | (28 | ) | ||||||||
Total non-operating income (expense), net | 489,829 | (34,420 | ) | 459,566 | (68,363 | ) | ||||||||||
Income (loss) before income tax benefit (expense) | 532,004 | 12,906 | 526,883 | (515 | ) | |||||||||||
Income tax benefit (expense) | 174,135 | (7,234 | ) | 174,253 | (1,208 | ) | ||||||||||
Net income (loss) | $ | 706,139 | $ | 5,672 | $ | 701,136 | $ | (1,723 | ) |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net income (loss) | $ | 18,327 | $ | 5,796 | $ | (19,143 | ) | $ | 4,980 | |||||||
Income tax expense | — | — | 2,606 | 2,606 | ||||||||||||
Non-operating (income) expense, including net interest expense | (4 | ) | 47 | 6,109 | 6,152 | |||||||||||
Local marketing agreement fees | 358 | — | — | 358 | ||||||||||||
Depreciation and amortization | 2,179 | 1,949 | 251 | 4,379 | ||||||||||||
Stock-based compensation expense | — | — | 652 | 652 | ||||||||||||
Acquisition-related and restructuring costs | — | (102 | ) | 7,043 | 6,941 | |||||||||||
Franchise and state taxes | — | — | 47 | 47 | ||||||||||||
Adjusted EBITDA | $ | 20,860 | $ | 7,690 | $ | (2,435 | ) | $ | 26,115 |
Period from April 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (506,774 | ) | $ | 253,619 | $ | 954,312 | $ | 701,157 | |||||||
Income tax benefit | — | — | (176,741 | ) | (176,741 | ) | ||||||||||
Non-operating (income) expense, including net interest expense | (1 | ) | 77 | 311 | 387 | |||||||||||
Local marketing agreement fees | 702 | — | — | 702 | ||||||||||||
Depreciation and amortization | 4,111 | 4,488 | 1,466 | 10,065 | ||||||||||||
Stock-based compensation expense | — | — | 65 | 65 | ||||||||||||
Loss on sale or disposal of assets or stations | 3 | — | 144 | 147 | ||||||||||||
Reorganization items, net | 541,903 | (251,669 | ) | (786,602 | ) | (496,368 | ) | |||||||||
Acquisition-related and restructuring costs | (120 | ) | 39 | 815 | 734 | |||||||||||
Franchise and state taxes | — | — | 93 | 93 | ||||||||||||
Adjusted EBITDA | $ | 39,824 | $ | 6,554 | $ | (6,137 | ) | $ | 40,241 |
Three Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (488,447 | ) | $ | 259,415 | $ | 935,169 | $ | 706,137 | |||||||
Income tax benefit | — | — | (174,135 | ) | (174,135 | ) | ||||||||||
Non-operating (income) expense, including net interest expense | (5 | ) | 124 | 6,420 | 6,539 | |||||||||||
Local marketing agreement fees | 1,060 | — | — | 1,060 | ||||||||||||
Depreciation and amortization | 6,290 | 6,437 | 1,717 | 14,444 | ||||||||||||
Stock-based compensation expense | — | — | 717 | 717 | ||||||||||||
Loss on sale or disposal of assets or stations | 3 | — | 144 | 147 | ||||||||||||
Reorganization items, net | 541,903 | (251,669 | ) | (786,602 | ) | (496,368 | ) | |||||||||
Acquisition-related and restructuring costs | (120 | ) | (63 | ) | 7,858 | 7,675 | ||||||||||
Franchise and state taxes | — | — | 140 | 140 | ||||||||||||
Adjusted EBITDA | $ | 60,684 | $ | 14,244 | $ | (8,572 | ) | $ | 66,356 |
