Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 28, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | CUMULUS MEDIA INC | |
Trading Symbol | CMLS | |
Entity Central Index Key | 1,058,623 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 233,798,935 | |
Class C common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 644,871 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 49,798 | $ 31,657 |
Restricted cash | 7,645 | 7,981 |
Accounts receivable, less allowance for doubtful accounts of $4,342 and $4,923 at June 30, 2016 and December 31, 2015, respectively | 222,340 | 243,428 |
Trade receivable | 4,464 | 4,146 |
Assets held for sale | 45,157 | 45,157 |
Prepaid expenses and other current assets | 22,800 | 26,906 |
Total current assets | 352,204 | 359,275 |
Property and equipment, net | 165,037 | 169,437 |
Broadcast licenses | 1,577,001 | 1,578,066 |
Other intangible assets, net | 142,462 | 174,530 |
Goodwill | 703,354 | 703,354 |
Other assets | 26,450 | 17,726 |
Total assets | 2,966,508 | 3,002,388 |
Current liabilities: | ||
Accounts payable and accrued expenses | 102,513 | 118,396 |
Trade payable | 4,703 | 4,374 |
Total current liabilities | 107,216 | 122,770 |
Term loan, net of debt issuance costs/discounts of $33,893 and $37,524 at June 30, 2016 and December 31, 2015, respectively | 1,805,047 | 1,801,416 |
7.75% senior notes, net of debt issuance costs of $7,382 and $8,515 at June 30, 2016 and December 31, 2015, respectively | 602,618 | 601,485 |
Other liabilities | 39,325 | 44,804 |
Deferred income taxes | 407,963 | 415,881 |
Total liabilities | 2,962,169 | 2,986,356 |
Commitments and Contingencies (Note 10) | ||
Stockholders’ equity: | ||
Treasury stock, at cost, 22,449,496 and 22,445,945 shares at June 30, 2016 and December 31, 2015, respectively | (229,310) | (229,310) |
Additional paid-in-capital | 1,621,289 | 1,619,622 |
Accumulated deficit | (1,390,207) | (1,376,844) |
Total stockholders’ equity | 4,339 | 16,032 |
Total liabilities and stockholders’ equity | 2,966,508 | 3,002,388 |
Class A common stock | ||
Stockholders’ equity: | ||
Common stock | 2,561 | 2,558 |
Class C common stock | ||
Stockholders’ equity: | ||
Common stock | $ 6 | $ 6 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | May 13, 2011 |
Condensed Financial Statements, Captions [Line Items] | |||
Allowance for doubtful accounts | $ 4,342 | $ 4,923 | |
Debt issuance costs/ discounts | $ 33,893 | $ 37,524 | |
Interest rate | 7.75% | 7.75% | |
Treasury stock, shares | 22,449,496 | 22,445,945 | |
Class A common stock | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 750,000,000 | 750,000,000 | |
Common stock, shares issued | 256,248,431 | 255,902,892 | |
Common stock, shares outstanding | 233,798,935 | 233,456,945 | |
Class C common stock | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 644,871 | 644,871 | |
Common stock, shares issued | 644,871 | 644,871 | |
Common stock, shares outstanding | 644,871 | 644,871 | |
7.75% senior notes: | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 7.75% | 7.75% | 7.75% |
Debt issuance costs | $ 7,382 | $ 8,515 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Net revenue | $ 287,193 | $ 299,334 | $ 555,723 | $ 570,413 |
Operating expenses: | ||||
Content costs | 97,133 | 91,019 | 197,178 | 191,826 |
Selling, general & administrative expenses | 117,860 | 118,548 | 235,087 | 234,855 |
Depreciation and amortization | 22,969 | 25,724 | 46,066 | 51,035 |
LMA fees | 2,482 | 2,572 | 7,870 | 5,070 |
Corporate expenses (including stock-based compensation expense of $790, $3,880, $1,668 and $7,743,respectively) | 11,414 | 12,496 | 24,068 | 25,963 |
(Gain) loss on sale of assets or stations | (3,146) | (84) | (3,141) | 735 |
Impairment of intangible assets and goodwill | 1,816 | 0 | 1,816 | 0 |
Impairment charges - equity interest in Pulser Media Inc. | 0 | 1,056 | 0 | 1,056 |
Total operating expenses | 250,528 | 251,331 | 508,944 | 510,540 |
Operating income | 36,665 | 48,003 | 46,779 | 59,873 |
Non-operating (expense) income: | ||||
Interest expense | (34,486) | (35,412) | (68,967) | (70,396) |
Interest income | 140 | 27 | 225 | 385 |
Other (expense) income, net | (4) | 12,373 | 716 | 12,757 |
Total non-operating expense, net | (34,350) | (23,012) | (68,026) | (57,254) |
Income (loss) before income taxes | 2,315 | 24,991 | (21,247) | 2,619 |
Income tax (expense) benefit | (1,249) | (12,692) | 7,884 | (2,335) |
Net income (loss) | $ 1,066 | $ 12,299 | $ (13,363) | $ 284 |
Basic and diluted income (loss) per common share (see Note 8, “Earnings (Loss) Per Share”): | ||||
Basic: Income (loss) per share (USD per share) | $ 0 | $ 0.05 | $ (0.06) | $ 0 |
Diluted: Income (loss) per share (USD per share) | $ 0 | $ 0.05 | $ (0.06) | $ 0 |
Weighted average basic common shares outstanding (in shares) | 234,329,021 | 233,278,660 | 234,190,188 | 233,202,282 |
Weighted average diluted common shares outstanding (in shares) | 234,692,018 | 233,486,283 | 234,190,188 | 233,452,205 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Stock-based compensation expense | $ 790 | $ 3,880 | $ 1,668 | $ 7,743 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (13,363) | $ 284 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 46,066 | 51,035 |
Amortization of debt issuance costs/discounts | 4,860 | 4,712 |
Provision for doubtful accounts | 493 | 2,417 |
(Gain) loss on sale of assets or stations | (3,141) | 735 |
Impairment of intangible assets and goodwill | 1,816 | 0 |
Impairment charges - equity interest in Pulser Media Inc. | 0 | 1,056 |
Deferred income taxes | (7,918) | 2,847 |
Stock-based compensation expense | 1,668 | 7,743 |
Changes in assets and liabilities: | ||
Accounts receivable | 20,595 | 3,016 |
Trade receivable | (318) | (1,415) |
Prepaid expenses and other current assets | 4,106 | 4,244 |
Other assets | (8,820) | (1,206) |
Accounts payable and accrued expenses | (15,883) | (34,545) |
Trade payable | 329 | 723 |
Other liabilities | (5,480) | (5,922) |
Net cash provided by operating activities | 25,010 | 35,724 |
Cash flows from investing activities: | ||
Restricted cash | 336 | 1,634 |
Proceeds from sale of assets or stations | 4,254 | 3,055 |
Capital expenditures | (11,462) | (14,860) |
Net cash used in investing activities | (6,872) | (10,171) |
Cash flows from financing activities: | ||
Tax withholding payments on behalf of employees | 0 | (93) |
Proceeds from exercise of warrants | 3 | 3 |
Net cash provided by (used in) financing activities | 3 | (90) |
Increase in cash and cash equivalents | 18,141 | 25,463 |
Cash and cash equivalents at beginning of period | 31,657 | 7,271 |
Cash and cash equivalents at end of period | 49,798 | 32,734 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 63,149 | 64,320 |
Income taxes paid | 1,728 | 2,883 |
Supplemental disclosures of non-cash flow information: | ||
Trade revenue | 18,211 | 17,562 |
Trade expense | 18,087 | 17,022 |
Equity interest in Pulser Media Inc. | ||
Supplemental disclosures of non-cash flow information: | ||
Equity interest in Pulser Media Inc. | $ 0 | $ 2,025 |
Description of Business, Interi
Description of Business, Interim Financial Data and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Interim Financial Data and Basis of Presentation | Description of Business, Interim Financial Data and Basis of Presentation: Description of Business Cumulus Media Inc. (and its consolidated subsidiaries, except as the context may otherwise require, “Cumulus,” “Cumulus Media,” “we,” “us,” “our,” or the “Company”) is a Delaware corporation, organized in 2002, and successor by merger to an Illinois corporation with the same name that had been organized in 1997. Nature of Business A leader in the radio broadcasting industry, Cumulus Media (NASDAQ:CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through its 452 owned-and-operated stations broadcasting in 90 U.S. media markets (including eight of the top ten), more than 8,200 broadcast radio stations affiliated with our Westwood One network and numerous digital channels. Together, the Cumulus/Westwood One platforms make Cumulus Media one of the few media companies that can provide advertisers with national reach and local impact. Cumulus/Westwood One is the exclusive radio broadcast partner to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, Westwood One News, and more. Additionally, it is the nation's leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events. Interim Financial Data The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company and the notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The accompanying unaudited condensed consolidated financial statements include the condensed consolidated accounts of Cumulus and its wholly-owned subsidiaries, with all intercompany balances and transactions eliminated in consolidation. The December 31, 2015 condensed balance sheet data was derived from audited financial statements. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of our results of operations for, and financial condition as of the end of, the interim periods have been made. The results of operations for the three and six months ended June 30, 2016 , the cash flows for the six months ended June 30, 2016 and the Company’s financial condition as of June 30, 2016 , are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition that can be expected as of the end of, any other interim period or for the fiscal year ending December 31, 2016 . Out of Period Adjustment In connection with the preparation of these unaudited condensed consolidated financial statements, we recorded a correction of an immaterial misstatement that occurred in prior periods, which resulted in an increase in content costs of $3.6 million in the second quarter of 2016. The correction related to the Radio Station Group segment only and was not material to the prior year quarterly or annual results. The effect of this correction is not expected to be material to the 2016 annual financial statements. Reportable Segments During the first quarter of 2016 the Company modified its management reporting framework affecting how the Company evaluates operating performance and internally reports financial information. This modification resulted in a reorganization of the Company's reportable segments. Prior to this reorganization, the Company operated in one reportable business segment which consisted of radio broadcasting, advertising and related services. The Company now operates in two reportable segments for which there is discrete financial information available and whose operating results are reviewed by the chief operating decision maker. Historical information included in these financial statements has been revised to reflect the change to two segments, with no impact to previously disclosed consolidated results (See Note 3, "Intangible Assets and Goodwill" and Note 12, "Segment Data"). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including significant estimates related to revenue recognition, bad debts, intangible assets, income taxes, stock-based compensation, contingencies, litigation, and, if applicable, purchase price allocation. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates. Assets Held for Sale During the year ended December 31, 2015 , the Company entered into an agreement to sell certain land to a third party. The closing of the transaction is subject to various conditions and approvals, which remain pending. During the year ended December 31, 2014, the Company entered into an agreement to sell certain land and buildings to a third party, the closing of which is subject to various conditions and approvals, and which the Company expects to close in the next six months. The identified assets have been classified as held for sale in the condensed consolidated balance sheets at June 30, 2016 and December 31, 2015 . The estimated fair value of the land and buildings to be disposed of in both sales are in excess of their carrying value. Adoption of New Accounting Standards ASU 2015-03. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03. The amendments in this ASU require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of long-term debt, consistent with debt discounts or premiums. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We adopted this standard retrospectively in the first quarter of 2016. The balance sheet as of December 31, 2015 was retrospectively adjusted, which resulted in reductions to other assets of $22.4 million and long-term debt of $22.4 million . Recent Accounting Standards Updates ASU 2014-09 and related updates. In May 2014, the FASB issued ASU 2014-09. The amended guidance under this ASU outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the single comprehensive revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year. Transition to the new guidance may be done using either a full or modified retrospective method. ASU 2014-09, as amended, is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In March 2016, the FASB issued ASU 2016-08 which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 which amends the revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations as well as clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU 2016-12 which provides clarifying guidance in certain narrow areas such as an assessment of collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition as well as adds some practical expedients. The amendments in ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 at the date of initial application. The Company is currently evaluating adoption methods and the impact of adopting ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 on its consolidated financial statements. ASU 2014-15. In August 2014, the FASB issued ASU 2014-15. The amendments in this update provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. These amendments should standardize the timing and content of footnote disclosures. The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The adoption of this guidance is not expected to have an impact on the consolidated financial statements. ASU 2016-01. In January 2016, the FASB issued ASU 2016-01. The amendments in this ASU enhance the reporting model for financial instruments including aspects of recognition, measurement, presentation and disclosure of financial instruments. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is not permitted, except for certain amendments within the ASU. The Company is currently assessing the expected impact, if any, that this ASU will have on the consolidated financial statements. ASU 2016-02. In February 2016, the FASB issued ASU 2016-02. The amendments in this ASU provide guidance for accounting for leases. This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This ASU will be effective for fiscal years beginning after December 15, 2018, and interim periods thereafter. A modified retrospective transition method is required, with the option to elect a package of practical expedients. Early adoption is permitted. The Company is currently assessing the expected impact that this ASU will have on the consolidated financial statements. ASU 2016-09. In March 2016, the FASB issued ASU 2016-09. The amendments in this ASU provide guidance for employee share-based payment accounting. This update removes the requirement that reporting entities present tax benefits as excess cash flows from financing activities and cash flows from operating activities. As a result of this amendment, cash flows related to excess tax benefits will be classified in operating activities. This ASU will be effective for fiscal years beginning after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently assessing the expected impact, if any, that this ASU will have on the consolidated financial statements. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash As of June 30, 2016 and December 31, 2015 , the Company’s balance sheet included approximately $7.6 million and $8.0 million , respectively, in restricted cash. At June 30, 2016 and December 31, 2015 , the Company held $7.0 million and $7.4 million , respectively, relating to collateralizing standby letters of credit pertaining to certain leases and insurance policies. In addition, $0.6 million at each date relates to securing the maximum exposure generated by automated clearinghouse transactions in the Company's operating bank accounts and as dictated by the Company's banks' internal policies with respect to cash. