0001193125-23-140103.txt : 20230510 0001193125-23-140103.hdr.sgml : 20230510 20230510083629 ACCESSION NUMBER: 0001193125-23-140103 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230510 DATE AS OF CHANGE: 20230510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUDACY, INC. CENTRAL INDEX KEY: 0001067837 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 231701044 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14461 FILM NUMBER: 23904485 BUSINESS ADDRESS: STREET 1: 2400 MARKET STREET STREET 2: 4TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 610-660-5610 MAIL ADDRESS: STREET 1: 2400 MARKET STREET STREET 2: 4TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: ENTERCOM COMMUNICATIONS CORP DATE OF NAME CHANGE: 19980806 8-K 1 d449047d8k.htm 8-K 8-K
false 0001067837 0001067837 2023-05-10 2023-05-10

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 10, 2023

 

 

AUDACY, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Pennsylvania   001-14461   23-1701044

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

2400 Market Street, 4th Floor

Philadelphia, Pennsylvania

  19103
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (610) 660-5610

 

(Former name or former address, changed since last report)

 

 

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)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

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:

 

Title of each class

 

Trading

Symbols

 

Name of each exchange

on which registered

Class A Common Stock, par value $.01 per share   AUD   New York Stock Exchange

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 May 10, 2023, Audacy, Inc. (the “Company”) issued a press release (the “Press Release”) announcing first quarter 2023 results. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 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 9.01.

Exhibits

(d)    Exhibits

 

Exhibit
No.

  

Title

99.1*    Audacy, Inc.’s Press Release, issued May 10, 2023
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.


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: May 10, 2023

 

2

EX-99.1 2 d449047dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

For Immediate Release
May 10, 2023
  

Investor Contacts:

 

Joseph Jaffoni, Jennifer

Neuman, Norberto Aja

JCIR

(212) 835-2500

AUD@jcir.com

  

Audacy Contact:

 

Ashok Sinha

SVP and Head of

Communications
(610) 822-0832
Ashok.Sinha@audacy.com

AUDACY REPORTS FIRST QUARTER RESULTS

Philadelphia, PA — Audacy, Inc. (NYSE: AUD) today reported financial results for the quarter ended March 31, 2023.

First Quarter Summary

 

   

Net revenues for the quarter were $259.6 million, down 5.7% compared to $275.3 million in the first quarter of 2022

 

   

Digital revenues were $56.9 million, down 2% compared to the first quarter of 2022

 

   

Total operating expenses for the quarter were $271.8 million, which includes a gain on sale of $12.4 million and a non-cash impairment loss of $5.1 million, compared to $266.8 million in the first quarter of 2022, which included a gain on sale of $2.5 million and a non-cash impairment loss of $1.5 million

 

   

Cash operating expenses were up 3% compared to the first quarter of 2022

 

   

Operating loss for the quarter was $12.2 million, compared to operating income of $8.5 million in the first quarter of 2022

 

   

Adjusted EBITDA for the quarter was $3.5 million, compared to $26.0 million in the first quarter of 2022

 

   

As of March 31, 2023, the Company’s liquidity was $123.7 million

David J. Field, Chairman, President, and Chief Executive Officer, stated: “First quarter revenues were down 5.7% with local sales significantly outperforming national as challenging ad market conditions persisted. Cash operating expenses were up 3% during the quarter, but are expected to be below prior-year levels for the remainder of 2023.”

“Notwithstanding the difficult economic headwinds, we remain steadfastly focused on delivering significantly higher future levels of Adjusted EBITDA, capitalizing on our multiple growth drivers and our differentiated premium competitive position in the dynamic audio market. We are making progress on each of our drivers, including our podcasting and digital marketing solutions businesses, our reinvented streaming audio platform, our emerging ad tech and ad products, and our enhanced national enterprise business development efforts. In addition, we are encouraged to see some positive signs in our auto business as we continue our vigorous work to weather the storm and await future improvements in market conditions.”


Recent Company Developments

 

   

Bolstering our podcast portfolio. We continue to announce podcast deals with some of the biggest names in entertainment, news, and sports. We struck a 30-episode podcast partnership deal with Emmy and Golden Globe Award-winning writer, actress, producer, and director Amy Poehler’s Paper Kite Productions for a scripted comedy franchise. We have also teamed up with the WNBA to launch “Queens of the Court with Jordan and Swoopes,” a new Audacy Original podcast hosted by journalist Jordan Ligons Robinson and three-time WNBA MVP and four-time league champion Sheryl Swoopes. Demonstrating that we are go-to companion podcast creators for media companies like HBO, Netflix, Amazon, and others, we’ve re-teamed with longtime partner HBO, creating the Last Of Us companion podcast, which was #1 on the Apple charts, along with the Succession companion podcast, which topped the TV & Film charts as well.

 

   

Delivering powerful insights. We continue leveraging our research and insights to provide impactful thought leadership on the audio industry. We recently partnered with leading global media investment and intelligence company MAGNA on a study exploring listening rituals and how audio advertisers can improve engagement and purchase intent through daily routines. We also released our fourth “State of Audio” Guide, which explores audio’s impact throughout the brand funnel and gives advertisers a look into how they can use radio, podcasts, and streaming for everything from brand awareness to consumer purchase.

Earnings Conference Call and Company Information

Audacy will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Wednesday, May 10, 2023, 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. First Quarter 2023 Earnings Call. Participants may also listen to a live webcast of the call by visiting https://viavid.webcasts.com/starthere.jsp?ei=1604276&tp_key=54bcc366c1. 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: 13736988. A webcast replay of the conference will be available shortly after the call at the above link. Additional information is available at www.audacyinc.com.

