☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 77-0121400 | |
(STATE OR OTHER JURISDICTION OF | (I.R.S. EMPLOYER IDENTIFICATION NUMBER) | |
6400 NORTH BELT LINE ROAD IRVING, TEXAS | 75063 | |
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE) |
Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | ||
Class A Common Stock, $0.01 par value per share | SALM | NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller Reporting Company | ☒ | |||
Emerging Growth Company | ☐ |
Class A | Outstanding at August | |
Common Stock, $0.01 par value per share |
Class B | Outstanding at August | |
Common Stock, $0.01 par value per share | 5,553,696 shares |
PAGE NO. | ||||
2 | ||||
3 | ||||
32 | ||||
ITEM 1. |
December 31, 2020 (Note 1) | June 30, 2021 (Unaudited) | December 31, 2021 (Note 1) | June 30, 2022 (Unaudited) | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 6,325 | $ | 19,858 | $ | 1,785 | $ | 2,540 | ||||||||
Trade accounts receivable (net of allowances of $14,069 in 2020 and $14,498 in 2021) | 24,469 | 24,568 | ||||||||||||||
Accounts receivable (net of allowances of $13,022 in 2021 and $7,496 in 2022) | 25,663 | 29,271 | ||||||||||||||
Unbilled revenue | 3,192 | 2,639 | 3,406 | 2,960 | ||||||||||||
Other receivables (net of allowances of $124 in 2020 and $455 in 2021) | 1,122 | 1,468 | ||||||||||||||
Inventories (net of reserves of $1,499 in 2020 and $1,508 in 2021) | 495 | 719 | ||||||||||||||
Other receivables (net of allowances of $455 in 2021 and $586 in 2022) | 1,377 | 2,721 | ||||||||||||||
Inventories | 960 | 1,528 | ||||||||||||||
Prepaid expenses | 6,847 | 7,166 | 6,772 | 8,380 | ||||||||||||
Assets held for sale | 3,346 | — | 1,551 | 267 | ||||||||||||
Total current assets | 45,796 | 56,418 | 41,514 | 47,667 | ||||||||||||
Notes receivable (net of allowance of $461 in 2020 and $815 in 2021) | 721 | 636 | ||||||||||||||
Property and equipment (net of accumulated depreciation of $180,336 in 2020 and $184,521 in 2021) | 79,122 | 79,415 | ||||||||||||||
Notes receivable (net of allowance of $938 in 2021 and $427 in 2022) | 274 | 1,072 | ||||||||||||||
Property and equipment (net of accumulated depreciation of $186,053 in 2021 and $186,881 in 2022) | 79,339 | 79,713 | ||||||||||||||
Operating lease right-of-use | 48,203 | 44,926 | 43,560 | 44,020 | ||||||||||||
Financing lease right-of-use | 152 | 124 | 105 | 90 | ||||||||||||
Broadcast licenses | 319,773 | 320,008 | 320,008 | 313,500 | ||||||||||||
Goodwill | 23,757 | 23,785 | 23,986 | 23,861 | ||||||||||||
Amortizable intangible assets (net of accumulated amortization of $58,897 in 2020 and $58,476 in 2021) | 4,017 | 3,226 | ||||||||||||||
Amortizable intangible assets (net of accumulated amortization of $58,110 in 2021 and $58,777 in 2022) | 2,444 | 1,799 | ||||||||||||||
Deferred financing costs | 213 | 174 | 843 | 774 | ||||||||||||
Other assets | 2,817 | 3,232 | 4,039 | 2,773 | ||||||||||||
Total assets | $ | 524,571 | $ | 531,944 | $ | 516,112 | $ | 515,269 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 2,006 | $ | 2,357 | $ | 2,661 | $ | 2,623 | ||||||||
Accrued expenses | 11,002 | 10,667 | 12,006 | 18,679 | ||||||||||||
Accrued compensation and related expenses | 10,242 | 11,139 | 13,054 | 12,278 | ||||||||||||
Accrued interest | 1,225 | 1,227 | 1,030 | 952 | ||||||||||||
Contract liabilities | 11,652 | 12,401 | 12,294 | 12,401 | ||||||||||||
Deferred rent income | 147 | 143 | 157 | 144 | ||||||||||||
Income taxes payable | 563 | 605 | 1,544 | 222 | ||||||||||||
Current portion of operating lease liabilities | 8,963 | 8,768 | 8,651 | 8,795 | ||||||||||||
Current portion of financing lease liabilities | 60 | 59 | 58 | 57 | ||||||||||||
Current portion of long-term debt | 5,000 | — | — | 10 | ||||||||||||
Total current liabilities | 50,860 | 47,366 | 51,455 | 56,161 | ||||||||||||
Long-term debt, less current portion | 213,764 | 225,327 | 170,581 | 155,595 | ||||||||||||
Operating lease liabilities, less current portion | 47,740 | 44,049 | 42,208 | 42,599 | ||||||||||||
Financing (capital) lease liabilities, less current portion | 107 | 82 | 65 | 53 | ||||||||||||
Deferred income taxes | 68,883 | 68,480 | 67,012 | 65,808 | ||||||||||||
Contract liabilities, long-term | 1,869 | 2,167 | 2,222 | 1,948 | ||||||||||||
Deferred rent income, less current portion | 3,864 | 3,818 | 3,772 | 3,705 | ||||||||||||
Other long-term liabilities | 2,205 | 2,242 | 586 | 65 | ||||||||||||
Total liabilities | 389,292 | 393,531 | 337,901 | 325,934 | ||||||||||||
Commitments and contingencies (Note 14) | 0 | 0 | 0 | 0 | ||||||||||||
Stockholders’ Equity: | Stockholders’ Equity: | Stockholders’ Equity: | ||||||||||||||
Class A common stock, $0.01 par value; authorized 80,000,000 shares; 23,447,317 and 23,633,099 issued and 21,129,667 and 21,315,449 outstanding at December 31, 2020 and June 30, 2021, respectively | 227 | 229 | ||||||||||||||
Class B common stock, $0.01 par value; authorized 20,000,000 shares; 5,553,696 issued and outstanding at December 31, 2020 and June 30, 2021, respectively | 56 | 56 | ||||||||||||||
Class A common stock, $0.01 par value; authorized 80,000,000 shares; 23,922,974 and 23,978,741 issued and 21,605,324 and 21,661,091 outstanding at December 31, 2021 and June 30, 2022, respectively | 232 | 232 | ||||||||||||||
Class B common stock, $0.01 par value; authorized 20,000,000 shares; 5,553,696 issued and outstanding at December 31, 2021 and June 30, 2022, respectively | 56 | 56 | ||||||||||||||
Additional paid-in capital | 247,025 | 247,577 | 248,438 | 248,706 | ||||||||||||
Accumulated deficit | (78,023 | ) | (75,443 | ) | (36,509 | ) | (25,653 | ) | ||||||||
Treasury stock, at cost (2,317,650 shares at December 31, 2020 and June 30, 2021) | (34,006 | ) | (34,006 | ) | ||||||||||||
Treasury stock, at cost (2,317,650 shares at December 31, 2021 and June 30, 2022) | (34,006 | ) | (34,006 | ) | ||||||||||||
Total stockholders’ equity | 135,279 | 138,413 | 178,211 | 189,335 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 524,571 | $ | 531,944 | $ | 516,112 | $ | 515,269 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||
Net broadcast revenue | $ | 39,470 | $ | 46,783 | $ | 84,650 | $ | 90,831 | $ | 46,783 | $ | 52,452 | $ | 90,831 | $ | 100,884 | ||||||||||||||||
Net digital media revenue | 9,443 | 10,339 | 18,547 | 19,958 | 10,339 | 10,804 | 19,958 | 21,104 | ||||||||||||||||||||||||
Net publishing revenue | 3,958 | 6,660 | 7,924 | 12,346 | 6,660 | 5,426 | 12,346 | 9,303 | ||||||||||||||||||||||||
Total net revenue | 52,871 | 63,782 | 111,121 | 123,135 | 63,782 | 68,682 | 123,135 | 131,291 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $435 and $446 for the three months ended June 30, 2020 and 2021, respectively, and $866 and $889 for the six months ended June 30, 2020 and 2021, respectively, paid to related parties) | 33,094 | 36,162 | 70,421 | 69,505 | ||||||||||||||||||||||||||||
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $446 and $453 for the three months ended June 30, 2021 and 2022, respectively, and $889 and $901 for the six months ended June 30, 2021 and 2022, respectively, paid to related parties) | 36,162 | 42,489 | 69,505 | 80,610 | ||||||||||||||||||||||||||||
Digital media operating expenses, exclusive of depreciation and amortization shown below | 7,653 | 8,338 | 15,979 | 17,011 | 8,338 | 8,273 | 17,011 | 16,746 | ||||||||||||||||||||||||
Publishing operating expenses, exclusive of depreciation and amortization shown below | 5,567 | 6,426 | 10,629 | 11,631 | 6,426 | 5,432 | 11,631 | 9,899 | ||||||||||||||||||||||||
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $0 and $2 for the three months ended June 30, 2020 and 2021, respectively, and $180 and $5 for the six months ended June 30, 2020 and 2021, respectively, paid to related parties) | 3,850 | 4,192 | 8,060 | 8,480 | ||||||||||||||||||||||||||||
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $2 and $159 for the three months ended June 30, 2021 and 2022, respectively, and $5 and $168 for the six months ended June 30, 2021 and 2022, respectively, paid to related parties) | 4,192 | 4,781 | 8,480 | 9,591 | ||||||||||||||||||||||||||||
Debt modification costs | — | 20 | — | 248 | ||||||||||||||||||||||||||||
Depreciation | 2,718 | 2,741 | 5,431 | 5,330 | 2,741 | 2,858 | 5,330 | 5,800 | ||||||||||||||||||||||||
Amortization | 840 | 545 | 1,827 | 1,126 | 545 | 332 | 1,126 | 666 | ||||||||||||||||||||||||
Change in the estimated fair value of contingent earn-out consideration | 3 | — | (2 | ) | — | — | — | — | (5 | ) | ||||||||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | — | — | 17,254 | — | — | 3,935 | — | 3,935 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 307 | — | — | 127 | — | 127 | ||||||||||||||||||||||||
Net (gain) loss on the disposition of assets | 34 | (263 | ) | 113 | 55 | (263 | ) | (6,893 | ) | 55 | (8,628 | ) | ||||||||||||||||||||
Total operating expenses | 53,759 | 58,141 | 130,019 | 113,138 | 58,141 | 61,354 | 113,138 | 118,989 | ||||||||||||||||||||||||
Operating income (loss) | (888 | ) | 5,641 | (18,898 | ) | 9,997 | 5,641 | 7,328 | 9,997 | 12,302 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest income | — | — | — | 1 | — | 149 | 1 | 149 | ||||||||||||||||||||||||
Interest expense | (4,013 | ) | (3,935 | ) | (8,045 | ) | (7,861 | ) | (3,935 | ) | (3,389 | ) | (7,861 | ) | (6,783 | ) | ||||||||||||||||
Gain on early retirement of long-term debt | — | — | 49 | — | ||||||||||||||||||||||||||||
Gain (loss) on early retirement of long-term debt | — | 35 | — | (18 | ) | |||||||||||||||||||||||||||
Earnings from equity method investment | — | 3,913 | — | 3,913 | ||||||||||||||||||||||||||||
Net miscellaneous income and (expenses) | 6 | 63 | (46 | ) | 85 | 63 | (1 | ) | 85 | — | ||||||||||||||||||||||
Net income (loss) before income taxes | (4,895 | ) | 1,769 | (26,940 | ) | 2,222 | ||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,380 | ) | (488 | ) | 30,779 | (358 | ) | |||||||||||||||||||||||||
Net income before income taxes | 1,769 | 8,035 | 2,222 | 9,563 | ||||||||||||||||||||||||||||
Benefit from income taxes | (488 | ) | (1,082 | ) | (358 | ) | (1,293 | ) | ||||||||||||||||||||||||
Net income (loss) | $ | (2,515 | ) | $ | 2,257 | $ | (57,719 | ) | $ | 2,580 | ||||||||||||||||||||||
Net income | $ | 2,257 | $ | 9,117 | $ | 2,580 | $ | 10,856 | ||||||||||||||||||||||||
Basic income (loss) per share data: | ||||||||||||||||||||||||||||||||
Basic income (loss) per share | $ | (0.09 | ) | $ | 0.08 | $ | (2.16 | ) | $ | 0.10 | ||||||||||||||||||||||
Diluted income (loss) per share data: | ||||||||||||||||||||||||||||||||
Diluted income (loss) per share | $ | (0.09 | ) | $ | 0.08 | $ | (2.16 | ) | $ | 0.10 | ||||||||||||||||||||||
Basic income per share data: | ||||||||||||||||||||||||||||||||
Basic income per share | $ | 0.08 | $ | 0.33 | $ | 0.10 | $ | 0.39 | ||||||||||||||||||||||||
Diluted income per share data: | ||||||||||||||||||||||||||||||||
Diluted income per share | $ | 0.08 | $ | 0.33 | $ | 0.10 | $ | 0.39 | ||||||||||||||||||||||||
Basic weighted average shares outstanding | 26,683,363 | 26,869,145 | 26,683,363 | 26,802,892 | 26,869,145 | 27,214,787 | 26,802,892 | 27,196,081 | ||||||||||||||||||||||||
Diluted weighted average shares outstanding | 26,683,363 | 27,232,423 | 26,683,363 | 27,185,598 | 27,232,423 | 27,570,881 | 27,185,598 | 27,590,644 | ||||||||||||||||||||||||
See accompanying notes | See accompanying notes |
Class A Common Stock | Class B Common Stock | Additional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-In Capital | Accumulated Deficit | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity, December 31, 2019 | 23,447,317 | $ | 227 | 5,553,696 | $ | 56 | $ | 246,680 | $ | (23,294 | ) | $ | (34,006 | ) | $ | 189,663 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 103 | — | — | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | — | — | — | — | — | (667 | ) | — | (667 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (55,204 | ) | — | (55,204 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity, March 31, 2020 | 23,447,317 | $ | 227 | 5,553,696 | $ | 56 | $ | 246,783 | $ | (79,165 | ) | $ | (34,006 | ) | $ | 133,895 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions per share | $ | 0.025 | $ | 0.025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 96 | — | — | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (2,515 | ) | — | (2,515 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity, June 30, 2020 | 23,447,317 | $ | 227 | 5,553,696 | $ | 56 | $ | 246,879 | $ | (81,680 | ) | $ | (34,006 | ) | $ | 131,476 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock | Additional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional | Paid-In | Accumulated | Treasury | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-In Capital | Accumulated Deficit | Treasury Stock | Total | Shares | Amount | Shares | Amount | Capital | Deficit | Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity, December 31, 2020 | 23,447,317 | $ | 227 | 5,553,696 | $ | 56 | $ | 247,025 | $ | (78,023 | ) | $ | (34,006 | ) | $ | 135,279 | 23,447,317 | $ | 227 | 5,553,696 | $ | 56 | $ | 247,025 | $ | (78,023 | ) | $ | (34,006 | ) | $ | 135,279 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 78 | — | — | 78 | — | — | — | — | 78 | — | — | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||
