XML 38 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
 
Three Months Ended
March 31,
 
Three Months Ended
June 30,
 
Three Months Ended
September 30,
 
Three Months Ended
December 31,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Revenue
$
1,369,648

 
$
1,328,876

 
$
1,600,842

 
$
1,589,637

 
$
1,582,765

 
$
1,536,757

 
$
1,772,525

 
$
1,713,161

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Direct operating expenses
602,355

 
572,543

 
636,641

 
616,221

 
630,264

 
623,741

 
663,688

 
656,219

Selling, general and administrative expenses
472,987

 
450,786

 
451,490

 
447,509

 
457,757

 
438,796

 
514,269

 
505,131

Corporate expenses
78,734

 
78,362

 
79,626

 
77,158

 
84,193

 
77,967

 
94,665

 
78,411

Depreciation and amortization
151,434

 
146,106

 
147,644

 
147,795

 
120,700

 
149,749

 
111,125

 
157,645

Impairment charges
—

 
—

 
—

 
—

 
40,922

 
7,631

 
—

 
2,568

Other operating income (expense), net
(3,286
)
 
31,084

 
(289
)
 
6,916

 
(1,637
)
 
(13,215
)
 
(1,556
)
 
10,919

Operating income
60,852

 
112,163

 
285,152

 
307,870

 
247,292

 
225,658

 
387,222

 
324,106

Interest expense(1)
418,397

 
455,337

 
107,600

 
463,232

 
99,255

 
470,250

 
97,679

 
475,317

Equity in earnings (loss) of nonconsolidated affiliates
157

 
(242
)
 
(38
)
 
240

 
172

 
(2,238
)
 
729

 
(615
)
Gain on extinguishment of debt
100

 
—

 
—

 
—

 
—

 
—

 
—

 
1,271

Other income (expense), net
(1,063
)
 
(15,374
)
 
(28,279
)
 
1,647

 
(6,182
)
 
50

 
(23,352
)
 
(6,517
)
Reorganization items, net
192,055

 
—

 
68,740

 
—

 
52,475

 
—

 
42,849

 
—

Income (loss) before income taxes
(550,406
)
 
(358,790
)
 
80,495

 
(153,475
)
 
89,552

 
(246,780
)
 
224,071

 
(157,072
)
Income tax benefit (expense)
117,366

 
(30,684
)
 
(146,785
)
 
(17,408
)
 
(17,769
)
 
(2,051
)
 
837

 
507,549

Consolidated net income (loss)
(433,040
)
 
(389,474
)
 
(66,290
)
 
(170,883
)
 
71,783

 
(248,831
)

224,908

 
350,477

Less amount attributable to noncontrolling interest
(16,046
)
 
364

 
3,609

 
5,591

 
1,705

 
1,659

 
10,003

 
(68,265
)
Net income (loss)attributable to the Company
$
(416,994
)
 
$
(389,838
)
 
$
(69,899
)
 
$
(176,474
)
 
$
70,078

 
$
(250,490
)
 
$
214,905

 
$
418,742

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) to the Company per common share:
Basic
$
(4.89
)
 
$
(4.60
)
 
$
(0.82
)
 
$
(2.08
)
 
$
0.82

 
$
(2.94
)
 
$
2.51

 
$
4.92

Diluted
$
(4.89
)
 
$
(4.60
)
 
$
(0.82
)
 
$
(2.08
)
 
$
0.82

 
$
(2.94
)
 
$
2.51

 
$
4.88

The Company's Class A common shares are quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT.

(1) Excludes contractual interest of $66.3 million, $373.9 million, $372.6 million and $376.3 million for the three months ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively.