Supplemental Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2015 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Supplemental Condensed Consolidating Financial Information | Supplemental Condensed Consolidating Financial Information |
At March 31, 2015, Cumulus (the "Parent Guarantor") and certain of its 100% owned subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) provided guarantees of the obligations of Cumulus Holdings (the "Subsidiary Issuer") under the 7.75% Senior Notes. These guarantees are full and unconditional (subject to customary release provisions) as well as joint and several. Certain of the Subsidiary Guarantors may be subject to restrictions on their respective ability to distribute earnings to Cumulus Holdings or the Parent Guarantor. Not all of the subsidiaries of Cumulus and Cumulus Holdings guarantee the 7.75% Senior Notes (such non-guaranteeing subsidiaries, collectively, the “Subsidiary Non-guarantors”). |
The following tables present (i) unaudited condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014, (ii) unaudited condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014, and (iii) unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014, of each of the Parent Guarantor, Cumulus Holdings, the Subsidiary Guarantors, and the Subsidiary Non-guarantors. |
Investments in consolidated subsidiaries are held primarily by the Parent Guarantor in the net assets of its subsidiaries and have been presented using the equity method of accounting. The “Eliminations” entries in the following tables primarily eliminate investments in subsidiaries and intercompany balances and transactions. The columnar presentations in the following tables are not consistent with the Company’s business groups; accordingly, this basis of presentation is not intended to present the Company’s financial condition, results of operations or cash flows on a consolidated basis. |
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CUMULUS MEDIA INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three Months Ended March 31, 2015 |
(Dollars in thousands) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| Cumulus | | Cumulus | | Subsidiary | | Subsidiary | | Eliminations | | Total | |
Media Inc. | Media | Guarantors | Non-guarantors | Consolidated | |
(Parent | Holdings Inc. | | | | |
Guarantor) | (Subsidiary | | | | |
| Issuer) | | | | |
Net revenue | $ | — | | | $ | 125 | | | $ | 270,954 | | | $ | — | | | $ | — | | | $ | 271,079 | | |
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Operating expenses: | | | | | | | | | | | | |
Content costs | — | | | — | | | 100,807 | | | — | | | — | | | 100,807 | | |
|
Selling, general & administrative expenses | — | | | — | | | 115,776 | | | 531 | | | — | | | 116,307 | | |
|
Depreciation and amortization | — | | | 260 | | | 25,051 | | | — | | | — | | | 25,311 | | |
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LMA fees | — | | | — | | | 2,498 | | | — | | | — | | | 2,498 | | |
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Corporate expenses (including stock-based compensation expense of $3,863) | — | | | 13,462 | | | — | | | — | | | — | | | 13,462 | | |
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Loss on sale of assets or stations | — | | | — | | | 819 | | | — | | | — | | | 819 | | |
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Total operating expenses | — | | | 13,722 | | | 244,951 | | | 531 | | | — | | | 259,204 | | |
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Operating (loss) income | — | | | (13,597 | ) | | 26,003 | | | (531 | ) | | — | | | 11,875 | | |
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Non-operating (expense) income: | | | | | | | | | | | | |
Interest expense | (2,184 | ) | | (32,753 | ) | | — | | | (47 | ) | | — | | | (34,984 | ) | |
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Interest income | — | | | — | | | 358 | | | — | | | — | | | 358 | | |
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Other income, net | — | | | — | | | 379 | | | — | | | — | | | 379 | | |
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Total non-operating (expense) income, net | (2,184 | ) | | (32,753 | ) | | 737 | | | (47 | ) | | — | | | (34,247 | ) | |
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(Loss) income before income taxes | (2,184 | ) | | (46,350 | ) | | 26,740 | | | (578 | ) | | — | | | (22,372 | ) | |
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Income tax benefit (expense) | 867 | | | 28,242 | | | (10,617 | ) | | (8,135 | ) | | — | | | 10,357 | | |
