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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Delaware
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36-4159663
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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||
3280 Peachtree Road, NW Suite 2300,
Atlanta, GA
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30305
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(Address of Principal Executive Offices)
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(ZIP Code)
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Large accelerated filer
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¨
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Accelerated filer
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ý
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|||
Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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September 30, 2016
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December 31, 2015
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||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
157,601
|
|
|
$
|
31,657
|
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Restricted cash
|
4,550
|
|
|
7,981
|
|
||
Accounts receivable, less allowance for doubtful accounts of $5,207 and $4,923 at September 30, 2016 and December 31, 2015, respectively
|
220,423
|
|
|
243,428
|
|
||
Trade receivable
|
4,959
|
|
|
4,146
|
|
||
Assets held for sale
|
30,150
|
|
|
45,157
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|
||
Prepaid expenses and other current assets
|
36,075
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|
|
26,906
|
|
||
Total current assets
|
453,758
|
|
|
359,275
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|
||
Property and equipment, net
|
162,692
|
|
|
169,437
|
|
||
Broadcast licenses
|
1,577,001
|
|
|
1,578,066
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|
||
Other intangible assets, net
|
128,432
|
|
|
174,530
|
|
||
Goodwill
|
703,354
|
|
|
703,354
|
|
||
Other assets
|
26,027
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|
|
17,726
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|
||
Total assets
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$
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3,051,264
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$
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3,002,388
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Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
106,753
|
|
|
$
|
118,396
|
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Trade payable
|
4,757
|
|
|
4,374
|
|
||
Total current liabilities
|
111,510
|
|
|
122,770
|
|
||
Term loan, net of debt issuance costs/discounts of $32,061 and $37,524 at September 30, 2016 and December 31, 2015, respectively
|
1,806,879
|
|
|
1,801,416
|
|
||
7.75% senior notes, net of debt issuance costs of $6,796 and $8,515 at September 30, 2016 and December 31, 2015, respectively
|
603,204
|
|
|
601,485
|
|
||
Other liabilities
|
37,309
|
|
|
44,804
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|
||
Deferred income taxes
|
440,967
|
|
|
415,881
|
|
||
Total liabilities
|
2,999,869
|
|
|
2,986,356
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|
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Commitments and Contingencies (Note 10)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,054 and 31,987,862 shares issued, and 29,224,867 and 29,182,118 shares outstanding, at September 30, 2016 and December 31, 2015, respectively
|
292
|
|
|
292
|
|
||
Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding at both September 30, 2016 and December 31, 2015
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1
|
|
|
1
|
|
||
Treasury stock, at cost, 2,806,187 and 2,805,743 shares at September 30, 2016 and December 31, 2015, respectively
|
(229,310
|
)
|
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(229,310
|
)
|
||
Additional paid-in-capital
|
1,624,298
|
|
|
1,621,893
|
|
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Accumulated deficit
|
(1,343,886
|
)
|
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(1,376,844
|
)
|
||
Total stockholders’ equity
|
51,395
|
|
|
16,032
|
|
||
Total liabilities and stockholders’ equity
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$
|
3,051,264
|
|
|
$
|
3,002,388
|
|
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Three Months Ended September 30,
|
|
Nine Months Ended September 30,
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||||||||||||
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2016
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2015
|
|
2016
|
|
2015
|
||||||||
Net revenue
|
$
|
286,136
|
|
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$
|
289,441
|
|
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$
|
841,859
|
|
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$
|
859,854
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Content costs
|
115,348
|
|
|
94,829
|
|
|
312,526
|
|
|
286,655
|
|
||||
Selling, general & administrative expenses
|
117,387
|
|
|
115,562
|
|
|
352,474
|
|
|
350,417
|
|
||||
Depreciation and amortization
|
21,957
|
|
|
25,547
|
|
|
68,023
|
|
|
76,582
|
|
||||
LMA fees
|
2,481
|
|
|
2,515
|
|
|
10,351
|
|
|
7,585
|
|
||||
Corporate expenses (including stock-based compensation expense of $735, $12,304, $2,403 and $20,047,respectively)
|
9,960
|
|
|
34,253
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|
|
34,028
|
|
|
60,211
|
|
||||
(Gain) loss on sale of assets or stations
|
(94,014
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)
|
|
57
|
|
|
(97,155
|
)
|
|
792
|
|
||||
Impairment of intangible assets and goodwill
|
—
|
|
|
565,584
|
|
|
1,816
|
|
|
565,584
|
|
||||
Impairment charges - equity interest in Pulser Media Inc.
|
—
|
|
|
18,308
|
|
|
—
|
|
|
19,364
|
|
||||
Total operating expenses
|
173,119
|
|
|
856,655
|
|
|
682,063
|
|
|
1,367,190
|
|
||||
Operating income (loss)
|
113,017
|
|
|
(567,214
|
)
|
|
159,796
|
|
|
(507,336
|
)
|
||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(34,929
|
)
|
|
(35,691
|
)
|
|
(103,896
|
)
|
|
(106,087
|
)
|
||||
Interest income
|
139
|
|
|
22
|
|
|
364
|
|
|
407
|
|
||||
Other income (expense), net
|
882
|
|
|
(151
|
)
|
|
1,598
|
|
|
12,601
|
|
||||
Total non-operating expense, net
|
(33,908
|
)
|
|
(35,820
|
)
|
|
(101,934
|
)
|
|
(93,079
|
)
|
||||
Income (loss) before income taxes
|
79,109
|
|
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(603,034
|
)
|
|
57,862
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|
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(600,415
|
)
|
||||
Income tax (expense) benefit
|
(32,788
|
)
|
|
60,855
|
|
|
(24,904
|
)
|
|
58,520
|
|
||||
Net income (loss)
|
$
|
46,321
|
|
|
$
|
(542,179
|
)
|
|
$
|
32,958
|
|
|
$
|
(541,895
|
)
|
Basic and diluted income (loss) per common share (see Note 8, “Earnings (Loss) Per Share”):
|
|
|
|
|
|
|
|
||||||||
Basic: Income (loss) per share
|
$
|
1.58
|
|
|
$
|
(18.57
|
)
|
|
$
|
1.12
|
|
|
$
|
(18.58
|
)
|
Diluted: Income (loss) per share
|
$
|
1.58
|
|
|
$
|
(18.57
|
)
|
|
$
|
1.12
|
|
|
$
|
(18.58
|
)
|
Weighted average basic common shares outstanding
|
29,275,111
|
|
|
29,194,508
|
|
|
29,268,885
|
|
|
29,165,188
|
|
||||
Weighted average diluted common shares outstanding
|
29,275,111
|
|
|
29,194,508
|
|
|
29,268,885
|
|
|
29,165,188
|
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
32,958
|
|
|
$
|
(541,895
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
68,023
|
|
|
76,582
|
|
||
Amortization of debt issuance costs/discounts
|
7,325
|
|
|
7,112
|
|
||
Provision for doubtful accounts
|
1,188
|
|
|
2,417
|
|
||
(Gain) loss on sale of assets or stations
|
(97,155
|
)
|
|
792
|
|
||
Impairment of intangible assets and goodwill
|
1,816
|
|
|
565,584
|
|
||
Impairment charges - equity interest in Pulser Media Inc.
