Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | May 19, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Entity File Number | 0-25969 | ||
Entity Registrant Name | URBAN ONE, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-1166660 | ||
Entity Address, Address Line One | 1010 Wayne Avenue | ||
Entity Address, Address Line Two | 14th Floor | ||
Entity Address, City or Town | Silver Spring | ||
Entity Address, State or Province | MD | ||
City Area Code | (301) | ||
Local Phone Number | 429-3200 | ||
Entity Address, Postal Zip Code | 20910 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 95 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Auditor Name | BDO USA, LLP | ||
Auditor Firm ID | 243 | ||
Auditor Location | Potomac, Maryland | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001041657 | ||
Current Fiscal Year End Date | --12-31 | ||
Title of 12(b) Security | None | ||
Trading Symbol | UONE | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,854,682 | ||
Title of 12(g) Security | Class A Common Stock, $0.001 Par Value | ||
Trading Symbol | UONE | ||
Security Exchange Name | NASDAQ | ||
Common Stock Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,861,843 | ||
Common Stock Class C | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,045,016 | ||
Common Stock Class D | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 34,095,068 | ||
Title of 12(g) Security | Class D Common Stock, $0.001 Par Value | ||
Trading Symbol | UONEK | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 75,404 | $ 132,245 |
Restricted cash | 19,975 | 19,973 |
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively | 143,264 | 127,759 |
Prepaid expenses | 8,729 | 2,967 |
Current portion of content assets | 34,003 | 25,883 |
Other current assets | 8,372 | 3,497 |
Total current assets | 289,747 | 312,324 |
CONTENT ASSETS, net | 86,378 | 60,155 |
PROPERTY AND EQUIPMENT, net | 27,758 | 26,291 |
GOODWILL | 216,599 | 223,402 |
RIGHT OF USE ASSETS | 31,879 | 37,956 |
RADIO BROADCASTING LICENSES | 488,419 | 501,420 |
OTHER INTANGIBLE ASSETS, net | 55,193 | 47,921 |
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021 | 136,826 | 112,600 |
OTHER ASSETS | 5,688 | 6,956 |
Total assets | 1,338,487 | 1,329,025 |
CURRENT LIABILITIES: | ||
Accounts payable | 18,003 | 16,892 |
Accrued interest | 23,111 | 25,458 |
Accrued compensation and related benefits | 17,421 | 10,960 |
Current portion of content payables | 26,718 | 18,972 |
Current portion of lease liabilities | 8,690 | 10,072 |
Other current liabilities | 36,320 | 24,430 |
Total current liabilities | 130,263 | 106,784 |
LONG-TERM DEBT, net of original issue discount and issuance costs | 739,000 | 818,616 |
CONTENT PAYABLES, net of current portion | 10,365 | 2,865 |
LONG-TERM LEASE LIABILITIES | 25,545 | 31,228 |
OTHER LONG-TERM LIABILITIES | 34,540 | 28,320 |
DEFERRED TAX LIABILITIES, net | 39,704 | 18,877 |
Total liabilities | 979,417 | 1,006,690 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE NONCONTROLLING INTERESTS | 25,298 | 18,655 |
STOCKHOLDERS' EQUITY: | ||
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2022 and 2021 | 0 | 0 |
Accumulated other comprehensive income | 73,227 | 54,950 |
Additional paid-in capital | 993,484 | 1,018,996 |
Accumulated deficit | (732,988) | (770,317) |
Total stockholders' equity | 333,772 | 303,680 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | 1,338,487 | 1,329,025 |
Common Stock Class A | ||
STOCKHOLDERS' EQUITY: | ||
Common stock value | 10 | 9 |
Common Stock Class B | ||
STOCKHOLDERS' EQUITY: | ||
Common stock value | 3 | 3 |
Common Stock Class C | ||
STOCKHOLDERS' EQUITY: | ||
Common stock value | 2 | 2 |
Common Stock Class D | ||
STOCKHOLDERS' EQUITY: | ||
Common stock value | $ 34 | $ 37 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts receivable (in dollars) | $ 8,811 | $ 8,743 |
Debt securities, available-for-sale, amortized cost | $ 40,000 | $ 40,000 |
Convertible Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Convertible Preferred stock, shares outstanding | 0 | 0 |
Common Stock Class A | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 9,854,682 | 9,104,916 |
Common stock, shares outstanding | 9,854,682 | 9,104,916 |
Common Stock Class B | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 2,861,843 | 2,861,843 |
Common stock, shares outstanding | 2,861,843 | 2,861,843 |
Common Stock Class C | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 2,045,016 | 2,045,016 |
Common stock, shares outstanding | 2,045,016 | 2,045,016 |
Common Stock Class D | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 33,618,227 | 37,324,737 |
Common stock, shares outstanding | 33,618,227 | 37,324,737 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
NET REVENUE | $ 484,604 | $ 440,285 |
OPERATING EXPENSES: | ||
Programming and technical including stock-based compensation of $7 and $20, respectively | 122,636 | 119,092 |
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively | 160,230 | 142,010 |
Corporate selling, general and administrative, including stock-based compensation of $6,349 and $514, respectively | 56,334 | 51,351 |
Depreciation and amortization | 10,034 | 9,289 |
Impairment of long-lived assets | 40,683 | 2,104 |
Total operating expenses | 389,917 | 323,846 |
Operating income | 94,687 | 116,439 |
INTEREST INCOME | 939 | 218 |
INTEREST EXPENSE | 61,751 | 65,702 |
(GAIN) LOSS ON RETIREMENT OF DEBT | (6,718) | 6,949 |
OTHER INCOME, net | (16,083) | (8,134) |
Income before provision for income taxes and noncontrolling interests in income of subsidiaries | 56,676 | 52,140 |
PROVISION FOR INCOME TAXES | 16,721 | 13,034 |
NET INCOME | 39,955 | 39,106 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,626 | 2,315 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 37,329 | $ 36,791 |
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||
Net income attributable to common stockholders | $ 0.76 | $ 0.73 |
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||
Net income attributable to common stockholders | $ 0.72 | $ 0.68 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||
Basic | 48,928,063 | 50,163,600 |
Diluted | 52,174,337 | 54,136,641 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Programming And Technical | ||
Allocated Share-based Compensation Expense | $ 7,000 | $ 20,000 |
Selling, General and Administrative Expenses | ||
Allocated Share-based Compensation Expense | 239,000 | 31,000 |
Corporate Selling, General and Administrative | ||
Allocated Share-based Compensation Expense | $ 6,349,000 | $ 514,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Unrealized gain on available-for-sale securities | $ 24,226 | $ 9,500 |
Income tax expense related to unrealized gain on available-for-sale securities | (5,949) | (2,305) |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 18,277 | 7,195 |
COMPREHENSIVE INCOME | 58,232 | 46,301 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,626 | 2,315 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 55,606 | $ 43,986 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Preferred Stock Convertible Preferred Stock | Common Stock Common Stock Class A | Common Stock Common Stock Class B | Common Stock Common Stock Class C | Common Stock Common Stock Class D | Accumulated Other Comprehensive Income | Additional Paid-In Capital | Accumulated Deficit | Total |
BALANCE at Dec. 31, 2020 | $ 0 | $ 4 | $ 3 | $ 3 | $ 38 | $ 47,755 | $ 990,528 | $ (807,108) | $ 231,223 |
Net income | 7 | 7 | |||||||
Stock-based compensation expense | 253 | 253 | |||||||
Repurchase of shares of common stock | (1) | (871) | (872) | ||||||
Issuance of shares of Class A common stock | 2 | 12,123 | 12,125 | ||||||
Other comprehensive income, net of tax | (908) | (908) | |||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (128) | (128) | |||||||
BALANCE at Mar. 31, 2021 | 6 | 3 | 3 | 37 | 46,847 | 1,001,905 | (807,101) | 241,700 | |
BALANCE at Dec. 31, 2020 | 0 | 4 | 3 | 3 | 38 | 47,755 | 990,528 | (807,108) | 231,223 |
Net income | 17,620 | 17,620 | |||||||
Stock-based compensation expense | 425 | 425 | |||||||
Repurchase of shares of common stock | (1) | (904) | (905) | ||||||
Issuance of shares of Class A common stock | 4 | 33,278 | 33,282 | ||||||
Exercise of options for common stock | 315 | 315 | |||||||
Other comprehensive income, net of tax | 2,484 | 2,484 | |||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (2,641) | (2,641) | |||||||
BALANCE at Jun. 30, 2021 | 8 | 3 | 3 | 37 | 50,239 | 1,021,001 | (789,488) | 281,803 | |
BALANCE at Dec. 31, 2020 | 0 | 4 | 3 | 3 | 38 | 47,755 | 990,528 | (807,108) | 231,223 |
Net income | 31,505 | 31,505 | |||||||
Stock-based compensation expense | 478 | 478 | |||||||
Repurchase of shares of common stock | (1) | (943) | (944) | ||||||
Issuance of shares of Class A common stock | 4 | 33,273 | 33,277 | ||||||
Exercise of options for common stock | 366 | 366 | |||||||
Other comprehensive income, net of tax | 5,796 | 5,796 | |||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (4,741) | (4,741) | |||||||
BALANCE at Sep. 30, 2021 | 8 | 3 | 3 | 37 | 53,551 | 1,018,961 | (775,603) | 296,960 | |
BALANCE at Dec. 31, 2020 | 0 | 4 | 3 | 3 | 38 | 47,755 | 990,528 | (807,108) | 231,223 |
Net income | 0 | 0 | 0 | 0 | 0 | 0 | 36,791 | 36,791 | |
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 565 | 0 | 565 | |
Repurchase of shares of common stock | 0 | 0 | 0 | 0 | (1) | (969) | 0 | (970) | |
Issuance of shares of Class A common stock | 0 | 4 | 0 | 0 | 0 | 33,273 | 0 | 33,277 | |
Exercise of options for common stock | 0 | 0 | 0 | 0 | 0 | 397 | 0 | 397 | |
Conversion of common stock | 0 | 1 | 0 | (1) | 0 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 0 | 7,195 | 0 | 0 | 7,195 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | 0 | 0 | 0 | (4,798) | 0 | (4,798) | |
BALANCE at Dec. 31, 2021 | 0 | 9 | 3 | 2 | 37 | 54,950 | 1,018,996 | (770,317) | 303,680 |
BALANCE at Mar. 31, 2021 | 6 | 3 | 3 | 37 | 46,847 | 1,001,905 | (807,101) | 241,700 | |
Net income | 17,613 | ||||||||
Other comprehensive income, net of tax | 3,392 | ||||||||
BALANCE at Jun. 30, 2021 | 8 | 3 | 3 | 37 | 50,239 | 1,021,001 | (789,488) | 281,803 | |
Net income | 13,885 | ||||||||
Other comprehensive income, net of tax | 3,312 | ||||||||
BALANCE at Sep. 30, 2021 | 8 | 3 | 3 | 37 | 53,551 | 1,018,961 | (775,603) | 296,960 | |
Net income | 5,286 | ||||||||
Other comprehensive income, net of tax | 1,399 | ||||||||
BALANCE at Dec. 31, 2021 | 0 | 9 | 3 | 2 | 37 | 54,950 | 1,018,996 | (770,317) | 303,680 |
Net income | 16,493 | 16,493 | |||||||
Stock-based compensation expense | 124 | 124 | |||||||
Repurchase of shares of common stock | (10) | (10) | |||||||
Other comprehensive income, net of tax | 7,896 | 7,896 | |||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (871) | (871) | |||||||
BALANCE at Mar. 31, 2022 | 9 | 3 | 2 | 37 | 62,846 | 1,018,239 | (753,824) | 327,312 | |
BALANCE at Dec. 31, 2021 | 0 | 9 | 3 | 2 | 37 | 54,950 | 1,018,996 | (770,317) | 303,680 |
Net income | 33,066 | 33,066 | |||||||
Stock-based compensation expense | 460 | 460 | |||||||
Repurchase of shares of common stock | (4) | (24,665) | (24,669) | ||||||
Exercise of options for common stock | 50 | 50 | |||||||
Other comprehensive income, net of tax | 7,971 | 7,971 | |||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (1,907) | (1,907) | |||||||
BALANCE at Jun. 30, 2022 | 9 | 3 | 2 | 33 | 62,921 | 992,934 | (737,251) | 318,651 | |
BALANCE at Dec. 31, 2021 | 0 | 9 | 3 | 2 | 37 | 54,950 | 1,018,996 | (770,317) | 303,680 |
Net income | 36,473 | 36,473 | |||||||
Stock-based compensation expense | 1 | 1 | 5,467 | 5,469 | |||||
Repurchase of shares of common stock | (4) | (26,482) | (26,486) | ||||||
Exercise of options for common stock | 50 | 50 | |||||||
Other comprehensive income, net of tax | 2,275 | 2,275 | |||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (3,440) | (3,440) | |||||||
BALANCE at Sep. 30, 2022 | 10 | 3 | 2 | 34 | 57,225 | 994,591 | (733,844) | 318,021 | |
BALANCE at Dec. 31, 2021 | 0 | 9 | 3 | 2 | 37 | 54,950 | 1,018,996 | (770,317) | 303,680 |
Net income | 0 | 0 | 0 | 0 | 0 | 0 | 37,329 | 37,329 | |
Stock-based compensation expense | 0 | 1 | 0 | 0 | 1 | 6,593 | 0 | 6,595 | |
Repurchase of shares of common stock | 0 | 0 | 0 | 0 | (4) | (26,539) | 0 | (26,543) | |
Exercise of options for common stock | 0 | 0 | 0 | 0 | 0 | 50 | 0 | 50 | |
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 0 | 18,277 | 0 | 0 | 18,277 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | 0 | 0 | 0 | (5,616) | 0 | (5,616) | |
BALANCE at Dec. 31, 2022 | $ 0 | 10 | 3 | 2 | 34 | 73,227 | 993,484 | (732,988) | 333,772 |
BALANCE at Mar. 31, 2022 | 9 | 3 | 2 | 37 | 62,846 | 1,018,239 | (753,824) | 327,312 | |
Net income | 16,573 | ||||||||
Other comprehensive income, net of tax | 75 | ||||||||
BALANCE at Jun. 30, 2022 | 9 | 3 | 2 | 33 | 62,921 | 992,934 | (737,251) | 318,651 | |
Net income | 3,407 | ||||||||
Other comprehensive income, net of tax | (5,696) | ||||||||
BALANCE at Sep. 30, 2022 | $ 10 | $ 3 | $ 2 | $ 34 | $ 57,225 | $ 994,591 | $ (733,844) | $ 318,021 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares exercised | 60,240 | 229,756 | ||||||
Common Stock Class A | ||||||||
Shares issued | 1,886,265 | 3,779,391 | 3,779,391 | 3,779,391 | ||||
Shares converted | 883,890 | |||||||
Common Stock Class C | ||||||||
Shares converted | 883,890 | |||||||
Common Stock Class D | ||||||||
Shares repurchased | 2,649 | 495,296 | 4,684,419 | 509,347 | 4,684,419 | 519,347 | 5,124,671 | 521,877 |
Shares exercised | 60,240 | 197,256 | 60,240 | 219,756 | 229,756 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 39,955,000 | $ 39,106,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 10,034,000 | 9,289,000 |
Amortization of debt financing costs | 1,989,000 | 2,267,000 |
Amortization of content assets | 43,533,000 | 47,126,000 |
Amortization of launch assets | 4,380,000 | 1,600,000 |
Bad debt expense | 1,425,000 | 1,584,000 |
Deferred income taxes | 14,878,000 | 11,971,000 |
Reduction in the carrying amount of right of use assets | 8,716,000 | 7,793,000 |
Non-cash interest expense | 0 | 158,000 |
Impairment of goodwill and broadcasting licenses | 40,683,000 | 2,104,000 |
Stock-based compensation | 6,595,000 | 565,000 |
Non-cash fair value adjustment of Employment Agreement Award | 2,129,000 | 6,163,000 |
Non-cash income on PPP loan forgiveness | (7,575,000) | 0 |
(Gain) loss on retirement of debt | (6,718,000) | 6,949,000 |
Gain on asset exchange agreement | 0 | 404,000 |
Effect of change in operating assets and liabilities, net of assets acquired: | ||
Trade accounts receivable | (16,930,000) | (22,807,000) |
Prepaid expenses and other current assets | (6,691,000) | 6,651,000 |
Other assets | 1,022,000 | (13,745,000) |
Accounts payable | 1,111,000 | 3,606,000 |
Accrued interest | (2,347,000) | 17,441,000 |
Accrued compensation and related benefits | 6,461,000 | (1,342,000) |
Other liabilities | (3,710,000) | (1,288,000) |
Payment of launch support | (9,250,000) | 0 |
Changes in content assets | (62,630,000) | (45,445,000) |
Net cash flows provided by operating activities | 67,060,000 | 80,150,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (6,763,000) | (6,286,000) |
Proceeds from sale of broadcasting assets | 3,080,000 | 8,000,000 |
Acquisition of broadcasting assets | (25,000,000) | 0 |
Net cash flows (used in) provided by investing activities | (28,683,000) | 1,714,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of Class A common stock, net of fees | 0 | 33,277,000 |
Proceeds from exercise of stock options | 50,000 | 397,000 |
Repurchase of 2028 Notes | (67,124,000) | 0 |
Payment of dividends to noncontrolling interest members of Reach Media | (1,599,000) | (2,400,000) |
Repurchase of common stock | (26,543,000) | (970,000) |
Proceeds from 2028 Notes | 0 | 825,000,000 |
Proceeds from PPP Loan | 0 | 7,505,000 |
Debt refinancing costs | 0 | (11,157,000) |
Repayment of MGM National Harbor Loan | 0 | (57,889,000) |
Repayment of 7.375% Notes | 0 | (2,984,000) |
Repayment of 8.75% Notes | 0 | (347,016,000) |
Net cash flows used in financing activities | (95,216,000) | (3,504,000) |
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (56,839,000) | 78,360,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 152,218,000 | 73,858,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 95,379,000 | 152,218,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for: Interest | 62,039,000 | 45,836,000 |
Cash paid for: Income taxes, net of refunds | 2,089,000 | 1,142,000 |
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: | ||
Assets acquired under Audacy asset exchange | 0 | 28,193,000 |
Liabilities recognized under asset exchange/asset acquisition | 1,240,000 | 2,669,000 |
Right of use asset and lease liability additions | 3,876,000 | 6,392,000 |
Right of use asset and lease liability terminations | 2,418,000 | 0 |
Non-cash launch additions | 9,500,000 | 0 |
Non-cash content asset additions | 15,246,000 | 0 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | 5,616,000 | 4,798,000 |
2018 Credit Facility. | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of credit facility | 0 | (129,935,000) |
2017 Credit Facility. | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of credit facility | $ 0 | $ (317,332,000) |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION | |
ORGANIZATION | 1. ORGANIZATION: Urban One, Inc., a Delaware corporation, and its subsidiaries, (collectively, “Urban One,” the “Company”, “we”, “our” and/or “us”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of December 31, 2022, we owned and/or operated 66 independently formatted, revenue producing broadcast stations (including 55 FM or AM stations, 9 HD stations, and the 2 low power television stations we operate), located in 13 of the most populous African-American markets in the United States. While a core source of our revenue has historically been and remains the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate the premier multi-media entertainment and information content platform targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include TV One, LLC (“TV One”), which operates two cable television networks targeting African-American and urban viewers, TV One and CLEO TV; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Rickey Smiley Morning Show and our other syndicated programming assets, including the Get Up! Mornings with Erica Campbell Show, Russ Parr Morning Show and the DL Hughley Show; and Interactive One, LLC (“Interactive One”), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its iONE Digital, Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. As of December 31, 2022, we held a minority ownership interest in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. As of March 2023, following the exercise of a put option available to us, we no longer hold the MGM Investment, please refer to Note 18 – Subsequent Events Our core radio broadcasting franchise operates under the brand “Radio One.” We also operate other brands, such as TV One, CLEO TV, Reach Media, iONE Digital and One Solution, while developing additional branding reflective of our diverse media operations and our targeting of African-American and urban audiences. As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 16 – Segment Information . Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make certain estimates and assumptions. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. The Company bases these estimates on historical experience, current economic environment or various other assumptions that are believed to be reasonable under the circumstances. However, continuing economic uncertainty and any disruption in financial markets increase the possibility that actual results may differ from these estimates. Principles of Consolidation The consolidated financial statements include the accounts and operations of Urban One and subsidiaries in which Urban One has a controlling financial interest, which is generally determined when the Company holds a majority voting interest. All intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity. |
RESTATEMENT OF FINANCIAL STATEM
RESTATEMENT OF FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
RESTATEMENT OF FINANCIAL STATEMENTS | |
RESTATEMENT OF FINANCIAL STATEMENTS | 2. RESTATEMENT OF FINANCIAL STATEMENTS: In connection with the preparation of the consolidated financial statements for the year ended December 31, 2022, the Company re-evaluated its accounting for the valuation of the MGM Investment and determined that adjustments are required to its previously issued financial statements as of December 31, 2021 and the interim periods ended March 31, June 30, and September 30, 2022 and 2021 (collectively, the “Affected Periods”) due to understatements in the value of the MGM Investment, and related tax effects. In accordance with accounting guidance presented in ASC 250-10, SEC Staff Accounting Bulletin No. 99, “Materiality”, and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” for the purpose of a materiality assessment, management assessed the materiality of the error and concluded that it was material to the Company’s financial statements included in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q covering the Affected Periods. In addition to the adjustments related to the MGM Investment, the Company included corrections for misstatements that were deemed immaterial to any period presented in our previously issued financial statements. These misstatements are related to radio broadcasting license impairment, right of use assets, fair value of the Reach Media redeemable noncontrolling interest, amortization of certain launch assets, misclassifications of certain balance sheet items, and any related tax effects. The Company also corrected certain line items within the statements of cash flows and certain disclosures relating to deferred tax assets and content assets for errors identified. Accordingly, the Company has restated herein its audited financial statements as of and for the year ended December 31, 2021. The Company has also restated its unaudited quarterly financial statements as of and for all quarters in the year ended December 31, 2021 and as of and for the quarters ended March 31, June 30, and September 30, 2022 in Note 17 to the consolidated financial statements. Restatement Background MGM Investment Prior to and as of the period ended September 30, 2022, the Company accounted for its investment in MGM National Harbor at cost less impairment under ASC 321, “ Investments – Equity Securities Investments – Debt Securities The correction of this misstatement resulted in approximately $112.6 million being recorded to debt security – available-for-sale, a decrease to other assets of $40.0 million, an increase to deferred tax liabilities, net of approximately $17.6 million, an increase to accumulated other comprehensive income of approximately $55.0 million, and a decrease to accumulated deficit of less than $100,000 Other Adjustments Radio Broadcast License Impairment During the impairment assessment in the second quarter of 2022, the Company became aware that a specific assumption used to estimate total market revenues in the valuation of the Houston and Dallas assets for the three years ended December 31, 2019, 2020, and 2021 was incorrect and resulted in overstatements of the fair value of the radio broadcasting licenses by approximately $1.1 million, $2.8 million, and $2.1 million as of December 31, 2019, March 31, 2020, and December 31, 2021, respectively, and understated by approximately $2.3 million as of September 30, 2020. Accordingly, the Company recorded an out-of-period non-cash impairment charge of approximately $3.7 million during the three months ended June 30, 2022 as the Company determined that the errors were not material to any previous period and that correcting the errors in the three-month and six-month periods ended June 30, 2022 would not materially misstate net revenue or pre-tax income for the full year, as of and for the period ended December 31, 2022, or the earnings trend and therefore could be corrected in the period ending June 30, 2022. Additionally, during the preparation of the financial statements for the year ended December 31, 2022, the Company identified that certain assumptions used in the valuation of the Atlanta, Dallas, Houston, Raleigh, and Richmond assets for the quarters ended June 30 and September 30, 2022 were incorrect and resulted in overstatements of the fair value of the radio broadcasting licenses by approximately $1.7 million and $1.0 million, respectively. The Company, in the process of rectifying the material MGM Investment error identified above, determined it was necessary to accurately reflect the out-of-period non-cash impairment charge of approximately $3.7 million across all Affected Periods and to record the non-cash impairment charges of approximately $1.7 million and $1.0 million for the second and third quarters of 2022, respectively. Consequently, the Company made the following adjustments: a reversal of the $3.7 million impairment charge recorded in the second quarter of 2022, an opening balance sheet adjustment of a $1.6 million non-cash impairment charge for 2019 and 2020 during the first quarter of 2021, a $2.1 million impairment charge in the fourth quarter of 2021, and approximately $1.7 million and $1.0 million of impairment charges during the second and third quarters of 2022. Additionally, the Company included the associated tax implications of these adjustments. The correction of this misstatement resulted in a decrease to radio broadcasting licenses of $3.7 million, an increase to deferred tax assets, net of $905,000, and an increase to accumulated deficit of $2.8 million in the consolidated balance sheet as of December 31, 2021. Impairment of long-lived assets increased by $2.1 million and provision for income taxes decreased by $510,000 in the consolidated statement of operations for the year ended December 31, 2021. Comprehensive income in the consolidated statements of comprehensive income for the year ended December 31, 2021, decreased by $1.6 million. The Company recorded an opening balance adjustment of $1.2 million and an adjustment of $1.6 million to reduce consolidated net income within accumulated deficit in the December 31, 2021 consolidated statement of changes in stockholders’ equity. While in the consolidated statement of cash flows for the year ended December 31, 2021, this correction reduced consolidated net income by $1.6 million, reduced deferred income taxes by $510,000, and increased impairment of long-lived assets by $2.1 million, it had no impact financing Right of Use Assets During the adoption of ASC 842, “ Leases The correction of this misstatement resulted in a decrease to ROU assets of approximately $1.3 million, a decrease to deferred tax assets, net of approximately $308,000, and an increase to accumulated deficit of $960,000 in the consolidated balance sheet as of December 31, 2021. The opening balance within accumulated deficit in the December 31, 2021 consolidated statement of changes in stockholders’ equity was increased by $960,000. This correction did not impact the consolidated statement of operations, consolidated statement of comprehensive income, and consolidated statement of cash flows for the year ended December 31, 2021. Reach Media Redeemable Noncontrolling Interest The redeemable noncontrolling interest is measured at fair value using a discounted cash flow methodology, adjusted for excess available working capital. In connection with the preparation of its financial statements for the year ended December 31, 2022, the Company identified an error in its calculation of excess working capital which understated the value of the redeemable noncontrolling interest. As a result, the Company determined it was necessary to correct the error and recorded opening adjustments to the redeemable noncontrolling interests and additional paid-in capital (“APIC”) for the Affected Periods. The correction of this misstatement resulted in an increase to redeemable noncontrolling interest and a decrease to additional paid-in capital of approximately $1.6 million in the consolidated balance sheet as of December 31, 2021. The Company recorded $399,000 to increase the adjustment of redeemable noncontrolling interests to estimated redemption value and recorded an opening balance adjustment of approximately $1.2 million within APIC in the December 31, 2021 consolidated statement of changes in stockholders’ equity. This correction did not impact the consolidated statement of operations, consolidated statement of comprehensive income, and consolidated statement of cash flows for the year ended December 31, 2021. Launch Assets The cable television segment has entered into certain affiliate agreements requiring various payments for launch support, which are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. The Company has historically recorded amortization associated with certain launch assets within selling, general and administrative expense in the consolidated statements of operations. In connection with the preparation of its financial statements for the year ended December 31, 2022, the Company determined that this amortization should have been recorded as a reduction to revenue. As a result, the Company has reclassified the amortization to reduce selling, general and administrative expense and net revenue in the consolidated statements of operations for the Affected Periods. The correction of this misstatement decreased both net revenue Balance Sheet Misclassifications The Company recorded adjustments to recognize certain balance sheet misclassifications for the Affected Periods. These adjustments primarily related to the classification of other current assets, other assets, other intangible assets, net, right of use assets, trade accounts receivable, net, other current liabilities, and accounts payable. Disclosure Exceptions In reconciling the income tax provision to actual tax returns filed, the Company identified that the 2021 estimate of nondeductible interest expense was calculated incorrectly. This error resulted in a disclosure exception within the Income Taxes footnote with net operating loss carryforwards During the fourth quarter of 2022, the Company identified certain fully amortized content assets that were no longer in service. Accordingly, balances associated with these fully amortized assets have been adjusted in the presentation of content assets in the Company’s footnote disclosures as of December 31, 2021. Specifically, the Company has reflected a reduction to ‘Completed’ content assets of approximately $279.3 million, a reduction to ‘Acquired Licensed’ content assets of approximately $4.6 million, and a decrease to accumulated amortization of approximately $283.9 million as of December 31, 2021. In addition, the Company recorded an adjustment of $837,000 from ‘Completed’ content assets to ‘In-Production’ content assets. This correction did not impact total net content assets disclosed within the footnote and included in the consolidated financial statements as of and for the year ended December 31, 2021. Statements of Cash Flows Prior to and as of the period ended September 30, 2022, the Company presented non-cash lease liability expense as an adjustment to net income within the consolidated statements of cash flows. During the fourth quarter of 2022, the Company identified that the non-cash lease liability expense should have been presented as a change in other liabilities and determined that it was necessary to correct the error for the Affected Periods. The correction of this misstatement resulted in a reduction to non-cash lease liability expense and an increase to other liabilities Description of Restatement Tables The following tables reflect the impact of the restatement to the specific line items presented in the Company’s consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of changes in stockholders’ equity, and consolidated statements of cash flows as of and for the year ended December 31, 2021. The previously reported amounts were derived from the Company's Original Filing. These amounts are labeled “As Previously Reported” in the tables below. The column labeled “Adjustments” represents the impact of the correction of the MGM Investment. The column labeled “Other Adjustments” represents the combined effects of the corrections of the misstatements relating to radio broadcasting license impairment, right of use assets, fair value of the Reach Media redeemable noncontrolling interest, amortization of certain launch assets, misclassifications of certain line items in the balance sheets and statements of cash flows, and any related tax effects, as described above, that were deemed immaterial to any period presented in our previously issued financial statements. Consolidated Balance Sheets As of December 31, 2021 As Previously Reported Adjustments Other Adjustments As Restated (In thousands) ASSETS CURRENT ASSETS: Trade accounts receivable, net of allowance for doubtful accounts of $8,743 $ 127,446 $ — $ 313 $ 127,759 Other current assets 4,760 — (1,263) 3,497 Total current assets 313,274 — (950) 312,324 RIGHT OF USE ASSETS 38,044 — (88) 37,956 RADIO BROADCASTING LICENSES 505,148 — (3,728) 501,420 OTHER INTANGIBLE ASSETS, net 50,159 — (2,238) 47,921 DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 — 112,600 — 112,600 OTHER ASSETS 44,635 (40,000) 2,321 6,956 Total assets $ 1,261,108 $ 72,600 $ (4,683) $ 1,329,025 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 14,588 $ — $ 2,304 $ 16,892 Other current liabilities 26,421 — (1,991) 24,430 Total current liabilities 106,471 — 313 106,784 DEFERRED TAX LIABILITIES, 2,473 17,617 (1,213) 18,877 Total liabilities 989,973 17,617 (900) 1,006,690 REDEEMABLE NONCONTROLLING INTERESTS 17,015 — 1,640 18,655 STOCKHOLDERS’ EQUITY: Accumulated other comprehensive income — 54,950 — 54,950 Additional paid-in capital 1,020,636 — (1,640) 1,018,996 Accumulated deficit (766,567) 33 (3,783) (770,317) Total stockholders’ equity 254,120 54,983 (5,423) 303,680 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 1,261,108 $ 72,600 $ (4,683) $ 1,329,025 Consolidated Statements of Operations Year Ended December 31, 2021 As Previously Other Reported Adjustments Adjustments As Restated (In thousands, except share data) NET REVENUE $ 441,462 $ — $ (1,177) $ 440,285 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $31 143,187 — (1,177) 142,010 Impairment of long-lived assets — — 2,104 2,104 Total operating expenses 322,919 — 927 323,846 Operating income (loss) 118,543 — (2,104) 116,439 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 54,244 — (2,104) 52,140 PROVISION FOR (BENEFIT FROM) INCOME TAXES 13,577 (33) (510) 13,034 NET INCOME (LOSS) 40,667 33 (1,594) 39,106 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 38,352 $ 33 $ (1,594) $ 36,791 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.76 $ — $ (0.03) $ 0.73 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.71 $ — $ (0.03) $ 0.68 Consolidated Statements of Comprehensive Income Year Ended December 31, 2021 As Previously Other Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME, BEFORE TAX: Unrealized gain on available-for-sale securities $ — $ 9,500 $ — $ 9,500 Income tax expense related to unrealized gain on available-for-sale securities — (2,305) — (2,305) OTHER COMPREHENSIVE INCOME, NET OF TAX — 7,195 — 7,195 COMPREHENSIVE INCOME (LOSS) $ 40,667 $ 7,228 $ (1,594) $ 46,301 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 38,352 $ 7,228 $ (1,594) $ 43,986 Consolidated Statements of Changes in Stockholders’ Equity As Previously Reported Accumulated Convertible Common Common Common Common Other Additional Total Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Stockholders’ For the year ended December 31, 2021 Stock Class A Class B Class C Class D Income Capital Deficit Equity BALANCE, as of December 31, 2020 $ — $ 4 $ 3 $ 3 $ 38 $ — $ 991,769 $ (804,919) $ 186,898 Net income — — — — — — — 38,352 38,352 Stock-based compensation expense — — — — — — 565 — 565 Repurchase of 521,877 shares of Class D common stock — — — — (1) — (969) — (970) Issuance of 3,779,391 shares of Class A common stock — 4 — — — — 33,273 — 33,277 Exercise of options for 229,756 shares of Class D common stock — — — — — — 397 — 397 Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock — 1 — (1) — — — — — Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (4,399) — (4,399) BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Adjustments and Other Adjustments Accumulated Convertible Common Common Common Common Other Additional Total Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Stockholders’ For the year ended December 31, 2021 Stock Class A Class B Class C Class D Income Capital Deficit Equity BALANCE, as of December 31, 2020 $ — $ — $ — $ — $ — $ 47,755 $ (1,241) $ (2,189) $ 44,325 Net income — — — — — — — (1,561) (1,561) Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (399) — (399) Other comprehensive income, net of tax — — — — — 7,195 — — 7,195 Total Adjustments $ — $ — $ — $ — $ — $ 54,950 $ (1,640) $ (3,750) $ 49,560 As Restated Accumulated Convertible Common Common Common Common Other Additional Total Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Stockholders’ For the year ended December 31, 2021 Stock Class A Class B Class C Class D Income Capital Deficit Equity BALANCE, as of December 31, 2020 $ — $ 4 $ 3 $ 3 $ 38 $ 47,755 $ 990,528 $ (807,108) $ 231,223 Net income — — — — — — — 36,791 36,791 Stock-based compensation expense — — — — — — 565 — 565 Repurchase of 521,877 shares of Class D common stock — — — — (1) — (969) — (970) Issuance of 3,779,391 shares of Class A common stock — 4 — — — — 33,273 — 33,277 Exercise of options for 229,756 shares of Class D common stock — — — — — — 397 — 397 Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock — 1 — (1) — — — — — Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (4,798) — (4,798) Other comprehensive income, net of tax — — — — 7,195 — — 7,195 BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ 54,950 $ 1,018,996 $ (770,317) $ 303,680 Consolidated Statements of Cash Flows Year Ended December 31, 2021 As Previously Other As Reported Adjustments Adjustments Restated (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 40,667 $ 33 $ (1,594) $ 39,106 Adjustments to reconcile net income (loss) to net cash from operating activities: Deferred income taxes 12,514 (33) (510) 11,971 Non-cash lease liability expense 4,684 — (4,684) — Impairment of goodwill and broadcasting licenses — — 2,104 2,104 Effect of change in operating assets and liabilities, net of assets acquired: Trade accounts receivable (22,734) — (73) (22,807) Accounts payable 3,453 — 153 3,606 Other liabilities (5,892) — 4,604 (1,288) Net cash flows provided by operating activities 80,150 — — 80,150 NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: Adjustment of redeemable noncontrolling interests to estimated redemption value $ 4,399 $ — $ 399 $ 4,798 The remainder of the notes to the Company’s financial statements have been updated and restated, as applicable, to reflect the impacts of the restatement described above. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and money market funds at various commercial banks that have original maturities of 90 days or less. Investments with contractual maturities of 90 days or less from the date of original purchase are classified as cash and cash equivalents. For cash and cash equivalents, cost approximates fair value. The Company’s cash and cash equivalents are insured by the Federal Deposit Insurance Corporation. The Company has amounts held with banks that may exceed the amount of insurance provided on such accounts. Generally, the balances may be redeemed upon demand and are maintained with financial institutions of reputable credit, and therefore, bear minimal credit risk. On July 29, 2021, RVA Entertainment Holdings, LLC (“RVAEH”), a wholly owned unrestricted subsidiary of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort (the “Project”). The Original HCA imposed certain obligations on RVAEH in connection with the development of the Project, including a $26 million upfront payment (the “Upfront Payment”) due upon successful passage of a citywide referendum permitting development of the Project (the “Referendum”). In connection with the Original HCA, RVAEH and its former development partner Pacific Peninsula Entertainment funded the Upfront Payment into escrow to be released to the City upon successful passage of the Referendum or back to RVAEH in the event the Referendum failed. In November 2021, the required Referendum was conducted and failed to pass. However, on January 24, 2022, the Richmond City Council adopted a new resolution in efforts to bring the ONE Casino + Resort to the City. The new resolution was the first of several steps in pursuit of a second referendum. The City and RVAEH then entered into a new Host Community Agreement (the “New HCA”) which also included an Upfront Payment to be held in escrow and payable upon successful passage of a citywide referendum permitting development of the Project. After the City and RVAEH entered into the New HCA, the Virginia General Assembly passed legislation that sought to delay the second referendum that was anticipated to occur in November 2022. While there were some questions as to the applicability of the legislation, RVAEH and the City determined to adhere to the legislation and to seek a second referendum in November 2023. As a result of the efforts to obtain a second referendum, including execution of the New HCA and the determination to seek a second referendum in November 2023, the Upfront Payment remains in escrow. Therefore, the Company’s portion of the Upfront Payment, approximately $19.5 million is classified as restricted cash on the balance sheets as of December 31, 2022 and 2021. (b) Trade Accounts Receivable Trade accounts receivable which consists of both billed and unbilled receivables are recorded at their invoiced amount and are presented net of an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s estimate of the amount of probable losses in the Company’s existing accounts receivable portfolio. The Company determines the allowance based on the aging of the receivables, the impact of economic conditions on the advertisers’ ability to pay and other factors. Inactive delinquent accounts that are past due beyond a certain amount of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. (c) Goodwill and Indefinite-Lived Intangible Assets (Primarily Radio Broadcasting Licenses) In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with Accounting Standards Codification (“ASC”) 350, “ Intangibles - Goodwill and Other,” (d) Impairment of Long-Lived Assets and Intangible Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets The Company accounts for the impairment of long-lived assets and intangible assets, excluding goodwill and other indefinite-lived intangible assets, in accordance with ASC 360, “Property, Plant and Equipment (e) Financial Instruments Financial instruments as of December 31, 2022 and 2021, consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, and long-term debt. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2022 and 2021, except for the Company’s long-term debt. On January 25, 2021, the Company borrowed $825 million in aggregate principal amount of senior secured notes due February 2028 (the “2028 Notes”). The 7.375% 2028 Notes had a carrying value of approximately $750.0 million and fair value of approximately $646.9 million as of December 31, 2022, and had a carrying value of approximately $825.0 million and fair value of approximately $851.8 million as of December 31, 2021. The fair values of the 2028 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. On June 1, 2021, the Company borrowed approximately $7.5 million on a new PPP Loan (as defined in Note 11 – Long-Term Debt ). During the three months ended June 30, 2022, the PPP Loan and related accrued interest was forgiven and recorded as other income in the amount of approximately $7.6 million. The PPP Loan had a carrying value of approximately $7.5 million and fair value of approximately $7.5 million as of December 31, 2021. The fair value of the PPP Loan, classified as a Level 2 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. There were no borrowings outstanding on the Company’s asset-backed credit facility as of December 31, 2022 and 2021. (f) Revenue Recognition In accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606 Within our radio broadcasting and Reach Media segments, revenues are generated from the sale of spot advertisements and sponsorships. Revenue is recognized for each performance obligation based on the allocated transaction price and the pattern of transfer to the customer. The Company records as revenue the amount of consideration that it receives. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $18.4 million and $16.7 million for the years ended December 31, 2022 and 2021, respectively. Within our digital segment, Interactive One generates the majority of the Company’s digital revenue. Our digital revenue is principally derived from advertising services on non-radio station branded, but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. As the Company runs its advertising campaigns, the customer simultaneously receives benefits as impressions are delivered, and revenue is recognized over time. The amount of revenue recognized each month is based on the number of impressions delivered multiplied by the effective per impression unit price, and is equal to the amount receivable from the customer. Our cable television segment derives advertising revenue from the sale of television airtime to advertisers and revenue is recognized over time when the advertisements are run. In the agreements governing advertising campaigns, the Company may also promise to deliver to its customers a guaranteed minimum number of viewers (“impressions”) on a specific television network within a particular demographic. These advertising campaigns are considered to represent a single, distinct performance obligation. Revenues are recognized based on the guaranteed audience level multiplied by the average price per impression. The Company provides the advertiser with advertising until the guaranteed audience level is delivered, and invoiced advertising revenue receivables may exceed the value of the audience delivery. As such, a portion of revenues are deferred until the guaranteed audience level is delivered or the rights associated with the guarantee lapse, which is typically less than one year. Audience guarantees are initially developed internally, based on planned programming, historical audience levels, and market trends. Actual audience and delivery information is obtained from independent ratings services. For our cable television segment, agency and outside sales representative commissions were approximately $20.1 million and $16.9 million for the years ended December 31, 2022 and 2021, respectively. Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber royalty payable by the affiliate, in exchange for the right to distribute the Company’s programming. The majority of the Company’s distribution fees are collected monthly throughout the year and distribution revenue is recognized over the term of the contracts based on contracted programming rates and reported subscriber levels. The Company applies the sales- or usage-based royalty exception for its affiliate agreements. The amount of distribution fees due to the Company is reported by distributors based on actual subscriber levels. Such information is generally not received until after the close of the reporting period. In these cases, the Company estimates the number of subscribers receiving the Company’s programming to estimate royalty revenue. Historical adjustments to recorded estimates have not been material. Revenues from the Company’s cable television segment are reduced by the amortization of the Company’s launch support assets. Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The determination of stand-alone selling price considers market conditions, the size and scope of the contract, customer information, and other factors. Revenue by Contract Type The following chart shows the sources of our net revenue for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 (As Restated) Radio advertising $ 177,268 $ 165,244 Political advertising 13,226 3,494 Digital advertising 76,730 59,812 Cable television advertising 112,857 95,589 Cable television affiliate fees 96,963 101,203 Event revenues & other 7,560 14,943 Net revenue $ 484,604 $ 440,285 Contract Assets and Liabilities Contract assets and contract liabilities that are not separately stated in our consolidated balance sheets at December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 (As Restated) (In thousands) Contract assets: Unbilled receivables ( $5,798 as of January 1, 2021) $ 12,597 $ 10,735 Contract liabilities: Customer advances and unearned income ( $3,044 as of January 1, 2021) $ 6,123 $ 5,503 Reserve for audience deficiency ( $3,544 as of January 1, 2021) 9,629 6,020 Unearned event income ( $5,921 as of January 1, 2021) 5,708 — Unbilled receivables consist of earned revenue that has not yet been billed and is included in trade accounts receivable on the consolidated balance sheets. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term and are included in other current liabilities on the consolidated balance sheets. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the original airing. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. For customer advances and unearned income as of January 1, 2022, approximately $2.5 million was recognized as revenue during the year ended December 31, 2022. For unearned event income as of January 1, 2022, there was no revenue recognized during the year ended December 31, 2022. For customer advances and unearned income as of January 1, 2021, approximately $3.0 million was recognized as revenue during the year ended December 31, 2021. For unearned event income as of January 1, 2021, approximately $5.9 million was recognized during the year ended December 31, 2021 as the event took place during the fourth quarter of 2021. Practical expedients and exemptions We generally expense employee sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property. (g) Launch Support The cable television segment has entered into certain affiliate agreements requiring various payments for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. For the year ended December 31, 2022, the Company paid approximately $9.3 million for carriage initiation, and during the year ended December 31, 2021, the Company did not pay any launch support for carriage initiation. For the year ended December 31, 2022, there was launch support additions of approximately $9.5 million for carriage initiation that will be paid in cash in future periods. The weighted-average amortization period for launch support was approximately 8.1 years and 7.1 years as of December 31, 2022 and 2021, respectively. The remaining weighted-average amortization period for launch support was 3.8 years and 3.3 years as of December 31, 2022 and 2021, respectively. Amortization is recorded as a reduction to revenue as discussed in Note 2 – Restatement of Financial Statements The gross value and accumulated amortization of the launch assets is as follows: As of December 31, 2022 2021 (In thousands) Launch assets $ 27,764 $ 9,021 Less: accumulated amortization (9,104) (4,724) Launch assets, net $ 18,660 $ 4,297 Future estimated launch support amortization related to launch assets for years 2023 through 2027 and thereafter is as follows: (In thousands) 2023 $ 4,980 2024 4,980 2025 4,980 2026 3,410 2027 237 Thereafter 73 (h) Barter Transactions For barter transactions, the Company provides broadcast advertising time in exchange for programming content and certain services. The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the years ended December 31, 2022 and 2021, barter transaction revenues were approximately $2.0 million and $1.8 million, respectively. Additionally, for the years ended December 31, 2022 and 2021, barter transaction costs were reflected in programming and technical expenses of approximately $1.3 million and $1.2 million, respectively, and selling, general and administrative expenses of $679,000 and $606,000, respectively. (i) Advertising and Promotions The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for the years ended December 31, 2022 and 2021, were approximately $31.3 million and $24.7 million, respectively. (j) Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”, The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Conversely, if management determines that the Company would not be able to realize the recorded amount of deferred tax assets in the future, the Company would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included in other current liabilities on the consolidated balance sheets. (k) Stock-Based Compensation The Company accounts for stock-based compensation for stock options and restricted stock grants in accordance with ASC 718, “Compensation - Stock Compensation.” Employment Agreement Award Stockholders’ Equity. (l) Segment Reporting and Major Customers In accordance with ASC 280, “ Segment Reporting The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.” No single customer accounted for over 10% of our consolidated net revenues or accounts receivable as of and during either of the years ended December 31, 2022 or 2021. (m) Earnings Per Share Basic earnings per share is computed on the basis of the number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of potential dilutive common shares outstanding during the period using the treasury stock method. The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect. In each of the years ended December 31, 2022 and 2021, the amount of earnings per share would pertain to each of our classes of common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Company’s Amended and Restated Certificate of Incorporation. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): Year Ended December 31, 2022 2021 (As Restated) (In Thousands) Numerator: Net income attributable to common stockholders $ 37,329 $ 36,791 Denominator: Denominator for basic net income per share - weighted average outstanding shares 48,928,063 50,163,600 Effect of dilutive securities: Stock options and restricted stock 3,246,274 3,973,041 Denominator for diluted net income per share - weighted-average outstanding shares 52,174,337 54,136,641 Net income attributable to common stockholders per share – basic $ 0.76 $ 0.73 Net income attributable to common stockholders per share – diluted $ 0.72 $ 0.68 (n) Fair Value Measurements We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “ Fair Value Measurement The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 Level 2 Level 3 A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument. As of December 31, 2022 and 2021, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: Total Level 1 Level 2 Level 3 (In thousands) As of December 31, 2022 Liabilities subject to fair value measurement: Employment agreement award (a) $ 26,283 $ — $ — $ 26,283 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (b) $ 25,298 $ — $ — $ 25,298 Assets subject to fair value measurement: Available-for-sale securities (c) $ 136,826 $ — $ — $ 136,826 Cash equivalents - money market funds (d) 39,798 39,798 — — Total $ 176,624 $ 39,798 $ — $ 136,826 As of December 31, 2021 (As Restated) Liabilities subject to fair value measurement: Employment agreement award (a) $ 28,193 $ — $ — $ 28,193 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (b) $ 18,655 $ — $ — $ 18,655 Assets subject to fair value measurement: Available-for-sale securities (c) $ 112,600 $ — $ — $ 112,600 (a) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) in an amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The long-term portion of the award is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. Significant inputs to the market approach include publicly held peer companies and associated multiples. In September 2022, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. (b) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. (c) The investment in MGM National Harbor is preferred stock that has a non-transferable put right and is classified as an available-for-sale debt security. The investment was initially measured at fair value using a dividend discount model. Significant inputs to the dividend discount model include revenue growth rates, discount rate and a terminal growth rate. As of December 31, 2022, the investment’s fair value is measured using a contractual valuation approach. This method relies on a contractually agreed upon formula established between the Company and MGM National Harbor as defined in the Second Amended and Restated Operating Agreement of MGM National Harbor, LLC (“the Agreement”) rather than market-based inputs or traditional valuation methods. As defined in the Agreement, the calculation of the put is based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique are specific to the entity, MGM National Harbor, and there are no current observable prices for investments in private companies that are comparable to MGM National Harbor. The inputs used to measure the fair value of this security are classified as Level 3 within the fair value hierarchy. Throughout the periods from the fourth quarter of 2020 up until the third quarter of 2022, the Company relied on the dividend discount model for valuation purposes based on the facts, circumstances, and information available at the time. During the fourth quarter of 2022, the Company adopted the contractual valuation method described above as it believes it more closely approximates the fair value of the investment at that time. Please refer to Note 18 – Subsequent Events of our consolidated financial statements for further details. (d) The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value. There were no transfers in or out of Level 1, 2, or 3 during the years ended December 31, 2022 and 2021. The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021: Employment Redeemable Available- Contingent Agreement Noncontrolling for-Sale Consideration Award Interests Securities (As Restated) (As Restated) (In thousands) Balance at December 31, 2020 $ 780 $ 25,603 $ 13,942 $ 103,100 Net income attributable to redeemable noncontrolling interests — — 2,315 — Dividends paid to redeemable noncontrolling interests — — (2,400) — Distribution (1,060) (3,573) — — Change in fair value included within other comprehensive income — — — 9,500 Change in fair value 280 6,163 4,798 — Balance at December 31, 2021 $ — $ 28,193 $ 18,655 $ 112,600 Net income attributable to redeemable noncontrolling interests — — 2,626 — Dividends paid to redeemable noncontrolling interests — — (1,599) — Distribution — (4,039) — — Change in fair value included within other comprehensive income — — — 24,226 Change in fair value — 2,129 5,616 — Balance at December 31, 2022 $ — $ 26,283 $ 25,298 $ 136,826 The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at December 31, 2022 $ — $ (2,129) $ — $ — The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at December 31, 2021 $ (280) $ (6,163) $ — $ — Losses and gains included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the employment agreement award and included as selling, general and administrative expenses for contingent consideration for the years ended December 31, 2022 and 2021. For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: As of As of December 31, December 31, 2022 2021 (As Restated) Significant Unobservable Significant Unobservable Level 3 assets and liabilities Valuation Technique Inputs Input Value Employment agreement award Discounted cash flow Discount rate 10.5 % 9.5 % Employment agreement award Discounted cash flow Terminal growth rate 0.5 % 0.5 % Employment agreement award Discounted cash flow Operating profit margin range 33.7% - 46.6 % 34.9% - 46.4 % Employment agreement award Discounted cash flow Revenue growth rate range (4.1)% - 4.2 % (5.9)% - 11.6 % Redeemable noncontrolling interest Discounted cash flow Discount rate 11.5 % 11.5 % Redeemable noncontrolling interest Discounted cash flow Terminal growth rate 0.3 % 0.4 % Redeemable noncontrolling interest Discounted cash flow Operating profit margin range 25.8% - 29.8 % 24.0% - 32.8 % Redeemable noncontrolling interest Discounted cash flow Revenue growth rate range 0.2% - 32.2 % (11.8)% - 0.3 % Available-for-sale securities Dividend discount model Revenue growth rate N/A 8.0 % Available-for-sale securities Dividend discount model Discount rate N/A 10.5 % Available-for-sale securities Dividend discount model Long-term growth rate N/A 3.0 % Any significant increases or decreases in discount rate or terminal growth rate inputs could result in significantly higher or lower fair value measurements. Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. A description of the Level 3 inputs and the information used to develop the inputs is discussed in Note 6 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets. As of December 31, 2022, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $216.6 million and $488.4 million, respectively. Pursuant to ASC 350, “ Intangibles – Goodwill and Other Goodwill, Radio Broadcasting Licenses and Other Intangible Assets. (o) Software and Web Development Costs The Company capitalizes direct internal and external costs incurre |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2022 | |
ACQUISITIONS AND DISPOSITIONS | |
ACQUISITIONS AND DISPOSITIONS | 4. ACQUISITIONS AND DISPOSITIONS: On June 13, 2022, the Company entered into a definitive asset purchase agreement with Emmis Communications (“Emmis”) to purchase its Indianapolis Radio Cluster to expand the Company’s market share. The deal was subject to FCC approval and other customary closing conditions and, after obtaining the approvals, closed on August 31, 2022. Urban One acquired radio stations WYXB (B105.7FM), WLHK (97.1FM), WIBC (93.1FM), translators W228CX and W298BB (The Fan 93.5FM and 107.5FM), and Network Indiana for $25 million. As part of the transaction, the Company disposed of its former WHHH radio broadcasting license along with the intellectual property related to WNOW (there was a call letter change from WHHH to WNOW immediately prior to the close) to a third party for approximately $3.2 million. The fair value of the assets disposed of approximated the carrying value of the assets. The Company recognized a net loss of $120,000 related to the disposal transaction during the year ended December 31, 2022. The Company’s purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $23.6 million to radio broadcasting licenses, $162,000 to towers and antennas, $326,000 to transmitters, $209,000 to studios, $111,000 to vehicles, $27,000 to furniture, fixtures, computer equipment and computer software, $87,000 to acquired advertising contracts, $437,000 to goodwill, and approximately $1.2 million to right of use assets and operating lease liabilities The operations of Emmis were included in the consolidated financial statements as of the acquisition date. The revenue and operating income for Emmis reported within the consolidated financial statements for the year ended December 31, 2022 were approximately $5.6 million and $1.2 million, respectively. Unaudited Pro Forma Information The table below sets forth unaudited pro forma results of operations, assuming that the Emmis acquisition occurred on January 1, 2021: For The Year Ended December 31, 2022 2021 (In thousands) Net revenue $ 496,613 $ 457,935 Operating income 95,365 117,516 Net income 40,439 39,921 This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other accounting adjustments, and is not indicative of what our results would have been had we operated Emmis for the period presented because the pro forma results do not reflect expected synergies. The pro forma adjustments primarily reflect depreciation expense and amortization of tangible and intangible assets related to the fair value adjustments of the assets acquired. The pro forma adjustments are based on available information and assumptions that the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis. On April 20, 2021, the Company completed a definitive asset exchange agreement with Audacy, Inc. (formerly Entercom Communications Corp.) to expand the Company’s market share whereby the Company would receive Charlotte stations: WLNK-FM (Adult Contemporary); WBT-AM & FM (News Talk Radio); and WFNZ-AM & 102.5 FM Translator (Sports Radio). As part of the transaction, the Company transferred three radio stations to Audacy: St. Louis, WHHL-FM (Urban Contemporary); Philadelphia, WPHI-FM (Urban Contemporary); and Washington, DC, WTEM-AM (Sports); as well as the intellectual property to its St. Louis radio station, WFUN-FM (Adult Urban Contemporary). The Company and Audacy entered into the arrangement on November 6, 2020, and began operation of the exchanged stations on or about November 23, 2020 under LMAs until FCC approval was obtained and the transaction closed on April 20, 2021. In addition, the Company entered into an asset purchase agreement with Gateway Creative Broadcasting, Inc. (“Gateway”) for the remaining assets of our WFUN station in a separate transaction which also closed on April 20, 2021. The Company received approximately $8.0 million in exchange for approximately $8.0 million in tangible and intangible assets as part of the transaction with Gateway. The Company’s purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $21.1 million to radio broadcasting licenses, approximately $1.8 million to land and land improvements, approximately $2.0 million to towers and antennas, $517,000 to buildings, approximately $1.0 million to transmitters, $712,000 to studios, $53,000 to vehicles, $200,000 to furniture and fixtures, $67,000 to computer equipment, $19,000 to other equipment, approximately $1.7 million to right of use assets, $1.9 million advertising credit liability, $921,000 to operating lease liabilities, and $812,000 unfavorable lease liability. The fair value of the assets exchanged with Audacy approximate the carrying value of the assets. The Company recognized a net gain of $404,000 related to the Audacy and Gateway transactions during the year ended December 31, 2021. The purchase price allocation was finalized during fiscal year 2021, and no significant changes were recorded from the original estimation. On October 30, 2020, we entered into a local marketing agreement (“LMA”) with Southeastern Ohio Broadcasting System for the operation of station WWCD-FM in Columbus, Ohio beginning November 2020. Under the terms of the LMA, we will pay a monthly fee as well as certain operating costs, and, in exchange, we will retain all revenues from the sale of the advertising within the programming. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | 5. PROPERTY AND EQUIPMENT: Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the related estimated useful lives. Property and equipment consists of the following: As of December 31, Estimated 2022 2021 Useful Lives (In thousands) Land and improvements $ 4,128 $ 4,128 — Buildings 3,299 3,241 31 years Transmitters and towers 45,733 43,466 7‑15 years Equipment 67,025 63,192 3‑7 years Furniture and fixtures 9,357 9,397 6 years Software and web development 32,565 31,337 3 years Leasehold improvements 25,231 24,727 Lesser of useful life or lease term Construction-in-progress 153 476 — 187,491 179,964 Less: accumulated depreciation (159,733) (153,673) Property and equipment, net $ 27,758 $ 26,291 Depreciation expense for the years ended December 31, 2022, and 2021 was approximately $6.4 million and $5.6 million, respectively. Repairs and maintenance costs are expensed as incurred. |
GOODWILL, RADIO BROADCASTING LI
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS | |
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS | 6. GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: Impairment Testing In accordance with ASC 350, we do not amortize our radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually across all reporting units and radio broadcasting licenses, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. We had 16 reporting units as of our October 2022 annual impairment assessment, consisting of each of the 13 radio markets within the radio segment and each of the other three business segments. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, then the net book value is reduced to the estimated fair value. We perform our annual impairment test as of October 1 of each year. The Company noted interim triggering events during the current year which resulted in the recording of impairment losses. The Company has not identified any triggering events occurring after the annual testing date that would impact the impairment testing results obtained but will continue to monitor the fair value of the Company. As discussed in Note 2 – Restatement of Financial Statements Broadcasting Licenses The Company’s total broadcasting licenses carrying value is approximately $488.4 million as of December 31, 2022. As restated, the table below presents the changes in the Company’s radio broadcasting licenses during 2022 and 2021: Total (In thousands) Balance at January 1, 2021 (As Restated) $ 482,442 Acquisitions 21,082 Impairment charges (2,104) Balance at December 31, 2021 (As Restated) $ 501,420 Acquisitions 23,642 Disposals (3,200) Impairment charges (33,443) Balance at December 31, 2022 $ 488,419 Our licenses expire at various dates through August 1, 2030. The FCC grants radio broadcast station licenses for specific periods of time and, upon application, may renew them for additional terms. A station may continue to operate beyond the expiration date of its license if a timely filed license renewal application is pending. Under the Communications Act, radio broadcast station licenses may be granted for a maximum term of eight years. The FCC may grant the license renewal application with or without conditions, including renewal for a term less than the maximum otherwise permitted. Historically, our licenses have been renewed for full eight-year terms without any conditions or sanctions; however, there can be no assurance that the licenses of each of our stations will be renewed for a full term without conditions or sanctions. During the second quarter of 2022, there continued to be slowing in certain general economic conditions and a rising interest rate environment, which we deemed to be an impairment indicator that warranted interim impairment testing of certain markets’ radio broadcasting licenses, as it was determined more likely than not that the fair value was below its carrying value. The Company utilized the income approach to estimate the fair value of the broadcasting licenses. As a result of its impairment test, the Company recorded impairment of approximately $8.7 million during the three months ended June 30, 2022, associated with certain of our radio market broadcasting licenses. In addition, the Company recorded an impairment charge of approximately $1.9 million in the three months ended June 30, 2022, associated with the estimated asset sale consideration for one of our Indianapolis radio broadcasting licenses. During the third quarter of 2022, economic conditions continued to slow and interest rates continued to rise. The Company performed additional impairment tests, and recorded an impairment of approximately $15.5 million associated with certain of our radio market broadcasting licenses. We completed our 2022 annual impairment assessment as of October 1, 2022. There was lower than forecasted revenue growth and operating profit margin in certain markets. As a result, the Company recorded an impairment charge of approximately $7.4 million during the three months ended December 31, 2022, associated with certain of our radio market broadcasting licenses. When evaluating our radio broadcasting licenses for impairment, the testing is done at the unit of accounting level as determined by ASC 350 . Our methodology for valuing broadcasting licenses has been consistent for all periods presented. Below are some of the key assumptions used in the income approach for estimating the broadcasting license fair values for the annual impairment testing performed and interim impairment testing where an impairment charge was recorded since January 1, 2021. Radio Broadcasting October 1, September 30, June 30, October 1, Licenses 2022 2022 (a) 2022 (a) 2021 (As Restated) (As Restated) (As Restated) Impairment charge (in millions) $ 7.4 $ 15.5 $ 10.6 (*) $ 2.1 Discount rate 9.5 % 9.5 % 9.5 % 9.0 % Revenue growth rate range 0.0% – 1.7 % 0.3% – 1.6 % 0.7% – 2.4 % 0.7% – 8.0 % Terminal growth rate range 0.3% – 0.8 % 0.3% – 0.8 % 0.7% – 1.0 % 0.7% – 1.0 % Mature market share range 6.8% – 27.6 % 6.8% – 27.6 % 6.9% – 25.6 % 6.2% – 23.2 % Mature operating profit margin range 27.2% – 34.6 % 28.3% – 36.1 % 28.3% – 36.1 % 26.9% – 36.1 % (a) Reflects changes only to the key assumptions used in the interim testing for certain units of accounting. (*) Includes an impairment charge whereby the license fair value is based on estimated asset sale consideration. If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize additional impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements. We will continue to monitor potential triggering events and perform the appropriate analysis when deemed necessary. Goodwill The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments during 2022 and 2021: Radio Reach Cable Broadcasting Media Digital Television Segment Segment Segment Segment Total (In thousands) Gross goodwill at January 1, 2021 $ 155,000 $ 30,468 $ 27,567 $ 165,044 $ 378,079 Additions — — — — — Impairments — — — — — Accumulated impairment losses (117,748) (16,114) (20,345) — (154,207) Audacy asset exchange (470) — — — (470) Net goodwill at December 31, 2021 $ 36,782 $ 14,354 $ 7,222 $ 165,044 $ 223,402 Gross goodwill $ 155,000 $ 30,468 $ 27,567 $ 165,044 $ 378,079 Additions 437 — — — 437 Impairments (7,240) — — — (7,240) Accumulated impairment losses (117,748) (16,114) (20,345) — (154,207) Audacy asset exchange (470) — — — (470) Net goodwill at December 31, 2022 $ 29,979 $ 14,354 $ 7,222 $ 165,044 $ 216,599 As noted above, during the quarters ended June 30, 2022 and September 30, 2022, we identified impairment indicators at certain of our radio markets. As it was determined that it was more likely than not that the fair value of certain radio markets reporting units were below its carrying value, the Company performed interim quantitative impairment tests as of the June 30, 2022 and September 30, 2022 balance sheet dates. During the three months ended June 30, 2022, the Company recorded an impairment of approximately $4.3 million to reduce the carrying value of our Atlanta market goodwill balance. No impairment was identified for the three months ended September 30, 2022 based on the quantitative test performed. As part of the Company’s annual impairment assessment, the Company recorded an impairment of approximately $2.9 million to reduce the carrying value of goodwill in the Philadelphia market for the quarter ending December 31, 2022 as a result of lower than forecasted revenue growth. There was no impairment for the year ended December 31, 2021. Below are some of the key assumptions used in the income approach model for estimating the Radio Market goodwill reporting units fair values for the quantitative annual impairment assessments performed and interim quantitative impairment testing where an impairment charge was recorded since January 1, 2021. We used a step zero qualitative analysis for all other reporting units. Goodwill (Radio Market October 1, September 30, June 30, October 1, Reporting Units) 2022 (a) 2022 (a) 2022 (a) 2021 (a) Impairment charge (in millions) $ 2.9 $ — $ 4.3 $ — Discount rate 9.5 % 9.5 % 9.5 % 9.0 % Revenue growth rate range (10.3)% – 72.0 % (0.3)% – 1.7 % (2.5)% – 2.5 % (10.7)% – 27.1 % Terminal growth rate range 0.5% – 0.8 % 1.0 % 0.7% – 1.0 % 0.7% – 1.0 % Operating profit margin range 16.6% – 46.0 % 33.4 % 19.5% – 32.9 % 21.2% – 47.3 % (a) Reflects the key assumptions for testing only those radio markets with remaining goodwill. Intangible Assets Excluding Goodwill and Radio Broadcasting Licenses Other intangible assets, excluding goodwill, radio broadcasting licenses and the unamortized brand name, are being amortized on a straight-line basis over various periods. Other intangible assets consist of the following: Remaining Weighted- Average As of December 31, Period of Period of 2022 2021 Amortization Amortization (As Restated) (In thousands) Gross Carrying Accumulated Net Gross Carrying Accumulated Net Amount Amortization Amount Amount Amortization Amount Trade names $ 17,431 $ (17,418) $ 13 $ 17,425 $ (17,405) $ 20 1‑5 Years 1.6 Years Intellectual property 6,878 (6,878) — 6,878 (6,878) — 4‑10 Years 0.0 Years Advertiser agreements 46,669 (45,728) 941 46,582 (42,276) 4,306 1‑12 Years 0.2 Years Brand names 4,413 (3,732) 681 4,413 (3,558) 855 10 Years 4.8 Years Brand names - unamortized 39,690 — 39,690 39,690 — 39,690 Indefinite — Launch assets, net of current portion 22,791 (9,104) 13,687 7,597 (4,724) 2,873 Contract length 3.8 Years Other intangibles 849 (668) 181 842 (665) 177 1‑15 Years 3.3 Years Total other intangible assets $ 138,721 $ (83,528) $ 55,193 $ 123,427 $ (75,506) $ 47,921 3.1 Years Amortization expense of intangible assets for each of the years ended December 31, 2022 and 2021 was approximately $3.7 million. The following table presents the Company’s estimate of amortization expense for the years 2023 through 2027 for intangible assets as of December 31, 2022: (In thousands) 2023 $ 1,232 2024 172 2025 141 2026 140 2027 74 The table above excludes launch asset amortization as it is recorded as a reduction to revenue. Actual amortization expense may vary as a result of future acquisitions and dispositions. |
CONTENT ASSETS
CONTENT ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
CONTENT ASSETS | |
CONTENT ASSETS | 7. CONTENT ASSETS: The gross cost and accumulated amortization of content assets is as follows: As of December 31, Period of 2022 2021 Amortization (In thousands) Produced content assets: Completed $ 122,660 $ 117,058 In-production 23,300 12,961 Licensed content assets acquired: Acquired 55,751 61,374 Content assets, at cost 201,711 191,393 1‑5 Years Less: accumulated amortization (81,330) (105,355) Content assets, net 120,381 86,038 Less: current portion (34,003) (25,883) Noncurrent portion $ 86,378 $ 60,155 The aggregate amortization expense for content assets for the years ended December 31, 2022 and 2021 is approximately $43.5 million and $47.1 million, respectively. The estimated future amortization expense for completed and released content assets is approximately $17.3 million, $14.6 million, and $13.1 million for the years ending December 31, 2023, 2024 and 2025, respectively. Amortization of content assets is recorded in the consolidated statements of operations as programming and technical expenses. Future estimated content amortization expense related to agreements entered into as of December 31, 2022, for years 2023 through 2025 is as follows: (In thousands) 2023 $ 34,003 2024 23,201 2025 15,964 Future estimated content amortization expense is not included for in-production content assets in the table above. Future minimum content payments required under agreements entered into as of December 31, 2022, are as follows: (In thousands) 2023 $ 26,718 2024 9,371 2025 994 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS | |
INVESTMENTS | 8. INVESTMENTS: The amortized cost, estimated fair value, and unrealized gains and losses on the debt security classified as available-for-sale as of December 31, 2022 and 2021 is summarized as follows: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In thousands) December 31, 2022 MGM Investment $ 40,000 $ 104,326 $ (7,500) $ 136,826 Total available-for-sale securities $ 40,000 $ 104,326 $ (7,500) $ 136,826 December 31, 2021 (As Restated) MGM Investment $ 40,000 $ 73,800 $ (1,200) $ 112,600 Total available-for-sale securities $ 40,000 $ 73,800 $ (1,200) $ 112,600 The available-for-sale debt security has no stated maturity date. |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT LIABILITIES | |
OTHER CURRENT LIABILITIES | 9. OTHER CURRENT LIABILITIES: Other current liabilities consist of the following: As of December 31, 2022 2021 (As Restated) (In thousands) Deferred revenue $ 11,831 $ 5,503 Reserve for audience deficiency 9,629 6,020 Other 6,870 6,537 Employment Agreement Award 2,675 3,966 Launch liability 2,500 — Deferred barter revenue 1,635 1,271 Accrued national representative fees 947 457 Tenant allowance 117 180 Accrued miscellaneous taxes 79 213 Income taxes payable 37 283 $ 36,320 $ 24,430 |
EMPLOYMENT AGREEMENT AWARD
EMPLOYMENT AGREEMENT AWARD | 12 Months Ended |
Dec. 31, 2022 | |
EMPLOYMENT AGREEMENT AWARD | |
EMPLOYMENT AGREEMENT AWARD | 10. EMPLOYMENT AGREEMENT AWARD: The Company accounts for an award called for in the CEO’s employment agreement (the “Employment Agreement Award”) at fair value. The Company estimated the fair value of the award at December 31, 2022 and 2021, to be approximately $26.3 million and $28.2 million, respectively, and accordingly adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $2.1 million and $6.2 million for the years ended December 31, 2022 and 2021, respectively. The Company’s obligation to pay the Employment Agreement Award was triggered after the Company recovered the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s aggregate investment in TV One. The CEO was fully vested in the award upon execution of the employment agreement, and the award lapses if the CEO voluntarily leaves the Company, or is terminated for cause. In September 2022, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior employment agreement. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2022 | |
LONG-TERM DEBT | |
LONG-TERM DEBT | 11. LONG-TERM DEBT: Long-term debt consists of the following: As of December 31, 2022 2021 (In thousands) 7.375% Senior Secured Notes due February 2028 $ 750,000 $ 825,000 PPP Loan — 7,505 Total debt 750,000 832,505 Less: current portion of long-term debt — — Less: original issue discount and issuance costs 11,000 13,889 Long-term debt, net $ 739,000 $ 818,616 2028 Notes On January 7, 2021, the Company launched an offering (the “2028 Notes Offering”) of $825 million in aggregate principal amount of 7.375% senior secured notes due 2028 (the “2028 Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). On January 8, 2021, the Company entered into a purchase agreement with respect to the 2028 Notes at an issue price of 100% and the 2028 Notes Offering closed on January 25, 2021. The 2028 Notes are general senior secured obligations of the Company and are guaranteed on a senior secured basis by certain of the Company’s direct and indirect restricted subsidiaries. The 2028 Notes mature on February 1, 2028 and interest on the Notes accrues and is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2021 at the rate of 7.375% per annum. The Company used the net proceeds from the 2028 Notes Offering, together with cash on hand, to repay or redeem: (i) the 2017 Credit Facility; (ii) the 2018 Credit Facility; (iii) the MGM National Harbor Loan; (iv) the remaining amounts of our 7.375% Notes; and (v) our 8.75% Notes that were issued in the November 2020 Exchange Offer (all as defined below). Upon settlement of the 2028 Notes Offering, the 2017 Credit Facility, the 2018 Credit Facility and the MGM National Harbor Loan were terminated and the indentures governing the 7.375% Notes and the 8.75% Notes were satisfied and discharged. There was a net loss on retirement of debt of approximately $6.9 million for the year ended December 31, 2021 associated with the issuance of the 2028 Notes. The 2028 Notes and the guarantees are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by substantially all of the Company’s and the Guarantors’ current and future property and assets (other than accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets that secure our asset-backed revolving credit facility on a first priority basis (the “ABL Priority Collateral”)), including the capital stock of each guarantor (collectively, the “Notes Priority Collateral”) and (ii) on a second priority basis by the ABL Priority Collateral. The associated debt issuance costs in the amount of approximately $15.4 million is reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs is charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for all instruments, for the years ended December 31, 2022 and 2021, was approximately $2.0 million and $2.3 million, respectively. The Company’s effective interest rate was 7.84% for 2022 and was 7.96% for 2021. During the year ended December 31, 2022, the Company repurchased approximately $75.0 million of its 2028 Notes at an average price of approximately 89.5% of par. The Company recorded a net gain on retirement of debt of approximately $6.7 million for the year ended December 31, 2022. On December 6, 2022, the Board of Directors authorized and approved a note repurchase program for up to $25 million of the currently outstanding 2028 Notes. The Company made additional repurchases of its 2028 Notes during the quarter ended March 31, 2023. See Note 18 – Subsequent Events The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2028 Notes. PPP Loan On January 29, 2021, the Company submitted an application for participation in the second round of the Paycheck Protection Program loan program (“PPP”) and on June 1, 2021, the Company received proceeds of approximately $7.5 million. During the quarter ended June 30, 2022, the PPP loan and related accrued interest was forgiven and recorded as other income in the amount of approximately $7.6 million. Prior to being forgiven, the loan bore interest at a fixed rate of 1% per year was scheduled to mature June 1, 2026. 8.75% Notes In October 2020, the Company announced an offer to eligible holders of its 7.375% Senior Secured Notes due 2022 (the “7.375% Notes”) to exchange any and all of their 7.375% Notes for newly issued 8.75% Senior Secured Notes due 2022 (the “8.75% Notes”). The exchange offer closed on November 9, 2020 and, therefore, is referred to as the “November 2020 Exchange Offer”. Until their satisfaction and discharge on settlement of the 2028 Notes, the 8.75% Notes were governed by an indenture, dated November 9, 2020 (the “8.75% Notes Indenture”), by and between the Company, the guarantors therein (the “Guarantors”) and Wilmington Trust, National Association, as trustee (in such capacity, the “8.75% Notes Trustee”) and as notes collateral agent (in such capacity, “the 8.75% Notes Collateral Agent”). Interest on the 8.75% Notes accrued at the rate per annum equal to 8.75% and was payable, in cash, quarterly on January 15, April 15, July 15 and October 15 of each year, commencing on January 15, 2021, to holders of record on the immediately preceding January 1, April 1, July 1 and October 1, respectively. The 8.75% Notes were general senior obligations and were guaranteed (the “Guarantees”) by the Guarantors. The 8.75% Notes and the Guarantees: (i) ranked equal in right of payment to all of the Company’s and the Guarantor’s existing and future senior indebtedness, (ii) were secured on a first-priority basis by the Notes Priority Collateral (as defined below) and on a second-priority basis by the ABL Priority Collateral (defined below) owned by the Company and the applicable Guarantor, in each case subject to certain liens permitted under the 8.75% Notes Indenture, (iii) were equal in priority to the collateral owned by the Company and the Guarantor with respect to obligations under the credit agreement, dated as of April 18, 2017, by and among the Company, various lenders therein and Guggenheim Securities Credit Partners, LLC, as administrative agent and any other Parity Lien Debt (as described in the 8.75% Notes Indenture), if any, incurred after the date the 8.75% Notes were issued, (iv) ranked senior in right of payment to any existing or future subordinated indebtedness of the Company or Guarantors, (v) were initially guaranteed on a senior basis by each of the Company’s wholly-owned domestic subsidiaries (other than certain immaterial subsidiaries, unrestricted subsidiaries, and other certain exceptions), (vi) were effectively senior to all of the Company’s and the Guarantor’s existing and future unsecured indebtedness to the extent of the value of the collateral owned by the Company or applicable Guarantors and effectively senior to all existing and future ABL Debt Obligations (as defined in the 8.75% Notes Indenture) to the extent of the value of the Notes Priority Collateral (as defined below) owned by the Company or applicable Guarantor, (vii) were effectively subordinated to all of the Company’s and the Guarantor’s existing and future indebtedness that was secured by liens on assets that do not secure the Notes or the Guarantee to the extent of the value of such assets, (viii) were structurally subordinated to all of the Company’s and the Guarantor’s existing and future indebtedness and other claims and liabilities, including preferred stock, of subsidiaries of the Company that are not guarantors, and (ix) were effectively senior to any 7.375% Notes that remain outstanding after the November 2020 Exchange Offer with respect to any collateral proceeds. The 8.75% Notes and the guarantees were secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by substantially all of the Company’s and the Guarantors’ current and future property and assets (other than accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets that secure our asset-backed revolving credit facility on a first priority basis (the “ABL Priority Collateral”), including the capital stock of each Guarantor (which, in the case of foreign subsidiaries, is limited to 65% of the voting stock and 100% of the non-voting stock of each first-tier foreign subsidiary) (collectively, the “Notes Priority Collateral”) and (ii) on a second priority basis by the ABL Priority Collateral. In connection with the November 2020 Exchange Offer, the 8.75% Notes were subject to a new intercreditor agreement, pursuant to which proceeds received by the 7.375% Notes Trustee with respect to collateral proceeds received by the 7.375% Notes Trustee for the 7.375% Notes under an existing parity lien intercreditor agreement were to be paid over to the 8.75% Notes Trustee for the 8.75% Notes to the extent of the amounts owed to the holders of the 8.75% Notes then outstanding. The Company could redeem the 8.75% Notes in whole or in part, at its option, upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to 100% of the principal amount of such 8.75% Notes plus accrued and unpaid interest, if any, to the redemption date. Within 90 days following the completion of the November 2020 Exchange Offer, the Company was required to repurchase, repay or redeem $15 million aggregate principal amount of the 8.75% Notes. Separately, within five business days after each Excess Cash Flow Calculation Date (as defined in the 8.75% Notes Indenture), the Company was to redeem an aggregate principal amount of 8.75% Notes equal to 50% of the Excess Cash Flow (as defined in the 8.75% Notes Indenture), provided that repurchases, repayments or redemption of 8.75% Notes with internally generated funds during the applicable calculation period would reduce on a dollar-for-dollar basis the amount of such redemption otherwise required on the applicable calculation date. Any such mandatory redemptions were to be at par (plus accrued and unpaid interest). The premium paid to the bondholders in the amount of approximately $3.5 million was reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the obligation using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. 2018 Credit Facility On December 4, 2018, the Company and certain of its subsidiaries entered into a credit agreement (“2018 Credit Facility”), among the Company, the lenders party thereto from time to time, Wilmington Trust, National Association, as administrative agent, and TCG Senior Funding L.L.C, as sole lead arranger and sole bookrunner. The 2018 Credit Facility provided $192.0 million in term loan borrowings, which was funded on December 20, 2018. The net proceeds of term loan borrowings under the 2018 Credit Facility were used to refinance, repurchase, redeem or otherwise repay the Company's then outstanding 9.25% Senior Subordinated Notes due 2020. Until its termination on settlement of the 2028 Notes, borrowings under the 2018 Credit Facility were subject to customary conditions precedent, as well as a requirement under the 2018 Credit Facility that (i) the Company’s total gross leverage ratio on a pro forma basis be not greater than 8:00 to 1:00 (this total gross leverage ratio test steps down as described below), (ii) neither of the administrative agents under the Company’s existing credit facilities nor the trustee under the Company’s existing senior secured notes due 2022 have objected to the terms of the new credit documents and (iii) certification by the Company that the terms and conditions of the 2018 Credit Facility satisfied the requirements of the definition of “Permitted Refinancing” (as defined in the agreements governing the Company's existing credit facilities) and neither of the administrative agents under the Company's existing credit facilities notified the Company within five (5) business days prior to funding the borrowings under the 2018 Credit Facility that it disagreed with such determination (including a reasonable description of the basis upon which it disagrees). The 2018 Credit Facility was scheduled to mature on December 31, 2022 (the “Maturity Date”). In connection with the November 2020 Exchange Offer, we also entered into an amendment to certain terms of our 2018 Credit Facility including the extension of the maturity date to March 31, 2023. Interest rates on borrowings under the 2018 Credit Facility were either (i) from the Funding Date to the Maturity Date, 12.875% per annum, (ii) 11.875% per annum, once 50% of the term loan borrowings had been repaid or (iii) 10.875% per annum, once 75% of the term loan borrowings had been repaid. Interest payments began on the last day of the 3-month period commencing on the Funding Date. Within 90 days following the completion of the November 2020 Exchange Offer, the Company was required to repay $10 million of the 2018 Credit Facility. The amendment was accounted for as a modification in accordance with the provisions of ASC 470, “ Debt . The Company's obligations under the 2018 Credit Facility were not secured. The 2018 Credit Facility was guaranteed on an unsecured basis by each entity that guarantees the Company's outstanding $350.0 million 2017 Credit Facility (as defined below). The term loans could be voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium. The Company was required to repay principal to the extent then outstanding on each quarterly interest payment date, commencing on the last business day in March 2019, equal to one quarter of 7.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2019, commencing on the last business day in March 2020, one quarter of 10.0% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2021, and, commencing on the last business day in March 2021, one quarter of 12.