Options exercised | 185,782 | 2 | — | — | 390 | — | — | 392 | 185,782 | 2 | — | — | 390 | — | — | 392 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 323 | — | 323 | — | — | — | — | — | 323 | — | 323 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity, March 31, 2021 | 23,633,099 | $ | 229 | 5,553,696 | $ | 56 | $ | 247,493 | $ | (77,700 | ) | $ | (34,006 | ) | $ | 136,072 | 23,633,099 | $ | 229 | 5,553,696 | $ | 56 | $ | 247,493 | $ | (77,700) | $ | (34,006 | ) | $ | 136,072 | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 84 | — | — | 84 | — | — | — | — | 84 | — | — | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 2,257 | — | 2,257 | — | — | — | — | — | 2,257 | — | 2,257 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity, June 30, 2021 | 23,633,099 | $ | 229 | 5,553,696 | $ | 56 | $ | 247,577 | $ | (75,443 | ) | $ | (34,006 | ) | $ | 138,413 | 23,633,099 | $ | 229 | 5,553,696 | $ | 56 | $ | 247,577 | $ | (75,443) | $ | (34,006) | $ | 138,413 | ||||||||||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||||||
Common Stock | Common Stock | Additional | ||||||||||||||||||||||||||||||
Paid-In | Accumulated | Treasury | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Stock | Total | |||||||||||||||||||||||||
Stockholders’ equity, December 31, 2021 | 23,922,974 | $ | 232 | 5,553,696 | $ | 56 | $ | 248,438 | $ | (36,509 | ) | $ | (34,006 | ) | $ | 178,211 | ||||||||||||||||
Stock-based compensation | — | — | — | — | 106 | — | — | 106 | ||||||||||||||||||||||||
Options exercised | 40,913 | — | — | — | 94 | — | — | 94 | ||||||||||||||||||||||||
Lapse of restricted shares | 14,854 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,739 | — | 1,739 | ||||||||||||||||||||||||
Stockholders’ equity, March 31, 2022 | 23,978,741 | $ | 232 | 5,553,696 | $ | 56 | $ | 248,638 | $ | (34,770 | ) | $ | (34,006 | ) | $ | 180,150 | ||||||||||||||||
Stock-based compensation | — | — | — | — | 68 | — | — | 68 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | 9,117 | — | 9,117 | ||||||||||||||||||||||||
Stockholders’ equity, June 30, 2022 | 23,978,741 | $ | 232 | 5,553,696 | $ | 56 | $ | 248,706 | $ | (25,653 | ) | $ | (34,006 | ) | $ | 189,335 | ||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net income (loss) | $ | (57,719 | ) | $ | 2,580 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Net income | $ | 2,580 | $ | 10,856 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Non-cash stock-based compensation | 199 | 162 | 162 | 174 | ||||||||||||
Depreciation and amortization | 7,258 | 6,456 | 6,456 | 6,466 | ||||||||||||
Amortization of deferred financing costs | 461 | 426 | 426 | 496 | ||||||||||||
Non-cash lease expense | 4,464 | 4,348 | 4,348 | 4,414 | ||||||||||||
Provision for bad debts | 3,621 | (325 | ) | (325 | ) | (102 | ) | |||||||||
Deferred income taxes | 30,629 | (403 | ) | (403 | ) | (1,204 | ) | |||||||||
Change in the estimated fair value of contingent earn-out consideration | (2 | ) | — | — | (5 | ) | ||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | 17,254 | — | — | 3,935 | ||||||||||||
Impairment of goodwill | 307 | — | — | 127 | ||||||||||||
Gain on early retirement of long-term debt | (49 | ) | — | |||||||||||||
(Gain) loss on early retirement of long-term debt | — | 18 | ||||||||||||||
Net (gain) loss on the disposition of assets | 113 | 55 | 55 | (8,628 | ) | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable and unbilled revenue | 5,530 | 421 | 421 | (5,314 | ) | |||||||||||
Inventories | 10 | (224 | ) | (224 | ) | (568 | ) | |||||||||
Prepaid expenses and other current assets | 97 | (319 | ) | (319 | ) | (1,608 | ) | |||||||||
Accounts payable and accrued expenses | 1,720 | 453 | 453 | 5,162 | ||||||||||||
Operating leas e liabilities | (3,403 | ) | (4,931 | ) | ||||||||||||
Operating lease liabilities | (4,931 | ) | (4,324 | ) | ||||||||||||
Contract liabilities | 7,267 | 1,310 | 1,310 | (167 | ) | |||||||||||
Deferred rent income | (151 | ) | 111 | 111 | (88 | ) | ||||||||||
Other liabilities | 1,204 | 35 | 35 | (518 | ) | |||||||||||
Income taxes payable | 155 | 42 | 42 | (1,322 | ) | |||||||||||
Net cash provided by operating activities | 18,965 | 10,197 | 10,197 | 7,800 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Cash paid for capital expenditures net of tenant improvement allowances | (2,525 | ) | (3,994 | ) | (3,994 | ) | (6,153 | ) | ||||||||
Capital expenditures reimbursable under tenant improvement allowances and trade agreements | (94 | ) | (19 | ) | (19 | ) | (52 | ) | ||||||||
Deposit on broadcast assets and radio station acquisitions | — | (100 | ) | (100 | ) | — | ||||||||||
Purchases of broadcast assets and radio stations | — | (600 | ) | (600 | ) | (548 | ) | |||||||||
Purchases of digital media businesses and assets | — | (1,300 | ) | (1,300 | ) | (190 | ) | |||||||||
Return of equity investment in OneParty America LLC | — | 4,500 | ||||||||||||||
Equity investment in OneParty America LLC | (500 | ) | (3,500 | ) | ||||||||||||
Proceeds from sale of assets | 188 | 3,627 | 3,627 | 14,150 | ||||||||||||
Proceeds from the cash surrender value of life insurance policies | 2,363 | — | ||||||||||||||
Other | (384 | ) | (814 | ) | (314 | ) | 106 | |||||||||
Net cash used in investing activities | (452 | ) | (3,200 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (3,200 | ) | 8,313 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Payments to repurchase 6.75% Senior Secured Notes | (3,392 | ) | 0 | |||||||||||||
Payments to repurchase 2024 Notes | — | (15,394 | ) | |||||||||||||
Proceeds from borrowings under ABL Facility | 38,349 | 16 | 16 | 26,229 | ||||||||||||
Payments on ABL Facility | (31,775 | ) | (5,016 | ) | (5,016 | ) | (26,219 | ) | ||||||||
Proceeds from borrowings under PPP Loans | — | 11,195 | 11,195 | — | ||||||||||||
Payments of debt issuance costs | (66 | ) | (19 | ) | (19 | ) | (37 | ) | ||||||||
Proceeds from the exercise of stock options | — | 392 | 392 | 94 | ||||||||||||
Payments on financing lease liabilities | (35 | ) | (32 | ) | (32 | ) | (31 | ) | ||||||||
Payment of cash distribution on common stock | (667 | ) | — | |||||||||||||
Book overdraft | (1,885 | ) | — | |||||||||||||
Net cash provided by financing activities | 529 | 6,536 | ||||||||||||||
Net cash provided by (used in) financing activities | 6,536 | (15,358 | ) | |||||||||||||
Net increase in cash and cash equivalents | 19,042 | 13,533 | 13,533 | 755 | ||||||||||||
Cash and cash equivalents at beginning of year | 6 | 6,325 | 6,325 | 1,785 | ||||||||||||
Cash and cash equivalents at end of period | $ | 19,048 | $ | 19,858 | $ | 19,858 | $ | 2,540 | ||||||||
Six Months June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 7,600 | $ | 7,391 | $ | 7,391 | $ | 6,156 | ||||||||
Cash paid for interest on finance lease liabilities | $ | 4 | $ | 4 | $ | 4 | $ | 4 | ||||||||
Net cash paid for (received from) income taxes | $ | (5 | ) | $ | 3 | $ | 3 | $ | 1,233 | |||||||
Other supplemental disclosures of cash flow information: | ||||||||||||||||
Barter revenue | $ | 1,705 | $ | 1,065 | $ | 1,065 | $ | 1,525 | ||||||||
Barter expense | $ | 1,558 | $ | 1,092 | $ | 1,092 | $ | 1,632 | ||||||||
Non-cash investing and financing activities: | ||||||||||||||||
Capital expenditures reimbursable under tenant improvement allowances | $ | 94 | $ | 19 | $ | 19 | $ | 52 | ||||||||
Right-of-use | $ | 2,655 | $ | 1,957 | $ | 1,957 | $ | 5,569 | ||||||||
Right-of-use | $ | — | $ | 4 | $ | 4 | $ | 17 | ||||||||
Non-cash capital expenditures for property & equipment acquired under trade agreements | $ | 4 | $ | 27 | $ | 27 | $ | — | ||||||||
Net assets and liabilities assumed in a non-cash acquisition | $ | — | $ | 129 | $ | 129 | $ | — | ||||||||
Estimated present value of contingent-earn out consideration | $ | — | $ | 11 | $ | 11 | $ | 6 | ||||||||
See accompanying notes | See accompanying notes |
Date | Principal Repurchased | Cash Paid | % of Face Value | Bond Issue Costs | Net Gain (Loss) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
June 13, 2022 | $ | 5,000 | $ | 4,947 | 98.95 | % | $ | 35 | $ | 18 | ||||||||||
June 10, 2022 | 3,000 | 2,970 | 99.00 | % | 21 | 9 | ||||||||||||||
June 7, 2022 | 2,464 | 2,446 | 99.25 | % | 17 | 1 | ||||||||||||||
May 17, 2022 | 2,525 | 2,500 | 99.00 | % | 18 | 7 | ||||||||||||||
January 12, 2022 | 2,500 | 2,531 | 101.26 | % | 22 | (53 | ) |
Acquisition Date | Description | Total Consideration | ||||
(Dollars in thousands) | ||||||
June 1, 2021 | KDIA-AM and KDYA-AM San Francisco, California (business acquisition) | $ | 600 | |||
April 28, 2021 | Centerline New Media (business acquisition) | 1,300 | ||||
March 8, 2021 | Triple Threat Trader (asset acquisition) | 127 | ||||
$ | 2,027 | |||||
Description | Total Consideration | |||
(Dollars in thousands) | ||||
Cash payments made upon closing | $ | 738 | ||
Escrow deposits paid in prior years | 60 | |||
Total purchase price consideration | $ | 798 | ||
Description | Total Consideration | |||
(Dollars in thousands) | ||||
Cash payments made upon closing | $ | 1,900 | ||
Deferred payments | 116 | |||
Present value of estimated fair value of contingent earn-out consideration | 11 | |||
Total purchase price consideration | $ | 2,027 | ||
Net Broadcast Assets Acquired | Net Digital Assets Acquired | Total Net Assets | ||||||||||||
(Dollars in thousands) | ||||||||||||||
Assets | ||||||||||||||
Property and equipment | $ | 361 | $ | 1,080 | $ | 1,441 | ||||||||
Broadcast licenses | 235 | 0 | 235 | |||||||||||
Goodwill | 4 | 24 | 28 | |||||||||||
Customer lists and contracts | 0 | 314 | 314 | |||||||||||
Domain and brand names | 0 | 22 | 22 | |||||||||||
$ | 600 | $ | 1,440 | $ | 2,040 | |||||||||
Liabilities | ||||||||||||||
Contract liabilities, short-term | 0 | (13 | ) | (13 | ) | |||||||||
$ | 600 | $ | 1,427 | $ | 2,027 | |||||||||
Net Broadcast Assets | Net Digital Media Assets | Total Net Assets | ||||||||||||
Assets | ||||||||||||||
Property and equipment | $ | 418 | 166 | 584 | ||||||||||
Broadcast licenses | 190 | — | 190 | |||||||||||
Goodwill | — | 2 | 2 | |||||||||||
Domain and brand names | — | 11 | 11 | |||||||||||
Non-Compete agreement | — | 11 | 11 | |||||||||||
$ | 608 | $ | 190 | $ | 798 | |||||||||
Short-Term | Long-Term | |||||||
(Dollars in thousands) | ||||||||
Balance, beginning of period January 1, 2021 | $ | 11,652 | $ | 1,869 | ||||
Revenue recognized during the period that was included in the beginning balance of contract liabilities | (6,292 | ) | — | |||||
Additional amounts recognized during the period | 13,531 | 756 | ||||||
Revenue recognized during the period that was recorded during the period | (6,948 | ) | — | |||||
Transfers | 458 | (458 | ) | |||||
Balance, end of period June 30, 2021 | $ | 12,401 | $ | 2,167 | ||||
Amount refundable at beginning of period | $ | 11,607 | $ | 1,869 | ||||
Amount refundable at end of period | $ | 12,389 | $ | 2,167 |
Amount | ||||
For the Twelve Months Ended June 30, | (Dollars in thousands) | |||
2022 | $ | 12,401 | ||
2023 | 1,225 | |||
2024 | 608 | |||
2025 | 209 | |||
2026 | 68 | |||
Thereafter | 57 | |||
$ | 14,568 | |||
Six Months Ended June 30, 2022 | ||||||||||||||||
Broadcast | Digital Media | Publishing | Consolidated | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
By Source of Revenue: | ||||||||||||||||
Block Programming – National | $ | 26,399 | $ | — | $ | — | $ | 26,399 | ||||||||
Block Programming – Local | 12,049 | — | — | 12,049 | ||||||||||||
Broadcast Programming Revenue | 38,448 | — | — | 38,448 | ||||||||||||