About Audacy

Audacy, Inc. (NYSE: AUD) is a leading multi-platform audio content and entertainment company with the country’s 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), Twitter (@AudacyCorp) and LinkedIn (@Audacy-Inc).

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 Company’s 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 Company’s 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 Company’s 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 Company’s ability to regain compliance with the NYSE’s minimum price condition within the applicable cure periods. Additional information and key risks applicable to these statements are described in the Company’s 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
March 31,
 
     2023     2022  

STATEMENTS OF OPERATIONS

    

Net Revenues

   $ 259,635     $ 275,295  
  

 

 

   

 

 

 

Station Expenses

     233,215       225,875  

Station Expenses—Non-Cash Compensation

     712       1,170  

Corporate Expenses

     24,120       24,091  

Corporate Expenses—Non-Cash Compensation

     1,178       1,820  

Depreciation And Amortization

     17,442       13,539  

Other Expenses

     110       350  

Impairment Loss

     5,050       1,521  

Restructuring Charges

     2,421       886  

Net (Gain) On Sale Or Disposal

     (12,404     (2,458
  

 

 

   

 

 

 

Total Operating Expenses

     271,844       266,794  
  

 

 

   

 

 

 

Operating Income (Loss)

     (12,209     8,501  
  

 

 

   

 

 

 

Net Interest Expense

     32,381       23,471  

Income (Loss) Before Income Taxes

     (44,590     (14,970

Income Taxes (Benefit)

     (8,689     (3,897
  

 

 

   

 

 

 

Net Income (Loss)

   $ (35,901   $ (11,073
  

 

 

   

 

 

 

Net Income (Loss) Per Share—Basic

   $ (0.25   $ (0.08
  

 

 

   

 

 

 

Net Income (Loss) Per Share—Diluted

   $ (0.25   $ (0.08
  

 

 

   

 

 

 

Dividends Declared And Paid Per Common Share

   $ 0.00     $ 0.00  
  

 

 

   

 

 

 

Weighted Common Shares Outstanding—Basic

     141,115       138,122  
  

 

 

   

 

 

 

Weighted Common Shares Outstanding—Diluted

     141,115       138,122  
  

 

 

   

 

 

 

SUPPLEMENTAL BREAKDOWN OF REVENUE BY TYPE

    

Spot (local and national)

     159,309       175,135  

Digital (including podcasting)

     56,925       58,039  

Network

     19,868       21,141  

Sponsorships and Events

     12,444       10,327  

Other

     11,089       10,653  
  

 

 

   

 

 

 
   $ 259,635     $ 275,295  
  

 

 

   

 

 

 

Political

   $ 846     $ 1,259  
  

 

 

   

 

 

 
     Three Months Ended
March 31,
 
     2023     2022  

SUPPLEMENTAL BREAKDOWN OF REVENUE BY FORMAT

    

Music

     128,122       140,465  

Sports

     53,141       53,070  

News/Talk

     42,368       48,350  

Non-format specific

     36,004       33,410  
  

 

 

   

 

 

 
   $ 259,635     $ 275,295  
  

 

 

   

 

 

 


     Three Months Ended
March 31,
 
     2023     2022  

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

    

Net Capital Expenditures

   $ 13,618     $ 14,522  

Adjusted Income Taxes Paid (Refunded)

   $ 239     $ (15,201
SELECTED BALANCE SHEET DATA    March 31,
2023
    December 31,
2022
 

Cash and Cash Equivalents

   $ 83,773     $ 103,344  

Senior Debt—Term B-2 Loan (Includes Current Portion)

   $ 632,415     $ 632,415  

Senior Debt—Revolver (Includes Current Portion)

   $ 180,000     $ 180,000  

Senior Secured Notes—2027

   $ 460,000     $ 460,000  

Senior Secured Notes—2029

   $ 540,000     $ 540,000  

Accounts Receivable Facility

   $ 75,000     $ 75,000  

Total Shareholders’ Equity

   $ 485,662     $ 520,619  

OTHER FINANCIAL DATA

    
     Three Months Ended
March 31,
 
     2023     2022  

Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA and To Adjusted Free Cash Flow

    

Net Income (Loss)

   $ (35,901   $ (11,073

Income Taxes (Benefit)

     (8,689     (3,897

Net Interest Expense

     32,381       23,471  

Corporate Expenses—Non-Cash Compensation

     1,178       1,820  

Station Expenses—Non-Cash Compensation

     712       1,170  

Depreciation And Amortization

     17,442       13,539  

Other Expenses

     46       350  

Restructuring Charges

     2,421       886  

COVID-19 Related Expenses (Income)

     91       189  

Non-Recurring Expenses Otherwise Included in Corporate Expenses

     39       162  

Liability Management Expenses

     1,146       —    

Impairment Loss

     5,050       1,521  

Contingent Consideration Accretion and Remeasurements

     —         282  

Net (Gain) Loss On Sale Or Disposal of Assets

     (12,404     (2,458
  

 

 

   

 

 

 

Adjusted EBITDA

     3,512       25,962  
  

 

 

   

 

 

 

Net Interest Expense

     (32,381     (23,471

Deferred Financing Costs Included In Interest Expense

     1,264       1,259  

Amortization Debt Premium Included In Interest Expense

     (256     (256

Net Capital Expenditures

     (13,618     (14,522

Adjusted Income Taxes (Paid) Refunded

     (239     15,201  
  

 

 

   

 

 

 

Adjusted Free Cash Flow

   $ (41,718   $ 4,173  
  

 

 

   

 

 

 
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Document and Entity Information
May 10, 2023
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001067837
Document Type 8-K
Document Period End Date May 10, 2023
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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