UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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(I.R.S. Employer Identification No.) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. | Results of Operations and Financial Conditions |
On August 5, 2022, Audacy, Inc. (the “Company”) issued a press release (the “Press Release”) announcing second quarter 2022 results. A copy of the Press Release is attached as Exhibit 99.2 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 3.01. | Notice of Failure to Satisfy a Continued Listing Rule. |
On August 1, 2022, Audacy, Inc. (the “Company”) was notified by the New York Stock Exchange (“NYSE”) that the Company is not in compliance with Rule 802.01C of the NYSE’s Listed Company Manual (“Rule 802.01C”) relating to the minimum average closing price of the Company’s Class A Common Stock (the “common stock”) required over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the Company’s common stock from the NYSE.
The Company intends to notify the NYSE within 10 business days of its intent to regain compliance with the minimum price condition within the six-month cure period provided by NYSE rules. The Company can regain compliance at any time within the cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
The Company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to shareholder approval no later than at the Company’s next annual meeting of shareholders, if necessary, to regain compliance. Under the NYSE’s rules, if the Company determines that it will regain compliance by taking an action that will require shareholder approval at its next annual meeting of shareholders, the minimum price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days.
During this time, the Company’s common stock will continue to be listed on the NYSE, subject to the Company’s compliance with other NYSE continued listing requirements.
Item 7.01. | Regulation FD Disclosure. |
As required by Section 802.01C, the Company issued a press release on August 4, 2022, announcing that it had received the notice from the NYSE described in Item 3.01 and that the Company intends to regain compliance. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 7.01 and Exhibit 99.1 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
3
Item 9.01. | Exhibits |
(d) Exhibits
Exhibit |
Title | |
99.1* | Audacy, Inc.’s Press Release, issued August 4, 2022 | |
99.2* | Audacy, Inc.’s Press Release, issued August 5, 2022 | |
104 | Cover Page Interactive Data File (embedded within the XBRL file) |
* | Exhibit is “furnished” with this report and shall not be deemed to be “filed” herewith. |
4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Audacy, Inc. | ||
By: | /s/ Andrew P. Sutor, IV | |
Andrew P. Sutor, IV | ||
Executive Vice President |
Dated: August 5, 2022
5
Exhibit 99.1
AUDACY, INC. RECEIVES CONTINUED LISTING STANDARDS NOTICE FROM THE NYSE
PHILADELPHIA, PA August 4, 2022 Audacy, Inc. (NYSE: AUD) announced today that on August 1, 2022, the Company received notification from the New York Stock Exchange (the NYSE) that the Companys Class A common stock (the common stock) is not in compliance with the NYSEs continued listing standard requiring a minimum average closing price of $1.00 per share over 30 consecutive trading days. The notice does not result in the immediate delisting of the common stock from the NYSE.
The Company plans to notify the NYSE that it intends to regain compliance, and is considering all available options that are in the best interests of the Company and its shareholders. The Company can regain compliance with the NYSE continued listing requirements at any time during a six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Under NYSE rules, the Companys common stock will continue to be listed on the NYSE during the cure period, subject to the Companys compliance with other NYSE continued listing requirements.
Note Regarding Forward-Looking Statements
This news announcement contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and involve certain risks and uncertainties, including the Companys ability to regain compliance with the NYSEs minimum price condition within the applicable cure periods. Additional information and key risks applicable to these statements are described in the Companys reports on Forms 8-K, 10-Q and 10-K and other filings the Company makes with the Securities and Exchange Commission. All of the forward-looking statements in this press release are qualified by these cautionary statements, and actual results or developments may differ materially from those in these forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements.
About Audacy
Audacy, Inc. (NYSE: AUD) is a leading multi-platform audio content and entertainment company with the countrys best collection of local music, news and sports brands, a premium podcast creator, major event producer, and digital innovator. Audacy engages 200 million consumers each month, bringing people together around content that matters to them. Learn more at www.audacyinc.com, Facebook (Audacy Corp) and Twitter (@AudacyCorp).