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(Loss) income from continuing operations | (1,317 | ) | | (18,108 | ) | | 16,123 | | | (8,713 | ) | | — | | | (12,015 | ) | |
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(Loss) earnings from consolidated subsidiaries | (10,698 | ) | | 7,410 | | | (8,713 | ) | | — | | | 12,001 | | | — | | |
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Net (loss) income | $ | (12,015 | ) | | $ | (10,698 | ) | | $ | 7,410 | | | $ | (8,713 | ) | | $ | 12,001 | | | $ | (12,015 | ) | |
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CUMULUS MEDIA INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three Months Ended March 31, 2014 |
(Dollars in thousands) |
(Unaudited) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Cumulus | | Cumulus | | Subsidiary | | Subsidiary | | Eliminations | | Total | |
Media Inc. | Media | Guarantors | Non-guarantors | Consolidated | |
(Parent | Holdings | | | | |
Guarantor) | Inc. | | | | |
| (Subsidiary | | | | |
| Issuer) | | | | |
Net revenue | $ | — | | | $ | 104 | | | $ | 291,940 | | | $ | — | | | $ | — | | | $ | 292,044 | | |
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Operating expenses: | | | | | | | | | | | | | |
|
Content costs | — | | | — | | | 108,493 | | | — | | | — | | | 108,493 | | |
|
Selling, general & administrative expenses | — | | | — | | | 114,744 | | | 591 | | | — | | | 115,335 | | |
|
Depreciation and amortization | — | | | 458 | | | 28,423 | | | — | | | — | | | 28,881 | | |
|
LMA fees | — | | | — | | | 1,557 | | | — | | | — | | | 1,557 | | |
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Corporate expenses (including stock-based compensation expense of $4,091) | — | | | 19,194 | | | — | | | — | | | — | | | 19,194 | | |
|
Gain on sale of assets or stations | — | | | — | | | (538 | ) | | — | | | — | | | (538 | ) | |
|
Total operating expenses | — | | | 19,652 | | | 252,679 | | | 591 | | | — | | | 272,922 | | |
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Operating (loss) income | — | | | (19,548 | ) | | 39,261 | | | (591 | ) | | — | | | 19,122 | | |
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Non-operating (expense) income: | | | | | | | | | | | | | |
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Interest expense | (2,576 | ) | | (33,644 | ) | | — | | | (45 | ) | | — | | | (36,265 | ) | |
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Interest income | — | | | — | | | 331 | | | — | | | — | | | 331 | | |
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Other expense, net | — | | | — | | | (65 | ) | | — | | | — | | | (65 | ) | |
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Total non-operating (expense) income, net | (2,576 | ) | | (33,644 | ) | | 266 | | | (45 | ) | | — | | | (35,999 | ) | |
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(Loss) income before income taxes | (2,576 | ) | | (53,192 | ) | | 39,527 | | | (636 | ) | | — | | | (16,877 | ) | |
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Income tax benefit (expense) | 942 | | | 19,061 | | | (12,599 | ) | | 204 | | | — | | | 7,608 | | |
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(Loss) income from continuing operations | (1,634 | ) | | (34,131 | ) | | 26,928 | | | (432 | ) | | — | | | (9,269 | ) | |
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(Loss) earnings from consolidated subsidiaries | (7,635 | ) | | 26,496 | | | (432 | ) | | — | | | (18,429 | ) | | — | | |
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Net (loss) income | $ | (9,269 | ) | | $ | (7,635 | ) | | $ | 26,496 | | | $ | (432 | ) | | $ | (18,429 | ) | | $ | (9,269 | ) | |
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CUMULUS MEDIA INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
March 31, 2015 |
(Dollars in thousands, except for share and per share data) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| Cumulus | | Cumulus | | Subsidiary | | Subsidiary | | Eliminations | | Total | |
Media Inc. | Media | Guarantors | Non-guarantors | Consolidated | |
(Parent | Holdings Inc. | | | | |
Guarantor) | (Subsidiary | | | | |
| Issuer) | | | | |
Assets | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 22,758 | | | $ | — | | | $ | — | | | $ | — | | | $ | 22,758 | | |
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Restricted cash | — | | | 8,414 | | | — | | | — | | | — | | | 8,414 | | |
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Accounts receivable, less allowance for doubtful accounts of $5,158 | — | | | — | | | — | | | 217,824 | | | — | | | 217,824 | | |
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Trade receivable | — | | | — | | | 4,103 | | | — | | | — | | | 4,103 | | |
