Audacy Reports Second Quarter Results
Audacy (OTC: AUDAQ) reported strong financial results for Q2 2024. Adjusted EBITDA rose 116% year-over-year to $31.1 million, driven by low-teen growth in digital advertising and high single-digit growth in network radio. Net revenues increased by 1% to $301.6 million, despite a 3% decrease in total radio revenues. Operating loss significantly improved to $3.0 million from $135.3 million in Q2 2023. For the first half of 2024, Adjusted EBITDA surged 128% to $40.7 million. Cash operating expenses fell 5% to $270.5 million. The company is awaiting FCC approval for its reorganization plan, which would reduce debt by 80%. Liquidity stood at $126.5 million as of June 30, 2024. Audacy's third quarter is pacing up low single digits, with digital revenue expected to grow mid-teens. The company is also seeing growth in its streaming platform and exclusive podcast content, enhancing its market position.
Audacy (OTC: AUDAQ) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. L'EBITDA adjusted è aumentato del 116% rispetto all'anno precedente, raggiungendo 31,1 milioni di dollari, sostenuto da una crescita a basse cifre nel settore della pubblicità digitale e da una crescita a una cifra alta nella radio di rete. I ricavi netti sono aumentati dell'1% fino a 301,6 milioni di dollari, nonostante una diminuzione del 3% nei ricavi totali della radio. La perdita operativa è migliorata significativamente, scendendo a 3,0 milioni di dollari rispetto ai 135,3 milioni di dollari nel secondo trimestre del 2023. Per il primo semestre del 2024, l'EBITDA adjusted è aumentato del 128% fino a 40,7 milioni di dollari. Le spese operative in contante sono diminuite del 5% fino a 270,5 milioni di dollari. L'azienda è in attesa di approvazione da parte della FCC per il suo piano di riorganizzazione, che ridurrebbe il debito dell'80%. La liquidità ammontava a 126,5 milioni di dollari al 30 giugno 2024. Il terzo trimestre di Audacy sta registrando una crescita a basse cifre, con ricavi digitali previsti in crescita a metà dei due cifre. L'azienda sta anche vedendo una crescita nella sua piattaforma di streaming e nei contenuti esclusivi dei podcast, migliorando la sua posizione sul mercato.
Audacy (OTC: AUDAQ) informó resultados financieros sólidos para el segundo trimestre de 2024. El EBITDA ajustado aumentó un 116% en comparación con el año anterior, alcanzando los 31,1 millones de dólares, impulsado por un crecimiento de dígitos bajos en publicidad digital y un crecimiento de dígitos altos en radio de red. Los ingresos netos aumentaron un 1% hasta 301,6 millones de dólares, a pesar de una disminución del 3% en los ingresos totales de radio. La pérdida operativa mejoró significativamente a 3,0 millones de dólares desde los 135,3 millones de dólares en el segundo trimestre de 2023. Para la primera mitad de 2024, el EBITDA ajustado se disparó un 128% hasta los 40,7 millones de dólares. Los gastos operativos en efectivo cayeron un 5% hasta 270,5 millones de dólares. La empresa está esperando la aprobación de la FCC para su plan de reorganización, que reduciría la deuda en un 80%. La liquidez se situaba en 126,5 millones de dólares al 30 de junio de 2024. El tercer trimestre de Audacy se está desarrollando con un crecimiento de dígitos bajos, y se espera que los ingresos digitales crezcan en cifras medias de dos dígitos. La empresa también está viendo crecimiento en su plataforma de streaming y contenido exclusivo de podcasts, lo que mejora su posición en el mercado.