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill As described in Note 1, "Description of Business, Interim Financial Data and Basis of Presentation" and Note 12 "Segment Data", during the first quarter of 2016 the Company modified its management reporting framework. This modification resulted in a reorganization of the Company's reportable segments and reporting units. Prior to this reorganization, the Company had three reporting units for purposes of goodwill allocation. The Company's top 50 Nielsen Audio rated markets and Westwood One comprised one reporting unit ("Reporting Unit 1"), the second reporting unit consisted of all of the Company's other radio markets ("Reporting Unit 2") while the third reporting unit, in which there was no goodwill, consisted of all non-radio lines of business ("Reporting Unit 3"). After the modification, all of the Company's radio markets comprise one reporting unit ("Reporting Unit 1"), Westwood One comprises the second reporting unit ("Reporting Unit 2") and the third reporting unit ("Reporting Unit 3"), in which there is no goodwill, continues to consist of the Company's all non-radio lines of business. As part of the reorganization of reportable segments and reporting units, the Company allocated goodwill to the new reporting unit structure based upon a relative fair value approach. The Company determined that goodwill was not impaired before or immediately after the allocation. A significant portion of the Company's intangible assets are comprised of indefinite-lived assets including broadcast licenses and goodwill acquired through acquisitions. The Company performs its annual impairment testing of broadcast licenses and goodwill during the fourth quarter and on an interim basis if events or circumstances indicate that broadcast licenses or goodwill may be impaired. The Company performs this test at the reporting unit level. The calculation of the fair value of each reporting unit is prepared using an income approach and discounted cash flow methodology. If the carrying value exceeds the estimate of fair value, the Company calculates impairment as the excess of the carrying value of goodwill over its estimated fair value and charges the impairment to results of operations in the period in which the impairment occurred. The Company reviews the carrying value of its definite-lived intangible assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. There were no triggering events as of June 30, 2016 to necessitate an interim impairment test as of such date, and the fair value of such assets exceeded their carrying value. During the second quarter of 2016, the Company recorded an impairment charge to its definite-lived intangible assets of $1.8 million for all customer lists and trademark definite-lived intangible assets related to the print publication of NASH Country Weekly as the Company re-positioned the print publication to a digital only medium. There were no similar impairments in 2015. There were no changes in goodwill during the six month period ended June 30, 2016 . The following tables present goodwill and accumulated impairment losses on a segment and consolidated basis as of January 1, 2016 and June 30, 2016 (dollars in thousands): Radio Station Group Goodwill: 2016 Balance as of January 1: Goodwill $ 1,278,526 Accumulated impairment losses (710,386 ) Total 568,140 Balance as of June 30: Goodwill 1,278,526 Accumulated impairment losses (710,386 ) Total $ 568,140 Westwood One Goodwill: 2016 Balance as of January 1: Goodwill $ 304,280 Accumulated impairment losses (169,066 ) Total 135,214 Balance as of June 30: Goodwill 304,280 Accumulated impairment losses (169,066 ) Total $ 135,214 Consolidated Goodwill: 2016 Balance as of January 1: Goodwill $ 1,582,806 Accumulated impairment losses (879,452 ) Total 703,354 Balance as of June 30: Goodwill 1,582,806 Accumulated impairment losses (879,452 ) Total $ 703,354 The following table presents the changes in intangible assets, other than goodwill, on a consolidated basis during the period January 1, 2016 to June 30, 2016 , and balances as of such dates (dollars in thousands): Indefinite-Lived Definite-Lived Total Intangible Assets: Balance as of January 1, 2016 $ 1,578,066 $ 174,530 $ 1,752,596 Dispositions (1,065 ) — (1,065 ) Impairment losses — (1,816 ) (1,816 ) Amortization — (30,252 ) (30,252 ) Balance as of June 30, 2016 $ 1,577,001 $ 142,462 $ 1,719,463 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Company’s long-term debt consisted of the following as of June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Term Loan: Term loan $ 1,838,940 $ 1,838,940 Less: unamortized term loan discount and debt issuance costs (33,893 ) (37,524 ) Total Term Loan 1,805,047 1,801,416 7.75% senior notes: 610,000 610,000 Less: unamortized debt issuance costs (7,382 ) (8,515 ) Total 7.75% senior notes 602,618 601,485 Less: Current portion of long-term debt — — Long-term debt, net $ 2,407,665 $ 2,402,901 Amended and Restated Credit Agreement On December 23, 2013, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), among the Company, Cumulus Media Holdings Inc., a direct wholly-owned subsidiary of the Company (“Cumulus Holdings”), as borrower, and certain lenders and agents. The Credit Agreement consists of a $2.025 billion term loan (the “Term Loan”) maturing in December 2020 and a $200.0 million revolving credit facility (the “Revolving Credit Facility”) maturing in December 2018. Under the Revolving Credit Facility, up to $30.0 million of availability may be drawn in the form of letters of credit. Term Loan borrowings and borrowings under the Revolving Credit Facility bear interest, at the option of Cumulus Holdings, based on the Base Rate (as defined below) or the London Interbank Offered Rate (“LIBOR”), in each case plus 3.25% on LIBOR-based borrowings and 2.25% on Base Rate-based borrowings. LIBOR-based borrowings are subject to a LIBOR floor of 1.0% under the Term Loan. Base Rate-based borrowings are subject to a Base Rate floor of 2.0% under the Term Loan. Base Rate is defined, for any day, as the rate per annum equal to the highest of (i) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 1/2 of 1.0% , (ii) the prime commercial lending rate of JPMorgan Chase Bank, N.A., as established from time to time, and (iii) 30 day LIBOR plus 1.0% . Amounts outstanding under the Term Loan amortize at a rate of 1.0% per annum of the original principal amount of the Term Loan, payable quarterly, with the balance payable on the maturity date. The Company's Senior Notes mature on May 1, 2019. If 91 days prior to the stated maturity date of the Senior Notes (the "Springing Maturity Date") the aggregate principal amount of Senior Notes outstanding exceeds $200.0 million , the Term Loan maturity date shall be accelerated to the the Springing Maturity Date. At June 30, 2016 , the Term Loan bore interest at 4.25% per annum. The representations, covenants and events of default in the Credit Agreement are customary for financing transactions of this nature. Events of default in the Credit Agreement include, among others: (a) the failure to pay when due the obligations owing thereunder; (b) the failure to comply with (and not timely remedy, if applicable) certain covenants; (c) certain defaults and accelerations under other indebtedness; (d) the occurrence of bankruptcy or insolvency events; (e) certain judgments against the Company or any of its restricted subsidiaries; (f) the loss, revocation or suspension of, or any material impairment in the ability to use one or more of, any material FCC licenses; (g) any representation or warranty made, or report, certificate or financial statement delivered to the lenders subsequently proven to have been incorrect in any material respect; and (h) the occurrence of a Change in Control (as defined in the Credit Agreement). Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Agreement and the ancillary loan documents as a secured party. In the event amounts are outstanding under the Revolving Credit Facility or any letters of credit are outstanding that have not been collateralized by cash as of the end of each quarter, the Credit Agreement requires compliance with a consolidated first lien leverage ratio covenant. The required ratio at June 30, 2016 was 5.0 to 1, and the first lien net leverage ratio covenant periodically decreases until it reaches 4.0 to 1 on March 31, 2018. As the Company currently has no borrowings outstanding under the Revolving Credit Facility, the Company is not required to comply with such ratio. However, as of June 30, 2016 , the Company's actual leverage ratio was in excess of that ratio. If the Company accessed borrowings under the Revolving Credit Facility, the Company would be required to comply with such ratio. Certain mandatory prepayments on the Term Loan are required upon the occurrence of specified events, including upon the incurrence of certain additional indebtedness, upon the sale of certain assets and upon the occurrence of certain condemnation or casualty events, and from excess cash flow. The Company’s, Cumulus Holdings’ and their respective restricted subsidiaries’ obligations under the Credit Agreement are collateralized by a first priority lien on substantially all of the Company’s, Cumulus Holdings’ and their respective restricted subsidiaries’ assets (excluding the Company’s accounts receivable collateralizing the Company's revolving accounts receivable securitization facility (the “Securitization Facility”) with Wells Fargo Capital Finance ("Wells Fargo") (as described below) in which a security interest may lawfully be granted, including, without limitation, intellectual property and substantially all of the capital stock of the Company’s direct and indirect domestic wholly-owned subsidiaries and 66% of the capital stock of any future first-tier foreign subsidiaries. In addition, Cumulus Holdings’ obligations under the Credit Agreement are guaranteed by the Company and substantially all of its restricted subsidiaries, other than Cumulus Holdings. At June 30, 2016 and December 31, 2015 , the Company had $1.839 billion outstanding under the Term Loan and no amounts outstanding under the Revolving Credit Facility. 7.75% Senior Notes On May 13, 2011, the Company issued $610.0 million aggregate principal amount of its 7.75% Senior Notes due 2019 (the " 7.75% Senior Notes"). Proceeds from the sale of the 7.75% Senior Notes were used to, among other things, repay the $575.8 million outstanding under the term loan facility under the Company's prior credit agreement. On September 16, 2011, the Company and Cumulus Holdings entered into a supplemental indenture with the trustee under the indenture governing the 7.75% Senior Notes which provided for, among other things, the (i) assumption by Cumulus Holdings of all obligations of the Company; (ii) substitution of Cumulus Holdings for the Company as issuer; (iii) release of the Company from all obligations as original issuer; and (iv) Company’s guarantee of all of Cumulus Holdings’ obligations, in each case under the indenture and the 7.75% Senior Notes. Interest on the 7.75% Senior Notes is payable on each May 1 and November 1 of each year. The 7.75% Senior Notes mature on May 1, 2019 . Cumulus Holdings, as issuer of the 7.75% Senior Notes, may redeem all or part of the 7.75% Senior Notes at any time at a price equal to 100% of the principal amount, plus a “make-whole” premium. If Cumulus Holdings sells certain assets or experiences specific kinds of changes in control, it will be required to make an offer to purchase the 7.75% Senior Notes. The indenture governing the 7.75% Senior Notes contains representations, covenants and events of default customary for financing transactions of this nature. At June 30, 2016 , the Company was in compliance with all required covenants under the indenture governing the 7.75% Senior Notes. In connection with the substitution of Cumulus Holdings as the issuer of the 7.75% Senior Notes, the Company has guaranteed the 7.75% Senior Notes. In addition, each existing and future domestic restricted subsidiary that guarantees the Company’s indebtedness, Cumulus Holdings’ indebtedness or indebtedness of the Company’s subsidiary guarantors (other than the Company’s subsidiaries that hold the licenses for the Company’s radio stations) guarantees, and will guarantee, the 7.75% Senior Notes. The 7.75% Senior Notes are senior unsecured obligations of Cumulus Holdings and rank equally in right of payment to all existing and future senior unsecured debt of Cumulus Holdings and senior in right of payment to all future subordinated debt of Cumulus Holdings. The 7.75% Senior Notes guarantees are the Company’s and the other guarantors’ senior unsecured obligations and rank equally in right of payment to all of the Company’s and the other guarantors’ existing and future senior debt and senior in right of payment to all of the Company’s and the other guarantors’ future subordinated debt. The 7.75% Senior Notes and the guarantees are effectively subordinated to any of Cumulus Holdings’, the Company’s or the guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt. In addition, the 7.75% Senior Notes and the guarantees are structurally subordinated to all indebtedness and other liabilities, including preferred stock, of the Company’s non-guarantor subsidiaries, including all of the liabilities of the Company’s and the guarantors’ foreign subsidiaries and the Company’s subsidiaries that hold the licenses for the Company’s radio stations. Accounts Receivable Securitization Facility On December 6, 2013, the Company entered into a 5 -year, $50.0 million Securitization Facility with Wells Fargo (as successor to General Electric Capital Corporation), as a lender, as swingline lender and as administrative agent (together with any other lenders party thereto from time to time, the “Lenders”). In connection with the entry into the Securitization Facility, pursuant to a Receivables Sale and Servicing Agreement, dated as of December 6, 2013 (the “Sale Agreement”), certain subsidiaries of the Company (collectively, the “Originators”) may sell and/or contribute their existing and future accounts receivable (representing all of the Company’s accounts receivable) to a special purpose entity and wholly owned subsidiary of the Company (the “SPV”). The SPV may thereafter make borrowings from the Lenders, which borrowings will be secured by those receivables, pursuant to a Receivables Funding and Administration Agreement, dated as of December 6, 2013 (the “Funding Agreement”). Cumulus Holdings services the accounts receivable on behalf of the SPV. Advances available under the Funding Agreement at any time are based on advance rates relating to the value of the eligible receivables held by the SPV at that time. The Securitization Facility matures on December 6, 2018, subject to earlier termination at the election of the SPV. Advances bear interest based on either LIBOR plus 2.50% or the Index Rate (as defined in the Funding Agreement) plus 1.00% . The SPV is also required to pay a monthly fee based on any unused portion of the Securitization Facility. The Securitization Facility contains representations and warranties, affirmative and negative covenants, and events of default that are customary for financings of this type. At June 30, 2016 and December 31, 2015 , there were no amounts outstanding under the Securitization Facility. For the three and six months ended June 30, 2016 , the Company recorded an aggregate of $2.4 million and $4.9 million of amortization of debt discount and debt issuance costs related to its Term Loan, 7.75% Senior Notes, and Securitization Facility. For the three and six months ended June 30, 2015 , the Company recorded an aggregate of $2.4 million and $4.7 million , respectively, of amortization of debt discount and debt issuance costs related to its Term Loan, 7.75% Senior Notes, and Securitization Facility. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy to be applied to financial instruments when determining fair value are described below: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table shows the gross amount and fair value of the Company’s Term Loan and 7.75% Senior Notes (dollars in thousands): June 30, 2016 December 31, 2015 Term Loan: Gross value $ 1,838,940 $ 1,838,940 Fair value - Level 2 1,287,258 1,360,816 7.75% Senior Notes: Gross value $ 610,000 $ 610,000 Fair value - Level 2 250,466 204,350 As of June 30, 2016 , the Company used trading prices of 70.00% to calculate the level 2 fair value of the Term Loan and 41.06% to calculate the level 2 fair value of the 7.75% Senior Notes. As of December 31, 2015 , the Company used trading prices of 74.00% to calculate the level 2 fair value of the Term Loan and 33.50% to calculate the level 2 fair value of the 7.75% Senior Notes. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company is authorized to issue an aggregate of 1,450,644,871 shares of stock divided into four classes consisting of: (i) 750,000,000 shares designated as Class A common stock, (ii) 600,000,000 shares designated as Class B common stock, (iii) 644,871 shares designated as Class C common stock and (iv) 100,000,000 shares of preferred stock, each with a par value of $0.01 per share. Common Stock Except with regard to voting and conversion rights, shares of Class A, Class B and Class C common stock are identical in all respects. The preferences, qualifications, limitations, restrictions, and the special or relative rights in respect of the common stock and the various classes of common stock are as follows: • Voting Rights. The holders of shares of Class A common stock are entitled to one vote per share on any matter submitted to a vote of the stockholders of the Company, and the holders of shares of Class C common stock are entitled to ten votes for each share of Class C common stock held. Generally, the holders of shares of Class B common stock are not entitled to vote on any matter. However, holders of Class B common stock and Class C common stock are entitled to a separate class vote on any amendment or modification of any specific rights or obligations of the holders of Class B common stock or Class C common stock, respectively, that does not similarly affect the rights or obligations of the holders of Class A common stock. The holders of Class A common stock and of Class C common stock vote together, as a single class, on all matters submitted to a vote to the stockholders of the Company. • Conversion. Each holder of Class B common stock and Class C common stock is entitled to convert at any time all or any part of such holder’s shares into an equal number of shares of Class A common stock; provided, however, that to the extent that such conversion would result in the holder holding more than 4.99% of the Class A common stock following such conversion, the holder will first be required to deliver to the Company an ownership certification to enable the Company to (a) determine that such holder does not have an attributable interest in another entity that would cause the Company to violate applicable FCC rules and regulations and (b) obtain any necessary approvals from the FCC or the Department of Justice. The holders of all classes of common stock are entitled to share ratably in any dividends that may be declared by the board of directors of the Company. As of June 30, 2016 there were no shares of Class B common stock issued or outstanding. 