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Asset held for sale | | | — | | | 45,157 | | | — | | | — | | | 45,157 | | |
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Prepaid expenses and other current assets | — | | | 63,795 | | | 26,678 | | | — | | | — | | | 90,473 | | |
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Total current assets | — | | | 94,967 | | | 75,938 | | | 217,824 | | | — | | | 388,729 | | |
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Property and equipment, net | — | | | 2,816 | | | 190,643 | | | — | | | — | | | 193,459 | | |
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Broadcast licenses | — | | | — | | | — | | | 1,593,939 | | | — | | | 1,593,939 | | |
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Other intangible assets, net | — | | | — | | | 226,343 | | | — | | | — | | | 226,343 | | |
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Goodwill | — | | | — | | | 1,252,694 | | | — | | | — | | | 1,252,694 | | |
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Investment in consolidated subsidiaries | 621,301 | | | 4,191,054 | | | 1,086,494 | | | — | | | (5,898,849 | ) | | — | | |
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Intercompany receivables, net | — | | | 88,663 | | | 1,476,597 | | | — | | | (1,565,260 | ) | | — | | |
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Other assets | — | | | 31,708 | | | 25,818 | | | 696 | | | — | | | 58,222 | | |
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Total assets | $ | 621,301 | | | $ | 4,409,208 | | | $ | 4,334,527 | | | $ | 1,812,459 | | | $ | (7,464,109 | ) | | $ | 3,713,386 | | |
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Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
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Current liabilities: | | | | | | | | | | | | | |
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Accounts payable and accrued expenses | $ | — | | | $ | 40,777 | | | $ | 101,477 | | | $ | — | | | $ | — | | | $ | 142,254 | | |
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Trade payable | — | | | — | | | 4,729 | | | — | | | — | | | 4,729 | | |
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Total current liabilities | — | | | 40,777 | | | 106,206 | | | — | | | — | | | 146,983 | | |
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Long-term debt, excluding 7.75% Senior Notes | — | | | 1,876,177 | | | — | | | — | | | — | | | 1,876,177 | | |
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7.75% Senior Notes | — | | | 610,000 | | | — | | | — | | | — | | | 610,000 | | |
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Other liabilities | — | | | 2,180 | | | 49,119 | | | — | | | — | | | 51,299 | | |
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Intercompany payables, net | 87,967 | | | 1,258,773 | | | — | | | 218,520 | | | (1,565,260 | ) | | — | | |
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Deferred income taxes | — | | | — | | | (11,852 | ) | | 507,445 | | | — | | | 495,593 | | |
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Total liabilities | 87,967 | | | 3,787,907 | | | 143,473 | | | 725,965 | | | (1,565,260 | ) | | 3,180,052 | | |
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Stockholders’ equity (deficit): | | | | | | | | | | | | | |
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Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 255,280,514 shares issued and 232,636,706 shares outstanding | 2,552 | | | — | | | — | | | — | | | — | | | 2,552 | | |
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Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding | 6 | | | — | | | — | | | — | | | — | | | 6 | | |
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Treasury stock, at cost, 22,643,808 shares | (231,684 | ) | | — | | | — | | | — | | | — | | | (231,684 | ) | |
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Additional paid-in-capital | 1,604,825 | | | 248,869 | | | 4,193,276 | | | 2,070,394 | | | (6,512,539 | ) | | 1,604,825 | | |
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Accumulated (deficit) equity | (842,365 | ) | | 372,432 | | | (2,222 | ) | | (983,900 | ) | | 613,690 | | | (842,365 | ) | |
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Total stockholders’ equity (deficit) | 533,334 | | | 621,301 | | | 4,191,054 | | | 1,086,494 | | | (5,898,849 | ) | | 533,334 | | |
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Total liabilities and stockholders’ equity (deficit) | $ | 621,301 | | | $ | 4,409,208 | | | $ | 4,334,527 | | | $ | 1,812,459 | | | $ | (7,464,109 | ) | | $ | 3,713,386 | | |
