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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 03, 2018
Jun. 30, 2019
Jun. 03, 2018
Jun. 30, 2019
Non-operating (expense) income:          
Income before income tax (expense) benefit $ 7,600 $ 524,400   $ 519,300  
Income tax (expense) benefit (2,600) 176,700 $ 17,000 176,900 $ (16,800)
Successor Company          
Net revenue 95,004   279,673   547,169
Operating expenses:          
Content costs 28,970   93,844   197,596
Selling, general and administrative expenses 37,434   115,817   229,320
Depreciation and amortization 4,379   13,545   28,135
Corporate expenses (including stock-based compensation expense of $1,106, $652 and $65, respectively, and restructuring costs of $13,024, $6,941 and $734 respectively) 10,125   22,675   35,192
(Gain) loss on sale or disposal of assets or stations 0   (47,750)   (47,724)
Total operating expenses 81,266   198,569   444,000
Operating income 13,738   81,104   103,169
Non-operating (expense) income:          
Reorganization items, net 0   0   0
Interest expense (6,176)   (21,191)   (43,347)
Interest income 4   8   12
Other (expense) income, net 20   (34)   (62)
Total non-operating (expense) income, net (6,152)   (21,217)   (43,016)
Income before income tax (expense) benefit 7,586   59,887   60,153
Income tax (expense) benefit (2,606)   (17,026)   (16,841)
Net income $ 4,980   $ 42,861   $ 43,312
Basic and diluted earnings per common share (see Note 12, “Earnings Per Share”):          
Basic: Earnings per share (USD per share) $ 0.25   $ 2.13   $ 2.16
Diluted: Earnings per share (USD per share) $ 0.25   $ 2.11   $ 2.14
Weighted average basic common shares outstanding (in shares) 20,004,736   20,125,419    
Weighted average diluted common shares outstanding (in shares) 20,300,025       20,268,393
Predecessor Company          
Net revenue   190,245   453,924  
Operating expenses:          
Content costs   61,019   163,885  
Selling, general and administrative expenses   83,195   195,278  
Depreciation and amortization   10,065   22,046  
Corporate expenses (including stock-based compensation expense of $1,106, $652 and $65, respectively, and restructuring costs of $13,024, $6,941 and $734 respectively)   6,682   17,169  
(Gain) loss on sale or disposal of assets or stations   147   158  
Total operating expenses   161,810   400,345  
Operating income   28,435   53,579  
Non-operating (expense) income:          
Reorganization items, net   496,368   466,201  
Interest expense   (132)   (260)  
Interest income   21   50  
Other (expense) income, net   (276)   (273)  
Total non-operating (expense) income, net   495,981   465,718  
Income before income tax (expense) benefit   524,416   519,297  
Income tax (expense) benefit   176,741   176,859  
Net income   $ 701,157   $ 696,156  
Basic and diluted earnings per common share (see Note 12, “Earnings Per Share”):          
Basic: Earnings per share (USD per share)   $ 23.90   $ 23.73  
Diluted: Earnings per share (USD per share)   $ 23.90   $ 23.73  
Weighted average basic common shares outstanding (in shares)   29,338,329   29,338,329  
Weighted average diluted common shares outstanding (in shares)   29,338,329   29,338,329  
Local marketing agreement fees | Successor Company          
Operating expenses:          
Local marketing agreement fees $ 358   $ 438   $ 1,481
Local marketing agreement fees | Predecessor Company          
Operating expenses:          
Local marketing agreement fees   $ 702   $ 1,809