|
—
|
|
|
19,364
|
|
||
Deferred income taxes
|
25,086
|
|
|
(58,520
|
)
|
||
Stock-based compensation expense
|
2,403
|
|
|
20,047
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
21,817
|
|
|
17,790
|
|
||
Trade receivable
|
(813
|
)
|
|
(2,146
|
)
|
||
Prepaid expenses and other current assets
|
(9,169
|
)
|
|
(1,615
|
)
|
||
Other assets
|
(8,444
|
)
|
|
(2,508
|
)
|
||
Accounts payable and accrued expenses
|
(5,643
|
)
|
|
(5,519
|
)
|
||
Trade payable
|
383
|
|
|
668
|
|
||
Other liabilities
|
(7,496
|
)
|
|
(9,964
|
)
|
||
Net cash provided by operating activities
|
32,279
|
|
|
88,189
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Restricted cash
|
3,431
|
|
|
1,633
|
|
||
Proceeds from sale of assets or stations
|
106,935
|
|
|
3,055
|
|
||
Capital expenditures
|
(16,704
|
)
|
|
(15,817
|
)
|
||
Net cash provided by (used in) investing activities
|
93,662
|
|
|
(11,129
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Tax withholding payments on behalf of employees
|
—
|
|
|
(93
|
)
|
||
Proceeds from exercise of warrants
|
3
|
|
|
7
|
|
||
Net cash provided by (used in) financing activities
|
3
|
|
|
(86
|
)
|
||
Increase in cash and cash equivalents
|
125,944
|
|
|
76,974
|
|
||
Cash and cash equivalents at beginning of period
|
31,657
|
|
|
7,271
|
|
||
Cash and cash equivalents at end of period
|
$
|
157,601
|
|
|
$
|
84,245
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
83,122
|
|
|
$
|
84,998
|
|
Income taxes paid
|
3,814
|
|
|
3,359
|
|
||
Supplemental disclosures of non-cash flow information:
|
|
|
|
||||
Trade revenue
|
$
|
26,493
|
|
|
$
|
25,317
|
|
Trade expense
|
25,593
|
|
|
23,968
|
|
||
Equity interest in Pulser Media Inc.
|
—
|
|
|
2,025
|
|
||
Transfer of deposit from escrow - Los Angeles land and building sale
|
6,000
|
|
|
—
|
Goodwill:
|
|
||
Balance as of December 31, 2015:
|
|
||
Goodwill
|
$
|
1,278,526
|
|
Accumulated impairment losses
|
(710,386
|
)
|
|
Total
|
$
|
568,140
|
|
Balance as of September 30, 2016:
|
|
||
Goodwill
|
1,278,526
|
|
|
Accumulated impairment losses
|
(710,386
|
)
|
|
Total
|
$
|
568,140
|
|
Goodwill:
|
|
||
Balance as of December 31, 2015:
|
|
||
Goodwill
|
$
|
304,280
|
|
Accumulated impairment losses
|
(169,066
|
)
|
|
Total
|
$
|
135,214
|
|
Balance as of September 30, 2016:
|
|
||
Goodwill
|
304,280
|
|
|
Accumulated impairment losses
|
(169,066
|
)
|
|
Total
|
$
|
135,214
|
|
Goodwill:
|
|
||
Balance as of December 31, 2015:
|
|
||
Goodwill
|
$
|
1,582,806
|
|
Accumulated impairment losses
|
(879,452
|
)
|
|
Total
|
$
|
703,354
|
|
Balance as of September 30, 2016:
|
|
||
Goodwill
|
1,582,806
|
|
|
Accumulated impairment losses
|
(879,452
|
)
|
|
Total
|
$
|
703,354
|
|
|
Indefinite-Lived
|
|
Definite-Lived
|
|
Total
|
||||||
Intangible Assets:
|
|
|
|
|
|
||||||
Balance as of December 31, 2015
|
$
|
1,578,066
|
|
|
$
|
174,530
|
|
|
$
|
1,752,596
|
|
Dispositions
|
(1,065
|
)
|
|
—
|
|
|
(1,065
|
)
|
|||
Impairment losses
|
—
|
|
|
(1,816
|
)
|
|
(1,816
|
)
|
|||
Amortization
|
—
|
|
|
(44,282
|
)
|
|
(44,282
|
)
|
|||
Balance as of September 30, 2016
|
$
|
1,577,001
|
|
|
$
|
128,432
|
|
|
$
|
1,705,433
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Term Loan:
|
|
|
|
||||
Term loan
|
$
|
1,838,940
|
|
|
$
|
1,838,940
|
|
Less: unamortized term loan discount and debt issuance costs
|
(32,061
|
)
|
|
(37,524
|
)
|
||
Total Term Loan
|
1,806,879
|
|
|
1,801,416
|
|
||
7.75% senior notes:
|
610,000
|
|
|
610,000
|
|
||
Less: unamortized debt issuance costs
|
(6,796
|
)
|
|
(8,515
|
)
|
||
Total 7.75% senior notes
|
603,204
|
|
|
601,485
|
|
||
Less: Current portion of long-term debt
|
—
|
|
|
—
|
|
||
Long-term debt, net
|
$
|
2,410,083
|
|
|
$
|
2,402,901
|
|
|
September 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
|
254,675
|
|
|
204,350
|
|
•
|
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.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Basic Earnings (Loss) Per Share
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Undistributed net income (loss) from continuing operations
|
$
|
46,321
|
|
|
$
|
(542,179
|
)
|
|
$
|
32,958
|
|
|
$
|
(541,895
|
)
|
Less:
|
|
|
|
|
|
|
|
||||||||
Participation rights of the Company Warrants in undistributed earnings
|
50
|
|
|
—
|
|
|
43
|
|
|
—
|
|
||||
Participation rights of unvested restricted stock in undistributed earnings
|
48
|
|
|
—
|
|
|
34
|
|
|
—
|
|
||||
Basic undistributed net income (loss) attributable to common shares
|
$
|
46,223
|
|
|
$
|
(542,179
|
)
|
|
$
|
32,881
|
|
|
$
|
(541,895
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
29,275
|
|
|
29,195
|
|
|
29,269
|
|
|
29,165
|
|
||||
Basic undistributed net income (loss) per share attributable to common shares
|
$
|
1.58
|
|
|
$
|
(18.57
|
)
|
|
$
|
1.12
|
|
|
$
|
(18.58
|
)
|
Diluted Earnings (Loss) Per Share:
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Undistributed net income (loss) from continuing operations
|
$
|
46,321
|
|
|
$
|
(542,179
|
)
|
|
$
|
32,958
|
|
|
$
|
(541,895
|
)
|
Less:
|
|
|
|
|
|
|
|
||||||||
Participation rights of the Company Warrants in undistributed net earnings
|
50
|
|
|
—
|
|
|
43
|
|
|
—
|
|
||||
Participation rights of unvested restricted stock in undistributed earnings
|
48
|
|
|
—
|
|
|
34
|
|
|
—
|
|
||||
Basic undistributed net income (loss) attributable to common shares
|
$
|
46,223
|
|
|
$
|
(542,179
|
)
|
|
$
|
32,881
|
|
|
$
|
(541,895
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
29,275
|
|
|
29,195
|
|
|
29,269
|
|
|
29,165
|
|
||||
Effect of dilutive stock options, warrants and restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted weighted average shares outstanding
|
29,275
|
|
|
29,195
|
|
|
29,269
|
|
|
29,165
|
|
||||
Diluted undistributed net income (loss) per share attributable to common shares
|
$
|
1.58
|
|
|
$
|
(18.57
|
)
|
|
$
|
1.12
|
|
|
$
|
(18.58
|
)
|
|
Cumulus
Media Inc.
(Parent
Guarantor)
|
|
Cumulus
Media
Holdings Inc.