Spot Advertising – National | 7,700 | — | — | 7,700 | ||||||||||||
Spot Advertising – Local | 21,552 | — | — | 21,552 | ||||||||||||
Network Advertising | 10,240 | — | — | 10,240 | ||||||||||||
Broadcast Advertising Revenue | 39,492 | — | — | 39,492 | ||||||||||||
Infomercials | 373 | — | — | 373 | ||||||||||||
Other Revenue | 4,484 | — | — | 4,484 | ||||||||||||
Other Broadcast Revenue | 4,857 | — | — | 4,857 | ||||||||||||
Digital Advertising | 14,112 | 9,088 | — | 23,200 | ||||||||||||
Digital Streaming | 2,492 | 1,798 | — | 4,290 | ||||||||||||
Digital Downloads | 387 | 3,797 | — | 4,184 | ||||||||||||
Digital Subscriptions | 503 | 6,343 | — | 6,846 | ||||||||||||
Other Digital Revenue | 593 | 78 | — | 671 | ||||||||||||
Digital Revenue | 18,087 | 21,104 | — | 39,191 | ||||||||||||
Book Sales | — | — | 6,204 | 6,204 | ||||||||||||
Estimated Sales Returns & Allowances | — | — | (1,444 | ) | (1,444 | ) | ||||||||||
Net Book Sales | — | — | 4,760 | 4,760 | ||||||||||||
E-Book Sales | — | — | 625 | 625 | ||||||||||||
Self-Publishing Fees | — | — | 3,379 | 3,379 | ||||||||||||
Other Publishing Revenue | — | — | 539 | 539 | ||||||||||||
Publishing Revenue | — | — | 9,303 | 9,303 | ||||||||||||
$ | 100,884 | $ | 21,104 | $ | 9,303 | $ | 131,291 | |||||||||
Timing of Revenue Recognition | ||||||||||||||||
Point in Time | $ | 99,744 | $ | 21,104 | $ | 9,303 | $ | 130,151 | ||||||||
Rental Income (1) | 1,140 | — | — | 1,140 | ||||||||||||
$ | 100,884 | $ | 21,104 | $ | 9,303 | $ | 131,291 | |||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||
Broadcast | Digital Media | Publishing | Consolidated | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
By Source of Revenue: | ||||||||||||||||
Block Programming – National | $ | 23,322 | $ | — | $ | — | $ | 23,322 | ||||||||
Block Programming – Local | 11,773 | — | — | 11,773 | ||||||||||||
Broadcast Programming Revenue | 35,095 | — | — | 35,095 | ||||||||||||
Spot Advertising – National | 7,118 | — | — | 7,118 | ||||||||||||
Spot Advertising – Local | 19,441 | — | — | 19,441 | ||||||||||||
Network Advertising | 9,821 | — | — | 9,821 | ||||||||||||
Broadcast Advertising Revenue | 36,380 | — | — | 36,380 | ||||||||||||
Infomercials | 462 | — | — | 462 | ||||||||||||
Other Revenue | 4,097 | — | — | 4,097 | ||||||||||||
Other Broadcast Revenue | 4,559 | — | — | 4,559 | ||||||||||||
Digital Advertising | 11,745 | 8,806 | 132 | 20,683 | ||||||||||||
Digital Streaming | 2,093 | 1,706 | — | 3,799 | ||||||||||||
Digital Downloads | 200 | 3,267 | — | 3,467 | ||||||||||||
Digital Subscriptions | 562 | 6,072 | — | 6,634 | ||||||||||||
Other Digital Revenue | 197 | 107 | — | 304 | ||||||||||||
Digital Revenue | 14,797 | 19,958 | 132 | 34,887 | ||||||||||||
Book Sales | — | — | 10,513 | 10,513 | ||||||||||||
Estimated Sales Returns & Allowances | — | — | (3,011 | ) | (3,011 | ) | ||||||||||
Net Book Sales | — | — | 7,502 | 7,502 | ||||||||||||
E-Book Sales | — | — | 792 | 792 | ||||||||||||
Self-Publishing Fees | — | — | 3,174 | 3,174 | ||||||||||||
Publishing Magazine Subscriptions | — | — | 262 | 262 | ||||||||||||
Other Publishing Revenue | — | — | 484 | 484 | ||||||||||||
Publishing Revenue | — | — | 12,214 | 12,214 | ||||||||||||
$ | 90,831 | $ | 19,958 | $ | 12,346 | $ | 123,135 | |||||||||
Timing of Revenue Recognition | — | |||||||||||||||
Point in Time | $ | 89,583 | $ | 19,958 | $ | 12,346 | $ | 121,887 | ||||||||
Rental Income (1) | 1,248 | — | — | 1,248 | ||||||||||||
$ | 90,831 | $ | 19,958 | $ | 12,346 | $ | 123,135 | |||||||||
(1) | Rental income is not applicable to ASC Topic 606, but shown for the purpose of identifying each revenue source presented in total revenue on our Condensed Consolidated Financial Statements within this report on Form 10-Q. |
Short Term | Long-Term | |||||||
(Dollars in thousands) | ||||||||
Balance, beginning of period January 1, 2022 | $ | 12,294 | $ | 2,222 | ||||
Revenue recognized during the period that was included in the beginning balance of contract liabilities | (6,868 | ) | — | |||||
Additional amounts recognized during the period | 12,525 | 424 | ||||||
Revenue recognized during the period that was recorded during the period | (6,248 | ) | — | |||||
Transfers | 698 | (698 | ) | |||||
Balance, end of period June 30, 2022 | $ | 12,401 | $ | 1,948 | ||||
Amount refundable at beginning of period | $ | 12,282 | $ | 2,222 | ||||
Amount refundable at end of period | $ | 12,389 | $ | 1,948 |
Amount | ||||
For the Year Ended June 30, | (Dollars in thousands) | |||
2023 | $ | 12,401 | ||
2024 | 1,264 | |||
2025 | 448 | |||
2026 | 138 | |||
2027 | 98 | |||
Thereafter | 0— | |||
$ | 14,349 | |||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Net broadcast barter revenue | $ | 508 | $ | 674 | $ | 1,674 | $ | 1,065 | ||||||||
Net digital media barter revenue | — | — | — | — | ||||||||||||
Net publishing barter revenue | 5 | — | 31 | — | ||||||||||||
Net broadcast barter expense | $ | 524 | $ | 712 | $ | 1,558 | $ | 1,085 | ||||||||
Net digital media barter expense | — | — | — | — | ||||||||||||
Net publishing barter expense | — | 7 | — | 7 |
Six Months Ended June 30, 2021 | ||||||||||||||||
Broadcast | Digital Media | Publishing | Consolidated | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
By Source of Revenue: | ||||||||||||||||
Block Programming—National | $ | 23,322 | $ | — | $ | — | $ | 23,322 | ||||||||
Block Programming—Local | 11,773 | — | — | 11,773 | ||||||||||||
Spot Advertising—National | 7,118 | — | — | 7,118 | ||||||||||||
Spot Advertising—Local | 19,441 | — | — | 19,441 | ||||||||||||
Infomercials | 462 | — | — | 462 | ||||||||||||
Network | 9,821 | — | — | 9,821 | ||||||||||||
Digital Advertising | 11,745 | 8,806 | 132 | 20,683 | ||||||||||||
Digital Streaming | 2,093 | 1,706 | — | 3,799 | ||||||||||||
Digital Downloads and eBooks | 200 | 3,173 | 792 | 4,165 | ||||||||||||
Subscriptions | 562 | 6,072 | 262 | 6,896 | ||||||||||||
Book Sales and e-commerce, net of estimated sales returns and allowances | 197 | 98 | 7,502 | 7,797 | ||||||||||||
Self-Publishing Fees | — | — | 3,174 | 3,174 | ||||||||||||
Print Advertising | — | — | 122 | 122 | ||||||||||||
Other Revenues | 4,097 | 103 | 362 | 4,562 | ||||||||||||
$ | 90,831 | $ | 19,958 | $ | 12,346 | $ | 123,135 | |||||||||
Timing of Revenue Recognition | ||||||||||||||||
Point in Time | $ | 89,583 | $ | 19,958 | $ | 12,346 | $ | 121,887 | ||||||||
Rental Income (1) | 1,248 | — | — | 1,248 | ||||||||||||
$ | 90,831 | $ | 19,958 | $ | 12,346 | $ | 123,135 | |||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||
Broadcast | Digital Media | Publishing | Consolidated | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
By Source of Revenue: | ||||||||||||||||
Block Programming—National | $ | 23,804 | $ | — | $ | — | $ | 23,804 | ||||||||
Block Programming—Local | 12,440 | — | — | 12,440 | ||||||||||||
Spot Advertising—National | 6,544 | — | — | 6,544 | ||||||||||||
Spot Advertising—Local | 19,145 | — | — | 19,145 | ||||||||||||
Infomercials | 536 | — | — | 536 | ||||||||||||
Network | 8,614 | — | — | 8,614 | ||||||||||||
Digital Advertising | 6,483 | 9,260 | 151 | 15,894 | ||||||||||||
Digital Streaming | 1,229 | 1,768 | — | 2,997 | ||||||||||||
Digital Downloads and eBooks | — | 3,047 | 504 | 3,551 | ||||||||||||
Subscriptions | 573 | 4,292 | 351 | 5,216 | ||||||||||||
Book Sales and e-commerce, net of estimated sales returns and allowances | 1,663 | 55 | 3,861 | 5,579 | ||||||||||||
Self-Publishing Fees | — | — | 2,453 | 2,453 | ||||||||||||
Print Advertising | 1 | — | 193 | 194 | ||||||||||||
Other Revenues | 3,618 | 125 | 411 | 4,154 | ||||||||||||
$ | 84,650 | $ | 18,547 | $ | 7,924 | $ | 111,121 | |||||||||
Timing of Revenue Recognition | ||||||||||||||||
Point in Time | $ | 83,379 | $ | 18,547 | $ | 7,924 | $ | 109,850 | ||||||||
Rental Income (1) | 1,271 | — | — | 1,271 | ||||||||||||
$ | 84,650 | $ | 18,547 | $ | 7,924 | $ | 111,121 | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Net broadcast barter revenue | $ | 674 | $ | 679 | $ | 1,065 | $ | 1,525 | ||||||||
Net digital media barter revenue | — | — | — | — | ||||||||||||
Net publishing barter revenue | — | — | — | — | ||||||||||||
Net broadcast barter expense | $ | 712 | $ | 873 | $ | 1,085 | $ | 1,632 | ||||||||
Net digital media barter expense | 0— | 0— | — | — | ||||||||||||
Net publishing barter expense | 7 | — | 7 | — |
December 31, 2020 | June 30, 2021 | |||||||
(Dollars in thousands) | ||||||||
Book inventories | $ | 1,994 | $ | 2,227 | ||||
Reserve for obsolescence | (1,499 | ) | (1,508 | ) | ||||
Inventory, net— | $ | 495 | $ | 719 | ||||
December 31, 2020 | June 30, 2021 | As of | ||||||||||||||
(Dollars in thousands) | December 31, 2021 | June 30, 2022 | ||||||||||||||
Land | $ | 30,254 | $ | 30,254 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Buildings | 28,922 | 28,971 | $ | 28,593 | $ | 28,406 | ||||||||||
Office furnishings and equipment | 36,875 | 37,229 | 36,598 | 36,601 | ||||||||||||
Antennae, towers and transmitting equipment | 78,057 | 78,549 | 77,813 | 74,937 | ||||||||||||
Studio, production, and mobile equipment | 29,023 | 29,303 | 29,498 | 29,094 | ||||||||||||
Computer software and website development costs | 33,928 | 35,258 | 38,271 | 39,265 | ||||||||||||
Record and tape libraries | 17 | — | ||||||||||||||
Automobiles | 1,514 | 1,514 | 1,515 | 1,556 | ||||||||||||
Leasehold improvements | 18,187 | 18,546 | 18,104 | 17,739 | ||||||||||||
Construction-in-progress | 2,681 | 4,312 | ||||||||||||||
$ | 259,458 | $ | 263,936 | $ | 230,392 | $ | 227,598 | |||||||||
Less accumulated depreciation | (180,336 | ) | (184,521 | ) | (186,053 | ) | (186,881 | ) | ||||||||
$ | 79,122 | $ | 79,415 | 44,339 | $ | 40,717 | ||||||||||
Land | $ | 26,896 | 26,893 | |||||||||||||
Construction-in-progress | 8,104 | 12,103 | ||||||||||||||
Property and Equipment, net | $ | 79,339 | $ | 79,713 | ||||||||||||
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Operating Leases | Related Party | Other | Total | Related Party | Other | Total | ||||||||||||||||||
Operating leases ROU assets | $ | 6,363 | $ | 38,563 | $ | 44,926 | $ | 6,717 | $ | 37,303 | $ | 44,020 | ||||||||||||
Operating lease liabilities (current) | $ | 954 | $ | 7,814 | $ | 8,768 | $ | 877 | $ | 7,918 | $ | 8,795 | ||||||||||||
Operating lease liabilities (non-current) | 5,577 | 38,472 | 44,049 | 5,944 | 36,655 | 42,599 | ||||||||||||||||||
Total operating lease liabilities | $ | 6,531 | $ | 46,286 | $ | 52,817 | $ | 6,821 | $ | 44,573 | $ | 51,394 | ||||||||||||
Weighted Average Remaining Lease Term | ||||
Operating leases | ||||
Finance leases | ||||
Weighted Average Discount Rate | ||||
Operating leases | % | |||
Finance leases | % |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | |||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||
Amortization of finance lease ROU Assets | $ | 32 | $ | 30 | ||||
Interest on finance lease liabilities | 4 | 4 | ||||||
Finance lease expense | 36 | 34 | ||||||
Operating lease expense | 6,438 | 6,479 | ||||||
Variable lease expense | 310 | 290 | ||||||
Short-term lease expense | 352 | 623 | ||||||
Total lease expense | $ | 7,136 | $ | 7,426 | ||||
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | |||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 7,097 | $ | 7,519 | ||||
Operating cash flows from finance leases | 2 | 2 | ||||||
Financing cash flows from finance leases | 32 | 31 | ||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | 1,957 | $ | 5,569 | ||||
Leased assets obtained in exchange for new finance lease liabilities | 4 | 17 |
Operating Leases | Operating Leases | |||||||||||||||||||||||||||||||||||||||
Related Party | Other | Total | Finance Leases | Total | Related Party | Other | Total | Finance Leases | Total | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
2021 (July-Dec) | $ | 1,461 | $ | 11,009 | $ | 12,470 | $ | 65 | $ | 12,535 | ||||||||||||||||||||||||||||||
2022 | 1,470 | 10,874 | 12,344 | 51 | 12,395 | |||||||||||||||||||||||||||||||||||
2023 | 1,017 | 8,817 | 9,834 | 25 | 9,859 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
2023 (July-Dec) | $ | 1,308 | $ | 10,620 | $ | 11,928 | $ | 60 | $ | 11,988 | ||||||||||||||||||||||||||||||
2024 | 1,021 | 6,890 | 7,911 | 10 | 7,921 | 1,250 | 10,022 | 11,272 | 26 | 11,298 | ||||||||||||||||||||||||||||||
2025 | 1,037 | 5,937 | 6,974 | 1 | 6,975 | 1,274 | 8,547 | 9,821 | 21 | 9,842 | ||||||||||||||||||||||||||||||
2026 | 1,280 | 7,475 | 8,755 | 8 | 8,763 | |||||||||||||||||||||||||||||||||||