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2022. The Company was also required to use 75% of excess cash flow (“ECF payment”) as defined in the 2018 Credit Facility, which excluded any distributions to the Company or its restricted subsidiaries in respect of its interests in the MGM National Harbor, to repay outstanding term loans at par, paid semiannually and to use 100% of all distributions to the Company or its restricted subsidiaries received in respect of its interest in the MGM National Harbor to repay outstanding term loans at par. The 2018 Credit Facility contained customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). The 2018 Credit Facility, as amended, also contained certain financial covenants, including a maintenance covenant requiring the Company’s total gross leverage ratio to be not greater than 8.0 to 1.00 in 2019, 7.5 to 1.00 in 2020, 7.25 to 1.00 in 2021, 6.75 to 1.00 in 2022 and 6.25 to 1.00 in 2023. The original issue discount in the amount of approximately $3.8 million and associated debt issuance costs in the amount of $875,000 were reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. MGM National Harbor Loan Concurrently, on December 4, 2018, Urban One Entertainment SPV, LLC (“UONESPV”) and its immediate parent, Radio One Entertainment Holdings, LLC (“ROEH”), each of which is a wholly owned subsidiary of the Company, entered into a credit agreement, providing $50.0 million in term loan borrowings (the “MGM National Harbor Loan”) which was funded on December 20, 2018. On June 25, 2020, the Company borrowed an incremental $3.6 million on the MGM National Harbor Loan and used the proceeds to pay down the higher coupon 2018 Credit Facility by the same amount. Until its termination on settlement of the 2028 Notes, the MGM National Harbor Loan was scheduled to mature on December 31, 2022 and bore interest at 7.0% per annum in cash plus 4.0% per annum paid-in kind. The loan had limited ability to be prepaid in the first two years. The loan was secured on a first priority basis by the assets of UONESPV and ROEH, including all of UONESPV’s shares held by ROEH, all of UONESPV’s interests in MGM National Harbor, its rights under the joint venture operating agreement governing the MGM National Harbor and UONESPV’s obligation to exercise its put right under the joint venture operating agreement in the event of a UONESPV payment default or bankruptcy event, in each case, subject to applicable Maryland gaming laws and approvals. Exercise by UONESPV of its put right under the joint venture operating agreement was subject to required lender consent unless the proceeds are used to retire the MGM National Harbor Loan and any remaining excess is used to repay borrowings, if any, under the 2018 Credit Facility. The MGM National Harbor Loan also contained customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). The original issue discount in the amount of approximately $1.0 million and associated debt issuance costs in the amount of approximately $1.7 million was being reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the obligation using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. 2017 Credit Facilities On April 18, 2017, the Company closed on a senior secured credit facility (the “2017 Credit Facility”). The 2017 Credit Facility was governed by a credit agreement by and among the Company, the lenders party thereto from time to time and Guggenheim Securities Credit Partners, LLC, as administrative agent, The Bank of New York Mellon, as collateral agent, and Guggenheim Securities, LLC as sole lead arranger and sole book running manager. The 2017 Credit Facility provided for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the closing of the transaction. Until its termination on settlement of the 2028 Notes, the 2017 Credit Facility matured on the earlier of (i) April 18, 2023, or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of the Company’s 7.375% Notes (as defined below). At the Company’s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility). The average interest rate was approximately 5.00% for 2021 and was 5.17% for 2020. The 2017 Credit Facility was (i) guaranteed by each entity that guarantees the Company’s 7.375% Notes on a pari passu basis with the guarantees of the 7.375% Notes and (ii) secured on a pari passu basis with the Company’s 7.375% Notes. The Company’s obligations under the 2017 Credit Facility were secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by certain notes priority collateral, and (ii) on a second priority basis by collateral for the Company’s asset-backed line of credit. In addition to any mandatory or optional prepayments, the Company was required to pay interest on the term loans (i) quarterly in arrears for the base rate loans, and (ii) on the last day of each interest period for LIBOR loans. Certain voluntary prepayments of the term loans during the first six months required an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company was required to repay principal, to the extent then outstanding, equal to 1∕4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility. The 2017 Credit Facility contained customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the 7.375% Notes. The 2017 Credit Facility also contained certain financial covenants, including a maintenance covenant requiring the Company’s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00. The net proceeds from the 2017 Credit Facility were used to prepay in full the Company’s previous senior secured credit facility and the agreement governing such credit facility. The 2017 Credit Facility contained affirmative and negative covenants that the Company was required to comply with, including: (a) maintaining an interest coverage ratio of no less than: ◾ 1.25 to 1.00 on June 30, 2017 and the last day of each fiscal quarter thereafter. (b) maintaining a senior leverage ratio of no greater than: ◾ 5.85 to 1.00 on June 30, 2017 and the last day of each fiscal quarter thereafter. (c) limitations on: ◾ liens; ◾ sale of assets; ◾ payment of dividends; and ◾ mergers. The original issue discount was reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. 7.375% Notes On April 17, 2015, the Company closed a private offering of $350.0 million aggregate principal amount of 7.375% senior secured notes due 2022 (the “7.375% Notes”). The 7.375% Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015 and matured on April 15, 2022. Interest on the 7.375% Notes accrued at the rate of 7.375% per annum and was payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 7.375% Notes were guaranteed, jointly and severally, on a senior secured basis by the Company’s existing and future domestic subsidiaries, including TV One. The Company used the net proceeds from the 7.375% Notes, to refinance a previous credit agreement, refinance certain TV One indebtedness, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith. Until their satisfaction and discharge on settlement of the 2028 Notes, the 7.375% Notes were the Company’s senior secured obligations and ranked equal in right of payment with all of the Company’s and the guarantors’ existing and future senior indebtedness, including obligations under the 2017 Credit Facility and the Company’s previously existing senior subordinated notes. The 7.375% Notes and related guarantees were equally and ratably secured by the same collateral securing the 2017 Credit Facility and any other parity lien debt issued after the issue date of the 7.375% Notes, including any additional notes issued under the Indenture, but were effectively subordinated to the Company’s and the guarantors’ secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 7.375% Notes. Collateral included substantially all of the Company’s and the guarantors’ current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. On November 9, 2020, we completed the November 2020 Exchange Offer of 99.15% of our outstanding 7.375% Notes for $347 million aggregate principal amount of 8.75% Notes. Asset-Backed Credit Facilities On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the “2016 ABL Facility”) among the Company, the lenders party thereto from time to time and Wells Fargo Bank National Association, as administrative agent (the “Administrative Agent”). The 2016 ABL Facility originally provided for $25 million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. On November 13, 2019, the Company entered into an amendment to the 2016 ABL Facility, (the “2016 ABL Amendment”), which increased the borrowing capacity from $25 million in revolving loan borrowings to $37.5 million in order to provide for the working capital needs and general corporate requirements of the Company and provides for a letter of credit facility up to $7.5 million as a part of the overall $37.5 million in capacity. The 2016 ABL Amendment also redefined the “Maturity Date” to be “the earlier to occur of (a) April 21, 2021 and (b) the date that is thirty ( 30 on the Effective Date or as the same may be extended in accordance with the terms of the Term Loan Credit Agreement), and (ii) the Stated Maturity (as defined in the Senior Secured Notes Indenture (as defined in the Term Loan Credit Agreement)) of the Notes (as defined in the Senior Secured Notes Indenture as in effect on the Effective Date or as the same may be extended in accordance with the terms of the Senior Secured Notes Indenture).” At the Company’s election, the interest rate on borrowings under the 2016 ABL Facility was based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the 2016 ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the 2016 ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter. Advances under the 2016 ABL Facility were limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the 2016 ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the 2016 ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the 2016 ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent. All obligations under the 2016 ABL Facility were secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, (iii) all other property which constitutes ABL Priority Collateral (as defined in the 2016 ABL Facility). The obligations were also secured by all material subsidiaries of the Company. The 2016 ABL Facility was subject to the terms of the Intercreditor Agreement (as defined in the 2016 ABL Facility) by and among the Administrative Agent, the administrative agent for the secured parties under the Company’s term loan and the trustee and collateral trustee under the senior secured notes indenture. In connection with the offering of the 2028 Notes, the Company entered into an amendment of its 2016 ABL Facility to facilitate the issuance of the 2028 Notes. The amendments to the 2016 ABL Facility, included, among other things, a consent to the issuance of the 2028 Notes, revisions to terms and exclusions of collateral and addition of certain subsidiaries as guarantors. On February 19, 2021, the Company closed on an asset backed credit facility (the “Current ABL Facility”). The Current ABL Facility is governed by a credit agreement by and among the Company, the other borrowers party thereto, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent. The Current ABL Facility provides for up to $50 million revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. The Current ABL Facility also provides for a letter of credit facility up to $5 million as a part of the overall $50 million in capacity. On closing of the Current ABL Facility, the 2016 ABL Facility was terminated on February 19, 2021. As of December 31, 2022 and 2021, there is no balance outstanding on the Current ABL Facility. At the Company’s election, the interest rate on borrowings under the Current ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the Current ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the Current ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter. See Note 18 – Subsequent Events Advances under the Current ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the Current ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the Current ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the Current ABL Facility), plus (ii) the AP and Deferred Revenue Reserve (as defined in the Current ABL Facility), plus (iii) without duplication, the aggregate amount of all other reserves, if any, established by Administrative Agent. All obligations under the Current ABL Facility are secured by a first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, and (iii) all other property which constitutes ABL Priority Collateral (as defined in the Current ABL Facility). The obligations are also guaranteed by all material restricted subsidiaries of the Company. The Current ABL Facility includes a covenant requiring the Company’s fixed charge coverage ratio, as defined in the agreement, to not be less than 1.00 to 1.00. The Company is in compliance as of December 31, 2022. The Current ABL Facility matures on the earlier to occur of (a) the date that is five (5) years from the effective date of the Current ABL Facility, and (b) 91 days prior to the maturity of the Company’s 2028 Notes. The Current ABL Facility is subject to the terms of the Revolver Intercreditor Agreement (as defined in the Current ABL Facility) by and among the Administrative Agent and Wilmington Trust, National Association. See Note 18 – Subsequent Events Letter of Credit Facility On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement providing for letter of credit capacity of up to $1.2 million. On October 8, 2019, the Company entered into an amendment to its letter of credit reimbursement and security agreement and extended the term to October 8, 2024. As of December 31, 2022, the Company had letters of credit totaling $871,000 under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash. In addition, the Current ABL Facility provides for letter of credit capacity of up to $5 million subject to certain limitations on availability. Future Minimum Principal Payments Future scheduled minimum principal payments of debt as of December 31, 2022, were as follows: 7.375% Senior Secured Notes due February 2028 (In thousands) 2023 $ — 2024 — 2025 — 2026 — 2027 — 2028 and thereafter 750,000 Total debt $ 750,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
INCOME TAXES | 12. INCOME TAXES: A reconciliation of the statutory federal income taxes to the recorded provision for income taxes from continuing operations is as follows: For the Years Ended December 31, 2022 2021 (As Restated) (In thousands) Statutory federal tax expense $ 11,905 $ 10,949 Effect of state taxes, net of federal benefit 3,308 2,062 Effect of state rate and tax law changes 747 (1,232) Impairment of long-lived intangible assets 908 — Non-deductible officer’s compensation 1,985 2,055 PPP loan income forgiveness (1,591) — Change in valuation allowance (234) (13) IRC Section 382 adjustments (334) (705) NOL expirations 268 610 Uncertain tax positions (495) (777) Other 254 85 Provision for income taxes $ 16,721 $ 13,034 The statutory federal tax rate used for the years ended December 31, 2022 and 2021 is 21.0%. Major components of the effective tax rate for the years ended December 31, 2022 and 2021 are related to net operating loss limitations, net operating loss expirations, impairments of long-lived assets, limitation of officer's compensation under IRC Section 162(m), uncertain tax positions, state income taxes, and non-taxable PPP Loan income forgiveness for the year ended December 31, 2022. On August 16, 2022, the Inflation Reduction Act was signed into law. The tax provisions included within the Inflation Reduction Act did not materially affect the Company’s consolidated financial statements in the current year. The components of the provision for income taxes from continuing operations are as follows: For the Years Ended December 31, 2022 2021 (As Restated) (In thousands) Federal: Current $ — $ — Deferred 13,269 12,952 State: Current 1,843 1,063 Deferred 1,609 (981) Provision for income taxes $ 16,721 $ 13,034 Deferred Income Taxes Deferred income taxes reflect the impact of temporary differences between the assets and liabilities recognized for financial reporting purposes and amounts recognized for tax purposes. Deferred taxes are based on tax laws as currently enacted. Deferred tax assets are reduced by a valuation allowance if, based upon the weight of available evidence, it is not more likely than not that we will realize some portion or all of the deferred tax assets. The significant components of the Company’s deferred tax assets and liabilities are as follows: As of December 31, 2022 2021 (As Restated) (In thousands) Deferred tax assets: Allowance for doubtful accounts $ 2,149 $ 2,111 Accruals 304 465 Fixed assets 488 486 Stock-based compensation 328 163 Net operating loss carryforwards 88,813 109,343 Lease liability 8,901 10,022 Interest expense carryforward 23,788 20,380 Total deferred tax assets 124,771 142,970 Valuation allowance for deferred tax assets (30) (264) Total deferred tax asset, net of valuation allowance 124,741 142,706 Deferred tax liabilities: Intangible assets (129,026) (131,682) Available-for-sale securities (23,779) (17,618) Right of use asset (8,123) (8,924) Partnership interests (2,412) (1,964) Deferred financing costs (958) (1,196) Other (147) (199) Total deferred tax liabilities (164,445) (161,583) Net deferred tax liability $ (39,704) $ (18,877) As of December 31, 2022, the Company had pre-tax federal and state NOL carryforward amounts of approximately $525.5 million and $330.5 million, respectively. The amount of the state NOLs may change if future apportionment factors differ from current factors. Additionally, the Company continues to assess potential tax strategies, which if successful, may reduce the impact of the annual limitations and potentially recover NOLs that otherwise would expire before being applied to reduce future income tax liabilities. If successful, the Company may be able to recover additional federal and state NOLs in future periods, which could be material. If we conclude that it is more likely than not that we will be able to realize additional federal and state NOLs, the tax benefit could materially impact future quarterly and annual periods. However, if these potential tax strategies do not meet the more likely than not threshold, the Company may claim these additional NOLs as unrecognized tax benefits. The federal and state NOLs expire in various years from 2023 to 2039. As of December 31, 2022, the gross deferred tax assets of approximately $124.7 million were primarily the result of federal and state net operating losses and the IRC Section 163(j) interest expense carryforward. A valuation allowance of $30,000 and $264,000 was recorded against our gross deferred tax asset balance as of December 31, 2022 and 2021, respectively, and is related to state jurisdictions where it is not more likely than not the deferred tax assets will be realized. The assessment to determine the value of the deferred tax assets to be realized under ASC 740 is highly judgmental and requires the consideration of all available positive and negative evidence in evaluating the likelihood of realizing the tax benefit of the deferred tax assets in a future period. Circumstances may change over time such that previous negative evidence no longer exists, and new conditions should be evaluated as positive or negative evidence that could affect the realization of the deferred tax assets. Since the evaluation requires consideration of events that may occur in some years in the future, significant judgment is required, and our conclusion could be materially different if certain expectations do not materialize. In the assessment of all available evidence, an important piece of objective verifiable evidence is evaluating a cumulative income or loss position over the most recent three-year period. Historically, the Company has maintained a full valuation against the net deferred tax assets, principally due to a cumulative loss over the most recent three-year period. During the quarter ended December 31, 2018, the Company achieved three years of cumulative income, which removed the most heavily weighed piece of objective verifiable negative evidence from our evaluation of the realizability of deferred tax assets. The Company continues to maintain three years of rolling cumulative income as of December 31, 2022. Additionally, the Company is projecting forecasts of taxable income to utilize our federal and state NOLs as part of our evaluation of positive evidence. As part of the 2017 Tax Act, IRC Section 163(j) limited the deduction of interest expense. Realization of the Company’s federal and state net operating losses is dependent on generating sufficient taxable income in future periods, and although the Company believes it is more likely than not future taxable income will be sufficient to utilize the net operating losses, realization is not assured and future events may cause a change to the judgment of the realizability of these deferred tax assets. If a future event causes the Company to re-evaluate and conclude that it is not more likely than not, that all or a portion of the deferred tax assets are realizable, the Company would be required to establish a valuation allowance against the assets at that time which would result in a charge to income tax expense and a decrease to net income in the period which the change of judgment is concluded. Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 2021 (In thousands) Balance as of January 1 $ 1,315 $ 2,299 Additions for tax positions related to current years — — Additions (deductions) for tax positions related to prior years 8 8 Deductions for tax positions as a result of the lapse of applicable statutes of limitation (635) (992) Balance as of December 31 $ 688 $ 1,315 The nature of the uncertainties pertaining to the Company’s income taxes is primarily due to various state income tax positions that affect the amount of state NOLs available to be applied to reduce future state income tax liabilities. The unrecognized tax benefits liability accrued on our balance sheet increased by $8,000 and decreased by $635,000 and $992,000 during the years ended December 31, 2022 and 2021, respectively, primarily as a result of state NOL utilizations and expirations, and applicable tax rate changes. As of December 31, 2022, the Company had unrecognized tax benefits of $688,000, which if recognized, would impact the effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. There is no material amount of interest and penalties recognized in the statement of operations and the balance sheet for the year ended December 31, 2022. The Company believes that it is reasonably possible that a decrease of up to $57,000 of unrecognized tax benefits related to state tax exposures may be necessary within the coming year. The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and is subject to examination by the various taxing authorities. The Company’s open tax years for federal income tax examinations include the tax years ended December 31, 2019 through 2022. For state and local purposes, the open years for tax examinations include the tax years ended December 31, 2018 through 2022. To the extent that net operating losses are utilized, the year of the loss may be subject to examination. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | 13. STOCKHOLDERS’ EQUITY: On June 16, 2020, the Company’s Board of Directors authorized an amendment (the “Potential Amendment”) of Urban One's certificate of incorporation to effect a reverse stock split across all classes of common stock by a ratio of not less than one-for-two and not more than one-for-fifty at any time prior to December 31, 2021, with the exact ratio to be set at a whole number within this range as determined by the Board of Directors in its discretion. The Company’s shareholders approved the Potential Amendment at the annual meeting of the shareholders June 16, 2020. The Company has not acted on the Potential Amendment but may do so in the future as the discretion of the Board of Directors. In August 2020, the Company entered into an arrangement (the “2020 Open Market Sales Agreement”) to sell shares, from time to time, of its Class A common stock, par value $0.001 per share (the “Class A Shares”). During the year ended December 31, 2020, the Company issued 2,859,276 shares of its Class A Shares at a weighted average price of $5.39 for approximately $14.7 million of net proceeds after associated fees and expenses. In January 2021, the Company issued and sold an additional 1,465,826 shares for approximately $9.3 million of net proceeds after associated fees and expenses, which completed the 2020 Open Market Sales Agreement. Subsequently, in January 2021, the Company entered into an arrangement (the “2021 Open Market Sale Agreement”) to sell additional Class A Shares from time to time. During the three months ended March 31, 2021, the Company issued and sold 420,439 Class A Shares for approximately $2.8 million of net proceeds after associated fees and expenses. During the three months ended June 30, 2021, the Company issued and sold an additional 1,893,126 Class A Shares for approximately $21.2 million of net proceeds after associated fees and expenses, which completed its 2021 Open Market Sales Agreement. On May 17, 2021, the Company entered into an Open Market Sale Agreement (the “Class D Sale Agreement”) under which the Company may offer and sell, from time to time at its sole discretion, shares of its Class D common stock, par value $0.001 On October 29, 2021, Alfred C. Liggins, President and Chief Executive Officer of Urban One, Inc., Catherine L. Hughes, Founder and Chairperson of Urban One, Inc., and entities affiliated with one or both of them, converted a total of 883,890 shares of Class C Common Stock from their personal holdings into 883,890 shares of Class A Common Stock, also in their personal holdings. Common Stock The Company has four classes of common stock, Class A, Class B, Class C and Class D. Generally, the shares of each class are identical in all respects and entitle the holders thereof to the same rights and privileges. However, with respect to voting rights, each share of Class A common stock entitles its holder to one vote and each share of Class B common stock entitles its holder to ten votes. The holders of Class C and Class D common stock are not entitled to vote on any matters. The holders of Class A common stock can convert such shares into shares of Class C or Class D common stock. Subject to certain limitations, the holders of Class B common stock can convert such shares into shares of Class A common stock. The holders of Class C common stock can convert such shares into shares of Class A common stock. The holders of Class D common stock have no such conversion rights. Stock Repurchase Program From time to time, the Board of Directors has authorized repurchases of shares of the Company’s Class A and Class D common stock. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). Under open authorizations, repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Shares are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. When in effect, the Company executes upon stock repurchase programs in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. On March 7, 2022, the Board of Directors authorized and approved a share repurchase program for up to $25 million of the currently outstanding shares of the Company’s Class A and/or Class D common stock over a period of 24 months. On December 6, 2022, the Board of Directors authorized and approved a share repurchase program for up to an additional $10 million of the currently outstanding shares of the Company’s Class A and/or Class D common stock. On September 27, 2022, the Compensation Committee authorized the repurchase up to $500,000 worth of shares in the aggregate from employees who want to sell in connection with the Company’s most recent employee stock grant. During the year ended December 31, 2022, the Company repurchased 13,577 shares of Class D common stock in the amount of $57,000 at an average price of $4.23 per share. Giving effect to the repurchases, the Company has $443,000 remaining under its most recent and open authorization. In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the Company’s 2009 Stock Plan and 2019 Equity and Performance Incentive Plan (both as defined below). This limited authority is used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2009 Stock Plan and the 2019 Equity and Performance Incentive Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the years ended December 31, 2022 and 2021, the Company executed Stock Vest Tax Repurchases of 344,702 shares of Class D Common Stock in the amount of approximately $1.5 million at an average price of $4.29 per share and 515,162 shares of Class D Common Stock in the amount of $931,000 at an average price of $1.81 per share, respectively. Stock Option and Restricted Stock Grant Plan The Company’s 2009 stock option and restricted stock plan (the “2009 Stock Plan”) was originally approved by the stockholders at the Company’s annual meeting on December 16, 2009. The Company had the authority to issue up to 8,250,000 shares of Class D Common Stock under the 2009 Stock Plan. Since its original approval, from time to time, the Board of Directors adopted and as required, our stockholders approved certain amendments to and restatement of the 2009 Stock Plan (the “Amended and Restated 2009 Stock Plan”). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. In 2015, the Board of Directors adopted, and our stockholders approved an amendment that replenished the authorized plan shares, increasing the number of shares of Class D common stock available for grant back up to 8,250,000 shares. The new stock option and restricted stock plan (“2019 Equity and Performance Incentive Plan”), currently in effect was approved by the stockholders at the Company’s annual meeting on May 21, 2019. The Board of Directors adopted, and on May 21, 2019, our stockholders approved, the 2019 Equity and Performance Incentive Plan which was funded with 5,500,000 shares of Class D Common Stock. On June 23, 2021, the Company’s Board of Directors authorized an amendment of the Urban One 2019 Equity and Performance Incentive Plan to increase the number of shares available for grant and to provide the grant of Class A as well as Class D shares. The amendment was approved by the Company’s shareholders and added 5,519,575 shares of Class D Shares and added 2,000,000 Class A Shares. As of December 31, 2022, 3,656,278 shares of Class D common stock and 1,250,000 shares of Class A common stock were available for grant under the 2019 Equity and Performance Incentive Plan. The Company uses an average life for all option awards. The Company settles stock options upon exercise by issuing stock. On September 27, 2022, the Compensation Committee of the Board of Directors of the Company awarded Catherine Hughes, Chairperson, 201,961 restricted shares of the Company’s Class D common stock, and stock options to purchase 101,702 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022. On September 27, 2022, the Compensation Committee awarded Catherine Hughes, Chairperson, 281,250 restricted shares of the Company’s Class A common stock. The grant was effective September 27, 2022, and cliff vests January 5, 2025. On June 12, 2019, the Compensation Committee awarded Catherine Hughes, Chairperson, 427,148 restricted shares of the Company’s Class D common stock, and stock options to purchase 189,843 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021. On September 27, 2022, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer, 336,602 restricted shares of the Company’s Class D common stock, and stock options to purchase 169,503 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022. On September 27, 2022, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer, 468,750 restricted shares of the Company’s Class A common stock. The grant was effective September 27, 2022, and cliff vests January 5, 2025. On June 12, 2019, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 711,914 restricted shares of the Company’s Class D common stock, and stock options to purchase 316,406 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021. On September 27, 2022, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 115,248 restricted shares of the Company’s Class D common stock, and stock options to purchase 58,036 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022. On September 27, 2022, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 150,000 restricted shares of the Company’s Class D common stock. The grant was effective September 27, 2022, and cliff vests January 5, 2025. On June 12, 2019, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 243,750 restricted shares of the Company’s Class D common stock, and stock options to purchase 108,333 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021. On September 27, 2022, the Compensation Committee awarded David Kantor, Chief Executive Officer – Radio Division, 100,160 restricted shares of the Company’s Class D common stock, and stock options to purchase 50,438 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022. On June 12, 2019, the Compensation Committee awarded David Kantor, Chief Executive Officer – Radio Division, 211,838 restricted shares of the Company’s Class D common stock, and stock options to purchase 94,150 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021. On September 27, 2022, the Compensation Committee awarded Karen Wishart, Chief Administrative Officer, 39,007 restricted shares of the Company’s Class D common stock, and stock options to purchase 19,643 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022. On September 27, 2022, the Compensation Committee awarded C. Kristopher Simpson, General Counsel, 23,936 restricted shares of the Company’s Class D common stock, and stock options to purchase 12,054 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022 On September 27, 2022, the Compensation Committee awarded 195,032 restricted shares of the Company’s Class D common stock, and stock options to purchase 208,298 shares of the Company’s Class D common stock to certain employees pursuant to the Company’s long-term incentive plan. The grants were effective September 27, 2022 with various vest dates of January 5, 2023, March 31, 2023 and September 29, 2023. Pursuant to the terms of each of our stock plans and subject to the Company’s insider trading policy, a portion of each recipient’s vested shares may be sold in the open market for tax purposes on or about the vesting dates. The Company measures compensation cost for all stock-based awards at fair value on date of grant and recognizes the related expense over the service period for awards expected to vest. The restricted stock-based awards do not participate in dividends until fully vested. The fair value of stock options is determined using the BSM. Such fair value is recognized as an expense over the service period, net of estimated forfeitures, using the straight-line method. Estimating the number of stock awards that will ultimately vest requires judgment, and to the extent actual forfeitures differ substantially from our current estimates, amounts will be recorded as a cumulative adjustment in the period the estimated number of stock awards are revised. We consider many factors when estimating expected forfeitures, including the types of awards, employee classification and historical experience. Actual forfeitures may differ substantially from our current estimate. The Company’s use of the BSM to calculate the fair value of stock-based awards incorporates various assumptions including volatility, expected life, and interest rates. For options granted, the BSM determines: (i) the term by using the simplified “plain-vanilla” method as allowed under SAB No. 110; (ii) a historical volatility over a period commensurate with the expected term, with the observation of the volatility on a daily basis; and (iii) a risk-free interest rate that was consistent with the expected term of the stock options and based on the U.S. Treasury yield curve in effect at the time of the grant. Stock-based compensation expense for the years ended December 31, 2022 and 2021, was approximately $6.6 million and $565,000, respectively. The Company granted a total of 884,061 stock options during the year ended December 31, 2022 and granted a total of 40,917 stock options during the year ended December 31, 2021. The per share weighted-average fair value of options granted during the years ended December 31, 2022 and 2021, was $2.82 and $2.77, respectively. These fair values were derived using the BSM with the following weighted-average assumptions: For the Years Ended December 31, 2022 2021 Average risk-free interest rate 2.79 % 0.68 % Expected dividend yield — % — % Expected lives 5.69 years 5.16 years Expected volatility 79.92 % 82.04 % Transactions and other information relating to stock options for the years December 31, 2022 and 2021 are summarized below: Weighted-Average Remaining Aggregate Number of Weighted-Average Contractual Term Intrinsic Options Exercise Price (In Years) Value Outstanding at December 31, 2020 4,018,991 $ 2.11 6.48 $ 41,000 Grants 40,917 4.32 — — Exercised (229,756) 1.70 — — Forfeited/cancelled/expired/settled (59,239) 1.27 — — Outstanding at December 31, 2021 3,770,913 $ 2.18 5.68 $ 4,659,601 Grants 884,061 4.22 — — Exercised (60,240) 0.83 — — Forfeited/cancelled/expired/settled — — — — Balance as of December 31, 2022 4,594,734 $ 2.59 5.72 $ 5,871,492 Vested and expected to vest at December 31, 2022 4,542,266 2.57 5.68 5,871,492 Unvested at December 31, 2022 465,798 4.23 9.74 — Exercisable at December 31, 2022 4,128,936 2.40 5.24 5,871,492 The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the year ended December 31, 2022, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on December 31, 2022. This amount changes based on the fair market value of the Company’s stock. There were 60,240 and 229,756 options exercised during the years ended December 31, 2022 and 2021, respectively. A total of 439,180 and 903,643 options vested during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, approximately $1.1 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 16 months. The weighted-average fair value per share of shares underlying stock options was $1.66 at December 31, 2022. The Company granted 1,357,687 and 101,057 restricted shares of Class D common stock during the years ended December 31, 2022 and 2021, respectively. The Company granted 750,000 restricted shares of Class A common stock during the year ended December 31, 2022. The Company did not grant any restricted shares of Class A common stock during the year ended December 31, 2021. On July 5, 2022, each of the Company’s four non-executive directors received 11,848 shares of restricted stock, valued at $50,000 based upon the closing price of the Company’s Class D common stock on the grant date. The shares vest in equal portions over two years. On July 6, 2021, each of the four non-executive directors received 9,671 shares of restricted stock, valued at $50,000 based upon the closing price of the Company’s Class D common stock on the grant date. The shares vest in equal portions over two years. Transactions and other information relating to restricted stock grants for the years ended December 31, 2022 and 2021 are summarized below: Average Fair Value at Grant Shares Date Unvested at December 31, 2020 1,723,561 $ 0.83 Grants 101,057 3.22 Vested (1,748,562) 0.83 Forfeited/cancelled/expired — — Unvested at December 31, 2021 76,056 $ 3.90 Grants 1,357,687 4.27 Vested (999,479) 4.25 Forfeited/cancelled/expired — — Unvested at December 31, 2022 434,264 $ 4.27 For awards of Class A common stock during the years ended December 31, 2022 and 2021, the Company granted 750,000 shares of restricted stock on September 27, 2022, at an average fair value at grant date of $5.39 per share. There were no shares that vested or were cancelled during the period. There were 750,000 unvested shares of restricted Class A common stock as of December 31, 2022 with an average fair value at grant date of $5.39. Restricted stock grants for Class D shares were and are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2022, approximately $1.4 million of total unrecognized compensation cost related to restricted stock grants was expected to be recognized over a weighted-average period of 13 months. Restricted stock grants for Class A shares were and are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2022, approximately $3.6 million of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over a weighted-average period of 24 months. |
PROFIT SHARING AND EMPLOYEE SAV
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN | 12 Months Ended |
Dec. 31, 2022 | |
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN | |
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN | 14. PROFIT SHARING AND EMPLOYEE SAVINGS PLAN: The Company maintains a profit sharing and employee savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer allowable portions of their compensation on a pre-tax basis through contributions to the savings plan. The Company may contribute to the plan at the discretion of its Board of Directors. The Company does not match employee contributions. The Company did not make any contributions to the plan during the years ended December 31, 2022 and 2021. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES: Radio Broadcasting Licenses Each of the Company’s radio stations operates pursuant to one or more licenses issued by the Federal Communications Commission that have a maximum term of eight Royalty Agreements Musical works rights holders, generally songwriters and music publishers, have been traditionally represented by performing rights organizations, such as the American Society of Composers, Authors and Publishers (“ASCAP”), Broadcast Music, Inc. (“BMI”) and SESAC, Inc. (“SESAC”). The market for rights relating to musical works is changing rapidly. Songwriters and music publishers have withdrawn from the traditional performing rights organizations, particularly ASCAP and BMI, and new entities, such as Global Music Rights, Inc. (“GMR”), have been formed to represent rights holders. These organizations negotiate fees with copyright users, collect royalties and distribute them to the rights holders. We currently have arrangements with ASCAP, SESAC and GMR. On April 22, 2020, the Radio Music License Committee (“RMLC”), an industry group which the Company is a part of, and BMI reached agreement on the terms of a new license agreement that covers the period January 1, 2017, through December 31, 2021. Upon approval of the court of the BMI/RMLC agreement, the Company automatically became a party to the agreement and to a license with BMI through December 31, 2021. On April 12, 2022, the RMLC announced that it had reached an interim licensing agreement with BMI. The radio industry’s previous agreement with BMI covering calendar years 2017 to 2021 expired December 31, 2021 (the “2017 Licensing Terms”), but the interim arrangement will keep the 2017 Licensing Terms in place until a new arrangement is agreed upon. The Company is party to the interim arrangement and, therefore, will continue to operate under the 2017 Licensing Terms. Leases and Other Operating Contracts and Agreements The Company has noncancelable operating leases for office space, studio space, broadcast towers and transmitter facilities that expire over the next nine years. The Company’s leases for broadcast facilities generally provide for a base rent plus real estate taxes and certain operating expenses related to the leases. Certain of the Company’s leases contain renewal options, escalating payments over the life of the lease and rent concessions. The future rentals under non-cancelable leases as of December 31, 2022, are shown below. The Company has other operating contracts and agreements including employment contracts, on-air talent contracts, severance obligations, retention bonuses, consulting agreements, equipment rental agreements, programming related agreements, and other general operating agreements that expire over the next five years. The amounts the Company is obligated to pay for these agreements are shown below. Other Operating Operating Contracts Lease and Agreements Agreements (In thousands) Years ending December 31: 2023 $ 11,697 $ 77,445 2024 10,690 36,049 2025 6,834 26,164 2026 4,860 12,893 2027 3,417 3,834 2028 and thereafter 7,140 12,959 Total $ 44,638 $ 169,344 Of the total amount of other operating contracts and agreements included in the table above, approximately $96.6 million has not been recorded on the balance sheet as of December 31, 2022, as it does not meet recognition criteria. Approximately $13.0 million relates to certain commitments for content agreements for our cable television segment, approximately $38.7 million relates to employment agreements, and the remainder relates to other programming, network and operating agreements. Reach Media Redeemable Noncontrolling Interests Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have had an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”). This annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One. The noncontrolling interest shareholders of Reach Media did not exercise their Put Right for the 30-day period ending January 31, 2023. Management, at this time, cannot reasonably determine the period when and if the put right will be exercised by the noncontrolling interest shareholders. Letters of Credit The Company currently is under a letter of credit reimbursement and security agreement with capacity of up to $1.2 million which expires on October 8, 2024. As of December 31, 2022, the Company had letters of credit totaling $871,000 under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash. In addition, the Current ABL Facility provides for letter of credit capacity of up to $5 million subject to certain limitations on availability. Other Contingencies The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION: The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.” Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation. The accounting policies described in the summary of significant accounting policies in Note 3 – Summary of Significant Accounting Policies Detailed segment data for the years ended December 31, 2022 and 2021 is presented in the following table: Year Ended December 31, 2022 2021 (As Restated) (In thousands) Net revenue: Radio broadcasting $ 156,678 $ 140,246 Reach Media 43,117 46,437 Digital 78,526 59,937 Cable television 209,871 197,003 All other - corporate/eliminations* (3,588) (3,338) Consolidated $ 484,604 $ 440,285 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio broadcasting $ 108,952 $ 98,250 Reach Media 28,244 32,911 Digital 56,760 42,698 Cable television 105,420 101,872 All other - corporate/eliminations 39,824 36,722 Consolidated $ 339,200 $ 312,453 Depreciation and Amortization: Radio broadcasting $ 3,411 $ 3,135 Reach Media 188 208 Digital 1,323 1,264 Cable television 3,847 3,738 All other - corporate/eliminations 1,265 944 Consolidated $ 10,034 $ 9,289 Impairment of Long-Lived Assets: Radio broadcasting $ 40,683 $ 2,104 Reach Media — — Digital — — Cable television — — All other - corporate/eliminations — — Consolidated $ 40,683 $ 2,104 Operating income (loss): Radio broadcasting $ 3,632 $ 36,757 Reach Media 14,685 13,318 Digital 20,443 15,975 Cable television 100,604 91,393 All other - corporate/eliminations (44,677) (41,004) Consolidated $ 94,687 $ 116,439 * Intercompany revenue included in net revenue above is as follows: Radio broadcasting $ (3,588) $ (3,338) Capital expenditures by segment are as follows: Radio broadcasting $ 3,750 $ 2,826 Reach Media 269 160 Digital 1,245 1,354 Cable television 639 385 All other - corporate/eliminations 1,695 1,561 Consolidated (a) $ 7,598 $ 6,286 (a) As of December 31, December 31, 2022 2021 (As Restated) (In thousands) Total assets: Radio broadcasting $ 606,199 $ 623,265 Reach Media 49,164 33,451 Digital 35,888 32,915 Cable television 414,697 367,896 All other - corporate/eliminations 232,539 271,498 Consolidated $ 1,338,487 $ 1,329,025 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) | 12 Months Ended |
Dec. 31, 2022 | |
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) | |