(Subsidiary
Issuer)
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Non-guarantors
|
|
Eliminations
|
|
Total
Consolidated
|
||||||||||||
Net revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
286,136
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
286,136
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Content costs
|
—
|
|
|
—
|
|
|
115,348
|
|
|
—
|
|
|
—
|
|
|
115,348
|
|
||||||
Selling, general & administrative expenses
|
—
|
|
|
—
|
|
|
116,706
|
|
|
681
|
|
|
—
|
|
|
117,387
|
|
||||||
Depreciation and amortization
|
—
|
|
|
400
|
|
|
21,557
|
|
|
—
|
|
|
—
|
|
|
21,957
|
|
||||||
LMA fees
|
—
|
|
|
—
|
|
|
2,481
|
|
|
—
|
|
|
—
|
|
|
2,481
|
|
||||||
Corporate expenses (including stock-based compensation expense of $735)
|
—
|
|
|
9,960
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,960
|
|
||||||
Gain on sale of assets or stations
|
—
|
|
|
—
|
|
|
(94,014
|
)
|
|
—
|
|
|
—
|
|
|
(94,014
|
)
|
||||||
Total operating expenses
|
—
|
|
|
10,360
|
|
|
162,078
|
|
|
681
|
|
|
—
|
|
|
173,119
|
|
||||||
Operating (loss) income
|
—
|
|
|
(10,360
|
)
|
|
124,058
|
|
|
(681
|
)
|
|
—
|
|
|
113,017
|
|
||||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest (expense) income, net
|
(2,178
|
)
|
|
(32,704
|
)
|
|
139
|
|
|
(47
|
)
|
|
—
|
|
|
(34,790
|
)
|
||||||
Other income, net
|
—
|
|
|
—
|
|
|
882
|
|
|
—
|
|
|
—
|
|
|
882
|
|
||||||
Total non-operating (expense) income, net
|
(2,178
|
)
|
|
(32,704
|
)
|
|
1,021
|
|
|
(47
|
)
|
|
—
|
|
|
(33,908
|
)
|
||||||
(Loss) income before income taxes
|
(2,178
|
)
|
|
(43,064
|
)
|
|
125,079
|
|
|
(728
|
)
|
|
—
|
|
|
79,109
|
|
||||||
Income tax (expense) benefit
|
937
|
|
|
19,816
|
|
|
(53,834
|
)
|
|
293
|
|
|
—
|
|
|
(32,788
|
)
|
||||||
Earnings (loss) from consolidated subsidiaries
|
47,562
|
|
|
70,810
|
|
|
(435
|
)
|
|
—
|
|
|
(117,937
|
)
|
|
—
|
|
||||||
Net income (loss)
|
$
|
46,321
|
|
|
$
|
47,562
|
|
|
$
|
70,810
|
|
|
$
|
(435
|
)
|
|
$
|
(117,937
|
)
|
|
$
|
46,321
|
|
|
Cumulus
Media Inc.
(Parent
Guarantor)
|
|
Cumulus
Media
Holdings Inc.
(Subsidiary
Issuer)
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Non-guarantors
|
|
Eliminations
|
|
Total
Consolidated
|
||||||||||||
Net revenue
|
$
|
—
|
|
|
$
|
165
|
|
|
$
|
841,694
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
841,859
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Content costs
|
—
|
|
|
—
|
|
|
312,526
|
|
|
—
|
|
|
—
|
|
|
312,526
|
|
||||||
Selling, general & administrative expenses
|
—
|
|
|
—
|
|
|
350,719
|
|
|
1,755
|
|
|
—
|
|
|
352,474
|
|
||||||
Depreciation and amortization
|
—
|
|
|
1,219
|
|
|
66,804
|
|
|
—
|
|
|
—
|
|
|
68,023
|
|
||||||
LMA fees
|
—
|
|
|
—
|
|
|
10,351
|
|
|
—
|
|
|
—
|
|
|
10,351
|
|
||||||
Corporate expenses (including stock-based compensation expense of $2,403)
|
—
|
|
|
34,028
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,028
|
|
||||||
Gain on sale of assets or stations
|
—
|
|
|
—
|
|
|
(97,155
|
)
|
|
—
|
|
|
—
|
|
|
(97,155
|
)
|
||||||
Impairment of intangible assets and goodwill
|
—
|
|
|
—
|
|
|
1,816
|
|
|
—
|
|
|
—
|
|
|
1,816
|
|
||||||
Total operating expenses
|
—
|
|
|
35,247
|
|
|
645,061
|
|
|
1,755
|
|
|
—
|
|
|
682,063
|
|
||||||
Operating (loss) income
|
—
|
|
|
(35,082
|
)
|
|
196,633
|
|
|
(1,755
|
)
|
|
—
|
|
|
159,796
|
|
||||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest (expense) income, net
|
(6,533
|
)
|
|
(97,221
|
)
|
|
364
|
|
|
(142
|
)
|
|
—
|
|
|
(103,532
|
)
|
||||||
Other income, net
|
—
|
|
|
—
|
|
|
1,598
|
|
|
—
|
|
|
—
|
|
|
1,598
|
|
||||||
Total non-operating (expense) income, net
|
(6,533
|
)
|
|
(97,221
|
)
|
|
1,962
|
|
|
(142
|
)
|
|
—
|
|
|
(101,934
|
)
|
||||||
(Loss) income before income taxes
|
(6,533
|
)
|
|
(132,303
|
)
|
|
198,595
|
|
|
(1,897
|
)
|
|
—
|
|
|
57,862
|
|
||||||
Income tax benefit (expense)
|
2,613
|
|
|
51,219
|
|
|
(79,438
|
)
|
|
702
|
|
|
|
|
(24,904
|
)
|
|||||||
Earnings (loss) from consolidated subsidiaries
|
36,878
|
|
|
117,962
|
|
|
(1,195
|
)
|
|
—
|
|
|
(153,645
|
)
|
|
—
|
|
||||||
Net income (loss)
|
$
|
32,958
|
|
|
$
|
36,878
|
|
|
$
|
117,962
|
|
|
$
|
(1,195
|
)
|
|
$
|
(153,645
|
)
|
|
$
|
32,958
|
|
|
Cumulus
Media Inc.
(Parent
Guarantor)
|
|
Cumulus
Media
Holdings
Inc.
(Subsidiary
Issuer)
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Non-guarantors
|
|
Eliminations
|
|
Total
Consolidated
|
||||||||||||
Net revenue
|
$
|
—
|
|
|
$
|
125
|
|
|
$
|
289,316
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
289,441
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Content costs
|
—
|
|
|
—
|
|
|
94,829
|
|
|
—
|
|
|
—
|
|
|
94,829
|
|
||||||
Selling, general & administrative expenses
|
—
|
|
|
—
|
|
|
115,126
|
|
|
436
|
|
|
—
|
|
|
115,562
|
|
||||||
Depreciation and amortization
|
—
|
|
|
384
|
|
|
25,163
|
|
|
—
|
|
|
—
|
|
|
25,547
|
|
||||||
LMA fees
|
—
|
|
|
—
|
|
|
2,515
|
|
|
—
|
|
|
—
|
|
|
2,515
|
|
||||||
Corporate expenses (including stock-based compensation expense of $12,304)
|
—
|
|
|
34,253
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,253
|
|
||||||
Gain on sale of assets or stations
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
57
|
|
||||||
Impairment on intangible assets and goodwill
|
—
|
|
|
—
|
|
|
565,584
|
|
|
—
|
|
|
—
|
|
|
565,584
|
|
||||||
Impairment charges - equity interest in Pulser Media Inc.