2027 | 865 | 4,355 | 5,220 | 4 | 5,224 | |||||||||||||||||||||||||||||||||||
Thereafter | 3,545 | 22,222 | 25,767 | 0 | 25,767 | 3,955 | 22,801 | 26,756 | 1 | 26,757 | ||||||||||||||||||||||||||||||
Undiscounted Cash Flows | $ | 9,551 | $ | 65,749 | $ | 75,300 | $ | 152 | $ | 75,452 | $ | 9,932 | $ | 63,820 | $ | 73,752 | $ | 120 | $ | 73,872 | ||||||||||||||||||||
Less: imputed interest | (3,020 | ) | (19,463 | ) | (22,483 | ) | (11 | ) | (22,494 | ) | (3,111 | ) | (19,247 | ) | (22,358 | ) | (10 | ) | (22,368 | ) | ||||||||||||||||||||
Total | $ | 6,531 | $ | 46,286 | $ | 52,817 | $ | 141 | $ | 52,958 | $ | 6,821 | $ | 44,573 | $ | 51,394 | $ | 110 | $ | 51,504 | ||||||||||||||||||||
Reconciliation to lease liabilities: | ||||||||||||||||||||||||||||||||||||||||
Lease liabilities—current | $ | 954 | $ | 7,814 | $ | 8,768 | $ | 59 | $ | 8,827 | ||||||||||||||||||||||||||||||
Lease liabilities—long-term | 5,577 | 38,472 | 44,049 | 82 | 44,131 | |||||||||||||||||||||||||||||||||||
Lease liabilities – current | $ | 877 | $ | 7,918 | $ | 8,795 | $ | 57 | $ | 8,852 | ||||||||||||||||||||||||||||||
Lease liabilities – long-term | 5,944 | 36,655 | 42,599 | 53 | 42,652 | |||||||||||||||||||||||||||||||||||
Total Lease Liabilities | $ | 6,531 | $ | 46,286 | $ | 52,817 | $ | 141 | $ | 52,958 | $ | 6,821 | $ | 44,573 | $ | 51,394 | $ | 110 | $ | 51,504 | ||||||||||||||||||||
(1) | gross operating revenue in the station’s designated market area, |
(2) | normalized market share, |
(3) | normalized profit margin, |
(4) | duration of the “ramp-up” period to reach normalized operations, (which was assumed to be three years), |
(5) | estimated start-up costs (based on market size), |
(6) | ongoing replacement costs of fixed assets and working capital, |
(7) | the calculations of yearly net free cash flows to invested capital; and |
(8) | amortization of the intangible asset, or the broadcast license. |
Broadcast Licenses | December 31, 2020 | June 30, 2022 | ||
Risk-adjusted discount rate | 8.5% | 9.5% | ||
Operating profit margin ranges | 3.9% - 30.9%% | 3.9% - 30.9% | ||
Long-term revenue growth rates | 0.4% - 0.7% | 0.4% - 0.7% |
Market Cluster | Excess Fair Value June 30, 2022 | |
Atlanta, GA | 61.2% | |
Boston, MA | 2.0% | |
Chicago, IL | 1.7% | |
Cleveland, OH | 10.0% | |
Col Springs, CO | 36.9% | |
Columbus, OH | (7.8)% | |
Dallas, TX | (3.0)% | |
Greenville, SC | (4.2)% | |
Honolulu, HI | (4.8)% | |
Little Rock, AR | 8.9% | |
Minneapolis, MN | 126.6% | |
Orlando FL | (5.5)% | |
Philadelphia, PA | 1.1% | |
Portland, OR | (0.5)% | |
Sacramento, CA | (5.6)% | |
San Diego, CA | 31.2% | |
San Francisco, CA | 7.0% |
Broadcast Licenses | Twelve Months Ended December 31, 2020 | Six Months Ended June 30, 2021 | Twelve Months Ended December 31, 2021 | Six Months Ended June 30, 2022 | ||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Balance before cumulative loss on impairment, beginning of period | $ | 435,300 | $ | 434,209 | $ | 434,209 | $ | 434,444 | ||||||||
Accumulated loss on impairment, beginning of period | (97,442 | ) | (114,436 | ) | (114,436 | ) | (114,436 | ) | ||||||||
Balance after cumulative loss on impairment, beginning of period | 337,858 | 319,773 | 319,773 | 320,008 | ||||||||||||
Acquisitions of radio stations | — | 235 | 235 | 190 | ||||||||||||
Dispositions of radio stations | (1,091 | ) | — | |||||||||||||
Impairments based on the estimated fair value of broadcast licenses | (16,994 | ) | — | |||||||||||||
Dispositions of radio stations and FM translators | — | (2,763 | ) | |||||||||||||
Loss on impairment | — | (3,935 | ) | |||||||||||||
Balance, end of period after cumulative loss on impairment | $ | 319,773 | $ | 320,008 | $ | 320,008 | $ | 313,500 | ||||||||
Balance, end of period before cumulative loss on impairment | $ | 434,209 | $ | 434,444 | $ | 434,444 | $ | 429,566 | ||||||||
Accumulated loss on impairment, end of period | (114,436 | ) | (114,436 | ) | (114,436 | ) | (116,066 | ) | ||||||||
Balance, end of period after cumulative loss on impairment | $ | 319,773 | $ | 320,008 | $ | 320,008 | $ | 313,500 | ||||||||
Broadcast Markets Enterprise Valuations | December 31, 2021 | June 30, 2022 | ||
Risk-adjusted discount rate | 8.5% | 9.5% | ||
Operating profit margin ranges | (1.4%) – 15.0% | (7.8%) – 15.0% | ||
Long-term revenue growth rates | 0.4% | 0.4% |
Goodwill | Twelve Months Ended December 31, 2020 | Six Months Ended June 30, 2021 | Twelve Months Ended December 31, 2021 | Six Months Ended June 30, 2022 | ||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Balance, beginning of period before cumulative loss on impairment, | $ | 28,454 | $ | 28,520 | $ | 28,520 | $ | 28,749 | ||||||||
Accumulated loss on impairment | (4,456 | ) | (4,763 | ) | (4,763 | ) | (4,763 | ) | ||||||||
Balance, beginning of period after cumulative loss on impairment | 23,998 | 23,757 | 23,757 | 23,986 | ||||||||||||
Acquisitions of radio stations | 66 | 4 | 4 | — | ||||||||||||
Acquisitions of digital media entities | — | 24 | 225 | 2 | ||||||||||||
Impairments based on the estimated fair value goodwill | (307 | ) | — | |||||||||||||
Loss on impairment | — | (127 | ) | |||||||||||||
Ending period balance | $ | 23,757 | $ | 23,785 | $ | 23,986 | $ | 23,861 | ||||||||
Balance, end of period before cumulative loss on impairment | 28,520 | 28,548 | 28,749 | 28,751 | ||||||||||||
Accumulated loss on impairment | (4,763 | ) | (4,763 | ) | (4,763 | ) | (4,890 | ) | ||||||||
Ending period balance | $ | 23,757 | $ | 23,785 | $ | 23,986 | $ | 23,861 | ||||||||
As of June 30, 2022 | ||||||||||||||||||||||||
June 30, 2021 | Accumulated | |||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Amortization | Net | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Customer lists and contracts | $ | 23,225 | $ | (21,770 | ) | $ | 1,455 | $ | 23,700 | $ | (22,609 | ) | $ | 1,091 | ||||||||||
Domain and brand names | 20,289 | (19,492 | ) | 797 | 19,886 | (19,581 | ) | 305 | ||||||||||||||||
Favorable and assigned leases | 2,188 | (1,951 | ) | 237 | 2,188 | (1,968 | ) | 220 | ||||||||||||||||
Subscriber base and lists | 9,522 | (8,809 | ) | 713 | 8,647 | (8,474 | ) | 173 | ||||||||||||||||
Author relationships | 2,771 | (2,770 | ) | 1 | 2,771 | (2,771 | ) | — | ||||||||||||||||
Non-compete agreements | 2,041 | (2,028 | ) | 13 | 2,052 | (2,042 | ) | 10 | ||||||||||||||||
Other amortizable intangible assets | 1,666 | (1,656 | ) | 10 | 1,332 | (1,332 | ) | — | ||||||||||||||||
$ | 61,702 | $ | (58,476 | ) | $ | 3,226 | $ | 60,576 | $ | (58,777 | ) | $ | 1,799 | |||||||||||
December 31, 2020 | As of December 31, 2021 | |||||||||||||||||||||||
Accumulated | Accumulated | |||||||||||||||||||||||
Cost | Amortization | Net | Cost | Amortization | Net | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Customer lists and contracts | $ | 24,012 | $ | (22,533 | ) | $ | 1,479 | $ | 23,700 | $ | (22,198 | ) | $ | 1,502 | ||||||||||
Domain and brand names | 20,350 | (19,127 | ) | 1,223 | 19,875 | (19,421 | ) | 454 | ||||||||||||||||
Favorable and assigned leases | 2,188 | (1,943 | ) | 245 | 2,188 | (1,960 | ) | 228 | ||||||||||||||||
Subscriber base and lists | 9,886 | (8,974 | ) | 912 | 8,647 | (8,387 | ) | 260 | ||||||||||||||||
Author relationships | 2,771 | (2,765 | ) | 6 | 2,771 | (2,771 | ) | — | ||||||||||||||||
Non-compete agreements | 2,041 | (1,954 | ) | 87 | 2,041 | (2,041 | ) | — | ||||||||||||||||
Other amortizable intangible assets | 1,666 | (1,601 | ) | 65 | 1,332 | (1,332 | ) | — | ||||||||||||||||
$62,914 | $(58,897) | $4,017 | $60,554 | $(58,110) | $2,444 | |||||||||||||||||||
Year Ended December 31, | Amortization Expense | Amortization Expense | ||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||
2021 (July – Dec) | $ | 796 | ||||||
2022 | 1,318 | |||||||
2022 (July – Dec) | $ | 557 | ||||||
2023 | 784 | 803 | ||||||
2024 | 117 | 209 | ||||||
2025 | 13 | 24 | ||||||
2026 | 14 | |||||||
Thereafter | 198 | 192 | ||||||
Total | $ | 3,226 | $ | 1,799 | ||||
December 31, 2021 | June 30, 2022 | |||||||
(Dollars in thousands) | ||||||||
2028 Notes | $ | 114,731 | $ | 114,731 | ||||
Less unamortized discount and debt issuance costs based on imputed interest rate of 7.64% | (3,844 | ) | (3,549 | ) | ||||
2028 Notes, net carrying value | 110,887 | 111,182 | ||||||
2024 Notes | 60,174 | 44,685 | ||||||
Less unamortized debt issuance costs based on imputed interest rate of 7.10% | (480 | ) | (272 | ) | ||||
2024 Notes, net carrying value | 59,694 | 44,413 | ||||||
Asset-Based Revolving Credit Facility principal outstanding (1) | — | 10 | ||||||
Long-term debt less unamortized discount and debt issuance costs | $ | 170,581 | $ | 155,605 | ||||
Less current portion | — | (10 | ) | |||||
Long-term debt less unamortized discount and debt issuance costs, net of current portion | $ | 170,581 | $ | 155,595 | ||||
(1) | As of June 30, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $24.3 million, outstanding borrowings of $10,000, and $0.3 million of outstanding letters of credit, resulting in a $24.0 million borrowing base availability. |
Date | Principal Repurchased | Cash Paid | % of Face Value | Bond Issue Costs | Net Gain | Principal Repurchased | Cash Paid | % of Face Value | Bond Issue Costs | Net Gain (Loss) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
June 13, 2022 | $ | 5,000 | $ | 4,947 | 98.95 | % | $ | 35 | $ | 18 | ||||||||||||||||||||||||||||||
June 10, 2022 | 3,000 | 2,970 | 99.00 | % | 21 | 9 | ||||||||||||||||||||||||||||||||||
June 7, 2022 | 2,464 | 2,446 | 99.25 | % | 17 | 1 | ||||||||||||||||||||||||||||||||||
May 17, 2022 | 2,525 | 2,500 | 99.00 | % | 18 | 7 | ||||||||||||||||||||||||||||||||||
January 12, 2022 | 2,500 | 2,531 | 101.26 | % | 22 | (53 | ) | |||||||||||||||||||||||||||||||||
December 10, 2021 | 35,000 | 35,591 | 101.69 | % | 321 | (912 | ) | |||||||||||||||||||||||||||||||||
October 25, 2021 | 2,000 | 2,020 | 101.00 | % | 19 | (39 | ) | |||||||||||||||||||||||||||||||||
October 12, 2021 | 250 | 251 | 100.38 | % | 2 | (3 | ) | |||||||||||||||||||||||||||||||||
October 5, 2021 | 763 | 766 | 100.38 | % | 7 | (10 | ) | |||||||||||||||||||||||||||||||||
October 4, 2021 | 628 | 629 | 100.13 | % | 6 | (7 | ) | |||||||||||||||||||||||||||||||||
September 24, 2021 | 4,700 | 4,712 | 100.25 | % | 44 | (56 | ) | |||||||||||||||||||||||||||||||||
January 30, 2020 | $ | 2,250 | $ | 2,194 | 97.50 | % | $ | 34 | $ | 22 | 2,250 | 2,194 | 97.50 | % | 34 | 22 | ||||||||||||||||||||||||
January 27, 2020 | 1,245 | 1,198 | 96.25 | % | 20 | 27 | 1,245 | 1,198 | 96.25 | % | 20 | 27 | ||||||||||||||||||||||||||||
December 27, 2019 | 3,090 | 2,874 | 93.00 | % | 48 | 167 | 3,090 | 2,874 | 93.00 | % | 48 | 167 | ||||||||||||||||||||||||||||
November 27, 2019 | 5,183 | 4,548 | 87.75 | % | 82 | 553 | 5,183 | 4,548 | 87.75 | % | 82 | 553 | ||||||||||||||||||||||||||||
November 15, 2019 | 3,791 | 3,206 | 84.58 | % | 61 | 524 | 3,791 | 3,206 | 84.58 | % | 61 | 524 | ||||||||||||||||||||||||||||
March 28, 2019 | 2,000 | 1,830 | 91.50 | % | 37 | 134 | 2,000 | 1,830 | 91.50 | % | 37 | 134 | ||||||||||||||||||||||||||||
March 28, 2019 | 2,300 | 2,125 | 92.38 | % | 42 | 133 | 2,300 | 2,125 | 92.38 | % | 42 | 133 | ||||||||||||||||||||||||||||
February 20, 2019 | 125 | 114 | 91.25 | % | 2 | 9 | 125 | 114 | 91.25 | % | 2 | 9 | ||||||||||||||||||||||||||||
February 19, 2019 | 350 | 319 | 91.25 | % | 7 | 24 | 350 | 319 | 91.25 | % | 7 | 24 | ||||||||||||||||||||||||||||
February 12, 2019 | 1,325 | 1,209 | 91.25 | % | 25 | 91 | 1,325 | 1,209 | 91.25 | % | 25 | 91 | ||||||||||||||||||||||||||||
January 10, 2019 | 570 | 526 | 92.25 | % | 9 | 35 | 570 | 526 | 92.25 | % | 9 | 35 | ||||||||||||||||||||||||||||
December 21, 2018 | 2,000 | 1,835 | 91.75 | % | 38 | 127 | 2,000 | 1,835 | 91.75 | % | 38 | 127 | ||||||||||||||||||||||||||||
December 21, 2018 | 1,850 | 1,702 | 92.00 | % | 35 | 113 | 1,850 | 1,702 | 92.00 | % | 35 | 113 | ||||||||||||||||||||||||||||
December 21, 2018 | 1,080 | 999 | 92.50 | % | 21 | 60 | 1,080 | 999 | 92.50 | % | 21 | 60 | ||||||||||||||||||||||||||||
November 17, 2018 | 1,500 | 1,357 | 90.50 | % | 29 | 114 | 1,500 | 1,357 | 90.50 | % | 29 | 114 | ||||||||||||||||||||||||||||
May 4, 2018 | 4,000 | 3,770 | 94.25 | % | 86 | 144 | 4,000 | 3,770 | 94.25 | % | 86 | 144 | ||||||||||||||||||||||||||||
April 10, 2018 | 4,000 | 3,850 | 96.25 | % | 87 | 63 | 4,000 | 3,850 | 96.25 | % | 87 | 63 | ||||||||||||||||||||||||||||