Audacy (OTC: AUDAQ)는 2024년 2분기 강력한 재무 결과를 보고했습니다. 조정된 EBITDA는 전년 대비 116% 증가하여 3,110만 달러에 달했으며, 이는 디지털 광고의 낮은 두 자릿수 성장과 네트워크 라디오의 높은 한 자릿수 성장에 의해 이끌어졌습니다. 순 매출은 총 라디오 수익이 3% 감소했음에도 불구하고 1% 증가하여 3억 1,600만 달러에 도달했습니다. 운영 손실은 2023년 2분기의 1억 3,530만 달러에서 300만 달러로 크게 개선되었습니다. 2024년 상반기 동안 조정된 EBITDA는 128% 급증하여 4,070만 달러에 달했습니다. 현금 운영 비용은 5% 감소하여 2억 7,050만 달러에 이르렀습니다. 회사는 부채를 80% 줄일 reorganization 계획에 대한 FCC 승인을 기다리고 있습니다. 2024년 6월 30일 현재 유동성은 1억 2,650만 달러였습니다. Audacy의 3분기는 낮은 한자리 수 성장률을 기록하고 있으며, 디지털 수익은 중간 두 자릿수 성장이 예상됩니다. 회사는 또한 스트리밍 플랫폼과 독점 팟캐스트 콘텐츠에서 성장을 보여 주며 시장 내 입지를 강화하고 있습니다.
Audacy (OTC: AUDAQ) a annoncé des résultats financiers solides pour le deuxième trimestre 2024. L'EBITDA ajusté a augmenté de 116 % d'une année sur l'autre pour atteindre 31,1 millions de dollars, soutenu par une croissance à un chiffre faible dans la publicité numérique et une croissance à un chiffre élevé dans la radio de réseau. Les revenus nets ont augmenté de 1 % pour atteindre 301,6 millions de dollars, malgré une diminution de 3 % des revenus radio totaux. La perte d'exploitation s'est considérablement améliorée, passant de 135,3 millions de dollars au deuxième trimestre 2023 à 3,0 millions de dollars. Pour le premier semestre 2024, l'EBITDA ajusté a bondi de 128 % à 40,7 millions de dollars. Les dépenses opérationnelles en espèces ont chuté de 5 % à 270,5 millions de dollars. L'entreprise attend l'approbation de la FCC pour son plan de réorganisation, qui réduirait sa dette de 80 %. La liquidité s'élevait à 126,5 millions de dollars au 30 juin 2024. Le troisième trimestre d'Audacy se déroule avec une croissance de faible chiffre unique, avec des revenus numériques qui devraient croître à deux chiffres intermédiaires. L'entreprise connaît également une croissance sur sa plateforme de streaming et dans des contenus de podcasts exclusifs, renforçant ainsi sa position sur le marché.
Audacy (OTC: AUDAQ) hat starke Finanz Ergebnisse für das zweite Quartal 2024 gemeldet. Das bereinigte EBITDA ist im Jahresvergleich um 116 % auf 31,1 Millionen Dollar gestiegen, angetrieben von einem geringen zweistelligen Wachstum im digitalen Advertising und einem hohen einstelligem Wachstum im Netz-Radio. Die Nettoumsätze erhöhten sich um 1 % auf 301,6 Millionen Dollar, trotz eines Rückgangs der Gesamt-Radio-Umsätze um 3 %. Der Betriebsverlust hat sich erheblich auf 3,0 Millionen Dollar gegenüber 135,3 Millionen Dollar im 2. Quartal 2023 verbessert. Für das erste Halbjahr 2024 stieg das bereinigte EBITDA um 128 % auf 40,7 Millionen Dollar. Die Betriebskosten in bar fielen um 5 % auf 270,5 Millionen Dollar. Das Unternehmen wartet auf die Genehmigung der FCC für seinen Reorganisationsplan, der die Schulden um 80 % reduzieren würde. Die Liquidität betrug zum 30. Juni 2024 126,5 Millionen Dollar. Das dritte Quartal von Audacy entwickelt sich mit einem niedrigen einstelligen Zuwachs, bei dem ein mittleres zweistelliges Wachstum der digitalen Umsätze erwartet wird. Das Unternehmen verzeichnet auch ein Wachstum seiner Streaming-Plattform und exklusiven Podcast-Inhalte, was seine Marktposition stärkt.