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CUMULUS MEDIA INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
December 31, 2014 |
(Dollars in thousands, except for share and per share data) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| Cumulus | | Cumulus | | Subsidiary | | Subsidiary | | Eliminations | | Total |
Media Inc. | Media | Guarantors | Non-guarantors | Consolidated |
(Parent | Holdings Inc. | | | |
Guarantor) | (Subsidiary | | | |
| Issuer) | | | |
Assets | | | | | | | | | | | |
Current assets: | | | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 7,268 | | | $ | 3 | | | $ | — | | | $ | — | | | $ | 7,271 | |
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Restricted cash | — | | | 10,055 | | | — | | | — | | | — | | | 10,055 | |
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Accounts receivable, less allowance for doubtful accounts of $6,004 | — | | | — | | | — | | | 248,308 | | | — | | | 248,308 | |
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Trade receivable | — | | | — | | | 2,455 | | | — | | | — | | | 2,455 | |
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Asset held for sale | — | | | — | | | 15,007 | | | — | | — | | — | | | 15,007 | |
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Prepaid expenses and other current assets | — | | | 66,020 | | | 21,710 | | | — | | | — | | | 87,730 | |
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Total current assets | — | | | 83,343 | | | 39,175 | | | 248,308 | | | — | | | 370,826 | |
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Property and equipment, net | — | | | 2,653 | | | 218,844 | | | — | | | — | | | 221,497 | |
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Broadcast licenses | — | | | — | | | — | | | 1,596,715 | | | — | | | 1,596,715 | |
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Other intangible assets, net | — | | | — | | | 243,640 | | | — | | | — | | | 243,640 | |
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Goodwill | — | | | — | | | 1,253,823 | | | — | | | — | | | 1,253,823 | |
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Investment in consolidated subsidiaries | 627,363 | | | 4,154,147 | | | 1,097,404 | | | — | | | (5,878,914 | ) | | — | |
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Intercompany receivables, net | — | | | 86,527 | | | 1,462,776 | | | — | | | (1,549,303 | ) | | — | |
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Other assets | — | | | 32,776 | | | 25,420 | | | 744 | | | — | | | 58,940 | |
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Total assets | $ | 627,363 | | | $ | 4,359,446 | | | $ | 4,341,082 | | | $ | 1,845,767 | | | $ | (7,428,217 | ) | | $ | 3,745,441 | |
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Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | |
Accounts payable and accrued expenses | $ | — | | | $ | 30,322 | | | $ | 121,336 | | | $ | — | | | $ | — | | | $ | 151,658 | |
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Trade payable | — | | | — | | | 3,964 | | | — | | | — | | | 3,964 | |
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Total current liabilities | — | | | 30,322 | | | 125,300 | | | — | | | — | | | 155,622 | |
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Long-term debt, excluding 7.75% Senior Notes | — | | | 1,875,127 | | | — | | | — | | | — | | | 1,875,127 | |
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7.75% Senior Notes | — | | | 610,000 | | | — | | | — | | | — | | | 610,000 | |
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Other liabilities | — | | | 2,166 | | | 52,955 | | | — | | | — | | | 55,121 | |
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Intercompany payables, net | 85,783 | | | 1,214,468 | | | — | | | 249,052 | | | (1,549,303 | ) | | — | |
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Deferred income taxes | — | | | — | | | 8,680 | | | 499,311 | | | — | | | 507,991 | |
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Total liabilities | 85,783 | | | 3,732,083 | | | 186,935 | | | 748,363 | | | (1,549,303 | ) | | 3,203,861 | |
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Stockholders’ equity (deficit): | | | | | | | | | | | |
Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 254,997,925 shares issued and 232,378,371 shares outstanding | 2,549 | | | — | | | — | | | — | | | — | | | 2,549 | |
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Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding | 6 | | | — | | | — | | | — | | | — | | | 6 | |
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Treasury stock, at cost, 22,619,554 shares | (231,588 | ) | | — | | | — | | | — | | | — | | | (231,588 | ) |