April 9, 2018 | 2,000 | 1,930 | 96.50 | % | 43 | 27 | 2,000 | 1,930 | 96.50 | % | 43 | 27 | ||||||||||||||||||||||||||||
$ | 38,659 | $ | 35,586 | $ | 706 | $ | 2,367 | $ | 97,489 | $ | 94,949 | $ | 1,218 | $ | 1,322 | |||||||||||||||||||||||||
December 31, 2020 | June 30, 2021 | |||||||
(Dollars in thousands) | ||||||||
6.75% Senior Secured Notes | $ | 216,341 | $ | 216,341 | ||||
Less unamortized debt issuance costs based on imputed interest rate of 7.08% | (2,577 | ) | (2,209 | ) | ||||
6.75% Senior Secured Notes net carrying value | 213,764 | 214,132 | ||||||
Asset-Based Revolving Credit Facility principal outstanding | 5,000 | — | ||||||
SBA Paycheck Protection Program loans | — | 11,195 | ||||||
Long-term debt less unamortized debt issuance costs | $ | 218,764 | $ | 225,327 | ||||
Less current portion | (5,000 | ) | — | |||||
Long-term debt less unamortized debt issuance costs, net of current portion | $ | 213,764 | $ | 225,327 | ||||
Amount | Amount | |||||||
For the Year Ended June 30, | (Dollars in thousands) | (Dollars in thousands) | ||||||
2022 | $ | 0 | ||||||
2023 | 0 | $ | 10 | |||||
2024 | 216,341 | 44,685 | ||||||
2025 | 0 | — | ||||||
2026 | 11,195 | — | ||||||
2027 | — | |||||||
Thereafter | 0 | 114,731 | ||||||
$ | 227,536 | $ | 159,426 | |||||
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||
Carrying Value on Balance Sheet | Fair Value Measurement Category | Carrying Value on Balance Sheet | Fair Value Measurement Category | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Estimated fair value of contingent earn-out consideration included in accrued expenses | $ | 11 | — | — | $ | 11 | $ | 6 | — | — | $ | 6 | ||||||||||||||||||||
Long-term debt less unamortized debt issuance costs | 225,327 | — | 208,779 | — | 155,605 | — | 151,923 | — |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Stock option compensation expense included in unallocated corporate expenses | $ | 43 | $ | 24 | $ | 93 | $ | 52 | ||||||||
Stock option compensation expense included in broadcast operating expenses | 37 | 33 | 74 | 61 | ||||||||||||
Stock option compensation expense included in digital media operating expenses | 16 | 27 | 31 | 49 | ||||||||||||
Stock option compensation expense included in publishing operating expenses | — | — | 1 | — | ||||||||||||
Total stock-based compensation expense, pre-tax | $ | 96 | $ | 84 | $ | 199 | $ | 162 | ||||||||
Tax expense for stock-based compensation expense | (25 | ) | (22 | ) | (52 | ) | (42 | ) | ||||||||
Total stock-based compensation expense, net of tax | $ | 71 | $ | 62 | $ | 147 | $ | 120 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Stock option compensation expense included in unallocated corporate expenses | $ | 24 | $ | 34 | $ | 52 | $ | 36 | ||||||||
Restricted stock shares compensation expense included in corporate expenses | — | — | — | 54 | ||||||||||||
Stock option compensation expense included in broadcast operating expenses | 33 | 19 | 61 | 49 | ||||||||||||
Stock option compensation expense included in digital media operating expenses | 27 | 15 | 49 | 35 | ||||||||||||
Total stock-based compensation expense, pre-tax | $ | 84 | $ | 68 | $ | 162 | $ | 174 | ||||||||
Tax expense for stock-based compensation expense | (22 | ) | (18 | ) | (42 | ) | (45 | ) | ||||||||
Total stock-based compensation expense, net of tax | $ | 62 | $ | 50 | $ | 120 | $ | 129 | ||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2021 | June 30, 2021 | June 30, 2021 | June 30, 2022 | June 30, 2022 | |||||||||||||||||||||
Expected volatility | n/a | 53.96 | % | n/a | 74.83 | % | 0n/a | 74.83 | % | 0n/a | 84.69 | % | ||||||||||||||||
Expected dividends | n/a | 7.30 | % | n/a | 0.00 | % | 0n/a | 0.00 | % | 0n/a | 0.00 | % | ||||||||||||||||
Expected term (in years) | n/a | 7.6 | n/a | 7.7 | 0n/a | 7.7 | 0n/a | 9.5 | ||||||||||||||||||||
Risk-free interest rate | n/a | 1.14 | % | n/a | 0.96 | % | 0n/a | 0.96 | % | 0n/a | 1.61 | % |
Options | Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||||||||||||
(Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) | (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) | |||||||||||||||||||||||||||||||||||||||
Outstanding at January 1, 2021 | 2,291,020 | $ | 3.23 | $ | 1.52 | 4.3 years | $ | — | ||||||||||||||||||||||||||||||||
Outstanding at January 1, 2022 | 1,900,417 | $ | 3.01 | $ | 1.37 | 4.4 years | $ | 1,310 | ||||||||||||||||||||||||||||||||
Granted | 210,000 | 2.01 | 1.44 | — | 100,000 | 3.26 | 2.66 | — | ||||||||||||||||||||||||||||||||
Exercised | (185,782 | ) | 2.11 | 0.97 | 188 | (40,913 | ) | 2.31 | 1.16 | 50 | ||||||||||||||||||||||||||||||
Forfeited or expired | (157,446 | ) | 6.73 | 4.74 | — | (166,164 | ) | 6.10 | 3.47 | — | ||||||||||||||||||||||||||||||
Outstanding at June 30, 2021 | 2,157,792 | $ | 2.95 | $ | 1.33 | 4.5 years | $ | 996 | ||||||||||||||||||||||||||||||||
Outstanding at June 30, 2022 | 1,793,340 | 2.76 | 1.25 | 4.5 years | $ | 549 | ||||||||||||||||||||||||||||||||||
Exercisable at June 30, 2021 | 1,210,417 | $ | 3.84 | $ | 1.75 | 2.8 years | $ | 167 | ||||||||||||||||||||||||||||||||
Exercisable at June 30, 2022 | 1,066,090 | 3.36 | 1.40 | 3.0 years | 174 | |||||||||||||||||||||||||||||||||||
Expected to Vest | 899,533 | $ | 2.98 | $ | 1.34 | 4.5 years | $ | 786 | 690,524 | 2.78 | 1.26 | 4.5 years | $ | 530 | ||||||||||||||||||||||||||
Restricted Stock Awards | Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||||||
(Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) | (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) | |||||||||||||||||||||||||||||||
Outstanding at January 1, 2021 | 107,990 | $ | 1.85 | 1.67 years | $ | 112 | ||||||||||||||||||||||||||
Outstanding at January 1, 2022 | — | — | — | — | ||||||||||||||||||||||||||||
Granted | — | — | — | — | 14,854 | 3.66 | — | $ | 54 | |||||||||||||||||||||||
Lapsed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Forfeited | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Outstanding at June 30, 2021 | 107,990 | $ | 1.85 | 0.6 years | $ | 275 | ||||||||||||||||||||||||||
Outstanding at June 30, 2022 | 14,854 | 3.66 | 1.7 | $ | 31 | |||||||||||||||||||||||||||
Broadcast | Digital Media | Publishing | Unallocated Corporate Expenses | Consolidated | Broadcast | Digital Media | Publishing | Unallocated Corporate Expenses | Consolidated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 52,452 | $ | 10,804 | $ | 5,426 | $ | — | $ | 68,682 | ||||||||||||||||||||||||||||||
Operating expenses | 42,489 | 8,273 | 5,432 | 4,781 | 60,975 | |||||||||||||||||||||||||||||||||||
Net operating income (loss) before debt modification costs, depreciation, amortization, impairments, and net (gain) loss on the disposition of assets | $ | 9,963 | $ | 2,531 | $ | (6 | ) | $ | (4,781 | ) | $ | 7,707 | ||||||||||||||||||||||||||||
Debt modification costs | — | — | — | 20 | 20 | |||||||||||||||||||||||||||||||||||
Depreciation | 1,530 | 979 | 89 | 260 | 2,858 | |||||||||||||||||||||||||||||||||||
Amortization | 4 | 328 | — | — | 332 | |||||||||||||||||||||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | 3,935 | — | — | — | 3,935 | |||||||||||||||||||||||||||||||||||
Impairment of goodwill | 127 | — | — | — | 127 | |||||||||||||||||||||||||||||||||||
Net (gain) loss on the disposition of assets | (6,919 | ) | (1 | ) | — | 27 | (6,893 | ) | ||||||||||||||||||||||||||||||||
Net operating income (loss) | $ | 11,286 | $ | 1,225 | $ | (95 | ) | $ | (5,088 | ) | $ | 7,328 | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 46,783 | $ | 10,339 | $ | 6,660 | $ | — | $ | 63,782 | $ | 46,783 | $ | 10,339 | $ | 6,660 | $ | — | $ | 63,782 | ||||||||||||||||||||
Operating expenses | 36,162 | 8,338 | 6,426 | 4,192 | 55,118 | 36,162 | 8,338 | 6,426 | 4,192 | 55,118 | ||||||||||||||||||||||||||||||
Net operating income (loss) before depreciation, amortization, and net (gain) loss on the disposition of assets | $ | 10,621 | $ | 2,001 | $ | 234 | $ | (4,192 | ) | $ | 8,664 | |||||||||||||||||||||||||||||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets | $ | 10,621 | $ | 2,001 | $ | 234 | $ | (4,192 | ) | $ | 8,664 | |||||||||||||||||||||||||||||
Depreciation | 1,603 | 860 | 44 | 234 | 2,741 | 1,603 | 860 | 44 | 234 | 2,741 | ||||||||||||||||||||||||||||||
Amortization | 4 | 397 | 144 | — | 545 | 4 | 397 | 144 | — | 545 | ||||||||||||||||||||||||||||||
Net (gain) loss on the disposition of assets | — | 65 | (328 | ) | — | (263 | ) | — | 65 | (328 | ) | — | (263 | ) | ||||||||||||||||||||||||||
Net operating income (loss) | $ | 9,014 | $ | 679 | $ | 374 | $ | (4,426 | ) | $ | 5,641 | $ | 9,014 | $ | 679 | $ | 374 | $ | (4,426 | ) | $ | 5,641 | ||||||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 39,470 | $ | 9,443 | $ | 3,958 | $ | — | $ | 52,871 | ||||||||||||||||||||||||||||||
Operating expenses | 33,094 | 7,653 | 5,567 | 3,850 | 50,164 | |||||||||||||||||||||||||||||||||||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets | $ | 6,376 | $ | 1,790 | $ | (1,609 | ) | $ | (3,850 | ) | $ | 2,707 | ||||||||||||||||||||||||||||
Depreciation | 1,641 | 767 | 73 | 237 | 2,718 | |||||||||||||||||||||||||||||||||||
Amortization | 5 | 623 | 211 | 1 | 840 | |||||||||||||||||||||||||||||||||||
Change in the estimated fair value of contingent earn-out consideration | — | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||
Net (gain) loss on the disposition of assets | 30 | — | — | 4 | 34 | |||||||||||||||||||||||||||||||||||
Net operating income (loss) | $ | 4,700 | $ | 397 | $ | (1,893 | ) | $ | (4,092 | ) | $ | (888 | ) | |||||||||||||||||||||||||||
Broadcast | Digital Media | Publishing | Unallocated Corporate Expenses | Consolidated | Broadcast | Digital Media | Publishing | Unallocated Corporate Expenses | Consolidated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 100,884 | $ | 21,104 | $ | 9,303 | $ | — | $ | 131,291 | ||||||||||||||||||||||||||||||
Operating expenses | 80,610 | 16,746 | 9,899 | 9,591 | 116,846 | |||||||||||||||||||||||||||||||||||
Net operating income (loss) before debt modification costs, depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets | $ | 20,274 | $ | 4,358 | $ | (596 | ) | $ | (9,591 | ) | $ | 14,445 | ||||||||||||||||||||||||||||
Debt modification costs | — | — | — | 248 | 248 | |||||||||||||||||||||||||||||||||||
Depreciation | 3,186 | 1,920 | 169 | 525 | 5,800 | |||||||||||||||||||||||||||||||||||
Amortization | 8 | 658 | — | — | 666 | |||||||||||||||||||||||||||||||||||
Change in the estimated fair value of contingent earn-out consideration | — | (5 | ) | — | — | (5 | ) | |||||||||||||||||||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | 3,935 | — | — | — | 3,935 | |||||||||||||||||||||||||||||||||||
Impairment of goodwill | 127 | — | — | — | 127 | |||||||||||||||||||||||||||||||||||
Net (gain) loss on the disposition of assets | (8,657 | ) | (1 | ) | — | 30 | (8,628 | ) | ||||||||||||||||||||||||||||||||
Net operating income (loss) | $ | 21,675 | $ | 1,786 | $ | (765 | ) | $ | (10,394 | ) | $ | 12,302 | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 90,831 | $ | 19,958 | $ | 12,346 | $ | — | $ | 123,135 | $ | 90,831 | $ | 19,958 | $ | 12,346 | $ | — | $ | 123,135 | ||||||||||||||||||||
Operating expenses | 69,505 | 17,011 | 11,631 | 8,480 | 106,627 | 69,505 | 17,011 | 11,631 | 8,480 | 106,627 | ||||||||||||||||||||||||||||||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets | $ | 21,326 | $ | 2,947 | $ | 715 | $ | (8,480 | ) | $ | 16,508 | $ | 21,326 | $ | 2,947 | $ | 715 | $ | (8,480 | ) | $ | 16,508 | ||||||||||||||||||
Depreciation | 3,128 | 1,641 | 91 | 470 | 5,330 | 3,128 | 1,641 | 91 | 470 | 5,330 | ||||||||||||||||||||||||||||||
Amortization | 8 | 829 | 289 | — | 1,126 | 8 | 829 | 289 | — | 1,126 | ||||||||||||||||||||||||||||||
Net (gain) loss on the disposition of assets | 318 | 65 | (328 | ) | — | 55 | 318 | 65 | (328 | ) | — | 55 | ||||||||||||||||||||||||||||
Net operating income (loss) | $ | 17,872 | $ | 412 | $ | 663 | $ | (8,950 | ) | $ | 9,997 | $ | 17,872 | $ | 412 | $ | 663 | $ | (8,950 | ) | $ | 9,997 | ||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 84,650 | $ | 18,547 | $ | 7,924 | $ | — | $ | 111,121 | ||||||||||||||||||||||||||||||
Operating expenses | 70,421 | 15,979 | 10,629 | 8,060 | 105,089 | |||||||||||||||||||||||||||||||||||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets | $ | 14,229 | $ | 2,568 | $ | (2,705 | ) | $ | (8,060 | ) | $ | 6,032 | ||||||||||||||||||||||||||||