- Adjusted EBITDA increased 116% in Q2 2024.
- Net revenues rose 1% to $301.6 million.
- Operating loss decreased significantly to $3.0 million.
- Adjusted EBITDA for H1 2024 increased 128%.
- Cash operating expenses reduced by 5%.
- Total radio revenues decreased by 3%.
Adjusted EBITDA Increased
David J. Field, Chairman, President and Chief Executive Officer, stated: "Audacy continued to deliver strong 2024 financial performance with Q2 Adjusted EBITDA more than doubling, up
Notably, our transformational, strategic investments are emerging as a critical driver in our accelerating performance. Recent improvements in our streaming and podcasting platforms, along with further enhancements to our digital monetization and programmatic capabilities are increasing their impact on our top-line and bottom-line results.
As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization in February and are awaiting FCC approval to complete the process. We continue to expect final approval and emergence to occur during the current quarter.
The third quarter is currently pacing up low-single digits, and we expect another quarter of significant Adjusted EBITDA growth.
Our team has done an outstanding job driving our progress and accelerating performance while simultaneously administering our reorganization plan, all without disruption to our partners, listeners, customers, vendors or our staff. We look forward to a bright future as a strong, scaled leader in the dynamic audio market, distinguished by our industry-leading balance sheet, our top positions in the country's largest markets and our exclusive premium content highlighted by our unrivaled leadership in sports audio."
Second Quarter Summary
-
Net revenues for the quarter were
, up$301.6 million 1% compared to in the second quarter of 2023$298.5 million -
Total Radio revenues decreased by
3% , while Digital revenues increased by12% -
Operating loss for the quarter was
, compared to an operating loss of$3.0 million in the second quarter of 2023$135.3 million -
Adjusted EBITDA for the quarter was
, up$31.1 million 116% compared to in the second quarter of 2023$14.4 million -
For the first half of 2024, Adjusted EBITDA was
, up$40.7 million 128% compared to in the first half of 2023$17.9 million -
Total operating expenses for the quarter were
, which includes a non-cash impairment loss of$304.6 million and a loss on asset sale of$5.5 million , compared to$0.6 million in the second quarter of 2023, which included a net gain on sale of$433.8 million and a non-cash impairment loss of$9.9 million $125.4 million -
Cash operating expenses for the quarter were
, down$270.5 million 5% compared to in the second quarter of 2023$284.1 million -
Adjusted free cash flow for the quarter was
$18.0 million -
During the quarter, the Company recorded
of Other Income related to cash received for shares it owned in Broadcast Music Inc. (“BMI”), which was acquired by New Mountain Capital, LLC. In total, the Company received$13.6 million from the sale of its stock in BMI$39.1 million -
As of June 30, 2024, the Company’s liquidity, which includes cash, excluding restricted cash, and the Company’s undrawn Accounts Receivable Facility capacity, was
$126.5 million -
In July, the Company completed the sale of an FM station in
Greenville, SC , that was required by FCC regulations
Market Share Highlights
- Audacy’s total revenue market share grew approximately 60 basis points in the second quarter, with Radio market share increasing by approximately 40 basis points