|
—
|
|
|
—
|
|
|
18,308
|
|
|
—
|
|
|
—
|
|
|
18,308
|
|
||||||
Total operating expenses
|
—
|
|
|
34,637
|
|
|
821,582
|
|
|
436
|
|
|
—
|
|
|
856,655
|
|
||||||
Operating loss
|
—
|
|
|
(34,512
|
)
|
|
(532,266
|
)
|
|
(436
|
)
|
|
—
|
|
|
(567,214
|
)
|
||||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest (expense) income, net
|
(2,184
|
)
|
|
(33,460
|
)
|
|
22
|
|
|
(47
|
)
|
|
—
|
|
|
(35,669
|
)
|
||||||
Other loss, net
|
—
|
|
|
—
|
|
|
(151
|
)
|
|
—
|
|
|
—
|
|
|
(151
|
)
|
||||||
Total non-operating expense, net
|
(2,184
|
)
|
|
(33,460
|
)
|
|
(129
|
)
|
|
(47
|
)
|
|
—
|
|
|
(35,820
|
)
|
||||||
Loss before income taxes
|
(2,184
|
)
|
|
(67,972
|
)
|
|
(532,395
|
)
|
|
(483
|
)
|
|
—
|
|
|
(603,034
|
)
|
||||||
Income tax benefit (expense)
|
704
|
|
|
(171,978
|
)
|
|
233,254
|
|
|
(1,125
|
)
|
|
—
|
|
|
60,855
|
|
||||||
(Loss) earnings from consolidated subsidiaries
|
(540,699
|
)
|
|
(300,749
|
)
|
|
(1,608
|
)
|
|
—
|
|
|
843,056
|
|
|
—
|
|
||||||
Net (loss) income
|
$
|
(542,179
|
)
|
|
$
|
(540,699
|
)
|
|
$
|
(300,749
|
)
|
|
$
|
(1,608
|
)
|
|
$
|
843,056
|
|
|
$
|
(542,179
|
)
|
|
Cumulus
Media Inc.
(Parent
Guarantor)
|
|
Cumulus
Media
Holdings
Inc.
(Subsidiary
Issuer)
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Non-guarantors
|
|
Eliminations
|
|
Total
Consolidated
|
||||||||||||
Net revenue
|
$
|
—
|
|
|
$
|
375
|
|
|
$
|
859,479
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
859,854
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Content costs
|
—
|
|
|
—
|
|
|
286,655
|
|
|
—
|
|
|
—
|
|
|
286,655
|
|
||||||
Selling, general & administrative expenses
|
—
|
|
|
—
|
|
|
348,919
|
|
|
1,498
|
|
|
—
|
|
|
350,417
|
|
||||||
Depreciation and amortization
|
—
|
|
|
1,000
|
|
|
75,582
|
|
|
—
|
|
|
—
|
|
|
76,582
|
|
||||||
LMA fees
|
—
|
|
|
—
|
|
|
7,585
|
|
|
—
|
|
|
—
|
|
|
7,585
|
|
||||||
Corporate expenses (including stock-based compensation expense of $20,047)
|
—
|
|
|
60,211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,211
|
|
||||||
Loss on sale of assets or stations
|
—
|
|
|
—
|
|
|
792
|
|
|
—
|
|
|
—
|
|
|
792
|
|
||||||
Impairment of intangible assets and goodwill
|
—
|
|
|
—
|
|
|
565,584
|
|
|
—
|
|
|
—
|
|
|
565,584
|
|
||||||
Impairment charges - equity interest in Pulser Media Inc.
|
—
|
|
|
—
|
|
|
19,364
|
|
|
—
|
|
|
—
|
|
|
19,364
|
|
||||||
Total operating expenses
|
—
|
|
|
61,211
|
|
|
1,304,481
|
|
|
1,498
|
|
|
—
|
|
|
1,367,190
|
|
||||||
Operating loss
|
—
|
|
|
(60,836
|
)
|
|
(445,002
|
)
|
|
(1,498
|
)
|
|
—
|
|
|
(507,336
|
)
|
||||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest (expense) income, net
|
(6,552
|
)
|
|
(99,394
|
)
|
|
407
|
|
|
(141
|
)
|
|
—
|
|
|
(105,680
|
)
|
||||||
Other income, net
|
—
|
|
|
—
|
|
|
12,601
|
|
|
—
|
|
|
—
|
|
|
12,601
|
|
||||||
Total non-operating (expense) income, net
|
(6,552
|
)
|
|
(99,394
|
)
|
|
13,008
|
|
|
(141
|
)
|
|
—
|
|
|
(93,079
|
)
|
||||||
Loss before income taxes
|
(6,552
|
)
|
|
(160,230
|
)
|
|
(431,994
|
)
|
|
(1,639
|
)
|
|
—
|
|
|
(600,415
|
)
|
||||||
Income tax benefit (expense)
|
2,438
|
|
|
(120,572
|
)
|
|
193,389
|
|
|
(16,735
|
)
|
|
—
|
|
|
58,520
|
|
||||||
(Loss) earnings from consolidated subsidiaries
|
(537,781
|
)
|
|
(256,979
|
)
|
|
(18,374
|
)
|
|
—
|
|
|
813,134
|
|
|
—
|
|
||||||
Net (loss) income
|
$
|
(541,895
|
)
|
|
$
|
(537,781
|
)
|
|
$
|
(256,979
|
)
|
|
$
|
(18,374
|
)
|
|
$
|
813,134
|
|
|
$
|
(541,895
|
)
|
|
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
|
$
|
—
|
|
|
$
|
157,601
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
157,601
|
|
Restricted cash
|
—
|
|
|
4,550
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,550
|
|
||||||
Accounts receivable, less allowance for doubtful accounts of $5,207
|
—
|
|
|
—
|
|
|
—
|
|
|
220,423
|
|
|
—
|
|
|
220,423
|
|
||||||
Trade receivable
|
—
|
|
|
—
|
|
|
4,959
|
|
|
—
|
|
|
—
|
|
|
4,959
|
|
||||||
Asset held for sale
|
—
|
|
|
—
|
|
|
30,150
|
|
|
—
|
|
|
—
|
|
|
30,150
|
|
||||||
Prepaid expenses and other current assets
|
—
|
|
|
13,167
|
|
|
22,908
|
|
|
—
|
|
|
—
|
|
|
36,075
|
|
||||||
Total current assets
|
—
|
|
|
175,318
|
|
|
58,017
|
|
|
220,423
|
|
|
—
|
|
|
453,758
|
|
||||||
Property and equipment, net
|
—
|
|
|
3,334
|
|
|
159,358
|
|
|
—
|
|
|
—
|
|
|
162,692
|
|
||||||
Broadcast licenses
|
—
|
|
|
—
|
|
|
—
|
|
|
1,577,001
|
|
|
—
|
|
|
1,577,001
|
|
||||||
Other intangible assets, net
|
—
|
|
|
—
|
|
|
128,432
|
|
|
—
|
|
|
—
|
|
|
128,432
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
703,354
|
|
|
—
|
|
|
—
|
|
|
703,354
|
|
||||||
Investment in consolidated subsidiaries
|
152,446
|
|
|
3,836,217
|
|
|
1,040,038
|
|
|
—
|
|
|
(5,028,701
|
)
|
|
—
|
|
||||||
Intercompany receivables
|
—
|
|
|
101,463
|
|
|
1,762,903
|
|
|
—
|
|
|
(1,864,366
|
)
|
|
—
|
|
||||||
Other assets
|
—
|
|
|
23,325
|
|
|
98,286
|
|
|
412
|
|
|
(95,996
|
)
|
|
26,027
|
|
||||||
Total assets
|
$
|
152,446
|
|
|
$
|
4,139,657
|
|
|
$
|
3,950,388
|
|
|
$
|
1,797,836
|
|
|
$
|
(6,989,063
|
)
|
|
$
|
3,051,264
|
|
Liabilities and Stockholders’ Equity (Deficit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Accounts payable and accrued expenses
|
$
|
—
|
|
|
$
|
30,685
|
|
|
$
|
76,068
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
106,753
|
|
Trade payable
|
—
|
|
|
—
|
|
|
4,757
|
|
|
—
|
|
|
—
|
|
|
4,757
|
|
||||||
Total current liabilities
|
—
|
|
|
30,685
|
|
|
80,825
|
|
|
—
|
|
|
—
|
|
|
111,510
|
|
||||||
Long-term debt, excluding 7.75% Senior Notes
|
—
|
|
|
1,806,879
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,806,879