Depreciation | 3,286 | 1,538 | 142 | 465 | 5,431 | |||||||||||||||||||||||||||||||||||
Amortization | 14 | 1,391 | 421 | 1 | 1,827 | |||||||||||||||||||||||||||||||||||
Change in the estimated fair value of contingent earn-out consideration | — | (2 | ) | — | — | (2 | ) | |||||||||||||||||||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | 16,994 | — | 260 | — | 17,254 | |||||||||||||||||||||||||||||||||||
Impairment of goodwill | 184 | 10 | 105 | 8 | 307 | |||||||||||||||||||||||||||||||||||
Net (gain) loss on the disposition of assets | 109 | — | — | 4 | 113 | |||||||||||||||||||||||||||||||||||
Net operating income (loss) | $ | (6,358 | ) | $ | (369 | ) | $ | (3,633 | ) | $ | (8,538 | ) | $ | (18,898 | ) | |||||||||||||||||||||||||
Broadcast | Digital Media | Publishing | Unallocated Corporate | Consolidated | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||
Inventories, net | $ | — | $ | — | $ | 1,528 | $ | — | $ | 1,528 | ||||||||||
Property and equipment, net | 62,370 | 8,115 | 641 | 8,587 | 79,713 | |||||||||||||||
Broadcast licenses | 313,500 | — | — | — | 313,500 | |||||||||||||||
Goodwill | 2,622 | 19,793 | 1,446 | — | 23,861 | |||||||||||||||
Amortizable intangible assets, net | 221 | 1,578 | — | — | 1,799 | |||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||
Inventories, net | $ | — | $ | — | $ | 960 | $ | — | $ | 960 | ||||||||||
Property and equipment, net | 61,694 | 8,447 | 746 | 8,452 | 79,339 | |||||||||||||||
Broadcast licenses | 320,008 | — | — | — | 320,008 | |||||||||||||||
Goodwill | 2,750 | 19,790 | 1,446 | — | 23,986 | |||||||||||||||
Amortizable intangible assets, net | 229 | 2,215 | — | — | 2,444 |
Broadcast | Digital Media | Publishing | Unallocated Corporate | Consolidated | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
As of June 30, 2021 | ||||||||||||||||||||
Inventories, net | $ | — | $ | — | $ | 719 | $ | — | $ | 719 | ||||||||||
Property and equipment, net | 63,616 | 6,746 | 741 | 8,312 | 79,415 | |||||||||||||||
Broadcast licenses | 320,008 | — | — | — | 320,008 | |||||||||||||||
Goodwill | 2,750 | 19,589 | 1,446 | — | 23,785 | |||||||||||||||
Amortizable intangible assets, net | 237 | 2,941 | 48 | — | 3,226 | |||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||
Inventories, net | $ | — | $ | — | $ | 495 | $ | — | $ | 495 | ||||||||||
Property and equipment, net | 64,231 | 6,221 | 741 | 7,929 | 79,122 | |||||||||||||||
Broadcast licenses | 319,773 | — | — | — | 319,773 | |||||||||||||||
Goodwill | 2,746 | 19,565 | 1,446 | — | 23,757 | |||||||||||||||
Amortizable intangible assets, net | 246 | 3,434 | 337 | — | 4,017 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Reconciliation of Net Broadcast Revenue to Same Station Net Broadcast Revenue | Reconciliation of Net Broadcast Revenue to Same Station Net Broadcast Revenue | |||||||||||||||||||||||||||||||
Net broadcast revenue | $ | 39,470 | $ | 46,783 | $ | 84,650 | $ | 90,831 | $ | 46,783 | $ | 52,452 | $ | 90,831 | $ | 100,884 | ||||||||||||||||
Net broadcast revenue – acquisitions | — | (79 | ) | — | (79 | ) | — | (14 | ) | — | (247 | ) | ||||||||||||||||||||
Net broadcast revenue – dispositions | (220 | ) | (42 | ) | (443 | ) | (38 | ) | (96 | ) | (56 | ) | (113 | ) | (49 | ) | ||||||||||||||||
Net broadcast revenue – format change | (104 | ) | (205 | ) | (280 | ) | (345 | ) | — | — | (65 | ) | (111 | ) | ||||||||||||||||||
Same Station net broadcast revenue | $ | 39,146 | $ | 46,457 | $ | 83,927 | $ | 90,369 | $ | 46,687 | $ | 52,382 | $ | 90,653 | $ | 100,477 | ||||||||||||||||
Reconciliation of Broadcast Operating Expenses To Same Station Broadcast Operating Expenses | ||||||||||||||||||||||||||||||||
Reconciliation of Broadcast Operating Expenses to Same Station Broadcast Operating Expenses | Reconciliation of Broadcast Operating Expenses to Same Station Broadcast Operating Expenses | |||||||||||||||||||||||||||||||
Broadcast operating expenses | $ | 33,094 | $ | 36,162 | $ | 70,421 | $ | 69,505 | $ | 36,162 | $ | 42,489 | $ | 69,505 | $ | 80,610 | ||||||||||||||||
Broadcast operating expenses – acquisitions | — | (38 | ) | — | (38 | ) | — | (63 | ) | (1 | ) | (279 | ) | |||||||||||||||||||
Broadcast operating expenses – dispositions | (379 | ) | (79 | ) | (881 | ) | (185 | ) | (81 | ) | (24 | ) | (214 | ) | (48 | ) | ||||||||||||||||
Broadcast operating expenses – format change | (259 | ) | (206 | ) | (519 | ) | (384 | ) | — | — | (131 | ) | (132 | ) | ||||||||||||||||||
Same Station broadcast operating expenses | $ | 32,456 | $ | 35,839 | $ | 69,021 | $ | 68,898 | $ | 36,081 | $ | 42,402 | $ | 69,159 | $ | 80,151 | ||||||||||||||||
Reconciliation of Operating Income to Same Station Operating Income | Reconciliation of Operating Income to Same Station Operating Income | |||||||||||||||||||||||||||||||
Station Operating Income | $ | 6,376 | $ | 10,621 | $ | 14,229 | $ | 21,326 | $ | 10,621 | $ | 9,963 | $ | 21,326 | $ | 20,274 | ||||||||||||||||
Station operating (income) loss –acquisitions | — | (41 | ) | — | (41 | ) | — | 49 | 1 | 32 | ||||||||||||||||||||||
Station operating loss – dispositions | 159 | 37 | 438 | 147 | ||||||||||||||||||||||||||||
Station operating (income) loss – dispositions | (15 | ) | (32 | ) | 101 | (1 | ) | |||||||||||||||||||||||||
Station operating loss – format change | 155 | 1 | 239 | 39 | — | — | 66 | 21 | ||||||||||||||||||||||||
Same Station – Station Operating Income | $ | 6,690 | $ | 10,618 | $ | 14,906 | $ | 21,471 | $ | 10,606 | $ | 9,980 | $ | 21,494 | $ | 20,326 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | June 30, | June 30, | |||||||||||||||||||||||||||||
June 30, | June 30, | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Calculation of Station Operating Income, Digital Media Operating Income and Publishing Operating Income (Loss) | Calculation of Station Operating Income, Digital Media Operating Income and Publishing Operating Income (Loss) | Calculation of Station Operating Income, Digital Media Operating Income and Publishing Operating Income (Loss) | ||||||||||||||||||||||||||||||
Net broadcast revenue | $ | 39,470 | $ | 46,783 | $ | 84,650 | $ | 90,831 | $ | 46,783 | $ | 52,452 | $ | 90,831 | $ | 100,884 | ||||||||||||||||
Less broadcast operating expenses | (33,094 | ) | (36,162 | ) | (70,421 | ) | (69,505 | ) | (36,162 | ) | (42,489 | ) | (69,505 | ) | (80,610 | ) | ||||||||||||||||
Station Operating Income | $ | 6,376 | $ | 10,621 | $ | 14,229 | $ | 21,326 | $ | 10,621 | $ | 9,963 | $ | 21,326 | $ | 20,274 | ||||||||||||||||
Net digital media revenue | $ | 9,443 | $ | 10,339 | $ | 18,547 | $ | 19,958 | $ | 10,339 | $ | 10,804 | $ | 19,958 | $ | 21,104 | ||||||||||||||||
Less digital media operating expenses | (7,653 | ) | (8,338 | ) | (15,979 | ) | (17,011 | ) | (8,338 | ) | (8,273 | ) | (17,011 | ) | (16,746 | ) | ||||||||||||||||
Digital Media Operating Income | $ | 1,790 | $ | 2,001 | $ | 2,568 | $ | 2,947 | $ | 2,001 | $ | 2,531 | $ | 2,947 | $ | 4,358 | ||||||||||||||||
Net publishing revenue | $ | 3,958 | $ | 6,660 | $ | 7,924 | $ | 12,346 | $ | 6,660 | $ | 5,426 | $ | 12,346 | $ | 9,303 | ||||||||||||||||
Less publishing operating expenses | (5,567 | ) | (6,426 | ) | (10,629 | ) | (11,631 | ) | (6,426 | ) | (5,432 | ) | (11,631 | ) | (9,899 | ) | ||||||||||||||||
Publishing Operating Income (Loss) | $ | (1,609 | ) | $ | 234 | $ | (2,705 | ) | $ | 715 | $ | 234 | $ | (6 | ) | $ | 715 | $ | (596 | ) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Reconciliation of Net Income (Loss) to Operating Income and Station Operating Income, Digital Media Operating Income and Publishing Operating Income (Loss) | ||||||||||||||||
Net income (loss) | $ | (2,515 | ) | $ | 2,257 | $ | (57,719 | ) | $ | 2,580 | ||||||
Plus provision for (benefit from) income taxes | (2,380 | ) | (488 | ) | 30,779 | (358 | ) | |||||||||
Plus net miscellaneous income and (expenses) | (6 | ) | (63 | ) | 46 | (85 | ) | |||||||||
Plus (gain) on early retirement of long-term debt | — | — | (49 | ) | — | |||||||||||
Plus interest expense, net of capitalized interest | 4,013 | 3,935 | 8,045 | 7,861 | ||||||||||||
Less interest income | — | — | — | (1 | ) | |||||||||||
Net operating income (loss) | $ | (888 | ) | $ | 5,641 | $ | (18,898 | ) | $ | 9,997 | ||||||
Plus net (gain) loss on the disposition of assets | 34 | (263 | ) | 113 | 55 | |||||||||||
Plus change in the estimated fair value of contingent earn-out consideration | 3 | — | (2 | ) | — | |||||||||||
Plus impairment of indefinite-lived long-term assets other than goodwill | — | — | 17,254 | — | ||||||||||||
Plus impairment of goodwill | — | — | 307 | — | ||||||||||||
Plus depreciation and amortization | 3,558 | 3,286 | 7,258 | 6,456 | ||||||||||||
Plus unallocated corporate expenses | 3,850 | 4,192 | 8,060 | 8,480 | ||||||||||||
Combined Station Operating Income, Digital Media Operating Income and Publishing Operating Loss | $ | 6,557 | $ | 12,856 | $ | 14,092 | $ | 24,988 | ||||||||
Station Operating Income | $ | 6,376 | $ | 10,621 | $ | 14,229 | $ | 21,326 | ||||||||
Digital Media Operating Income | 1,790 | 2,001 | 2,568 | 2,947 | ||||||||||||
Publishing Operating Income (Loss) | (1,609 | ) | 234 | (2,705 | ) | 715 | ||||||||||
$ | 6,557 | $ | 12,856 | $ | 14,092 | $ | 24,988 | |||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Reconciliation of Net Income to Operating Income and Station Operating Income, Digital Media Operating Income and Publishing Operating Income (Loss) | ||||||||||||||||
Net income | $ | 2,257 | $ | 9,117 | $ | 2,580 | $ | 10,856 | ||||||||
Plus benefit from income taxes | (488 | ) | (1,082 | ) | (358 | ) | (1,293 | ) | ||||||||
Plus net miscellaneous income and (expenses) | (63 | ) | 1 | (85 | ) | — | ||||||||||
Plus (gain) loss on early retirement of long-term debt | — | (35 | ) | — | 18 | |||||||||||
Plus earnings from equity method investment | — | (3,913 | ) | — | (3,913 | ) | ||||||||||
Plus interest expense, net of capitalized interest | 3,935 | 3,389 | 7,861 | 6,783 | ||||||||||||
Less interest income | — | (149 | ) | (1 | ) | (149 | ) | |||||||||
Net operating income | $ | 5,641 | $ | 7,328 | $ | 9,997 | $ | 12,302 | ||||||||
Plus net (gain) loss on the disposition of assets | (263 | ) | (6,893 | ) | 55 | (8,628 | ) | |||||||||
Plus change in the estimated fair value of contingent earn-out consideration | — | — | — | (5 | ) | |||||||||||
Plus debt modification costs | — | 20 | — | 248 | ||||||||||||
Plus impairment of indefinite-lived long-term assets other than goodwill | — | 3,935 | — | 3,935 | ||||||||||||
Plus impairment of goodwill | — | 127 | — | 127 | ||||||||||||
Plus depreciation and amortization | 3,286 | 3,190 | 6,456 | 6,466 | ||||||||||||
Plus unallocated corporate expenses | 4,192 | 4,781 | 8,480 | 9,591 | ||||||||||||
Combined Station Operating Income, Digital Media Operating Income and Publishing Operating Loss | $ | 12,856 | $ | 12,488 | $ | 24,988 | $ | 24,036 | ||||||||
Station Operating Income | $ | 10,621 | $ | 9,963 | $ | 21,326 | $ | 20,274 | ||||||||
Digital Media Operating Income | 2,001 | 2,531 | 2,947 | 4,358 | ||||||||||||
Publishing Operating Income (Loss) | 234 | (6 | ) | 715 | (596 | ) | ||||||||||
$ | 12,856 | $ | 12,488 | $ | 24,988 | $ | 24,036 | |||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to EBITDA to Net Income (Loss) | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (2,515 | ) | $ | 2,257 | $ | (57,719 | ) | $ | 2,580 | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to EBITDA to Net Income | Reconciliation of Adjusted EBITDA to EBITDA to Net Income | |||||||||||||||||||||||||||||||
Net income | $ | 2,257 | $ | 9,117 | $ | 2,580 | $ | 10,856 | ||||||||||||||||||||||||
Plus interest expense, net of capitalized interest | 4,013 | 3,935 | 8,045 | 7,861 | 3,935 | 3,389 | 7,861 | 6,783 | ||||||||||||||||||||||||
Plus provision for (benefit from) income taxes | (2,380 | ) | (488 | ) | 30,779 | (358 | ) | |||||||||||||||||||||||||
Plus benefit from income taxes | (488 | ) | (1,082 | ) | (358 | ) | (1,293 | ) | ||||||||||||||||||||||||
Plus depreciation and amortization | 3,558 | 3,286 | 7,258 | 6,456 | 3,286 | 3,190 | 6,456 | 6,466 | ||||||||||||||||||||||||
Less interest income | — | — | — | (1 | ) | — | (149 | ) | (1 | ) | (149 | ) | ||||||||||||||||||||
EBITDA | $ | 2,676 | $ | 8,990 | $ | (11,637 | ) | $ | 16,538 | $ | 8,990 | $ | 14,465 | $ | 16,538 | $ | 22,663 | |||||||||||||||
Plus net (gain) loss on the disposition of assets | 34 | (263 | ) | 113 | 55 | (263 | ) | (6,893 | ) | 55 | (8,628 | ) | ||||||||||||||||||||