INVESTOR CONTACT:
Joseph Jaffoni, Jennifer Neuman, Norberto Aja
JCIR
212-835-8500
aud@jcir.com
MEDIA CONTACT:
Ashok Sinha
Audacy
917-656-5800
Ashok.Sinha@Audacy.com
###
Exhibit 99.2
For Immediate Release August 5, 2022 |
Investor Contacts: Neuman, Norberto Aja JCIR (212) 835-2500 AUD@jcir.com |
Audacy Contact: Ashok Sinha SVP and Head of |
AUDACY REPORTS SECOND QUARTER RESULTS
Second Quarter Net Revenues Increased 5%
Philadelphia, PA Audacy, Inc. (NYSE: AUD) today reported financial results for the quarter ended June 30, 2022.
David J. Field, Chairman, President and Chief Executive Officer, stated: After a very strong first quarter in which we grew revenues by 14% and significantly increased margin, our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%. While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses, capitalizing on a number of important recent developments that include an enhanced national sales organization, expanded podcast and streaming audio networks, and during the second half of this year, the rollout of a new, reimagined digital platform and ad tech capabilities that will enable us to unlock pools of ad demand and supply that we cant effectively monetize today. Our transformational development over the past couple of years has meaningfully enhanced our competitive position, strengthening our capacity to serve listeners and customers and enabling a powerful set of opportunities for revenue and EBITDA growth in the dynamically growing audio market.
Second Quarter Summary
| Net revenues for the quarter were $319.4 million, up 5% compared to $304.5 million in the second quarter of 2021 |
| Core spot revenues were $200.5 million and were flat compared to the second quarter of 2021 |
| Digital revenues were $69.3 million, up 19% compared to the second quarter of 2021 |
| Total operating expenses for the quarter were $296.2 million, compared to $282.8 million in the second quarter of 2021 |
| Operating income for the quarter was $23.3 million, compared to $21.7 million in the second quarter of 2021 |
| Adjusted EBITDA for the quarter was $38.5 million, compared to $39.9 million in the second quarter of 2021 |
Recent Company Developments
| Reimagined Digital Platform. On July 19th, Audacy launched initial enhancements to its digital platform, including its app and website. These are the first phase of a roadmap that will see additional features, interactivity and content added to Audacys app and website over the next several months. As part of this first release, Audacy added enhancements to its patented Rewind technology, curated discovery of content, a redesigned website and seamless cross-device experience and enriched podcast listening. Over the coming months, Audacy will continue to rollout more features that will make Audacy a premium destination for curated discovery of music and podcasts, plus the best local radio live and on-demand together in one app. |
| BetMGM Partnership Expansion. BetMGM became the official sportsbook of the BetQL Network, Audacys network of sports betting content heard across its broadcast portfolio and digital platforms. This exclusive multi-year partnership is a significant expansion of the current relationship between BetMGM and Audacy. BetMGM will have category exclusivity of the networks full slate of programming. BetQL Networks weekly lineup will distribute approximately 100 hours of original content per week on the Audacy and BetQL digital platforms. Audacy will also produce content for live audiences at various MGM Resorts across the country who will host the network inside of BetMGM sports books. |
| CBS Sports Deal. Audacy will be the exclusive, multi-year, ad sales and distribution partner for CBS Sports leading network of sports podcasts, with well-known titles like Fantasy Football Today, Pick Six, Morning Kombat, and the college focused network of 247 Sports podcasts. The addition of the CBS Sports podcast network content to Audacys slate will further bolster our position as the leading home of local and national sports audio content. |
| New York Stock Exchange Continued Listing Standards Notice. On August 1, 2022, Audacy received notification from the New York Stock Exchange (the NYSE) that the Companys Class A common stock (the common stock) is not in compliance with the NYSEs continued listing standard requiring a minimum average closing price of $1.00 per share over 30 consecutive trading days. The notice does not result in the immediate delisting of the common stock from the NYSE. The Company plans to notify the NYSE that it intends to regain compliance, and is considering all available options that are in the best interests of the Company and its shareholders. The Company can regain compliance with the NYSE continued listing requirements at any time during a six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under NYSE rules, the Companys common stock will continue to be listed on the NYSE during the cure period, subject to the Companys compliance with other NYSE continued listing requirements. |
Earnings Conference Call and Company Information
Audacy will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Friday, August 5, 2022, at 10:00 AM Eastern Time. To participate in the conference call, please dial (877) 407-9208 or (201) 493-6784 five minutes prior to the start of the call and provide the following conference name: Audacy, Inc. Second Quarter 2022 Earnings Call. Participants may also listen to a live webcast of the call by visiting https://viavid.webcasts.com/starthere.jsp?ei=1552589&tp_key=c8ec588c28. Questions will only be taken from participants on the conference call.