|
|
||||||
7.75% Senior Notes
|
—
|
|
|
603,204
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
603,204
|
|
||||||
Other liabilities
|
—
|
|
|
3,963
|
|
|
33,346
|
|
|
—
|
|
|
—
|
|
|
37,309
|
|
||||||
Intercompany payables
|
101,051
|
|
|
1,542,480
|
|
|
—
|
|
|
220,835
|
|
|
(1,864,366
|
)
|
|
—
|
|
||||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
536,963
|
|
|
(95,996
|
)
|
|
440,967
|
|
||||||
Total liabilities
|
101,051
|
|
|
3,987,211
|
|
|
114,171
|
|
|
757,798
|
|
|
(1,960,362
|
)
|
|
2,999,869
|
|
||||||
Stockholders’ equity (deficit):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,054 shares issued and 29,224,867 shares outstanding
|
292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
292
|
|
||||||
Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Treasury stock, at cost, 2,806,187 shares
|
(229,310
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229,310
|
)
|
||||||
Additional paid-in-capital
|
1,624,298
|
|
|
273,691
|
|
|
4,152,764
|
|
|
2,017,769
|
|
|
(6,444,224
|
)
|
|
1,624,298
|
|
||||||
Accumulated (deficit) equity
|
(1,343,886
|
)
|
|
(121,245
|
)
|
|
(316,547
|
)
|
|
(977,731
|
)
|
|
1,415,523
|
|
|
(1,343,886
|
)
|
||||||
Total stockholders’ equity (deficit)
|
51,395
|
|
|
152,446
|
|
|
3,836,217
|
|
|
1,040,038
|
|
|
(5,028,701
|
)
|
|
51,395
|
|
||||||
Total liabilities and stockholders’ equity (deficit)
|
$
|
152,446
|
|
|
$
|
4,139,657
|
|
|
$
|
3,950,388
|
|
|
$
|
1,797,836
|
|
|
$
|
(6,989,063
|
)
|
|
$
|
3,051,264
|
|
|
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; 93,750,000 shares authorized; 31,987,862 shares issued and 29,182,118 shares outstanding
|
292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
292
|
|
||||||
Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Treasury stock, at cost, 2,805,743 shares
|
(229,310
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229,310
|
)
|
||||||
Additional paid-in-capital
|
1,621,893
|
|
|
268,673
|
|
|
4,219,060
|
|
|
2,032,686
|
|
|
(6,520,419
|
)
|
|
1,621,893
|
|
||||||
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.
(Parent
Guarantor)
|
|
Cumulus Media
Holdings Inc.
(Subsidiary
Issuer)
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Non-guarantors
|
|
Eliminations
|
|
Total
Consolidated
|
||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
32,958
|
|
|
$
|
36,878
|
|
|
$
|
117,962
|
|
|
$
|
(1,195
|
)
|
|
$
|
(153,645
|
)
|
|
$
|
32,958
|
|
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization
|
—
|
|
|
1,219
|
|
|
66,804
|
|
|
—
|
|
|
—
|
|
|
68,023
|
|
||||||
Amortization of debt issuance costs/discounts
|
—
|
|
|
7,183
|
|
|
—
|
|
|
142
|
|
|
—
|
|
|
7,325
|
|
||||||
Provision for doubtful accounts
|
—
|
|
|
—
|
|
|
1,188
|
|
|
—
|
|
|
—
|
|
|
1,188
|
|
||||||
Gain on sale of assets or stations
|
—
|
|
|
—
|
|
|
(97,155
|
)
|
|
—
|
|
|
—
|
|
|
(97,155
|
)
|
||||||
Impairment of intangible assets and goodwill
|
—
|
|
|
—
|
|
|
1,816
|
|
|
—
|
|
|
—
|
|
|
1,816
|
|
||||||
Deferred income taxes
|
(2,613
|
)
|
|
(51,219
|
)
|
|
79,620
|
|
|
(702
|
)
|
|
—
|
|
|
25,086
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
2,403
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,403
|
|
||||||
(Earnings) loss from consolidated subsidiaries
|
(36,878
|
)
|
|
(117,962
|
)
|
|
1,195
|
|
|
—
|
|
|
153,645
|
|
|
—
|
|
||||||
Changes in assets and liabilities
|
—
|
|
|
295,419
|
|
|
(306,539
|
)
|
|
1,755
|
|
|
—
|
|
|
(9,365
|
)
|
||||||
Net cash (used in) provided by operating activities
|
(6,533
|
)
|
|
173,921
|
|
|
(135,109
|
)
|
|
—
|
|
|
—
|
|
|
32,279
|
|
||||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from sale of assets or stations
|
—
|
|
|
—
|
|
|
106,935
|
|
|
—
|
|
|
—
|
|
|
106,935
|
|
||||||
Restricted cash
|
—
|
|
|
3,431
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,431
|
|
||||||
Capital expenditures
|
—
|
|
|
(868
|
)
|
|
(15,836
|
)
|
|
—
|
|
|
—
|
|
|
(16,704
|
)
|
||||||
Net cash provided by investing activities
|
—
|
|
|
2,563
|
|
|
91,099
|
|
|
—
|
|
|
—
|
|
|
93,662
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany transactions, net
|
6,530
|
|
|
(50,540
|
)
|
|
44,010
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from exercise of warrants
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Net cash provided by (used in) financing activities
|
6,533
|
|
|
(50,540
|
)
|
|
44,010
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Increase in cash and cash equivalents
|
—
|
|
|
125,944
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125,944
|
|
||||||
Cash and cash equivalents at beginning of period
|
—
|
|
|
31,657
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,657
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
157,601
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
157,601
|
|
|
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
|
$
|
(541,895
|
)
|
|
$
|
(537,781
|
)
|
|
$
|
(256,979
|
)
|
|
$
|
(18,374
|
)
|
|
$
|
813,134
|
|
|
$
|
(541,895
|
)
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization
|
—
|
|
|
1,000
|
|
|
75,582
|
|
|
—
|
|
|
—
|
|
|
76,582
|
|
||||||
Amortization of debt issuance costs/discount
|
—
|
|
|
6,970
|
|
|
—
|
|
|
142
|
|
|
—
|
|
|
7,112
|
|
||||||
Provision for doubtful accounts
|
—
|
|
|
—
|
|
|
2,417
|
|
|
—
|
|
|
—
|
|
|
2,417
|
|
||||||
Loss on sale of assets or stations
|
—
|
|
|
—
|
|
|
792
|
|
|
—
|
|
|
—
|
|
|
792
|
|
||||||
Impairment of intangible assets
|
—
|
|
|
—
|
|
|
565,584
|
|
|
—
|
|
|
—
|
|
|
565,584
|
|
||||||
Impairment charges - equity interest in Pulser Media Inc.
