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New words:
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Financial report summary
?Risks
- We filed for reorganization under Chapter 11 on January 7, 2024 and even though our Plan was confirmed by the Bankruptcy Court on February 20, 2024, we are still subject to the risks and uncertainties associated with the Chapter 11 Cases.
- Although the Plan has been confirmed by the Bankruptcy Court it is subject to certain conditions for its effectiveness.
- Operating under Chapter 11 may restrict our ability to pursue our business strategies.
- The Chapter 11 Cases have required, and will continue to require, a substantial amount of time and attention of our senior management, which may have an adverse effect on our business and results of operations.
- We may experience increased levels of employee attrition as a result of the Chapter 11 Cases.
- Our ability to emerge from Chapter 11 depends on our ability to obtain the anticipated exit financing and extend our receivables facility.
- We cannot assure you that we will be able to achieve our goals after the Plan is consummated and we emerge from Chapter 11 protection.
- As a result of the Chapter 11 Cases, our historical financial information may be volatile and not be indicative of our future financial performance.
- Upon our emergence from bankruptcy, the composition of our Board may change significantly.
- Our cash flows may not provide sufficient liquidity during or after the Chapter 11 Cases.
- We may not have sufficient cash to fund our operations and our emergence costs.
- Transfers of our equity and issuances of equity in connection with the Chapter 11 Cases may impair our ability to utilize our federal income tax net operating loss carryforwards in future years.
- Our expected debt after emergence from Chapter 11 protection may adversely affect our operations and financial condition.
- The Exit Credit Facility is expected to contain certain restrictions and limitations that could significantly affect Reorganized Audacy’s ability to operate its business, as well as significantly affect its liquidity.
- Our operations may be adversely affected by changes in programming and competition for advertising revenues.
- Pandemics, epidemics or other health crises may have a material adverse effect on our business, financial condition, results of operations, cash flows, or liquidity.
- Our results may be impacted by economic trends.
- We may be adversely affected by the effects of inflation.
- We cannot predict the competitive effect of changes in audio content distribution or changes in technology.
- Our business depends on keeping pace with technological developments.
- Failure to comply with evolving state, federal and international privacy laws and regulations may result in significant liability, negative publicity, and/or erosion of trust and could have an adverse effect on our revenues, our results of operations and financial condition.
- The loss of, or difficulty attracting, motivating and retaining, key personnel could have a material adverse effect on our business.
- Increases in or new royalties, including through legislation, could adversely impact our business, financial condition and results of operations.
- The failure to protect our intellectual property could adversely impact our business, financial condition and results of operations.
- We are subject to extensive regulations and are dependent on federally-issued licenses to operate our radio stations. Failure to comply with such regulations could have a material adverse impact on our business.
- The FCC has engaged in vigorous enforcement of its indecency rules against the broadcast industry, which could have a material adverse effect on our business.
- Congress or federal agencies that regulate us could impose new regulations or fees on our operations that could have a material adverse effect on us.
- We depend on selected market clusters of radio stations for a material portion of our revenues.
- Impairments to our broadcasting licenses and goodwill have reduced our earnings.
- We have significant obligations relating to our current operating leases.
- Our business is dependent upon the proper functioning of our internal business processes and information systems, and modification or interruption of such systems may disrupt our business, processes and internal controls.
- We may be unable to effectively integrate our acquisitions, which could have a material adverse effect on our business.
- We are exposed to credit risk on our accounts receivable facility. This risk is heightened during periods of uncertain economic conditions.
- We rely on key contracts and business relationships, and if our business partners or contracting counterparties fail to perform or terminate any of their contractual arrangements with us for any reason or cease operations, our business could be disrupted and our revenues could be adversely affected.
- We may be subject to litigation that could negatively impact our cash flow, financial condition and results of operations.
- Trading in our securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks.
- Risks of trading in the Over-the-Counter Market
- Our Class A common stock will be cancelled and our debtholders are expected to receive 100% of the new equity issued in Reorganized Audacy.
- We may terminate our Exchange Act reporting, if permitted by applicable law.
Management Discussion
- •Our 2023 Net loss was $1,136.9 million, an increase of 708% compared to 2022. This increase was primarily driven by impairment loss (net of tax) of $945.6 million related to our broadcasting licenses.
- •Our 2023 consolidated operating expense was $2,517.4 million, an increase of 90% as compared to 2022 operating expense. This increase was primarily driven by the $1,289.5 million of impairment losses recorded in connection with our broadcasting licenses.
- •Our 2023 consolidated revenue was $1,168.9 million, a decrease of 7% as compared to 2022 revenue primarily due to macroeconomic conditions leading to decreases in spot and network revenues.