2009 Warrants In June 2009, in connection with the execution of an amendment to the Company's then-existing credit agreement, the Company issued warrants to the lenders thereunder that allow them to acquire up to 1.3 million shares of Class A common stock at an exercise price of $1.17 per share (the “2009 Warrants”). The 2009 Warrants expire on June 29, 2019. The number of shares of Class A common stock issuable upon exercise of the 2009 Warrants is subject to adjustment in certain circumstances, including upon the payment of a dividend in shares of Class A common stock. None of such warrants were converted during the three and six months ended June 30, 2016 and, as of such date, 0.3 million 2009 Warrants remained outstanding. Company Warrants As a component of the Company's September 16, 2011 acquisition of Citadel Broadcasting Corporation (the "Citadel Merger") and the related financing transactions, the Company issued warrants to purchase an aggregate of 71.7 million shares of Class A common stock (the "Company Warrants") under a warrant agreement dated September 16, 2011 (the "Warrant Agreement"). The Company Warrants are exercisable at any time prior to June 3, 2030 at an exercise price of $0.01 per share. The exercise price of the Company Warrants is not subject to any anti-dilution protection, other than standard adjustments in the case of stock splits, dividends and certain other similar events. Pursuant to the terms and conditions of the Warrant Agreement, upon the request of a holder, the Company has the discretion to issue, upon exercise of the Company Warrants, shares of Class B common stock in lieu of an equal number of shares of Class A common stock and, upon request of a holder and at the Company’s discretion, the Company has the right to exchange such warrants to purchase an equivalent number of shares of Class B common stock for outstanding warrants to purchase shares of Class A common stock. Conversion of the Company Warrants is subject to compliance with applicable FCC regulations, and the Company Warrants are exercisable provided that ownership of the Company’s securities by the holder does not cause the Company to violate applicable FCC rules and regulations relating to foreign ownership of broadcasting licenses. Holders of Company Warrants are entitled to participate ratably in any distributions on the Company’s common stock on an as-exercised basis. No distribution will be made to holders of Company Warrants or common stock if (i) an FCC ruling, regulation or policy prohibits such distribution to holders of Company Warrants or (ii) the Company’s FCC counsel opines that such distribution is reasonably likely to cause (a) the Company to violate any applicable FCC rules or regulations or (b) any holder of Company Warrants to be deemed to hold an attributable interest in the Company. During the six months ended June 30, 2016 , approximately 0.3 million Company Warrants were converted into shares of Class A common stock and no warrants were converted during the three month period ended June 30, 2016 . At June 30, 2016 , approximately 0.3 million Company Warrants remained outstanding. Crestview Warrants Also on September 16, 2011, but pursuant to a separate warrant agreement, the Company issued warrants to purchase 7.8 million shares of Class A common stock with an exercise price, as adjusted to date, of $4.34 per share (the "Crestview Warrants"). The Crestview Warrants are exercisable until September 16, 2021, and the per share exercise price is subject to standard weighted average adjustments in the event that the Company issues additional shares of common stock or common stock derivatives for less than the fair market value per share, as defined in the Crestview Warrants, as of the date of such issuance. In addition, the number of shares of Class A common stock issuable upon exercise of the Crestview Warrants, and the exercise price of the Crestview Warrants, are subject to adjustment in the case of stock splits, dividends and certain other similar events. As of June 30, 2016 , all 7.8 million Crestview Warrants remained outstanding. |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense | Stock-Based Compensation Expense The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options issued. The determination of the fair value of stock options on the date of grant is affected by the Company’s stock price, historical stock price volatility over the expected term of the awards, risk-free interest rates and expected dividends. With respect to restricted stock awards, the Company recognizes compensation expense over the vesting period equal to the grant date fair value of the shares awarded. To the extent non-vested restricted stock awards include performance or market conditions management examines the requisite service period to recognize the cost associated with the award. There were no changes to the Black-Scholes calculations or assumptions during the year. On May 14, 2015, the Company granted 242,916 shares of time-vesting restricted Class A common stock, with an aggregate grant fair value of $0.6 million , to the non-employee directors of the Company with a cliff vesting term of one year . During the six months ended June 30, 2016 , the Company granted 1,367,000 stock options with an aggregate grant date fair value of $0.3 million . During the six months ended June 30, 2015 , the Company granted 625,000 stock options with an aggregate grant date fair value of $1.1 million . The options granted in both periods range in exercise price from $0.31 to $4.34 per share, and provide for vesting on each of the first four anniversaries of the date of grant, with 30% of the award vesting on each of the first two anniversaries thereof, and 20% of the award vesting on each of the next two anniversaries thereof. For the three and six months ended June 30, 2016 , the Company recognized approximately $0.8 million and $1.7 million in stock-based compensation expense related to equity awards. For the three and six months ended June 30, 2015, the Company recognized approximately $3.9 million and $7.7 million in stock-based compensation expense related to equity awards. As of June 30, 2016 , unrecognized stock-based compensation expense of approximately $4.6 million related to equity awards is expected to be recognized over a weighted average remaining life of 2.48 years. Unrecognized stock-based compensation expense for equity awards will be adjusted for future changes in estimated forfeitures. There were no stock options exercised during the six months ended June 30, 2016 or June 30, 2015 . |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share For all periods presented, the Company has disclosed basic and diluted earnings (loss) per common share utilizing the two-class method. Basic earnings (loss) per common share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. In accordance with the terms of the Company's certificate of incorporation, the Company allocates undistributed net income (loss) after any allocation for preferred stock dividends between each class of common stock on an equal basis. Non-vested restricted shares of Class A common stock and the Company Warrants are considered participating securities for purposes of calculating basic weighted average common shares outstanding in periods in which the Company records net income. Diluted earnings (loss) per share is computed in the same manner as basic earnings (loss) per share after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes stock options and certain other warrants to purchase common stock. Antidilutive instruments are not considered in this calculation. Under the two-class method, net income is allocated to common stock and participating securities to the extent that each security may share in earnings, as if all of the earnings (loss) for the period had been distributed. Earnings (loss) are allocated to each participating security and common shares equally. The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2016 and 2015 (amounts in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic Earnings (Loss) Per Share Numerator: Undistributed net income (loss) from continuing operations $ 1,066 $ 12,299 $ (13,363 ) $ 284 Less: Participation rights of the Company Warrants in undistributed earnings 1 57 — 1 Participation rights of unvested restricted stock in undistributed earnings 1 10 — — Basic undistributed net income (loss) attributable to common shares $ 1,064 $ 12,232 $ (13,363 ) $ 283 Denominator: Basic weighted average shares outstanding 234,329 233,279 234,190 233,202 Basic undistributed net income (loss) per share attributable to common shares $0.00 $0.05 $(0.06) $0.00 Diluted Earnings (Loss) Per Share: Numerator: Undistributed net income (loss) from continuing operations $ 1,066 $ 12,299 $ (13,363 ) $ 284 Less: Participation rights of the Company Warrants in undistributed net earnings 1 57 — 1 Participation rights of unvested restricted stock in undistributed earnings 1 10 — — Basic undistributed net income (loss) attributable to common shares $ 1,064 $ 12,232 $ (13,363 ) $ 283 Denominator: Basic weighted average shares outstanding 234,329 233,279 234,190 233,202 Effect of dilutive stock options, warrants and restricted stock 363 207 — 250 Diluted weighted average shares outstanding 234,692 233,486 234,190 233,452 Diluted undistributed net income (loss) per share attributable to common shares $0.00 $0.05 $(0.06) $0.00 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended June 30, 2016 , the Company recorded an income tax expense of $1.2 million on pre-tax income of $2.3 million , resulting in an effective tax rate for the three months ended June 30, 2016 of approximately 54.0% . For the three months ended June 30, 2015 , the Company recorded an income tax expense of $12.7 million on pre-tax income of $25.0 million , resulting in an effective tax rate for the three months ended June 30, 2015 of approximately 50.8% . For the six months ended June 30, 2016 , the Company recorded an income tax benefit of $7.9 million on a pre-tax loss of $21.2 million , resulting in an effective tax rate for the six months ended June 30, 2016 of approximately 37.1% . For the six months ended June 30, 2015 , the Company recorded an income tax expense of $2.3 million on pre-tax income of $2.6 million , resulting in an effective tax rate for the six months ended June 30, 2015 of approximately 88.5% . The difference between the effective tax rate and the federal statutory rate of 35.0% for both the three and six months ended June 30, 2016 primarily relates to state and local income taxes and the tax effect of certain statutory non deductible items. The difference between the effective tax rate and the federal statutory rate of 35.0% for the three and six months ended June 30, 2015 primarily relates to state and local income taxes, an increase in the valuation allowance with respect to state net operating losses and the tax effect of certain statutory non deductible items, the settlement of uncertain tax positions with the tax authorities and enacted changes to state and local tax laws. The Company continually reviews the adequacy of the valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be recognized in accordance with ASC Topic 740, Income Taxes ("ASC 740"). As of June 30, 2016 , the Company continues to maintain a valuation allowance on certain state net operating loss carryforwards for which the Company does not believe they will be able to meet the more likely than not recognition standard for recovery. The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax returns as well as future profitability. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Future Commitments The radio broadcast industry’s principal ratings service is Nielsen Audio ("Nielsen"), which publishes surveys for domestic radio markets. Certain of the Company’s subsidiaries have agreements with Nielsen under which they receive programming ratings materials in a majority of their respective markets. The remaining aggregate obligation under the agreements with Nielsen is approximately $70.2 million and is expected to be paid in accordance with the agreements through December 2017. The Company engages Katz Media Group, Inc. ("Katz") as its national advertising sales agent. The national advertising agency contract with Katz contains termination provisions that, if exercised by the Company during the term of the contract, would obligate the Company to pay a termination fee to Katz, calculated based upon a formula set forth in the contract. The Company is committed under various contractual agreements to pay for broadcast rights that include news services and to pay for talent, executives, research, weather and other services. The Company from time to time enters into radio network contractual obligations to guarantee a minimum amount of revenue share to contractual counterparties on certain programming in future years. Generally, these guarantees are subject to decreases dependent on clearance targets achieved. On January 2, 2014 (the "Commencement Date”), Merlin Media, LLC (“Merlin”) and the Company entered into an LMA. Under this LMA, the Company is responsible for operating two FM radio stations in Chicago, Illinois, for monthly fees payable to Merlin of approximately $0.4 million , $0.5 million and $0.6 million in the second, third and fourth years following the Commencement Date, respectively, in exchange for the Company retaining the operating profits from these radio stations. In connection therewith, the Company and Merlin also entered into an agreement pursuant to which the Company has the right to purchase these two FM radio stations until October 4, 2017 for an amount in cash equal to the greater of (i) $70.0 million minus the aggregate amount of monthly fees paid by the Company on or prior to the earlier of the closing date or the date that is four years after the Commencement Date; or (ii) $50.0 million , and Merlin has the right to require the Company to purchase these two FM radio stations at any time during a ten -day period commencing October 4, 2017 for $71.0 million , minus the aggregate amount of monthly fees paid by the Company on or prior to the earlier of the closing date and January 2, 2018. The Company determined through its review of the requirements of ASC Topic 810, Consolidation ("ASC 810") that the Company is not the primary beneficiary of the LMA with Merlin, and, therefore, consolidation of the stations is not required. On April 1, 2014, the Company initiated an exit plan for an office lease as part of a restructuring in connection with the acquisition of Westwood One (the "Exit Plan"), which includes charges related to terminated contract costs. In connection with the Exit Plan, the Company recorded restructuring costs of $5.2 million for the year ended December 31, 2014, which costs are included in corporate expenses in the consolidated statement of operations. As of June 30, 2016 , liabilities related to the Exit Plan of $0.5 million were included in accounts payable and accrued expenses and are expected to be paid within one year, and $3.7 million of non-current liabilities are included in other liabilities in the condensed consolidated balance sheet. We anticipate no additional future charges for the Exit Plan other than true-ups to closed facilities lease charges and accretion expense. In connection with the departure from the Company of two executives, the Company recorded restructuring costs of $10.2 million for year ended December 31, 2015 which were included in corporate expenses in the condensed consolidated statements of operations for such period. As of June 30, 2016 , related liabilities of $5.1 million were included in accounts payable and accrued expenses in the condensed consolidated balance sheet and are expected to be paid within one year. Legal Proceedings In March 2011, the Company and certain of our subsidiaries were named as defendants along with other radio companies, including Beasley Broadcast Group, Inc., CBS Radio, Inc., Entercom Communications, Greater Media, Inc. and Townsquare Media, LLC in a patent infringement suit. The case, Mission Abstract Data L.L.C., d/b/a Digimedia v. Beasley Broadcast Group, Inc., et. al., Civil Action Case No: 1:99-mc-09999, U.S. District Court for the District of Delaware (filed March 1, 2011), alleges that the defendants are infringing or have infringed on plaintiff’s patents entitled “Selection and Retrieval of Music from a Digital Database.” Plaintiff is seeking injunctive relief and unspecified damages. This case has been stayed, and is awaiting further action by the court. In August 2015, we were named as a defendant in two separate putative class action lawsuits relating to our use and public performance of certain sound recordings fixed prior to February 15, 1972 (the "Pre-1972 Recordings"). The first suit, ABS Entertainment, Inc., et. al. v, Cumulus Media Inc., was filed in the United States District Court for the Central District of California and alleges, among other things, copyright infringement under California state law, common law conversion, misappropriation and unfair business practices. On December 11, 2015, this suit was dismissed without prejudice. The second suit, ABS Entertainment, Inc., v. Cumulus Media Inc., was filed in the United States District Court for the Southern District of New York and alleges, among other things, common law copyright infringement and unfair competition. The New York lawsuit has been stayed pending an appeal before the Second Circuit involving unrelated third-parties over whether the owner of a Pre-1972 Recording holds an exclusive right to publicly perform that recording under New York common law. The pending suit seeks unspecified damages. The Company is evaluating the suit, and intends to defend itself vigorously. The Company is not yet able to determine what effect the lawsuit will have, if any, on its financial position, results of operations or cash flows. In the first quarter of 2016, CBS Radio Inc. ("CBS") filed a demand for arbitration against certain of our subsidiaries. This action alleges that certain of our subsidiaries breached the terms of one or more contracts with CBS relating to sports network radio programming and content. The demand seeks cash damages, interest and injunctive relief. Arbitration is currently scheduled to be held in the fourth quarter of 2016. We intend to defend ourselves vigorously against this claim, and are not yet able to determine what effect, if any, the result of this arbitration will have on our financial position, results of operations or cash flows. The Company currently is, and expects that from time to time in the future it will be, party to, or a defendant in, various other claims or lawsuits that are generally incidental to its business. The Company expects that it will vigorously contest any such claims or lawsuits and believes that the ultimate resolution of any such known claim or lawsuit will not have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. |
Supplemental Condensed Consolid