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Additional paid-in-capital | 1,600,963 | | | 244,233 | | | 4,163,779 | | | 2,072,591 | | | (6,480,603 | ) | | 1,600,963 | |
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Accumulated (deficit) equity | (830,350 | ) | | 383,130 | | | (9,632 | ) | | (975,187 | ) | | 601,689 | | | (830,350 | ) |
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Total stockholders’ equity (deficit) | 541,580 | | | 627,363 | | | 4,154,147 | | | 1,097,404 | | | (5,878,914 | ) | | 541,580 | |
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Total liabilities and stockholders’ equity (deficit) | $ | 627,363 | | | $ | 4,359,446 | | | $ | 4,341,082 | | | $ | 1,845,767 | | | $ | (7,428,217 | ) | | $ | 3,745,441 | |
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CUMULUS MEDIA INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
Three Months Ended March 31, 2015 |
(Dollars in thousands) |
(Unaudited) |
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| Cumulus | | Cumulus Media | | Subsidiary | | Subsidiary | | Eliminations | | Total | |
Media Inc. | Holdings Inc. | Guarantors | Non-guarantors | Consolidated | |
(Parent | (Subsidiary | | | | |
Guarantor) | Issuer) | | | | |
Cash flows from operating activities: | | | | | | | | | | | | |
Net (loss) income | $ | (12,015 | ) | | $ | (10,698 | ) | | $ | 7,410 | | | $ | (8,713 | ) | | $ | 12,001 | | | $ | (12,015 | ) | |
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Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | | | | | | | | | | | | |
Depreciation and amortization | — | | | 260 | | | 25,051 | | | — | | | — | | | 25,311 | | |
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Amortization of debt issuance costs/discounts | — | | | 2,295 | | | — | | | 47 | | | — | | | 2,342 | | |
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Provision for doubtful accounts | — | | | — | | | 596 | | | — | | | — | | | 596 | | |
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Loss on sale of assets or stations | — | | | — | | | 819 | | | — | | | — | | | 819 | | |
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Deferred income taxes | (867 | ) | | (27,846 | ) | | 10,617 | | | 8,135 | | | — | | | (9,961 | ) | |
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Stock-based compensation expense | — | | | 3,863 | | | — | | | — | | | — | | | 3,863 | | |
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Loss (earnings) from consolidated subsidiaries | 10,698 | | | (7,410 | ) | | 8,713 | | | — | | | (12,001 | ) | | — | | |
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Changes in assets and liabilities | — | | | 100,389 | | | (90,897 | ) | | 531 | | | — | | | 10,023 | | |
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Net cash (used in) provided by operating activities | (2,184 | ) | | 60,853 | | | (37,691 | ) | | — | | | — | | | 20,978 | | |
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Cash flows from investing activities | | | | | | | | | | | | |
Proceeds from sale of assets or stations | — | | | — | | | 3,055 | | | — | | | — | | | 3,055 | | |
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Restricted cash | — | | | 1,641 | | | — | | | — | | | — | | | 1,641 | | |
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Capital expenditures | — | | | (423 | ) | | (9,672 | ) | | — | | | — | | | (10,095 | ) | |
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Net cash provided by (used in) investing activities | — | | | 1,218 | | | (6,617 | ) | | — | | | — | | | (5,399 | ) | |
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Cash flows from financing activities: | | | | | | | | | | | | |
Intercompany transactions, net | 2,183 | | | (46,488 | ) | | 44,305 | | | — | | | — | | | — | | |
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Tax withholding payments on behalf of employees | — | | | (93 | ) | | — | | | — | | | — | | | (93 | ) | |
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Proceeds from exercises of warrants | 1 | | | — | | | — | | | — | | | — | | | 1 | | |
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Net cash provided by (used in) financing activities | 2,184 | | | (46,581 | ) | | 44,305 | | | — | | | — | | | (92 | ) | |
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Increase (decrease) in cash and cash equivalents | — | | | 15,490 | | | (3 | ) | | — | | | — | | | 15,487 | | |
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Cash and cash equivalents at beginning of period | — | | | 7,268 | | | 3 | | | — | | | — | | | 7,271 | | |