Three Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net income (loss) | $ | 46,803 | $ | 10,976 | $ | (52,107 | ) | $ | 5,672 | |||||||
Income tax expense | — | — | 7,234 | 7,234 | ||||||||||||
Non-operating (income) expense, including net interest expense | (1 | ) | 133 | 34,288 | 34,420 | |||||||||||
Local marketing agreement fees | 2,713 | — | — | 2,713 | ||||||||||||
Depreciation and amortization | 10,251 | 5,449 | 420 | 16,120 | ||||||||||||
Stock-based compensation expense | — | — | 530 | 530 | ||||||||||||
Loss on sale or disposal of assets or stations | 104 | — | — | 104 | ||||||||||||
Acquisition-related and restructuring costs | — | 384 | 83 | 467 | ||||||||||||
Franchise and state taxes | — | — | 140 | 140 | ||||||||||||
Adjusted EBITDA | $ | 59,870 | $ | 16,942 | $ | (9,412 | ) | $ | 67,400 |
Period from June 4, 2018 through June 30, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net income (loss) | $ | 18,327 | $ | 5,796 | $ | (19,143 | ) | $ | 4,980 | |||||||
Income tax expense | — | — | 2,606 | 2,606 | ||||||||||||
Non-operating (income) expense, including net interest expense | (4 | ) | 47 | 6,109 | 6,152 | |||||||||||
Local marketing agreement fees | 358 | — | — | 358 | ||||||||||||
Depreciation and amortization | 2,179 | 1,949 | 251 | 4,379 | ||||||||||||
Stock-based compensation expense | — | — | 652 | 652 | ||||||||||||
Acquisition-related and restructuring costs | — | (102 | ) | 7,043 | 6,941 | |||||||||||
Franchise and state taxes | — | — | 47 | 47 | ||||||||||||
Adjusted EBITDA | $ | 20,860 | $ | 7,690 | $ | (2,435 | ) | $ | 26,115 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (477,966 | ) | $ | 259,441 | $ | 914,681 | $ | 696,156 | |||||||
Income tax benefit | — | — | (176,859 | ) | (176,859 | ) | ||||||||||
Non-operating (income) expense, including net interest expense | (2 | ) | 204 | 281 | 483 | |||||||||||
Local marketing agreement fees | 1,809 | — | — | 1,809 | ||||||||||||
Depreciation and amortization | 10,251 | 9,965 | 1,830 | 22,046 | ||||||||||||
Stock-based compensation expense | — | — | 231 | 231 | ||||||||||||
Loss on sale or disposal of assets or stations | 14 | — | 144 | 158 | ||||||||||||
Reorganization items, net | 541,903 | (251,487 | ) | (756,617 | ) | (466,201 | ) | |||||||||
Acquisition-related and restructuring costs | — | 1,087 | 1,368 | 2,455 | ||||||||||||
Franchise and state taxes | — | — | 234 | 234 | ||||||||||||
Adjusted EBITDA | $ | 76,009 | $ | 19,210 | $ | (14,707 | ) | $ | 80,512 |
Six Months Ended June 30, 2018 (Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (459,639 | ) | $ | 265,237 | $ | 895,538 | $ | 701,136 | |||||||
Income tax benefit | — | — | (174,253 | ) | (174,253 | ) | ||||||||||
Non-operating (income) expense, including net interest expense | (6 | ) | 251 | 6,390 | 6,635 | |||||||||||
Local marketing agreement fees | 2,167 | — | — | 2,167 | ||||||||||||