Supplemental Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Supplemental Condensed Consolidating Financial Information | Supplemental Condensed Consolidating Financial Information At June 30, 2016 , 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 and six months ended June 30, 2016 and 2015 , (ii) unaudited condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015 , and (iii) unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2016 and 2015 , 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. CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 165 $ 287,028 $ — $ — $ 287,193 Operating expenses: Content costs — — 97,133 — — 97,133 Selling, general & administrative expenses — — 117,324 536 — 117,860 Depreciation and amortization — 414 22,555 — — 22,969 LMA fees — — 2,482 — — 2,482 Corporate expenses (including stock-based compensation expense of $790) — 11,414 — — — 11,414 Gain on sale of assets or stations — — (3,146 ) — — (3,146 ) Impairment of intangible assets and goodwill — — 1,816 — — 1,816 Total operating expenses — 11,828 238,164 536 — 250,528 Operating (loss) income — (11,663 ) 48,864 (536 ) — 36,665 Non-operating (expense) income: Interest (expense) income, net (2,178 ) (32,261 ) 140 (47 ) — (34,346 ) Other (expense), net — — (4 ) — — (4 ) Total non-operating (expense) income, net (2,178 ) (32,261 ) 136 (47 ) — (34,350 ) (Loss) income before income taxes (2,178 ) (43,924 ) 49,000 (583 ) — 2,315 Income tax benefit (expense) 815 16,060 (18,342 ) 218 — (1,249 ) Earnings (loss) from consolidated subsidiaries 2,429 30,293 (365 ) — (32,357 ) — Net income (loss) $ 1,066 $ 2,429 $ 30,293 $ (365 ) $ (32,357 ) $ 1,066 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 165 $ 555,558 $ — $ — $ 555,723 Operating expenses: Content costs — — 197,178 — — 197,178 Selling, general & administrative expenses — — 234,013 1,074 — 235,087 Depreciation and amortization — 818 45,248 — — 46,066 LMA fees — — 7,870 — — 7,870 Corporate expenses (including stock-based compensation expense of $1,668) — 24,068 — — — 24,068 Gain on sale of assets or stations — — (3,141 ) — — (3,141 ) Impairment of intangible assets and goodwill — — 1,816 — — 1,816 Total operating expenses — 24,886 482,984 1,074 — 508,944 Operating (loss) income — (24,721 ) 72,574 (1,074 ) — 46,779 Non-operating (expense) income: Interest (expense) income, net (4,355 ) (64,517 ) 225 (95 ) — (68,742 ) Other income, net — — 716 — — 716 Total non-operating (expense) income, net (4,355 ) (64,517 ) 941 (95 ) — (68,026 ) (Loss) income before income taxes (4,355 ) (89,238 ) 73,515 (1,169 ) — (21,247 ) Income tax benefit (expense) 1,742 35,080 (29,406 ) 468 7,884 (Loss) earnings from consolidated subsidiaries (10,750 ) 43,408 (701 ) — (31,957 ) — Net (loss) income $ (13,363 ) $ (10,750 ) $ 43,408 $ (701 ) $ (31,957 ) $ (13,363 ) CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 125 $ 299,209 $ — $ — $ 299,334 Operating expenses: Content costs — — 91,019 — — 91,019 Selling, general & administrative expenses — — 118,017 531 — 118,548 Depreciation and amortization — 356 25,368 — — 25,724 LMA fees — — 2,572 — — 2,572 Corporate expenses (including stock-based compensation expense of $3,880) — 12,496 — — — 12,496 Gain on sale of assets or stations — — (84 ) — — (84 ) Impairment charges - equity interest in Pulser Media Inc. — — 1,056 — — 1,056 Total operating expenses — 12,852 237,948 531 — 251,331 Operating (loss) income — (12,727 ) 61,261 (531 ) — 48,003 Non-operating (expense) income: Interest (expense) income, net (2,184 ) (33,181 ) 27 (47 ) — (35,385 ) Other income, net — — 12,373 — — 12,373 Total non-operating (expense) income, net (2,184 ) (33,181 ) 12,400 (47 ) — (23,012 ) (Loss) income before income taxes (2,184 ) (45,908 ) 73,661 (578 ) — 24,991 Income tax benefit (expense) 867 23,164 (29,248 ) (7,475 ) — (12,692 ) (Loss) income from continuing operations (1,317 ) (22,744 ) 44,413 (8,053 ) — 12,299 Earnings (loss) from consolidated subsidiaries 13,616 36,360 (8,053 ) — (41,923 ) — Net income (loss) $ 12,299 $ 13,616 $ 36,360 $ (8,053 ) $ (41,923 ) $ 12,299 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 250 $ 570,163 $ — $ — $ 570,413 Operating expenses: Content costs — — 191,826 — — 191,826 Selling, general & administrative expenses — — 233,794 1,061 — 234,855 Depreciation and amortization — 616 50,419 — — 51,035 LMA fees — — 5,070 — — 5,070 Corporate expenses (including stock-based compensation expense of $7,743) — 25,963 — — — 25,963 Loss on sale of assets or stations — — 735 — — 735 Impairment charges - equity interest in Pulser Media Inc. — — 1,056 — — 1,056 Total operating expenses — 26,579 482,900 1,061 — 510,540 Operating (loss) income — (26,329 ) 87,263 (1,061 ) — 59,873 Non-operating (expense) income: Interest (expense) income, net (4,367 ) (65,934 ) 385 (95 ) — (70,011 ) Other income, net — — 12,757 — — 12,757 Total non-operating (expense) income, net (4,367 ) (65,934 ) 13,142 (95 ) — (57,254 ) (Loss) income before income taxes (4,367 ) (92,263 ) 100,405 (1,156 ) — 2,619 Income tax benefit (expense) 1,734 51,406 (39,865 ) (15,610 ) — (2,335 ) (Loss) income from continuing operations (2,633 ) (40,857 ) 60,540 (16,766 ) — 284 Earnings (loss) from consolidated subsidiaries 2,917 43,774 (16,766 ) — (29,925 ) — Net income (loss) $ 284 $ 2,917 $ 43,774 $ (16,766 ) $ (29,925 ) $ 284 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2016 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 49,798 $ — $ — $ — $ 49,798 Restricted cash — 7,645 — — — 7,645 Accounts receivable, less allowance for doubtful accounts of $4,342 — — — 222,340 — 222,340 Trade receivable — — 4,464 — — 4,464 Asset held for sale — — 45,157 — — 45,157 Prepaid expenses and other current assets — 6,062 16,738 — — 22,800 Total current assets — 63,505 66,359 222,340 — 352,204 Property and equipment, net — 3,244 161,793 — — 165,037 Broadcast licenses — — — 1,577,001 — 1,577,001 Other intangible assets, net — — 142,462 — — 142,462 Goodwill — — 703,354 — — 703,354 Investment in consolidated subsidiaries 103,213 3,846,980 1,051,433 — (5,001,626 ) — Intercompany receivables — 99,333 1,720,810 — (1,820,143 ) — Other assets — 24,883 118,713 459 (117,605 ) 26,450 Total assets $ 103,213 $ 4,037,945 $ 3,964,924 $ 1,799,800 $ (6,939,374 ) $ 2,966,508 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued expenses $ — $ 24,634 $ 77,879 $ — $ — $ 102,513 Trade payable — — 4,703 — — 4,703 Total current liabilities — 24,634 82,582 — — 107,216 Long-term debt, excluding 7.75% Senior Notes — 1,805,047 — — — 1,805,047 7.75% Senior Notes — 602,618 — — — 602,618 Other liabilities — 3,963 35,362 — — 39,325 Intercompany payables 98,874 1,498,470 — 222,799 (1,820,143 ) — Deferred income taxes 525,568 (117,605 ) 407,963 Total liabilities 98,874 3,934,732 117,944 748,367 (1,937,748 ) 2,962,169 Stockholders’ equity (deficit): Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 256,248,431 shares issued and 233,798,935 shares outstanding 2,561 — — — — 2,561 Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding 6 — — — — 6 Treasury stock, at cost, 22,449,496 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,621,289 272,086 4,238,081 2,028,670 (6,538,837 ) 1,621,289 Accumulated (deficit) equity (1,390,207 ) (168,873 ) (391,101 ) (977,237 ) 1,537,211 (1,390,207 ) Total stockholders’ equity (deficit) 4,339 103,213 3,846,980 1,051,433 (5,001,626 ) 4,339 Total liabilities and stockholders’ equity (deficit) $ 103,213 $ 4,037,945 $ 3,964,924 $ 1,799,800 $ (6,939,374 ) $ 2,966,508 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2015 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 31,657 $ — $ — $ — $ 31,657 Restricted cash — 7,981 — — — 7,981 Accounts receivable, less allowance for doubtful accounts of $4,923 — — — 243,428 — 243,428 Trade receivable — — 4,146 — — 4,146 Asset held for sale — — 45,157 — — 45,157 Prepaid expenses and other current assets — 6,375 20,531 — — 26,906 Total current assets — 46,013 69,834 243,428 — 359,275 Property and equipment, net — 3,685 165,752 — — 169,437 Broadcast licenses — — — 1,578,066 — 1,578,066 Other intangible assets, net — — 174,530 — — 174,530 Goodwill — — 703,354 — — 703,354 Investment in consolidated subsidiaries 110,550 3,784,551 1,056,150 — (4,951,251 ) — Intercompany receivables — 95,072 1,650,829 — (1,745,901 ) — Other assets — 27,491 95,716 554 (106,035 ) 17,726 Total assets $ 110,550 $ 3,956,812 $ 3,916,165 $ 1,822,048 $ (6,803,187 ) $ 3,002,388 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued expenses $ — $ 31,997 $ 86,399 $ — $ — $ 118,396 Trade payable — — 4,374 — — 4,374 Total current liabilities — 31,997 90,773 — — 122,770 Long-term debt, excluding 7.75% Senior Notes — 1,801,416 — — — 1,801,416 7.75% Senior Notes — 601,485 — — — 601,485 Other liabilities — 3,963 40,841 — — 44,804 Intercompany payables 94,518 1,407,401 — 243,982 (1,745,901 ) — Deferred income taxes — — — 521,916 (106,035 ) 415,881 Total liabilities 94,518 3,846,262 131,614 765,898 (1,851,936 ) 2,986,356 Stockholders’ equity (deficit): Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 255,902,892 shares issued and 233,456,945 shares outstanding 2,558 — — — — 2,558 Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding 6 — — — — 6 Treasury stock, at cost, 22,445,945 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,619,622 268,673 4,219,060 2,032,686 (6,520,419 ) 1,619,622 Accumulated (deficit) equity (1,376,844 ) (158,123 ) (434,509 ) (976,536 ) 1,569,168 (1,376,844 ) Total stockholders’ equity (deficit) 16,032 110,550 3,784,551 1,056,150 (4,951,251 ) 16,032 Total liabilities and stockholders’ equity (deficit) $ 110,550 $ 3,956,812 $ 3,916,165 $ 1,822,048 $ (6,803,187 ) $ 3,002,388 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net (loss) income $ (13,363 ) $ (10,750 ) $ 43,408 $ (701 ) $ (31,957 ) $ (13,363 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization — 818 45,248 — — 46,066 Amortization of debt issuance costs/discounts — 4,765 — 95 — 4,860 Provision for doubtful accounts — — 493 — — 493 Gain on sale of assets or stations — — (3,141 ) — — (3,141 ) Impairment of intangible assets and goodwill — — 1,816 — — 1,816 Deferred income taxes (1,742 ) (35,080 ) 29,372 (468 ) — (7,918 ) Stock-based compensation expense — 1,668 — — — 1,668 Loss (earnings) from consolidated subsidiaries 10,750 (43,408 ) 701 — 31,957 — Changes in assets and liabilities — 149,483 (156,028 ) 1,074 — (5,471 ) Net cash (used in) provided by operating activities (4,355 ) 67,496 (38,131 ) — — 25,010 Cash flows from investing activities Proceeds from sale of assets or stations — — 4,254 — — 4,254 Restricted cash — 336 — — — 336 Capital expenditures — (377 ) (11,085 ) — — (11,462 ) Net cash used in investing activities — (41 ) (6,831 ) — — (6,872 ) Cash flows from financing activities: Intercompany transactions, net 4,352 (49,314 ) 44,962 — — — Proceeds from exercise of warrants 3 — — — — 3 Net cash provided by (used in) financing activities 4,355 (49,314 ) 44,962 — — 3 Increase in cash and cash equivalents — 18,141 — — — 18,141 Cash and cash equivalents at beginning of period — 31,657 — — — 31,657 Cash and cash equivalents at end of period $ — $ 49,798 $ — $ — $ — $ 49,798 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net income (loss) $ 284 $ 2,917 $ 43,774 $ (16,766 ) $ (29,925 ) $ 284 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization — 616 50,419 — — 51,035 Amortization of debt issuance costs/discount — 4,617 — 95 — 4,712 Provision for doubtful accounts — — 2,417 — — 2,417 Loss on sale of assets or stations — — 735 — — 735 Impairment charges - equity interest in Pulser Media Inc. — — 1,056 — — 1,056 Deferred income taxes (1,734 ) (50,894 ) 39,865 15,610 — 2,847 Stock-based compensation expense — 7,743 — — — 7,743 (Earnings) loss from consolidated subsidiaries (2,917 ) (43,774 ) 16,766 — 29,925 — Changes in assets and liabilities — 152,329 (188,495 ) 1,061 — (35,105 ) Net cash (used in) provided by operating activities (4,367 ) 73,554 (33,463 ) — — 35,724 Cash flows from investing activities: Proceeds from sale of assets or stations — — 3,055 — — 3,055 Restricted cash — 1,634 — — — 1,634 Capital expenditures — (1,516 ) (13,344 ) — — (14,860 ) Net cash provided by (used in) investing activities — 118 (10,289 ) — — (10,171 ) Cash flows from financing activities: Intercompany transactions, net 4,364 (48,113 ) 43,749 — — — Tax withholding payments on behalf of employees — (93 ) — — — (93 ) Proceeds from exercise of warrants 3 — — — — 3 Net cash provided by (used in) financing activities 4,367 (48,206 ) 43,749 — — (90 ) Increase (decrease) in cash and cash equivalents — 25,466 (3 ) — — 25,463 Cash and cash equivalents at beginning of period — 7,268 3 — — 7,271 Cash and cash equivalents at end of period $ — $ 32,734 $ — $ — $ — $ 32,734 |
Segment Data
Segment Data | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data During the first quarter of 2016 the Company modified its management reporting framework, affecting how the Company evaluates operating performance and internally reports financial information. This modification resulted in a reorganization of its reportable segments. Prior to this reorganization, the Company operated in one reportable business segment which consisted of radio broadcasting, advertising and related services. The Company now operates in two reportable segments for which there is discrete financial information available and whose operating results are reviewed by the chief operating decision maker. Radio Station Group revenue is derived primarily from the sale of broadcasting time to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising. Corporate includes support for each of the Company’s reportable segments, including information technology, human resources, legal, finance and administrative functions, as well as overall executive, administrative and support functions. Historical information has been revised to reflect the change in segments, with no impact on consolidated results. The Company presents segment adjusted EBITDA ("Adjusted EBITDA") as the financial metric utilized by management of the Company to analyze the cash flow generated by the Company’s reportable segments. This measure isolates the amount of income generated by our core operations before the incurrence of corporate expenses. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and our non-operating expenses including debt service. In addition, Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in the Credit Agreement. In deriving this measure, the Company excludes depreciation, amortization, and stock-based compensation expense, as these do not represent cash payments for activities directly related to our core operations. The Company excludes any gain or loss on the exchange or sale of any assets and any gain or loss on derivative instruments as they do not represent cash transactions nor are they associated with core operations. Expenses relating to acquisitions and restructuring costs are also excluded from the calculation of Adjusted EBITDA as they are not directly related to our core operations. The Company excludes any costs associated with impairment of assets as they do not require a cash outlay. The Company believes that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, nevertheless is commonly employed by the investment community as a measure for determining the market value of a media company. The Company has also observed that Adjusted EBITDA is routinely employed to evaluate and negotiate the potential purchase price for media companies. Given the relevance to the Company’s overall value, the Company believes that investors consider the metric to be extremely useful. Adjusted EBITDA should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Adjusted EBITDA may be defined or calculated differently by other companies, and comparability may be limited. The Company’s financial data by segment is presented in the tables below: Three Months Ended June 30, 2016 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 209,964 $ 76,530 $ 699 $ 287,193 Six Months Ended June 30, 2016 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 386,441 $ 168,094 $ 1,188 $ 555,723 Three Months Ended June 30, 2016 Adjusted EBITDA by segment Radio Station Group $ 59,321 Westwood One 12,928 Segment Adjusted EBITDA 72,249 Adjustments Corporate and other (9,069 ) Income tax expense (1,249 ) Non operating expense, including net interest expense (34,350 ) LMA fees (2,482 ) Depreciation and amortization (22,969 ) Stock-based compensation expense (790 ) Gain on sale of assets or stations 3,146 Impairment of intangible assets (1,816 ) Acquisition-related and restructuring costs (1,421 ) Franchise and state taxes (183 ) Consolidated net income $ 1,066 Six Months Ended June 30, 2016 Adjusted EBITDA by segment Radio Station Group $ 103,041 Westwood One 20,687 Segment Adjusted EBITDA 123,728 Adjustments Corporate and other (18,614 ) Income tax benefit 7,884 Non operating expense, including net interest expense (68,026 ) LMA fees (7,870 ) Depreciation and amortization (46,066 ) Stock-based compensation expense (1,668 ) Gain on sale of assets or stations 3,141 Impairment of intangible assets (1,816 ) Acquisition-related and restructuring costs (3,687 ) Franchise and state taxes (369 ) Consolidated net loss $ (13,363 ) Three Months Ended June 30, 2015 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 209,498 $ 88,767 $ 1,069 $ 299,334 Six Months Ended June 30, 2015 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 385,166 $ 183,316 $ 1,931 $ 570,413 Three Months Ended June 30, 2015 Adjusted EBITDA by segment Radio Station Group $ 71,033 Westwood One 18,512 Segment Adjusted EBITDA 89,545 Adjustments Corporate and other (8,730 ) Income tax expense (12,692 ) Non operating expense, including net interest expense (23,012 ) LMA fees (2,572 ) Depreciation and amortization (25,724 ) Stock-based compensation expense (3,880 ) Gain on sale of assets or stations 84 Impairment charges - equity interest in Pulser Media Inc. (1,056 ) Acquisition-related and restructuring costs 603 Franchise and state taxes (267 ) Consolidated net income $ 12,299 Six Months Ended June 30, 2015 Adjusted EBITDA by segment Radio Station Group $ 116,449 Westwood One 26,936 Segment Adjusted EBITDA 143,385 Adjustments Corporate and other (17,907 ) Income tax expense (2,335 ) Non operating expense, including net interest expense (57,259 ) LMA fees (5,070 ) Depreciation and amortization (51,035 ) Stock-based compensation expense (7,743 ) Loss on sale of assets or stations (735 ) Impairment charges - equity interest in Pulser Media Inc. (1,056 ) Acquisition-related and restructuring costs 603 Franchise and state taxes (564 ) Consolidated net income $ 284 |