|
—
|
|
|
—
|
|
|
19,364
|
|
|
—
|
|
|
—
|
|
|
19,364
|
|
||||||
Deferred income taxes
|
(2,438
|
)
|
|
120,572
|
|
|
(193,389
|
)
|
|
16,735
|
|
|
—
|
|
|
(58,520
|
)
|
||||||
Stock-based compensation expense
|
—
|
|
|
20,047
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,047
|
|
||||||
(Earnings) loss from consolidated subsidiaries
|
537,781
|
|
|
256,979
|
|
|
18,374
|
|
|
—
|
|
|
(813,134
|
)
|
|
—
|
|
||||||
Changes in assets and liabilities
|
—
|
|
|
273,801
|
|
|
(278,592
|
)
|
|
1,497
|
|
|
—
|
|
|
(3,294
|
)
|
||||||
Net cash (used in) provided by operating activities
|
(6,552
|
)
|
|
141,588
|
|
|
(46,847
|
)
|
|
—
|
|
|
—
|
|
|
88,189
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from sale of assets or stations
|
—
|
|
|
—
|
|
|
3,055
|
|
|
—
|
|
|
—
|
|
|
3,055
|
|
||||||
Restricted cash
|
—
|
|
|
1,633
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,633
|
|
||||||
Capital expenditures
|
—
|
|
|
(2,244
|
)
|
|
(13,573
|
)
|
|
—
|
|
|
—
|
|
|
(15,817
|
)
|
||||||
Net cash used in investing activities
|
—
|
|
|
(611
|
)
|
|
(10,518
|
)
|
|
—
|
|
|
—
|
|
|
(11,129
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany transactions, net
|
6,545
|
|
|
(63,907
|
)
|
|
57,362
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Tax withholding payments on behalf of employees
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
||||||
Proceeds from exercise of warrants
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
Net cash provided by (used in) financing activities
|
6,552
|
|
|
(64,000
|
)
|
|
57,362
|
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
||||||
Increase (decrease) in cash and cash equivalents
|
—
|
|
|
76,977
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
76,974
|
|
||||||
Cash and cash equivalents at beginning of period
|
—
|
|
|
7,268
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
7,271
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
84,245
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84,245
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net revenue
|
|
$
|
206,199
|
|
|
$
|
79,413
|
|
|
$
|
524
|
|
|
$
|
286,136
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net revenue
|
|
$
|
592,640
|
|
|
$
|
247,507
|
|
|
$
|
1,712
|
|
|
$
|
841,859
|
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net revenue
|
|
$
|
204,677
|
|
|
$
|
84,071
|
|
|
$
|
693
|
|
|
$
|
289,441
|
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net revenue
|
|
$
|
589,843
|
|
|
$
|
267,387
|
|
|
$
|
2,624
|
|
|
$
|
859,854
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Adjusted EBITDA by segment
|
|
|
|
|
|
|
|
||||||||
Radio Station Group
|
$
|
56,237
|
|
|
$
|
63,032
|
|
|
$
|
159,278
|
|
|
$
|
179,481
|
|
Westwood One
|
(2,689
|
)
|
|
16,120
|
|
|
17,998
|
|
|
43,056
|
|
||||
Segment Adjusted EBITDA
|
53,548
|
|
|
79,152
|
|
|
177,276
|
|
|
222,537
|
|
||||
Adjustments
|
|
|
|
|
|
|
|
||||||||
Corporate and other
|
(9,664
|
)
|
|
(8,532
|
)
|
|
(28,278
|
)
|
|
(26,439
|
)
|
||||
Income tax (expense) benefit
|
(32,788
|
)
|
|
60,855
|
|
|
(24,904
|
)
|
|
58,520
|
|
||||
Non operating expense, including net interest expense
|
(33,908
|
)
|
|
(35,820
|
)
|
|
(101,934
|
)
|
|
(93,079
|
)
|
||||
LMA fees
|
(2,481
|
)
|
|
(2,515
|
)
|
|
(10,351
|
)
|
|
(7,585
|
)
|
||||
Depreciation and amortization
|
(21,957
|
)
|
|
(25,547
|
)
|
|
(68,023
|
)
|
|
(76,582
|
)
|
||||
Stock-based compensation expense
|
(735
|
)
|
|
(12,304
|
)
|
|
(2,403
|
)
|
|
(20,047
|
)
|
||||
Gain (loss) on sale of assets or stations
|
94,014
|
|
|
(57
|
)
|
|
97,155
|
|
|
(792
|
)
|
||||
Impairment of intangible assets
|
—
|
|
|
(565,584
|
)
|
|
(1,816
|
)
|
|
(565,584
|
)
|
||||
Impairment charges - equity interest in Pulser Media
|
—
|
|
|
(18,308
|
)
|
|
—
|
|
|
(19,364
|
)
|
||||
Acquisition-related and restructuring costs
|
450
|
|
|
(13,763
|
)
|
|
(3,237
|
)
|
|
(13,160
|
)
|
||||
Franchise and state taxes
|
(158
|
)
|
|
244
|
|
|
(527
|
)
|
|
(320
|
)
|
||||
Consolidated net income (loss)
|
$
|
46,321
|
|
|
$
|
(542,179
|
)
|
|
$
|
32,958
|
|
|
$
|
(541,895
|
)
|
|
|
Prior to Reverse Stock Split
|
|
After Reverse Stock Split
|
||
Common Stock Outstanding
|
|
|
|
|
||
Class A
|
|
233,798,935
|
|
|
29,224,867
|
|
Class B
|
|
—
|
|
|
—
|
|
Class C
|
|
644,871
|
|
|
80,609
|
|
Authorized Shares
|
|
1,350,644,871
|
|
|
168,830,609
|
|
|
|
|
|
|
||
Warrants Outstanding
|
|
|
|
|
||
2009 Warrants
|
|
320,457
|
|
|
40,057
|
|
Company Warrants
|
|
255,643
|
|
|
31,955
|
|
Crestview Warrants
|
|
7,815,553
|
|
|
976,944
|
|
Weighted Average Exercise Price
|
|
$4.07
|
|
$32.23
|
||
|
|
|
|
|
||
Options Outstanding
|
|
|
|
|
||
Options
|
|
27,764,671
|
|
|
3,470,580
|
|
Weighted Average Exercise Price
|
|
$3.94
|
|
$31.52
|
l
|
General Overview;
|
|
|
|
l
|
Results of Operations; and
|
|
|
|
l
|
Liquidity and Capital Resources.
