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

3 Months Ended

Mar. 31, 2020

CONDENSED CONSOLIDATING BALANCE SHEET

As of March 31, 2020

(Unaudited and in thousands)

ASSETS	Parent		Combined Subsidiary Guarantors		Non-Guarantor Subsidiaries			Consolidating Adjustments and Other			Total Consolidated Amounts
Cash and cash equivalents	$	309,497	$	24,962	$	1,032		$	—		$	335,491
Restricted cash		300		6		16,544			—			16,850
Accounts receivable, net of allowance		129,398		564,083		(9,483	)		(411,400	)		272,598
Prepaid expenses and other current assets		3,537		33,864		1,637			(4,076	)		34,962
Total current assets		442,732		622,915		9,730			(415,476	)		659,901
Real estate and related assets:
Property and equipment, net		2,217,045		260,491		281,146			—			2,758,682
Other real estate assets		235,691		—		—			—			235,691
Goodwill		35,425		15,112		—			—			50,537
Non-current deferred tax assets		—		14,006		—			(343	)		13,663
Other assets		622,709		126,733		192,860			(581,977	)		360,325
Total assets	$	3,553,602	$	1,039,257	$	483,736		$	(997,796	)	$	4,078,799
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	$	265,908	$	364,841	$	103,058		$	(415,442	)	$	318,365
Current portion of long-term debt, net		25,353		—		9,538			—			34,891
Total current liabilities		291,261		364,841		112,596			(415,442	)		353,256
Long-term debt, net		1,889,449		114,706		347,272			(115,000	)		2,236,427
Non-current deferred tax liabilities		343		—		—			(343	)		—
Deferred revenue		—		9,061		—			—			9,061
Other liabilities		17,144		80,654		3,581			—			101,379
Total liabilities		2,198,197		569,262		463,449			(530,785	)		2,700,123

Total equity		1,355,405		469,995		20,287			(467,011	)		1,378,676
Total liabilities and equity	$	3,553,602	$	1,039,257	$	483,736		$	(997,796	)	$	4,078,799

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2019

(in thousands)

ASSETS	Parent		Combined Subsidiary Guarantors		Non- Guarantor Subsidiaries			Consolidating Adjustments and Other			Total Consolidated Amounts
Cash and cash equivalents	$	45,427	$	45,309	$	1,384		$	—		$	92,120
Restricted cash		—		7		26,966			—			26,973
Accounts receivable, net of allowance		154,533		545,291		86			(419,125	)		280,785
Prepaid expenses and other current assets		3,084		32,600		3,966			(4,143	)		35,507
Total current assets		203,044		623,207		32,402			(423,268	)		435,385
Real estate and related assets:
Property and equipment, net		2,226,822		272,888		200,397			—			2,700,107
Other real estate assets		238,637		—		—			—			238,637
Goodwill		35,425		15,112		—			—			50,537
Non-current deferred tax assets		—		14,125		2,411			(478	)		16,058
Other assets		606,718		136,125		173,268			(565,204	)		350,907
Total assets	$	3,310,646	$	1,061,457	$	408,478		$	(988,950	)	$	3,791,631
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	$	261,588	$	396,703	$	102,404		$	(423,233	)	$	337,462
Current portion of long-term debt		23,776		—		7,573			—			31,349
Total current liabilities		285,364		396,703		109,977			(423,233	)		368,811
Long-term debt, net		1,629,745		114,682		298,596			(115,000	)		1,928,023
Non-current deferred tax liabilities		478		—		—			(478	)		—
Deferred revenue		—		12,469		—			—			12,469
Other liabilities		18,310		87,269		—			—			105,579
Total liabilities		1,933,897		611,123		408,573			(538,711	)		2,414,882

Total stockholders' equity		1,376,749		450,334		(95	)		(450,239	)		1,376,749
Total liabilities and stockholders' equity	$	3,310,646	$	1,061,457	$	408,478		$	(988,950	)	$	3,791,631

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the three months ended March 31, 2020

(Unaudited and in thousands)

	Parent			Combined Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidating Adjustments and Other			Total Consolidated Amounts
REVENUES	$	336,062		$	405,482		$	9,047		$	(259,490	)	$	491,101
EXPENSES:
Operating		267,851			350,872			3,082			(259,490	)		362,315
General and administrative		10,168			21,111			—			—			31,279
Depreciation and amortization		23,483			11,310			3,159			—			37,952
Asset impairments		404			132			—			—			536
		301,906			383,425			6,241			(259,490	)		432,082
OPERATING INCOME		34,156			22,057			2,806			—			59,019
OTHER (INCOME) EXPENSE:
Interest expense, net		19,123			1,638			1,777			—			22,538
Other (income) expense		(490	)		(75	)		32			—			(533	)
		18,633			1,563			1,809			—			22,005
INCOME BEFORE INCOME TAXES		15,523			20,494			997			—			37,014
Income tax expense		(275	)		(416	)		(3,085	)		—			(3,776	)
INCOME BEFORE EQUITY IN SUBSIDIARIES		15,248			20,078			(2,088	)		—			33,238
Income from equity in subsidiaries		17,990			—			—			(17,990	)		—
NET INCOME		33,238			20,078			(2,088	)		(17,990	)		33,238
Net income attributable to non-controlling interest		—			—			(1,181	)		—			(1,181	)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	33,238		$	20,078		$	(3,269	)	$	(17,990	)	$	32,057

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 CASH FLOWS

For the three months ended March 31, 2020

(Unaudited and in thousands)

	Parent			Combined Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidating Adjustments and Other		Total Consolidated Amounts
Net cash provided by (used in) operating activities	$	82,070		$	(15,566	)	$	8,873		$	—	$	75,377
Net cash used in investing activities		(18,520	)		(5,265	)		(18,284	)		—		(42,069	)
Net cash provided by (used in) financing activities		200,820			483			(1,363	)		—		199,940
Net increase (decrease) in cash, cash equivalents and restricted cash		264,370			(20,348	)		(10,774	)		—		233,248
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		45,427			45,316			28,350			—		119,093
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	309,797		$	24,968		$	17,576		$	—	$	352,341

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