Description of Business, Inte19
Description of Business, Interim Financial Data and Basis of Presentation: (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Cumulus Media Inc. (and its consolidated subsidiaries, except as the context may otherwise require, “Cumulus,” “Cumulus Media,” “we,” “us,” “our,” or the “Company”) is a Delaware corporation, organized in 2002, and successor by merger to an Illinois corporation with the same name that had been organized in 1997. |
Interim Financial Data | Interim Financial Data The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company and the notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The accompanying unaudited condensed consolidated financial statements include the condensed consolidated accounts of Cumulus and its wholly-owned subsidiaries, with all intercompany balances and transactions eliminated in consolidation. The December 31, 2015 condensed balance sheet data was derived from audited financial statements. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of our results of operations for, and financial condition as of the end of, the interim periods have been made. The results of operations for the three and six months ended June 30, 2016 , the cash flows for the six months ended June 30, 2016 and the Company’s financial condition as of June 30, 2016 , are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition that can be expected as of the end of, any other interim period or for the fiscal year ending December 31, 2016 . |
Reportable Segments | Reportable Segments During the first quarter of 2016 the Company modified its management reporting framework affecting how the Company evaluates operating performance and internally reports financial information. This modification resulted in a reorganization of the Company's reportable segments. Prior to this reorganization, the Company operated in one reportable business segment which consisted of radio broadcasting, advertising and related services. The Company now operates in two reportable segments for which there is discrete financial information available and whose operating results are reviewed by the chief operating decision maker. Historical information included in these financial statements has been revised to reflect the change to two segments, with no impact to previously disclosed consolidated results (See Note 3, "Intangible Assets and Goodwill" and Note 12, "Segment Data"). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including significant estimates related to revenue recognition, bad debts, intangible assets, income taxes, stock-based compensation, contingencies, litigation, and, if applicable, purchase price allocation. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates. |
Assets Held for Sale | Assets Held for Sale During the year ended December 31, 2015 , the Company entered into an agreement to sell certain land to a third party. The closing of the transaction is subject to various conditions and approvals, which remain pending. During the year ended December 31, 2014, the Company entered into an agreement to sell certain land and buildings to a third party, the closing of which is subject to various conditions and approvals, and which the Company expects to close in the next six months. The identified assets have been classified as held for sale in the condensed consolidated balance sheets at June 30, 2016 and December 31, 2015 . The estimated fair value of the land and buildings to be disposed of in both sales are in excess of their carrying value. |
Adoption of New Accounting Standards and Recent Accounting Standards Updates | Adoption of New Accounting Standards ASU 2015-03. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03. The amendments in this ASU require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of long-term debt, consistent with debt discounts or premiums. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We adopted this standard retrospectively in the first quarter of 2016. The balance sheet as of December 31, 2015 was retrospectively adjusted, which resulted in reductions to other assets of $22.4 million and long-term debt of $22.4 million . Recent Accounting Standards Updates ASU 2014-09 and related updates. In May 2014, the FASB issued ASU 2014-09. The amended guidance under this ASU outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the single comprehensive revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year. Transition to the new guidance may be done using either a full or modified retrospective method. ASU 2014-09, as amended, is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In March 2016, the FASB issued ASU 2016-08 which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 which amends the revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations as well as clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU 2016-12 which provides clarifying guidance in certain narrow areas such as an assessment of collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition as well as adds some practical expedients. The amendments in ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 at the date of initial application. The Company is currently evaluating adoption methods and the impact of adopting ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 on its consolidated financial statements. ASU 2014-15. In August 2014, the FASB issued ASU 2014-15. The amendments in this update provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. These amendments should standardize the timing and content of footnote disclosures. The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The adoption of this guidance is not expected to have an impact on the consolidated financial statements. ASU 2016-01. In January 2016, the FASB issued ASU 2016-01. The amendments in this ASU enhance the reporting model for financial instruments including aspects of recognition, measurement, presentation and disclosure of financial instruments. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is not permitted, except for certain amendments within the ASU. The Company is currently assessing the expected impact, if any, that this ASU will have on the consolidated financial statements. ASU 2016-02. In February 2016, the FASB issued ASU 2016-02. The amendments in this ASU provide guidance for accounting for leases. This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This ASU will be effective for fiscal years beginning after December 15, 2018, and interim periods thereafter. A modified retrospective transition method is required, with the option to elect a package of practical expedients. Early adoption is permitted. The Company is currently assessing the expected impact that this ASU will have on the consolidated financial statements. ASU 2016-09. In March 2016, the FASB issued ASU 2016-09. The amendments in this ASU provide guidance for employee share-based payment accounting. This update removes the requirement that reporting entities present tax benefits as excess cash flows from financing activities and cash flows from operating activities. As a result of this amendment, cash flows related to excess tax benefits will be classified in operating activities. This ASU will be effective for fiscal years beginning after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently assessing the expected impact, if any, that this ASU will have on the consolidated financial statements. |
Fair Value Measurement | The three levels of the fair value hierarchy to be applied to financial instruments when determining fair value are described below: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill and accumulated impairment losses | The following tables present goodwill and accumulated impairment losses on a segment and consolidated basis as of January 1, 2016 and June 30, 2016 (dollars in thousands): Radio Station Group Goodwill: 2016 Balance as of January 1: Goodwill $ 1,278,526 Accumulated impairment losses (710,386 ) Total 568,140 Balance as of June 30: Goodwill 1,278,526 Accumulated impairment losses (710,386 ) Total $ 568,140 Westwood One Goodwill: 2016 Balance as of January 1: Goodwill $ 304,280 Accumulated impairment losses (169,066 ) Total 135,214 Balance as of June 30: Goodwill 304,280 Accumulated impairment losses (169,066 ) Total $ 135,214 Consolidated Goodwill: 2016 Balance as of January 1: Goodwill $ 1,582,806 Accumulated impairment losses (879,452 ) Total 703,354 Balance as of June 30: Goodwill 1,582,806 Accumulated impairment losses (879,452 ) Total $ 703,354 |
Schedule of Indefinite-Lived Intangible Assets | The following table presents the changes in intangible assets, other than goodwill, on a consolidated basis during the period January 1, 2016 to June 30, 2016 , and balances as of such dates (dollars in thousands): Indefinite-Lived Definite-Lived Total Intangible Assets: Balance as of January 1, 2016 $ 1,578,066 $ 174,530 $ 1,752,596 Dispositions (1,065 ) — (1,065 ) Impairment losses — (1,816 ) (1,816 ) Amortization — (30,252 ) (30,252 ) Balance as of June 30, 2016 $ 1,577,001 $ 142,462 $ 1,719,463 |
Schedule of Finite-Lived Intangible Assets | The following table presents the changes in intangible assets, other than goodwill, on a consolidated basis during the period January 1, 2016 to June 30, 2016 , and balances as of such dates (dollars in thousands): Indefinite-Lived Definite-Lived Total Intangible Assets: Balance as of January 1, 2016 $ 1,578,066 $ 174,530 $ 1,752,596 Dispositions (1,065 ) — (1,065 ) Impairment losses — (1,816 ) (1,816 ) Amortization — (30,252 ) (30,252 ) Balance as of June 30, 2016 $ 1,577,001 $ 142,462 $ 1,719,463 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long-term Debt | The Company’s long-term debt consisted of the following as of June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Term Loan: Term loan $ 1,838,940 $ 1,838,940 Less: unamortized term loan discount and debt issuance costs (33,893 ) (37,524 ) Total Term Loan 1,805,047 1,801,416 7.75% senior notes: 610,000 610,000 Less: unamortized debt issuance costs (7,382 ) (8,515 ) Total 7.75% senior notes 602,618 601,485 Less: Current portion of long-term debt — — Long-term debt, net $ 2,407,665 $ 2,402,901 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Gross Amounts and Fair Value | The following table shows the gross amount and fair value of the Company’s Term Loan and 7.75% Senior Notes (dollars in thousands): June 30, 2016 December 31, 2015 Term Loan: Gross value $ 1,838,940 $ 1,838,940 Fair value - Level 2 1,287,258 1,360,816 7.75% Senior Notes: Gross value $ 610,000 $ 610,000 Fair value - Level 2 250,466 204,350 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2016 and 2015 (amounts in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic Earnings (Loss) Per Share Numerator: Undistributed net income (loss) from continuing operations $ 1,066 $ 12,299 $ (13,363 ) $ 284 Less: Participation rights of the Company Warrants in undistributed earnings 1 57 — 1 Participation rights of unvested restricted stock in undistributed earnings 1 10 — — Basic undistributed net income (loss) attributable to common shares $ 1,064 $ 12,232 $ (13,363 ) $ 283 Denominator: Basic weighted average shares outstanding 234,329 233,279 234,190 233,202 Basic undistributed net income (loss) per share attributable to common shares $0.00 $0.05 $(0.06) $0.00 Diluted Earnings (Loss) Per Share: Numerator: Undistributed net income (loss) from continuing operations $ 1,066 $ 12,299 $ (13,363 ) $ 284 Less: Participation rights of the Company Warrants in undistributed net earnings 1 57 — 1 Participation rights of unvested restricted stock in undistributed earnings 1 10 — — Basic undistributed net income (loss) attributable to common shares $ 1,064 $ 12,232 $ (13,363 ) $ 283 Denominator: Basic weighted average shares outstanding 234,329 233,279 234,190 233,202 Effect of dilutive stock options, warrants and restricted stock 363 207 — 250 Diluted weighted average shares outstanding 234,692 233,486 234,190 233,452 Diluted undistributed net income (loss) per share attributable to common shares $0.00 $0.05 $(0.06) $0.00 |
Supplemental Condensed Consol24
Supplemental Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidated Statements of Operations | CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 165 $ 287,028 $ — $ — $ 287,193 Operating expenses: Content costs — — 97,133 — — 97,133 Selling, general & administrative expenses — — 117,324 536 — 117,860 Depreciation and amortization — 414 22,555 — — 22,969 LMA fees — — 2,482 — — 2,482 Corporate expenses (including stock-based compensation expense of $790) — 11,414 — — — 11,414 Gain on sale of assets or stations — — (3,146 ) — — (3,146 ) Impairment of intangible assets and goodwill — — 1,816 — — 1,816 Total operating expenses — 11,828 238,164 536 — 250,528 Operating (loss) income — (11,663 ) 48,864 (536 ) — 36,665 Non-operating (expense) income: Interest (expense) income, net (2,178 ) (32,261 ) 140 (47 ) — (34,346 ) Other (expense), net — — (4 ) — — (4 ) Total non-operating (expense) income, net (2,178 ) (32,261 ) 136 (47 ) — (34,350 ) (Loss) income before income taxes (2,178 ) (43,924 ) 49,000 (583 ) — 2,315 Income tax benefit (expense) 815 16,060 (18,342 ) 218 — (1,249 ) Earnings (loss) from consolidated subsidiaries 2,429 30,293 (365 ) — (32,357 ) — Net income (loss) $ 1,066 $ 2,429 $ 30,293 $ (365 ) $ (32,357 ) $ 1,066 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 165 $ 555,558 $ — $ — $ 555,723 Operating expenses: Content costs — — 197,178 — — 197,178 Selling, general & administrative expenses — — 234,013 1,074 — 235,087 Depreciation and amortization — 818 45,248 — — 46,066 LMA fees — — 7,870 — — 7,870 Corporate expenses (including stock-based compensation expense of $1,668) — 24,068 — — — 24,068 Gain on sale of assets or stations — — (3,141 ) — — (3,141 ) Impairment of intangible assets and goodwill — — 1,816 — — 1,816 Total operating expenses — 24,886 482,984 1,074 — 508,944 Operating (loss) income — (24,721 ) 72,574 (1,074 ) — 46,779 Non-operating (expense) income: Interest (expense) income, net (4,355 ) (64,517 ) 225 (95 ) — (68,742 ) Other income, net — — 716 — — 716 Total non-operating (expense) income, net (4,355 ) (64,517 ) 941 (95 ) — (68,026 ) (Loss) income before income taxes (4,355 ) (89,238 ) 73,515 (1,169 ) — (21,247 ) Income tax benefit (expense) 1,742 35,080 (29,406 ) 468 7,884 (Loss) earnings from consolidated subsidiaries (10,750 ) 43,408 (701 ) — (31,957 ) — Net (loss) income $ (13,363 ) $ (10,750 ) $ 43,408 $ (701 ) $ (31,957 ) $ (13,363 ) CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 125 $ 299,209 $ — $ — $ 299,334 Operating expenses: Content costs — — 91,019 — — 91,019 Selling, general & administrative expenses — — 118,017 531 — 118,548 Depreciation and amortization — 356 25,368 — — 25,724 LMA fees — — 2,572 — — 2,572 Corporate expenses (including stock-based compensation expense of $3,880) — 12,496 — — — 12,496 Gain on sale of assets or stations — — (84 ) — — (84 ) Impairment charges - equity interest in Pulser Media Inc. — — 1,056 — — 1,056 Total operating expenses — 12,852 237,948 531 — 251,331 Operating (loss) income — (12,727 ) 61,261 (531 ) — 48,003 Non-operating (expense) income: Interest (expense) income, net (2,184 ) (33,181 ) 27 (47 ) — (35,385 ) Other income, net — — 12,373 — — 12,373 Total non-operating (expense) income, net (2,184 ) (33,181 ) 12,400 (47 ) — (23,012 ) (Loss) income before income taxes (2,184 ) (45,908 ) 73,661 (578 ) — 24,991 Income tax benefit (expense) 867 23,164 (29,248 ) (7,475 ) — (12,692 ) (Loss) income from continuing operations (1,317 ) (22,744 ) 44,413 (8,053 ) — 12,299 Earnings (loss) from consolidated subsidiaries 13,616 36,360 (8,053 ) — (41,923 ) — Net income (loss) $ 12,299 $ 13,616 $ 36,360 $ (8,053 ) $ (41,923 ) $ 12,299 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ 250 $ 570,163 $ — $ — $ 570,413 Operating expenses: Content costs — — 191,826 — — 191,826 Selling, general & administrative expenses — — 233,794 1,061 — 234,855 Depreciation and amortization — 616 50,419 — — 51,035 LMA fees — — 5,070 — — 5,070 Corporate expenses (including stock-based compensation expense of $7,743) — 25,963 — — — 25,963 Loss on sale of assets or stations — — 735 — — 735 Impairment charges - equity interest in Pulser Media Inc. — — 1,056 — — 1,056 Total operating expenses — 26,579 482,900 1,061 — 510,540 Operating (loss) income — (26,329 ) 87,263 (1,061 ) — 59,873 Non-operating (expense) income: Interest (expense) income, net (4,367 ) (65,934 ) 385 (95 ) — (70,011 ) Other income, net — — 12,757 — — 12,757 Total non-operating (expense) income, net (4,367 ) (65,934 ) 13,142 (95 ) — (57,254 ) (Loss) income before income taxes (4,367 ) (92,263 ) 100,405 (1,156 ) — 2,619 Income tax benefit (expense) 1,734 51,406 (39,865 ) (15,610 ) — (2,335 ) (Loss) income from continuing operations (2,633 ) (40,857 ) 60,540 (16,766 ) — 284 Earnings (loss) from consolidated subsidiaries 2,917 43,774 (16,766 ) — (29,925 ) — Net income (loss) $ 284 $ 2,917 $ 43,774 $ (16,766 ) $ (29,925 ) $ 284 |