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
% Change
Three Months
Ended
|
|
% Change
Nine Months
Ended
|
||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
||||||||||
STATEMENT OF OPERATIONS DATA:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue
|
$
|
286,136
|
|
|
$
|
289,441
|
|
|
$
|
841,859
|
|
|
$
|
859,854
|
|
|
(1.1
|
)%
|
|
(2.1
|
)%
|
Content costs
|
115,348
|
|
|
94,829
|
|
|
312,526
|
|
|
286,655
|
|
|
21.6
|
%
|
|
9.0
|
%
|
||||
Selling, general & administrative expenses
|
117,387
|
|
|
115,562
|
|
|
352,474
|
|
|
350,417
|
|
|
1.6
|
%
|
|
0.6
|
%
|
||||
Depreciation and amortization
|
21,957
|
|
|
25,547
|
|
|
68,023
|
|
|
76,582
|
|
|
(14.1
|
)%
|
|
(11.2
|
)%
|
||||
LMA fees
|
2,481
|
|
|
2,515
|
|
|
10,351
|
|
|
7,585
|
|
|
(1.4
|
)%
|
|
36.5
|
%
|
||||
Corporate expenses (including stock-based compensation expense)
|
9,960
|
|
|
34,253
|
|
|
34,028
|
|
|
60,211
|
|
|
(70.9
|
)%
|
|
(43.5
|
)%
|
||||
(Gain) loss on sale of assets or stations
|
(94,014
|
)
|
|
57
|
|
|
(97,155
|
)
|
|
792
|
|
|
**
|
|
**
|
||||||
Impairment of intangible assets and goodwill
|
—
|
|
|
565,584
|
|
|
1,816
|
|
|
565,584
|
|
|
**
|
|
**
|
||||||
Impairment charges - equity interest in Pulser Media Inc.
|
—
|
|
|
18,308
|
|
|
—
|
|
|
19,364
|
|
|
**
|
|
**
|
||||||
Operating income (loss)
|
113,017
|
|
|
(567,214
|
)
|
|
159,796
|
|
|
(507,336
|
)
|
|
(119.9
|
)%
|
|
**
|
|||||
Interest expense
|
(34,929
|
)
|
|
(35,691
|
)
|
|
(103,896
|
)
|
|
(106,087
|
)
|
|
(2.1
|
)%
|
|
(2.1
|
)%
|
||||
Interest income
|
139
|
|
|
22
|
|
|
364
|
|
|
407
|
|
|
**
|
|
(10.6
|
)%
|
|||||
Other income (expense), net
|
882
|
|
|
(151
|
)
|
|
1,598
|
|
|
12,601
|
|
|
**
|
|
(87.3
|
)%
|
|||||
Income (loss) before income taxes
|
79,109
|
|
|
(603,034
|
)
|
|
57,862
|
|
|
(600,415
|
)
|
|
**
|
|
**
|
||||||
Income tax (expense) benefit
|
(32,788
|
)
|
|
60,855
|
|
|
(24,904
|
)
|
|
58,520
|
|
|
**
|
|
**
|
||||||
Net income (loss)
|
$
|
46,321
|
|
|
$
|
(542,179
|
)
|
|
$
|
32,958
|
|
|
$
|
(541,895
|
)
|
|
**
|
|
**
|
||
KEY FINANCIAL METRIC:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA
|
$
|
43,884
|
|
|
$
|
70,620
|
|
|
$
|
148,998
|
|
|
$
|
196,098
|
|
|
(37.9
|
)%
|
|
(24.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
** Calculation is not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
2016 vs 2015
|
|||||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
7.75% Senior Notes
|
$
|
11,819
|
|
|
$
|
11,819
|
|
|
$
|
—
|
|
|
—
|
%
|
Bank borrowings – term loans and revolving credit facilities
|
19,973
|
|
|
20,678
|
|
|
(705
|
)
|
|
(3.4
|
)%
|
|||
Other, including debt issue cost amortization
|
3,137
|
|
|
3,194
|
|
|
(57
|
)
|
|
(1.8
|
)%
|
|||
Interest expense
|
$
|
34,929
|
|
|
$
|
35,691
|
|
|
$
|
(762
|
)
|
|
(2.1
|
)%
|
|
Nine Months Ended September 30,
|
|
2016 vs 2015
|
|||||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
7.75% Senior Notes
|
$
|
35,456
|
|
|
$
|
35,456
|
|
|
$
|
—
|
|
|
—
|
%
|
Bank borrowings – term loans and revolving credit facilities
|
59,485
|
|
|
61,360
|
|
|
(1,875
|
)
|
|
(3.1
|
)%
|
|||
Other, including debt issue cost amortization
|
8,955
|
|
|
9,271
|
|
|
(316
|
)
|
|
(3.4
|
)%
|
|||
Interest expense
|
$
|
103,896
|
|
|
$
|
106,087
|
|
|
$
|
(2,191
|
)
|
|
(2.1
|
)%
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net revenue
|
|
$
|
204,677
|
|
|
$
|
84,071
|
|
|
$
|
693
|
|
|
$
|
289,441
|
|
% of total revenue
|
|
70.7
|
%
|
|
29.1
|
%
|
|
0.2
|
%
|
|
100.0
|
%
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Adjusted EBITDA
|
|
$
|
56,237
|
|
|
$
|
(2,689
|
)
|
|
$
|
(9,664
|
)
|
|
$
|
43,884
|
|
$ change from three months ended September 30, 2015
|
|
(6,795
|
)
|
|
(18,809
|
)
|
|
(1,132
|
)
|
|
(26,736
|
)
|
||||
% change from three months ended September 30, 2015
|
|
(10.8
|
)%
|
|
**
|
|
|
(13.3
|
)%
|
|
(37.9
|
)%
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Adjusted EBITDA
|
|
$
|
63,032
|
|
|
$
|
16,120
|
|
|
$
|
(8,532
|
)
|
|
$
|
70,620
|
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net revenue
|
|
$
|
589,843
|
|
|
$
|
267,387
|
|
|
$
|
2,624
|
|
|
$
|
859,854
|
|
% of total revenue
|
|
68.6
|
%
|
|
31.1
|
%
|
|
0.3
|
%
|
|
100.0
|
%
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Adjusted EBITDA
|
|
$
|
159,278
|
|
|
$
|
17,998
|
|
|
$
|
(28,278
|
)
|
|
$
|
148,998
|
|
$ change from nine months ended September 30, 2015
|
|
(20,203
|
)
|
|
(25,058
|
)
|
|
(1,839
|
)
|
|
(47,100
|
)
|
||||
% change from nine months ended September 30, 2015
|
|
(11.3
|
)%
|
|
(58.2
|
)%
|
|
(7.0
|
)%
|
|
(24.0
|
)%
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Adjusted EBITDA
|
|
$
|
179,481
|
|
|
$
|
43,056
|
|
|
$
|
(26,439
|
)
|
|
$
|
196,098
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net income (loss)
|
|
$
|
134,119
|
|
|
$
|
(10,874
|
)
|
|
$
|
(76,924
|
)
|
|
$
|
46,321
|
|
Income tax expense
|
|
—
|
|
|
—
|
|
|
32,788
|
|
|
32,788
|
|
||||
Non-operating (income) expense, including net interest expense
|
|
(2
|
)
|
|
59
|
|
|
33,851
|
|
|
33,908
|
|
||||
LMA fees
|
|
2,481
|
|
|
—
|
|
|
—
|
|
|
2,481
|
|
||||
Depreciation and amortization
|
|
13,653
|
|
|
7,782
|
|
|
522
|
|
|
21,957
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
735
|
|
|
735
|
|
||||
Gain on sale of assets or stations
|
|
(94,014
|
)
|
|
—
|
|
|
—
|
|
|
(94,014
|
)
|
||||
Acquisition-related and restructuring costs
|
|
—
|
|
|
344
|
|
|
(794
|
)
|
|
(450
|
)
|
||||
Franchise and state taxes
|
|
—
|
|
|
—
|
|
|
158
|
|
|
158
|
|
||||
Adjusted EBITDA
|
|
$
|
56,237
|
|
|
$
|
(2,689
|
)
|
|
$
|
(9,664
|
)
|
|
$
|
43,884
|
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net loss
|
|
$
|
(388,138
|
)
|
|
$
|
(145,344
|
)
|
|
$
|
(8,697
|
)
|
|
$
|
(542,179
|
)
|
Income tax benefit
|
|
—
|
|
|
—
|
|
|
(60,855
|
)
|
|
(60,855
|
)
|
||||
Non-operating (income) expense, including net interest expense
|
|
(3
|
)
|
|
313
|
|
|
35,510
|
|
|
35,820
|
|
||||
LMA fees
|
|
2,515
|
|
|
—
|
|
|
—
|
|
|
2,515
|
|
||||
Depreciation and amortization
|
|
15,900
|
|
|
9,092
|
|
|
555
|
|
|
25,547
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
12,304
|
|
|
12,304
|
|
||||
(Gain) loss on sale of assets or stations
|
|
(50
|
)
|
|
—
|
|
|
107
|
|
|
57
|
|
||||
Impairment of intangible assets
|
|
432,808
|
|
|
132,672
|
|
|
104
|
|
|
565,584
|
|
||||
Impairment charges - equity interest in Pulser Media Inc.