Depreciation and amortization | 12,430 | 11,914 | 2,081 | 26,425 | ||||||||||||
Stock-based compensation expense | — | — | 883 | 883 | ||||||||||||
Loss on sale or disposal of assets or stations | 14 | — | 144 | 158 | ||||||||||||
Reorganization items, net | 541,903 | (251,487 | ) | (756,617 | ) | (466,201 | ) | |||||||||
Acquisition-related and restructuring costs | — | 985 | 8,411 | 9,396 | ||||||||||||
Franchise and state taxes | — | — | 281 | 281 | ||||||||||||
Adjusted EBITDA | $ | 96,869 | $ | 26,900 | $ | (17,142 | ) | $ | 106,627 |
Six Months Ended June 30, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net income (loss) | $ | 75,341 | $ | 13,241 | $ | (90,305 | ) | $ | (1,723 | ) | ||||||
Income tax expense | — | — | 1,208 | 1,208 | ||||||||||||
Non-operating (income) expense, including net interest expense | (3 | ) | 275 | 68,091 | 68,363 | |||||||||||
Local marketing agreement fees | 5,420 | — | — | 5,420 | ||||||||||||
Depreciation and amortization | 20,655 | 10,903 | 844 | 32,402 | ||||||||||||
Stock-based compensation expense | — | — | 1,068 | 1,068 | ||||||||||||
Gain on sale of assets or stations | (2,502 | ) | — | — | (2,502 | ) | ||||||||||
Acquisition-related and restructuring costs | — | 1,492 | 126 | 1,618 | ||||||||||||
Franchise and state taxes | — | — | 279 | 279 | ||||||||||||
Adjusted EBITDA | $ | 98,911 | $ | 25,911 | $ | (18,689 | ) | $ | 106,133 |
3";IR4H[H^\-,OK?4]/M[VRE66VN$$D;KT92,BK->!_LU>+F/V
MCPQ>R9"@W%GN/;^-!_Z$/QKWROE\11=&HX,^NPU=5Z:F@HHHK$W"BBL/QMXF
MLO"/AF^UK4V_<6R9" X:1SPJ+[D\?KVH 3QCXMT;P?I3:AK]ZEM#T1>KRM_=
M11RQKYU\6_M*ZI<2/%X6TJ"S@Z+/>?O9#[[0=H_,UX[XW\6ZIXSUZ;5=9F+R
MOQ'$I^2!.R(.P]^YY-<_0.QZ3-\;_'\LF\Z]LYSA+:-1^6*TM'_:"\<6$JFZ
MN++48AU2XM@N?^!(0:\WL- UG4+ NUF#?I04=5I'[0_C:SD!O&T[4$SRLMOL./JA%>N^!/VA?#VN316F
MO0/HEVY"B21]]N3_ +_!7_@0Q[U\IZWH6JZ%.(=:TV\L)#T%S"R;OH2,'\*?
MX7T&^\3:]9Z/I47F7=T^Q<]%'=F]% Y- 6/T2C=)8U>-E=& *LIR"/4&G5A^
M"/#EOX3\+Z?HEG))+%:1[/,D))=NK'VR2>.@Z5N4$A1110 4444 %9NM?>T_
M_K[3^35I5FZU][3_ /K[3^34 :5%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%8'CW6/[ \':
MOJ0.)(+=C&?]L\+^I%.,7)J*ZDRDHQ ]-_\ 5?\:]W_ &?_ !GJOC7PWJ%[K Y-9WC;PIIWB_19-/U2/_ &H9E'SPOV9?ZCN*\F.9OVMVO=/8EE2]
MC9/WOZT/B6BM_P :^%-1\(:U)IVJ1_[44RCY)D_O+_4=JP*]F,E) +YHS5F
MOR,W_A)[)0_GQW,&V-Y )(\;@A 8#!.3D@8K<0AE!'0C-9UQH=A<;/.@W;"6
M7+'@D[C^M:*J%4 = ,"N2?)]D[Z2J)OVC0M%%%9FP4444 %9NM?>T_\ Z^T_
MDU:59NM?>T__ *^T_DU &E1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!\P?M%^I7BM-
M8MT(M-37+D#A9E&&'XC!_/TKR6OM3XB>%X?%WA:[TR3:LY'F6\A_Y9RC[I^G
M8^Q-?&5]:3V-Y/:7D30W,#F.2-NJL#@BOH_]A:;_ -%Q5Y7^V;_R4C2O^P6G_HV2O.O!
M/Q4\6^"M)?3/#FI1VMF\S3LC6Z2$NP )RPST4<55KH5[,^A/VTL'PCX>[_Z>
MW_HLUR'[%@ \8^(L#_F'I_Z-KR;QM\2_%'CBRMK3Q)J,=W!;R&6-5@2,AB,9
MRHYXKUG]BS_D$7_8/3_P!&T6LA)W9]='H:_/#XO 'XJ^+^!_R%+C_T,U^A
MYZ&OSP^+O_)5?%__ &%+C_T,T0">Q;TGX3>-]5TVUU#3O#5U<6=U$LT,JO$
MZ,,@C+YY'K6GIWP:\?Q:A:R2>%;Q429&8F2'@!@3_'4V@_'?QEH6BV.E6%UI
MRVEE"EO$'ME9@BC R<\FN[^%'QP\7^)/B'H>CZG