Condensed Consolidated Balance Sheets | CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2016 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 49,798 $ — $ — $ — $ 49,798 Restricted cash — 7,645 — — — 7,645 Accounts receivable, less allowance for doubtful accounts of $4,342 — — — 222,340 — 222,340 Trade receivable — — 4,464 — — 4,464 Asset held for sale — — 45,157 — — 45,157 Prepaid expenses and other current assets — 6,062 16,738 — — 22,800 Total current assets — 63,505 66,359 222,340 — 352,204 Property and equipment, net — 3,244 161,793 — — 165,037 Broadcast licenses — — — 1,577,001 — 1,577,001 Other intangible assets, net — — 142,462 — — 142,462 Goodwill — — 703,354 — — 703,354 Investment in consolidated subsidiaries 103,213 3,846,980 1,051,433 — (5,001,626 ) — Intercompany receivables — 99,333 1,720,810 — (1,820,143 ) — Other assets — 24,883 118,713 459 (117,605 ) 26,450 Total assets $ 103,213 $ 4,037,945 $ 3,964,924 $ 1,799,800 $ (6,939,374 ) $ 2,966,508 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued expenses $ — $ 24,634 $ 77,879 $ — $ — $ 102,513 Trade payable — — 4,703 — — 4,703 Total current liabilities — 24,634 82,582 — — 107,216 Long-term debt, excluding 7.75% Senior Notes — 1,805,047 — — — 1,805,047 7.75% Senior Notes — 602,618 — — — 602,618 Other liabilities — 3,963 35,362 — — 39,325 Intercompany payables 98,874 1,498,470 — 222,799 (1,820,143 ) — Deferred income taxes 525,568 (117,605 ) 407,963 Total liabilities 98,874 3,934,732 117,944 748,367 (1,937,748 ) 2,962,169 Stockholders’ equity (deficit): Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 256,248,431 shares issued and 233,798,935 shares outstanding 2,561 — — — — 2,561 Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding 6 — — — — 6 Treasury stock, at cost, 22,449,496 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,621,289 272,086 4,238,081 2,028,670 (6,538,837 ) 1,621,289 Accumulated (deficit) equity (1,390,207 ) (168,873 ) (391,101 ) (977,237 ) 1,537,211 (1,390,207 ) Total stockholders’ equity (deficit) 4,339 103,213 3,846,980 1,051,433 (5,001,626 ) 4,339 Total liabilities and stockholders’ equity (deficit) $ 103,213 $ 4,037,945 $ 3,964,924 $ 1,799,800 $ (6,939,374 ) $ 2,966,508 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2015 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 31,657 $ — $ — $ — $ 31,657 Restricted cash — 7,981 — — — 7,981 Accounts receivable, less allowance for doubtful accounts of $4,923 — — — 243,428 — 243,428 Trade receivable — — 4,146 — — 4,146 Asset held for sale — — 45,157 — — 45,157 Prepaid expenses and other current assets — 6,375 20,531 — — 26,906 Total current assets — 46,013 69,834 243,428 — 359,275 Property and equipment, net — 3,685 165,752 — — 169,437 Broadcast licenses — — — 1,578,066 — 1,578,066 Other intangible assets, net — — 174,530 — — 174,530 Goodwill — — 703,354 — — 703,354 Investment in consolidated subsidiaries 110,550 3,784,551 1,056,150 — (4,951,251 ) — Intercompany receivables — 95,072 1,650,829 — (1,745,901 ) — Other assets — 27,491 95,716 554 (106,035 ) 17,726 Total assets $ 110,550 $ 3,956,812 $ 3,916,165 $ 1,822,048 $ (6,803,187 ) $ 3,002,388 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued expenses $ — $ 31,997 $ 86,399 $ — $ — $ 118,396 Trade payable — — 4,374 — — 4,374 Total current liabilities — 31,997 90,773 — — 122,770 Long-term debt, excluding 7.75% Senior Notes — 1,801,416 — — — 1,801,416 7.75% Senior Notes — 601,485 — — — 601,485 Other liabilities — 3,963 40,841 — — 44,804 Intercompany payables 94,518 1,407,401 — 243,982 (1,745,901 ) — Deferred income taxes — — — 521,916 (106,035 ) 415,881 Total liabilities 94,518 3,846,262 131,614 765,898 (1,851,936 ) 2,986,356 Stockholders’ equity (deficit): Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 255,902,892 shares issued and 233,456,945 shares outstanding 2,558 — — — — 2,558 Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding 6 — — — — 6 Treasury stock, at cost, 22,445,945 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,619,622 268,673 4,219,060 2,032,686 (6,520,419 ) 1,619,622 Accumulated (deficit) equity (1,376,844 ) (158,123 ) (434,509 ) (976,536 ) 1,569,168 (1,376,844 ) Total stockholders’ equity (deficit) 16,032 110,550 3,784,551 1,056,150 (4,951,251 ) 16,032 Total liabilities and stockholders’ equity (deficit) $ 110,550 $ 3,956,812 $ 3,916,165 $ 1,822,048 $ (6,803,187 ) $ 3,002,388 |
Condensed Consolidated Statements of Cash Flows | CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net (loss) income $ (13,363 ) $ (10,750 ) $ 43,408 $ (701 ) $ (31,957 ) $ (13,363 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization — 818 45,248 — — 46,066 Amortization of debt issuance costs/discounts — 4,765 — 95 — 4,860 Provision for doubtful accounts — — 493 — — 493 Gain on sale of assets or stations — — (3,141 ) — — (3,141 ) Impairment of intangible assets and goodwill — — 1,816 — — 1,816 Deferred income taxes (1,742 ) (35,080 ) 29,372 (468 ) — (7,918 ) Stock-based compensation expense — 1,668 — — — 1,668 Loss (earnings) from consolidated subsidiaries 10,750 (43,408 ) 701 — 31,957 — Changes in assets and liabilities — 149,483 (156,028 ) 1,074 — (5,471 ) Net cash (used in) provided by operating activities (4,355 ) 67,496 (38,131 ) — — 25,010 Cash flows from investing activities Proceeds from sale of assets or stations — — 4,254 — — 4,254 Restricted cash — 336 — — — 336 Capital expenditures — (377 ) (11,085 ) — — (11,462 ) Net cash used in investing activities — (41 ) (6,831 ) — — (6,872 ) Cash flows from financing activities: Intercompany transactions, net 4,352 (49,314 ) 44,962 — — — Proceeds from exercise of warrants 3 — — — — 3 Net cash provided by (used in) financing activities 4,355 (49,314 ) 44,962 — — 3 Increase in cash and cash equivalents — 18,141 — — — 18,141 Cash and cash equivalents at beginning of period — 31,657 — — — 31,657 Cash and cash equivalents at end of period $ — $ 49,798 $ — $ — $ — $ 49,798 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net income (loss) $ 284 $ 2,917 $ 43,774 $ (16,766 ) $ (29,925 ) $ 284 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization — 616 50,419 — — 51,035 Amortization of debt issuance costs/discount — 4,617 — 95 — 4,712 Provision for doubtful accounts — — 2,417 — — 2,417 Loss on sale of assets or stations — — 735 — — 735 Impairment charges - equity interest in Pulser Media Inc. — — 1,056 — — 1,056 Deferred income taxes (1,734 ) (50,894 ) 39,865 15,610 — 2,847 Stock-based compensation expense — 7,743 — — — 7,743 (Earnings) loss from consolidated subsidiaries (2,917 ) (43,774 ) 16,766 — 29,925 — Changes in assets and liabilities — 152,329 (188,495 ) 1,061 — (35,105 ) Net cash (used in) provided by operating activities (4,367 ) 73,554 (33,463 ) — — 35,724 Cash flows from investing activities: Proceeds from sale of assets or stations — — 3,055 — — 3,055 Restricted cash — 1,634 — — — 1,634 Capital expenditures — (1,516 ) (13,344 ) — — (14,860 ) Net cash provided by (used in) investing activities — 118 (10,289 ) — — (10,171 ) Cash flows from financing activities: Intercompany transactions, net 4,364 (48,113 ) 43,749 — — — Tax withholding payments on behalf of employees — (93 ) — — — (93 ) Proceeds from exercise of warrants 3 — — — — 3 Net cash provided by (used in) financing activities 4,367 (48,206 ) 43,749 — — (90 ) Increase (decrease) in cash and cash equivalents — 25,466 (3 ) — — 25,463 Cash and cash equivalents at beginning of period — 7,268 3 — — 7,271 Cash and cash equivalents at end of period $ — $ 32,734 $ — $ — $ — $ 32,734 |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The Company’s financial data by segment is presented in the tables below: Three Months Ended June 30, 2016 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 209,964 $ 76,530 $ 699 $ 287,193 Six Months Ended June 30, 2016 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 386,441 $ 168,094 $ 1,188 $ 555,723 Three Months Ended June 30, 2016 Adjusted EBITDA by segment Radio Station Group $ 59,321 Westwood One 12,928 Segment Adjusted EBITDA 72,249 Adjustments Corporate and other (9,069 ) Income tax expense (1,249 ) Non operating expense, including net interest expense (34,350 ) LMA fees (2,482 ) Depreciation and amortization (22,969 ) Stock-based compensation expense (790 ) Gain on sale of assets or stations 3,146 Impairment of intangible assets (1,816 ) Acquisition-related and restructuring costs (1,421 ) Franchise and state taxes (183 ) Consolidated net income $ 1,066 Six Months Ended June 30, 2016 Adjusted EBITDA by segment Radio Station Group $ 103,041 Westwood One 20,687 Segment Adjusted EBITDA 123,728 Adjustments Corporate and other (18,614 ) Income tax benefit 7,884 Non operating expense, including net interest expense (68,026 ) LMA fees (7,870 ) Depreciation and amortization (46,066 ) Stock-based compensation expense (1,668 ) Gain on sale of assets or stations 3,141 Impairment of intangible assets (1,816 ) Acquisition-related and restructuring costs (3,687 ) Franchise and state taxes (369 ) Consolidated net loss $ (13,363 ) Three Months Ended June 30, 2015 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 209,498 $ 88,767 $ 1,069 $ 299,334 Six Months Ended June 30, 2015 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 385,166 $ 183,316 $ 1,931 $ 570,413 Three Months Ended June 30, 2015 Adjusted EBITDA by segment Radio Station Group $ 71,033 Westwood One 18,512 Segment Adjusted EBITDA 89,545 Adjustments Corporate and other (8,730 ) Income tax expense (12,692 ) Non operating expense, including net interest expense (23,012 ) LMA fees (2,572 ) Depreciation and amortization (25,724 ) Stock-based compensation expense (3,880 ) Gain on sale of assets or stations 84 Impairment charges - equity interest in Pulser Media Inc. (1,056 ) Acquisition-related and restructuring costs 603 Franchise and state taxes (267 ) Consolidated net income $ 12,299 Six Months Ended June 30, 2015 Adjusted EBITDA by segment Radio Station Group $ 116,449 Westwood One 26,936 Segment Adjusted EBITDA 143,385 Adjustments Corporate and other (17,907 ) Income tax expense (2,335 ) Non operating expense, including net interest expense (57,259 ) LMA fees (5,070 ) Depreciation and amortization (51,035 ) Stock-based compensation expense (7,743 ) Loss on sale of assets or stations (735 ) Impairment charges - equity interest in Pulser Media Inc. (1,056 ) Acquisition-related and restructuring costs 603 Franchise and state taxes (564 ) Consolidated net income $ 284 |
Description of Business, Inte26
Description of Business, Interim Financial Data and Basis of Presentation (Narrative) (Details) $ in Thousands, people in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($)MarketAffiliateStation | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)peopleMarketAffiliateSegmentStation | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)Segment | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Content costs | $ 97,133 | $ 91,019 | $ 197,178 | $ 191,826 | |
Revenue from External Customer [Line Items] | |||||
Number of reportable segments | Segment | 2 | 1 | |||
Accounting Standards Update 2015-03 | Other Assets | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification of debt issuance costs | $ (22,400) | ||||
Accounting Standards Update 2015-03 | Long-term Debt | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification of debt issuance costs | $ 22,400 | ||||
US | |||||
Revenue from External Customer [Line Items] | |||||
Number of people reached each week through radio stations | people | 245 | ||||
Number of owned and operated radio stations | Station | 452 | 452 | |||
Number of markets | Market | 90 | 90 | |||
Number of top ten US media markets | Market | 8 | 8 | |||
Number of radio stations (more than 8,200 broadcast radio stations) | Affiliate | 8,200 | 8,200 | |||
Prior Period Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Content costs | $ 3,600 |
Restricted Cash (Detail)
Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 7,645 | $ 7,981 |
Cash reserve from acquisition | 7,000 | 7,400 |
Restricted cash amount related to securing maximum exposure generated by automated clearinghouse transactions | $ 600 | $ 600 |
Intangible Assets and Goodwil28
Intangible Assets and Goodwill (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015Segment | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Number of reporting units | Segment | 3 | ||
Impairment charge | $ | $ 1,800 | $ 1,816 |
Intangible Assets and Goodwil29
Intangible Assets and Goodwill (Changes in Goodwill) (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Goodwill [Roll Forward] | |
Goodwill | $ 1,582,806 |
Accumulated impairment losses | (879,452) |
Subtotal | 703,354 |
Goodwill | 1,582,806 |
Accumulated impairment losses | (879,452) |
Total | 703,354 |
Radio Station Group | |
Goodwill [Roll Forward] | |
Goodwill | 1,278,526 |
Accumulated impairment losses | (710,386) |
Subtotal | 568,140 |
Goodwill | 1,278,526 |
Accumulated impairment losses | (710,386) |
Total | 568,140 |
Westwood One | |
Goodwill [Roll Forward] | |
Goodwill | 304,280 |
Accumulated impairment losses | (169,066) |
Subtotal | 135,214 |
Goodwill | 304,280 |
Accumulated impairment losses | (169,066) |
Total | $ 135,214 |
Intangible Assets and Goodwil30
Intangible Assets and Goodwill (Changes in Intangible Assets Other Than Goodwill) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Indefinite-Lived | ||
Indefinite-Lived Intangible Assets, Beginning Balance | $ 1,578,066 | |
Dispositions | (1,065) | |
Impairment losses | 0 | |
Indefinite-Lived Intangible Assets, Ending Balance | $ 1,577,001 | 1,577,001 |
Definite-Lived | ||
Definite-Lived Intangible Assets, Beginning Balance | 174,530 | |
Dispositions | 0 | |
Impairment losses | (1,816) | |
Amortization | (30,252) | |
Definite-Lived Intangible Assets, Ending Balance | 142,462 | 142,462 |
Total | ||
Intangible Assets Total, Beginning Balance | 1,752,596 | |
Dispositions | (1,065) | |
Impairment losses | (1,800) | (1,816) |
Amortization | (30,252) | |
Intangible Assets Total, Ending Balance | $ 1,719,463 | $ 1,719,463 |
Long term debt (Detail)
Long term debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Less: unamortized term loan discount and debt issuance costs | $ (33,893) | $ (37,524) |
Long-term debt, net | 2,407,665 | 2,402,901 |
Less: Current portion of long-term debt | 0 | 0 |
Term loan | Term loan | ||
Debt Instrument [Line Items] | ||
Long term debt, gross | 1,838,940 | 1,838,940 |
Less: unamortized term loan discount and debt issuance costs | (33,893) | (37,524) |
Long-term debt, net | 1,805,047 | 1,801,416 |
7.75% senior notes: | ||
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | (7,382) | (8,515) |
7.75% senior notes: | 7.75% senior notes: | ||
Debt Instrument [Line Items] | ||
Long term debt, gross | 610,000 | 610,000 |
Less: unamortized debt issuance costs | (7,382) | (8,515) |
Long-term debt, net | $ 602,618 | $ 601,485 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Dec. 23, 2013USD ($) | Dec. 06, 2013USD ($) | May 13, 2011USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 7.75% | 7.75% | 7.75% | |||||
Senior Notes issued | $ 610,000,000 | |||||||
Amount repaid under outstanding term loan facility | $ 575,800,000 | |||||||
Agreement maturity date | May 1, 2019 | |||||||
Percentage of Senior Notes to be redeemed prior to May 1, 2015 | 100.00% | |||||||
Amortization of debt issuance costs and discounts | $ 2,400,000 | $ 2,400,000 | $ 4,900,000 | $ 4,700,000 | ||||
7.75% senior notes: | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 7.75% | 7.75% | 7.75% | 7.75% | ||||
Amended and Restated Credit Agreement | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Term loan | $ 2,025,000,000 | |||||||
Basis spread on LIBOR/base rate | 1.00% | |||||||
Interest rate | 2.00% | |||||||
Amortization rate per annum | 1.00% | |||||||
Days prior to maturity, springing maturity | 91 days | |||||||
Interest rate per annum | 4.25% | 4.25% | ||||||
Percentage ownership of capital stock of any future first-tier foreign subsidiaries | 66.00% | |||||||
Amount outstanding | $ 1,839,000,000 | $ 1,839,000,000 | $ 1,839,000,000 | |||||
Amended and Restated Credit Agreement | Line of Credit | Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Consolidated net leverage ratio | 5 | 5 | ||||||
Amended and Restated Credit Agreement | Line of Credit | Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Consolidated net leverage ratio | 4 | 4 | ||||||
Amended and Restated Credit Agreement | Line of Credit | LIBOR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on LIBOR/base rate | 3.25% | |||||||
Amended and Restated Credit Agreement | Line of Credit | LIBOR | Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 1.00% | |||||||
Amended and Restated Credit Agreement | Line of Credit | Base Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on LIBOR/base rate | 2.25% | |||||||
Amended and Restated Credit Agreement | Line of Credit | Federal Funds Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on LIBOR/base rate | 0.50% | |||||||
Amended and Restated Credit Agreement | Securitization facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Term loan | $ 200,000,000 | |||||||
Amount outstanding | $ 0 | $ 0 | 0 | |||||
Amended and Restated Credit Agreement | Letter of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Term loan | $ 30,000,000 | |||||||
Securitization Facility | Accounts Receivable Securitization Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Term loan | $ 50,000,000 | |||||||
Amount outstanding | $ 0 | $ 0 | $ 0 | |||||
Term of revolving accounts receivable securitization facility | 5 years | |||||||
Securitization Facility | Accounts Receivable Securitization Facility | LIBOR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on LIBOR/base rate | 2.50% | |||||||
Securitization Facility | Accounts Receivable Securitization Facility | Index Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on LIBOR/base rate | 1.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) | Jun. 30, 2016 | Dec. 31, 2015 | May 13, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 7.75% | 7.75% | |
7.75% senior notes: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading prices rate to calculate the fair value | 41.06% | 33.50% | |
Term loan | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading prices rate to calculate the fair value | 70.00% | 74.00% | |
7.75% senior notes: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 7.75% | 7.75% | 7.75% |
(Gross Amounts and Fair Value o
(Gross Amounts and Fair Value of Debt) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Term loan | ||
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ||
Gross value | $ 1,838,940 | $ 1,838,940 |
Term loan | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ||
Fair value - Level 2 | 1,287,258 | 1,360,816 |
7.75% senior notes: | ||
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ||
Gross value | 610,000 | 610,000 |
7.75% senior notes: | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ||
Fair value - Level 2 | $ 250,466 | $ 204,350 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2009$ / sharesshares | Jun. 30, 2016Class_Of_Stock$ / sharesshares | Jun. 30, 2016Class_Of_Stockvote$ / sharesshares | Dec. 31, 2015shares | Sep. 16, 2011$ / sharesshares | |
Class of Stock [Line Items] | |||||
Total stock dividend authorized to issue (in shares) | 1,450,644,871 | 1,450,644,871 | |||
Number of classes of stock | Class_Of_Stock | 4 | 4 | |||
Par value of preferred stock shares (USD per share) | $ / shares | $ 0.01 | ||||
2009 warrants | |||||
Class of Stock [Line Items] | |||||
Warrants issued (in shares) | 1,300,000 | ||||