- For the first half of 2024, Audacy’s total revenue market share and Radio market share both grew approximately 50 basis points
Third Quarter Pacing
- The third quarter is currently pacing up low single digits. July finished up low single-digits
- Radio is currently pacing down low single digits for the quarter and Digital revenue is pacing up mid-teens
Recent Company Developments
-
Streaming Platform Growth
With continued enhancements in the Audacy platform, Streaming listening continues to grow, with increases in Total Listening Hours during the quarter led by Sports, which again grew double-digits year over year. Installs of the Audacy app also grew double-digits during the quarter. -
Exclusive Artist Content
Audacy launched “On the Record,” an exclusive interview series in which the biggest artists walk through their new albums. Artists featured in Q2 included Billie Eilish, Camilla Cabello and Twenty One Pilots. An exclusive “Check In” series continues to connect with fans and their favorite artists. Q2 Check Ins included The Black Keys, Dua Lipa, Glass Animals, Usher and Dwayne “The Rock” Johnson. -
New Podcast Content and Partnerships
Audacy Podcasts, the #1 Sports Podcast Network according to Triton, launched more than a dozen shows in the quarter with 3 shows in the Top Ten on the Apple Podcasts Chart, including Hysterical, Status: Untraced, and Who Killed the Video Star? The Story of MTV, along with season 2 of the wildly popular WNBA Podcast Queens of the Court with Sheryl Swoopes and Jordan Ligons Robinson, and the new show Women Talkin’ ‘Bout Murder in partnership with Amy Poehler. The company also announced a new strategic partnership with Jenna Fischer and Angela Kinsey for their critically acclaimed series Office Ladies, which debuts at Audacy in August. -
Continuing Audience Growth
With the release of Spring (Apr/May/June) ratings, Audacy notched its 9th consecutive quarter of YoY A24-54 AQH Persons Share Ratings growth. June's PPM release marked the 28th consecutive month that Audacy outpaced the overall radio market. -
Restructuring
The Company received court approval of its consensual pre-packaged Plan of Reorganization in late February. Under the Plan, the company's debt will be reduced by80% . The Company is now awaiting FCC approval to complete the process.
The company will not be holding a conference call regarding the second quarter earnings release.
About Audacy
Audacy, Inc. is a leading multi-platform audio content and entertainment company that connects with 200 million consumers. Powered by its exclusive, premium audio content that includes unrivaled leadership positions in news and sports radio, Audacy operates one of the country’s two scaled radio broadcasting groups, a rapidly growing direct-to-consumer digital audio platform, multiple audio networks, a major event business and a leading, award-winning podcast studio. Learn more at www.audacyinc.com, Facebook, X, LinkedIn and Instagram.
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.
Total Radio Revenues consist of spot revenues plus network revenues, including political advertising.
Station Expenses consist of station operating expenses excluding non-cash compensation expenses.
Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expenses.
Cash Operating Expenses consist of operating expenses excluding non-cash expenses and other items excluded in the calculation of Adjusted EBITDA.