A playback of the conference call will be available for one week by dialing (844) 512-2921 or (412) 317-6671 and inputting the following ID: 13730345. A webcast replay of the conference call will be available shortly after the call at the above link. Additional information is available on the Companys website at www.audacyinc.com.
About Audacy
Audacy, Inc. (NYSE: AUD) is a leading multi-platform audio content and entertainment company with the countrys best collection of local music, news and sports brands, a premium podcast creator, major event producer, and digital innovator. Audacy engages 200 million consumers each month, bringing people together around content that matters to them. Learn more at www.audacyinc.com, Facebook (Audacy Corp) and Twitter (@AudacyCorp).
Certain Definitions
All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.
Core Spot Revenues consist of local spot plus national spot advertising revenues less political spot advertising revenues.
Station Expenses consist of station operating expenses excluding non-cash compensation expense.
Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.
Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); refinancing expenses; impairment loss, merger and acquisition costs, restructuring and integration costs, preferred stock dividends; COVID-19 related expenses/(recoveries); non-recurring expenses/recoveries otherwise included in corporate or station expenses; change in fair value of contingent consideration; (gain) loss on early extinguishment of debt; and (gain) loss on sale or disposal.
Adjusted Free Cash Flow consists of net income (loss): (i) plus depreciation and amortization; (gain) loss on sale or disposal; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; restructuring and integration costs, (gain) loss on early extinguishment of debt; COVID-19 related expenses/(recoveries); other expense/(income); non-recurring expenses/recoveries otherwise included in corporate or station expenses; change in fair value of contingent consideration; income from discontinued operations (excluding income taxes or tax benefit); amortization of deferred financing costs and debt premium included in interest expense; refinancing expenses; income taxes (benefit); Adjusted Income Taxes Paid; and Net Capital Expenditures.
Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.
Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on the sale of redundant property.
Non-GAAP Financial Measures
It is important to note that Adjusted EBITDA, Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these measures are useful as a way to evaluate the Company and the means for Management to evaluate our performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry.
Certain adjusted non-GAAP financial measures are presented in this release. The adjustments include, among other items as defined above, gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Companys core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Companys ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.
Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Companys financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.
Note Regarding Forward-Looking Statements
This news announcement contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and involve certain risks and uncertainties, including the Companys ability to regain compliance with the NYSEs minimum price condition within the applicable cure periods. Additional information and key risks applicable to these statements are described in the Companys reports on Forms 8-K, 10-Q and 10-K and other filings the Company makes with the Securities and Exchange Commission. All of the forward-looking statements in this press release are qualified by these cautionary statements, and actual results or developments may differ materially from those in these forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements.
AUDACY, INC.