Plus change in the estimated fair value of contingent earn-out consideration | 3 | — | (2 | ) | — | — | — | — | (5 | ) | ||||||||||||||||||||||
Plus debt modification costs | — | 20 | — | 248 | ||||||||||||||||||||||||||||
Plus impairment of indefinite-lived long-term assets other than goodwill | — | — | 17,254 | — | — | 3,935 | — | 3,935 | ||||||||||||||||||||||||
Plus impairment of goodwill | — | — | 307 | — | — | 127 | — | 127 | ||||||||||||||||||||||||
Plus net miscellaneous (income) and expenses | (6 | ) | (63 | ) | 46 | (85 | ) | (63 | ) | 1 | (85 | ) | — | |||||||||||||||||||
Plus (gain) on early retirement of long-term debt | — | — | (49 | ) | — | |||||||||||||||||||||||||||
Plus (gain) loss on early retirement of long-term debt | — | (35 | ) | — | 18 | |||||||||||||||||||||||||||
Plus non-cash stock-based compensation | 96 | 84 | 199 | 162 | 84 | 68 | 162 | 174 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,803 | $ | 8,748 | $ | 6,231 | $ | 16,670 | $ | 8,748 | $ | 11,688 | $ | 16,670 | $ | 18,532 | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Broadcast Revenue | $ | 46,783 | $ | 52,452 | $ | 5,669 | 12.1 | % | 73.3 | % | 76.4 | % | ||||||||||||
Same Station Net Broadcast Revenue | $ | 46,687 | $ | 52,382 | $ | 5,695 | 12.2 | % |
Three Months Ended June 30, | ||||||||||||||||
2021 | 2022 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Block Programming: | ||||||||||||||||
National | $ | 11,861 | 25.4 | % | $ | 13,340 | 25.4 | % | ||||||||
Local | 5,817 | 12.4 | % | 5,876 | 11.2 | % | ||||||||||
17,678 | 37.8 | % | 19,216 | 36.6 | % | |||||||||||
Broadcast Advertising: | ||||||||||||||||
National | 3,458 | 7.4 | % | 4,059 | 7.7 | % | ||||||||||
Local | 10,546 | 22.5 | % | 11,269 | 21.5 | % | ||||||||||
14,004 | 29.9 | % | 15,328 | 29.2 | % | |||||||||||
Station Digital (local) | 7,728 | 16.5 | % | 9,881 | 18.9 | % | ||||||||||
Infomercials | 225 | 0.5 | % | 182 | 0.4 | % | ||||||||||
Network | 4,950 | 10.6 | % | 5,409 | 10.3 | % | ||||||||||
Other Revenue | 2,198 | 4.7 | % | 2,436 | 4.6 | % | ||||||||||
Net Broadcast Revenue | $ | 46,783 | 100.0 | % | $ | 52,452 | 100.0 | % | ||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Digital Media Revenue | $ | 10,339 | $ | 10,804 | $ | 465 | 4.5 | % | 16.2 | % | 15.7 | % |
Three Months Ended June 30, | ||||||||||||||||
2021 | 2022 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Digital Advertising, net | $ | 4,393 | 42.5 | % | $ | 4,549 | 42.1 | % | ||||||||
Digital Streaming | 862 | 8.3 | 897 | 8.3 | ||||||||||||
Digital Subscriptions | 3,299 | 31.9 | 3,191 | 29.5 | ||||||||||||
Digital Downloads | 1,694 | 16.4 | 2,047 | 19.0 | ||||||||||||
Other Revenues | 91 | 0.9 | 120 | 1.1 | ||||||||||||
Net Digital Media Revenue | $ | 10,339 | 100.0 | % | $ | 10,804 | 100.0 | % | ||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Publishing Revenue | $ | 6,660 | $ | 5,426 | $ | (1,234 | ) | (18.5 | )% | 10.4 | % | 7.9 | % |
Three Months Ended June 30, | ||||||||||||||||
2021 | 2022 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Book Sales | $ | 6,212 | 93.3 | % | $ | 3,643 | 67.1 | % | ||||||||
Estimated Sales Returns & Allowances | (1,918 | ) | (28.8 | ) | (609 | ) | (11.2 | ) | ||||||||
Net Book Sales | 4,294 | 64.5 | 3,034 | 55.9 | ||||||||||||
E-Book Sales | 453 | 6.8 | 338 | 6.3 | ||||||||||||
Self-Publishing Fees | 1,550 | 23.3 | 1,652 | 30.4 | ||||||||||||
Print Magazine Subscriptions | 104 | 1.6 | — | — | ||||||||||||
Print Magazine Advertisements | 54 | 0.8 | — | — | ||||||||||||
Digital Advertising | 70 | 1.1 | — | — | ||||||||||||
Other Revenue | 135 | 2.0 | 402 | 7.4 | ||||||||||||
Net Publishing Revenue | $ | 6,660 | 100.0 | % | $ | 5,426 | 100.0 | % | ||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Broadcast Operating Expenses | $ | 36,162 | $ | 42,489 | $ | 6,327 | 17.5 | % | 56.7 | % | 61.9 | % | ||||||||||||
Same Station Broadcast Operating Expenses | $ | 36,081 | $ | 42,402 | $ | 6,321 | 17.5 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Digital Media Operating Expenses | $ | 8,338 | $ | 8,273 | $ | (65 | ) | (0.8 | )% | 13.1 | % | 12.0 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Publishing Operating Expenses | $ | 6,426 | $ | 5,432 | $ | (994 | ) | (15.5 | )% | 10.1 | % | 7.9 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Unallocated Corporate Expenses | $ | 4,192 | $ | 4,781 | $ | 589 | 14.1 | % | 6.6 | % | 7.0 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Debt Modification Costs | $ | — | $ | 20 | $ | 20 | — | % | — | % | — | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Depreciation Expense | $ | 2,741 | $ | 2,858 | $ | 117 | 4.3 | % | 4.3 | % | 4.2 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Amortization Expense | $ | 545 | $ | 332 | $ | (213 | ) | (39.1 | )% | 0.9 | % | 0.5 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Impairment of Indefinite-Lived Long-Term Assets Other Than Goodwill | $ | — | $ | 3,935 | $ | 3,935 | — | % | — | % | 5.7 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Impairment of Goodwill | $ | — | $ | 127 | $ | 127 | — | % | — | % | 0.2 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net (Gain) Loss on the Disposition of assets | $ | (263 | ) | $ | (6,893 | ) | $ | (6,630 | ) | 2,520.9 | % | (0.4 | )% | (10.0 | )% |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Interest Income | $ | — | $ | 149 | $ | 149 | — | % | — | % | 0.2 | % | ||||||||||||
Interest Expense | (3,935 | ) | (3,389 | ) | (546 | ) | (13.9 | )% | (6.2 | )% | (4.9 | )% | ||||||||||||
Gain (Loss) on Early Retirement of Long-Term Debt | — | 35 | 35 | — | % | — | % | 0.1 | % | |||||||||||||||
Earnings from equity method investment | — | 3,913 | 3,913 | — | % | — | % | 5.7 | % | |||||||||||||||
Net Miscellaneous Income and (Expenses) | 63 | (1 | ) | (64 | ) | (101.6 | )% | 0.1 | % | — | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Benefit from Income Taxes | $ | (488 | ) | $ | (1,082 | ) | $ | (594 | ) | 121.7 | % | (0.8 | )% | (1.6 | )% |
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Income | $ | 2,257 | $ | 9,117 | $ | 6,860 | 303.9 | % | 3.5 | % | 13.3 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Digital Media Revenue | $ | 9,443 | $ | 10,339 | $ | 896 | 9.5 | % | 17.9 | % | 16.2 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Digital Media Revenue | $ | 19,958 | $ | 21,104 | $ | 1,146 | 5.7 | % | 16.2 | % | 16.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Digital Advertising, net | $ | 4,547 | 48.2 | % | $ | 4,393 | 42.5 | % | $ | 8,806 | 44.1 | % | $ | 9,088 | 43.1 | % | ||||||||||||||||
Digital Streaming | 853 | 9.0 | 862 | 8.3 | 1,706 | 8.5 | 1,798 | 8.5 | ||||||||||||||||||||||||
Digital Subscriptions | 2,157 | 22.8 | 3,299 | 31.9 | 6,072 | 30.4 | 6,343 | 30.1 | ||||||||||||||||||||||||
Digital Downloads | 1,802 | 19.1 | 1,694 | 16.4 | 3,173 | 15.9 | 3,645 | 17.3 | ||||||||||||||||||||||||
e-commerce | 27 | 0.3 | 67 | 0.6 | ||||||||||||||||||||||||||||
Other Revenues | 57 | 0.6 | 24 | 0.2 | 201 | 1.1 | 230 | 1.0 | ||||||||||||||||||||||||
Net Digital Media Revenue | $ | 9,443 | 100.0 | % | $ | 10,339 | 100.0 | % | $ | 19,958 | 100.0 | % | $ | 21,104 | 100.0 | % | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Publishing Revenue | $ | 3,958 | $ | 6,660 | $ | 2,702 | 68.3 | % | 7.5 | % | 10.4 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Publishing Revenue | $ | 12,346 | $ | 9,303 | $ | (3,043 | ) | (24.6 | )% | 10.0 | % | 7.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Book Sales | $ | 2,698 | 68.2 | % | $ | 6,212 | 93.3 | % | $ | 10,513 | 85.2 | %�� | $ | 6,204 | 66.7 | % | ||||||||||||||||
Estimated Sales Returns & Allowances | (560 | ) | (14.1 | ) | (1,918 | ) | (28.8 | ) | (3,011 | ) | (24.4 | ) | (1,444 | ) | (15.5 | ) | ||||||||||||||||
Net Book Sales | 2,138 | 54.1 | 4,294 | 64.5 | 7,502 | 60.8 | 4,760 | 51.2 | ||||||||||||||||||||||||
E-Book Sales | 250 | 6.3 | 453 | 6.8 | 792 | 6.4 | 625 | 6.7 | ||||||||||||||||||||||||
Self-Publishing Fees | 1,051 | 26.5 | 1,550 | 23.3 | 3,174 | 25.7 | 3,379 | 36.3 | ||||||||||||||||||||||||
Print Magazine Subscriptions | 174 | 4.4 | 104 | 1.6 | 262 | 2.1 | — | — | ||||||||||||||||||||||||
Print Magazine Advertisements | 91 | 2.3 | 54 | 0.8 | 122 | 1.0 | — | — | ||||||||||||||||||||||||
Digital Advertising | 52 | 1.3 | 70 | 1.1 | 132 | 1.1 | — | — | ||||||||||||||||||||||||
Other Revenue | 202 | 5.1 | 135 | 2.0 | 362 | 2.9 | 539 | 5.8 | ||||||||||||||||||||||||
Net Publishing Revenue | $ | 3,958 | 100.0 | % | $ | 6,660 | 100.0 | % | $ | 12,346 | 100.0 | % | $ | 9,303 | 100.0 | % | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | Change | Change | 2020 | 2021 | 2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | (Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Broadcast Operating Expenses | $ | 33,094 | $ | 36,162 | $ | 3,068 | 9.3 | % | 62.6 | % | 56.7 | % | $ | 69,505 | $ | 80,610 | $ | 11,105 | 16.0 | % | 56.4 | % | 61.4 | % | ||||||||||||||||||||||||
Same Station Broadcast Operating Expenses | $ | 32,456 | $ | 35,839 | $ | 3,383 | 10.4 | % | $ | 69,159 | $ | 80,151 | $ | 10,992 | 15.9 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Digital Media Operating Expenses | $ | 7,653 | $ | 8,338 | $ | 685 | 9.0 | % | 14.5 | % | 13.1 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Digital Media Operating Expenses | $ | 17,011 | $ | 16,746 | $ | (265 | ) | (1.6 | )% | 13.8 | % | 12.8 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Publishing Operating Expenses | $ | 5,567 | $ | 6,426 | $ | 859 | 15.4 | % | 10.5 | % | 10.1 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Publishing Operating Expenses | $ | 11,631 | $ | 9,899 | $ | (1,732 | ) | (14.9 | )% | 9.4 | % | 7.5 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Unallocated Corporate Expenses | $ | 3,850 | $ | 4,192 | $ | 342 | 8.9 | % | 7.3 | % | 6.6 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Unallocated Corporate Expenses | $ | 8,480 | $ | 9,591 | $ | 1,111 | 13.1 | % | 6.9 | % | 7.3 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Debt Modification Costs | $ | — | $ | 248 | $ | 248 | — | % | — | % | 0.2 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Depreciation Expense | $ | 2,718 | $ | 2,741 | $ | 23 | 0.8 | % | 5.1 | % | 4.3 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Depreciation Expense | $ | 5,330 | $ | 5,800 | $ | 470 | 8.8 | % | 4.3 | % | 4.4 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||||
Amortization Expense | $ | 840 | $ 545 | $ | (295 | ) | (35.1) % | 1.6 | % | 0.9 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Amortization Expense | $ | 1,126 | $ | 666 | $ | (460 | ) | (40.9 | )% | 0.9 | % | 0.5 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net (Gain) Loss on the Disposition of assets | $ | 34 | $ | (263 | ) | $ | (297 | ) | (873.5) % | 0.1 | % | (0.4) % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Interest Expense | $ | (4,013 | ) | $ | (3,935 | ) | 78 | (1.9) % | (7.6) % | (6.2) % | ||||||||||||||
Net Miscellaneous Income and (Expenses) | 6 | 63 | 57 | 950.0% | — % | 0.1% |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Provision for (Benefit from) Income Taxes | $ | (2,380 | ) | $ | (488 | ) | $ | 1,892 | (79.5) % | (4.5) % | (0.8) % |
Three Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Income (Loss) | $ | (2,515 | ) | $ | 2,257 | $ | 4,772 | (189.7) % | (4.8) % | 3.5 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Broadcast Revenue | $ | 84,650 | $ | 90,831 | $ | 6,181 | 7.3 | % | 76.2 | % | 73.8 | % | ||||||||||||
Same Station Net Broadcast Revenue | $ | 83,927 | $ | 90,369 | $ | 6,422 | 7.7 | % |
Six Months Ended June 30, | ||||||||||||||||
2020 | 2021 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Block Programming: | ||||||||||||||||
National | $ | 23,804 | 28.1 | % | $ | 23,322 | 25.7 | % | ||||||||
Local | 12,440 | 14.7 | % | 11,773 | 13.0 | % | ||||||||||
36,244 | 42.8 | % | 35,095 | 38.6 | % | |||||||||||
Broadcast Advertising: | ||||||||||||||||
National | 6,544 | 7.7 | % | 7,118 | 7.8 | % | ||||||||||
Local | 19,145 | 22.6 | % | 19,441 | 21.4 | % | ||||||||||
25,689 | 30.3 | % | 26,559 | 29.2 | % | |||||||||||
Broadcast Digital (local) | 9,948 | 11.8 | % | 14,797 | 16.3 | % | ||||||||||
Infomercials | 536 | 0.6 | % | 462 | 0.5 | % | ||||||||||
Network | 8,614 | 10.2 | % | 9,821 | 10.8 | % | ||||||||||
Other Revenue | 3,619 | 4.3 | % | 4,097 | 4.5 | % | ||||||||||