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) | 17. QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED): The Company is providing restated quarterly and year-to-date unaudited consolidated financial statements for all quarters in 2021 and for the quarters ended March 31, June 30, and September 30, 2022. See Note 2 - Restatement of Financial Statements Consolidated Balance Sheets As of March 31, 2022 (unaudited) As of June 30, 2022 (unaudited) As of September 30, 2022 (unaudited) As Previously Other As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) ASSETS CURRENT ASSETS: Trade accounts receivable, net of allowance for doubtful accounts of $8,747, $8,314, and $7,925, respectively $ 113,687 $ — $ 425 $ 114,112 $ 123,998 $ — $ 352 $ 124,350 $ 127,301 $ — $ 365 $ 127,666 Other current assets 8,397 — (1,263) 7,134 8,037 — (1,263) 6,774 8,939 — (1,263) 7,676 Total current assets 326,143 — (838) 325,305 311,061 — (911) 310,150 287,088 — (898) 286,190 RIGHT OF USE ASSETS 36,302 — (101) 36,201 34,149 — (114) 34,035 34,258 — (127) 34,131 RADIO BROADCASTING LICENSES 505,148 — (3,728) 501,420 489,340 — (1,700) 487,640 498,532 — (2,700) 495,832 OTHER INTANGIBLE ASSETS, net 63,727 — (2,163) 61,564 61,508 — (2,086) 59,422 59,376 — (2,009) 57,367 DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 — 123,000 — 123,000 — 123,100 — 123,100 — 115,600 — 115,600 OTHER ASSETS 44,026 (40,000) 2,259 6,285 44,463 (40,000) 2,195 6,658 44,303 (40,000) 2,131 6,434 Total assets $ 1,284,635 $ 83,000 $ (4,571) $ 1,363,064 $ 1,254,764 $ 83,100 $ (2,616) $ 1,335,248 $ 1,250,696 $ 75,600 $ (3,603) $ 1,322,693 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 11,997 $ — $ 2,309 $ 14,306 $ 14,819 $ — 2,115 $ 16,934 $ 14,318 $ — 1,958 $ 16,276 Other current liabilities 35,660 — (1,884) 33,776 31,345 — (1,763) 29,582 40,217 — (1,593) 38,624 Total current liabilities 99,737 — 425 100,162 109,645 — 352 109,997 112,634 — 365 112,999 DEFERRED TAX LIABILITIES, 8,059 19,987 (1,203) 26,843 11,070 20,012 (714) 30,368 13,984 18,259 (959) 31,284 Total liabilities 996,316 19,987 (778) 1,015,525 976,513 20,012 (362) 996,163 964,680 18,259 (594) 982,345 REDEEMABLE NONCONTROLLING INTERESTS 17,755 — 2,472 20,227 18,690 — 1,744 20,434 19,964 — 2,363 22,327 STOCKHOLDERS’ EQUITY: Accumulated other comprehensive income — 62,846 — 62,846 — 62,921 — 62,921 — 57,225 — 57,225 Additional paid-in capital 1,020,711 — (2,472) 1,018,239 994,678 — (1,744) 992,934 996,954 — (2,363) 994,591 Accumulated deficit (750,198) 167 (3,793) (753,824) (735,164) 167 (2,254) (737,251) (730,951) 116 (3,009) (733,844) Total stockholders’ equity 270,564 63,013 (6,265) 327,312 259,561 63,088 (3,998) 318,651 266,052 57,341 (5,372) 318,021 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 1,284,635 $ 83,000 $ (4,571) $ 1,363,064 $ 1,254,764 $ 83,100 $ (2,616) $ 1,335,248 $ 1,250,696 $ 75,600 $ (3,603) $ 1,322,693 As of March 31, 2021 (unaudited) As of June 30, 2021 (unaudited) As of September 30, 2021 (unaudited) As Previously Other As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) ASSETS CURRENT ASSETS: Trade accounts receivable, net of allowance for doubtful accounts of $7,954, $7,307, and $7,937, respectively $ 94,633 $ — $ 281 $ 94,914 $ 103,902 $ — $ 158 $ 104,060 $ 114,045 $ — $ 311 $ 114,356 Other current assets 4,639 — (1,263) 3,376 4,260 — (1,263) 2,997 4,423 — (1,263) 3,160 Total current assets 203,893 — (982) 202,911 279,735 — (1,105) 278,630 271,594 — (952) 270,642 RIGHT OF USE ASSETS 40,421 — (49) 40,372 42,202 — (62) 42,140 39,556 — (75) 39,481 RADIO BROADCASTING LICENSES 484,066 — (1,624) 482,442 505,148 — (1,624) 503,524 505,148 — (1,624) 503,524 OTHER INTANGIBLE ASSETS, net 54,375 — (2,387) 51,988 53,059 — (2,315) 50,744 51,821 — (2,313) 49,508 DEFERRED TAX ASSETS, net 10,051 (10,051) — — 3,933 (3,933) — — — — — — DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 — 101,900 — 101,900 — 106,400 — 106,400 — 110,800 — 110,800 OTHER ASSETS 43,092 (40,000) 2,431 5,523 43,211 (40,000) 2,372 5,583 62,958 (40,000) 2,383 25,341 Total assets $ 1,168,751 $ 51,849 $ (2,611) $ 1,217,989 $ 1,239,542 $ 62,467 $ (2,734) $ 1,299,275 $ 1,237,537 $ 70,800 $ (2,581) $ 1,305,756 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 9,037 $ — $ 2,128 $ 11,165 $ 12,523 $ — 2,067 $ 14,590 $ 14,623 $ — 2,033 $ 16,656 Other current liabilities 25,022 — (1,847) 23,175 24,137 — (1,909) 22,228 29,334 — (1,722) 27,612 Total current liabilities 77,973 — 281 78,254 99,157 — 158 99,315 87,985 — 311 88,296 DEFERRED TAX LIABILITIES, — 5,002 (703) 4,299 — 12,493 (715) 11,778 2,325 17,505 (715) 19,115 Total liabilities 957,185 5,002 (422) 961,765 987,887 12,493 (557) 999,823 972,367 17,505 (404) 989,468 REDEEMABLE NONCONTROLLING INTERESTS 12,735 — 1,789 14,524 15,192 — 2,457 17,649 17,017 — 2,311 19,328 STOCKHOLDERS’ EQUITY: Accumulated other comprehensive income — 46,847 — 46,847 — 50,239 — 50,239 — 53,551 — 53,551 Additional paid-in capital 1,003,694 — (1,789) 1,001,905 1,023,458 — (2,457) 1,021,001 1,021,272 — (2,311) 1,018,961 Accumulated deficit (804,912) — (2,189) (807,101) (787,046) (265) (2,177) (789,488) (773,170) (256) (2,177) (775,603) Total stockholders’ equity 198,831 46,847 (3,978) 241,700 236,463 49,974 (4,634) 281,803 248,153 53,295 (4,488) 296,960 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 1,168,751 $ 51,849 $ (2,611) $ 1,217,989 $ 1,239,542 $ 62,467 $ (2,734) $ 1,299,275 $ 1,237,537 $ 70,800 $ (2,581) $ 1,305,756 Quarterly Consolidated Statements of Operations Three Months Ended March 31, 2022 (unaudited) Three Months Ended June 30, 2022 (unaudited) Three Months Ended September 30, 2022 (unaudited) As As As Previously Other As Previously Other As Previously Other As Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated (In thousands, except share data) NET REVENUE $ 112,349 $ — $ (218) $ 112,131 $ 118,810 $ — $ (153) $ 118,657 $ 121,403 $ — $ (153) $ 121,250 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $0, $0, and $5, respectively 35,428 — (218) 35,210 35,346 — (153) 35,193 41,076 — (153) 40,923 Impairment of long-lived assets — — — $ — 16,933 — (2,028) 14,905 14,450 — 1,000 15,450 Total operating expenses 75,811 — (218) 75,593 94,975 — (2,181) 92,794 102,429 — 847 103,276 Operating income (loss) 36,538 — — 36,538 23,835 — 2,028 25,863 18,974 — (1,000) 17,974 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 22,656 — — 22,656 19,529 — 2,028 21,557 7,937 — (1,000) 6,937 PROVISION FOR (BENEFIT FROM) INCOME TAXES 5,586 (134) 10 5,462 3,725 — 489 4,214 3,364 51 (245) 3,170 NET INCOME (LOSS) 17,070 134 (10) 17,194 15,804 — 1,539 17,343 4,573 (51) (755) 3,767 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 16,369 $ 134 $ (10) $ 16,493 $ 15,034 $ — $ 1,539 $ 16,573 $ 4,213 $ (51) $ (755) $ 3,407 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.32 $ — $ — $ 0.32 $ 0.30 $ — $ 0.03 $ 0.33 $ 0.09 $ — $ (0.02) $ 0.07 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.30 $ — $ — $ 0.30 $ 0.28 $ — $ 0.03 $ 0.31 $ 0.08 $ — $ (0.02) $ 0.06 Three Months Ended March 31, 2021 (unaudited) Three Months Ended June 30, 2021 (unaudited) Three Months Ended September 30, 2021 (unaudited) Three Months Ended December 31, 2021 (unaudited) As As As As Previously Other As Previously Other As Previously Other As Previously Other As Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated (In thousands, except share data) NET REVENUE $ 91,440 $ — $ (229) $ 91,211 $ 107,593 $ — $ (228) $ 107,365 $ 111,463 $ — $ (229) $ 111,234 $ 130,966 $ — $ (491) $ 130,475 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $31, $0, $0, and $0, respectively 29,987 — (229) 29,758 31,510 — (228) 31,282 33,102 — (229) 32,873 48,588 — (491) 48,097 Impairment of long-lived assets — — — — — — — — — — — — — — 2,104 2,104 Total operating expenses 67,683 — (229) 67,454 69,673 — (228) 69,445 76,988 — (229) 76,759 108,575 — 1,613 110,188 Operating income (loss) 23,757 — — 23,757 37,920 — — 37,920 34,475 — — 34,475 22,391 — (2,104) 20,287 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 451 — — 451 24,597 — — 24,597 20,712 — — 20,712 8,484 — (2,104) 6,380 PROVISION FOR (BENEFIT FROM) INCOME TAXES (10) — — (10) 6,119 265 (12) 6,372 6,257 (9) — 6,248 1,211 (289) (498) 424 NET INCOME (LOSS) 461 — — 461 18,478 (265) 12 18,225 14,455 9 — 14,464 7,273 289 (1,606) 5,956 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 7 $ — $ — $ 7 $ 17,866 $ (265) $ 12 $ 17,613 $ 13,876 $ 9 $ — $ 13,885 $ 6,603 $ 289 $ (1,606) $ 5,286 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.00 $ — $ — $ 0.00 $ 0.36 $ (0.01) $ — $ 0.35 $ 0.27 $ — $ — $ 0.27 $ 0.13 $ 0.01 $ (0.03) $ 0.11 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.00 $ — $ — $ 0.00 $ 0.33 $ — $ — $ 0.33 $ 0.25 $ — $ — $ 0.25 $ 0.12 $ 0.01 $ (0.03) $ 0.10 Year to Date Consolidated Statements of Operations Six Months Ended June 30, 2022 (unaudited) Nine Months Ended September 30, 2022 (unaudited) As Previously Reported Adjustments Other Adjustments As Restated As Previously Reported Adjustments Other Adjustments As Restated (In thousands, except share data) NET REVENUE $ 231,159 $ — $ (371) $ 230,788 $ 352,562 $ — $ (524) $ 352,038 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $0 and $5, respectively 70,774 — (371) 70,403 111,850 — (524) 111,326 Impairment of long-lived assets 16,933 — (2,028) 14,905 31,383 — (1,028) 30,355 Total operating expenses 170,786 — (2,399) 168,387 273,215 — (1,552) 271,663 Operating income 60,373 — 2,028 62,401 79,347 — 1,028 80,375 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 42,185 — 2,028 44,213 50,122 — 1,028 51,150 PROVISION FOR (BENEFIT FROM) INCOME TAXES 9,311 (134) 499 9,676 12,675 (83) 254 12,846 NET INCOME 32,874 134 1,529 34,537 37,447 83 774 38,304 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 31,403 $ 134 $ 1,529 $ 33,066 $ 35,616 $ 83 $ 774 $ 36,473 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.62 $ — $ 0.03 $ 0.65 $ 0.72 $ — $ 0.02 $ 0.74 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.57 $ — $ 0.03 $ 0.60 $ 0.67 $ — $ 0.01 $ 0.68 Six Months Ended June 30, 2021 (unaudited) Nine Months Ended September 30, 2021 (unaudited) As Previously Reported Adjustments Other Adjustments As Restated As Previously Reported Adjustments Other Adjustments As Restated (In thousands, except share data) NET REVENUE $ 199,033 $ — $ (457) $ 198,576 $ 310,496 $ — $ (686) $ 309,810 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $31 and $31, respectively 61,497 — (457) 61,040 94,599 — (686) 93,913 Total operating expenses 137,356 — (457) 136,899 214,344 — (686) 213,658 PROVISION FOR (BENEFIT FROM) INCOME TAXES 6,109 265 (12) 6,362 12,366 256 (12) 12,610 NET INCOME (LOSS) 18,939 (265) 12 18,686 33,394 (256) 12 33,150 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 17,873 $ (265) $ 12 $ 17,620 $ 31,749 $ (256) $ 12 $ 31,505 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.36 $ (0.01) $ — $ 0.35 $ 0.64 $ (0.01) $ — $ 0.63 Quarterly Consolidated Statements of Comprehensive Income Three Months Ended March 31, 2022 (unaudited) Three Months Ended June 30, 2022 (unaudited) Three Months Ended September 30, 2022 (unaudited) As Previously Other As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX: Unrealized gain (loss) on available-for-sale securities $ — $ 10,400 $ — $ 10,400 $ — $ 100 $ — $ 100 $ — $ (7,500) $ — $ (7,500) Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities — (2,504) — (2,504) — (25) — (25) — 1,804 — 1,804 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX — 7,896 — 7,896 — 75 — 75 — (5,696) — (5,696) COMPREHENSIVE INCOME (LOSS) $ 17,070 $ 8,030 $ (10) $ 25,090 $ 15,804 $ 75 $ 1,539 $ 17,418 $ 4,573 $ (5,747) $ (755) $ (1,929) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 16,369 $ 8,030 $ (10) $ 24,389 $ 15,034 $ 75 $ 1,539 $ 16,648 $ 4,213 $ (5,747) $ (755) $ (2,289) Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2021 (unaudited) 2021 (unaudited) 2021 (unaudited) 2021 (unaudited) As As As As Previously Other As Previously Other As Previously Other As Previously Other As Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated (In thousands) OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX: Unrealized gain (loss) on available-for-sale securities $ — $ (1,200) $ — $ (1,200) $ — $ 4,500 $ — $ 4,500 $ — $ 4,400 $ — $ 4,400 $ — $ 1,800 $ — $ 1,800 Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities — 292 — 292 — (1,108) — (1,108) — (1,088) — (1,088) — (401) — (401) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX — (908) — (908) — 3,392 — 3,392 — 3,312 — 3,312 — 1,399 — 1,399 COMPREHENSIVE INCOME (LOSS) 461 (908) — (447) $ 18,478 $ 3,127 $ 12 $ 21,617 $ 14,455 $ 3,321 $ — $ 17,776 $ 7,273 $ 1,688 $ (1,606) $ 7,355 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 7 $ (908) $ — $ (901) $ 17,866 $ 3,127 $ 12 $ 21,005 $ 13,876 $ 3,321 $ — $ 17,197 $ 6,603 $ 1,688 $ (1,606) $ 6,685 Year to Date Consolidated Statements of Comprehensive Income Six Months Ended June 30, 2022 (unaudited) Nine Months Ended September 30, 2022 (unaudited) As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME, BEFORE TAX: Unrealized gain on available-for-sale securities $ — $ 10,500 $ — $ 10,500 $ — $ 3,000 $ — $ 3,000 Income tax expense related to unrealized gain on available-for-sale securities — (2,529) — (2,529) — (725) — (725) OTHER COMPREHENSIVE INCOME, NET OF TAX — 7,971 — 7,971 — 2,275 — 2,275 COMPREHENSIVE INCOME $ 32,874 $ 8,105 $ 1,529 $ 42,508 $ 37,447 $ 2,358 $ 774 $ 40,579 COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 31,403 $ 8,105 $ 1,529 $ 41,037 $ 35,616 $ 2,358 $ 774 $ 38,748 Six Months Ended June 30, 2021 (unaudited) Nine Months Ended September 30, 2021 (unaudited) As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME, BEFORE TAX: Unrealized gain on available-for-sale securities $ — $ 3,300 $ — $ 3,300 $ — $ 7,700 $ — $ 7,700 Income tax expense related to unrealized gain on available-for-sale securities — (816) — (816) — (1,904) — (1,904) OTHER COMPREHENSIVE INCOME, NET OF TAX — 2,484 — 2,484 — 5,796 — 5,796 COMPREHENSIVE INCOME $ 18,939 $ 2,219 $ 12 $ 21,170 $ 33,394 $ 5,540 $ 12 $ 38,946 COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 17,873 $ 2,219 $ 12 $ 20,104 $ 31,749 $ 5,540 $ 12 $ 37,301 Consolidated Statements of Changes in Stockholders’ Equity Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the three months ended March 31, 2022 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Net income — — — — — — — 16,369 16,369 Stock-based compensation expense — — — — — — 124 — 124 Repurchase of 2,649 shares of Class D common stock — — — — — — (10) — (10) Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (39) — (39) BALANCE, as of March 31, 2022 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,711 $ (750,198) $ 270,564 Adjustments and Other Adjustments BALANCE, as of December 31, 2021 — — — — — 54,950 (1,640) (3,750) 49,560 Net income — — — — — — — 124 124 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (832) — (832) Other comprehensive income, net of tax — — — — — 7,896 — — 7,896 Total Adjustments March 31, 2022 $ — $ — $ — $ — $ — $ 62,846 $ (2,472) $ (3,626) $ 56,748 As Restated BALANCE, as of December 31, 2021 (Restated) — 9 3 2 37 54,950 1,018,996 (770,317) 303,680 Net income — — — — — — — 16,493 16,493 Stock-based compensation expense — — — — — — 124 — 124 Repurchase of 2,649 shares of Class D common stock — — — — — — (10) — (10) Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (871) — (871) Other comprehensive income, net of tax — — — — — 7,896 — — 7,896 BALANCE, as of March 31, 2022 (Restated) $ — $ 9 $ 3 $ 2 $ 37 $ 62,846 $ 1,018,239 $ (753,824) $ 327,312 Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the six months ended June 30, 2022 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Net income — — — — — — — 31,403 31,403 Stock-based compensation expense — — — — — — 460 — 460 Repurchase of 4,684,419 shares of Class D common — — — — (4) — (24,665) — (24,669) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (1,803) — (1,803) BALANCE, as of June 30, 2022 $ — $ 9 $ 3 $ 2 $ 33 $ — $ 994,678 $ (735,164) $ 259,561 Adjustments and Other Adjustments BALANCE, as of December 31, 2021 — — — — — 54,950 (1,640) (3,750) 49,560 Net income — — — — — — — 1,663 1,663 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (104) — (104) Other comprehensive income, net of tax — — — — — 7,971 — — 7,971 Total Adjustments June 30, 2022 $ — $ — $ — $ — $ — $ 62,921 $ (1,744) $ (2,087) $ 59,090 As Restated BALANCE, as of December 31, 2021 (Restated) — 9 3 2 37 54,950 1,018,996 (770,317) 303,680 Net income — — — — — — — 33,066 33,066 Stock-based compensation expense — — — — — — 460 — 460 Repurchase of 4,684,419 shares of Class D common — — — — (4) — (24,665) — (24,669) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (1,907) — (1,907) Other comprehensive income, net of tax — — — — — 7,971 — — 7,971 BALANCE, as of June 30, 2022 (Restated) $ — $ 9 $ 3 $ 2 $ 33 $ 62,921 $ 992,934 $ (737,251) $ 318,651 Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the nine months ended September 30, 2022 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Net income — — — — — — — 35,616 35,616 Stock-based compensation expense — 1 — — 1 — 5,467 — 5,469 Repurchase of 4,684,419 shares of Class D common stock — — — — (4) — (26,482) — (26,486) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (2,717) — (2,717) BALANCE, as of September 31, 2022 $ — $ 10 $ 3 $ 2 $ 34 $ — $ 996,954 $ (730,951) $ 266,052 Adjustments and Other Adjustments BALANCE, as of December 31, 2021 — — — — — 54,950 (1,640) (3,750) 49,560 Net income — — — — — — — 857 857 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (723) — (723) Other comprehensive income, net of tax — — — — — 2,275 — — 2,275 Total Adjustments September 31, 2022 $ — $ — $ — $ — $ — $ 57,225 $ (2,363) $ (2,893) $ 51,969 As Restated BALANCE, as of December 31, 2021 (Restated) — 9 3 2 37 54,950 1,018,996 (770,317) 303,680 Net income — — — — — — — 36,473 36,473 Stock-based compensation expense — 1 — — 1 — 5,467 — 5,469 Repurchase of 4,684,419 shares of Class D common stock — — — — (4) — (26,482) — (26,486) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (3,440) — (3,440) Other comprehensive income, net of tax — — — — — 2,275 — — 2,275 BALANCE, as of September 31, 2022 (Restated) $ — $ 10 $ 3 $ 2 $ 34 $ 57,225 $ 994,591 $ (733,844) $ 318,021 Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the three months ended March 31, 2021 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2020 $ — $ 4 $ 3 $ 3 $ 38 $ — $ 991,769 $ (804,919) $ 186,898 Net income — — — — — — — 7 7 Repurchase of 495,296 shares of Class D common stock — — — — (1) — (871) — (872) Issuance of 1,886,265 shares of Class A common stock — 2 — — — — 12,123 — 12,125 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — 420 — 420 Stock-based compensation expense — — — — — — 253 — 253 BALANCE, as of March 31, 2021 $ — $ 6 $ 3 $ 3 $ 37 $ — $ 1,003,694 $ (804,912) $ 198,831 Adjustments and Other Adjustments BALANCE, as of December 31, 2020 — — — — — 47,755 (1,241) (2,189) 44,325 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (548) — (548) Other comprehensive loss, net of tax — — — — — (908) — — (908) Total Adjustments March 31, 2021 $ — $ — $ — $ — $ — $ 46,847 $ (1,789) $ (2,189) $ 42,869 As Restated BALANCE, as of December 31, 2020 (Restated) — 4 3 3 38 47,755 990,528 (807,108) 231,223 Net income — — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS: Since January 1, 2023, and through the date of this filing, the Company executed Stock Vest Tax Repurchases of 249,550 shares of Class D common stock for approximately $1.3 million at an average price of $5.17 per share. Since January 1, 2023, and through the date of this filing, the Company repurchased approximately $25.0 million of its 2028 Notes at an average price of approximately 89.1% of par. Since January 1, 2023, and through the date of this filing, the Compensation Committee awarded certain executive officers and management personnel 727,215 restricted shares of the Company’s Class D common stock, and stock options to purchase 429,427 shares of the Company’s Class D common stock. Of these awards, 672,603 restricted shares of the Company’s Class D common stock and stock options to purchase 405,139 shares of the Company’s Class D common stock immediately vested upon grant. In connection with the vesting of these awards, the Company withheld a total of 220,912 shares to settle the recipients’ tax obligations. On March 8, 2023, ROEH issued a Put Notice with respect to its Put Interest in MGMNH. Upon issuance of the Put Notice, no later than thirty (30) days following receipt, MGMNH is required to repurchase the Put Interest for cash. On April 21 2023, ROEH closed on the sale of the Put Interest. The Company received approximately $136.8 million at the time of settlement of the Put Interest, representing the put price. During the quarter ended March 31, 2023, the Company received $8.8 million representing the Company’s annual distribution from MGMNH with respect to fiscal year 2022. On April 30, 2023, the Company entered into a waiver and amendment (the “Waiver and Amendment”) to the Current ABL Facility, dated as of February 19, 2021 (as amended by the Waiver and Amendment, the “Amended Current ABL Facility”), with the Company, the Company’s subsidiaries guarantors, Bank of America, N.A., as administrative agent (the “Administrative Agent”) and the lenders party thereto. The Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver the Annual Financial Deliverables for the Fiscal Year ended December 31, 2022 as required under the Current ABL Facility (the “Specified Defaults”). Additionally, under the Waiver and Amendment, the Current ABL Facility was amended to provide that from and after the date thereof, any request for a new LIBOR Loan (as defined in the Current ABL Facility), for a continuation of an existing LIBOR Loan (as defined in the Current ABL Facility) or for a conversion of a Loan to a LIBOR Loan (as defined in the Current ABL Facility) shall be deemed to be a request for a loan bearing interest at Term SOFR (as defined in the Amended Current ABL Facility) (the “SOFR Interest Rate Change”). As the Company was undrawn under the Current ABL Facility as of the date of the Waiver and Amendment, the SOFR Interest Rate Change would only bear upon future borrowings by the Company such that they bear an interest rate relating to the secured overnight financing rate. These provisions of the Waiver and Amendment are intended to transition loans under the Current ABL Facility to the new secured overnight financing rate as the benchmark rate. On June 5, 2023, the Company entered into a second waiver and amendment (the “Second Waiver and Amendment”) to the Amended Current ABL Facility. The Second Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver both the Annual Financial Deliverables for the Fiscal Year ended December 31, 2022 and Quarterly Financial Deliverables for the Quarter ended March 31, 2023 as required under the Current ABL Facility. On April 11 2023, the Company announced it has signed a definitive asset purchase agreement with Cox Media Group (“CMG”) to purchase its Houston radio cluster. Under the terms of the agreement, Urban One will acquire 93Q Country KKBQ-FM, classic rock station The Eagle 106.9 & 107.5 KHPT-FM and KGLK-FM, and Country Legends 97.1 KTHT-FM. In furtherance of the transaction, Urban One will divest stations to comply with FCC ownership regulations. The acquisition and disposition transactions are subject to FCC approval and other customary closing conditions and is anticipated to close in the third quarter of 2023. CMG and Urban One will continue to operate their respective stations until the transactions close. On April 3, 2023, the Company received a notice On May 19, 2023, the Company received a second letter notifying (the “Second Nasdaq Letter”) it that it was not in compliance with requirements of the Rule as a result of not having timely filed its 2022 Form 10-K and its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the “Q1 2023 Form 10-Q” and, together with the 2022 Form 10-K, the “Delinquent Reports”), with the SEC. In accordance with the Second Nasdaq Letter, the Company had until June 2, 2023, to submit a plan to file both Delinquent Reports or to submit a plan to regain compliance with respect to these Delinquent Reports. The Company submitted its plan to regain compliance with respect to these Delinquent Reports on May 26, 2023, and on June 5, 2023, the Company received a letter from Nasdaq granting an exception to enable the Company to regain compliance with the Rule. Under the terms of the exception, on or before September 27, 2023, the Company must file its Form 10-K and Form 10-Q for the period ended December 31, 2022, and March 31, 2023, as required by the Rule. On June 13, 2023, Urban One, Inc.’s 50/50 partnership with Churchill Downs Incorporated, RVA Entertainment Holdings, LLC, entered into a Resort Casino Host Community Agreement with the City of Richmond, Virginia (the “City”), to be the City’s preferred casino gaming operator subject to certification by the Virginia Lottery Department and a local referendum. |
ORGANIZATION (Policies)
ORGANIZATION (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make certain estimates and assumptions. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. The Company bases these estimates on historical experience, current economic environment or various other assumptions that are believed to be reasonable under the circumstances. However, continuing economic uncertainty and any disruption in financial markets increase the possibility that actual results may differ from these estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts and operations of Urban One and subsidiaries in which Urban One has a controlling financial interest, which is generally determined when the Company holds a majority voting interest. All intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Cash and Cash Equivalents and Restricted Cash | (a) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and money market funds at various commercial banks that have original maturities of 90 days or less. Investments with contractual maturities of 90 days or less from the date of original purchase are classified as cash and cash equivalents. For cash and cash equivalents, cost approximates fair value. The Company’s cash and cash equivalents are insured by the Federal Deposit Insurance Corporation. The Company has amounts held with banks that may exceed the amount of insurance provided on such accounts. Generally, the balances may be redeemed upon demand and are maintained with financial institutions of reputable credit, and therefore, bear minimal credit risk. On July 29, 2021, RVA Entertainment Holdings, LLC (“RVAEH”), a wholly owned unrestricted subsidiary of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort (the “Project”). The Original HCA imposed certain obligations on RVAEH in connection with the development of the Project, including a $26 million upfront payment (the “Upfront Payment”) due upon successful passage of a citywide referendum permitting development of the Project (the “Referendum”). In connection with the Original HCA, RVAEH and its former development partner Pacific Peninsula Entertainment funded the Upfront Payment into escrow to be released to the City upon successful passage of the Referendum or back to RVAEH in the event the Referendum failed. In November 2021, the required Referendum was conducted and failed to pass. However, on January 24, 2022, the Richmond City Council adopted a new resolution in efforts to bring the ONE Casino + Resort to the City. The new resolution was the first of several steps in pursuit of a second referendum. The City and RVAEH then entered into a new Host Community Agreement (the “New HCA”) which also included an Upfront Payment to be held in escrow and payable upon successful passage of a citywide referendum permitting development of the Project. After the City and RVAEH entered into the New HCA, the Virginia General Assembly passed legislation that sought to delay the second referendum that was anticipated to occur in November 2022. While there were some questions as to the applicability of the legislation, RVAEH and the City determined to adhere to the legislation and to seek a second referendum in November 2023. As a result of the efforts to obtain a second referendum, including execution of the New HCA and the determination to seek a second referendum in November 2023, the Upfront Payment remains in escrow. Therefore, the Company’s portion of the Upfront Payment, approximately $19.5 million is classified as restricted cash on the balance sheets as of December 31, 2022 and 2021. |
Trade Accounts Receivable | (b) Trade Accounts Receivable Trade accounts receivable which consists of both billed and unbilled receivables are recorded at their invoiced amount and are presented net of an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s estimate of the amount of probable losses in the Company’s existing accounts receivable portfolio. The Company determines the allowance based on the aging of the receivables, the impact of economic conditions on the advertisers’ ability to pay and other factors. Inactive delinquent accounts that are past due beyond a certain amount of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. |
Goodwill and Indefinite-Lived Intangible Assets (Primarily Radio Broadcasting Licenses) | (c) Goodwill and Indefinite-Lived Intangible Assets (Primarily Radio Broadcasting Licenses) In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with Accounting Standards Codification (“ASC”) 350, “ Intangibles - Goodwill and Other,” |
Impairment of Long-Lived Assets and Intangible Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets | (d) Impairment of Long-Lived Assets and Intangible Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets The Company accounts for the impairment of long-lived assets and intangible assets, excluding goodwill and other indefinite-lived intangible assets, in accordance with ASC 360, “Property, Plant and Equipment |
Financial Instruments | (e) Financial Instruments Financial instruments as of December 31, 2022 and 2021, consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, and long-term debt. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2022 and 2021, except for the Company’s long-term debt. On January 25, 2021, the Company borrowed $825 million in aggregate principal amount of senior secured notes due February 2028 (the “2028 Notes”). The 7.375% 2028 Notes had a carrying value of approximately $750.0 million and fair value of approximately $646.9 million as of December 31, 2022, and had a carrying value of approximately $825.0 million and fair value of approximately $851.8 million as of December 31, 2021. The fair values of the 2028 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. On June 1, 2021, the Company borrowed approximately $7.5 million on a new PPP Loan (as defined in Note 11 – Long-Term Debt ). During the three months ended June 30, 2022, the PPP Loan and related accrued interest was forgiven and recorded as other income in the amount of approximately $7.6 million. The PPP Loan had a carrying value of approximately $7.5 million and fair value of approximately $7.5 million as of December 31, 2021. The fair value of the PPP Loan, classified as a Level 2 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. There were no borrowings outstanding on the Company’s asset-backed credit facility as of December 31, 2022 and 2021. |
Revenue Recognition | (f) Revenue Recognition In accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606 Within our radio broadcasting and Reach Media segments, revenues are generated from the sale of spot advertisements and sponsorships. Revenue is recognized for each performance obligation based on the allocated transaction price and the pattern of transfer to the customer. The Company records as revenue the amount of consideration that it receives. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $18.4 million and $16.7 million for the years ended December 31, 2022 and 2021, respectively. Within our digital segment, Interactive One generates the majority of the Company’s digital revenue. Our digital revenue is principally derived from advertising services on non-radio station branded, but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. As the Company runs its advertising campaigns, the customer simultaneously receives benefits as impressions are delivered, and revenue is recognized over time. The amount of revenue recognized each month is based on the number of impressions delivered multiplied by the effective per impression unit price, and is equal to the amount receivable from the customer. Our cable television segment derives advertising revenue from the sale of television airtime to advertisers and revenue is recognized over time when the advertisements are run. In the agreements governing advertising campaigns, the Company may also promise to deliver to its customers a guaranteed minimum number of viewers (“impressions”) on a specific television network within a particular demographic. These advertising campaigns are considered to represent a single, distinct performance obligation. Revenues are recognized based on the guaranteed audience level multiplied by the average price per impression. The Company provides the advertiser with advertising until the guaranteed audience level is delivered, and invoiced advertising revenue receivables may exceed the value of the audience delivery. As such, a portion of revenues are deferred until the guaranteed audience level is delivered or the rights associated with the guarantee lapse, which is typically less than one year. Audience guarantees are initially developed internally, based on planned programming, historical audience levels, and market trends. Actual audience and delivery information is obtained from independent ratings services. For our cable television segment, agency and outside sales representative commissions were approximately $20.1 million and $16.9 million for the years ended December 31, 2022 and 2021, respectively. Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber royalty payable by the affiliate, in exchange for the right to distribute the Company’s programming. The majority of the Company’s distribution fees are collected monthly throughout the year and distribution revenue is recognized over the term of the contracts based on contracted programming rates and reported subscriber levels. The Company applies the sales- or usage-based royalty exception for its affiliate agreements. The amount of distribution fees due to the Company is reported by distributors based on actual subscriber levels. Such information is generally not received until after the close of the reporting period. In these cases, the Company estimates the number of subscribers receiving the Company’s programming to estimate royalty revenue. Historical adjustments to recorded estimates have not been material. Revenues from the Company’s cable television segment are reduced by the amortization of the Company’s launch support assets. Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The determination of stand-alone selling price considers market conditions, the size and scope of the contract, customer information, and other factors. Revenue by Contract Type The following chart shows the sources of our net revenue for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 (As Restated) Radio advertising $ 177,268 $ 165,244 Political advertising 13,226 3,494 Digital advertising 76,730 59,812 Cable television advertising 112,857 95,589 Cable television affiliate fees 96,963 101,203 Event revenues & other 7,560 14,943 Net revenue $ 484,604 $ 440,285 Contract Assets and Liabilities Contract assets and contract liabilities that are not separately stated in our consolidated balance sheets at December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 (As Restated) (In thousands) Contract assets: Unbilled receivables ( $5,798 as of January 1, 2021) $ 12,597 $ 10,735 Contract liabilities: Customer advances and unearned income ( $3,044 as of January 1, 2021) $ 6,123 $ 5,503 Reserve for audience deficiency ( $3,544 as of January 1, 2021) 9,629 6,020 Unearned event income ( $5,921 as of January 1, 2021) 5,708 — Unbilled receivables consist of earned revenue that has not yet been billed and is included in trade accounts receivable on the consolidated balance sheets. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term and are included in other current liabilities on the consolidated balance sheets. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the original airing. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. For customer advances and unearned income as of January 1, 2022, approximately $2.5 million was recognized as revenue during the year ended December 31, 2022. For unearned event income as of January 1, 2022, there was no revenue recognized during the year ended December 31, 2022. For customer advances and unearned income as of January 1, 2021, approximately $3.0 million was recognized as revenue during the year ended December 31, 2021. For unearned event income as of January 1, 2021, approximately $5.9 million was recognized during the year ended December 31, 2021 as the event took place during the fourth quarter of 2021. Practical expedients and exemptions We generally expense employee sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property. |
Launch Support | (g) Launch Support The cable television segment has entered into certain affiliate agreements requiring various payments for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. For the year ended December 31, 2022, the Company paid approximately $9.3 million for carriage initiation, and during the year ended December 31, 2021, the Company did not pay any launch support for carriage initiation. For the year ended December 31, 2022, there was launch support additions of approximately $9.5 million for carriage initiation that will be paid in cash in future periods. The weighted-average amortization period for launch support was approximately 8.1 years and 7.1 years as of December 31, 2022 and 2021, respectively. The remaining weighted-average amortization period for launch support was 3.8 years and 3.3 years as of December 31, 2022 and 2021, respectively. Amortization is recorded as a reduction to revenue as discussed in Note 2 – Restatement of Financial Statements The gross value and accumulated amortization of the launch assets is as follows: As of December 31, 2022 2021 (In thousands) Launch assets $ 27,764 $ 9,021 Less: accumulated amortization (9,104) (4,724) Launch assets, net $ 18,660 $ 4,297 Future estimated launch support amortization related to launch assets for years 2023 through 2027 and thereafter is as follows: (In thousands) 2023 $ 4,980 2024 4,980 2025 4,980 2026 3,410 2027 237 Thereafter 73 |
Barter Transactions | (h) Barter Transactions For barter transactions, the Company provides broadcast advertising time in exchange for programming content and certain services. The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the years ended December 31, 2022 and 2021, barter transaction revenues were approximately $2.0 million and $1.8 million, respectively. Additionally, for the years ended December 31, 2022 and 2021, barter transaction costs were reflected in programming and technical expenses of approximately $1.3 million and $1.2 million, respectively, and selling, general and administrative expenses of $679,000 and $606,000, respectively. |
Advertising and Promotions | (i) Advertising and Promotions The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for the years ended December 31, 2022 and 2021, were approximately $31.3 million and $24.7 million, respectively. |
Income Taxes | (j) Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”, The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Conversely, if management determines that the Company would not be able to realize the recorded amount of deferred tax assets in the future, the Company would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included in other current liabilities on the consolidated balance sheets. |
Stock-Based Compensation | (k) Stock-Based Compensation The Company accounts for stock-based compensation for stock options and restricted stock grants in accordance with ASC 718, “Compensation - Stock Compensation.” Employment Agreement Award Stockholders’ Equity. |
Segment Reporting and Major Customers | (l) Segment Reporting and Major Customers In accordance with ASC 280, “ Segment Reporting The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.” No single customer accounted for over 10% of our consolidated net revenues or accounts receivable as of and during either of the years ended December 31, 2022 or 2021. |
Earnings Per Share | (m) Earnings Per Share Basic earnings per share is computed on the basis of the number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of potential dilutive common shares outstanding during the period using the treasury stock method. The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect. In each of the years ended December 31, 2022 and 2021, the amount of earnings per share would pertain to each of our classes of common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Company’s Amended and Restated Certificate of Incorporation. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): Year Ended December 31, 2022 2021 (As Restated) (In Thousands) Numerator: Net income attributable to common stockholders $ 37,329 $ 36,791 Denominator: Denominator for basic net income per share - weighted average outstanding shares 48,928,063 50,163,600 Effect of dilutive securities: Stock options and restricted stock 3,246,274 3,973,041 Denominator for diluted net income per share - weighted-average outstanding shares 52,174,337 54,136,641 Net income attributable to common stockholders per share – basic $ 0.76 $ 0.73 Net income attributable to common stockholders per share – diluted $ 0.72 $ 0.68 |
Fair Value Measurements | (n) Fair Value Measurements We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “ Fair Value Measurement The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 Level 2 Level 3 A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument. As of December 31, 2022 and 2021, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: Total Level 1 Level 2 Level 3 (In thousands) As of December 31, 2022 Liabilities subject to fair value measurement: Employment agreement award (a) $ 26,283 $ — $ — $ 26,283 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (b) $ 25,298 $ — $ — $ 25,298 Assets subject to fair value measurement: Available-for-sale securities (c) $ 136,826 $ — $ — $ 136,826 Cash equivalents - money market funds (d) 39,798 39,798 — — Total $ 176,624 $ 39,798 $ — $ 136,826 As of December 31, 2021 (As Restated) Liabilities subject to fair value measurement: Employment agreement award (a) $ 28,193 $ — $ — $ 28,193 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (b) $ 18,655 $ — $ — $ 18,655 Assets subject to fair value measurement: Available-for-sale securities (c) $ 112,600 $ — $ — $ 112,600 (a) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) in an amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The long-term portion of the award is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. Significant inputs to the market approach include publicly held peer companies and associated multiples. In September 2022, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. (b) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. (c) The investment in MGM National Harbor is preferred stock that has a non-transferable put right and is classified as an available-for-sale debt security. The investment was initially measured at fair value using a dividend discount model. Significant inputs to the dividend discount model include revenue growth rates, discount rate and a terminal growth rate. As of December 31, 2022, the investment’s fair value is measured using a contractual valuation approach. This method relies on a contractually agreed upon formula established between the Company and MGM National Harbor as defined in the Second Amended and Restated Operating Agreement of MGM National Harbor, LLC (“the Agreement”) rather than market-based inputs or traditional valuation methods. As defined in the Agreement, the calculation of the put is based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique are specific to the entity, MGM National Harbor, and there are no current observable prices for investments in private companies that are comparable to MGM National Harbor. The inputs used to measure the fair value of this security are classified as Level 3 within the fair value hierarchy. Throughout the periods from the fourth quarter of 2020 up until the third quarter of 2022, the Company relied on the dividend discount model for valuation purposes based on the facts, circumstances, and information available at the time. During the fourth quarter of 2022, the Company adopted the contractual valuation method described above as it believes it more closely approximates the fair value of the investment at that time. Please refer to Note 18 – Subsequent Events of our consolidated financial statements for further details. (d) The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value. There were no transfers in or out of Level 1, 2, or 3 during the years ended December 31, 2022 and 2021. The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021: Employment Redeemable Available- Contingent Agreement Noncontrolling for-Sale Consideration Award Interests Securities (As Restated) (As Restated) (In thousands) Balance at December 31, 2020 $ 780 $ 25,603 $ 13,942 $ 103,100 Net income attributable to redeemable noncontrolling interests — — 2,315 — Dividends paid to redeemable noncontrolling interests — — (2,400) — Distribution (1,060) (3,573) — — Change in fair value included within other comprehensive income — — — 9,500 Change in fair value 280 6,163 4,798 — Balance at December 31, 2021 $ — $ 28,193 $ 18,655 $ 112,600 Net income attributable to redeemable noncontrolling interests — — 2,626 — Dividends paid to redeemable noncontrolling interests — — (1,599) — Distribution — (4,039) — — Change in fair value included within other comprehensive income — — — 24,226 Change in fair value — 2,129 5,616 — Balance at December 31, 2022 $ — $ 26,283 $ 25,298 $ 136,826 The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at December 31, 2022 $ — $ (2,129) $ — $ — The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at December 31, 2021 $ (280) $ (6,163) $ — $ — Losses and gains included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the employment agreement award and included as selling, general and administrative expenses for contingent consideration for the years ended December 31, 2022 and 2021. For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: As of As of December 31, December 31, 2022 2021 (As Restated) Significant Unobservable Significant Unobservable Level 3 assets and liabilities Valuation Technique Inputs Input Value Employment agreement award Discounted cash flow Discount rate 10.5 % 9.5 % Employment agreement award Discounted cash flow Terminal growth rate 0.5 % 0.5 % Employment agreement award Discounted cash flow Operating profit margin range 33.7% - 46.6 % 34.9% - 46.4 % Employment agreement award Discounted cash flow Revenue growth rate range (4.1)% - 4.2 % (5.9)% - 11.6 % Redeemable noncontrolling interest Discounted cash flow Discount rate 11.5 % 11.5 % Redeemable noncontrolling interest Discounted cash flow Terminal growth rate 0.3 % 0.4 % Redeemable noncontrolling interest Discounted cash flow Operating profit margin range 25.8% - 29.8 % 24.0% - 32.8 % Redeemable noncontrolling interest Discounted cash flow Revenue growth rate range 0.2% - 32.2 % (11.8)% - 0.3 % Available-for-sale securities Dividend discount model Revenue growth rate N/A 8.0 % Available-for-sale securities Dividend discount model Discount rate N/A 10.5 % Available-for-sale securities Dividend discount model Long-term growth rate N/A 3.0 % Any significant increases or decreases in discount rate or terminal growth rate inputs could result in significantly higher or lower fair value measurements. Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. A description of the Level 3 inputs and the information used to develop the inputs is discussed in Note 6 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets. As of December 31, 2022, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $216.6 million and $488.4 million, respectively. Pursuant to ASC 350, “ Intangibles – Goodwill and Other Goodwill, Radio Broadcasting Licenses and Other Intangible Assets. |
Software and Web Development Costs | (o) Software and Web Development Costs The Company capitalizes direct internal and external costs incurred to develop internal-use computer software during the application development stage pursuant to ASC 350-40, “ Intangibles – Goodwill and Other – Internal -Use Software.” Intangibles – Goodwill and Other – Website Development Costs” |
Redeemable Noncontrolling Interests | (p) Redeemable Noncontrolling Interests Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital. |