FINANCIAL DATA
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
STATEMENTS OF OPERATIONS |
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Net Revenues |
$ | 319,439 | $ | 304,464 | $ | 594,734 | $ | 545,229 | ||||||||
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Station Expenses |
259,153 | 244,412 | 484,745 | 455,835 | ||||||||||||
Station Expenses - Non-Cash Compensation |
990 | 1,044 | 2,160 | 2,117 | ||||||||||||
Corporate Expenses |
23,590 | 22,146 | 47,681 | 44,059 | ||||||||||||
Corporate Expenses - Non-Cash Compensation |
2,113 | 1,568 | 3,933 | 3,235 | ||||||||||||
Depreciation And Amortization |
15,571 | 14,621 | 29,110 | 26,213 | ||||||||||||
Other Expenses |
52 | 293 | 402 | 321 | ||||||||||||
Impairment Loss |
1,770 | 701 | 3,291 | 1,345 | ||||||||||||
Restructuring Charges |
1,016 | 1,734 | 1,902 | 1,919 | ||||||||||||
Net Gain On Sale Or Disposal |
(105 | ) | (3,725 | ) | (2,563 | ) | (3,727 | ) | ||||||||
Change In Fair Value of Contingent Consideration |
(7,987 | ) | | (7,704 | ) | | ||||||||||
Refinancing Expenses |
| | | 473 | ||||||||||||
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Total Operating Expenses |
296,163 | 282,794 | 562,957 | 531,790 | ||||||||||||
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Operating Income |
23,276 | 21,670 | 31,777 | 13,439 | ||||||||||||
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Net Interest Expense |
24,529 | 22,553 | 48,000 | 43,713 | ||||||||||||
Net Loss on Early Extinguishment of Debt |
| | | 8,168 | ||||||||||||
Other Income |
(238 | ) | (434 | ) | (238 | ) | (446 | ) | ||||||||
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Loss Before Income Tax Benefit |
(1,015 | ) | (449 | ) | (15,985 | ) | (37,996 | ) | ||||||||
Income Tax Benefit |
(242 | ) | (1,875 | ) | (4,139 | ) | (17,775 | ) | ||||||||
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Net Income (Loss) |
$ | (773 | ) | $ | 1,426 | $ | (11,846 | ) | $ | (20,221 | ) | |||||
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Net Income (Loss) Per Share Basic |
$ | (0.01 | ) | $ | 0.01 | $ | (0.09 | ) | $ | (0.15 | ) | |||||
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Net Income (Loss) Per Share Diluted |
$ | (0.01 | ) | $ | 0.01 | $ | (0.09 | ) | $ | (0.15 | ) | |||||
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Dividends Declared And Paid Per Common Share |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
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Weighted Common Shares Outstanding - Basic |
138,462 | 135,808 | 138,431 | 135,784 | ||||||||||||
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Weighted Common Shares Outstanding - Diluted |
138,462 | 137,787 | 138,431 | 135,784 | ||||||||||||
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SUPPLEMENTAL BREAKDOWN OF REVENUE BY TYPE |
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Spot (local and national) |
$ | 204,486 | $ | 202,797 | $ | 379,621 | $ | 356,998 | ||||||||
Digital (including podcasting) |
69,300 | 58,435 | 127,339 | 108,368 | ||||||||||||
Network |
21,789 | 20,603 | 42,929 | 38,173 | ||||||||||||
Sponsorships and Events |
11,638 | 10,771 | 21,964 | 19,929 | ||||||||||||
Other |
12,226 | 11,858 | 22,881 | 21,761 | ||||||||||||
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$319,439 | $304,464 | $594,734 | $545,229 | |||||||||||||
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Political |
$ | 4,029 | $ | 2,294 | $ | 5,288 | $ | 3,557 | ||||||||
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
SUPPLEMENTAL BREAKDOWN OF REVENUE BY FORMAT |
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Music |
$ | 158,581 | $ | 159,704 | $ | 299,045 | $ | 289,449 | ||||||||
Sports |
64,828 | 63,004 | 117,898 | 104,642 | ||||||||||||
News/Talk |
51,764 | 49,685 | 100,114 | 92,239 | ||||||||||||
Non-format specific |
44,266 | 32,071 | 77,677 | 58,899 | ||||||||||||
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$ | 319,439 | $ | 304,464 | $ | 594,734 | $ | 545,229 | |||||||||
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
