CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES (Tables)

3 Months Ended

Mar. 31, 2019

CONDENSED CONSOLIDATING BALANCE SHEET

As of March 31, 2019

(Unaudited and in thousands)

ASSETS	Parent		Combined Subsidiary Guarantors		Non-Guarantor Subsidiaries			Consolidating Adjustments and Other			Total Consolidated Amounts
Cash and cash equivalents	$	220	$	20,049	$	230		$	—		$	20,499
Restricted cash		—		—		32,901			—			32,901
Accounts receivable, net of allowance		204,817		495,734		1,830			(428,814	)		273,567
Prepaid expenses and other current assets		3,288		28,169		1,021			(4,114	)		28,364
Total current assets		208,325		543,952		35,982			(432,928	)		355,331
Real estate and related assets:
Property and equipment, net		2,252,514		263,499		278,754			—			2,794,767
Other real estate assets		244,479		—		—			—			244,479
Goodwill		33,057		15,112		—			—			48,169
Non-current deferred tax assets		1,153		12,654		1,751			(1,751	)		13,807
Other assets		534,288		131,794		37,485			(489,740	)		213,827
Total assets	$	3,273,816	$	967,011	$	353,972		$	(924,419	)	$	3,670,380
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	$	271,625	$	381,859	$	110,026		$	(432,893	)	$	330,617
Current portion of long-term debt		9,983		—		5,465			—			15,448
Total current liabilities		281,608		381,859		115,491			(432,893	)		346,065
Long-term debt, net		1,590,001		114,483		238,630			(115,000	)		1,828,114
Non-current deferred tax liabilities		1,751		—		—			(1,751	)		—
Deferred revenue		—		22,694		—			—			22,694
Other liabilities		18,042		73,051		—			—			91,093
Total liabilities		1,891,402		592,087		354,121			(549,644	)		2,287,966

Total stockholders' equity		1,382,414		374,924		(149	)		(374,775	)		1,382,414
Total liabilities and stockholders' equity	$	3,273,816	$	967,011	$	353,972		$	(924,419	)	$	3,670,380

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2018

(in thousands)

ASSETS	Parent		Combined Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidating Adjustments and Other			Total Consolidated Amounts
Cash and cash equivalents	$	11,109	$	40,348	$	1,345	$	—		$	52,802
Restricted cash		—		—		21,335		—			21,335
Accounts receivable, net of allowance		254,766		445,105		1,809		(431,083	)		270,597
Prepaid expenses and other current assets		4,412		26,939		1,951		(4,511	)		28,791
Total current assets		270,287		512,392		26,440		(435,594	)		373,525
Real estate and related assets:
Property and equipment, net		2,255,361		310,989		264,239		—			2,830,589
Other real estate assets		247,223		—		—		—			247,223
Goodwill		33,057		15,112		—		—			48,169
Non-current deferred tax assets		727		14,220		1,165		(1,165	)		14,947
Other assets		507,161		61,104		38,112		(465,170	)		141,207
Total assets	$	3,313,816	$	913,817	$	329,956	$	(901,929	)	$	3,655,660
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	$	294,474	$	377,699	$	115,661	$	(435,559	)	$	352,275
Current portion of long-term debt		8,720		—		5,401		—			14,121
Total current liabilities		303,194		377,699		121,062		(435,559	)		366,396
Long-term debt, net		1,579,273		114,428		208,854		(115,000	)		1,787,555
Non-current deferred tax liabilities		1,165		—		—		(1,165	)		—
Deferred revenue		—		26,102		—		—			26,102
Other liabilities		15,125		45,423		—		—			60,548
Total liabilities		1,898,757		563,652		329,916		(551,724	)		2,240,601

Total stockholders' equity		1,415,059		350,165		40		(350,205	)		1,415,059
Total liabilities and stockholders' equity	$	3,313,816	$	913,817	$	329,956	$	(901,929	)	$	3,655,660

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the three months ended March 31, 2019

(Unaudited and in thousands)

	Parent			Combined Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidating Adjustments and Other			Total Consolidated Amounts
REVENUES	$	335,212		$	392,077		$	5,723		$	(248,948	)	$	484,064
EXPENSES:
Operating		257,493			334,995			2,292			(248,948	)		345,832
General and administrative		10,028			19,417			—			—			29,445
Depreciation and amortization		23,284			10,315			1,924			—			35,523
		290,805			364,727			4,216			(248,948	)		410,800
OPERATING INCOME		44,407			27,350			1,507			—			73,264
OTHER (INCOME) EXPENSE:
Interest expense, net		18,286			1,453			1,697			—			21,436
Other (income) expense		(68	)		40			32			—			4
		18,218			1,493			1,729			—			21,440
INCOME BEFORE INCOME TAXES		26,189			25,857			(222	)		—			51,824
Income tax expense		(529	)		(1,955	)		—			—			(2,484	)
INCOME BEFORE EQUITY IN SUBSIDIARIES		25,660			23,902			(222	)		—			49,340
Income from equity in subsidiaries		23,680			—			—			(23,680	)		—
NET INCOME	$	49,340		$	23,902		$	(222	)	$	(23,680	)	$	49,340

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the three months ended March 31, 2018

(Unaudited and in thousands)

	Parent			Combined Subsidiary Guarantors			Consolidating Adjustments and Other			Total Consolidated Amounts
REVENUES	$	307,529		$	366,685		$	(233,298	)	$	440,916
EXPENSES:
Operating		242,185			310,264			(233,298	)		319,151
General and administrative		8,235			16,736			—			24,971
Depreciation and amortization		22,533			15,556			—			38,089
		272,953			342,556			(233,298	)		382,211
OPERATING INCOME		34,576			24,129			—			58,705
OTHER (INCOME) EXPENSE:
Interest expense, net		16,177			2,859			—			19,036
Other (income) expense		(118	)		58			17			(43	)
		16,059			2,917			17			18,993
INCOME BEFORE INCOME TAXES		18,517			21,212			(17	)		39,712
Income tax expense		(423	)		(1,512	)		—			(1,935	)
INCOME BEFORE EQUITY IN SUBSIDIARIES		18,094			19,700			(17	)		37,777
Income from equity in subsidiaries		19,683			—			(19,683	)		—
NET INCOME	$	37,777		$	19,700		$	(19,700	)	$	37,777

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2019

(Unaudited and in thousands)

	Parent			Combined Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidating Adjustments And Other			Total Consolidated Amounts
Net cash provided by operating activities	$	54,278		$	20,642		$	2,903		$	—		$	77,823
Net cash provided by (used in) investing activities		16,075			(71,605	)		(22,280	)		(190	)		(78,000	)
Net cash provided by (used in) financing activities		(81,242	)		30,664			29,828			190			(20,560	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(10,889	)		(20,299	)		10,451			—			(20,737	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		11,109			40,348			22,680			—			74,137
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	220		$	20,049		$	33,131		$	—		$	53,400

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2018

(Unaudited and in thousands)

	Parent			Combined Subsidiary Guarantors			Consolidating Adjustments And Other		Total Consolidated Amounts
Net cash provided by operating activities	$	120,543		$	(12,064	)	$	—	$	108,479
Net cash provided by (used in) investing activities		(80,955	)		11,105			—		(69,850	)
Net cash used in financing activities		(29,913	)		(4,499	)		—		(34,412	)
Net increase (decrease) in cash, cash equivalents and restricted cash		9,675			(5,458	)		—		4,217
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		25,745			26,438			—		52,183
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	35,420		$	20,980		$	—	$	56,400