Investments, As Restated | (q) Investments, As Restated Available-for-sale securities On April 10, 2015, the Company made a $5 million investment in MGM’s world-class casino property, MGM National Harbor, located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. In return for this investment, the Company received preferred stock and a non-transferable put right, which is exercisable for a thirty-day period each year. The price of the put right will be determined based on the “Put Price” definition as defined in the Agreement between the Company and MGM National Harbor. The Company classifies its investment in MGM National Harbor as an available-for-sale debt security. Investments classified as available for sale are carried at fair value with unrealized gains and losses, net of deferred taxes, reflected directly in accumulated other comprehensive income. Net realized gains and losses on sales of available for sale securities, and unrealized losses considered to be other-than-temporary, are recorded to other income, net in the Consolidated Statements of Operations. The investment entitles the Company to an annual cash distribution based on net gaming revenue and the Company recognized distribution income in the amount of approximately $8.8 million and $7.7 million, for the years ended December 31, 2022 and 2021, respectively, which is recorded in other income, net in the Consolidated Statements of Operations. During the quarter ended March 31, 2023, the Company received $8.8 million representing the Company’s annual distribution from MGMNH with respect to fiscal year 2022. On March 8, 2023, Radio One Entertainment Holdings, LLC (“ROEH”), the Company’s wholly-owned subsidiary issued a put notice (the “Put Notice”) with respect to one hundred percent ( 100% ) of its interest (the “Put Interest”) in MGM National Harbor, LLC (“MGMNH”). On April 21 2023, ROEH closed on the sale of the Put Interest. The Company received approximately $136.8 million at the time of settlement of the Put Interest, representing the put price. Please refer to Note 18 - within the consolidated financial statements for further information. |
Content Assets | (r) Content Assets The Company’s cable television segment has entered into contracts to license entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year five years The Company utilizes judgment and prepares analysis to determine the amortization patterns of our content assets. Key assumptions include the categorization of content based on shared characteristics and the use of a quantitative model to predict revenue. For each film group, which the Company defines as a genre, this model takes into account projected viewership which is based on (i) estimated household universe; (ii) ratings; and (iii) expected number of airings across different broadcast time slots. As part of the Company's assessment of its amortization rates, the Company compares the estimated amortization rates to those that have been utilized during the year. Management regularly reviews, and revises, when necessary, its total revenue estimates, which may result in a change in the rate of amortization and/or a write down of the asset to fair value The result of the content amortization analysis is either an accelerated method or a straight-line amortization method over the estimated useful lives of generally one Content that is predominantly monetized within a film group is assessed for impairment at the film group level and is tested for impairment if circumstances indicate that the fair value of the content within the film group is less than its unamortized costs. The Company’s film groups for commission programming are generally aligned along genre, while the Company’s licensed content is considered a separate film group. The Company evaluates the fair value of content at the group level by considering expected future revenue generation using a cash flow analysis when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized costs. Estimates of future revenues consider historical airing patterns and future plans for airing content, including any changes in strategy. Given the significant estimates and judgments involved, actual demand or market conditions may be less favorable than those projected, requiring a write-down to fair value. The Company determined there were no impairment indicators evident during the year ended December 31, 2022. For the year ended December 31, 2021, the Company recorded an impairment and additional amortization expense Tax incentives that state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs. |
Impact of Recently Issued Accounting Pronouncements | (s) Impact of Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 In October 2021, the FASB issued ASU 2021-08, Business Combination (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customers Topic 606) |
Related Party Transactions | (t) Related Party Transactions Reach Media operates the Tom Joyner Foundation’s Fantastic Voyage ® ® ® Reach’s expenditures, up to a $1.0 million fee to Reach, a performance bonus of up to 50% of remaining operating revenues to Reach Media, with the balance remaining to the Foundation. For 2021 and 2023, $250,000 to the Foundation is guaranteed; the Fantastic Voyage ® did not operate in 2022. Reach Media’s earnings for the Fantastic Voyage ® in any given year may not exceed $1.75 million. The Foundation’s remittances to Reach Media under the agreements are limited to its Fantastic Voyage ® related cash collections. Reach Media bears the risk should the Fantastic Voyage ® sustain a loss and bears all credit risk associated with the related passenger cruise package sales. The agreement between Reach and the Foundation automatically renews annually unless termination is mutually agreed or unless a party’s financial requirements are not met, in which case the party not in breach of their obligations has the right, but not the obligation, to terminate unilaterally. As of December 31, 2022, the Foundation owed Reach Media approximately $2.3 million r eflecting passenger payments received by the Foundation, but not yet remitted to Reach Media, and as of December 31, 2021, Reach Media owed the Foundation $41,000 under the agreements for the operation of the cruises. The Fantastic Voyage took place during the fourth quarter of 2021. For the year ended December 31, 2021, Reach Media's revenues, expenses, and operating income for the Fantastic Voyage were approximately $7.0 million, $6.6 million, and $400,000, respectively. Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation. Such services are provided to the Foundation on a pass-through basis at cost. Additionally, from time to time, the Foundation reimburses Reach Media for expenditures paid on its behalf at Reach Media-related events. Under these arrangements, as of December 31, 2022 and 2021, the Foundation owed an immaterial amount to Reach Media. Alfred C. Liggins, President and Chief Executive Officer of Urban One, Inc. (“BMI”), a performance rights organization to which the Company pays license fees in the ordinary course of business. During the years ended December 31, 2022 and 2021, the Company incurred expense of approximately $3.8 million and $4.7 million, respectively. As of December 31, 2022 and 2021, the Company owed BMI approximately $1.5 million and $423,000 , respectively. |
Leases | (u) Leases On January 1, 2019, with the adoption of ASC 842, the Company adopted a package of practical expedients as allowed by the transition guidance which permitted the Company to carry forward the historical assessment of whether contracts contain or are leases, classification of leases and the remaining lease terms. The Company has also made an accounting policy election to exclude leases with an initial term of twelve months or less from recognition on the consolidated balance sheet. Short-term leases will be expensed over the lease term. The Company also elected to separate the consideration in the lease contracts between the lease and non-lease components. All variable non-lease components are expensed as incurred. ASC 842 results in significant changes to the balance sheets of lessees, most significantly by requiring the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Upon adoption of ASC 842, deferred rent balances, which were historically presented separately, were combined and presented net within the ROU assets. Many of the Company's leases provide for renewal terms and escalation clauses, which are factored into calculating the lease liabilities when appropriate. The implicit rate within the Company's lease agreements is generally not determinable and as such the Company’s collateralized borrowing rate is used. The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: Year Ended December 31, 2022 2021 (Dollars In thousands) Operating lease cost (cost resulting from lease payments) $ 12,822 $ 13,055 Variable lease cost (cost excluded from lease payments) 40 40 Total lease cost $ 12,862 $ 13,095 Operating lease - operating cash flows (fixed payments) $ 13,978 $ 13,784 Operating lease - operating cash flows (liability reduction) $ 9,935 $ 9,124 Weighted average lease term - operating leases 4.85 years 4.94 years Weighted average discount rate - operating leases 11.00 % 11.00 % As of December 31, 2022, maturities of lease liabilities were as follows: For the Year Ended December 31, (In thousands) 2023 $ 11,697 2024 10,690 2025 6,834 2026 4,860 2027 3,417 Thereafter 7,140 Total future lease payments 44,638 Less: imputed interest (10,403) Total $ 34,235 |
Going Concern Assessment | (v) Going Concern Assessment The accompanying financial statements have been prepared on a going concern basis in accordance with the applicable accounting standard codification. We have concluded that the Company has sufficient capacity over the next twelve months to meet its financing obligations, that cash flows from operations are sufficient to meet the liquidity needs and/or has sufficient capacity to access asset-backed facility funds to finance working capital needs should the need arise. |
RESTATEMENT OF FINANCIAL STAT_2
RESTATEMENT OF FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
RESTATEMENT OF FINANCIAL STATEMENTS | |
Schedule of impact of restatement on financial statements | Consolidated Balance Sheets As of December 31, 2021 As Previously Reported Adjustments Other Adjustments As Restated (In thousands) ASSETS CURRENT ASSETS: Trade accounts receivable, net of allowance for doubtful accounts of $8,743 $ 127,446 $ — $ 313 $ 127,759 Other current assets 4,760 — (1,263) 3,497 Total current assets 313,274 — (950) 312,324 RIGHT OF USE ASSETS 38,044 — (88) 37,956 RADIO BROADCASTING LICENSES 505,148 — (3,728) 501,420 OTHER INTANGIBLE ASSETS, net 50,159 — (2,238) 47,921 DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 — 112,600 — 112,600 OTHER ASSETS 44,635 (40,000) 2,321 6,956 Total assets $ 1,261,108 $ 72,600 $ (4,683) $ 1,329,025 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 14,588 $ — $ 2,304 $ 16,892 Other current liabilities 26,421 — (1,991) 24,430 Total current liabilities 106,471 — 313 106,784 DEFERRED TAX LIABILITIES, 2,473 17,617 (1,213) 18,877 Total liabilities 989,973 17,617 (900) 1,006,690 REDEEMABLE NONCONTROLLING INTERESTS 17,015 — 1,640 18,655 STOCKHOLDERS’ EQUITY: Accumulated other comprehensive income — 54,950 — 54,950 Additional paid-in capital 1,020,636 — (1,640) 1,018,996 Accumulated deficit (766,567) 33 (3,783) (770,317) Total stockholders’ equity 254,120 54,983 (5,423) 303,680 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 1,261,108 $ 72,600 $ (4,683) $ 1,329,025 Consolidated Statements of Operations Year Ended December 31, 2021 As Previously Other Reported Adjustments Adjustments As Restated (In thousands, except share data) NET REVENUE $ 441,462 $ — $ (1,177) $ 440,285 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $31 143,187 — (1,177) 142,010 Impairment of long-lived assets — — 2,104 2,104 Total operating expenses 322,919 — 927 323,846 Operating income (loss) 118,543 — (2,104) 116,439 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 54,244 — (2,104) 52,140 PROVISION FOR (BENEFIT FROM) INCOME TAXES 13,577 (33) (510) 13,034 NET INCOME (LOSS) 40,667 33 (1,594) 39,106 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 38,352 $ 33 $ (1,594) $ 36,791 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.76 $ — $ (0.03) $ 0.73 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.71 $ — $ (0.03) $ 0.68 Consolidated Statements of Comprehensive Income Year Ended December 31, 2021 As Previously Other Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME, BEFORE TAX: Unrealized gain on available-for-sale securities $ — $ 9,500 $ — $ 9,500 Income tax expense related to unrealized gain on available-for-sale securities — (2,305) — (2,305) OTHER COMPREHENSIVE INCOME, NET OF TAX — 7,195 — 7,195 COMPREHENSIVE INCOME (LOSS) $ 40,667 $ 7,228 $ (1,594) $ 46,301 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 38,352 $ 7,228 $ (1,594) $ 43,986 Consolidated Statements of Changes in Stockholders’ Equity As Previously Reported Accumulated Convertible Common Common Common Common Other Additional Total Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Stockholders’ For the year ended December 31, 2021 Stock Class A Class B Class C Class D Income Capital Deficit Equity BALANCE, as of December 31, 2020 $ — $ 4 $ 3 $ 3 $ 38 $ — $ 991,769 $ (804,919) $ 186,898 Net income — — — — — — — 38,352 38,352 Stock-based compensation expense — — — — — — 565 — 565 Repurchase of 521,877 shares of Class D common stock — — — — (1) — (969) — (970) Issuance of 3,779,391 shares of Class A common stock — 4 — — — — 33,273 — 33,277 Exercise of options for 229,756 shares of Class D common stock — — — — — — 397 — 397 Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock — 1 — (1) — — — — — Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (4,399) — (4,399) BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Adjustments and Other Adjustments Accumulated Convertible Common Common Common Common Other Additional Total Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Stockholders’ For the year ended December 31, 2021 Stock Class A Class B Class C Class D Income Capital Deficit Equity BALANCE, as of December 31, 2020 $ — $ — $ — $ — $ — $ 47,755 $ (1,241) $ (2,189) $ 44,325 Net income — — — — — — — (1,561) (1,561) Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (399) — (399) Other comprehensive income, net of tax — — — — — 7,195 — — 7,195 Total Adjustments $ — $ — $ — $ — $ — $ 54,950 $ (1,640) $ (3,750) $ 49,560 As Restated Accumulated Convertible Common Common Common Common Other Additional Total Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Stockholders’ For the year ended December 31, 2021 Stock Class A Class B Class C Class D Income Capital Deficit Equity BALANCE, as of December 31, 2020 $ — $ 4 $ 3 $ 3 $ 38 $ 47,755 $ 990,528 $ (807,108) $ 231,223 Net income — — — — — — — 36,791 36,791 Stock-based compensation expense — — — — — — 565 — 565 Repurchase of 521,877 shares of Class D common stock — — — — (1) — (969) — (970) Issuance of 3,779,391 shares of Class A common stock — 4 — — — — 33,273 — 33,277 Exercise of options for 229,756 shares of Class D common stock — — — — — — 397 — 397 Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock — 1 — (1) — — — — — Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (4,798) — (4,798) Other comprehensive income, net of tax — — — — 7,195 — — 7,195 BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ 54,950 $ 1,018,996 $ (770,317) $ 303,680 Consolidated Statements of Cash Flows Year Ended December 31, 2021 As Previously Other As Reported Adjustments Adjustments Restated (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 40,667 $ 33 $ (1,594) $ 39,106 Adjustments to reconcile net income (loss) to net cash from operating activities: Deferred income taxes 12,514 (33) (510) 11,971 Non-cash lease liability expense 4,684 — (4,684) — Impairment of goodwill and broadcasting licenses — — 2,104 2,104 Effect of change in operating assets and liabilities, net of assets acquired: Trade accounts receivable (22,734) — (73) (22,807) Accounts payable 3,453 — 153 3,606 Other liabilities (5,892) — 4,604 (1,288) Net cash flows provided by operating activities 80,150 — — 80,150 NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: Adjustment of redeemable noncontrolling interests to estimated redemption value $ 4,399 $ — $ 399 $ 4,798 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of net revenue (and sources) | The following chart shows the sources of our net revenue for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 (As Restated) Radio advertising $ 177,268 $ 165,244 Political advertising 13,226 3,494 Digital advertising 76,730 59,812 Cable television advertising 112,857 95,589 Cable television affiliate fees 96,963 101,203 Event revenues & other 7,560 14,943 Net revenue $ 484,604 $ 440,285 |
Schedule of contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income) | Contract assets and contract liabilities that are not separately stated in our consolidated balance sheets at December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 (As Restated) (In thousands) Contract assets: Unbilled receivables ( $5,798 as of January 1, 2021) $ 12,597 $ 10,735 Contract liabilities: Customer advances and unearned income ( $3,044 as of January 1, 2021) $ 6,123 $ 5,503 Reserve for audience deficiency ( $3,544 as of January 1, 2021) 9,629 6,020 Unearned event income ( $5,921 as of January 1, 2021) 5,708 — |
Schedule of gross value and accumulated amortization of the launch assets | The gross value and accumulated amortization of the launch assets is as follows: As of December 31, 2022 2021 (In thousands) Launch assets $ 27,764 $ 9,021 Less: accumulated amortization (9,104) (4,724) Launch assets, net $ 18,660 $ 4,297 |
Schedule of future estimated launch support amortization expense | Future estimated launch support amortization related to launch assets for years 2023 through 2027 and thereafter is as follows: (In thousands) 2023 $ 4,980 2024 4,980 2025 4,980 2026 3,410 2027 237 Thereafter 73 |
Schedule of calculation of basic and diluted earnings per share from continuing operations | The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): Year Ended December 31, 2022 2021 (As Restated) (In Thousands) Numerator: Net income attributable to common stockholders $ 37,329 $ 36,791 Denominator: Denominator for basic net income per share - weighted average outstanding shares 48,928,063 50,163,600 Effect of dilutive securities: Stock options and restricted stock 3,246,274 3,973,041 Denominator for diluted net income per share - weighted-average outstanding shares 52,174,337 54,136,641 Net income attributable to common stockholders per share – basic $ 0.76 $ 0.73 Net income attributable to common stockholders per share – diluted $ 0.72 $ 0.68 |
Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis | As of December 31, 2022 and 2021, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: Total Level 1 Level 2 Level 3 (In thousands) As of December 31, 2022 Liabilities subject to fair value measurement: Employment agreement award (a) $ 26,283 $ — $ — $ 26,283 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (b) $ 25,298 $ — $ — $ 25,298 Assets subject to fair value measurement: Available-for-sale securities (c) $ 136,826 $ — $ — $ 136,826 Cash equivalents - money market funds (d) 39,798 39,798 — — Total $ 176,624 $ 39,798 $ — $ 136,826 As of December 31, 2021 (As Restated) Liabilities subject to fair value measurement: Employment agreement award (a) $ 28,193 $ — $ — $ 28,193 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (b) $ 18,655 $ — $ — $ 18,655 Assets subject to fair value measurement: Available-for-sale securities (c) $ 112,600 $ — $ — $ 112,600 (a) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) in an amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The long-term portion of the award is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. Significant inputs to the market approach include publicly held peer companies and associated multiples. In September 2022, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. (b) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. (c) The investment in MGM National Harbor is preferred stock that has a non-transferable put right and is classified as an available-for-sale debt security. The investment was initially measured at fair value using a dividend discount model. Significant inputs to the dividend discount model include revenue growth rates, discount rate and a terminal growth rate. As of December 31, 2022, the investment’s fair value is measured using a contractual valuation approach. This method relies on a contractually agreed upon formula established between the Company and MGM National Harbor as defined in the Second Amended and Restated Operating Agreement of MGM National Harbor, LLC (“the Agreement”) rather than market-based inputs or traditional valuation methods. As defined in the Agreement, the calculation of the put is based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique are specific to the entity, MGM National Harbor, and there are no current observable prices for investments in private companies that are comparable to MGM National Harbor. The inputs used to measure the fair value of this security are classified as Level 3 within the fair value hierarchy. Throughout the periods from the fourth quarter of 2020 up until the third quarter of 2022, the Company relied on the dividend discount model for valuation purposes based on the facts, circumstances, and information available at the time. During the fourth quarter of 2022, the Company adopted the contractual valuation method described above as it believes it more closely approximates the fair value of the investment at that time. Please refer to Note 18 – Subsequent Events of our consolidated financial statements for further details. (d) The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value. |
Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis | Employment Redeemable Available- Contingent Agreement Noncontrolling for-Sale Consideration Award Interests Securities (As Restated) (As Restated) (In thousands) Balance at December 31, 2020 $ 780 $ 25,603 $ 13,942 $ 103,100 Net income attributable to redeemable noncontrolling interests — — 2,315 — Dividends paid to redeemable noncontrolling interests — — (2,400) — Distribution (1,060) (3,573) — — Change in fair value included within other comprehensive income — — — 9,500 Change in fair value 280 6,163 4,798 — Balance at December 31, 2021 $ — $ 28,193 $ 18,655 $ 112,600 Net income attributable to redeemable noncontrolling interests — — 2,626 — Dividends paid to redeemable noncontrolling interests — — (1,599) — Distribution — (4,039) — — Change in fair value included within other comprehensive income — — — 24,226 Change in fair value — 2,129 5,616 — Balance at December 31, 2022 $ — $ 26,283 $ 25,298 $ 136,826 The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at December 31, 2022 $ — $ (2,129) $ — $ — The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at December 31, 2021 $ (280) $ (6,163) $ — $ — |
Schedule of significant unobservable input value | For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: As of As of December 31, December 31, 2022 2021 (As Restated) Significant Unobservable Significant Unobservable Level 3 assets and liabilities Valuation Technique Inputs Input Value Employment agreement award Discounted cash flow Discount rate 10.5 % 9.5 % Employment agreement award Discounted cash flow Terminal growth rate 0.5 % 0.5 % Employment agreement award Discounted cash flow Operating profit margin range 33.7% - 46.6 % 34.9% - 46.4 % Employment agreement award Discounted cash flow Revenue growth rate range (4.1)% - 4.2 % (5.9)% - 11.6 % Redeemable noncontrolling interest Discounted cash flow Discount rate 11.5 % 11.5 % Redeemable noncontrolling interest Discounted cash flow Terminal growth rate 0.3 % 0.4 % Redeemable noncontrolling interest Discounted cash flow Operating profit margin range 25.8% - 29.8 % 24.0% - 32.8 % Redeemable noncontrolling interest Discounted cash flow Revenue growth rate range 0.2% - 32.2 % (11.8)% - 0.3 % Available-for-sale securities Dividend discount model Revenue growth rate N/A 8.0 % Available-for-sale securities Dividend discount model Discount rate N/A 10.5 % Available-for-sale securities Dividend discount model Long-term growth rate N/A 3.0 % |
Schedule of the components of lease expense and the weighted average remaining lease term and the weighted average discount rate | The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: Year Ended December 31, 2022 2021 (Dollars In thousands) Operating lease cost (cost resulting from lease payments) $ 12,822 $ 13,055 Variable lease cost (cost excluded from lease payments) 40 40 Total lease cost $ 12,862 $ 13,095 Operating lease - operating cash flows (fixed payments) $ 13,978 $ 13,784 Operating lease - operating cash flows (liability reduction) $ 9,935 $ 9,124 Weighted average lease term - operating leases 4.85 years 4.94 years Weighted average discount rate - operating leases 11.00 % 11.00 % |
Schedule of maturities of lease liabilities | For the Year Ended December 31, (In thousands) 2023 $ 11,697 2024 10,690 2025 6,834 2026 4,860 2027 3,417 Thereafter 7,140 Total future lease payments 44,638 Less: imputed interest (10,403) Total $ 34,235 |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACQUISITIONS AND DISPOSITIONS | |
Asset acquisition pro forma | For The Year Ended December 31, 2022 2021 (In thousands) Net revenue $ 496,613 $ 457,935 Operating income 95,365 117,516 Net income 40,439 39,921 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY AND EQUIPMENT | |
Schedule Of Property and Equipment | Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the related estimated useful lives. Property and equipment consists of the following: As of December 31, Estimated 2022 2021 Useful Lives (In thousands) Land and improvements $ 4,128 $ 4,128 — Buildings 3,299 3,241 31 years Transmitters and towers 45,733 43,466 7‑15 years Equipment 67,025 63,192 3‑7 years Furniture and fixtures 9,357 9,397 6 years Software and web development 32,565 31,337 3 years Leasehold improvements 25,231 24,727 Lesser of useful life or lease term Construction-in-progress 153 476 — 187,491 179,964 Less: accumulated depreciation (159,733) (153,673) Property and equipment, net $ 27,758 $ 26,291 |
GOODWILL, RADIO BROADCASTING _2
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS | |
Schedule of broadcasting licenses carrying value | As restated, the table below presents the changes in the Company’s radio broadcasting licenses during 2022 and 2021: Total (In thousands) Balance at January 1, 2021 (As Restated) $ 482,442 Acquisitions 21,082 Impairment charges (2,104) Balance at December 31, 2021 (As Restated) $ 501,420 Acquisitions 23,642 Disposals (3,200) Impairment charges (33,443) Balance at December 31, 2022 $ 488,419 |
Schedule of Radio Broadcasting licenses impairment test | Radio Broadcasting October 1, September 30, June 30, October 1, Licenses 2022 2022 (a) 2022 (a) 2021 (As Restated) (As Restated) (As Restated) Impairment charge (in millions) $ 7.4 $ 15.5 $ 10.6 (*) $ 2.1 Discount rate 9.5 % 9.5 % 9.5 % 9.0 % Revenue growth rate range 0.0% – 1.7 % 0.3% – 1.6 % 0.7% – 2.4 % 0.7% – 8.0 % Terminal growth rate range 0.3% – 0.8 % 0.3% – 0.8 % 0.7% – 1.0 % 0.7% – 1.0 % Mature market share range 6.8% – 27.6 % 6.8% – 27.6 % 6.9% – 25.6 % 6.2% – 23.2 % Mature operating profit margin range 27.2% – 34.6 % 28.3% – 36.1 % 28.3% – 36.1 % 26.9% – 36.1 % (a) Reflects changes only to the key assumptions used in the interim testing for certain units of accounting. (*) Includes an impairment charge whereby the license fair value is based on estimated asset sale consideration. |
Schedule of changes in carrying amount of goodwill | The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments during 2022 and 2021: Radio Reach Cable Broadcasting Media Digital Television Segment Segment Segment Segment Total (In thousands) Gross goodwill at January 1, 2021 $ 155,000 $ 30,468 $ 27,567 $ 165,044 $ 378,079 Additions — — — — — Impairments — — — — — Accumulated impairment losses (117,748) (16,114) (20,345) — (154,207) Audacy asset exchange (470) — — — (470) Net goodwill at December 31, 2021 $ 36,782 $ 14,354 $ 7,222 $ 165,044 $ 223,402 Gross goodwill $ 155,000 $ 30,468 $ 27,567 $ 165,044 $ 378,079 Additions 437 — — — 437 Impairments (7,240) — — — (7,240) Accumulated impairment losses (117,748) (16,114) (20,345) — (154,207) Audacy asset exchange (470) — — — (470) Net goodwill at December 31, 2022 $ 29,979 $ 14,354 $ 7,222 $ 165,044 $ 216,599 |
Schedule of goodwill impairment Radio Markets Reporting Units | Goodwill (Radio Market October 1, September 30, June 30, October 1, Reporting Units) 2022 (a) 2022 (a) 2022 (a) 2021 (a) Impairment charge (in millions) $ 2.9 $ — $ 4.3 $ — Discount rate 9.5 % 9.5 % 9.5 % 9.0 % Revenue growth rate range (10.3)% – 72.0 % (0.3)% – 1.7 % (2.5)% – 2.5 % (10.7)% – 27.1 % Terminal growth rate range 0.5% – 0.8 % 1.0 % 0.7% – 1.0 % 0.7% – 1.0 % Operating profit margin range 16.6% – 46.0 % 33.4 % 19.5% – 32.9 % 21.2% – 47.3 % (a) Reflects the key assumptions for testing only those radio markets with remaining goodwill. |
Schedule of other intangible assets | Other intangible assets, excluding goodwill, radio broadcasting licenses and the unamortized brand name, are being amortized on a straight-line basis over various periods. Other intangible assets consist of the following: Remaining Weighted- Average As of December 31, Period of Period of 2022 2021 Amortization Amortization (As Restated) (In thousands) Gross Carrying Accumulated Net Gross Carrying Accumulated Net Amount Amortization Amount Amount Amortization Amount Trade names $ 17,431 $ (17,418) $ 13 $ 17,425 $ (17,405) $ 20 1‑5 Years 1.6 Years Intellectual property 6,878 (6,878) — 6,878 (6,878) — 4‑10 Years 0.0 Years Advertiser agreements 46,669 (45,728) 941 46,582 (42,276) 4,306 1‑12 Years 0.2 Years Brand names 4,413 (3,732) 681 4,413 (3,558) 855 10 Years 4.8 Years Brand names - unamortized 39,690 — 39,690 39,690 — 39,690 Indefinite — Launch assets, net of current portion 22,791 (9,104) 13,687 7,597 (4,724) 2,873 Contract length 3.8 Years Other intangibles 849 (668) 181 842 (665) 177 1‑15 Years 3.3 Years Total other intangible assets $ 138,721 $ (83,528) $ 55,193 $ 123,427 $ (75,506) $ 47,921 3.1 Years |
Schedule of estimated amortization expense | The following table presents the Company’s estimate of amortization expense for the years 2023 through 2027 for intangible assets as of December 31, 2022: (In thousands) 2023 $ 1,232 2024 172 2025 141 2026 140 2027 74 |
CONTENT ASSETS (Tables)
CONTENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
CONTENT ASSETS | |
Schedule Of Finite Lived Content Assets | The gross cost and accumulated amortization of content assets is as follows: As of December 31, Period of 2022 2021 Amortization (In thousands) Produced content assets: Completed $ 122,660 $ 117,058 In-production 23,300 12,961 Licensed content assets acquired: Acquired 55,751 61,374 Content assets, at cost 201,711 191,393 1‑5 Years Less: accumulated amortization (81,330) (105,355) Content assets, net 120,381 86,038 Less: current portion (34,003) (25,883) Noncurrent portion $ 86,378 $ 60,155 |
Schedule Of Finite Lived Content Assets Future Amortization Expense | Future estimated content amortization expense related to agreements entered into as of December 31, 2022, for years 2023 through 2025 is as follows: (In thousands) 2023 $ 34,003 2024 23,201 2025 15,964 |
Content Payments Fiscal Year Maturity Schedule | Future minimum content payments required under agreements entered into as of December 31, 2022, are as follows: (In thousands) 2023 $ 26,718 2024 9,371 2025 994 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS | |
Schedule of available-for-sale securities reconciliation | The amortized cost, estimated fair value, and unrealized gains and losses on the debt security classified as available-for-sale as of December 31, 2022 and 2021 is summarized as follows: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In thousands) December 31, 2022 MGM Investment $ 40,000 $ 104,326 $ (7,500) $ 136,826 Total available-for-sale securities $ 40,000 $ 104,326 $ (7,500) $ 136,826 December 31, 2021 (As Restated) MGM Investment $ 40,000 $ 73,800 $ (1,200) $ 112,600 Total available-for-sale securities $ 40,000 $ 73,800 $ (1,200) $ 112,600 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT LIABILITIES | |
Schedule Of Other Current Liabilities | Other current liabilities consist of the following: As of December 31, 2022 2021 (As Restated) (In thousands) Deferred revenue $ 11,831 $ 5,503 Reserve for audience deficiency 9,629 6,020 Other 6,870 6,537 Employment Agreement Award 2,675 3,966 Launch liability 2,500 — Deferred barter revenue 1,635 1,271 Accrued national representative fees 947 457 Tenant allowance 117 180 Accrued miscellaneous taxes 79 213 Income taxes payable 37 283 $ 36,320 $ 24,430 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LONG-TERM DEBT | |
Schedule of long-term debt | Long-term debt consists of the following: As of December 31, 2022 2021 (In thousands) 7.375% Senior Secured Notes due February 2028 $ 750,000 $ 825,000 PPP Loan — 7,505 Total debt 750,000 832,505 Less: current portion of long-term debt — — Less: original issue discount and issuance costs 11,000 13,889 Long-term debt, net $ 739,000 $ 818,616 |
Schedule of future scheduled minimum principal payments | Future scheduled minimum principal payments of debt as of December 31, 2022, were as follows: 7.375% Senior Secured Notes due February 2028 (In thousands) 2023 $ — 2024 — 2025 — 2026 — 2027 — 2028 and thereafter 750,000 Total debt $ 750,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
Schedule of reconciliation of statutory federal income tax | A reconciliation of the statutory federal income taxes to the recorded provision for income taxes from continuing operations is as follows: For the Years Ended December 31, 2022 2021 (As Restated) (In thousands) Statutory federal tax expense $ 11,905 $ 10,949 Effect of state taxes, net of federal benefit 3,308 2,062 Effect of state rate and tax law changes 747 (1,232) Impairment of long-lived intangible assets 908 — Non-deductible officer’s compensation 1,985 2,055 PPP loan income forgiveness (1,591) — Change in valuation allowance (234) (13) IRC Section 382 adjustments (334) (705) NOL expirations 268 610 Uncertain tax positions (495) (777) Other 254 85 Provision for income taxes $ 16,721 $ 13,034 |
Schedule of components of the (benefit from) provision for income taxes | The components of the provision for income taxes from continuing operations are as follows: For the Years Ended December 31, 2022 2021 (As Restated) (In thousands) Federal: Current $ — $ — Deferred 13,269 12,952 State: Current 1,843 1,063 Deferred 1,609 (981) Provision for income taxes $ 16,721 $ 13,034 |
Schedule of components of deferred tax assets and liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows: As of December 31, 2022 2021 (As Restated) (In thousands) Deferred tax assets: Allowance for doubtful accounts $ 2,149 $ 2,111 Accruals 304 465 Fixed assets 488 486 Stock-based compensation 328 163 Net operating loss carryforwards 88,813 109,343 Lease liability 8,901 10,022 Interest expense carryforward 23,788 20,380 Total deferred tax assets 124,771 142,970 Valuation allowance for deferred tax assets (30) (264) Total deferred tax asset, net of valuation allowance 124,741 142,706 Deferred tax liabilities: Intangible assets (129,026) (131,682) Available-for-sale securities (23,779) (17,618) Right of use asset (8,123) (8,924) Partnership interests (2,412) (1,964) Deferred financing costs (958) (1,196) Other (147) (199) Total deferred tax liabilities (164,445) (161,583) Net deferred tax liability $ (39,704) $ (18,877) |
Schedule of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 2021 (In thousands) Balance as of January 1 $ 1,315 $ 2,299 Additions for tax positions related to current years — — Additions (deductions) for tax positions related to prior years 8 8 Deductions for tax positions as a result of the lapse of applicable statutes of limitation (635) (992) Balance as of December 31 $ 688 $ 1,315 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
STOCKHOLDERS' EQUITY | |
Schedule of BSM using weighted-average assumptions | These fair values were derived using the BSM with the following weighted-average assumptions: For the Years Ended December 31, 2022 2021 Average risk-free interest rate 2.79 % 0.68 % Expected dividend yield — % — % Expected lives 5.69 years 5.16 years Expected volatility 79.92 % 82.04 % |
Schedule of transaction and other information relating to stock options | Transactions and other information relating to stock options for the years December 31, 2022 and 2021 are summarized below: Weighted-Average Remaining Aggregate Number of Weighted-Average Contractual Term Intrinsic Options Exercise Price (In Years) Value Outstanding at December 31, 2020 4,018,991 $ 2.11 6.48 $ 41,000 Grants 40,917 4.32 — — Exercised (229,756) 1.70 — — Forfeited/cancelled/expired/settled (59,239) 1.27 — — Outstanding at December 31, 2021 3,770,913 $ 2.18 5.68 $ 4,659,601 Grants 884,061 4.22 — — Exercised (60,240) 0.83 — — Forfeited/cancelled/expired/settled — — — — Balance as of December 31, 2022 4,594,734 $ 2.59 5.72 $ 5,871,492 Vested and expected to vest at December 31, 2022 4,542,266 2.57 5.68 5,871,492 Unvested at December 31, 2022 465,798 4.23 9.74 — Exercisable at December 31, 2022 4,128,936 2.40 5.24 5,871,492 |
Schedule of transaction and other information relating to restricted stock grants | Transactions and other information relating to restricted stock grants for the years ended December 31, 2022 and 2021 are summarized below: Average Fair Value at Grant Shares Date Unvested at December 31, 2020 1,723,561 $ 0.83 Grants 101,057 3.22 Vested (1,748,562) 0.83 Forfeited/cancelled/expired — — Unvested at December 31, 2021 76,056 $ 3.90 Grants 1,357,687 4.27 Vested (999,479) 4.25 Forfeited/cancelled/expired — — Unvested at December 31, 2022 434,264 $ 4.27 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of operating lease and other operating contract obligations | The amounts the Company is obligated to pay for these agreements are shown below. Other Operating Operating Contracts Lease and Agreements Agreements (In thousands) Years ending December 31: 2023 $ 11,697 $ 77,445 2024 10,690 36,049 2025 6,834 26,164 2026 4,860 12,893 2027 3,417 3,834 2028 and thereafter 7,140 12,959 Total $ 44,638 $ 169,344 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT INFORMATION | |
Schedule of segment reporting information | Detailed segment data for the years ended December 31, 2022 and 2021 is presented in the following table: Year Ended December 31, 2022 2021 (As Restated) (In thousands) Net revenue: Radio broadcasting $ 156,678 $ 140,246 Reach Media 43,117 46,437 Digital 78,526 59,937 Cable television 209,871 197,003 All other - corporate/eliminations* (3,588) (3,338) Consolidated $ 484,604 $ 440,285 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio broadcasting $ 108,952 $ 98,250 Reach Media 28,244 32,911 Digital 56,760 42,698 Cable television 105,420 101,872 All other - corporate/eliminations 39,824 36,722 Consolidated $ 339,200 $ 312,453 Depreciation and Amortization: Radio broadcasting $ 3,411 $ 3,135 Reach Media 188 208 Digital 1,323 1,264 Cable television 3,847 3,738 All other - corporate/eliminations 1,265 944 Consolidated $ 10,034 $ 9,289 Impairment of Long-Lived Assets: Radio broadcasting $ 40,683 $ 2,104 Reach Media — — Digital — — Cable television — — All other - corporate/eliminations — — Consolidated $ 40,683 $ 2,104 Operating income (loss): Radio broadcasting $ 3,632 $ 36,757 Reach Media 14,685 13,318 Digital 20,443 15,975 Cable television 100,604 91,393 All other - corporate/eliminations (44,677) (41,004) Consolidated $ 94,687 $ 116,439 * Intercompany revenue included in net revenue above is as follows: Radio broadcasting $ (3,588) $ (3,338) Capital expenditures by segment are as follows: Radio broadcasting $ 3,750 $ 2,826 Reach Media 269 160 Digital 1,245 1,354 Cable television 639 385 All other - corporate/eliminations 1,695 1,561 Consolidated (a) $ 7,598 $ 6,286 (a) As of December 31, December 31, 2022 2021 (As Restated) (In thousands) Total assets: Radio broadcasting $ 606,199 $ 623,265 Reach Media 49,164 33,451 Digital 35,888 32,915 Cable television 414,697 367,896 All other - corporate/eliminations 232,539 271,498 Consolidated $ 1,338,487 $ 1,329,025 |
QUARTERLY FINANCIAL DATA (UNA_2
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) | |
Schedule of Quarterly Financial Information | Consolidated Balance Sheets As of March 31, 2022 (unaudited) As of June 30, 2022 (unaudited) As of September 30, 2022 (unaudited) As Previously Other As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) ASSETS CURRENT ASSETS: Trade accounts receivable, net of allowance for doubtful accounts of $8,747, $8,314, and $7,925, respectively $ 113,687 $ — $ 425 $ 114,112 $ 123,998 $ — $ 352 $ 124,350 $ 127,301 $ — $ 365 $ 127,666 Other current assets 8,397 — (1,263) 7,134 8,037 — (1,263) 6,774 8,939 — (1,263) 7,676 Total current assets 326,143 — (838) 325,305 311,061 — (911) 310,150 287,088 — (898) 286,190 RIGHT OF USE ASSETS 36,302 — (101) 36,201 34,149 — (114) 34,035 34,258 — (127) 34,131 RADIO BROADCASTING LICENSES 505,148 — (3,728) 501,420 489,340 — (1,700) 487,640 498,532 — (2,700) 495,832 OTHER INTANGIBLE ASSETS, net 63,727 — (2,163) 61,564 61,508 — (2,086) 59,422 59,376 — (2,009) 57,367 DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 — 123,000 — 123,000 — 123,100 — 123,100 — 115,600 — 115,600 OTHER ASSETS 44,026 (40,000) 2,259 6,285 44,463 (40,000) 2,195 6,658 44,303 (40,000) 2,131 6,434 Total assets $ 1,284,635 $ 83,000 $ (4,571) $ 1,363,064 $ 1,254,764 $ 83,100 $ (2,616) $ 1,335,248 $ 1,250,696 $ 75,600 $ (3,603) $ 1,322,693 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 11,997 $ — $ 2,309 $ 14,306 $ 14,819 $ — 2,115 $ 16,934 $ 14,318 $ — 1,958 $ 16,276 Other current liabilities 35,660 — (1,884) 33,776 31,345 — (1,763) 29,582 40,217 — (1,593) 38,624 Total current liabilities 99,737 — 425 100,162 109,645 — 352 109,997 112,634 — 365 112,999 DEFERRED TAX LIABILITIES, 8,059 19,987 (1,203) 26,843 11,070 20,012 (714) 30,368 13,984 18,259 (959) 31,284 Total liabilities 996,316 19,987 (778) 1,015,525 976,513 20,012 (362) 996,163 964,680 18,259 (594) 982,345 REDEEMABLE NONCONTROLLING INTERESTS 17,755 — 2,472 20,227 18,690 — 1,744 20,434 19,964 — 2,363 22,327 STOCKHOLDERS’ EQUITY: Accumulated other comprehensive income — 62,846 — 62,846 — 62,921 — 62,921 — 57,225 — 57,225 Additional paid-in capital 1,020,711 — (2,472) 1,018,239 994,678 — (1,744) 992,934 996,954 — (2,363) 994,591 Accumulated deficit (750,198) 167 (3,793) (753,824) (735,164) 167 (2,254) (737,251) (730,951) 116 (3,009) (733,844) Total stockholders’ equity 270,564 63,013 (6,265) 327,312 259,561 63,088 (3,998) 318,651 266,052 57,341 (5,372) 318,021 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 1,284,635 $ 83,000 $ (4,571) $ 1,363,064 $ 1,254,764 $ 83,100 $ (2,616) $ 1,335,248 $ 1,250,696 $ 75,600 $ (3,603) $ 1,322,693 As of March 31, 2021 (unaudited) As of June 30, 2021 (unaudited) As of September 30, 2021 (unaudited) As Previously Other As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) ASSETS CURRENT ASSETS: Trade accounts receivable, net of allowance for doubtful accounts of $7,954, $7,307, and $7,937, respectively $ 94,633 $ — $ 281 $ 94,914 $ 103,902 $ — $ 158 $ 104,060 $ 114,045 $ — $ 311 $ 114,356 Other current assets 4,639 — (1,263) 3,376 4,260 — (1,263) 2,997 4,423 — (1,263) 3,160 Total current assets 203,893 — (982) 202,911 279,735 — (1,105) 278,630 271,594 — (952) 270,642 RIGHT OF USE ASSETS 40,421 — (49) 40,372 42,202 — (62) 42,140 39,556 — (75) 39,481 RADIO BROADCASTING LICENSES 484,066 — (1,624) 482,442 505,148 — (1,624) 503,524 505,148 — (1,624) 503,524 OTHER INTANGIBLE ASSETS, net 54,375 — (2,387) 51,988 53,059 — (2,315) 50,744 51,821 — (2,313) 49,508 DEFERRED TAX ASSETS, net 10,051 (10,051) — — 3,933 (3,933) — — — — — — DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 — 101,900 — 101,900 — 106,400 — 106,400 — 110,800 — 110,800 OTHER ASSETS 43,092 (40,000) 2,431 5,523 43,211 (40,000) 2,372 5,583 62,958 (40,000) 2,383 25,341 Total assets $ 1,168,751 $ 51,849 $ (2,611) $ 1,217,989 $ 1,239,542 $ 62,467 $ (2,734) $ 1,299,275 $ 1,237,537 $ 70,800 $ (2,581) $ 1,305,756 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 9,037 $ — $ 2,128 $ 11,165 $ 12,523 $ — 2,067 $ 14,590 $ 14,623 $ — 2,033 $ 16,656 Other current liabilities 25,022 — (1,847) 23,175 24,137 — (1,909) 22,228 29,334 — (1,722) 27,612 Total current liabilities 77,973 — 281 78,254 99,157 — 158 99,315 87,985 — 311 88,296 DEFERRED TAX LIABILITIES, — 5,002 (703) 4,299 — 12,493 (715) 11,778 2,325 17,505 (715) 19,115 Total liabilities 957,185 5,002 (422) 961,765 987,887 12,493 (557) 999,823 972,367 17,505 (404) 989,468 REDEEMABLE NONCONTROLLING INTERESTS 12,735 — 1,789 14,524 15,192 — 2,457 17,649 17,017 — 2,311 19,328 STOCKHOLDERS’ EQUITY: Accumulated other comprehensive income — 46,847 — 46,847 — 50,239 — 50,239 — 53,551 — 53,551 Additional paid-in capital 1,003,694 — (1,789) 1,001,905 1,023,458 — (2,457) 1,021,001 1,021,272 — (2,311) 1,018,961 Accumulated deficit (804,912) — (2,189) (807,101) (787,046) (265) (2,177) (789,488) (773,170) (256) (2,177) (775,603) Total stockholders’ equity 198,831 46,847 (3,978) 241,700 236,463 49,974 (4,634) 281,803 248,153 53,295 (4,488) 296,960 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 1,168,751 $ 51,849 $ (2,611) $ 1,217,989 $ 1,239,542 $ 62,467 $ (2,734) $ 1,299,275 $ 1,237,537 $ 70,800 $ (2,581) $ 1,305,756 Quarterly Consolidated Statements of Operations Three Months Ended March 31, 2022 (unaudited) Three Months Ended June 30, 2022 (unaudited) Three Months Ended September 30, 2022 (unaudited) As As As Previously Other As Previously Other As Previously Other As Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated (In thousands, except share data) NET REVENUE $ 112,349 $ — $ (218) $ 112,131 $ 118,810 $ — $ (153) $ 118,657 $ 121,403 $ — $ (153) $ 121,250 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $0, $0, and $5, respectively 35,428 — (218) 35,210 35,346 — (153) 35,193 41,076 — (153) 40,923 Impairment of long-lived assets — — — $ — 16,933 — (2,028) 14,905 14,450 — 1,000 15,450 Total operating expenses 75,811 — (218) 75,593 94,975 — (2,181) 92,794 102,429 — 847 103,276 Operating income (loss) 36,538 — — 36,538 23,835 — 2,028 25,863 18,974 — (1,000) 17,974 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 22,656 — — 22,656 19,529 — 2,028 21,557 7,937 — (1,000) 6,937 PROVISION FOR (BENEFIT FROM) INCOME TAXES 5,586 (134) 10 5,462 3,725 — 489 4,214 3,364 51 (245) 3,170 NET INCOME (LOSS) 17,070 134 (10) 17,194 15,804 — 1,539 17,343 4,573 (51) (755) 3,767 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 16,369 $ 134 $ (10) $ 16,493 $ 15,034 $ — $ 1,539 $ 16,573 $ 4,213 $ (51) $ (755) $ 3,407 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.32 $ — $ — $ 0.32 $ 0.30 $ — $ 0.03 $ 0.33 $ 0.09 $ — $ (0.02) $ 0.07 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.30 $ — $ — $ 0.30 $ 0.28 $ — $ 0.03 $ 0.31 $ 0.08 $ — $ (0.02) $ 0.06 Three Months Ended March 31, 2021 (unaudited) Three Months Ended June 30, 2021 (unaudited) Three Months Ended September 30, 2021 (unaudited) Three Months Ended December 31, 2021 (unaudited) As As As As Previously Other As Previously Other As Previously Other As Previously Other As Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated (In thousands, except share data) NET REVENUE $ 91,440 $ — $ (229) $ 91,211 $ 107,593 $ — $ (228) $ 107,365 $ 111,463 $ — $ (229) $ 111,234 $ 130,966 $ — $ (491) $ 130,475 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $31, $0, $0, and $0, respectively 29,987 — (229) 29,758 31,510 — (228) 31,282 33,102 — (229) 32,873 48,588 — (491) 48,097 Impairment of long-lived assets — — — — — — — — — — — — — — 2,104 2,104 Total operating expenses 67,683 — (229) 67,454 69,673 — (228) 69,445 76,988 — (229) 76,759 108,575 — 1,613 110,188 Operating income (loss) 23,757 — — 23,757 37,920 — — 37,920 34,475 — — 34,475 22,391 — (2,104) 20,287 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 451 — — 451 24,597 — — 24,597 20,712 — — 20,712 8,484 — (2,104) 6,380 