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; deferred compensation expense/(income); (gain) loss on early extinguishment of debt; liability management expenses; reorganization items; 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; deferred compensation expense/(income); 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 consist 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
AUDACY, INC. |
|||||||||||
FINANCIAL DATA |
|||||||||||
(amounts in thousands, except per share data) |
|
|
|
|
|||||||
(unaudited) |
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
June 30, |
|
June 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
STATEMENTS OF OPERATIONS |
|
|
|||||||||
Net Revenues |
$ |
301,610 |
|
$ |
298,513 |
|
$ |
563,417 |
|
$ |
558,148 |
Station Expenses |
|
251,516 |
|
|
265,687 |
|
|
483,908 |
|
|
498,902 |
Station Expenses - Non-Cash Compensation |
|
199 |
|
|
433 |
|
|
300 |
|
|
1,146 |
Corporate Expenses |
|
20,914 |
|
|
25,206 |
|
|
43,658 |
|
|
49,327 |
Corporate Expenses - Non-Cash Compensation |
|
180 |
|
|
674 |
|
|
383 |
|
|
1,852 |
Depreciation And Amortization |
|
21,714 |
|
|
17,575 |
|
|
43,624 |
|
|
35,017 |
Other Expenses |
|
72 |
|
|
243 |
|
|
161 |
|
|
353 |
Impairment Loss |
|
5,473 |
|
|
125,355 |
|
|
5,629 |
|
|
130,405 |
Restructuring Charges |
|
3,870 |
|
|
8,511 |
|
|
4,312 |
|
|
10,932 |
Net Loss (Gain) On Sale Or Disposal of Assets |
|
634 |
|
|
(9,876) |
|
|
(15,170) |
|
|
(22,280) |
Total Operating Expenses |
|
304,572 |
|
|
433,808 |
|
|
566,805 |
|
|
705,654 |
Operating Loss |
|
(2,962) |
|
|
(135,295) |
|
|
(3,388) |
|
|
(147,506) |
Net Interest Expense, net |
|
2,759 |
|
|
34,548 |
|
|
8,126 |
|
|
66,929 |
Reorganization expenses, net |
|
8,063 |
|
|
- |
|
|
34,097 |
|
|
- |
Other Income |
|
(13,629) |
|
|
- |
|
|
(39,119) |
|
|
- |
Loss Before Income Taxes |
|
(155) |
|
|
(169,843) |
|
|
(6,492) |
|
|
(214,435) |
Income Tax Benefit |
|
(3,086) |
|
|
(44,041) |
|
|
(7,571) |
|
|
(52,730) |
Net Income (Loss) |
$ |
2,931 |
|
$ |
(125,802) |
|
$ |
1,079 |
|
$ |
(161,705) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per Share - Basic |
$ |
0.62 |
|
$ |
(26.64) |
|
$ |
0.23 |
|
$ |
(34.24) |
Net Income (Loss) Per Share - Diluted |
$ |
0.62 |
|
$ |
(26.64) |
|
$ |
0.23 |
|
$ |
(34.24) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Common Shares Outstanding - Basic |
|
4,729,597 |
|
|
4,723,023 |
|
|
4,729,597 |
|
|
4,723,023 |
Weighted Common Shares Outstanding - Diluted |
|
4,734,537 |
|
|
4,723,023 |
|
|
4,733,902 |
|
|
4,723,023 |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL BREAKDOWN OF REVENUE BY TYPE |
|
|
|
|
|
|
|||||
Spot (local and national) |
$ |
179,667 |
|
$ |
187,114 |
|
$ |
333,247 |
|
$ |
346,423 |
Digital (including podcasting) |
74,390 |
|
66,655 |
|
137,138 |
|
123,580 |
||||
Network |
22,296 |
|
20,824 |
|
44,243 |
|
40,692 |
||||
Sponsorships and Events |
13,179 |
|
11,938 |
|
26,522 |
|
24,382 |
||||
Other |
12,078 |
|
11,982 |
|
22,267 |
|
23,071 |
||||
$ |
301,610 |
|
$ |
298,513 |
|
$ |
563,417 |
|
$ |
558,148 |
|
Political |
$ |
2,261 |
|
$ |
1,265 |
|
$ |
4,337 |
|
$ |
2,111 |
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||
June 30, |
|
June 30, |
|||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
SUPPLEMENTAL BREAKDOWN OF REVENUE BY FORMAT |
|
|
|
|
|
|
|||||
Music |
$ |
146,813 |
|
$ |
145,317 |
|
$ |
277,213 |
|
$ |
273,439 |
Sports |
71,088 |
|
65,612 |