Exercisable price of warrants to purchase common stock (USD per share) | $ / shares | $ 1.17 | ||||
Warrants outstanding (in shares) | 300,000 | 300,000 | |||
Company Warrants | |||||
Class of Stock [Line Items] | |||||
Warrants outstanding (in shares) | 300,000 | 300,000 | |||
Company warrants were converted into shares of Class A common stock since issuance (in shares) | 0 | 300,000 | |||
Equity Investment | |||||
Class of Stock [Line Items] | |||||
Warrants outstanding (in shares) | 7,800,000 | 7,800,000 | 7,800,000 | ||
Crestview Warrants | |||||
Class of Stock [Line Items] | |||||
Exercisable price of warrants to purchase common stock (USD per share) | $ / shares | $ 4.34 | ||||
Class A common stock | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 750,000,000 | 750,000,000 | 750,000,000 | ||
Number of votes per share | vote | 1 | ||||
Common stock, shares issued | 256,248,431 | 256,248,431 | 255,902,892 | ||
Class A common stock | Citadel Acquisition | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 71,700,000 | ||||
Class A common stock | Minimum | |||||
Class of Stock [Line Items] | |||||
Class A common stock following conversion | 4.99% | ||||
Class B common stock | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 600,000,000 | 600,000,000 | |||
Class C common stock | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 644,871 | 644,871 | 644,871 | ||
Number of votes per share | vote | 10 | ||||
Common stock, shares issued | 644,871 | 644,871 | 644,871 | ||
Series A Redeemable Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | |||
Par value of preferred stock shares (USD per share) | $ / shares | $ 0.01 | $ 0.01 |
Stock-Based Compensation Expe36
Stock-Based Compensation Expense (Detail) $ / shares in Units, $ in Thousands | May 14, 2015USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Installment$ / sharesshares | Jun. 30, 2015USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock options granted (in shares) | shares | 1,367,000 | 625,000 | |||
Aggregate grant date fair value | $ 300 | $ 1,100 | |||
Number of vesting period anniversaries | Installment | 4 | ||||
Vesting stock based compensation related to awards | $ 790 | $ 3,880 | $ 1,668 | $ 7,743 | |
Unrecognized stock-based compensation expense | $ 4,600 | $ 4,600 | |||
Weighted average remaining life for recognition of unrecognized compensation expense | 2 years 5 months 23 days | ||||
Stock options exercised during period (in shares) | shares | 0 | 0 | |||
Share-based Compensation Award, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of vesting period anniversaries | Installment | 2 | ||||
Award vesting percentage | 30.00% | ||||
Share-based Compensation Award, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of vesting period anniversaries | Installment | 2 | ||||
Award vesting percentage | 20.00% | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price (USD per share) | $ / shares | $ 0.31 | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price (USD per share) | $ / shares | $ 4.34 | ||||
Non-Employee Directors | Class A common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | shares | 242,916 | ||||
Aggregate grant fair value | $ 600 | ||||
Vesting term | 1 year |
Earnings (Loss) Per Share (Comp
Earnings (Loss) Per Share (Computation of Basic and Diluted Earnings per Common Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Denominator: | ||||
Basic weighted average shares outstanding (in shares) | 234,329,021 | 233,278,660 | 234,190,188 | 233,202,282 |
Basic undistributed net income (loss) per share attributable to common shares (USD per share) | $ 0 | $ 0.05 | $ (0.06) | $ 0 |
Diluted weighted average shares outstanding (in shares) | 234,692,018 | 233,486,283 | 234,190,188 | 233,452,205 |
Diluted undistributed net (loss) income per share attributable to common shares (USD per share) | $ 0 | $ 0.05 | $ (0.06) | $ 0 |
Basic Share | ||||
Numerator: | ||||
Undistributed net income (loss) from continuing operations | $ 1,066 | $ 12,299 | $ (13,363) | $ 284 |
Less: | ||||
Basic undistributed net income (loss) attributable to common shares | $ 1,064 | $ 12,232 | $ (13,363) | $ 283 |
Denominator: | ||||
Basic weighted average shares outstanding (in shares) | 234,329,000 | 233,279,000 | 234,190,000 | 233,202,000 |
Basic undistributed net income (loss) per share attributable to common shares (USD per share) | $ 0 | $ 0.05 | $ (0.06) | $ 0 |
Diluted Share | ||||
Numerator: | ||||
Undistributed net income (loss) from continuing operations | $ 1,066 | $ 12,299 | $ (13,363) | $ 284 |
Less: | ||||
Basic undistributed net income (loss) attributable to common shares | $ 1,064 | $ 12,232 | $ (13,363) | $ 283 |
Denominator: | ||||
Basic weighted average shares outstanding (in shares) | 234,329,000 | 233,279,000 | 234,190,000 | 233,202,000 |
Effect of dilutive stock options, warrants and restricted stock (in shares) | 363,000 | 207,000 | 0 | 250,000 |
Diluted weighted average shares outstanding (in shares) | 234,692,000 | 233,486,000 | 234,190,000 | 233,452,000 |
Diluted undistributed net (loss) income per share attributable to common shares (USD per share) | $ 0 | $ 0.05 | $ (0.06) | $ 0 |
Warrants | Basic Share | ||||
Less: | ||||
Participation rights of the Company Warrants in undistributed earnings | $ 1 | $ 57 | $ 0 | $ 1 |
Warrants | Diluted Share | ||||
Less: | ||||
Participation rights of the Company Warrants in undistributed earnings | 1 | 57 | 0 | 1 |
Restricted Stock | Basic Share | ||||
Less: | ||||
Participation rights of unvested restricted stock in undistributed earnings, Basic | 1 | 10 | 0 | 0 |
Restricted Stock | Diluted Share | ||||
Less: | ||||
Participation rights of unvested restricted stock in undistributed earnings, Diluted | $ 1 | $ 10 | $ 0 | $ 0 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 1,249 | $ 12,692 | $ (7,884) | $ 2,335 |
Pre-tax income (loss) | $ 2,315 | $ 24,991 | $ (21,247) | $ 2,619 |
Effective income tax rate | 54.00% | 50.80% | (37.10%) | 88.50% |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Commitments and Contingencies (
Commitments and Contingencies (Detail) $ in Millions | Jan. 02, 2014USD ($)Station | Aug. 31, 2015lawsuit | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($)executive | Dec. 31, 2014USD ($) |
Supply Commitment [Line Items] | |||||
Number of executives departed | executive | 2 | ||||
ABS Entertainment, Inc, et al v Cumulus Media Inc and ABS Entertainment, Inc v Cumulus Media Inc | Pending Litigation | |||||
Supply Commitment [Line Items] | |||||
Number of punitive class action lawsuits | lawsuit | 2 | ||||
Corporate Expenses | |||||
Supply Commitment [Line Items] | |||||
Restructuring costs | $ 10.2 | ||||
Accounts Payable and Accrued Expenses | |||||
Supply Commitment [Line Items] | |||||
Liability recorded related to departures of executives | $ 5.1 | ||||
Exit Plan | Contract Termination | Corporate Expenses | |||||
Supply Commitment [Line Items] | |||||
Restructuring costs | $ 5.2 | ||||
Exit Plan | Contract Termination | Accounts Payable and Accrued Expenses | |||||
Supply Commitment [Line Items] | |||||
Current restructuring liabilities | 0.5 | ||||
Exit Plan | Contract Termination | Non-current liabilities | |||||
Supply Commitment [Line Items] | |||||
Noncurrent restructuring liabilities | 3.7 | ||||
Merlin Media LLC | |||||
Supply Commitment [Line Items] | |||||
Monthly management fees, second year | $ 0.4 | ||||
Monthly management fees, third year | 0.5 | ||||
Monthly management fees, fourth year | $ 0.6 | ||||
Merlin Media LLC | Put Option | |||||
Supply Commitment [Line Items] | |||||
Number of radio stations | Station | 2 | ||||
Amount under option agreement to settle management fees | $ 71 | ||||
Period after commencement date to settle management fees | 4 years | ||||
Period to exercise option | 10 days | ||||
Merlin Media LLC | Call Option | Maximum | |||||
Supply Commitment [Line Items] | |||||
Amount under option agreement to settle management fees | $ 70 | ||||
Merlin Media LLC | Call Option | Minimum | |||||
Supply Commitment [Line Items] | |||||
Amount under option agreement to settle management fees | $ 50 | ||||
Nielson Audio | |||||
Supply Commitment [Line Items] | |||||
Remaining aggregate obligation under the agreements with Nielsen Audio | $ 70.2 |
Supplemental Condensed Consol40
Supplemental Condensed Consolidating Financial Information (Narrative) (Details) | Jun. 30, 2016 | Dec. 31, 2015 | May 13, 2011 |
Condensed Financial Statements, Captions [Line Items] | |||
Ownership percentage in subsidiaries | 100.00% | ||
Interest rate | 7.75% | 7.75% | |
7.75% senior notes: | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 7.75% | 7.75% | 7.75% |
Supplemental Condensed Consol41
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements of Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Stock-based compensation expense | $ 790 | $ 3,880 | $ 1,668 | $ 7,743 |
Net revenue | 287,193 | 299,334 | 555,723 | 570,413 |
Operating expenses: | ||||
Content costs | 97,133 | 91,019 | 197,178 | 191,826 |
Selling, general & administrative expenses | 117,860 | 118,548 | 235,087 | 234,855 |
Depreciation and amortization | 22,969 | 25,724 | 46,066 | 51,035 |
LMA fees | 2,482 | 2,572 | 7,870 | 5,070 |
Corporate expenses (including stock-based compensation expense) | 11,414 | 12,496 | 24,068 | 25,963 |
Gain on sale of assets or stations | (3,146) | (84) | (3,141) | 735 |
Impairment charges - equity interest in Pulser Media Inc. | 0 | 1,056 | 0 | 1,056 |
Impairment of intangible assets and goodwill | 1,816 | 0 | 1,816 | 0 |
Total operating expenses | 250,528 | 251,331 | 508,944 | 510,540 |
Operating income | 36,665 | 48,003 | 46,779 | 59,873 |
Non-operating (expense) income: | ||||
Interest (expense) income, net | (34,346) | (35,385) | (68,742) | (70,011) |
Other (expense) income, net | (4) | 12,373 | 716 | 12,757 |
Total non-operating expense, net | (34,350) | (23,012) | (68,026) | (57,254) |
Income (loss) before income taxes | 2,315 | 24,991 | (21,247) | 2,619 |
Income tax (expense) benefit | (1,249) | (12,692) | 7,884 | (2,335) |
(Loss) income from continuing operations | 12,299 | 284 | ||
Earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 1,066 | 12,299 | (13,363) | 284 |
Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Content costs | 0 | 0 | 0 | 0 |
Selling, general & administrative expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
LMA fees | 0 | 0 | 0 | 0 |
Corporate expenses (including stock-based compensation expense) | 0 | 0 | 0 | 0 |
Gain on sale of assets or stations | 0 | 0 | 0 | 0 |
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Impairment of intangible assets and goodwill | 0 | 0 | ||
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Non-operating (expense) income: | ||||
Interest (expense) income, net | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Total non-operating expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | |
(Loss) income from continuing operations | 0 | 0 | ||
Earnings (loss) from consolidated subsidiaries | (32,357) | (41,923) | (31,957) | (29,925) |
Net income (loss) | (32,357) | (41,923) | (31,957) | (29,925) |
Cumulus Media Inc. (Parent Guarantor) | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Content costs | 0 | 0 | 0 | 0 |
Selling, general & administrative expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
LMA fees | 0 | 0 | 0 | 0 |
Corporate expenses (including stock-based compensation expense) | 0 | 0 | 0 | 0 |
Gain on sale of assets or stations | 0 | 0 | 0 | 0 |
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Impairment of intangible assets and goodwill | 0 | 0 | ||
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Non-operating (expense) income: | ||||
Interest (expense) income, net | (2,178) | (2,184) | (4,355) | (4,367) |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Total non-operating expense, net | (2,178) | (2,184) | (4,355) | (4,367) |
Income (loss) before income taxes | (2,178) | (2,184) | (4,355) | (4,367) |
Income tax (expense) benefit | 815 | 867 | 1,742 | 1,734 |
(Loss) income from continuing operations | (1,317) | (2,633) | ||
Earnings (loss) from consolidated subsidiaries | 2,429 | 13,616 | (10,750) | 2,917 |
Net income (loss) | 1,066 | 12,299 | (13,363) | 284 |
Cumulus Media Holdings Inc. (Subsidiary Issuer) | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net revenue | 165 | 125 | 165 | 250 |
Operating expenses: | ||||
Content costs | 0 | 0 | 0 | 0 |
Selling, general & administrative expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 414 | 356 | 818 | 616 |
LMA fees | 0 | 0 | 0 | 0 |
Corporate expenses (including stock-based compensation expense) | 11,414 | 12,496 | 24,068 | 25,963 |
Gain on sale of assets or stations | 0 | 0 | 0 | 0 |
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Impairment of intangible assets and goodwill | 0 | 0 | ||
Total operating expenses | 11,828 | 12,852 | 24,886 | 26,579 |
Operating income | (11,663) | (12,727) | (24,721) | (26,329) |
Non-operating (expense) income: | ||||
Interest (expense) income, net | (32,261) | (33,181) | (64,517) | (65,934) |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Total non-operating expense, net | (32,261) | (33,181) | (64,517) | (65,934) |
Income (loss) before income taxes | (43,924) | (45,908) | (89,238) | (92,263) |
Income tax (expense) benefit | 16,060 | 23,164 | 35,080 | 51,406 |
(Loss) income from continuing operations | (22,744) | (40,857) | ||
Earnings (loss) from consolidated subsidiaries | 30,293 | 36,360 | 43,408 | 43,774 |
Net income (loss) | 2,429 | 13,616 | (10,750) | 2,917 |
Subsidiary Guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net revenue | 287,028 | 299,209 | 555,558 | 570,163 |
Operating expenses: | ||||
Content costs | 97,133 | 91,019 | 197,178 | 191,826 |
Selling, general & administrative expenses | 117,324 | 118,017 | 234,013 | 233,794 |
Depreciation and amortization | 22,555 | 25,368 | 45,248 | 50,419 |
LMA fees | 2,482 | 2,572 | 7,870 | 5,070 |
Corporate expenses (including stock-based compensation expense) | 0 | 0 | 0 | 0 |
Gain on sale of assets or stations | (3,146) | (84) | (3,141) | 735 |
Impairment charges - equity interest in Pulser Media Inc. | 1,056 | 1,056 | ||
Impairment of intangible assets and goodwill | 1,816 | 1,816 | ||
Total operating expenses | 238,164 | 237,948 | 482,984 | 482,900 |
Operating income | 48,864 | 61,261 | 72,574 | 87,263 |
Non-operating (expense) income: | ||||
Interest (expense) income, net | 140 | 27 | 225 | 385 |
Other (expense) income, net | (4) | 12,373 | 716 | 12,757 |
Total non-operating expense, net | 136 | 12,400 | 941 | 13,142 |
Income (loss) before income taxes | 49,000 | 73,661 | 73,515 | 100,405 |
Income tax (expense) benefit | (18,342) | (29,248) | (29,406) | (39,865) |
(Loss) income from continuing operations | 44,413 | 60,540 | ||
Earnings (loss) from consolidated subsidiaries | (365) | (8,053) | (701) | (16,766) |
Net income (loss) | 30,293 | 36,360 | 43,408 | 43,774 |
Subsidiary Non-guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Content costs | 0 | 0 | 0 | 0 |
Selling, general & administrative expenses | 536 | 531 | 1,074 | 1,061 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
LMA fees | 0 | 0 | 0 | 0 |
Corporate expenses (including stock-based compensation expense) | 0 | 0 | 0 | 0 |
Gain on sale of assets or stations | 0 | 0 | 0 | 0 |
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Impairment of intangible assets and goodwill | 0 | 0 | ||
Total operating expenses | 536 | 531 | 1,074 | 1,061 |
Operating income | (536) | (531) | (1,074) | (1,061) |
Non-operating (expense) income: | ||||
Interest (expense) income, net | (47) | (47) | (95) | (95) |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Total non-operating expense, net | (47) | (47) | (95) | (95) |
Income (loss) before income taxes | (583) | (578) | (1,169) | (1,156) |
Income tax (expense) benefit | 218 | (7,475) | 468 | (15,610) |
(Loss) income from continuing operations | (8,053) | (16,766) | ||
Earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | $ (365) | $ (8,053) | $ (701) | $ (16,766) |
Supplemental Condensed Consol42
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements of Operations Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||
Stock-based compensation expense | $ 790 | $ 3,880 | $ 1,668 | $ 7,743 | |
Allowance for doubtful accounts | $ 4,342 | $ 4,342 | $ 4,923 |
Supplemental Condensed Consol43
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 49,798 | $ 31,657 | $ 32,734 | $ 7,271 |
Restricted cash | 7,645 | 7,981 | ||
Accounts receivable, less allowance for doubtful accounts | 222,340 | 243,428 | ||
Trade receivable | 4,464 | 4,146 | ||
Assets held for sale | 45,157 | 45,157 | ||
Prepaid expenses and other current assets | 22,800 | 26,906 | ||
Total current assets | 352,204 | 359,275 | ||
Property and equipment, net | 165,037 | 169,437 | ||
Broadcast licenses | 1,577,001 | 1,578,066 | ||
Other intangible assets, net | 142,462 | 174,530 | ||
Goodwill | 703,354 | 703,354 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 26,450 | 17,726 | ||
Total assets | 2,966,508 | 3,002,388 | ||
Accounts payable and accrued expenses | 102,513 | 118,396 | ||
Trade payable | 4,703 | 4,374 | ||
Total current liabilities | 107,216 | 122,770 | ||
Term loan, net of debt issuance costs/discounts of $33,893 and $37,524 at June 30, 2016 and December 31, 2015, respectively | 1,805,047 | 1,801,416 | ||
7.75% senior notes, net of debt issuance costs of $7,382 and $8,515 at June 30, 2016 and December 31, 2015, respectively | 602,618 | 601,485 | ||
Other liabilities | 39,325 | 44,804 | ||
Intercompany payables | 0 | 0 | ||
Deferred income taxes | 407,963 | 415,881 | ||
Total liabilities | 2,962,169 | 2,986,356 | ||
Treasury stock, at cost | (229,310) | (229,310) | ||
Additional paid-in-capital | 1,621,289 | 1,619,622 | ||
Accumulated deficit | (1,390,207) | (1,376,844) | ||
Total stockholders’ equity | 4,339 | 16,032 | ||
Total liabilities and stockholders’ equity | 2,966,508 | 3,002,388 | ||
Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Trade receivable | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Broadcast licenses | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in consolidated subsidiaries | (5,001,626) | (4,951,251) | ||
Intercompany receivables | (1,820,143) | (1,745,901) | ||
Other assets | (117,605) | (106,035) | ||
Total assets | (6,939,374) | (6,803,187) | ||
Accounts payable and accrued expenses | 0 | 0 | ||