PROVISION FOR (BENEFIT FROM) INCOME TAXES (10) — — (10) 6,119 265 (12) 6,372 6,257 (9) — 6,248 1,211 (289) (498) 424 NET INCOME (LOSS) 461 — — 461 18,478 (265) 12 18,225 14,455 9 — 14,464 7,273 289 (1,606) 5,956 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 7 $ — $ — $ 7 $ 17,866 $ (265) $ 12 $ 17,613 $ 13,876 $ 9 $ — $ 13,885 $ 6,603 $ 289 $ (1,606) $ 5,286 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.00 $ — $ — $ 0.00 $ 0.36 $ (0.01) $ — $ 0.35 $ 0.27 $ — $ — $ 0.27 $ 0.13 $ 0.01 $ (0.03) $ 0.11 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.00 $ — $ — $ 0.00 $ 0.33 $ — $ — $ 0.33 $ 0.25 $ — $ — $ 0.25 $ 0.12 $ 0.01 $ (0.03) $ 0.10 Year to Date Consolidated Statements of Operations Six Months Ended June 30, 2022 (unaudited) Nine Months Ended September 30, 2022 (unaudited) As Previously Reported Adjustments Other Adjustments As Restated As Previously Reported Adjustments Other Adjustments As Restated (In thousands, except share data) NET REVENUE $ 231,159 $ — $ (371) $ 230,788 $ 352,562 $ — $ (524) $ 352,038 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $0 and $5, respectively 70,774 — (371) 70,403 111,850 — (524) 111,326 Impairment of long-lived assets 16,933 — (2,028) 14,905 31,383 — (1,028) 30,355 Total operating expenses 170,786 — (2,399) 168,387 273,215 — (1,552) 271,663 Operating income 60,373 — 2,028 62,401 79,347 — 1,028 80,375 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries 42,185 — 2,028 44,213 50,122 — 1,028 51,150 PROVISION FOR (BENEFIT FROM) INCOME TAXES 9,311 (134) 499 9,676 12,675 (83) 254 12,846 NET INCOME 32,874 134 1,529 34,537 37,447 83 774 38,304 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 31,403 $ 134 $ 1,529 $ 33,066 $ 35,616 $ 83 $ 774 $ 36,473 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.62 $ — $ 0.03 $ 0.65 $ 0.72 $ — $ 0.02 $ 0.74 DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.57 $ — $ 0.03 $ 0.60 $ 0.67 $ — $ 0.01 $ 0.68 Six Months Ended June 30, 2021 (unaudited) Nine Months Ended September 30, 2021 (unaudited) As Previously Reported Adjustments Other Adjustments As Restated As Previously Reported Adjustments Other Adjustments As Restated (In thousands, except share data) NET REVENUE $ 199,033 $ — $ (457) $ 198,576 $ 310,496 $ — $ (686) $ 309,810 OPERATING EXPENSES: Selling, general and administrative, including stock-based compensation of $31 and $31, respectively 61,497 — (457) 61,040 94,599 — (686) 93,913 Total operating expenses 137,356 — (457) 136,899 214,344 — (686) 213,658 PROVISION FOR (BENEFIT FROM) INCOME TAXES 6,109 265 (12) 6,362 12,366 256 (12) 12,610 NET INCOME (LOSS) 18,939 (265) 12 18,686 33,394 (256) 12 33,150 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 17,873 $ (265) $ 12 $ 17,620 $ 31,749 $ (256) $ 12 $ 31,505 BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS Net income (loss) attributable to common stockholders $ 0.36 $ (0.01) $ — $ 0.35 $ 0.64 $ (0.01) $ — $ 0.63 Quarterly Consolidated Statements of Comprehensive Income Three Months Ended March 31, 2022 (unaudited) Three Months Ended June 30, 2022 (unaudited) Three Months Ended September 30, 2022 (unaudited) As Previously Other As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX: Unrealized gain (loss) on available-for-sale securities $ — $ 10,400 $ — $ 10,400 $ — $ 100 $ — $ 100 $ — $ (7,500) $ — $ (7,500) Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities — (2,504) — (2,504) — (25) — (25) — 1,804 — 1,804 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX — 7,896 — 7,896 — 75 — 75 — (5,696) — (5,696) COMPREHENSIVE INCOME (LOSS) $ 17,070 $ 8,030 $ (10) $ 25,090 $ 15,804 $ 75 $ 1,539 $ 17,418 $ 4,573 $ (5,747) $ (755) $ (1,929) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 16,369 $ 8,030 $ (10) $ 24,389 $ 15,034 $ 75 $ 1,539 $ 16,648 $ 4,213 $ (5,747) $ (755) $ (2,289) Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2021 (unaudited) 2021 (unaudited) 2021 (unaudited) 2021 (unaudited) As As As As Previously Other As Previously Other As Previously Other As Previously Other As Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated Reported Adjustments Adjustments Restated (In thousands) OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX: Unrealized gain (loss) on available-for-sale securities $ — $ (1,200) $ — $ (1,200) $ — $ 4,500 $ — $ 4,500 $ — $ 4,400 $ — $ 4,400 $ — $ 1,800 $ — $ 1,800 Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities — 292 — 292 — (1,108) — (1,108) — (1,088) — (1,088) — (401) — (401) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX — (908) — (908) — 3,392 — 3,392 — 3,312 — 3,312 — 1,399 — 1,399 COMPREHENSIVE INCOME (LOSS) 461 (908) — (447) $ 18,478 $ 3,127 $ 12 $ 21,617 $ 14,455 $ 3,321 $ — $ 17,776 $ 7,273 $ 1,688 $ (1,606) $ 7,355 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 7 $ (908) $ — $ (901) $ 17,866 $ 3,127 $ 12 $ 21,005 $ 13,876 $ 3,321 $ — $ 17,197 $ 6,603 $ 1,688 $ (1,606) $ 6,685 Year to Date Consolidated Statements of Comprehensive Income Six Months Ended June 30, 2022 (unaudited) Nine Months Ended September 30, 2022 (unaudited) As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME, BEFORE TAX: Unrealized gain on available-for-sale securities $ — $ 10,500 $ — $ 10,500 $ — $ 3,000 $ — $ 3,000 Income tax expense related to unrealized gain on available-for-sale securities — (2,529) — (2,529) — (725) — (725) OTHER COMPREHENSIVE INCOME, NET OF TAX — 7,971 — 7,971 — 2,275 — 2,275 COMPREHENSIVE INCOME $ 32,874 $ 8,105 $ 1,529 $ 42,508 $ 37,447 $ 2,358 $ 774 $ 40,579 COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 31,403 $ 8,105 $ 1,529 $ 41,037 $ 35,616 $ 2,358 $ 774 $ 38,748 Six Months Ended June 30, 2021 (unaudited) Nine Months Ended September 30, 2021 (unaudited) As Previously Other As Previously Other Reported Adjustments Adjustments As Restated Reported Adjustments Adjustments As Restated (In thousands) OTHER COMPREHENSIVE INCOME, BEFORE TAX: Unrealized gain on available-for-sale securities $ — $ 3,300 $ — $ 3,300 $ — $ 7,700 $ — $ 7,700 Income tax expense related to unrealized gain on available-for-sale securities — (816) — (816) — (1,904) — (1,904) OTHER COMPREHENSIVE INCOME, NET OF TAX — 2,484 — 2,484 — 5,796 — 5,796 COMPREHENSIVE INCOME $ 18,939 $ 2,219 $ 12 $ 21,170 $ 33,394 $ 5,540 $ 12 $ 38,946 COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 17,873 $ 2,219 $ 12 $ 20,104 $ 31,749 $ 5,540 $ 12 $ 37,301 Consolidated Statements of Changes in Stockholders’ Equity Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the three months ended March 31, 2022 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Net income — — — — — — — 16,369 16,369 Stock-based compensation expense — — — — — — 124 — 124 Repurchase of 2,649 shares of Class D common stock — — — — — — (10) — (10) Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (39) — (39) BALANCE, as of March 31, 2022 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,711 $ (750,198) $ 270,564 Adjustments and Other Adjustments BALANCE, as of December 31, 2021 — — — — — 54,950 (1,640) (3,750) 49,560 Net income — — — — — — — 124 124 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (832) — (832) Other comprehensive income, net of tax — — — — — 7,896 — — 7,896 Total Adjustments March 31, 2022 $ — $ — $ — $ — $ — $ 62,846 $ (2,472) $ (3,626) $ 56,748 As Restated BALANCE, as of December 31, 2021 (Restated) — 9 3 2 37 54,950 1,018,996 (770,317) 303,680 Net income — — — — — — — 16,493 16,493 Stock-based compensation expense — — — — — — 124 — 124 Repurchase of 2,649 shares of Class D common stock — — — — — — (10) — (10) Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (871) — (871) Other comprehensive income, net of tax — — — — — 7,896 — — 7,896 BALANCE, as of March 31, 2022 (Restated) $ — $ 9 $ 3 $ 2 $ 37 $ 62,846 $ 1,018,239 $ (753,824) $ 327,312 Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the six months ended June 30, 2022 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Net income — — — — — — — 31,403 31,403 Stock-based compensation expense — — — — — — 460 — 460 Repurchase of 4,684,419 shares of Class D common — — — — (4) — (24,665) — (24,669) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (1,803) — (1,803) BALANCE, as of June 30, 2022 $ — $ 9 $ 3 $ 2 $ 33 $ — $ 994,678 $ (735,164) $ 259,561 Adjustments and Other Adjustments BALANCE, as of December 31, 2021 — — — — — 54,950 (1,640) (3,750) 49,560 Net income — — — — — — — 1,663 1,663 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (104) — (104) Other comprehensive income, net of tax — — — — — 7,971 — — 7,971 Total Adjustments June 30, 2022 $ — $ — $ — $ — $ — $ 62,921 $ (1,744) $ (2,087) $ 59,090 As Restated BALANCE, as of December 31, 2021 (Restated) — 9 3 2 37 54,950 1,018,996 (770,317) 303,680 Net income — — — — — — — 33,066 33,066 Stock-based compensation expense — — — — — — 460 — 460 Repurchase of 4,684,419 shares of Class D common — — — — (4) — (24,665) — (24,669) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (1,907) — (1,907) Other comprehensive income, net of tax — — — — — 7,971 — — 7,971 BALANCE, as of June 30, 2022 (Restated) $ — $ 9 $ 3 $ 2 $ 33 $ 62,921 $ 992,934 $ (737,251) $ 318,651 Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the nine months ended September 30, 2022 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2021 $ — $ 9 $ 3 $ 2 $ 37 $ — $ 1,020,636 $ (766,567) $ 254,120 Net income — — — — — — — 35,616 35,616 Stock-based compensation expense — 1 — — 1 — 5,467 — 5,469 Repurchase of 4,684,419 shares of Class D common stock — — — — (4) — (26,482) — (26,486) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (2,717) — (2,717) BALANCE, as of September 31, 2022 $ — $ 10 $ 3 $ 2 $ 34 $ — $ 996,954 $ (730,951) $ 266,052 Adjustments and Other Adjustments BALANCE, as of December 31, 2021 — — — — — 54,950 (1,640) (3,750) 49,560 Net income — — — — — — — 857 857 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (723) — (723) Other comprehensive income, net of tax — — — — — 2,275 — — 2,275 Total Adjustments September 31, 2022 $ — $ — $ — $ — $ — $ 57,225 $ (2,363) $ (2,893) $ 51,969 As Restated BALANCE, as of December 31, 2021 (Restated) — 9 3 2 37 54,950 1,018,996 (770,317) 303,680 Net income — — — — — — — 36,473 36,473 Stock-based compensation expense — 1 — — 1 — 5,467 — 5,469 Repurchase of 4,684,419 shares of Class D common stock — — — — (4) — (26,482) — (26,486) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (3,440) — (3,440) Other comprehensive income, net of tax — — — — — 2,275 — — 2,275 BALANCE, as of September 31, 2022 (Restated) $ — $ 10 $ 3 $ 2 $ 34 $ 57,225 $ 994,591 $ (733,844) $ 318,021 Convertible Common Common Common Common Accumulated Other Additional Preferred Stock Stock Stock Stock Comprehensive Paid-In Accumulated Total Stock Class A Class B Class C Class D Income Capital Deficit Equity For the three months ended March 31, 2021 (In thousands, except share data) As Previously Reported BALANCE, as of December 31, 2020 $ — $ 4 $ 3 $ 3 $ 38 $ — $ 991,769 $ (804,919) $ 186,898 Net income — — — — — — — 7 7 Repurchase of 495,296 shares of Class D common stock — — — — (1) — (871) — (872) Issuance of 1,886,265 shares of Class A common stock — 2 — — — — 12,123 — 12,125 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — 420 — 420 Stock-based compensation expense — — — — — — 253 — 253 BALANCE, as of March 31, 2021 $ — $ 6 $ 3 $ 3 $ 37 $ — $ 1,003,694 $ (804,912) $ 198,831 Adjustments and Other Adjustments BALANCE, as of December 31, 2020 — — — — — 47,755 (1,241) (2,189) 44,325 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (548) — (548) Other comprehensive loss, net of tax — — — — — (908) — — (908) Total Adjustments March 31, 2021 $ — $ — $ — $ — $ — $ 46,847 $ (1,789) $ (2,189) $ 42,869 As Restated BALANCE, as of December 31, 2020 (Restated) — 4 3 3 38 47,755 990,528 (807,108) 231,223 Net income — — — — — — — 7 7 Repurchase of 495,296 shares of Class D common stock — — — — (1) — (871) — (872) Issuance of 1,886,265 shares of Class A common stock — 2 — — — — 12,123 — 12,125 Adjustment of redeemable noncontrolling interests to estim |
RESTATEMENT OF FINANCIAL STAT_3
RESTATEMENT OF FINANCIAL STATEMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Oct. 01, 2022 | Sep. 30, 2022 | Jan. 01, 2022 | Oct. 01, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Debt securities, available-for-sale | $ 112,600,000 | $ 136,826,000 | $ 112,600,000 | |||||||||||||||||||
Other assets | $ 6,434,000 | $ 6,434,000 | $ 6,658,000 | $ 6,285,000 | 6,956,000 | $ 25,341,000 | $ 5,583,000 | $ 5,523,000 | $ 6,658,000 | $ 5,583,000 | $ 6,434,000 | $ 25,341,000 | 5,688,000 | 6,956,000 | ||||||||
Deferred tax liabilities, net | 31,284,000 | 31,284,000 | 30,368,000 | 26,843,000 | 18,877,000 | 19,115,000 | 11,778,000 | 4,299,000 | 30,368,000 | 11,778,000 | 31,284,000 | 19,115,000 | 39,704,000 | 18,877,000 | ||||||||
Accumulated other comprehensive income | 57,225,000 | 57,225,000 | 62,921,000 | 62,846,000 | 54,950,000 | 53,551,000 | 50,239,000 | 46,847,000 | 62,921,000 | 50,239,000 | 57,225,000 | 53,551,000 | 73,227,000 | 54,950,000 | ||||||||
Radio broadcasting licenses | 495,832,000 | 495,832,000 | 487,640,000 | 501,420,000 | 501,420,000 | 503,524,000 | 503,524,000 | 482,442,000 | 487,640,000 | 503,524,000 | 495,832,000 | 503,524,000 | 488,419,000 | 501,420,000 | ||||||||
Accumulated deficit | (733,844,000) | (733,844,000) | (737,251,000) | (753,824,000) | (770,317,000) | (775,603,000) | (789,488,000) | (807,101,000) | (737,251,000) | (789,488,000) | (733,844,000) | (775,603,000) | (732,988,000) | (770,317,000) | ||||||||
Impairment of long-lived assets | 15,450,000 | 14,905,000 | 2,104,000 | 14,905,000 | 30,355,000 | 40,683,000 | 2,104,000 | |||||||||||||||
Provision (benefit) for income taxes | 3,170,000 | 4,214,000 | 5,462,000 | 424,000 | 6,248,000 | 6,372,000 | (10,000) | 9,676,000 | 6,362,000 | 12,846,000 | 12,610,000 | 16,721,000 | 13,034,000 | |||||||||
Comprehensive income | (2,289,000) | 16,648,000 | 24,389,000 | 6,685,000 | 17,197,000 | 21,005,000 | (901,000) | 41,037,000 | 20,104,000 | 38,748,000 | 37,301,000 | 55,606,000 | 43,986,000 | |||||||||
Net income (loss) attributable to common stockholders | 3,407,000 | 16,573,000 | 16,493,000 | 5,286,000 | 13,885,000 | 17,613,000 | 7,000 | 33,066,000 | 17,620,000 | 36,473,000 | 31,505,000 | 37,329,000 | 36,791,000 | |||||||||
Deferred income taxes | 5,462,000 | (10,000) | 8,962,000 | 6,361,000 | 11,682,000 | 12,610,000 | 14,878,000 | 11,971,000 | ||||||||||||||
Net cash flows provided by operating activities | 15,734,000 | 14,293,000 | 43,624,000 | 51,492,000 | 54,067,000 | 36,264,000 | 67,060,000 | 80,150,000 | ||||||||||||||
Net cash flows provided by investing activities | (28,683,000) | 1,714,000 | ||||||||||||||||||||
Net cash flows provided by financing activities | (95,216,000) | (3,504,000) | ||||||||||||||||||||
Deferred rent | $ 1,300,000 | |||||||||||||||||||||
Right of use assets | 34,131,000 | 34,131,000 | 34,035,000 | 36,201,000 | 37,956,000 | 39,481,000 | 42,140,000 | 40,372,000 | 34,035,000 | 42,140,000 | 34,131,000 | 39,481,000 | 31,879,000 | 37,956,000 | ||||||||
REDEEMABLE NONCONTROLLING INTERESTS | 22,327,000 | 22,327,000 | 20,434,000 | 20,227,000 | 18,655,000 | 19,328,000 | 17,649,000 | 14,524,000 | 20,434,000 | 17,649,000 | 22,327,000 | 19,328,000 | 25,298,000 | 18,655,000 | ||||||||
Additional paid-in capital | 994,591,000 | 994,591,000 | 992,934,000 | 1,018,239,000 | 1,018,996,000 | 1,018,961,000 | 1,021,001,000 | 1,001,905,000 | 992,934,000 | 1,021,001,000 | 994,591,000 | 1,018,961,000 | 993,484,000 | 1,018,996,000 | ||||||||
Net Revenue | 121,250,000 | 118,657,000 | 112,131,000 | 130,475,000 | 111,234,000 | 107,365,000 | 91,211,000 | 230,788,000 | 198,576,000 | 352,038,000 | 309,810,000 | 484,604,000 | 440,285,000 | |||||||||
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively | 40,923,000 | 35,193,000 | 35,210,000 | 48,097,000 | 32,873,000 | 31,282,000 | 29,758,000 | 70,403,000 | 61,040,000 | 111,326,000 | 93,913,000 | 160,230,000 | 142,010,000 | |||||||||
Net operating loss carryforwards | 109,343,000 | 88,813,000 | 109,343,000 | |||||||||||||||||||
Interest expense carryforward | 20,380,000 | 23,788,000 | 20,380,000 | |||||||||||||||||||
Decrease to accumulated amortization of content assets | (43,533,000) | (47,126,000) | ||||||||||||||||||||
Other liabilities | (3,491,000) | (832,000) | (5,017,000) | 2,303,000 | 3,317,000 | 5,463,000 | (3,710,000) | (1,288,000) | ||||||||||||||
Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Radio broadcasting licenses | 488,400,000 | |||||||||||||||||||||
Impairment of indefinite lived intangible assets | $ 7,400,000 | 15,500,000 | $ 2,100,000 | 3,700,000 | 10,600,000 | $ 33,443,000 | 2,104,000 | |||||||||||||||
Fair value adjustment understated (overstated) | $ (2,300,000) | $ 2,800,000 | 2,100,000 | $ 1,100,000 | ||||||||||||||||||
Radio Broadcasting Licenses [Member] | Atlanta Dallas Houston And Raleigh Market Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Fair value adjustment understated (overstated) | 1,000,000 | 1,700,000 | ||||||||||||||||||||
Radio Broadcasting Licenses [Member] | INDIANA | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Impairment of indefinite lived intangible assets | 1,900,000 | |||||||||||||||||||||
Radio broadcast license impairment | Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Impairment of long-lived assets | (2,100,000) | |||||||||||||||||||||
Adjustments | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Other assets | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | (40,000,000) | |||||||||
Deferred tax liabilities, net | 18,259,000 | 18,259,000 | 20,012,000 | 19,987,000 | 17,617,000 | 17,505,000 | 12,493,000 | 5,002,000 | 20,012,000 | 12,493,000 | 18,259,000 | 17,505,000 | 17,617,000 | |||||||||
Deferred income tax assets | (3,933,000) | (10,051,000) | (3,933,000) | |||||||||||||||||||
Accumulated other comprehensive income | 57,225,000 | 57,225,000 | 62,921,000 | 62,846,000 | 54,950,000 | 53,551,000 | 50,239,000 | 46,847,000 | 62,921,000 | 50,239,000 | 57,225,000 | 53,551,000 | 54,950,000 | |||||||||
Accumulated deficit | $ 116,000 | 116,000 | 167,000 | 167,000 | 33,000 | (256,000) | (265,000) | 167,000 | (265,000) | 116,000 | (256,000) | 33,000 | ||||||||||
Provision (benefit) for income taxes | 51,000 | (134,000) | (289,000) | (9,000) | 265,000 | (134,000) | 265,000 | (83,000) | 256,000 | (33,000) | ||||||||||||
Comprehensive income | (5,747,000) | 75,000 | 8,030,000 | 1,688,000 | 3,321,000 | 3,127,000 | $ (908,000) | 8,105,000 | 2,219,000 | 2,358,000 | 5,540,000 | 7,228,000 | ||||||||||
Net income (loss) attributable to common stockholders | (51,000) | 134,000 | 289,000 | $ 9,000 | $ (265,000) | 134,000 | (265,000) | 83,000 | (256,000) | 33,000 | ||||||||||||
Deferred income taxes | $ (134,000) | $ (134,000) | $ 265,000 | $ (83,000) | $ 256,000 | (33,000) | ||||||||||||||||
Net operating loss carryforwards | (4,900,000) | (4,900,000) | ||||||||||||||||||||
Interest expense carryforward | 4,900,000 | 4,900,000 | ||||||||||||||||||||
Reduction to produced content assets | 279,300,000 | 279,300,000 | ||||||||||||||||||||
Increase to produced content assets | 837,000 | 837,000 | ||||||||||||||||||||
Decrease to acquired licensed content assets | 4,600,000 | |||||||||||||||||||||
Decrease to accumulated amortization of content assets | 283,900,000 | |||||||||||||||||||||
Non-cash lease liability expense | $ (4,700,000) | |||||||||||||||||||||
Other liabilities | $ 4,700,000 | |||||||||||||||||||||
Adjustments | Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Radio broadcasting licenses | (3,700,000) | (3,700,000) | ||||||||||||||||||||
Impairment of indefinite lived intangible assets | (3,700,000) | $ (1,600,000) | $ (1,600,000) | |||||||||||||||||||
Adjustments | MGM investment classification | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Debt securities, available-for-sale | 112,600,000 | 112,600,000 | ||||||||||||||||||||
Other assets | 40,000,000 | 40,000,000 | ||||||||||||||||||||
Deferred tax liabilities, net | 17,600,000 | 17,600,000 | ||||||||||||||||||||
Accumulated other comprehensive income | (55,000,000) | (55,000,000) | $ 47,800,000 | |||||||||||||||||||
Unrealized gain (loss) on debt securities, available-for-sale | 7,200,000 | |||||||||||||||||||||
Accumulated deficit | 100,000 | 100,000 | ||||||||||||||||||||
Adjustments | Radio broadcast license impairment | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Deferred income tax assets | 905,000 | 905,000 | ||||||||||||||||||||
Impairment of long-lived assets | 2,100,000 | |||||||||||||||||||||
Provision (benefit) for income taxes | (510,000) | |||||||||||||||||||||
Comprehensive income | (1,600,000) | |||||||||||||||||||||
Net income (loss) attributable to common stockholders | 1,600,000 | 1,200,000 | ||||||||||||||||||||
Deferred income taxes | 510,000 | |||||||||||||||||||||
Net cash flows provided by operating activities | 0 | |||||||||||||||||||||
Net cash flows provided by investing activities | 0 | |||||||||||||||||||||
Net cash flows provided by financing activities | 0 | |||||||||||||||||||||
Adjustments | Radio broadcast license impairment | Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Accumulated deficit | 2,800,000 | 2,800,000 | ||||||||||||||||||||
Adjustments | Radio broadcast license impairment | Radio Broadcasting Licenses [Member] | Atlanta Dallas Houston And Raleigh Market Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Impairment of indefinite lived intangible assets | $ 1,000,000 | $ 1,700,000 | ||||||||||||||||||||
Adjustments | Right Of Use Asset [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Accumulated deficit | (960,000) | (960,000) | $ (960,000) | |||||||||||||||||||
Deferred income taxes | (308,000) | |||||||||||||||||||||
Right of use assets | (1,300,000) | (1,300,000) | ||||||||||||||||||||
Adjustments | Reach Media Redeemable Noncontrolling Interest [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Additional paid-in capital | (1,200,000) | (1,200,000) | ||||||||||||||||||||
Redeemable noncontrolling interest, equity, redemption value | 399,000 | 399,000 | ||||||||||||||||||||
Redeemable noncontrolling interest and additional paid in capital Adjustment amount | $ 1,600,000 | 1,600,000 | ||||||||||||||||||||
Adjustments | Launch assets [Member] | ||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||
Net Revenue | (1,200,000) | |||||||||||||||||||||
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively | $ (1,200,000) |
RESTATEMENT OF FINANCIAL STAT_4
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
CURRENT ASSETS: | ||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively | $ 143,264 | $ 127,666 | $ 124,350 | $ 114,112 | $ 127,759 | $ 114,356 | $ 104,060 | $ 94,914 |
Other current assets | 8,372 | 7,676 | 6,774 | 7,134 | 3,497 | 3,160 | 2,997 | 3,376 |
Total current assets | 289,747 | 286,190 | 310,150 | 325,305 | 312,324 | 270,642 | 278,630 | 202,911 |
RIGHT OF USE ASSETS | 31,879 | 34,131 | 34,035 | 36,201 | 37,956 | 39,481 | 42,140 | 40,372 |
RADIO BROADCASTING LICENSES | 488,419 | 495,832 | 487,640 | 501,420 | 501,420 | 503,524 | 503,524 | 482,442 |
OTHER INTANGIBLE ASSETS, net | 55,193 | 57,367 | 59,422 | 61,564 | 47,921 | 49,508 | 50,744 | 51,988 |
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021 | 136,826 | 115,600 | 123,100 | 123,000 | 112,600 | 110,800 | 106,400 | 101,900 |
OTHER ASSETS | 5,688 | 6,434 | 6,658 | 6,285 | 6,956 | 25,341 | 5,583 | 5,523 |
Total assets | 1,338,487 | 1,322,693 | 1,335,248 | 1,363,064 | 1,329,025 | 1,305,756 | 1,299,275 | 1,217,989 |
CURRENT LIABILITIES: | ||||||||
Accounts payable | 18,003 | 16,276 | 16,934 | 14,306 | 16,892 | 16,656 | 14,590 | 11,165 |
Other current liabilities | 36,320 | 38,624 | 29,582 | 33,776 | 24,430 | 27,612 | 22,228 | 23,175 |
Total current liabilities | 130,263 | 112,999 | 109,997 | 100,162 | 106,784 | 88,296 | 99,315 | 78,254 |
DEFERRED TAX LIABILITIES, net | 39,704 | 31,284 | 30,368 | 26,843 | 18,877 | 19,115 | 11,778 | 4,299 |
Total liabilities | 979,417 | 982,345 | 996,163 | 1,015,525 | 1,006,690 | 989,468 | 999,823 | 961,765 |
REDEEMABLE NONCONTROLLING INTERESTS | 25,298 | 22,327 | 20,434 | 20,227 | 18,655 | 19,328 | 17,649 | 14,524 |
STOCKHOLDERS' EQUITY: | ||||||||
Accumulated other comprehensive income | 73,227 | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 |
Additional paid-in capital | 993,484 | 994,591 | 992,934 | 1,018,239 | 1,018,996 | 1,018,961 | 1,021,001 | 1,001,905 |
Accumulated deficit | (732,988) | (733,844) | (737,251) | (753,824) | (770,317) | (775,603) | (789,488) | (807,101) |
Total stockholders' equity | 333,772 | 318,021 | 318,651 | 327,312 | 303,680 | 296,960 | 281,803 | 241,700 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 1,338,487 | 1,322,693 | 1,335,248 | 1,363,064 | 1,329,025 | 1,305,756 | 1,299,275 | 1,217,989 |
As Previously Reported | ||||||||
CURRENT ASSETS: | ||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively | 127,301 | 123,998 | 113,687 | 127,446 | 114,045 | 103,902 | 94,633 | |
Other current assets | 8,939 | 8,037 | 8,397 | 4,760 | 4,423 | 4,260 | 4,639 | |
Total current assets | 287,088 | 311,061 | 326,143 | 313,274 | 271,594 | 279,735 | 203,893 | |
RIGHT OF USE ASSETS | 34,258 | 34,149 | 36,302 | 38,044 | 39,556 | 42,202 | 40,421 | |
RADIO BROADCASTING LICENSES | 498,532 | 489,340 | 505,148 | 505,148 | 505,148 | 505,148 | 484,066 | |
OTHER INTANGIBLE ASSETS, net | 59,376 | 61,508 | 63,727 | 50,159 | 51,821 | 53,059 | 54,375 | |
OTHER ASSETS | 44,303 | 44,463 | 44,026 | 44,635 | 62,958 | 43,211 | 43,092 | |
Total assets | 1,250,696 | 1,254,764 | 1,284,635 | 1,261,108 | 1,237,537 | 1,239,542 | 1,168,751 | |
CURRENT LIABILITIES: | ||||||||
Accounts payable | 14,318 | 14,819 | 11,997 | 14,588 | 14,623 | 12,523 | 9,037 | |
Other current liabilities | 40,217 | 31,345 | 35,660 | 26,421 | 29,334 | 24,137 | 25,022 | |
Total current liabilities | 112,634 | 109,645 | 99,737 | 106,471 | 87,985 | 99,157 | 77,973 | |
DEFERRED TAX LIABILITIES, net | 13,984 | 11,070 | 8,059 | 2,473 | 2,325 | |||
Total liabilities | 964,680 | 976,513 | 996,316 | 989,973 | 972,367 | 987,887 | 957,185 | |
REDEEMABLE NONCONTROLLING INTERESTS | 19,964 | 18,690 | 17,755 | 17,015 | 17,017 | 15,192 | 12,735 | |
STOCKHOLDERS' EQUITY: | ||||||||
Additional paid-in capital | 996,954 | 994,678 | 1,020,711 | 1,020,636 | 1,021,272 | 1,023,458 | 1,003,694 | |
Accumulated deficit | (730,951) | (735,164) | (750,198) | (766,567) | (773,170) | (787,046) | (804,912) | |
Total stockholders' equity | 266,052 | 259,561 | 270,564 | 254,120 | 248,153 | 236,463 | 198,831 | |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | 1,250,696 | 1,254,764 | 1,284,635 | 1,261,108 | 1,237,537 | 1,239,542 | 1,168,751 | |
Adjustments | ||||||||
CURRENT ASSETS: | ||||||||
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021 | 115,600 | 123,100 | 123,000 | 112,600 | 110,800 | 106,400 | 101,900 | |
OTHER ASSETS | (40,000) | (40,000) | (40,000) | (40,000) | (40,000) | (40,000) | (40,000) | |
Total assets | 75,600 | 83,100 | 83,000 | 72,600 | 70,800 | 62,467 | 51,849 | |
CURRENT LIABILITIES: | ||||||||
DEFERRED TAX LIABILITIES, net | 18,259 | 20,012 | 19,987 | 17,617 | 17,505 | 12,493 | 5,002 | |
Total liabilities | 18,259 | 20,012 | 19,987 | 17,617 | 17,505 | 12,493 | 5,002 | |
STOCKHOLDERS' EQUITY: | ||||||||
Accumulated other comprehensive income | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | |
Accumulated deficit | 116 | 167 | 167 | 33 | (256) | (265) | ||
Total stockholders' equity | 57,341 | 63,088 | 63,013 | 54,983 | 53,295 | 49,974 | 46,847 | |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | 75,600 | 83,100 | 83,000 | 72,600 | 70,800 | 62,467 | 51,849 | |
Other Adjustments | ||||||||
CURRENT ASSETS: | ||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively | 365 | 352 | 425 | 313 | 311 | 158 | 281 | |
Other current assets | (1,263) | (1,263) | (1,263) | (1,263) | (1,263) | (1,263) | (1,263) | |
Total current assets | (898) | (911) | (838) | (950) | (952) | (1,105) | (982) | |
RIGHT OF USE ASSETS | (127) | (114) | (101) | (88) | (75) | (62) | (49) | |
RADIO BROADCASTING LICENSES | (2,700) | (1,700) | (3,728) | (3,728) | (1,624) | (1,624) | (1,624) | |
OTHER INTANGIBLE ASSETS, net | (2,009) | (2,086) | (2,163) | (2,238) | (2,313) | (2,315) | (2,387) | |
OTHER ASSETS | 2,131 | 2,195 | 2,259 | 2,321 | 2,383 | 2,372 | 2,431 | |
Total assets | (3,603) | (2,616) | (4,571) | (4,683) | (2,581) | (2,734) | (2,611) | |
CURRENT LIABILITIES: | ||||||||
Accounts payable | 1,958 | 2,115 | 2,309 | 2,304 | 2,033 | 2,067 | 2,128 | |
Other current liabilities | (1,593) | (1,763) | (1,884) | (1,991) | (1,722) | (1,909) | (1,847) | |
Total current liabilities | 365 | 352 | 425 | 313 | 311 | 158 | 281 | |
DEFERRED TAX LIABILITIES, net | (959) | (714) | (1,203) | (1,213) | (715) | (715) | (703) | |
Total liabilities | (594) | (362) | (778) | (900) | (404) | (557) | (422) | |
REDEEMABLE NONCONTROLLING INTERESTS | 2,363 | 1,744 | 2,472 | 1,640 | 2,311 | 2,457 | 1,789 | |
STOCKHOLDERS' EQUITY: | ||||||||
Additional paid-in capital | (2,363) | (1,744) | (2,472) | (1,640) | (2,311) | (2,457) | (1,789) | |
Accumulated deficit | (3,009) | (2,254) | (3,793) | (3,783) | (2,177) | (2,177) | (2,189) | |
Total stockholders' equity | (5,372) | (3,998) | (6,265) | (5,423) | (4,488) | (4,634) | (3,978) | |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ (3,603) | $ (2,616) | $ (4,571) | $ (4,683) | $ (2,581) | $ (2,734) | $ (2,611) |
RESTATEMENT OF FINANCIAL STAT_5
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Balance Sheets - Additional (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
RESTATEMENT OF FINANCIAL STATEMENTS | ||||||||
Allowance for doubtful accounts receivable (in dollars) | $ 8,811 | $ 7,925 | $ 8,314 | $ 8,747 | $ 8,743 | $ 7,937 | $ 7,307 | $ 7,954 |
Debt securities, available-for-sale, amortized cost | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 |
RESTATEMENT OF FINANCIAL STAT_6
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net Revenue | $ 121,250 | $ 118,657 | $ 112,131 | $ 130,475 | $ 111,234 | $ 107,365 | $ 91,211 | $ 230,788 | $ 198,576 | $ 352,038 | $ 309,810 | $ 484,604 | $ 440,285 |
Operating Expenses [Abstract] | |||||||||||||
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively | 40,923 | 35,193 | 35,210 | 48,097 | 32,873 | 31,282 | 29,758 | 70,403 | 61,040 | 111,326 | 93,913 | 160,230 | 142,010 |
Impairment of long-lived assets | 15,450 | 14,905 | 2,104 | 14,905 | 30,355 | 40,683 | 2,104 | ||||||
Total operating expenses | 103,276 | 92,794 | 75,593 | 110,188 | 76,759 | 69,445 | 67,454 | 168,387 | 136,899 | 271,663 | 213,658 | 389,917 | 323,846 |
Operating income | 17,974 | 25,863 | 36,538 | 20,287 | 34,475 | 37,920 | 23,757 | 62,401 | 80,375 | 94,687 | 116,439 | ||
Income before provision for income taxes and noncontrolling interests in income of subsidiaries | 6,937 | 21,557 | 22,656 | 6,380 | 20,712 | 24,597 | 451 | 44,213 | 51,150 | 56,676 | 52,140 | ||
PROVISION FOR INCOME TAXES | 3,170 | 4,214 | 5,462 | 424 | 6,248 | 6,372 | (10) | 9,676 | 6,362 | 12,846 | 12,610 | 16,721 | 13,034 |
NET INCOME | 3,767 | 17,343 | 17,194 | 5,956 | 14,464 | 18,225 | 461 | 34,537 | 18,686 | 38,304 | 33,150 | 39,955 | 39,106 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 3,407 | $ 16,573 | $ 16,493 | $ 5,286 | $ 13,885 | $ 17,613 | $ 7 | $ 33,066 | $ 17,620 | $ 36,473 | $ 31,505 | $ 37,329 | $ 36,791 |
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.07 | $ 0.33 | $ 0.32 | $ 0.11 | $ 0.27 | $ 0.35 | $ 0 | $ 0.65 | $ 0.35 | $ 0.74 | $ 0.63 | $ 0.76 | $ 0.73 |
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.06 | $ 0.31 | $ 0.30 | $ 0.10 | $ 0.25 | $ 0.33 | $ 0 | $ 0.60 | $ 0.68 | $ 0.72 | $ 0.68 | ||
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net Revenue | $ 121,403 | $ 118,810 | $ 112,349 | $ 130,966 | $ 111,463 | $ 107,593 | $ 91,440 | $ 231,159 | $ 199,033 | $ 352,562 | $ 310,496 | $ 441,462 | |
Operating Expenses [Abstract] | |||||||||||||
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively | 41,076 | 35,346 | 35,428 | 48,588 | 33,102 | 31,510 | 29,987 | 70,774 | 61,497 | 111,850 | 94,599 | 143,187 | |
Impairment of long-lived assets | 14,450 | 16,933 | 16,933 | 31,383 | |||||||||
Total operating expenses | 102,429 | 94,975 | 75,811 | 108,575 | 76,988 | 69,673 | 67,683 | 170,786 | 137,356 | 273,215 | 214,344 | 322,919 | |
Operating income | 18,974 | 23,835 | 36,538 | 22,391 | 34,475 | 37,920 | 23,757 | 60,373 | 79,347 | 118,543 | |||
Income before provision for income taxes and noncontrolling interests in income of subsidiaries | 7,937 | 19,529 | 22,656 | 8,484 | 20,712 | 24,597 | 451 | 42,185 | 50,122 | 54,244 | |||
PROVISION FOR INCOME TAXES | 3,364 | 3,725 | 5,586 | 1,211 | 6,257 | 6,119 | (10) | 9,311 | 6,109 | 12,675 | 12,366 | 13,577 | |
NET INCOME | 4,573 | 15,804 | 17,070 | 7,273 | 14,455 | 18,478 | 461 | 32,874 | 18,939 | 37,447 | 33,394 | 40,667 | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 4,213 | $ 15,034 | $ 16,369 | $ 6,603 | $ 13,876 | $ 17,866 | $ 7 | $ 31,403 | $ 17,873 | $ 35,616 | $ 31,749 | $ 38,352 | |
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.09 | $ 0.30 | $ 0.32 | $ 0.13 | $ 0.27 | $ 0.36 | $ 0 | $ 0.62 | $ 0.36 | $ 0.72 | $ 0.64 | $ 0.76 | |
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.08 | $ 0.28 | $ 0.30 | $ 0.12 | $ 0.25 | $ 0.33 | $ 0 | $ 0.57 | $ 0.67 | $ 0.71 | |||
Adjustments | |||||||||||||
Operating Expenses [Abstract] | |||||||||||||
PROVISION FOR INCOME TAXES | $ 51 | $ (134) | $ (289) | $ (9) | $ 265 | $ (134) | $ 265 | $ (83) | $ 256 | $ (33) | |||
NET INCOME | (51) | 134 | 289 | 9 | (265) | 134 | (265) | 83 | (256) | 33 | |||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (51) | 134 | $ 289 | 9 | $ (265) | 134 | $ (265) | 83 | $ (256) | 33 | |||
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.01 | $ (0.01) | $ (0.01) | $ (0.01) | |||||||||
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.01 | ||||||||||||
Other Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net Revenue | (153) | $ (153) | (218) | $ (491) | (229) | $ (228) | $ (229) | (371) | $ (457) | (524) | $ (686) | (1,177) | |
Operating Expenses [Abstract] | |||||||||||||
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively | (153) | (153) | (218) | (491) | (229) | (228) | (229) | (371) | (457) | (524) | (686) | (1,177) | |
Impairment of long-lived assets | 1,000 | (2,028) | 2,104 | (2,028) | (1,028) | 2,104 | |||||||
Total operating expenses | 847 | (2,181) | (218) | 1,613 | $ (229) | (228) | $ (229) | (2,399) | (457) | (1,552) | (686) | 927 | |
Operating income | (1,000) | 2,028 | (2,104) | 2,028 | 1,028 | (2,104) | |||||||
Income before provision for income taxes and noncontrolling interests in income of subsidiaries | (1,000) | 2,028 | (2,104) | 2,028 | 1,028 | (2,104) | |||||||
PROVISION FOR INCOME TAXES | (245) | 489 | 10 | (498) | (12) | 499 | (12) | 254 | (12) | (510) | |||
NET INCOME | (755) | 1,539 | (10) | (1,606) | 12 | 1,529 | 12 | 774 | 12 | (1,594) | |||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (755) | $ 1,539 | $ (10) | $ (1,606) | $ 12 | $ 1,529 | $ 12 | $ 774 | $ 12 | $ (1,594) | |||
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ (0.02) | $ 0.03 | $ (0.03) | $ 0.03 | $ 0.02 | $ (0.03) | |||||||
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ (0.02) | $ 0.03 | $ (0.03) | $ 0.03 | $ 0.01 | $ (0.03) |
RESTATEMENT OF FINANCIAL STAT_7
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Operations - Additional (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, General and Administrative Expenses | |||||||||||||
Allocated Share-based Compensation Expense | $ 5,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 31,000 | $ 0 | $ 31,000 | $ 5,000 | $ 31,000 | $ 239,000 | $ 31,000 |
RESTATEMENT OF FINANCIAL STAT_8
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Unrealized gain on available-for-sale securities | $ (7,500) | $ 100 | $ 10,400 | $ 1,800 | $ 4,400 | $ 4,500 | $ (1,200) | $ 10,500 | $ 3,300 | $ 3,000 | $ 7,700 | $ 24,226 | $ 9,500 |
Income tax expense related to unrealized gain on available-for-sale securities | 1,804 | (25) | (2,504) | (401) | (1,088) | (1,108) | 292 | (2,529) | (816) | (725) | (1,904) | (5,949) | (2,305) |
OTHER COMPREHENSIVE INCOME, NET OF TAX | (5,696) | 75 | 7,896 | 1,399 | 3,312 | 3,392 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 18,277 | 7,195 |
COMPREHENSIVE INCOME | (1,929) | 17,418 | 25,090 | 7,355 | 17,776 | 21,617 | (447) | 42,508 | 21,170 | 40,579 | 38,946 | 58,232 | 46,301 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (2,289) | 16,648 | 24,389 | 6,685 | 17,197 | 21,005 | (901) | 41,037 | 20,104 | 38,748 | 37,301 | $ 55,606 | 43,986 |
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
COMPREHENSIVE INCOME | 4,573 | 15,804 | 17,070 | 7,273 | 14,455 | 18,478 | 461 | 32,874 | 18,939 | 37,447 | 33,394 | 40,667 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 4,213 | 15,034 | 16,369 | 6,603 | 13,876 | 17,866 | 7 | 31,403 | 17,873 | 35,616 | 31,749 | 38,352 | |
Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Unrealized gain on available-for-sale securities | (7,500) | 100 | 10,400 | 1,800 | 4,400 | 4,500 | (1,200) | 10,500 | 3,300 | 3,000 | 7,700 | 9,500 | |
Income tax expense related to unrealized gain on available-for-sale securities | 1,804 | (25) | (2,504) | (401) | (1,088) | (1,108) | 292 | (2,529) | (816) | (725) | (1,904) | (2,305) | |
OTHER COMPREHENSIVE INCOME, NET OF TAX | (5,696) | 75 | 7,896 | 1,399 | 3,312 | 3,392 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 7,195 | |
COMPREHENSIVE INCOME | (5,747) | 75 | 8,030 | 1,688 | 3,321 | 3,127 | (908) | 8,105 | 2,219 | 2,358 | 5,540 | 7,228 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (5,747) | 75 | 8,030 | 1,688 | $ 3,321 | 3,127 | $ (908) | 8,105 | 2,219 | 2,358 | 5,540 | 7,228 | |
Other Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
COMPREHENSIVE INCOME | (755) | 1,539 | (10) | (1,606) | 12 | 1,529 | 12 | 774 | 12 | (1,594) | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (755) | $ 1,539 | $ (10) | $ (1,606) | $ 12 | $ 1,529 | $ 12 | $ 774 | $ 12 | $ (1,594) |
RESTATEMENT OF FINANCIAL STAT_9
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | $ 318,651 | $ 327,312 | $ 303,680 | $ 296,960 | $ 281,803 | $ 241,700 | $ 231,223 | $ 303,680 | $ 231,223 | $ 303,680 | $ 231,223 | $ 303,680 | $ 231,223 |
Net income | 3,407 | 16,573 | 16,493 | 5,286 | 13,885 | 17,613 | 7 | 33,066 | 17,620 | 36,473 | 31,505 | 37,329 | 36,791 |
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,469 | 478 | 6,595 | 565 | |||||
Repurchase of shares of common stock | (10) | (872) | (24,669) | (905) | (26,486) | (944) | (26,543) | (970) | |||||
Issuance of shares of Class A common stock | 12,125 | 33,282 | 33,277 | 33,277 | |||||||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 50 | 397 | |||||||
Conversion of common stock | 0 | ||||||||||||
Other comprehensive income, net of tax | (5,696) | 75 | 7,896 | 1,399 | 3,312 | 3,392 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 18,277 | 7,195 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | (871) | (128) | (1,907) | (2,641) | (3,440) | (4,741) | (5,616) | (4,798) | |||||
BALANCE | 318,021 | 318,651 | 327,312 | 303,680 | 296,960 | 281,803 | 241,700 | 318,651 | 281,803 | 318,021 | 296,960 | 333,772 | 303,680 |
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 259,561 | 270,564 | 254,120 | 248,153 | 236,463 | 198,831 | 186,898 | 254,120 | 186,898 | 254,120 | 186,898 | 254,120 | 186,898 |
Net income | 4,213 | 15,034 | 16,369 | 6,603 | 13,876 | 17,866 | 7 | 31,403 | 17,873 | 35,616 | 31,749 | 38,352 | |
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,469 | 478 | 565 | ||||||
Repurchase of shares of common stock | (10) | (872) | (24,669) | (905) | (26,486) | (944) | (970) | ||||||
Issuance of shares of Class A common stock | 12,125 | 33,282 | 33,277 | 33,277 | |||||||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 397 | ||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (39) | 420 | (1,803) | (1,425) | (2,717) | (3,671) | (4,399) | ||||||
BALANCE | 266,052 | 259,561 | 270,564 | 254,120 | 248,153 | 236,463 | 198,831 | 259,561 | 236,463 | 266,052 | 248,153 | 254,120 | |
Revision of Prior Period, Adjustment [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 59,090 | 56,748 | 49,560 | 48,807 | 45,340 | 42,869 | 44,325 | 49,560 | 44,325 | 49,560 | 44,325 | 49,560 | 44,325 |
Net income | 124 | 1,663 | (253) | 857 | (244) | (1,561) | |||||||
Other comprehensive income, net of tax | 7,896 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 7,195 | ||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (832) | (548) | (104) | (1,216) | (723) | (1,070) | (399) | ||||||
BALANCE | 51,969 | 59,090 | 56,748 | 49,560 | 48,807 | 45,340 | 42,869 | 59,090 | 45,340 | 51,969 | 48,807 | 49,560 | |
Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | (51) | 134 | 289 | 9 | (265) | 134 | (265) | 83 | (256) | 33 | |||
Other comprehensive income, net of tax | (5,696) | 75 | 7,896 | 1,399 | 3,312 | 3,392 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 7,195 | |
Other Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | (755) | 1,539 | (10) | (1,606) | 12 | 1,529 | 12 | 774 | 12 | (1,594) | |||
Preferred Stock | Convertible Preferred Stock | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Conversion of common stock | 0 | ||||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 0 | 0 | 0 | ||||||||||
Common Stock | Common Stock Class A | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 9 | 9 | 9 | 8 | 8 | 6 | 4 | 9 | 4 | 9 | 4 | 9 | 4 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 1 | 1 | 0 | ||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 2 | 4 | 4 | 4 | |||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Conversion of common stock | 1 | ||||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 10 | 9 | 9 | 9 | 8 | 8 | 6 | 9 | 8 | 10 | 8 | 10 | 9 |
Common Stock | Common Stock Class A | As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 9 | 9 | 9 | 8 | 8 | 6 | 4 | 9 | 4 | 9 | 4 | 9 | 4 |
Stock-based compensation expense | 1 | ||||||||||||
Issuance of shares of Class A common stock | 2 | 4 | 4 | 4 | |||||||||
Conversion of common stock | 1 | ||||||||||||
BALANCE | 10 | 9 | 9 | 9 | 8 | 8 | 6 | 9 | 8 | 10 | 8 | 9 | |
Common Stock | Common Stock Class B | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Conversion of common stock | 0 | ||||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Common Stock | Common Stock Class B | As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
Common Stock | Common Stock Class C | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | 3 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Conversion of common stock | (1) | ||||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | 2 |
Common Stock | Common Stock Class C | As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | 3 |
Conversion of common stock | (1) | ||||||||||||
BALANCE | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | |
Common Stock | Common Stock Class D | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 33 | 37 | 37 | 37 | 37 | 37 | 38 | 37 | 38 | 37 | 38 | 37 | 38 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 1 | 1 | 0 | ||||||||||
Repurchase of shares of common stock | (1) | (4) | (1) | (4) | (1) | (4) | (1) | ||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Conversion of common stock | 0 | ||||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 34 | 33 | 37 | 37 | 37 | 37 | 37 | 33 | 37 | 34 | 37 | 34 | 37 |
Common Stock | Common Stock Class D | As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 33 | 37 | 37 | 37 | 37 | 37 | 38 | 37 | 38 | 37 | 38 | 37 | 38 |
Stock-based compensation expense | 1 | ||||||||||||
Repurchase of shares of common stock | (1) | (4) | (1) | (4) | (1) | (1) | |||||||
BALANCE | 34 | 33 | 37 | 37 | 37 | 37 | 37 | 33 | 37 | 34 | 37 | 37 | |
Accumulated Other Comprehensive Income | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 |
Other comprehensive income, net of tax | 7,896 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 18,277 | 7,195 | |||||
BALANCE | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 62,921 | 50,239 | 57,225 | 53,551 | 73,227 | 54,950 |
Accumulated Other Comprehensive Income | Revision of Prior Period, Adjustment [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 |
Other comprehensive income, net of tax | 7,896 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 7,195 | ||||||
BALANCE | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 62,921 | 50,239 | 57,225 | 53,551 | 54,950 | |
Additional Paid-In Capital | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 992,934 | 1,018,239 | 1,018,996 | 1,018,961 | 1,021,001 | 1,001,905 | 990,528 | 1,018,996 | 990,528 | 1,018,996 | 990,528 | 1,018,996 | 990,528 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,467 | 478 | 6,593 | 565 | |||||
Repurchase of shares of common stock | (10) | (871) | (24,665) | (904) | (26,482) | (943) | (26,539) | (969) | |||||
Issuance of shares of Class A common stock | 12,123 | 33,278 | 33,273 | 33,273 | |||||||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 50 | 397 | |||||||
Conversion of common stock | 0 | ||||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (871) | (128) | (1,907) | (2,641) | (3,440) | (4,741) | (5,616) | (4,798) | |||||
BALANCE | 994,591 | 992,934 | 1,018,239 | 1,018,996 | 1,018,961 | 1,021,001 | 1,001,905 | 992,934 | 1,021,001 | 994,591 | 1,018,961 | 993,484 | 1,018,996 |
Additional Paid-In Capital | As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 994,678 | 1,020,711 | 1,020,636 | 1,021,272 | 1,023,458 | 1,003,694 | 991,769 | 1,020,636 | 991,769 | 1,020,636 | 991,769 | 1,020,636 | 991,769 |
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,467 | 478 | 565 | ||||||
Repurchase of shares of common stock | (10) | (871) | (24,665) | (904) | (26,482) | (943) | (969) | ||||||
Issuance of shares of Class A common stock | 12,123 | 33,278 | 33,273 | 33,273 | |||||||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 397 | ||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (39) | 420 | (1,803) | (1,425) | (2,717) | (3,671) | (4,399) | ||||||
BALANCE | 996,954 | 994,678 | 1,020,711 | 1,020,636 | 1,021,272 | 1,023,458 | 1,003,694 | 994,678 | 1,023,458 | 996,954 | 1,021,272 | 1,020,636 | |
Additional Paid-In Capital | Revision of Prior Period, Adjustment [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (1,744) | (2,472) | (1,640) | (2,311) | (2,457) | (1,789) | (1,241) | (1,640) | (1,241) | (1,640) | (1,241) | (1,640) | (1,241) |
Adjustment of redeemable noncontrolling interests to estimated redemption value | (832) | (548) | (104) | (1,216) | (723) | (1,070) | (399) | ||||||
BALANCE | (2,363) | (1,744) | (2,472) | (1,640) | (2,311) | (2,457) | (1,789) | (1,744) | (2,457) | (2,363) | (2,311) | (1,640) | |
Accumulated Deficit | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (737,251) | (753,824) | (770,317) | (775,603) | (789,488) | (807,101) | (807,108) | (770,317) | (807,108) | (770,317) | (807,108) | (770,317) | (807,108) |
Net income | 16,493 | 7 | 33,066 | 17,620 | 36,473 | 31,505 | 37,329 | 36,791 | |||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Conversion of common stock | 0 | ||||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | (733,844) | (737,251) | (753,824) | (770,317) | (775,603) | (789,488) | (807,101) | (737,251) | (789,488) | (733,844) | (775,603) | (732,988) | (770,317) |
Accumulated Deficit | As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (735,164) | (750,198) | (766,567) | (773,170) | (787,046) | (804,912) | (804,919) | (766,567) | (804,919) | (766,567) | (804,919) | (766,567) | (804,919) |
Net income | 16,369 | 7 | 31,403 | 17,873 | 35,616 | 31,749 | 38,352 | ||||||
BALANCE | (730,951) | (735,164) | (750,198) | (766,567) | (773,170) | (787,046) | (804,912) | (735,164) | (787,046) | (730,951) | (773,170) | (766,567) | |
Accumulated Deficit | Revision of Prior Period, Adjustment [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (2,087) | (3,626) | (3,750) | (2,433) | (2,442) | (2,189) | (2,189) | (3,750) | (2,189) | (3,750) | (2,189) | $ (3,750) | (2,189) |
Net income | 124 | 1,663 | (253) | 857 | (244) | (1,561) | |||||||
BALANCE | $ (2,893) | $ (2,087) | $ (3,626) | $ (3,750) | $ (2,433) | $ (2,442) | $ (2,189) | $ (2,087) | $ (2,442) | $ (2,893) | $ (2,433) | $ (3,750) |
RESTATEMENT OF FINANCIAL STA_10