|
127,697 |
|
118,753 |
||||
News/Talk |
43,059 |
|
44,087 |
|
83,093 |
|
86,455 |
||||
Non-format specific |
40,650 |
|
43,497 |
|
75,414 |
|
79,501 |
||||
$ |
301,610 |
|
$ |
298,513 |
|
$ |
563,417 |
|
$ |
558,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
||||||
Net Capital Expenditures |
$ |
9,811 |
|
$ |
11,406 |
|
$ |
16,760 |
|
$ |
25,024 |
Adjusted Income Taxes Paid (Refunded) |
$ |
790 |
|
$ |
1,687 |
|
$ |
934 |
|
$ |
1,926 |
Reorganization items |
$ |
5,819 |
|
$ |
- |
|
$ |
17,236 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET DATA |
June 30,
|
|
December 31,
|
|
|
|
|
|
|
||
Cash, Cash Equivalents and Restricted Cash |
$ |
105,595 |
|
$ |
72,994 |
|
|
|
|
|
|
DIP Facility |
$ |
32,000 |
|
$ |
n/a |
|
|
|
|
|
|
Senior Debt - Term B-2 Loan (1) |
$ |
632,415 |
|
$ |
632,415 |
|
|
|
|
|
|
Senior Debt - Revolver (1) |
$ |
220,126 |
|
$ |
220,126 |
|
|
|
|
|
|
Senior Secured Notes - 2027 (1) |
$ |
460,000 |
|
$ |
460,000 |
|
|
|
|
|
|
Senior Secured Notes - 2029 (1) |
$ |
540,000 |
|
$ |
540,000 |
|
|
|
|
|
|
Accounts Receivable Facility |
$ |
75,000 |
|
$ |
75,000 |
|
|
|
|
|
|
Total Shareholders' Deficit |
$ |
(612,991) |
|
$ |
(614,753) |
|
|
|
|
|
|
(1) Debt instrument is recorded in Liabilities Subject to Compromise for June 30, 2024 |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
June 30, |
|
June 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation Of GAAP Net Loss To Adjusted EBITDA and To Adjusted Free Cash Flow |
|
|
|
|
|||||||
Net Income (Loss) |
$ |
2,931 |
|
$ |
(125,802) |
|
$ |
1,079 |
|
$ |
(161,705) |
Income Tax Benefit |
|
(3,086) |
|
|
(44,041) |
|
|
(7,571) |
|
|
(52,730) |
Net Interest Expense |
|
2,759 |
|
|
34,548 |
|
|
8,126 |
|
|
66,929 |
Corporate Expenses - Non-Cash Compensation |
|
180 |
|
|
674 |
|
|
383 |
|
|
1,852 |
Station Expenses - Non-Cash Compensation |
|
199 |
|
|
433 |
|
|
300 |
|
|
1,146 |
Depreciation And Amortization |
|
21,714 |
|
|
17,575 |
|
|
43,624 |
|
|
35,017 |
Other Expenses |
|
72 |
|
|
222 |
|
|
161 |
|
|
268 |
Restructuring Charges |
|
3,870 |
|
|
8,511 |
|
|
4,312 |
|
|
10,932 |
Reorganization Items |
|
8,063 |
|
|
- |
|
|
34,097 |
|
|
- |
COVID-19 Related Expenses |
|
- |
|
|
- |
|
|
- |
|
|
91 |
Non-Recurring Expenses Otherwise Included in Corporate Expenses |
|
- |
|
|
3 |
|
|
- |
|
|
42 |
Liability Management Expenses |
|
1,828 |
|
|
5,825 |
|
|
4,001 |
|
|
6,971 |
Impairment Loss |
|
5,473 |
|
|
125,355 |
|
|
5,629 |
|
|
130,405 |
Deferred Compensation Expense |
|
141 |
|
|
965 |
|
|
889 |
|
|
965 |
Other Income |
|
(13,629) |
|
|
- |
|
|
(39,119) |
|
|
- |
Net Loss (Gain) On Sale Or Disposal of Assets |
|
634 |
|
|
(9,876) |
|
|
(15,170) |
|
|
(22,280) |
Adjusted EBITDA |
|
31,149 |
|
|
14,392 |
|
|
40,741 |
|
|
17,903 |
Net Interest Expense |
|
(2,759) |
|
|
(34,548) |
|
|
(8,126) |
|
|
(66,929) |
Deferred Financing Costs Included In Interest Expense |
233 |
|
|
2,176 |
|
|
443 |
|
|
3,440 |
|
Amortization Debt Premium Included In Interest Expense |
- |
|
|
(255) |
|
|
- |
|
|
(511) |
|
Net Capital Expenditures |
|
(9,811) |
|
|
(11,406) |
|
|
(16,760) |
|
|
(25,024) |
Adjusted Income Taxes (Paid) Refunded |
|
(790) |
|
|
(1,687) |
|
|
(934) |
|
|
(1,926) |
Adjusted Free Cash Flow |
$ |
18,022 |
|
$ |
(31,328) |
|
$ |
15,364 |
|
$ |
(73,047) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808899238/en/
Pat Cunnane
pat.cunnane@audacy.com
Source: Audacy, Inc.
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