Trade payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Term loan, net of debt issuance costs/discounts of $33,893 and $37,524 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
7.75% senior notes, net of debt issuance costs of $7,382 and $8,515 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Intercompany payables | (1,820,143) | (1,745,901) | ||
Deferred income taxes | (117,605) | (106,035) | ||
Total liabilities | (1,937,748) | (1,851,936) | ||
Treasury stock, at cost | 0 | 0 | ||
Additional paid-in-capital | (6,538,837) | (6,520,419) | ||
Accumulated deficit | 1,537,211 | 1,569,168 | ||
Total stockholders’ equity | (5,001,626) | (4,951,251) | ||
Total liabilities and stockholders’ equity | (6,939,374) | (6,803,187) | ||
Cumulus Media Inc. (Parent Guarantor) | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Trade receivable | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Broadcast licenses | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in consolidated subsidiaries | 103,213 | 110,550 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 103,213 | 110,550 | ||
Accounts payable and accrued expenses | 0 | 0 | ||
Trade payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Term loan, net of debt issuance costs/discounts of $33,893 and $37,524 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
7.75% senior notes, net of debt issuance costs of $7,382 and $8,515 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Intercompany payables | 98,874 | 94,518 | ||
Deferred income taxes | 0 | |||
Total liabilities | 98,874 | 94,518 | ||
Treasury stock, at cost | (229,310) | (229,310) | ||
Additional paid-in-capital | 1,621,289 | 1,619,622 | ||
Accumulated deficit | (1,390,207) | (1,376,844) | ||
Total stockholders’ equity | 4,339 | 16,032 | ||
Total liabilities and stockholders’ equity | 103,213 | 110,550 | ||
Cumulus Media Holdings Inc. (Subsidiary Issuer) | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 49,798 | 31,657 | 32,734 | 7,268 |
Restricted cash | 7,645 | 7,981 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Trade receivable | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 6,062 | 6,375 | ||
Total current assets | 63,505 | 46,013 | ||
Property and equipment, net | 3,244 | 3,685 | ||
Broadcast licenses | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in consolidated subsidiaries | 3,846,980 | 3,784,551 | ||
Intercompany receivables | 99,333 | 95,072 | ||
Other assets | 24,883 | 27,491 | ||
Total assets | 4,037,945 | 3,956,812 | ||
Accounts payable and accrued expenses | 24,634 | 31,997 | ||
Trade payable | 0 | 0 | ||
Total current liabilities | 24,634 | 31,997 | ||
Term loan, net of debt issuance costs/discounts of $33,893 and $37,524 at June 30, 2016 and December 31, 2015, respectively | 1,805,047 | 1,801,416 | ||
7.75% senior notes, net of debt issuance costs of $7,382 and $8,515 at June 30, 2016 and December 31, 2015, respectively | 602,618 | 601,485 | ||
Other liabilities | 3,963 | 3,963 | ||
Intercompany payables | 1,498,470 | 1,407,401 | ||
Deferred income taxes | 0 | |||
Total liabilities | 3,934,732 | 3,846,262 | ||
Treasury stock, at cost | 0 | 0 | ||
Additional paid-in-capital | 272,086 | 268,673 | ||
Accumulated deficit | (168,873) | (158,123) | ||
Total stockholders’ equity | 103,213 | 110,550 | ||
Total liabilities and stockholders’ equity | 4,037,945 | 3,956,812 | ||
Subsidiary Guarantors | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 3 |
Restricted cash | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Trade receivable | 4,464 | 4,146 | ||
Assets held for sale | 45,157 | 45,157 | ||
Prepaid expenses and other current assets | 16,738 | 20,531 | ||
Total current assets | 66,359 | 69,834 | ||
Property and equipment, net | 161,793 | 165,752 | ||
Broadcast licenses | 0 | 0 | ||
Other intangible assets, net | 142,462 | 174,530 | ||
Goodwill | 703,354 | 703,354 | ||
Investment in consolidated subsidiaries | 1,051,433 | 1,056,150 | ||
Intercompany receivables | 1,720,810 | 1,650,829 | ||
Other assets | 118,713 | 95,716 | ||
Total assets | 3,964,924 | 3,916,165 | ||
Accounts payable and accrued expenses | 77,879 | 86,399 | ||
Trade payable | 4,703 | 4,374 | ||
Total current liabilities | 82,582 | 90,773 | ||
Term loan, net of debt issuance costs/discounts of $33,893 and $37,524 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
7.75% senior notes, net of debt issuance costs of $7,382 and $8,515 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
Other liabilities | 35,362 | 40,841 | ||
Intercompany payables | 0 | 0 | ||
Deferred income taxes | 0 | |||
Total liabilities | 117,944 | 131,614 | ||
Treasury stock, at cost | 0 | 0 | ||
Additional paid-in-capital | 4,238,081 | 4,219,060 | ||
Accumulated deficit | (391,101) | (434,509) | ||
Total stockholders’ equity | 3,846,980 | 3,784,551 | ||
Total liabilities and stockholders’ equity | 3,964,924 | 3,916,165 | ||
Subsidiary Non-guarantors | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Restricted cash | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 222,340 | 243,428 | ||
Trade receivable | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 222,340 | 243,428 | ||
Property and equipment, net | 0 | 0 | ||
Broadcast licenses | 1,577,001 | 1,578,066 | ||
Other intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 459 | 554 | ||
Total assets | 1,799,800 | 1,822,048 | ||
Accounts payable and accrued expenses | 0 | 0 | ||
Trade payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Term loan, net of debt issuance costs/discounts of $33,893 and $37,524 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
7.75% senior notes, net of debt issuance costs of $7,382 and $8,515 at June 30, 2016 and December 31, 2015, respectively | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Intercompany payables | 222,799 | 243,982 | ||
Deferred income taxes | 525,568 | 521,916 | ||
Total liabilities | 748,367 | 765,898 | ||
Treasury stock, at cost | 0 | 0 | ||
Additional paid-in-capital | 2,028,670 | 2,032,686 | ||
Accumulated deficit | (977,237) | (976,536) | ||
Total stockholders’ equity | 1,051,433 | 1,056,150 | ||
Total liabilities and stockholders’ equity | 1,799,800 | 1,822,048 | ||
Class A common stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 2,561 | 2,558 | ||
Class A common stock | Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 0 | 0 | ||
Class A common stock | Cumulus Media Inc. (Parent Guarantor) | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 2,561 | 2,558 | ||
Class A common stock | Cumulus Media Holdings Inc. (Subsidiary Issuer) | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 0 | 0 | ||
Class A common stock | Subsidiary Guarantors | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 0 | 0 | ||
Class A common stock | Subsidiary Non-guarantors | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 0 | 0 | ||
Class C common stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 6 | 6 | ||
Class C common stock | Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 0 | 0 | ||
Class C common stock | Cumulus Media Inc. (Parent Guarantor) | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 6 | 6 | ||
Class C common stock | Cumulus Media Holdings Inc. (Subsidiary Issuer) | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 0 | 0 | ||
Class C common stock | Subsidiary Guarantors | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | 0 | 0 | ||
Class C common stock | Subsidiary Non-guarantors | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock | $ 0 | $ 0 |
Supplemental Condensed Consol44
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet Additional Information) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | May 13, 2011 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Allowance for doubtful accounts | $ 4,342 | $ 4,923 | |
Interest rate | 7.75% | 7.75% | |
Treasury stock, shares | 22,449,496 | 22,445,945 | |
Class A common stock | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 750,000,000 | 750,000,000 | |
Common stock, shares issued | 256,248,431 | 255,902,892 | |
Common stock, shares outstanding | 233,798,935 | 233,456,945 | |
Class C common stock | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 644,871 | 644,871 | |
Common stock, shares issued | 644,871 | 644,871 | |
Common stock, shares outstanding | 644,871 | 644,871 | |
7.75% senior notes: | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Interest rate | 7.75% | 7.75% | 7.75% |
Supplemental Condensed Consol45
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||||
Net (loss) income | $ 1,066 | $ 12,299 | $ (13,363) | $ 284 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 46,066 | 51,035 | ||
Amortization of debt issuance costs/discounts | 4,860 | 4,712 | ||
Provision for doubtful accounts | 493 | 2,417 | ||
(Gain) loss on sale of assets or stations | (3,141) | 735 | ||
Impairment charges - equity interest in Pulser Media Inc. | 0 | 1,056 | 0 | 1,056 |
Deferred income taxes | (7,918) | 2,847 | ||
Stock-based compensation expense | 1,668 | 7,743 | ||
Loss (earnings) from consolidated subsidiaries | 0 | 0 | ||
Changes in assets and liabilities | (5,471) | (35,105) | ||
Net cash provided by operating activities | 25,010 | 35,724 | ||
Cash flows from investing activities: | ||||
Proceeds from sale of assets or stations | 4,254 | 3,055 | ||
Restricted cash | 336 | 1,634 | ||
Capital expenditures | (11,462) | (14,860) | ||
Net cash used in investing activities | (6,872) | (10,171) | ||
Cash flows from financing activities: | ||||
Intercompany transactions, net | 0 | 0 | ||
Tax withholding payments on behalf of employees | 0 | (93) | ||
Proceeds from exercise of warrants | 3 | 3 | ||
Net cash provided by (used in) financing activities | 3 | (90) | ||
Increase in cash and cash equivalents | 18,141 | 25,463 | ||
Cash and cash equivalents at beginning of period | 31,657 | 7,271 | ||
Cash and cash equivalents at end of period | 49,798 | 32,734 | 49,798 | 32,734 |
Eliminations | ||||
Cash flows from operating activities: | ||||
Net (loss) income | (32,357) | (41,923) | (31,957) | (29,925) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 0 | 0 | ||
Amortization of debt issuance costs/discounts | 0 | 0 | ||
Provision for doubtful accounts | 0 | 0 | ||
(Gain) loss on sale of assets or stations | 0 | 0 | ||
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Stock-based compensation expense | 0 | 0 | ||
Loss (earnings) from consolidated subsidiaries | 31,957 | 29,925 | ||
Changes in assets and liabilities | 0 | 0 | ||
Net cash provided by operating activities | 0 | 0 | ||
Cash flows from investing activities: | ||||
Proceeds from sale of assets or stations | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Intercompany transactions, net | 0 | 0 | ||
Tax withholding payments on behalf of employees | 0 | |||
Proceeds from exercise of warrants | 0 | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Cumulus Media Inc. (Parent Guarantor) | ||||
Cash flows from operating activities: | ||||
Net (loss) income | 1,066 | 12,299 | (13,363) | 284 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 0 | 0 | ||
Amortization of debt issuance costs/discounts | 0 | 0 | ||
Provision for doubtful accounts | 0 | 0 | ||
(Gain) loss on sale of assets or stations | 0 | 0 | ||
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Deferred income taxes | (1,742) | (1,734) | ||
Stock-based compensation expense | 0 | 0 | ||
Loss (earnings) from consolidated subsidiaries | 10,750 | (2,917) | ||
Changes in assets and liabilities | 0 | 0 | ||
Net cash provided by operating activities | (4,355) | (4,367) | ||
Cash flows from investing activities: | ||||
Proceeds from sale of assets or stations | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Intercompany transactions, net | 4,352 | 4,364 | ||
Tax withholding payments on behalf of employees | 0 | |||
Proceeds from exercise of warrants | 3 | 3 | ||
Net cash provided by (used in) financing activities | 4,355 | 4,367 | ||
Increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Cumulus Media Holdings Inc. (Subsidiary Issuer) | ||||
Cash flows from operating activities: | ||||
Net (loss) income | 2,429 | 13,616 | (10,750) | 2,917 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 818 | 616 | ||
Amortization of debt issuance costs/discounts | 4,765 | 4,617 | ||
Provision for doubtful accounts | 0 | 0 | ||
(Gain) loss on sale of assets or stations | 0 | 0 | ||
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Deferred income taxes | (35,080) | (50,894) | ||
Stock-based compensation expense | 1,668 | 7,743 | ||
Loss (earnings) from consolidated subsidiaries | (43,408) | (43,774) | ||
Changes in assets and liabilities | 149,483 | 152,329 | ||
Net cash provided by operating activities | 67,496 | 73,554 | ||
Cash flows from investing activities: | ||||
Proceeds from sale of assets or stations | 0 | 0 | ||
Restricted cash | 336 | 1,634 | ||
Capital expenditures | (377) | (1,516) | ||
Net cash used in investing activities | (41) | 118 | ||
Cash flows from financing activities: | ||||
Intercompany transactions, net | (49,314) | (48,113) | ||
Tax withholding payments on behalf of employees | (93) | |||
Proceeds from exercise of warrants | 0 | 0 | ||
Net cash provided by (used in) financing activities | (49,314) | (48,206) | ||
Increase in cash and cash equivalents | 18,141 | 25,466 | ||
Cash and cash equivalents at beginning of period | 31,657 | 7,268 | ||
Cash and cash equivalents at end of period | 49,798 | 32,734 | 49,798 | 32,734 |
Subsidiary Guarantors | ||||
Cash flows from operating activities: | ||||
Net (loss) income | 30,293 | 36,360 | 43,408 | 43,774 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 45,248 | 50,419 | ||
Amortization of debt issuance costs/discounts | 0 | 0 | ||
Provision for doubtful accounts | 493 | 2,417 | ||
(Gain) loss on sale of assets or stations | (3,141) | 735 | ||
Impairment charges - equity interest in Pulser Media Inc. | 1,056 | 1,056 | ||
Deferred income taxes | 29,372 | 39,865 | ||
Stock-based compensation expense | 0 | 0 | ||
Loss (earnings) from consolidated subsidiaries | 701 | 16,766 | ||
Changes in assets and liabilities | (156,028) | (188,495) | ||
Net cash provided by operating activities | (38,131) | (33,463) | ||
Cash flows from investing activities: | ||||
Proceeds from sale of assets or stations | 4,254 | 3,055 | ||
Restricted cash | 0 | 0 | ||
Capital expenditures | (11,085) | (13,344) | ||
Net cash used in investing activities | (6,831) | (10,289) | ||
Cash flows from financing activities: | ||||
Intercompany transactions, net | 44,962 | 43,749 | ||
Tax withholding payments on behalf of employees | 0 | |||
Proceeds from exercise of warrants | 0 | 0 | ||
Net cash provided by (used in) financing activities | 44,962 | 43,749 | ||
Increase in cash and cash equivalents | 0 | (3) | ||
Cash and cash equivalents at beginning of period | 0 | 3 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Subsidiary Non-guarantors | ||||
Cash flows from operating activities: | ||||
Net (loss) income | (365) | (8,053) | (701) | (16,766) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 0 | 0 | ||
Amortization of debt issuance costs/discounts | 95 | 95 | ||
Provision for doubtful accounts | 0 | 0 | ||
(Gain) loss on sale of assets or stations | 0 | 0 | ||
Impairment charges - equity interest in Pulser Media Inc. | 0 | 0 | ||
Deferred income taxes | (468) | 15,610 | ||
Stock-based compensation expense | 0 | 0 | ||
Loss (earnings) from consolidated subsidiaries | 0 | 0 | ||
Changes in assets and liabilities | 1,074 | 1,061 | ||
Net cash provided by operating activities | 0 | 0 | ||
Cash flows from investing activities: | ||||
Proceeds from sale of assets or stations | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Intercompany transactions, net | 0 | 0 | ||
Tax withholding payments on behalf of employees | 0 | |||
Proceeds from exercise of warrants | 0 | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Data (Details)
Segment Data (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Segment | Jun. 30, 2015USD ($) | Dec. 31, 2015Segment | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 2 | 1 | |||
Net revenue | $ 287,193 | $ 299,334 | $ 555,723 | $ 570,413 | |
Income tax expense (benefit) | (1,249) | (12,692) | 7,884 | (2,335) | |
Non-operating (income) expense, including net interest expense | 34,350 | 23,012 | 68,026 | 57,254 | |
LMA fees | (2,482) | (2,572) | (7,870) | (5,070) | |
Depreciation and amortization | (22,969) | (25,724) | (46,066) | (51,035) | |
Stock-based compensation expense | (790) | (3,880) | (1,668) | (7,743) | |
Gain (loss) on sale of assets or stations | 3,146 | 84 | 3,141 | (735) | |
Impairment of intangible assets | (1,816) | 0 | (1,816) | 0 | |
Impairment charges - equity interest in Pulser Media Inc. | 0 | (1,056) | 0 | (1,056) | |
Franchise and state taxes | (267) | (564) | |||
Net (loss) income | 1,066 | 12,299 | (13,363) | 284 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segment adjusted EBITDA | 72,249 | 89,545 | 123,728 | 143,385 | |
Operating Segments | Radio Station Group | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 209,964 | 209,498 | 386,441 | 385,166 | |
Segment adjusted EBITDA | 59,321 | 71,033 | 103,041 | 116,449 | |
Operating Segments | Westwood One | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 76,530 | 88,767 | 168,094 | 183,316 | |
Segment adjusted EBITDA | 12,928 | 18,512 | 20,687 | 26,936 | |
Corporate and Other | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 699 | 1,069 | 1,188 | 1,931 | |
Corporate and other | (9,069) | (8,730) | (18,614) | (17,907) | |
Adjustments | |||||
Segment Reporting Information [Line Items] | |||||
Income tax expense (benefit) | (1,249) | (12,692) | 7,884 | (2,335) | |
Non-operating (income) expense, including net interest expense | (34,350) | (23,012) | (68,026) | (57,259) | |
LMA fees | (2,482) | (2,572) | (7,870) | (5,070) | |
Depreciation and amortization | (22,969) | (25,724) | (46,066) | (51,035) | |
Stock-based compensation expense | (790) | (3,880) | (1,668) | (7,743) | |
Gain (loss) on sale of assets or stations | (3,146) | (84) | (3,141) | 735 | |
Impairment of intangible assets | (1,816) | (1,816) | |||
Impairment charges - equity interest in Pulser Media Inc. | (1,056) | (1,056) | |||
Acquisition-related and restructuring costs | (1,421) | $ 603 | (3,687) | $ 603 | |
Franchise and state taxes | $ (183) | $ (369) |