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Changes in Stockholders' Equity - Additional (Details) - shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares exercised | 60,240 | 229,756 | ||||||
Common Stock Class A | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares issued | 1,886,265 | 3,779,391 | 3,779,391 | 3,779,391 | ||||
Shares converted | 883,890 | |||||||
Common Stock Class A | As Previously Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares issued | 1,886,265 | 3,779,391 | 3,779,391 | 3,779,391 | ||||
Shares converted | 883,890 | |||||||
Common Stock Class C | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares converted | 883,890 | |||||||
Common Stock Class C | As Previously Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares converted | 883,890 | |||||||
Common Stock Class D | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares repurchased | 2,649 | 495,296 | 4,684,419 | 509,347 | 4,684,419 | 519,347 | 5,124,671 | 521,877 |
Shares exercised | 60,240 | 197,256 | 60,240 | 219,756 | 229,756 | |||
Common Stock Class D | As Previously Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares repurchased | 2,649 | 495,296 | 4,684,419 | 509,347 | 4,684,419 | 519,347 | 521,877 | |
Shares exercised | 60,240 | 197,256 | 60,240 | 219,756 | 229,756 |
RESTATEMENT OF FINANCIAL STA_11
RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Jan. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income | $ 3,767 | $ 17,343 | $ 17,194 | $ 5,956 | $ 14,464 | $ 18,225 | $ 461 | $ 34,537 | $ 18,686 | $ 38,304 | $ 33,150 | $ 39,955 | $ 39,106 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | 5,462 | (10) | 8,962 | 6,361 | 11,682 | 12,610 | 14,878 | 11,971 | ||||||
Impairment of goodwill and broadcasting licenses | 14,905 | 30,355 | 40,683 | 2,104 | ||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Trade accounts receivable | 13,336 | 11,339 | 3,444 | 2,342 | 156 | (8,645) | (16,930) | (22,807) | ||||||
Accounts payable | (2,586) | (2,121) | 42 | 1,304 | (616) | 3,370 | 1,111 | 3,606 | ||||||
Other liabilities | (3,491) | (832) | (5,017) | 2,303 | 3,317 | 5,463 | (3,710) | (1,288) | ||||||
Net cash flows provided by operating activities | 15,734 | 14,293 | 43,624 | 51,492 | 54,067 | 36,264 | 67,060 | 80,150 | ||||||
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: | ||||||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 871 | 128 | 1,907 | 2,641 | 3,440 | 4,741 | $ 5,616 | 4,798 | ||||||
As Previously Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income | 4,573 | 15,804 | 17,070 | 7,273 | 14,455 | 18,478 | 461 | 32,874 | 18,939 | 37,447 | 33,394 | 40,667 | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | 5,586 | (10) | 8,597 | 6,108 | 11,511 | 12,366 | 12,514 | |||||||
Non-Cash Lease Liability Expense | 1,043 | 1,154 | 2,038 | 2,066 | 2,994 | 3,299 | 4,684 | |||||||
Impairment of goodwill and broadcasting licenses | 16,933 | 31,383 | ||||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Trade accounts receivable | 13,448 | 11,380 | 3,483 | 2,260 | 208 | (8,574) | (22,734) | |||||||
Accounts payable | (2,591) | (2,098) | 231 | 1,388 | (270) | 3,488 | 3,453 | |||||||
Other liabilities | (4,641) | (2,050) | (7,283) | 235 | (75) | 1,975 | (5,892) | |||||||
Net cash flows provided by operating activities | 15,734 | 14,293 | 43,624 | 51,492 | 54,067 | 36,264 | 80,150 | |||||||
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: | ||||||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 39 | (420) | 1,803 | 1,425 | 2,717 | 3,671 | 4,399 | |||||||
Adjustments | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income | (51) | 134 | 289 | $ 9 | (265) | 134 | (265) | 83 | (256) | 33 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | (134) | (134) | 265 | (83) | 256 | (33) | ||||||||
Non-Cash Lease Liability Expense | $ (4,700) | |||||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Other liabilities | $ 4,700 | |||||||||||||
Other Adjustments | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income | $ (755) | $ 1,539 | (10) | $ (1,606) | $ 12 | 1,529 | 12 | 774 | 12 | (1,594) | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | 10 | 499 | (12) | 254 | (12) | (510) | ||||||||
Non-Cash Lease Liability Expense | (1,043) | (1,154) | (2,038) | (2,066) | (2,994) | (3,299) | (4,684) | |||||||
Impairment of goodwill and broadcasting licenses | (2,028) | (1,028) | 2,104 | |||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Trade accounts receivable | (112) | (41) | (39) | 82 | (52) | (71) | (73) | |||||||
Accounts payable | 5 | (23) | (189) | (84) | (346) | (118) | 153 | |||||||
Other liabilities | 1,150 | 1,218 | 2,266 | 2,068 | 3,392 | 3,488 | 4,604 | |||||||
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: | ||||||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | $ 832 | $ 548 | $ 104 | $ 1,216 | $ 723 | $ 1,070 | $ 399 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net revenue | $ 121,250 | $ 118,657 | $ 112,131 | $ 130,475 | $ 111,234 | $ 107,365 | $ 91,211 | $ 230,788 | $ 198,576 | $ 352,038 | $ 309,810 | $ 484,604 | $ 440,285 |
Radio advertising | |||||||||||||
Net revenue | 177,268 | 165,244 | |||||||||||
Political advertising | |||||||||||||
Net revenue | 13,226 | 3,494 | |||||||||||
Digital advertising | |||||||||||||
Net revenue | 76,730 | 59,812 | |||||||||||
Cable television advertising | |||||||||||||
Net revenue | 112,857 | 95,589 | |||||||||||
Cable television affiliate fees | |||||||||||||
Net revenue | 96,963 | 101,203 | |||||||||||
Event revenues & other | |||||||||||||
Net revenue | $ 7,560 | $ 14,943 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets: | |||
Unbilled receivables | $ 5,798 | $ 12,597 | $ 10,735 |
Contract liabilities: | |||
Customer advances and unearned income | 3,044 | 6,123 | 5,503 |
Reserve for audience deficiency | 3,544 | 9,629 | $ 6,020 |
Unearned event income | $ 5,921 | $ 5,708 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Launch assets | $ 27,764 | $ 9,021 |
Less: accumulated amortization | (9,104) | (4,724) |
Launch assets, net | $ 18,660 | $ 4,297 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch support amortization expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
2023 | $ 4,980 |
2024 | 4,980 |
2025 | 4,980 |
2026 | 3,410 |
2027 | 237 |
Thereafter | $ 73 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income (loss) attributable to common stockholders | $ 3,407 | $ 16,573 | $ 16,493 | $ 5,286 | $ 13,885 | $ 17,613 | $ 7 | $ 33,066 | $ 17,620 | $ 36,473 | $ 31,505 | $ 37,329 | $ 36,791 |
Denominator: | |||||||||||||
Denominator for basic net income (loss) per share - weighted average outstanding shares | 48,928,063 | 50,163,600 | |||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and restricted stock | 3,246,274 | 3,973,041 | |||||||||||
Denominator for diluted net income (loss) per share - weighted-average outstanding shares | 52,174,337 | 54,136,641 | |||||||||||
Net income (loss) attributable to common stockholders per share - basic | $ 0.07 | $ 0.33 | $ 0.32 | $ 0.11 | $ 0.27 | $ 0.35 | $ 0 | $ 0.65 | $ 0.35 | $ 0.74 | $ 0.63 | $ 0.76 | $ 0.73 |
Net income (loss) attributable to common stockholders per share -diluted | $ 0.06 | $ 0.31 | $ 0.30 | $ 0.10 | $ 0.25 | $ 0.33 | $ 0 | $ 0.60 | $ 0.68 | $ 0.72 | $ 0.68 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Liabilities subject to fair value measurement: | |||||||||
Employment agreement award | $ 26,300 | $ 28,200 | |||||||
Total | 26,283 | 28,193 | |||||||
Mezzanine equity subject to fair value measurement: | |||||||||
Redeemable noncontrolling interests | 25,298 | [1] | 18,655 | ||||||
Assets subject to fair value measurement: | |||||||||
Available for sale securities | 136,826 | $ 115,600 | $ 123,100 | $ 123,000 | 112,600 | $ 110,800 | $ 106,400 | $ 101,900 | |
Cash equivalents - money market funds | 39,798 | ||||||||
Assets subject to fair value measurement value | 176,624 | ||||||||
Fair Value, Inputs, Level 1 [Member] | |||||||||
Assets subject to fair value measurement: | |||||||||
Cash equivalents - money market funds | 39,798 | ||||||||
Assets subject to fair value measurement value | 39,798 | ||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||
Liabilities subject to fair value measurement: | |||||||||
Total | 26,283 | 28,193 | |||||||
Mezzanine equity subject to fair value measurement: | |||||||||
Redeemable noncontrolling interests | 25,298 | [1] | 18,655 | ||||||
Assets subject to fair value measurement: | |||||||||
Available for sale securities | 136,826 | $ 112,600 | |||||||
Assets subject to fair value measurement value | $ 136,826 | ||||||||
[1] The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | $ 112,600 | $ 103,100 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Dividends paid to redeemable noncontrolling interests | 0 | 0 |
Distribution | 0 | 0 |
Change in fair value included within other comprehensive income | 24,226 | 9,500 |
Change in fair value | 0 | 0 |
Balance, end of period | 136,826 | 112,600 |
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date | 0 | 0 |
Employment agreement award | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 28,193 | 25,603 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Dividends paid to redeemable noncontrolling interests | 0 | 0 |
Distribution | (4,039) | (3,573) |
Change in fair value included within other comprehensive income | 0 | 0 |
Change in fair value | 2,129 | 6,163 |
Balance, end of period | 26,283 | 28,193 |
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date | (2,129) | (6,163) |
Redeemable Noncontrolling Interest [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 18,655 | 13,942 |
Net income attributable to redeemable noncontrolling interests | 2,626 | 2,315 |
Dividends paid to redeemable noncontrolling interests | 1,599 | 2,400 |
Change in fair value | 5,616 | 4,798 |
Balance, end of period | 25,298 | 18,655 |
Contingent Consideration [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 0 | 780 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Dividends paid to redeemable noncontrolling interests | 0 | 0 |
Distribution | 0 | (1,060) |
Change in fair value included within other comprehensive income | 0 | 0 |
Change in fair value | 0 | 280 |
Balance, end of period | 0 | 0 |
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date | $ 0 | $ (280) |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Discount rate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale, Measurement Input | 10.5 | |
Discount rate | Employment agreement award | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 10.50% | 9.50% |
Discount rate | Redeemable Noncontrolling Interest [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 11.50% | 11.50% |
Discount rate | Minimum | Redeemable Noncontrolling Interest [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 25.80% | 24% |
Discount rate | Maximum | Redeemable Noncontrolling Interest [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 29.80% | 32.80% |
Terminal growth rate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale, Measurement Input | 3 | |
Terminal growth rate | Employment agreement award | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 0.50% | 0.50% |
Terminal growth rate | Redeemable Noncontrolling Interest [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 0.30% | 0.40% |
Operating profit margin range | Minimum | Employment agreement award | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 33.70% | 34.90% |
Operating profit margin range | Maximum | Employment agreement award | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 46.60% | 46.40% |
Revenue growth rate range | Minimum | Employment agreement award | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | (4.10%) | (5.90%) |
Revenue growth rate range | Minimum | Redeemable Noncontrolling Interest [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 0.20% | (11.80%) |
Revenue growth rate range | Maximum | Employment agreement award | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 4.20% | 11.60% |
Revenue growth rate range | Maximum | Redeemable Noncontrolling Interest [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions Measurement Rate | 32.20% | 0.30% |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Operating Lease Cost (Cost resulting from lease payments) | $ 12,822 | $ 13,055 |
Variable Lease Cost (Cost excluded from lease payments) | 40 | 40 |
Total Lease Cost | 12,862 | 13,095 |
Operating Lease - Operating Cash Flows (Fixed Payments) | 13,978 | 13,784 |
Operating Lease - Operating Cash Flows (Liability Reduction) | $ 9,935 | $ 9,124 |
Weighted Average Lease Term - Operating Leases | 4 years 10 months 6 days | 4 years 11 months 8 days |
Weighted Average Discount Rate - Operating Leases | 11% | 11% |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
2023 | $ 11,697 |
2024 | 10,690 |
2025 | 6,834 |
2026 | 4,860 |
2027 | 3,417 |
Thereafter | 7,140 |
Total future lease payments | 44,638 |
Less: imputed interest | (10,403) |
Total | $ 34,235 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Apr. 21, 2023 USD ($) | Oct. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) | Oct. 01, 2021 USD ($) | Jan. 01, 2021 USD ($) | Jan. 01, 2019 | Nov. 30, 2016 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) item segment | Dec. 31, 2021 USD ($) | Mar. 08, 2023 | Aug. 01, 2021 | Jul. 29, 2021 USD ($) | Jun. 01, 2021 USD ($) | Feb. 19, 2021 USD ($) | Jan. 25, 2021 USD ($) | Nov. 09, 2020 | Oct. 31, 2020 | Jun. 25, 2020 USD ($) | Nov. 13, 2019 USD ($) | Dec. 31, 2018 | Dec. 20, 2018 USD ($) | Apr. 18, 2017 USD ($) | Apr. 21, 2016 USD ($) | Apr. 10, 2015 USD ($) | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of independently formatted, revenue producing broadcast stations | item | 66 | |||||||||||||||||||||||||||||||||||
Number of FM or AM stations owned or operated | item | 55 | |||||||||||||||||||||||||||||||||||
Number of HD stations owned or operated | item | 9 | |||||||||||||||||||||||||||||||||||
Number of low power television stations owned or operated | item | 2 | |||||||||||||||||||||||||||||||||||
Number of most populous market | item | 13 | |||||||||||||||||||||||||||||||||||
Number of reportable segments | segment | 4 | |||||||||||||||||||||||||||||||||||
Restricted cash | $ 19,973,000 | $ 19,975,000 | $ 19,973,000 | |||||||||||||||||||||||||||||||||
Carrying value of debt | 832,505,000 | 750,000,000 | 832,505,000 | |||||||||||||||||||||||||||||||||
Accumulated deficit | $ (733,844,000) | $ (733,844,000) | $ (737,251,000) | $ (753,824,000) | (770,317,000) | $ (775,603,000) | $ (789,488,000) | $ (807,101,000) | $ (737,251,000) | $ (789,488,000) | $ (733,844,000) | $ (775,603,000) | (732,988,000) | (770,317,000) | ||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 121,250,000 | 118,657,000 | 112,131,000 | 130,475,000 | 111,234,000 | 107,365,000 | 91,211,000 | 230,788,000 | 198,576,000 | 352,038,000 | 309,810,000 | 484,604,000 | 440,285,000 | |||||||||||||||||||||||
Reassessed Estimated Fair Value of Award | 28,200,000 | 26,300,000 | 28,200,000 | |||||||||||||||||||||||||||||||||
Selling, General and Administrative Expense, Total | 40,923,000 | 35,193,000 | 35,210,000 | 48,097,000 | 32,873,000 | 31,282,000 | 29,758,000 | 70,403,000 | 61,040,000 | 111,326,000 | 93,913,000 | 160,230,000 | 142,010,000 | |||||||||||||||||||||||
Amortization of Intangible Assets | 3,700,000 | 3,700,000 | ||||||||||||||||||||||||||||||||||
Exercisable period of put rights | 30 days | |||||||||||||||||||||||||||||||||||
Operating income (loss) | 17,974,000 | 25,863,000 | 36,538,000 | 20,287,000 | 34,475,000 | 37,920,000 | 23,757,000 | 62,401,000 | 80,375,000 | 94,687,000 | 116,439,000 | |||||||||||||||||||||||||
Goodwill | 223,402,000 | 216,599,000 | 223,402,000 | |||||||||||||||||||||||||||||||||
Operating Expenses, Total | 103,276,000 | 92,794,000 | 75,593,000 | 110,188,000 | 76,759,000 | 69,445,000 | 67,454,000 | 168,387,000 | 136,899,000 | 271,663,000 | 213,658,000 | 389,917,000 | 323,846,000 | |||||||||||||||||||||||
Unearned Event Income | $ 5,921,000 | 5,708,000 | ||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 15,450,000 | 14,905,000 | 2,104,000 | 14,905,000 | 30,355,000 | 40,683,000 | 2,104,000 | |||||||||||||||||||||||||||||
Operating Lease, Right-of-Use Asset | 34,131,000 | 34,131,000 | 34,035,000 | 36,201,000 | 37,956,000 | 39,481,000 | 42,140,000 | 40,372,000 | 34,035,000 | 42,140,000 | 34,131,000 | 39,481,000 | 31,879,000 | 37,956,000 | ||||||||||||||||||||||
Operating Lease, Liability | 34,235,000 | |||||||||||||||||||||||||||||||||||
INTEREST EXPENSE | 61,751,000 | 65,702,000 | ||||||||||||||||||||||||||||||||||
Goodwill and intangible assets impairment | 14,905,000 | 30,355,000 | 40,683,000 | 2,104,000 | ||||||||||||||||||||||||||||||||
Radio broadcasting licenses | 495,832,000 | $ 495,832,000 | 487,640,000 | $ 501,420,000 | 501,420,000 | $ 503,524,000 | $ 503,524,000 | $ 482,442,000 | 487,640,000 | $ 503,524,000 | $ 495,832,000 | $ 503,524,000 | 488,419,000 | 501,420,000 | ||||||||||||||||||||||
Related party expenses | 3,800,000 | 4,700,000 | ||||||||||||||||||||||||||||||||||
Due to Other Related Parties, Current | 423,000 | 1,500,000 | 423,000 | |||||||||||||||||||||||||||||||||
Impairment loss, goodwill | 7,240,000 | 0 | ||||||||||||||||||||||||||||||||||
Other income, net | 16,083,000 | 8,134,000 | ||||||||||||||||||||||||||||||||||
Atlanta and Philadelphia Markets [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Impairment loss, goodwill | $ 7,200,000 | |||||||||||||||||||||||||||||||||||
Software and web development [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||||||||||||||||||||||||||
Host Community Agreement [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Restricted cash | 19,500,000 | $ 19,500,000 | 19,500,000 | |||||||||||||||||||||||||||||||||
Host Community Agreement [Member] | RVA Entertainment Holdings LLC [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Upfront Payment | $ 26,000,000 | |||||||||||||||||||||||||||||||||||
Accounting Standards Update 2016-02 | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Lease, Practical Expedients, Package [true false] | true | |||||||||||||||||||||||||||||||||||
Continuing Operations [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Marketing and Advertising Expense | 31,300,000 | 24,700,000 | ||||||||||||||||||||||||||||||||||
Barter Transactions [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,000,000 | 1,800,000 | ||||||||||||||||||||||||||||||||||
Cost of Goods and Services Sold | 1,300,000 | 1,200,000 | ||||||||||||||||||||||||||||||||||
Selling, General and Administrative Expense, Total | 679,000 | 606,000 | ||||||||||||||||||||||||||||||||||
Radio broadcasting and Reach Media segments [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Sales Commissions and Fees | 18,400,000 | 16,700,000 | ||||||||||||||||||||||||||||||||||
Fantastic Voyage [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Operating Income Guarantee | 1,750,000 | |||||||||||||||||||||||||||||||||||
Fantastic Voyage [Member] | Reach Media | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 7,000,000 | |||||||||||||||||||||||||||||||||||
Operating income (loss) | 400,000 | |||||||||||||||||||||||||||||||||||
Operating Expenses, Total | 6,600,000 | |||||||||||||||||||||||||||||||||||
Digital Segment [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Goodwill | 7,222,000 | 7,222,000 | 7,222,000 | |||||||||||||||||||||||||||||||||
Impairment loss, goodwill | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||
Launch support asset | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Finite Lived Intangible Assets Weighted Average Amortization Period | 8 years 1 month 6 days | 7 years 1 month 6 days | ||||||||||||||||||||||||||||||||||
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period | 3 years 9 months 18 days | 3 years 3 months 18 days | ||||||||||||||||||||||||||||||||||
Payment for launch support | $ 9,300,000 | $ 0 | ||||||||||||||||||||||||||||||||||
Additional Non-cash Launch Support for Carriage Initiation | 9,500,000 | |||||||||||||||||||||||||||||||||||
Amortization of Intangible Assets | $ 4,400,000 | 1,600,000 | ||||||||||||||||||||||||||||||||||
Content Assets [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Impairment of finite-lived intangible assets | $ 695,000 | |||||||||||||||||||||||||||||||||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Programming And Technical Including Stock-Based Compensation | |||||||||||||||||||||||||||||||||||
Licensing Agreements [Member] | Minimum | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Finite-lived intangible asset, useful life | 1 year | |||||||||||||||||||||||||||||||||||
Licensing Agreements [Member] | Maximum | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Finite-lived intangible asset, useful life | 5 years | |||||||||||||||||||||||||||||||||||
Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Radio broadcasting licenses | $ 488,400,000 | |||||||||||||||||||||||||||||||||||
Impairment charge, indefinite lived intangible asset | $ 7,400,000 | $ 15,500,000 | $ 2,100,000 | 3,700,000 | $ 10,600,000 | 33,443,000 | $ 2,104,000 | |||||||||||||||||||||||||||||
Radio Broadcasting Licenses [Member] | Atlanta Cincinnati Dallas Houston Indianapolis Philadelphia and Raleigh Market Radio Broadcasting Licenses [Member] | Atlanta, Dallas, Houston, Indianapolis, Raleigh and Richmond Market [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets impairment | 33,500,000 | |||||||||||||||||||||||||||||||||||
Goodwill and Radio Broadcasting Licenses [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets impairment | 40,700,000 | 2,100,000 | ||||||||||||||||||||||||||||||||||
Tom Joyner Foundation Inc [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Reimbursement Expenditure Guarantee | $ 1,000,000 | |||||||||||||||||||||||||||||||||||
Percentage of Performance Bonus | 50% | |||||||||||||||||||||||||||||||||||
Tom Joyner Foundation Inc [Member] | Fantastic Voyage [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Operating Income Guarantee | $ 250,000 | |||||||||||||||||||||||||||||||||||
Chief Executive Officer | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Percentage Of Award Amount | 4% | |||||||||||||||||||||||||||||||||||
MGM National Harbor Loan | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | |||||||||||||||||||||||||||||||||||
Face amount of debt | $ 50,000,000 | |||||||||||||||||||||||||||||||||||
ABL Facility [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 0 | $ 0 | 0 | |||||||||||||||||||||||||||||||||
7.375% Senior Secured Notes due February 2028 | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 825,000,000 | 750,000,000 | 825,000,000 | |||||||||||||||||||||||||||||||||
Fair value of debt | 851,800,000 | 646,900,000 | 851,800,000 | |||||||||||||||||||||||||||||||||
Carrying value of debt | 825,000,000 | $ 750,000,000 | 825,000,000 | |||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | ||||||||||||||||||||||||||||||||||
Face amount of debt | $ 825,000,000 | |||||||||||||||||||||||||||||||||||
8.75% Senior Secured Notes due December 2022 | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | 8.75% | 8.75% | |||||||||||||||||||||||||||||||||
PPP loan | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Fair value of debt | 7,500,000 | 7,500,000 | ||||||||||||||||||||||||||||||||||
Carrying value of debt | 7,505,000 | $ 0 | 7,505,000 | |||||||||||||||||||||||||||||||||
Face amount of debt | $ 7,500,000 | |||||||||||||||||||||||||||||||||||
Other Income | $ 7,600,000 | |||||||||||||||||||||||||||||||||||
Tv One Llc [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Sales Commissions and Fees | $ 20,100,000 | 16,900,000 | ||||||||||||||||||||||||||||||||||
Reach Media Inc [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80% | |||||||||||||||||||||||||||||||||||
Urban One [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |||||||||||||||||||||||||||||||||||
Customer Advances [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,500,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||
Unearned Income [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 5,900,000 | ||||||||||||||||||||||||||||||||||
2017 Credit Facility | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 350,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | |||||||||||||||||||||||||||||||||||
Face amount of debt | 350,000,000 | |||||||||||||||||||||||||||||||||||
2018 Credit Facility | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |||||||||||||||||||||||||||||||||||
Face amount of debt | 10,000,000 | $ 3,600,000 | $ 192,000,000 | |||||||||||||||||||||||||||||||||
ABL Facility | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Face amount of debt | $ 37,500,000 | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | $ 37,500,000 | $ 25,000,000 | |||||||||||||||||||||||||||||||||
Related Party Agreement Expenditures Transactions [Member] | Reach Media | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Due to Other Related Parties, Current | $ 41,000 | 41,000 | ||||||||||||||||||||||||||||||||||
Related Party Agreement Office Facilities Transactions [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Due from related party | 2,300,000 | |||||||||||||||||||||||||||||||||||
MGM National Harbor [Member] | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Investment Owned, at Cost | $ 35,000,000 | $ 5,000,000 | ||||||||||||||||||||||||||||||||||
Percentage of ownership of equity interest excluding interest in entity | 100% | |||||||||||||||||||||||||||||||||||
Other income, net | $ 8,800,000 | $ 8,800,000 | $ 7,700,000 | |||||||||||||||||||||||||||||||||
MGM National Harbor [Member] | Subsequent events | ||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||||||||||||||
Other income, net | $ 8,800,000 | |||||||||||||||||||||||||||||||||||
Proceeds from sale of available for sale debt securities | $ 136,800,000 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Asset Acquisition Pro forma (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ACQUISITIONS AND DISPOSITIONS | ||
Net revenue | $ 496,613 | $ 457,935 |
Operating income | 95,365 | 117,516 |
Net income | $ 40,439 | $ 39,921 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Aug. 31, 2022 USD ($) | Apr. 20, 2021 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 13, 2022 USD ($) | Nov. 06, 2020 item | |
Asset Acquisition [Line Items] | |||||||||||||||||
Assets held for sale | $ 3,200,000 | ||||||||||||||||
Net Revenue | $ 121,250,000 | $ 118,657,000 | $ 112,131,000 | $ 130,475,000 | $ 111,234,000 | $ 107,365,000 | $ 91,211,000 | $ 230,788,000 | $ 198,576,000 | $ 352,038,000 | $ 309,810,000 | $ 484,604,000 | $ 440,285,000 | ||||
Operating income (loss) | $ 17,974,000 | $ 25,863,000 | $ 36,538,000 | $ 20,287,000 | $ 34,475,000 | $ 37,920,000 | $ 23,757,000 | $ 62,401,000 | $ 80,375,000 | 94,687,000 | 116,439,000 | ||||||
WFUN FM | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Number of radio stations transferred | item | 3 | ||||||||||||||||
Proceeds from assets sold | $ 8,000,000 | ||||||||||||||||
Assets, held for sale, tangible and intangible disposed | 8,000,000 | ||||||||||||||||
Indiana Radio Cluster Asset Acquisition [Member] | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Asset acquisition transaction price | $ 25,000,000 | ||||||||||||||||
Radio broadcasting licenses | 23,600,000 | ||||||||||||||||
Intangible asset | 87,000 | ||||||||||||||||
Right of use assets | 1,200,000 | ||||||||||||||||
Goodwill, asset acquisition | 437,000 | ||||||||||||||||
Operating lease liabilities | 1,200,000 | ||||||||||||||||
Net Revenue | 5,600,000 | ||||||||||||||||
Operating income (loss) | 1,200,000 | ||||||||||||||||
Indiana Radio Cluster Asset Acquisition [Member] | WHHH radio broadcasting license and intellectual property related to WNOW | Disposal group, disposed of by sale, not discontinued operations | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Net loss recognized related to disposal transaction | $ 120,000 | ||||||||||||||||
Disposal Group Not Discontinued Operation Gain (Loss) On Disposal Statement Of Income Extensible List Not Disclosed Flag | true | ||||||||||||||||
Indiana Radio Cluster Asset Acquisition [Member] | Towers and antennas | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 162,000 | ||||||||||||||||
Indiana Radio Cluster Asset Acquisition [Member] | Transmitters | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 326,000 | ||||||||||||||||
Indiana Radio Cluster Asset Acquisition [Member] | Studios | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 209,000 | ||||||||||||||||
Indiana Radio Cluster Asset Acquisition [Member] | Vehicles | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 111,000 | ||||||||||||||||
Indiana Radio Cluster Asset Acquisition [Member] | Furniture, fixtures, computer equipment and computer software | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | $ 27,000 | ||||||||||||||||
Audacy and Gateway | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Net gain from transaction | $ 404,000 | ||||||||||||||||
Radio broadcasting licenses | 21,100,000 | ||||||||||||||||
Right of use assets | 1,700,000 | ||||||||||||||||
Advertising credit liability | 1,900,000 | ||||||||||||||||
Operating lease liabilities | 921,000 | ||||||||||||||||
Unfavorable lease liability | 812,000 | ||||||||||||||||
Audacy and Gateway | Land and land improvements | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 1,800,000 | ||||||||||||||||
Audacy and Gateway | Towers and antennas | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 2,000,000 | ||||||||||||||||
Audacy and Gateway | Buildings | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 517,000 | ||||||||||||||||
Audacy and Gateway | Transmitters | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 1,000,000 | ||||||||||||||||
Audacy and Gateway | Studios | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 712,000 | ||||||||||||||||
Audacy and Gateway | Vehicles | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 53,000 | ||||||||||||||||
Audacy and Gateway | Furniture and fixtures | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 200,000 | ||||||||||||||||
Audacy and Gateway | Computer equipment | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | 67,000 | ||||||||||||||||
Audacy and Gateway | Other equipment | |||||||||||||||||
Asset Acquisition [Line Items] | |||||||||||||||||
Property, plant and equipment | $ 19,000 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 187,491 | $ 179,964 |
Less: Accumulated depreciation | (159,733) | (153,673) |
Property and equipment, net | 27,758 | 26,291 |
Depreciation and Amortization: | 10,034 | 9,289 |
Depreciation | 6,400 | 5,600 |
Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,128 | 4,128 |
Estimated Useful Lives | 0 years | |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 3,299 | 3,241 |
Estimated Useful Lives | 31 years | |
Transmitters and towers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 45,733 | 43,466 |
Transmitters and towers [Member] | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 years | |
Transmitters and towers [Member] | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 67,025 | 63,192 |
Equipment [Member] | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 9,357 | 9,397 |
Estimated Useful Lives | 6 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Software and web development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 32,565 | 31,337 |
Estimated Useful Lives | 3 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 25,231 | 24,727 |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of useful life or lease term | |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 153 | $ 476 |
Estimated Useful Lives | 0 years |
GOODWILL, RADIO BROADCASTING _3
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Changes in Radio Broadcasting Licenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 01, 2022 | Sep. 30, 2022 | Oct. 01, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment of Long-Lived Assets Held-for-use | Impairment of Long-Lived Assets Held-for-use | |||||
Radio broadcasting licenses | |||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||||||
Beginning balance | $ 501,420 | $ 501,420 | $ 482,442 | ||||
Acquisitions | 23,642 | 21,082 | |||||
Disposals | (3,200) | ||||||
Impairment charges | $ (7,400) | $ (15,500) | $ (2,100) | $ (3,700) | $ (10,600) | (33,443) | (2,104) |
Ending balance | $ 488,419 | $ 501,420 |
GOODWILL, RADIO BROADCASTING _4
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Radio Broadcasting Licenses (Details) - Radio Broadcasting Licenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 01, 2022 | Sep. 30, 2022 | Oct. 01, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||||||
Impairment of indefinite lived intangible assets | $ 7,400 | $ 15,500 | $ 2,100 | $ 3,700 | $ 10,600 | $ 33,443 | $ 2,104 |
Discount rate | 9.50% | 9.50% | 9% | 9.50% | 9.50% | ||
Minimum | |||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||||||
Revenue growth rate range | 0% | 0.30% | 0.70% | 0.70% | 0.70% | ||
Terminal growth rate range | 0.30% | 0.30% | 0.70% | 0.70% | 0.70% | ||
Mature market share range | 6.80% | 6.80% | 6.20% | 6.90% | 6.90% | ||
Mature operating profit margin range | 27.20% | 28.30% | 26.90% | 28.30% | 28.30% | ||
Maximum | |||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||||||
Revenue growth rate range | 1.70% | 1.60% | 8% | 2.40% | 2.40% | ||
Terminal growth rate range | 0.80% | 0.80% | 1% | 1% | 1% | ||
Mature market share range | 27.60% | 27.60% | 23.20% | 25.60% | 25.60% | ||
Mature operating profit margin range | 34.60% | 36.10% | 36.10% | 36.10% | 36.10% |
GOODWILL, RADIO BROADCASTING _5
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Goodwill Valuation Results (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
GOODWILL AND RADIO BROADCASTING LICENSES | ||
Gross goodwill | $ 378,079 | $ 378,079 |
Additions | 437 | 0 |
Impairments | (7,240) | 0 |
Accumulated impairment losses | (154,207) | (154,207) |
Audacy asset exchange | (470) | (470) |
Net goodwill | 216,599 | 223,402 |
Radio Broadcasting Segment [Member] | ||
GOODWILL AND RADIO BROADCASTING LICENSES | ||
Gross goodwill | 155,000 | 155,000 |
Additions | 437 | 0 |
Impairments | (7,240) | 0 |
Accumulated impairment losses | (117,748) | (117,748) |
Audacy asset exchange | (470) | (470) |
Net goodwill | 29,979 | 36,782 |
Reach Media Segment [Member] | ||
GOODWILL AND RADIO BROADCASTING LICENSES | ||
Gross goodwill | 30,468 | 30,468 |
Additions | 0 | 0 |
Impairments | 0 | 0 |
Accumulated impairment losses | (16,114) | (16,114) |
Audacy asset exchange | 0 | 0 |
Net goodwill | 14,354 | 14,354 |
Digital Segment [Member] | ||
GOODWILL AND RADIO BROADCASTING LICENSES | ||
Gross goodwill | 27,567 | 27,567 |
Additions | 0 | 0 |
Impairments | 0 | 0 |
Accumulated impairment losses | (20,345) | (20,345) |
Audacy asset exchange | 0 | 0 |
Net goodwill | 7,222 | 7,222 |
Cable Television Segment [Member] | ||
GOODWILL AND RADIO BROADCASTING LICENSES | ||
Gross goodwill | 165,044 | 165,044 |
Additions | 0 | 0 |
Impairments | 0 | 0 |
Accumulated impairment losses | 0 | 0 |
Audacy asset exchange | 0 | 0 |
Net goodwill | $ 165,044 | $ 165,044 |
GOODWILL, RADIO BROADCASTING _6
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Radio Market Reporting Units (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Oct. 01, 2022 | Sep. 30, 2022 | Oct. 01, 2021 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||
Impairment loss, goodwill | $ 7,240 | $ 0 | ||||
Radio Market Reporting Units [Member] | ||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||
Impairment loss, goodwill | $ 2,900 | $ 0 | $ 0 | $ 4,300 | ||
Discount rate | 9.50% | 9.50% | 9% | 9.50% | ||
Terminal growth rate range | 1% | |||||
Operating profit margin range | 33.40% | |||||
Minimum | Radio Market Reporting Units [Member] | ||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||
Revenue growth rate range | (10.30%) | (10.70%) | (2.50%) | |||
Terminal growth rate range | 0.50% | 1% | 0.70% | 0.70% | ||
Operating profit margin range | 16.60% | 33.40% | 21.20% | 19.50% | ||
Maximum | Radio Market Reporting Units [Member] | ||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||
Revenue growth rate range | 72% | 27.10% | 2.50% | |||
Terminal growth rate range | 0.80% | 1% | 1% | |||
Operating profit margin range | 46% | 47.30% | 32.90% |
GOODWILL, RADIO BROADCASTING _7
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Intangible Assets Excluding Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 138,721 | $ 123,427 | ||||||
Less: Accumulated amortization | (83,528) | (75,506) | ||||||
Net Amount | 55,193 | 47,921 | ||||||
Other intangible assets, net | $ 55,193 | $ 57,367 | $ 59,422 | $ 61,564 | 47,921 | $ 49,508 | $ 50,744 | $ 51,988 |
Remaining Weighted-Average Period of Amortization | 3 years 1 month 6 days | |||||||
Brand names - unamortized [Member] | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 39,690 | 39,690 | ||||||
Net Amount | 39,690 | 39,690 | ||||||
Trade names [Member] | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | 17,431 | 17,425 | ||||||
Less: Accumulated amortization | (17,418) | (17,405) | ||||||
Net Amount | $ 13 | 20 | ||||||
Remaining Weighted-Average Period of Amortization | 1 year 7 months 6 days | |||||||
Trade names [Member] | Maximum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 5 years | |||||||
Trade names [Member] | Minimum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 1 year | |||||||
Intellectual property [Member] | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 6,878 | 6,878 | ||||||
Less: Accumulated amortization | $ (6,878) | (6,878) | ||||||
Remaining Weighted-Average Period of Amortization | 0 years | |||||||
Intellectual property [Member] | Maximum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 10 years | |||||||
Intellectual property [Member] | Minimum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 4 years | |||||||
Advertiser agreements [Member] | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 46,669 | 46,582 | ||||||
Less: Accumulated amortization | (45,728) | (42,276) | ||||||
Net Amount | $ 941 | 4,306 | ||||||
Remaining Weighted-Average Period of Amortization | 2 months 12 days | |||||||
Advertiser agreements [Member] | Maximum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 12 years | |||||||
Advertiser agreements [Member] | Minimum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 1 year | |||||||
Brand names [Member] | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 4,413 | 4,413 | ||||||
Less: Accumulated amortization | (3,732) | (3,558) | ||||||
Net Amount | $ 681 | 855 | ||||||
Remaining Weighted-Average Period of Amortization | 4 years 9 months 18 days | |||||||
Finite-Lived Intangible Asset, Period of Amortization | 10 years | |||||||
Launch assets [Member] | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 22,791 | 7,597 | ||||||
Less: Accumulated amortization | (9,104) | (4,724) | ||||||
Net Amount | $ 13,687 | 2,873 | ||||||
Remaining Weighted-Average Period of Amortization | 3 years 9 months 18 days | |||||||
Other intangibles [Member] | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 849 | 842 | ||||||
Less: Accumulated amortization | (668) | (665) | ||||||
Net Amount | $ 181 | $ 177 | ||||||
Remaining Weighted-Average Period of Amortization | 3 years 3 months 18 days | |||||||
Other intangibles [Member] | Maximum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 15 years | |||||||
Other intangibles [Member] | Minimum | ||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Asset, Period of Amortization | 1 year |
GOODWILL, RADIO BROADCASTING _8
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Estimate of Amortization Expense (Details) - Finite-Lived Intangible Assets [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |
2023 | $ 1,232 |
2024 | 172 |
2025 | 141 |
2026 | 140 |
2027 | $ 74 |
GOODWILL, RADIO BROADCASTING _9
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Oct. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) | Oct. 01, 2021 USD ($) | Oct. 31, 2022 item segment | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | |
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Number of reporting units | item | 16 | |||||||||||||||||
Number of reporting units in each of other business segments | segment | 3 | |||||||||||||||||
Goodwill, impairment loss | $ 7,240,000 | $ 0 | ||||||||||||||||
Indefinite-Lived License Agreements | $ 495,832,000 | $ 488,419,000 | $ 495,832,000 | $ 487,640,000 | $ 487,640,000 | $ 495,832,000 | $ 488,419,000 | 501,420,000 | $ 501,420,000 | $ 503,524,000 | $ 503,524,000 | $ 482,442,000 | ||||||
Number of reportable segments | segment | 4 | |||||||||||||||||
Amortization of Intangible Assets | $ 3,700,000 | 3,700,000 | ||||||||||||||||
Term of radio broadcast station license | 8 years | |||||||||||||||||
Renewal term of radio broadcast station license | 8 years | |||||||||||||||||
Goodwill and intangible assets impairment | 14,905,000 | $ 30,355,000 | $ 40,683,000 | 2,104,000 | ||||||||||||||
Radio Broadcasting Segment | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Number of radio markets | item | 13 | |||||||||||||||||
Goodwill, impairment loss | 7,240,000 | 0 | ||||||||||||||||
Atlanta [Member] | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Goodwill, impairment loss | 0 | 4,300,000 | ||||||||||||||||
Philadelphia market | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Goodwill, impairment loss | 2,900,000 | |||||||||||||||||
Radio Broadcasting Licenses [Member] | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Indefinite-Lived License Agreements | 488,400,000 | 488,400,000 | ||||||||||||||||
Impairment of indefinite lived intangible assets | $ 7,400,000 | $ 15,500,000 | $ 2,100,000 | 3,700,000 | $ 10,600,000 | 33,443,000 | 2,104,000 | |||||||||||
Fair value adjustment understated (overstated) | $ (2,300,000) | $ 2,800,000 | 2,100,000 | $ 1,100,000 | ||||||||||||||
Radio Broadcasting Licenses [Member] | Atlanta and Richmond [Member] | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Impairment of indefinite lived intangible assets | 8,700,000 | |||||||||||||||||
Radio Broadcasting Licenses [Member] | INDIANA | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Impairment of indefinite lived intangible assets | 1,900,000 | |||||||||||||||||
Radio Broadcasting Licenses [Member] | Atlanta Dallas Houston And Raleigh Market Radio Broadcasting Licenses [Member] | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Fair value adjustment understated (overstated) | 1,000,000 | $ 1,700,000 | ||||||||||||||||
Radio Broadcasting Licenses [Member] | Cincinnati Dallas Houston and Raleigh Market Radio Broadcasting Licenses [Member] [Member] | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Impairment of indefinite lived intangible assets | $ 7,400,000 | |||||||||||||||||
Radio Broadcasting Licenses [Member] | Atlanta Dallas Houston Raleigh And Richmond Market Radio Broadcasting Licenses [Member] | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Impairment of indefinite lived intangible assets | $ 15,500,000 | |||||||||||||||||
Goodwill and Radio Broadcasting Licenses [Member] | ||||||||||||||||||
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||||||||||||
Goodwill and intangible assets impairment | $ 40,700,000 | $ 2,100,000 |
CONTENT ASSETS (Details)
CONTENT ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Content Assets [Line Items] | ||
Period of Amortization (in years) | 3 years 1 month 6 days | |
Produced content assets: | ||
Completed | $ 122,660 | $ 117,058 |
In-production | 23,300 | 12,961 |
Licensed content assets acquired: | ||
Acquired | 55,751 | 61,374 |
Content assets, at cost | 201,711 | 191,393 |
Less: Accumulated amortization | (81,330) | (105,355) |
Content assets, net | 120,381 | 86,038 |
Current portion | (34,003) | (25,883) |
Noncurrent portion | $ 86,378 | $ 60,155 |
Content Assets | Maximum | ||
Content Assets [Line Items] | ||
Period of Amortization (in years) | 5 years | |
Content Assets | Minimum | ||
Content Assets [Line Items] | ||
Period of Amortization (in years) | 1 year |
CONTENT ASSETS - Amortization E
CONTENT ASSETS - Amortization Expense (Details) - Content Assets [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Content Assets [Line Items] | |
2023 | $ 34,003 |
2024 | 23,201 |
2025 | $ 15,964 |
CONTENT ASSETS - Future Minimum
CONTENT ASSETS - Future Minimum Content Payments (Details) - Content Assets [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Content Assets [Line Items] | |
2023 | $ 26,718 |
2024 | 9,371 |
2025 | $ 994 |
CONTENT ASSETS - Additional Inf
CONTENT ASSETS - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization expense for content assets | $ 3.7 | $ 3.7 |
Content Assets Completed and Released | ||
2023 | 17.3 | |
2024 | 14.6 | |
2025 | 13.1 | |
Content Assets | ||
Amortization expense for content assets | $ 43.5 | $ 47.1 |
INVESTMENTS (Schedule of availa
INVESTMENTS (Schedule of available for sale reconciliation) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Amortized Cost Basis | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 |
Gross Unrealized Gains | 104,326 | 73,800 | ||||||
Gross Unrealized Losses | (7,500) | (1,200) | ||||||
Fair Value | 136,826 | 112,600 | ||||||
MGM National Harbor [Member] | ||||||||
Amortized Cost Basis | 40,000 | 40,000 | ||||||
Gross Unrealized Gains | 104,326 | 73,800 | ||||||
Gross Unrealized Losses | (7,500) | (1,200) | ||||||
Fair Value | $ 136,826 | $ 112,600 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2019 |
OTHER CURRENT LIABILITIES | ||||||||||
Deferred revenue | $ 11,831 | $ 5,503 | ||||||||
Reserve for audience deficiency | 9,629 | 6,020 | $ 3,544 | |||||||
Other | 6,870 | 6,537 | ||||||||
Employment Agreement Award | 2,675 | 3,966 | ||||||||
Launch liability | 2,500 | 0 | ||||||||
Deferred barter revenue | 1,635 | 1,271 | ||||||||
Accrued national representative fees | 947 | 457 | ||||||||
Tenant allowance | 117 | 180 | ||||||||
Accrued miscellaneous taxes | 79 | 213 | ||||||||
Deferred rent | $ 1,300 | |||||||||
Income taxes payable | 37 | 283 | ||||||||
Other current liabilities | $ 36,320 | $ 38,624 | $ 29,582 | $ 33,776 | $ 24,430 | $ 27,612 | $ 22,228 | $ 23,175 |
EMPLOYMENT AGREEMENT AWARD (Nar
EMPLOYMENT AGREEMENT AWARD (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reassessed Estimated Fair Value of Award | $ 28,200 | $ 26,300 | $ 28,200 | ||||||||||
Selling, general and administrative expenses | $ 40,923 | $ 35,193 | $ 35,210 | $ 48,097 | $ 32,873 | $ 31,282 | $ 29,758 | $ 70,403 | $ 61,040 | $ 111,326 | $ 93,913 | 160,230 | 142,010 |
Employment agreement award | |||||||||||||
Selling, general and administrative expenses | $ 2,100 | $ 6,200 |
LONG-TERM DEBT - Schedule of lo
LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 01, 2021 |
LONG-TERM DEBT | |||
Total debt | $ 750,000 | $ 832,505 | |
Less: current portion of long-term debt | 0 | 0 | |
Less: original issue discount and issuance costs | 11,000 | 13,889 | |
Long-term debt, net | 739,000 | 818,616 | |
7.375% Senior Secured Notes due February 2028 | |||
LONG-TERM DEBT | |||
Total debt | $ 750,000 | 825,000 | |
Interest rate | 7.375% | 7.375% | |
PPP loan | |||
LONG-TERM DEBT | |||
Total debt | $ 0 | $ 7,505 |
LONG-TERM DEBT - Future Minimum
LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 01, 2021 |
LONG-TERM DEBT | |||
Total debt | $ 750,000 | $ 832,505 | |
7.375% Senior Secured Notes due February 2028 | |||
LONG-TERM DEBT | |||
2023 | 0 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 and thereafter | 750,000 | ||
Total debt | $ 750,000 | $ 825,000 | |
Interest rate | 7.375% | 7.375% |
LONG-TERM DEBT - PPP Loan (Deta
LONG-TERM DEBT - PPP Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 01, 2021 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Proceeds from PPP Loan | $ 0 | $ 7,505 | ||
PPP loan | ||||
Debt Instrument [Line Items] | ||||
Proceeds from PPP Loan | $ 7,500 | |||
Fixed interest rate per year | 1% | |||
Other Income | $ 7,600 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 19, 2021 USD ($) | Jan. 08, 2021 | Nov. 09, 2020 USD ($) | Nov. 13, 2019 USD ($) | Apr. 18, 2017 USD ($) | Apr. 17, 2015 USD ($) | Apr. 18, 2017 USD ($) | Apr. 21, 2016 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 06, 2022 USD ($) | Aug. 01, 2021 | Jun. 01, 2021 USD ($) | Jan. 25, 2021 USD ($) | Jan. 07, 2021 USD ($) | Oct. 31, 2020 | Jun. 25, 2020 USD ($) | Dec. 31, 2018 | Dec. 20, 2018 USD ($) | Oct. 15, 2015 | Feb. 24, 2015 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Deferred financing costs included in interest expense | $ 1,989,000 | $ 2,267,000 | ||||||||||||||||||||