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Cash and cash equivalents at end of period | $ | — | | | $ | 22,758 | | | $ | — | | | $ | — | | | $ | — | | | $ | 22,758 | | |
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CUMULUS MEDIA INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
Three Months Ended March 31, 2014 |
(Dollars in thousands) |
(Unaudited) |
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| Cumulus Media | | Cumulus Media | | Subsidiary | | Subsidiary | | Eliminations | | Total | |
Inc. | Holdings Inc. | Guarantors | Non-guarantors | Consolidated | |
(Parent | (Subsidiary | | | | |
Guarantor) | Issuer) | | | | |
Cash flows from operating activities: | | | | | | | | | | | | |
Net (loss) income | $ | (9,269 | ) | | $ | (7,635 | ) | | $ | 26,496 | | | $ | (432 | ) | | $ | (18,429 | ) | | $ | (9,269 | ) | |
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Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | | | | | | | | | | | | |
Depreciation and amortization | — | | | 458 | | | 28,423 | | | — | | | — | | | 28,881 | | |
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Amortization of debt issuance costs/discount | — | | | 2,270 | | | — | | | 48 | | | — | | | 2,318 | | |
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Provision for doubtful accounts | — | | | — | | | 568 | | | — | | | — | | | 568 | | |
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Gain on sale of assets or stations | — | | | — | | | (538 | ) | | — | | | — | | | (538 | ) | |
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Fair value adjustment of derivative instruments | — | | | 14 | | | — | | | — | | | — | | | 14 | | |
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Deferred income taxes | — | | | (7,631 | ) | | — | | | — | | | — | | | (7,631 | ) | |
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Stock-based compensation expense | — | | | 4,091 | | | — | | | — | | | — | | | 4,091 | | |
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Earnings (loss) from consolidated subsidiaries | 7,635 | | | (26,496 | ) | | 432 | | | — | | | 18,429 | | | — | | |
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Changes in assets and liabilities | — | | | 58,986 | | | (73,561 | ) | | 33,017 | | | — | | | 18,442 | | |
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Net cash (used in) provided by operating activities | (1,634 | ) | | 24,057 | | | (18,180 | ) | | 32,633 | | | — | | | 36,876 | | |
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Cash flows from investing activities: | | | | | | | | | | | | |
Proceeds from sale of assets or stations | — | | | — | | | 1,054 | | | — | | | — | | | 1,054 | | |
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Capital expenditures | — | | | (38 | ) | | (1,297 | ) | | — | | | — | | | (1,335 | ) | |
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Net cash used in investing activities | — | | | (38 | ) | | (243 | ) | | — | | | — | | | (281 | ) | |
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Cash flows from financing activities: | | | | | | | | | | | | |
Intercompany transactions, net | 1,482 | | | (12,337 | ) | | 18,488 | | | (7,633 | ) | | — | | | — | | |
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Repayments of borrowings under term loans and revolving credit facilities | — | | | (5,937 | ) | | — | | | (25,000 | ) | | — | | | (30,937 | ) | |
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Tax withholding payments on behalf of employees | — | | | (1,314 | ) | | — | | | — | | | — | | | (1,314 | ) | |
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Proceeds from exercises of warrants | 38 | | | — | | | — | | | — | | | — | | | 38 | | |
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Proceeds from exercise of options | 117 | | | — | | | — | | | — | | | — | | | 117 | | |
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Deferred financing costs | — | | | (21 | ) | | — | | | — | | | — | | | (21 | ) | |
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Net cash provided (used in) by financing activities | 1,637 | | | (19,609 | ) | | 18,488 | | | (32,633 | ) | | — | | | (32,117 | ) | |
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Increase in cash and cash equivalents | 3 | | | 4,410 | | | 65 | | | — | | | — | | | 4,478 | | |
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Cash and cash equivalents at beginning of period | 11,804 | | | 20,988 | | | — | | | — | | | — | | | 32,792 | | |
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Cash and cash equivalents at end of period | $ | 11,807 | | | $ | 25,398 | | | $ | 65 | | | $ | — | | | $ | — | | | $ | 37,270 | | |
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