Net Broadcast Revenue | $ | 84,650 | 100.0 | % | $ | 90,831 | 100.0 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Digital Media | $ | 18,547 | $ | 19,958 | $ | 1,411 | 7.6 | % | 16.7 | % | 16.2 | % |
Six Months Ended June 30, | ||||||||||||||||
2020 | 2021 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Digital Advertising, net | $ | 9,260 | 49.9 | % | $ | 8,806 | 44.1 | % | ||||||||
Digital Streaming | 1,768 | 9.5 | 1,706 | 8.5 | ||||||||||||
Digital Subscriptions | 4,292 | 23.2 | 6,072 | 30.4 | ||||||||||||
Digital Downloads | 3,047 | 16.4 | 3,173 | 15.9 | ||||||||||||
e-commerce | 55 | 0.3 | 98 | 0.5 | ||||||||||||
Other Revenues | 125 | 0.7 | 103 | 0.5 | ||||||||||||
Net Digital Media Revenue | $ | 18,547 | 100.0 | % | $ | 19,958 | 100.0 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Publishing Revenue | $ | 7,924 | $ | 12,346 | $ | 4,422 | 55.8 | % | 7.1 | % | 10.0 | % |
Six Months Ended June 30, | ||||||||||||||||
2020 | 2021 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Book Sales | $ | 5,391 | 68.0 | % | $ | 10,513 | 85.2 | % | ||||||||
Estimated Sales Returns & Allowances | (1,530 | ) | (19.3 | ) | (3,011 | ) | (24.4 | ) | ||||||||
Net Book Sales | 3,861 | 48.7 | 7,502 | 60.8 | ||||||||||||
E-Book Sales | 504 | 6.4 | 792 | 6.4 | ||||||||||||
Self-Publishing Fees | 2,453 | 31.0 | 3,174 | 25.7 | ||||||||||||
Print Magazine Subscriptions | 351 | 4.4 | 262 | 2.1 | ||||||||||||
Print Magazine Advertisements | 193 | 2.4 | 122 | 1.0 | ||||||||||||
Digital Advertising | 151 | 1.9 | 132 | 1.1 | ||||||||||||
Other Revenue | 411 | 5.2 | 362 | 2.9 | ||||||||||||
Net Publishing Revenue | $ | 7,924 | 100.0 | % | $ | 12,346 | 100.0 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Broadcast Operating Expenses | $ | 70,421 | $ | 69,505 | $ | (916 | ) | (1.3 | )% | 63.4 | % | 56.4 | % | |||||||||||
Same Station Broadcast Operating Expenses | $ | 69,021 | $ | 68,898 | $ | (123 | ) | (0.2 | )% |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Digital Media Operating Expenses | $ | 15,979 | $ | 17,011 | $ | 1,032 | 6.5 | % | 14.4 | % | 13.8 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Publishing Operating Expenses | $ | 10,629 | $ | 11,631 | $ | 1,002 | 9.4 | % | 9.6 | % | 9.4 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Unallocated Corporate Expenses | $ | 8,060 | $ | 8,480 | $ | 420 | 5.2 | % | 7.3 | % | 6.9 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Depreciation Expense | $ | 5,431 | $ | 5,330 | $ | (101 | ) | (1.9 | )% | 4.9 | % | 4.3 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Amortization Expense | $ | 1,827 | $ | 1,126 | $ | (701 | ) | (38.4 | )% | 1.6 | % | 0.9 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Impairment of Indefinite-Lived Long-Term Assets Other Than Goodwill | $ | 17,254 | $ | — | $ | (17,254 | ) | (100.0 | )% | 15.5 | % | — | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Impairment of Indefinite-Lived Long-Term Assets Other Than Goodwill | $ | — | $ | 3,935 | $ | 3,935 | — | % | — | % | 3.0 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Impairment of Goodwill | $ | 307 | $ | — | $ | (307 | ) | (100.0 | )% | 0.3 | % | — | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Impairment of Goodwill | $ | — | $ | 127 | $ | 127 | — | % | — | % | 0.1 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net (Gain) Loss on the Disposition of assets | $ | 113 | $ | 55 | $ | (58 | ) | (51.3 | )% | 0.1 | % | — | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net (Gain) Loss on the Disposition of assets | $ | 55 | $ | (8,628 | ) | $ | (8,683 | ) | (15,787.3 | )% | — | % | (6.6 | )% |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | 2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | (Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Interest Income | $ | — | $ | 1 | $ | 1 | 100.0 | % | — | % | — | % | $ | 1 | $ | 149 | $ | 148 | 14,800.0 | % | — | % | 0.1 | % | ||||||||||||||||||||||||
Interest Expense | (8,045 | ) | (7,861 | ) | (184 | ) | (2.3 | )% | (7.2 | )% | (6.4 | )% | (7,861 | ) | (6,783 | ) | (1,078 | ) | (13.7 | )% | (6.4 | )% | (5.2 | )% | ||||||||||||||||||||||||
Gain on Early Retirement of Long-Term Debt | 49 | — | (49 | ) | (100.0 | )% | — | % | — | % | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Early Retirement of Long-Term Debt | — | (18 | ) | (18 | ) | — | % | — | % | — | % | |||||||||||||||||||||||||||||||||||||
Earnings from equity method investment | — | 3,913 | 3,913 | — | % | — | % | 3.0 | % | |||||||||||||||||||||||||||||||||||||||
Net Miscellaneous Income and (Expenses) | (46 | ) | 85 | 131 | (284.8 | )% | — | % | 0.1 | % | 85 | — | (85 | ) | (100.0 | )% | 0.1 | % | — | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Provision for (Benefit from) Income Taxes | $ | 30,779 | $ | (358 | ) | $ | (31,137 | ) | (101.2 | )% | 27.7 | % | (0.3 | )% |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change % | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Benefit from Income Taxes | $ | (358 | ) | $ | (1,293 | ) | $ | (935 | ) | 261.2 | % | (0.3 | )% | (1.0 | )% |
Six Months Ended June 30, | ||||||||||||||||||||||||
2020 | 2021 | Change $ | Change % | 2020 | 2021 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Income (Loss) | $ | (57,719 | ) | $ | 2,580 | $ | 60,299 | (104.5 | )% | (51.9 | )% | 2.1 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2022 | Change $ | Change% | 2021 | 2022 | |||||||||||||||||||
(Dollars in thousands) | % of Total Net Revenue | |||||||||||||||||||||||
Net Income | $ | 2,580 | $ | 10,856 | $ | 8,276 | 320.8 | % | 2.1 | % | 8.3 | % |
o | In July 2021, the SBA forgave all but $20,000 of the PPP loans, with the remaining PPP loan repaid in July 2021. |
December 31, 2021 | June 30, 2022 | |||||||
(Dollars in thousands) | ||||||||
2028 Notes | $ | 114,731 | $ | 114,731 | ||||
Less unamortized discount and debt issuance costs based on imputed interest rate of 7.64% | (3,844 | ) | (3,549 | ) | ||||
2028 Notes, net carrying value | 110,887 | 111,182 | ||||||
2024 Notes | 60,174 | 44,685 | ||||||
Less unamortized debt issuance costs based on imputed interest rate of 7.10% | (480 | ) | (272 | ) | ||||
2024 Notes, net carrying value | 59,694 | 44,413 | ||||||
Asset-Based Revolving Credit Facility principal outstanding (1) | — | 10 | ||||||
Long-term debt less unamortized discount and debt issuance costs | $ | 170,581 | $ | 155,605 | ||||
Less current portion | — | (10 | ) | |||||
Long-term debt less unamortized discount and debt issuance costs, net of current portion | $ | 170,581 | $ | 155,595 | ||||
(1) | As of June 30, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $24.3 million, outstanding borrowings of $10,000, and $0.3 million of outstanding letters of credit, resulting in a $24.0 million borrowing base availability. |
Date | Principal Repurchased | Cash Paid | % of Face Value | Bond Issue Costs | Net Gain | Principal Repurchased | Cash Paid | % of Face Value | Bond Issue Costs | Net Gain (Loss) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
June 13, 2022 | $ | 5,000 | $ | 4,947 | 98.95 | % | $ | 35 | $ | 18 | ||||||||||||||||||||||||||||||
June 10, 2022 | 3,000 | 2,970 | 99.00 | % | 21 | 9 | ||||||||||||||||||||||||||||||||||
June 7, 2022 | 2,464 | 2,446 | 99.25 | % | 17 | 1 | ||||||||||||||||||||||||||||||||||
May 17, 2022 | 2,525 | 2,500 | 99.00 | % | 18 | 7 | ||||||||||||||||||||||||||||||||||
January 12, 2022 | 2,500 | 2,531 | 101.26 | % | 22 | (53 | ) | |||||||||||||||||||||||||||||||||
December 10, 2021 | 35,000 | 35,591 | 101.69 | % | 321 | (912 | ) | |||||||||||||||||||||||||||||||||
October 25, 2021 | 2,000 | 2,020 | 101.00 | % | 19 | (39 | ) | |||||||||||||||||||||||||||||||||
October 12, 2021 | 250 | 251 | 100.38 | % | 2 | (3 | ) | |||||||||||||||||||||||||||||||||
October 5, 2021 | 763 | 766 | 100.38 | % | 7 | (10 | ) | |||||||||||||||||||||||||||||||||
October 4, 2021 | 628 | 629 | 100.13 | % | 6 | (7 | ) | |||||||||||||||||||||||||||||||||
September 24, 2021 | 4,700 | 4,712 | 100.25 | % | 44 | (56 | ) | |||||||||||||||||||||||||||||||||
January 30, 2020 | $ | 2,250 | $ | 2,194 | 97.50 | % | $ | 34 | $ | 22 | 2,250 | 2,194 | 97.50 | % | 34 | 22 | ||||||||||||||||||||||||
January 27, 2020 | 1,245 | 1,198 | 96.25 | % | 20 | 27 | 1,245 | 1,198 | 96.25 | % | 20 | 27 | ||||||||||||||||||||||||||||
December 27, 2019 | 3,090 | 2,874 | 93.00 | % | 48 | 167 | 3,090 | 2,874 | 93.00 | % | 48 | 167 | ||||||||||||||||||||||||||||
November 27, 2019 | 5,183 | 4,548 | 87.75 | % | 82 | 553 | 5,183 | 4,548 | 87.75 | % | 82 | 553 | ||||||||||||||||||||||||||||
November 15, 2019 | 3,791 | 3,206 | 84.58 | % | 61 | 524 | 3,791 | 3,206 | 84.58 | % | 61 | 524 | ||||||||||||||||||||||||||||
March 28, 2019 | 2,000 | 1,830 | 91.50 | % | 37 | 134 | 2,000 | 1,830 | 91.50 | % | 37 | 134 | ||||||||||||||||||||||||||||
March 28, 2019 | 2,300 | 2,125 | 92.38 | % | 42 | 133 | 2,300 | 2,125 | 92.38 | % | 42 | 133 | ||||||||||||||||||||||||||||
February 20, 2019 | 125 | 114 | 91.25 | % | 2 | 9 | 125 | 114 | 91.25 | % | 2 | 9 | ||||||||||||||||||||||||||||
February 19, 2019 | 350 | 319 | 91.25 | % | 7 | 24 | 350 | 319 | 91.25 | % | 7 | 24 | ||||||||||||||||||||||||||||
February 12, 2019 | 1,325 | 1,209 | 91.25 | % | 25 | 91 | 1,325 | 1,209 | 91.25 | % | 25 | 91 | ||||||||||||||||||||||||||||
January 10, 2019 | 570 | 526 | 92.25 | % | 9 | 35 | 570 | 526 | 92.25 | % | 9 | 35 | ||||||||||||||||||||||||||||
December 21, 2018 | 2,000 | 1,835 | 91.75 | % | 38 | 127 | 2,000 | 1,835 | 91.75 | % | 38 | 127 | ||||||||||||||||||||||||||||
December 21, 2018 | 1,850 | 1,702 | 92.00 | % | 35 | 113 | 1,850 | 1,702 | 92.00 | % | 35 | 113 | ||||||||||||||||||||||||||||
December 21, 2018 | 1,080 | 999 | 92.50 | % | 21 | 60 | 1,080 | 999 | 92.50 | % | 21 | 60 | ||||||||||||||||||||||||||||
November 17, 2018 | 1,500 | 1,357 | 90.50 | % | 29 | 114 | 1,500 | 1,357 | 90.50 | % | 29 | 114 | ||||||||||||||||||||||||||||
May 4, 2018 | 4,000 | 3,770 | 94.25 | % | 86 | 144 | 4,000 | 3,770 | 94.25 | % | 86 | 144 | ||||||||||||||||||||||||||||
April 10, 2018 | 4,000 | 3,850 | 96.25 | % | 87 | 63 | 4,000 | 3,850 | 96.25 | % | 87 | 63 | ||||||||||||||||||||||||||||
April 9, 2018 | 2,000 | 1,930 | 96.50 | % | 43 | 27 | 2,000 | 1,930 | 96.50 | % | 43 | 27 | ||||||||||||||||||||||||||||
$ | 38,659 | $ | 35,586 | $ | 706 | $ | 2,367 | $ 97,489 | $ 94,949 | $ 1,218 | $ 1,322 | |||||||||||||||||||||||||||||
December 31, 2020 | June 30, 2021 | |||||||
(Dollars in thousands) | ||||||||
6.75% Senior Secured Notes | $ | 216,341 | $ | 216,341 | ||||
Less unamortized debt issuance costs based on imputed interest rate of 7.08% | (2,577 | ) | (2,209 | ) | ||||
6.75% Senior Secured Notes net carrying value | 213,764 | 214,132 | ||||||
Asset-Based Revolving Credit Facility principal outstanding | 5,000 | — | ||||||
SBA Paycheck Protection Program loans | — | 11,195 | ||||||
Long-term debt less unamortized debt issuance costs | $ | 218,764 | $ | 225,327 | ||||
Less current portion | (5,000 | ) | — | |||||
Long-term debt less unamortized debt issuance costs, net of current portion | $ | 213,764 | $ | 225,327 | ||||
Amount | Amount | |||||||
For the Year Ended June 30, | (Dollars in thousands) | (Dollars in thousands) | ||||||
2022 | $ | — | ||||||
2023 | — | $ | 10 | |||||
2024 | 216,341 | 44,685 | ||||||
2025 | — | — | ||||||
2026 | 11,195 | — | ||||||
2027 | — | |||||||
Thereafter | — | 114,731 | ||||||
$ | 227,536 | $ | 159,426 | |||||
ITEM 3. |
ITEM 4. |
Exhibit Number | Exhibit Description | Form | File No. | Date of First Filing | Exhibit Number | Filed Herewith | ||||||||||||||
31.1 | Certification of | - | - | X | ||||||||||||||||
31.2 | Certification of Evan D. Masyr Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act. | - | - | X | ||||||||||||||||
32.1 | Certification of | - | - | X | ||||||||||||||||
32.2 | Certification of Evan D. Masyr Pursuant to 18 U.S.C. Section 1350. | - | - | X | ||||||||||||||||
101 | The following financial information from the Quarterly Report on Form 10Q for the three and six months ended June 30, | - | - | X | ||||||||||||||||
104 | The cover page of this Quarterly Report on Form 10-Q, formattedin inline | - | - | - | - | X |
SALEM MEDIA GROUP, INC. | ||||||
August 4, | ||||||
By: | /s/ | |||||
Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
August 4, | ||||||
By: | /s/ EVAN D. MASYR | |||||
Evan D. Masyr | ||||||
Executive Vice President and Chief Financial Officer | ||||||
(Principal Financial Officer) |