|
|
—
|
|
|
18,308
|
|
|
—
|
|
|
18,308
|
|
||||
Acquisition-related and restructuring costs
|
|
—
|
|
|
1,079
|
|
|
12,684
|
|
|
13,763
|
|
||||
Franchise and state taxes
|
|
—
|
|
|
—
|
|
|
(244
|
)
|
|
(244
|
)
|
||||
Adjusted EBITDA
|
|
$
|
63,032
|
|
|
$
|
16,120
|
|
|
$
|
(8,532
|
)
|
|
$
|
70,620
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net income (loss)
|
|
$
|
205,263
|
|
|
$
|
(12,872
|
)
|
|
$
|
(159,433
|
)
|
|
$
|
32,958
|
|
Income tax expense
|
|
—
|
|
|
—
|
|
|
24,904
|
|
|
24,904
|
|
||||
Non-operating expense, including net interest expense
|
|
14
|
|
|
226
|
|
|
101,694
|
|
|
101,934
|
|
||||
LMA fees
|
|
10,351
|
|
|
—
|
|
|
—
|
|
|
10,351
|
|
||||
Depreciation and amortization
|
|
40,780
|
|
|
25,657
|
|
|
1,586
|
|
|
68,023
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
2,403
|
|
|
2,403
|
|
||||
Gain on sale of assets or stations
|
|
(97,130
|
)
|
|
—
|
|
|
(25
|
)
|
|
(97,155
|
)
|
||||
Impairment of intangible assets
|
|
—
|
|
|
1,816
|
|
|
—
|
|
|
1,816
|
|
||||
Acquisition-related and restructuring costs
|
|
—
|
|
|
3,171
|
|
|
66
|
|
|
3,237
|
|
||||
Franchise and state taxes
|
|
—
|
|
|
—
|
|
|
527
|
|
|
527
|
|
||||
Adjusted EBITDA
|
|
$
|
159,278
|
|
|
$
|
17,998
|
|
|
$
|
(28,278
|
)
|
|
$
|
148,998
|
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||
|
|
Radio Station Group
|
|
Westwood One
|
|
Corporate and Other
|
|
Consolidated
|
||||||||
Net loss
|
|
$
|
(309,038
|
)
|
|
$
|
(138,985
|
)
|
|
$
|
(93,872
|
)
|
|
$
|
(541,895
|
)
|
Income tax benefit
|
|
—
|
|
|
—
|
|
|
(58,520
|
)
|
|
(58,520
|
)
|
||||
Non-operating (income) expense, including net interest expense
|
|
(5
|
)
|
|
955
|
|
|
92,129
|
|
|
93,079
|
|
||||
LMA fees
|
|
7,585
|
|
|
—
|
|
|
—
|
|
|
7,585
|
|
||||
Depreciation and amortization
|
|
47,448
|
|
|
27,562
|
|
|
1,572
|
|
|
76,582
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
20,047
|
|
|
20,047
|
|
||||
Loss on sale of assets or stations
|
|
685
|
|
|
—
|
|
|
107
|
|
|
792
|
|
||||
Impairment of intangible assets
|
|
432,806
|
|
|
132,671
|
|
|
107
|
|
|
565,584
|
|
||||
Impairment charges -- equity interest in Pulser Media Inc.
|
|
—
|
|
|
19,364
|
|
|
—
|
|
|
19,364
|
|
||||
Acquisition-related and restructuring costs
|
|
—
|
|
|
1,489
|
|
|
11,671
|
|
|
13,160
|
|
||||
Franchise and state taxes
|
|
—
|
|
|
—
|
|
|
320
|
|
|
320
|
|
||||
Adjusted EBITDA
|
|
$
|
179,481
|
|
|
$
|
43,056
|
|
|
$
|
(26,439
|
)
|
|
$
|
196,098
|
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
$
|
32,279
|
|
|
$
|
88,189
|
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Net cash provided by (used in) investing activities
|
$
|
93,662
|
|
|
$
|
(11,129
|
)
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Net cash provided by (used in) financing activities
|
$
|
3
|
|
|
$
|
(86
|
)
|
|
|
|
3.1
|
|
Third Amended and Restated Certificate of Incorporation of Cumulus Media Inc., as amended effective October 12. 2016
|
|
|
|
10.1
|
|
Second Amendment to Employment Agreement, dated August 26, 2016, by and between Cumulus Media Inc. and Richard S. Denning
|
|
|
|
31.1
|
|
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
CUMULUS MEDIA INC.
|
||
|
|||
Date: November 8, 2016
|
By:
|
|
/s/ John Abbot
|
|
|
John Abbot
|
|
|
|
Executive Vice President, Treasurer and Chief
Financial Officer
|
|
|
|
3.1
|
|
Third Amended and Restated Certificate of Incorporation of Cumulus Media Inc., as amended effective October 12. 2016
|
|
|
|
10.1
|
|
Second Amendment to Employment Agreement, dated August 26, 2016, by and between Cumulus Media Inc. and Richard S. Denning
|
|
|
|
31.1
|
|
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
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101.SCH
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XBRL Taxonomy Extension Schema Document.
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document.
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document.
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101.LAB
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XBRL Taxonomy Extension Labels Linkbase Document.
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document.
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CUMULUS MEDIA INC.
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By:
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Name: John Abbot
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Title: Executive Vice President and Chief Financial Officer
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1.
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Section 4(a) of the Agreement is amended to delete the reference to “$500,000” and to insert “$550,000” in lieu thereof.
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2.
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Section 5(b) of the Agreement is deleted in its entirety and the following is inserted in lieu thereof:
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3.
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Section 6(c)(ii) of the Agreement is deleted in its entirely and the following is inserted in lieu thereof: “Intentionally Deleted”.
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4.
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Section 6(d)(ii) of the Agreement (“The Company shall pay the Pro-Rata Bonus to the Executive”), is deleted in its entirely and the following is inserted in lieu thereof: “Intentionally Deleted”.
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5.
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All capitalized terms used herein, unless given specific definitions in this Second Amendment shall have the definition ascribed to such terms in the Agreement.
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6.
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This Second Amendment shall be effective as of the date first written above (the “Effective Date”).
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a.
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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a.
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: November 8, 2016
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By:
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/s/ Mary G. Berner
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Mary G. Berner
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President and Chief Executive Officer
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a.
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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a.
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: November 8, 2016
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By:
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/s/ John Abbot
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John Abbot
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Executive Vice President, Treasurer and Chief Financial Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15d of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Mary G. Berner
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Name:
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Mary G. Berner
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Title:
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President and Chief Executive Officer
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/s/ John Abbot
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Name:
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John Abbot
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Title:
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Executive Vice President, Treasurer and Chief Financial Officer
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