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Net Capital Expenditures |
$ | 32,382 | $ | 12,314 | $ | 46,904 | $ | 19,594 | ||||||||
Adjusted Income Taxes Paid (Refunded) |
$ | 409 | $ | 321 | $ | (14,792 | ) | $ | (172 | ) | ||||||
Cash Dividends On Common Stock Declared And Paid |
$ | | $ | | $ | | $ | |
SELECTED BALANCE SHEET DATA |
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June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Cash and Cash Equivalents |
$ | 40,490 | $ | 59,439 | ||||
Restricted Cash |
$ | 91 | $ | | ||||
Senior Debt - Term B-2 Loan (Includes Current Portion) |
$ | 632,415 | $ | 632,415 | ||||
Senior Debt - Revolver (Includes Current Portion) |
$ | 135,000 | $ | 97,727 | ||||
Senior Secured Notes - 2027 |
$ | 460,000 | $ | 470,000 | ||||
Senior Secured Notes - 2029 |
$ | 540,000 | $ | 540,000 | ||||
Accounts Receivable Facility |
$ | 75,000 | $ | 75,000 | ||||
Total Shareholders Equity |
$ | 645,761 | $ | 652,205 |
OTHER FINANCIAL DATA
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA and To Adjusted Free Cash Flow |
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Net Income (Loss) |
$ | (773 | ) | $ | 1,426 | $ | (11,846 | ) | $ | (20,221 | ) | |||||
Income Tax Benefit |
(242 | ) | (1,875 | ) | (4,139 | ) | (17,775 | ) | ||||||||
Net Interest Expense |
24,529 | 22,553 | 48,000 | 43,713 | ||||||||||||
Corporate Expenses - Non-Cash Compensation |
2,113 | 1,568 | 3,933 | 3,235 | ||||||||||||
Station Expenses - Non-Cash Compensation |
990 | 1,044 | 2,160 | 2,117 | ||||||||||||
Depreciation And Amortization |
15,571 | 14,621 | 29,110 | 26,213 | ||||||||||||
Other Expenses |
147 | 293 | 497 | 321 | ||||||||||||
Restructuring Charges |
1,016 | 1,734 | 1,902 | 1,919 | ||||||||||||
COVID-19 Related Expenses (Recoveries) |
164 | (612 | ) | 353 | (406 | ) | ||||||||||
Non-Recurring Expenses Otherwise Included in Corporate
|
1,525 | 2,597 | 1,687 | 5,255 | ||||||||||||
Impairment Loss |
1,770 | 701 | 3,291 | 1,345 | ||||||||||||
Change in Fair Value of Contingent Consideration |
(7,987 | ) | | (7,704 | ) | | ||||||||||
Refinancing Expenses |
| | | 473 | ||||||||||||
Net Loss On Early Extinguishment Of Debt |
| | | 8,168 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Other Income |
(238 | ) | (434 | ) | (238 | ) | (446 | ) | ||||||||
Net Gain On Sale Or Disposal |
(105 | ) | (3,725 | ) | (2,563 | ) | (3,727 | ) | ||||||||
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Adjusted EBITDA |
38,480 | 39,891 | 64,443 | 50,184 | ||||||||||||
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Net Interest Expense |
(24,529 | ) | (22,553 | ) | (48,000 | ) | (43,713 | ) | ||||||||
Deferred Financing Costs Included In Interest Expense |
1,281 | 1,197 | 2,540 | 2,238 | ||||||||||||
Amortization Debt Premium Included In Interest Expense |
(256 | ) | (242 | ) | (512 | ) | (1,090 | ) | ||||||||
Net Capital Expenditures |
(32,382 | ) | (12,314 | ) | (46,904 | ) | (19,594 | ) | ||||||||
Adjusted Income Taxes (Paid) Refunded |
(409 | ) | (321 | ) | 14,792 | 172 | ||||||||||
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Adjusted Free Cash Flow |
$ | (17,815 | ) | $ | 5,658 | $ | (13,641 | ) | $ | (11,803 | ) | |||||
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Document and Entity Information |
Aug. 01, 2022 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001067837 |
Document Type | 8-K |
Document Period End Date | Aug. 01, 2022 |
Entity Registrant Name | AUDACY, INC. |
Entity Incorporation State Country Code | PA |
Entity File Number | 001-14461 |
Entity Tax Identification Number | 23-1701044 |
Entity Address, Address Line One | 2400 Market Street |
Entity Address, Address Line Two | 4th Floor |
Entity Address, City or Town | Philadelphia |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19103 |
City Area Code | (610) |
Local Phone Number | 660-5610 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Class A Common Stock, par value $.01 per share |
Trading Symbol | AUD |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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