Debt Instrument, Description | In addition to any mandatory or optional prepayments, the Company was required to pay interest on the term loans (i) quarterly in arrears for the base rate loans, and (ii) on the last day of each interest period for LIBOR loans. Certain voluntary prepayments of the term loans during the first six months required an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company was required to repay principal, to the extent then outstanding, equal to 1∕4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility. | The 2018 Credit Facility contained customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). The 2018 Credit Facility, as amended, also contained certain financial covenants, including a maintenance covenant requiring the Company’s total gross leverage ratio to be not greater than 8.0 to 1.00 in 2019, 7.5 to 1.00 in 2020, 7.25 to 1.00 in 2021, 6.75 to 1.00 in 2022 and 6.25 to 1.00 in 2023. | ||||||||||||||||||||
(GAIN) LOSS ON RETIREMENT OF DEBT | $ (6,718,000) | 6,949,000 | ||||||||||||||||||||
Amortization of debt premium | 3,500,000 | |||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 6,718,000 | (6,949,000) | ||||||||||||||||||||
Senior Secured Notes Due 2022 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Gross | $ 350,000,000 | |||||||||||||||||||||
Debt Instrument, Description | The 7.375% Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015 and matured on April 15, 2022. | |||||||||||||||||||||
MGM National Harbor Loan | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 50,000,000 | |||||||||||||||||||||
Interest rate | 7% | |||||||||||||||||||||
Limited ability for prepayment period | 2 years | |||||||||||||||||||||
Debt issuance costs | $ 1,700,000 | |||||||||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 1,000,000 | |||||||||||||||||||||
Long Term Debt Percentage Paid In Kind | 4% | |||||||||||||||||||||
7.375% Senior Secured Notes due April 2022 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 347,000,000 | |||||||||||||||||||||
Interest rate | 7.375% | 7.375% | 7.375% | 7.375% | ||||||||||||||||||
Percentage of exchange offer | 99.15% | |||||||||||||||||||||
8.75% Senior Secured Notes due December 2022 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate | 8.75% | 8.75% | 8.75% | |||||||||||||||||||
Percentage of voting stock as lien for secured debt in case of foreign subsidiary | 65% | |||||||||||||||||||||
Percentage of non-voting stock as lien for secured debt in case of foreign subsidiary | 100% | |||||||||||||||||||||
Percentage of excess cash flow | 50% | |||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||||||||||||||||
Amount redeemable | $ 15,000,000 | |||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 15,000,000 | |||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||||||||||||||||
7.375% Senior Secured Notes due February 2028 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 825,000,000 | |||||||||||||||||||||
Interest rate | 7.375% | 7.375% | ||||||||||||||||||||
Long-term Debt, Gross | $ 750,000,000 | 825,000,000 | ||||||||||||||||||||
(GAIN) LOSS ON RETIREMENT OF DEBT | $ (6,700,000) | |||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 89.50% | |||||||||||||||||||||
Amount redeemable | $ 75,000,000 | |||||||||||||||||||||
Debt instrument effective interest rate | 7.84% | |||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 75,000,000 | |||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 89.50% | |||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 6,700,000 | |||||||||||||||||||||
7.375% Senior Secured Notes due February 2028 | Scenario, Plan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Amount redeemable | $ 25,000,000 | |||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 25,000,000 | |||||||||||||||||||||
7.375% Senior Secured Notes due February 2028 | 2028 Notes Offering | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 825,000,000 | |||||||||||||||||||||
Interest rate | 7.375% | |||||||||||||||||||||
Percentage of issue price | 100 | |||||||||||||||||||||
Debt issuance costs | 15,400,000 | |||||||||||||||||||||
Deferred financing costs included in interest expense | 2,000,000 | 2,300,000 | ||||||||||||||||||||
(GAIN) LOSS ON RETIREMENT OF DEBT | $ 6,900,000 | |||||||||||||||||||||
Debt instrument effective interest rate | 7.96% | |||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (6,900,000) | |||||||||||||||||||||
PPP loan | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 7,500,000 | |||||||||||||||||||||
Other Income | $ 7,600,000 | |||||||||||||||||||||
ABL Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 37,500,000 | |||||||||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||||||||
Period prior to maturity of senior secured notes | 91 days | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | 37,500,000 | $ 25,000,000 | |||||||||||||||||||
Letter of credit facility, maximum capacity | $ 5,000,000 | $ 7,500,000 | 5,000,000 | $ 1,200,000 | ||||||||||||||||||
Percentage Borrowing Of Eligible Accounts | 85% | 85% | ||||||||||||||||||||
Period prior to the earlier to occur of the term loan maturity or stated maturity | 30 days | |||||||||||||||||||||
Borrowings outstanding | $ 0 | |||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 50,000,000 | |||||||||||||||||||||
Covenant Compliance Description For Maintaining Fixed Charge Coverage Ratio | The Current ABL Facility includes a covenant requiring the Company’s fixed charge coverage ratio, as defined in the agreement, to not be less than 1.00 to 1.00. | |||||||||||||||||||||
ABL Amendment | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||||||||||||||||||||
Letter of Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Description | Until its termination on settlement of the 2028 Notes, borrowings under the 2018 Credit Facility were subject to customary conditions precedent, as well as a requirement under the 2018 Credit Facility that (i) the Company’s total gross leverage ratio on a pro forma basis be not greater than 8:00 to 1:00 (this total gross leverage ratio test steps down as described below), (ii) neither of the administrative agents under the Company’s existing credit facilities nor the trustee under the Company’s existing senior secured notes due 2022 have objected to the terms of the new credit documents and (iii) certification by the Company that the terms and conditions of the 2018 Credit Facility satisfied the requirements of the definition of “Permitted Refinancing” (as defined in the agreements governing the Company's existing credit facilities) and neither of the administrative agents under the Company's existing credit facilities notified the Company within five (5) business days prior to funding the borrowings under the 2018 Credit Facility that it disagreed with such determination (including a reasonable description of the basis upon which it disagrees). | |||||||||||||||||||||
Standby Letters of Credit | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 871,000 | |||||||||||||||||||||
2017 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 350,000,000 | |||||||||||||||||||||
Interest rate | 7.375% | 7.375% | ||||||||||||||||||||
Covenant Compliance Description For Maintaining Interest Coverage Ratio | greater than or equal to 1.25 to 1.00 | |||||||||||||||||||||
Covenant Compliance Description For Maintaining Total Leverage Ratio | less than or equal to 5.85 to 1.00 | |||||||||||||||||||||
Long-term Debt, Gross | $ 350,000,000 | $ 350,000,000 | ||||||||||||||||||||
Debt Instrument, Description | Until its termination on settlement of the 2028 Notes, the 2017 Credit Facility matured on the earlier of (i) April 18, 2023, or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of the Company’s 7.375% Notes (as defined below). At the Company’s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility). The average interest rate was approximately 5.00% for 2021 and was 5.17% for 2020. | |||||||||||||||||||||
2018 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 10,000,000 | $ 3,600,000 | $ 192,000,000 | |||||||||||||||||||
Interest rate | 9.25% | |||||||||||||||||||||
Debt Instrument, Description | The 2018 Credit Facility was scheduled to mature on December 31, 2022 (the “Maturity Date”). In connection with the November 2020 Exchange Offer, we also entered into an amendment to certain terms of our 2018 Credit Facility including the extension of the maturity date to March 31, 2023. Interest rates on borrowings under the 2018 Credit Facility were either (i) from the Funding Date to the Maturity Date, 12.875% per annum, (ii) 11.875% per annum, once 50% of the term loan borrowings had been repaid or (iii) 10.875% per annum, once 75% of the term loan borrowings had been repaid. Interest payments began on the last day of the 3-month period commencing on the Funding Date. Within 90 days following the completion of the November 2020 Exchange Offer, the Company was required to repay $10 million of the 2018 Credit Facility. The amendment was accounted for as a modification in accordance with the provisions of ASC 470, “Debt”. | |||||||||||||||||||||
Debt Instrument Additional Interest Payment Term On Prepayment | The term loans could be voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium. The Company was required to repay principal to the extent then outstanding on each quarterly interest payment date, commencing on the last business day in March 2019, equal to one quarter of 7.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2019, commencing on the last business day in March 2020, one quarter of 10.0% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2021, and, commencing on the last business day in March 2021, one quarter of 12.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2022. The Company was also required to use 75% of excess cash flow (“ECF payment”) as defined in the 2018 Credit Facility, which excluded any distributions to the Company or its restricted subsidiaries in respect of its interests in the MGM National Harbor, to repay outstanding term loans at par, paid semiannually and to use 100% of all distributions to the Company or its restricted subsidiaries received in respect of its interest in the MGM National Harbor to repay outstanding term loans at par. | |||||||||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 3,800,000 | |||||||||||||||||||||
2018 Credit Facility | Debt Financing Cost | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance costs | $ 875,000 | |||||||||||||||||||||
Credit Facility 2017 And 2018 | 8.75% Senior Secured Notes due December 2022 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate | 8.75% | |||||||||||||||||||||
Credit Facility 2017 And 2018 | 7.375% Senior Secured Notes due February 2028 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate | 7.375% |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of federal income tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||||||||||||
Statutory federal tax expense | $ 11,905 | $ 10,949 | |||||||||||
Effect of state taxes, net of federal benefit | 3,308 | 2,062 | |||||||||||
Effect of state rate and tax law changes | 747 | (1,232) | |||||||||||
Impairment of long-lived intangible assets | 908 | ||||||||||||
Non-deductible officer's compensation | 1,985 | 2,055 | |||||||||||
PPP loan income forgiveness | (1,591) | ||||||||||||
Change in valuation allowance | (234) | (13) | |||||||||||
IRC Section 382 adjustments | (334) | (705) | |||||||||||
NOL expirations | 268 | 610 | |||||||||||
Uncertain tax positions | (495) | (777) | |||||||||||
Other | 254 | 85 | |||||||||||
Provision for income taxes | $ 3,170 | $ 4,214 | $ 5,462 | $ 424 | $ 6,248 | $ 6,372 | $ (10) | $ 9,676 | $ 6,362 | $ 12,846 | $ 12,610 | $ 16,721 | $ 13,034 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal: | |||||||||||||
Current | $ 0 | $ 0 | |||||||||||
Deferred | 13,269 | 12,952 | |||||||||||
State: | |||||||||||||
Current | 1,843 | 1,063 | |||||||||||
Deferred | 1,609 | (981) | |||||||||||
Provision for income taxes | $ 3,170 | $ 4,214 | $ 5,462 | $ 424 | $ 6,248 | $ 6,372 | $ (10) | $ 9,676 | $ 6,362 | $ 12,846 | $ 12,610 | $ 16,721 | $ 13,034 |
INCOME TAXES - Components of de
INCOME TAXES - Components of deferred tax assets and liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 2,149,000 | $ 2,111,000 |
Accruals | 304,000 | 465,000 |
Fixed assets | 488,000 | 486,000 |
Stock-based compensation | 328,000 | 163,000 |
Net operating loss carryforwards | 88,813,000 | 109,343,000 |
Lease liability | 8,901,000 | 10,022,000 |
Interest expense carryforward | 23,788,000 | 20,380,000 |
Total deferred tax assets | 124,771,000 | 142,970,000 |
Valuation allowance for deferred tax assets | (30,000) | (264,000) |
Total deferred tax asset, net of valuation allowance | 124,741,000 | 142,706,000 |
Deferred tax liabilities: | ||
Intangible assets | (129,026,000) | (131,682,000) |
Available-for-sale securities | (23,779,000) | (17,618,000) |
Right of use asset | (8,123,000) | (8,924,000) |
Partnership interests | (2,412,000) | (1,964,000) |
Deferred financing costs | (958,000) | (1,196,000) |
Other | (147,000) | (199,000) |
Total deferred tax liabilities | (164,445,000) | (161,583,000) |
Net deferred tax liability | $ (39,704,000) | $ (18,877,000) |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | ||
Balance as of January 1 | $ 1,315 | $ 2,299 |
Additions for tax positions related to current years | 0 | 0 |
Additions (deductions) for tax positions related to prior years | 8 | 8 |
Deductions for tax positions as a result of the lapse of applicable statutes of limitation | (635) | (992) |
Balance as of December 31 | $ 688 | $ 1,315 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Deferred Tax Assets, Gross | $ 124,771,000 | $ 142,970,000 |
Deferred Tax Assets, Valuation Allowance | 30,000 | 264,000 |
Unrecognized tax benefits increases resulting from tax rate changes and payments under state voluntary filing agreements | 8,000 | |
Unrecognized Tax Benefits Decreases Resulting From Tax Rate Changes And Payments Under State Voluntary Filing Agreements | 635,000 | |
Unrecognized tax benefits related to state NOL | $ 992,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 688,000 | |
Decrease unrecognized tax benefits related to state tax | 57,000 | |
State and Local Jurisdiction | ||
Income Tax Disclosure [Line Items] | ||
Operating Loss Carryforwards | 330,500,000 | |
Domestic Tax Authority | ||
Income Tax Disclosure [Line Items] | ||
Operating Loss Carryforwards | 525,500,000 | |
Deferred Tax Assets, Gross | $ 124,700,000 |
STOCKHOLDERS' EQUITY - Stock op
STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
STOCKHOLDERS' EQUITY | |||
Number of Options, Exercised | (60,240) | (229,756) | |
Stock options | |||
STOCKHOLDERS' EQUITY | |||
Number of Options, Outstanding at Beginning of Year | 3,770,913 | 4,018,991 | |
Number of Options, Grants | 884,061 | 40,917 | |
Number of Options, Exercised | (60,240) | (229,756) | |
Number of Option, Forfeited/cancelled/expired/settled | (59,239) | ||
Number of Options, Balance at End of Year | 4,594,734 | 3,770,913 | 4,018,991 |
Number of Options, Vested and expected to vest | 4,542,266 | ||
Number of Options, Unvested | 465,798 | ||
Number of Options, Exercisable | 4,128,936 | ||
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share) | $ 2.18 | $ 2.11 | |
Weighted-Average Exercise Price, Grants (in dollars per share) | 4.22 | 4.32 | |
Weighted-Average Exercise Price, Exercised (in dollars per share) | 0.83 | 1.70 | |
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share) | 1.27 | ||
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share) | 2.59 | $ 2.18 | $ 2.11 |
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | 2.57 | ||
Weighted-Average Exercise Price, Unvested (in dollars per share) | 4.23 | ||
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ 2.40 | ||
Weighted-Average Remaining Contractual Term, Outstanding (in years) | 5 years 8 months 19 days | 5 years 8 months 4 days | 6 years 5 months 23 days |
Weighted-Average Remaining Contractual Term, Grants (in years) | 0 years | 0 years | |
Weighted-Average Remaining Contractual Term, Exercised (in years) | 0 years | 0 years | |
Weighted-Average Remaining Contractual Term, Forfeited/cancelled/expired/settled (in years) | 0 years | 0 years | |
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years) | 5 years 8 months 4 days | ||
Weighted-Average Remaining Contractual Term, Unvested (in years) | 9 years 8 months 26 days | ||
Weighted-Average Remaining Contractual Term, Exercisable (in years) | 5 years 2 months 26 days | ||
Aggregate Intrinsic Value, Outstanding | $ 5,871,492 | $ 4,659,601 | $ 41,000 |
Aggregate Intrinsic Value, Grants | 0 | 0 | |
Aggregate Intrinsic Value, Exercised | 0 | 0 | |
Aggregate Intrinsic Value, Forfeited/cancelled/expired/settled | 0 | $ 0 | |
Aggregate Intrinsic Value, Vested and expected to vest | 5,871,492 | ||
Aggregate Intrinsic Value, Unvested | 0 | ||
Aggregate Intrinsic Value, Exercisable | $ 5,871,492 |
STOCKHOLDERS' EQUITY - Fair val
STOCKHOLDERS' EQUITY - Fair values using BSM (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | ||
Average risk-free interest rate | 2.79% | 0.68% |
Expected dividend yield | 0% | 0% |
Expected lives | 5 years 8 months 8 days | 5 years 1 month 28 days |
Expected volatility | 79.92% | 82.04% |
STOCKHOLDERS' EQUITY - Restrict
STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Restricted stock awards [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | ||
Shares, Unvested at beginning of year | 76,056 | 1,723,561 |
Shares, Grants | 1,357,687 | 101,057 |
Shares, Vested | (999,479) | (1,748,562) |
Shares, Unvested at end of year | 434,264 | 76,056 |
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share) | $ 3.90 | $ 0.83 |
Average Fair Value at Grant Date, Grants (in dollars per share) | 4.27 | 3.22 |
Average Fair Value at Grant Date, Vested (in dollars per share) | 4.25 | 0.83 |
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share) | $ 4.27 | $ 3.90 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 27, 2022 USD ($) shares | Jul. 05, 2022 USD ($) shares | Oct. 29, 2021 shares | Jul. 06, 2021 USD ($) director shares | Jun. 23, 2021 shares | Jan. 31, 2021 USD ($) | Jun. 12, 2019 USD ($) shares | Jan. 31, 2021 shares | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) shares | Mar. 31, 2021 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) Vote director $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 06, 2022 USD ($) | Mar. 07, 2022 USD ($) | May 17, 2021 USD ($) $ / shares | Aug. 31, 2020 $ / shares | May 21, 2019 shares | Jun. 02, 2015 shares | Dec. 31, 2009 shares | |
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Number of shares issued during period | $ | $ 12,125,000 | $ 33,282,000 | $ 33,277,000 | $ 33,277,000 | |||||||||||||||||||||
Net proceeds after associated fees and expenses | $ | $ 0 | 33,277,000 | |||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 10,000 | 872,000 | $ 24,669,000 | $ 905,000 | $ 26,486,000 | $ 944,000 | 26,543,000 | 970,000 | |||||||||||||||||
Share-based Compensation, Total | $ | $ 6,595,000 | $ 565,000 | |||||||||||||||||||||||
Restricted stock awards [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Other than options, granted | 1,357,687 | 101,057 | |||||||||||||||||||||||
Average fair value at grant date (in dollars per share) | $ / shares | $ 4.27 | $ 3.22 | |||||||||||||||||||||||
Other than options, vested In period | 999,479 | 1,748,562 | |||||||||||||||||||||||
Other than options, unvested, number | 434,264 | 76,056 | 1,723,561 | ||||||||||||||||||||||
Other than options, unvested, weighted average grant date fair value | $ / shares | $ 4.27 | $ 3.90 | $ 0.83 | ||||||||||||||||||||||
Employees Stock Option [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Number of options vested in period | 439,180 | 903,643 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Options exercised Number of Shares | 60,240 | 229,756 | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 884,061 | 40,917 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 2.82 | $ 2.77 | |||||||||||||||||||||||
Number of Options, Vested and expected to vest | 4,542,266 | ||||||||||||||||||||||||
Employee [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 1.66 | ||||||||||||||||||||||||
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 16 months | ||||||||||||||||||||||||
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ | $ 1,100,000 | ||||||||||||||||||||||||
Class A And Class D Common Stock [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock repurchase , Authorized amount | $ | $ 10,000,000 | $ 25,000,000 | |||||||||||||||||||||||
Stock repurchase , Authorized amount remaining | $ | 10,000,000 | ||||||||||||||||||||||||
Class A And Class D Common Stock [Member] | Maximum | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock repurchase , Authorized amount | $ | $ 500,000 | ||||||||||||||||||||||||
Common Class D [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||||||||||||
Stock repurchase , Authorized amount remaining | $ | $ 443,000 | ||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 6,715 | ||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 39,000 | ||||||||||||||||||||||||
Repurchase Of Common Stock Price Per Share | $ / shares | $ 5.80 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,250,000 | ||||||||||||||||||||||||
Additional shares authorized | 5,519,575 | ||||||||||||||||||||||||
Common Class D [Member] | Share Repurchase Program One | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 4,779,969 | ||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 25,000,000 | ||||||||||||||||||||||||
Repurchase Of Common Stock Price Per Share | $ / shares | $ 5.24 | ||||||||||||||||||||||||
Common Class D [Member] | Share Repurchase Program Two | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 13,577 | ||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 57,000 | ||||||||||||||||||||||||
Repurchase Of Common Stock Price Per Share | $ / shares | $ 4.23 | ||||||||||||||||||||||||
Common Class D [Member] | Open Market Sales Agreement | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Shares issued and sold | 0 | ||||||||||||||||||||||||
Common Class D [Member] | Scenario, Plan [Member] | Open Market Sales Agreement | Maximum | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Aggregate offering price | $ | $ 25,000,000 | ||||||||||||||||||||||||
Common Class D [Member] | Restricted stock awards [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,357,687 | 101,057 | |||||||||||||||||||||||
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 13 months | ||||||||||||||||||||||||
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ | $ 1,400,000 | ||||||||||||||||||||||||
Common Class D [Member] | Stock Plan 2009 [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,250,000 | ||||||||||||||||||||||||
Common Class D [Member] | Stock Vest Tax Repurchase [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 344,702 | 515,162 | |||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 1,500,000 | $ 931,000 | |||||||||||||||||||||||
Repurchase Of Common Stock Price Per Share | $ / shares | $ 4.29 | $ 1.81 | |||||||||||||||||||||||
Common Class D [Member] | 2019 Equity and Performance Incentive Plan | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,656,278 | 5,500,000 | |||||||||||||||||||||||
Common Class D [Member] | Chief Financial Officer [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 115,248 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Financial Officer [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 150,000 | ||||||||||||||||||||||||
Number of options vested in period | 211,838 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Financial Officer [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ | $ 243,750 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Financial Officer [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 58,036 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Financial Officer [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Other than options, granted | 94,150 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Financial Officer [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 108,333 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Administrative Officer [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 39,007 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Administrative Officer [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 19,643 | ||||||||||||||||||||||||
Common Class D [Member] | Employee [Member] | Long Term Incentive Plan | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 195,032 | ||||||||||||||||||||||||
Common Class D [Member] | Employee [Member] | Long Term Incentive Plan | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 208,298 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Executive Officer and President [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 711,914 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Executive Officer and President [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 316,406 | ||||||||||||||||||||||||
Common Class D [Member] | Four Non-Executive Directors [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Restricted stock issued | 9,671 | ||||||||||||||||||||||||
Common Class D [Member] | Four Non-Executive Directors [Member] | Restricted stock awards [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock issued during period, value, restricted stock award fair value | $ | $ 50,000 | $ 50,000 | |||||||||||||||||||||||
Number of non-executive directors, received awards | director | 4 | 4 | |||||||||||||||||||||||
Vesting period | 2 years | 2 years | |||||||||||||||||||||||
Restricted stock issued | 11,848 | ||||||||||||||||||||||||
Common Class D [Member] | Cathy Hughes [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 201,961 | ||||||||||||||||||||||||
Common Class D [Member] | Cathy Hughes [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 427,148 | ||||||||||||||||||||||||
Common Class D [Member] | Cathy Hughes [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 101,702 | ||||||||||||||||||||||||
Common Class D [Member] | Cathy Hughes [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 189,843 | ||||||||||||||||||||||||
Common Class D [Member] | C.Kristopher Simpson | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 23,936 | ||||||||||||||||||||||||
Common Class D [Member] | C.Kristopher Simpson | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 12,054 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Executive Officer | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 169,503 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 100,160 | ||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ | $ 336,602 | ||||||||||||||||||||||||
Common Class D [Member] | Chief Executive Officer | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock options to purchase common stock | 50,438 | ||||||||||||||||||||||||
Common Stock Class [Member] | Restricted stock awards [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 24 months | ||||||||||||||||||||||||
Other than options, granted | 750,000 | 750,000 | |||||||||||||||||||||||
Average fair value at grant date (in dollars per share) | $ / shares | $ 5.39 | $ 5.39 | |||||||||||||||||||||||
Other than options, vested In period | 0 | 0 | |||||||||||||||||||||||
Other than options, unvested, number | 750,000 | ||||||||||||||||||||||||
Other than options, unvested, weighted average grant date fair value | $ / shares | $ 5.39 | ||||||||||||||||||||||||
Total unrecognized compensation, other than options | $ | $ 3,600,000 | ||||||||||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 0 | ||||||||||||||||||||||||
Shares issued and sold | 883,890 | ||||||||||||||||||||||||
Number of votes | Vote | 1 | ||||||||||||||||||||||||
Additional shares authorized | 2,000,000 | ||||||||||||||||||||||||
Class A Common Stock [Member] | Share Repurchase Program One | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 0 | ||||||||||||||||||||||||
Class A Common Stock [Member] | Current ATM Program | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||||||||||||
Volume weighted average price | $ / shares | $ 5.39 | ||||||||||||||||||||||||
Net proceeds after associated fees and expenses | $ | $ 21,200,000 | $ 2,800,000 | $ 14,700,000 | ||||||||||||||||||||||
Shares issued and sold | 1,893,126 | 420,439 | 2,859,276 | ||||||||||||||||||||||
Number of additional shares issued and sold | 1,465,826 | ||||||||||||||||||||||||
Class A Common Stock [Member] | 2020 Open Market Sale Agreement | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Net proceeds after associated fees and expenses | $ | $ 9,300,000 | ||||||||||||||||||||||||
Class A Common Stock [Member] | Restricted stock awards [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Other than options, granted | 0 | ||||||||||||||||||||||||
Class A Common Stock [Member] | 2019 Equity and Performance Incentive Plan | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,250,000 | ||||||||||||||||||||||||
Class A Common Stock [Member] | Chief Executive Officer and President [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ | $ 468,750 | ||||||||||||||||||||||||
Class A Common Stock [Member] | Cathy Hughes [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 281,250 | ||||||||||||||||||||||||
Common Stock Class B | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Number of votes | Vote | 10 | ||||||||||||||||||||||||
Common stock, shares issued | 2,861,843 | 2,861,843 | |||||||||||||||||||||||
Common Stock Class C | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Shares converted | 883,890 | ||||||||||||||||||||||||
Common stock, shares issued | 2,045,016 | 2,045,016 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Feb. 19, 2021 | Nov. 13, 2019 | Feb. 24, 2015 | |
COMMITMENTS AND CONTINGENCIES | ||||
Radio broadcasting licenses term | 8 years | |||
Noncancelable operating lease term | 9 years | |||
Other operating contracts and agreements expiry term | 5 years | |||
Contractual Obligation | $ 169,344,000 | |||
Other Operating Contracts [Member] | ||||
COMMITMENTS AND CONTINGENCIES | ||||
Contractual Obligation | 96,600,000 | |||
Television Segment Certain Content Agreement [Member] | ||||
COMMITMENTS AND CONTINGENCIES | ||||
Contractual Obligation | 13,000,000 | |||
Employment Agreements [Member] | ||||
COMMITMENTS AND CONTINGENCIES | ||||
Contractual Obligation | 38,700,000 | |||
Standby Letters of Credit | ||||
COMMITMENTS AND CONTINGENCIES | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 871,000 | |||
ABL Facility | ||||
COMMITMENTS AND CONTINGENCIES | ||||
Letter of credit facility, maximum capacity | $ 5,000,000 | $ 5,000,000 | $ 7,500,000 | $ 1,200,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Operating lease and other operating contracts and agreements obligations (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Operating Lease Agreements, Years ending December 31: | |
2023 | $ 11,697 |
2024 | 10,690 |
2025 | 6,834 |
2026 | 4,860 |
2027 | 3,417 |
2028 and there after | 7,140 |
Total | 44,638 |
Other Operating Contracts and Agreement, Years ending December 31: | |
2023 | 77,445 |
2024 | 36,049 |
2025 | 26,164 |
2026 | 12,893 |
2027 | 3,834 |
2028 and thereafter | 12,959 |
Total | $ 169,344 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
SEGMENT INFORMATION | |||||||||||||
Number of reportable segments | segment | 4 | ||||||||||||
Related to acquisition of property | $ 6,763,000 | $ 6,286,000 | |||||||||||
Acquisition of broadcasting assets amount | 25,000,000 | 0 | |||||||||||
Net revenue | $ 121,250,000 | $ 118,657,000 | $ 112,131,000 | $ 130,475,000 | $ 111,234,000 | $ 107,365,000 | $ 91,211,000 | $ 230,788,000 | $ 198,576,000 | $ 352,038,000 | $ 309,810,000 | 484,604,000 | 440,285,000 |
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | 339,200,000 | 312,453,000 | |||||||||||
Depreciation and Amortization: | 10,034,000 | 9,289,000 | |||||||||||
Impairment of Long-Lived Assets: | 15,450,000 | 14,905,000 | 2,104,000 | 14,905,000 | 30,355,000 | 40,683,000 | 2,104,000 | ||||||
Operating income (loss): | 17,974,000 | 25,863,000 | 36,538,000 | 20,287,000 | 34,475,000 | 37,920,000 | 23,757,000 | 62,401,000 | 80,375,000 | 94,687,000 | 116,439,000 | ||
Capital expenditures by segment are as follows: | 7,598,000 | 6,286,000 | |||||||||||
Total assets: | $ 1,322,693,000 | $ 1,335,248,000 | $ 1,363,064,000 | 1,329,025,000 | $ 1,305,756,000 | $ 1,299,275,000 | $ 1,217,989,000 | $ 1,335,248,000 | $ 1,299,275,000 | $ 1,322,693,000 | $ 1,305,756,000 | 1,338,487,000 | 1,329,025,000 |
Radio broadcasting | |||||||||||||
SEGMENT INFORMATION | |||||||||||||
Related to acquisition of property | 835,000 | ||||||||||||
Acquisition of broadcasting assets amount | 25,000,000 | ||||||||||||
Net revenue | 156,678,000 | 140,246,000 | |||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | 108,952,000 | 98,250,000 | |||||||||||
Depreciation and Amortization: | 3,411,000 | 3,135,000 | |||||||||||
Impairment of Long-Lived Assets: | 40,683,000 | 2,104,000 | |||||||||||
Operating income (loss): | 3,632,000 | 36,757,000 | |||||||||||
Capital expenditures by segment are as follows: | 3,750,000 | 2,826,000 | |||||||||||
Total assets: | 623,265,000 | 606,199,000 | 623,265,000 | ||||||||||
Radio broadcasting | Intersegment Eliminations [Member] | |||||||||||||
SEGMENT INFORMATION | |||||||||||||
Net revenue | (3,588,000) | (3,338,000) | |||||||||||
Reach Media | |||||||||||||
SEGMENT INFORMATION | |||||||||||||
Net revenue | 43,117,000 | 46,437,000 | |||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | 28,244,000 | 32,911,000 | |||||||||||
Depreciation and Amortization: | 188,000 | 208,000 | |||||||||||
Operating income (loss): | 14,685,000 | 13,318,000 | |||||||||||
Capital expenditures by segment are as follows: | 269,000 | 160,000 | |||||||||||
Total assets: | 33,451,000 | 49,164,000 | 33,451,000 | ||||||||||
Digital | |||||||||||||
SEGMENT INFORMATION | |||||||||||||
Net revenue | 78,526,000 | 59,937,000 | |||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | 56,760,000 | 42,698,000 | |||||||||||
Depreciation and Amortization: | 1,323,000 | 1,264,000 | |||||||||||
Operating income (loss): | 20,443,000 | 15,975,000 | |||||||||||
Capital expenditures by segment are as follows: | 1,245,000 | 1,354,000 | |||||||||||
Total assets: | 32,915,000 | 35,888,000 | 32,915,000 | ||||||||||
Cable television | |||||||||||||
SEGMENT INFORMATION | |||||||||||||
Net revenue | 209,871,000 | 197,003,000 | |||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | 105,420,000 | 101,872,000 | |||||||||||
Depreciation and Amortization: | 3,847,000 | 3,738,000 | |||||||||||
Operating income (loss): | 100,604,000 | 91,393,000 | |||||||||||
Capital expenditures by segment are as follows: | 639,000 | 385,000 | |||||||||||
Total assets: | 367,896,000 | 414,697,000 | 367,896,000 | ||||||||||
All Other - corporate/eliminations | |||||||||||||
SEGMENT INFORMATION | |||||||||||||
Net revenue | (3,588,000) | (3,338,000) | |||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | 39,824,000 | 36,722,000 | |||||||||||
Depreciation and Amortization: | 1,265,000 | 944,000 | |||||||||||
Operating income (loss): | (44,677,000) | (41,004,000) | |||||||||||
Capital expenditures by segment are as follows: | 1,695,000 | 1,561,000 | |||||||||||
Total assets: | $ 271,498,000 | $ 232,539,000 | $ 271,498,000 |
QUARTERLY FINANCIAL DATA (UNA_3
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
CURRENT ASSETS: | ||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively | $ 143,264 | $ 127,666 | $ 124,350 | $ 114,112 | $ 127,759 | $ 114,356 | $ 104,060 | $ 94,914 |
Other current assets | 8,372 | 7,676 | 6,774 | 7,134 | 3,497 | 3,160 | 2,997 | 3,376 |
Total current assets | 289,747 | 286,190 | 310,150 | 325,305 | 312,324 | 270,642 | 278,630 | 202,911 |
RIGHT OF USE ASSETS | 31,879 | 34,131 | 34,035 | 36,201 | 37,956 | 39,481 | 42,140 | 40,372 |
RADIO BROADCASTING LICENSES | 488,419 | 495,832 | 487,640 | 501,420 | 501,420 | 503,524 | 503,524 | 482,442 |
OTHER INTANGIBLE ASSETS, net | 55,193 | 57,367 | 59,422 | 61,564 | 47,921 | 49,508 | 50,744 | 51,988 |
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021 | 136,826 | 115,600 | 123,100 | 123,000 | 112,600 | 110,800 | 106,400 | 101,900 |
OTHER ASSETS | 5,688 | 6,434 | 6,658 | 6,285 | 6,956 | 25,341 | 5,583 | 5,523 |
Total assets | 1,338,487 | 1,322,693 | 1,335,248 | 1,363,064 | 1,329,025 | 1,305,756 | 1,299,275 | 1,217,989 |
CURRENT LIABILITIES: | ||||||||
Accounts payable | 18,003 | 16,276 | 16,934 | 14,306 | 16,892 | 16,656 | 14,590 | 11,165 |
Other current liabilities | 36,320 | 38,624 | 29,582 | 33,776 | 24,430 | 27,612 | 22,228 | 23,175 |
Total current liabilities | 130,263 | 112,999 | 109,997 | 100,162 | 106,784 | 88,296 | 99,315 | 78,254 |
DEFERRED TAX LIABILITIES, net | 39,704 | 31,284 | 30,368 | 26,843 | 18,877 | 19,115 | 11,778 | 4,299 |
Total liabilities | 979,417 | 982,345 | 996,163 | 1,015,525 | 1,006,690 | 989,468 | 999,823 | 961,765 |
REDEEMABLE NONCONTROLLING INTERESTS | 25,298 | 22,327 | 20,434 | 20,227 | 18,655 | 19,328 | 17,649 | 14,524 |
STOCKHOLDERS' EQUITY: | ||||||||
Accumulated other comprehensive income | 73,227 | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 |
Additional paid-in capital | 993,484 | 994,591 | 992,934 | 1,018,239 | 1,018,996 | 1,018,961 | 1,021,001 | 1,001,905 |
Accumulated deficit | (732,988) | (733,844) | (737,251) | (753,824) | (770,317) | (775,603) | (789,488) | (807,101) |
Total stockholders' equity | 333,772 | 318,021 | 318,651 | 327,312 | 303,680 | 296,960 | 281,803 | 241,700 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 1,338,487 | 1,322,693 | 1,335,248 | 1,363,064 | 1,329,025 | 1,305,756 | 1,299,275 | 1,217,989 |
As Previously Reported | ||||||||
CURRENT ASSETS: | ||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively | 127,301 | 123,998 | 113,687 | 127,446 | 114,045 | 103,902 | 94,633 | |
Other current assets | 8,939 | 8,037 | 8,397 | 4,760 | 4,423 | 4,260 | 4,639 | |
Total current assets | 287,088 | 311,061 | 326,143 | 313,274 | 271,594 | 279,735 | 203,893 | |
RIGHT OF USE ASSETS | 34,258 | 34,149 | 36,302 | 38,044 | 39,556 | 42,202 | 40,421 | |
RADIO BROADCASTING LICENSES | 498,532 | 489,340 | 505,148 | 505,148 | 505,148 | 505,148 | 484,066 | |
OTHER INTANGIBLE ASSETS, net | 59,376 | 61,508 | 63,727 | 50,159 | 51,821 | 53,059 | 54,375 | |
DEFERRED TAX ASSETS, net | 3,933 | 10,051 | ||||||
OTHER ASSETS | 44,303 | 44,463 | 44,026 | 44,635 | 62,958 | 43,211 | 43,092 | |
Total assets | 1,250,696 | 1,254,764 | 1,284,635 | 1,261,108 | 1,237,537 | 1,239,542 | 1,168,751 | |
CURRENT LIABILITIES: | ||||||||
Accounts payable | 14,318 | 14,819 | 11,997 | 14,588 | 14,623 | 12,523 | 9,037 | |
Other current liabilities | 40,217 | 31,345 | 35,660 | 26,421 | 29,334 | 24,137 | 25,022 | |
Total current liabilities | 112,634 | 109,645 | 99,737 | 106,471 | 87,985 | 99,157 | 77,973 | |
DEFERRED TAX LIABILITIES, net | 13,984 | 11,070 | 8,059 | 2,473 | 2,325 | |||
Total liabilities | 964,680 | 976,513 | 996,316 | 989,973 | 972,367 | 987,887 | 957,185 | |
REDEEMABLE NONCONTROLLING INTERESTS | 19,964 | 18,690 | 17,755 | 17,015 | 17,017 | 15,192 | 12,735 | |
STOCKHOLDERS' EQUITY: | ||||||||
Additional paid-in capital | 996,954 | 994,678 | 1,020,711 | 1,020,636 | 1,021,272 | 1,023,458 | 1,003,694 | |
Accumulated deficit | (730,951) | (735,164) | (750,198) | (766,567) | (773,170) | (787,046) | (804,912) | |
Total stockholders' equity | 266,052 | 259,561 | 270,564 | 254,120 | 248,153 | 236,463 | 198,831 | |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | 1,250,696 | 1,254,764 | 1,284,635 | 1,261,108 | 1,237,537 | 1,239,542 | 1,168,751 | |
Adjustments | ||||||||
CURRENT ASSETS: | ||||||||
DEFERRED TAX ASSETS, net | (3,933) | (10,051) | ||||||
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021 | 115,600 | 123,100 | 123,000 | 112,600 | 110,800 | 106,400 | 101,900 | |
OTHER ASSETS | (40,000) | (40,000) | (40,000) | (40,000) | (40,000) | (40,000) | (40,000) | |
Total assets | 75,600 | 83,100 | 83,000 | 72,600 | 70,800 | 62,467 | 51,849 | |
CURRENT LIABILITIES: | ||||||||
DEFERRED TAX LIABILITIES, net | 18,259 | 20,012 | 19,987 | 17,617 | 17,505 | 12,493 | 5,002 | |
Total liabilities | 18,259 | 20,012 | 19,987 | 17,617 | 17,505 | 12,493 | 5,002 | |
STOCKHOLDERS' EQUITY: | ||||||||
Accumulated other comprehensive income | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | |
Accumulated deficit | 116 | 167 | 167 | 33 | (256) | (265) | ||
Total stockholders' equity | 57,341 | 63,088 | 63,013 | 54,983 | 53,295 | 49,974 | 46,847 | |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | 75,600 | 83,100 | 83,000 | 72,600 | 70,800 | 62,467 | 51,849 | |
Other Adjustments | ||||||||
CURRENT ASSETS: | ||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively | 365 | 352 | 425 | 313 | 311 | 158 | 281 | |
Other current assets | (1,263) | (1,263) | (1,263) | (1,263) | (1,263) | (1,263) | (1,263) | |
Total current assets | (898) | (911) | (838) | (950) | (952) | (1,105) | (982) | |
RIGHT OF USE ASSETS | (127) | (114) | (101) | (88) | (75) | (62) | (49) | |
RADIO BROADCASTING LICENSES | (2,700) | (1,700) | (3,728) | (3,728) | (1,624) | (1,624) | (1,624) | |
OTHER INTANGIBLE ASSETS, net | (2,009) | (2,086) | (2,163) | (2,238) | (2,313) | (2,315) | (2,387) | |
OTHER ASSETS | 2,131 | 2,195 | 2,259 | 2,321 | 2,383 | 2,372 | 2,431 | |
Total assets | (3,603) | (2,616) | (4,571) | (4,683) | (2,581) | (2,734) | (2,611) | |
CURRENT LIABILITIES: | ||||||||
Accounts payable | 1,958 | 2,115 | 2,309 | 2,304 | 2,033 | 2,067 | 2,128 | |
Other current liabilities | (1,593) | (1,763) | (1,884) | (1,991) | (1,722) | (1,909) | (1,847) | |
Total current liabilities | 365 | 352 | 425 | 313 | 311 | 158 | 281 | |
DEFERRED TAX LIABILITIES, net | (959) | (714) | (1,203) | (1,213) | (715) | (715) | (703) | |
Total liabilities | (594) | (362) | (778) | (900) | (404) | (557) | (422) | |
REDEEMABLE NONCONTROLLING INTERESTS | 2,363 | 1,744 | 2,472 | 1,640 | 2,311 | 2,457 | 1,789 | |
STOCKHOLDERS' EQUITY: | ||||||||
Additional paid-in capital | (2,363) | (1,744) | (2,472) | (1,640) | (2,311) | (2,457) | (1,789) | |
Accumulated deficit | (3,009) | (2,254) | (3,793) | (3,783) | (2,177) | (2,177) | (2,189) | |
Total stockholders' equity | (5,372) | (3,998) | (6,265) | (5,423) | (4,488) | (4,634) | (3,978) | |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ (3,603) | $ (2,616) | $ (4,571) | $ (4,683) | $ (2,581) | $ (2,734) | $ (2,611) |
QUARTERLY FINANCIAL DATA (UNA_4
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Balance Sheets - Additional (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) | ||||||||
Allowance for doubtful accounts receivable (in dollars) | $ 8,811 | $ 7,925 | $ 8,314 | $ 8,747 | $ 8,743 | $ 7,937 | $ 7,307 | $ 7,954 |
Debt securities, available-for-sale, amortized cost | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 |
QUARTERLY FINANCIAL DATA (UNA_5
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Quarterly and Year to Date Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net Revenue | $ 121,250 | $ 118,657 | $ 112,131 | $ 130,475 | $ 111,234 | $ 107,365 | $ 91,211 | $ 230,788 | $ 198,576 | $ 352,038 | $ 309,810 | $ 484,604 | $ 440,285 |
Operating Expenses [Abstract] | |||||||||||||
Selling, general and administrative expenses | 40,923 | 35,193 | 35,210 | 48,097 | 32,873 | 31,282 | 29,758 | 70,403 | 61,040 | 111,326 | 93,913 | 160,230 | 142,010 |
Impairment of long-lived assets | 15,450 | 14,905 | 2,104 | 14,905 | 30,355 | 40,683 | 2,104 | ||||||
Total operating expenses | 103,276 | 92,794 | 75,593 | 110,188 | 76,759 | 69,445 | 67,454 | 168,387 | 136,899 | 271,663 | 213,658 | 389,917 | 323,846 |
Operating income | 17,974 | 25,863 | 36,538 | 20,287 | 34,475 | 37,920 | 23,757 | 62,401 | 80,375 | 94,687 | 116,439 | ||
Income before provision for income taxes and noncontrolling interests in income of subsidiaries | 6,937 | 21,557 | 22,656 | 6,380 | 20,712 | 24,597 | 451 | 44,213 | 51,150 | 56,676 | 52,140 | ||
PROVISION FOR INCOME TAXES | 3,170 | 4,214 | 5,462 | 424 | 6,248 | 6,372 | (10) | 9,676 | 6,362 | 12,846 | 12,610 | 16,721 | 13,034 |
NET INCOME | 3,767 | 17,343 | 17,194 | 5,956 | 14,464 | 18,225 | 461 | 34,537 | 18,686 | 38,304 | 33,150 | 39,955 | 39,106 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 3,407 | $ 16,573 | $ 16,493 | $ 5,286 | $ 13,885 | $ 17,613 | $ 7 | $ 33,066 | $ 17,620 | $ 36,473 | $ 31,505 | $ 37,329 | $ 36,791 |
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.07 | $ 0.33 | $ 0.32 | $ 0.11 | $ 0.27 | $ 0.35 | $ 0 | $ 0.65 | $ 0.35 | $ 0.74 | $ 0.63 | $ 0.76 | $ 0.73 |
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.06 | $ 0.31 | $ 0.30 | $ 0.10 | $ 0.25 | $ 0.33 | $ 0 | $ 0.60 | $ 0.68 | $ 0.72 | $ 0.68 | ||
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net Revenue | $ 121,403 | $ 118,810 | $ 112,349 | $ 130,966 | $ 111,463 | $ 107,593 | $ 91,440 | $ 231,159 | $ 199,033 | $ 352,562 | $ 310,496 | $ 441,462 | |
Operating Expenses [Abstract] | |||||||||||||
Selling, general and administrative expenses | 41,076 | 35,346 | 35,428 | 48,588 | 33,102 | 31,510 | 29,987 | 70,774 | 61,497 | 111,850 | 94,599 | 143,187 | |
Impairment of long-lived assets | 14,450 | 16,933 | 16,933 | 31,383 | |||||||||
Total operating expenses | 102,429 | 94,975 | 75,811 | 108,575 | 76,988 | 69,673 | 67,683 | 170,786 | 137,356 | 273,215 | 214,344 | 322,919 | |
Operating income | 18,974 | 23,835 | 36,538 | 22,391 | 34,475 | 37,920 | 23,757 | 60,373 | 79,347 | 118,543 | |||
Income before provision for income taxes and noncontrolling interests in income of subsidiaries | 7,937 | 19,529 | 22,656 | 8,484 | 20,712 | 24,597 | 451 | 42,185 | 50,122 | 54,244 | |||
PROVISION FOR INCOME TAXES | 3,364 | 3,725 | 5,586 | 1,211 | 6,257 | 6,119 | (10) | 9,311 | 6,109 | 12,675 | 12,366 | 13,577 | |
NET INCOME | 4,573 | 15,804 | 17,070 | 7,273 | 14,455 | 18,478 | 461 | 32,874 | 18,939 | 37,447 | 33,394 | 40,667 | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 4,213 | $ 15,034 | $ 16,369 | $ 6,603 | $ 13,876 | $ 17,866 | $ 7 | $ 31,403 | $ 17,873 | $ 35,616 | $ 31,749 | $ 38,352 | |
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.09 | $ 0.30 | $ 0.32 | $ 0.13 | $ 0.27 | $ 0.36 | $ 0 | $ 0.62 | $ 0.36 | $ 0.72 | $ 0.64 | $ 0.76 | |
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.08 | $ 0.28 | $ 0.30 | $ 0.12 | $ 0.25 | $ 0.33 | $ 0 | $ 0.57 | $ 0.67 | $ 0.71 | |||
Adjustments | |||||||||||||
Operating Expenses [Abstract] | |||||||||||||
PROVISION FOR INCOME TAXES | $ 51 | $ (134) | $ (289) | $ (9) | $ 265 | $ (134) | $ 265 | $ (83) | $ 256 | $ (33) | |||
NET INCOME | (51) | 134 | 289 | 9 | (265) | 134 | (265) | 83 | (256) | 33 | |||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (51) | 134 | $ 289 | 9 | $ (265) | 134 | $ (265) | 83 | $ (256) | 33 | |||
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.01 | $ (0.01) | $ (0.01) | $ (0.01) | |||||||||
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ 0.01 | ||||||||||||
Other Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net Revenue | (153) | $ (153) | (218) | $ (491) | (229) | $ (228) | $ (229) | (371) | $ (457) | (524) | $ (686) | (1,177) | |
Operating Expenses [Abstract] | |||||||||||||
Selling, general and administrative expenses | (153) | (153) | (218) | (491) | (229) | (228) | (229) | (371) | (457) | (524) | (686) | (1,177) | |
Impairment of long-lived assets | 1,000 | (2,028) | 2,104 | (2,028) | (1,028) | 2,104 | |||||||
Total operating expenses | 847 | (2,181) | (218) | 1,613 | $ (229) | (228) | $ (229) | (2,399) | (457) | (1,552) | (686) | 927 | |
Operating income | (1,000) | 2,028 | (2,104) | 2,028 | 1,028 | (2,104) | |||||||
Income before provision for income taxes and noncontrolling interests in income of subsidiaries | (1,000) | 2,028 | (2,104) | 2,028 | 1,028 | (2,104) | |||||||
PROVISION FOR INCOME TAXES | (245) | 489 | 10 | (498) | (12) | 499 | (12) | 254 | (12) | (510) | |||
NET INCOME | (755) | 1,539 | (10) | (1,606) | 12 | 1,529 | 12 | 774 | 12 | (1,594) | |||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (755) | $ 1,539 | $ (10) | $ (1,606) | $ 12 | $ 1,529 | $ 12 | $ 774 | $ 12 | $ (1,594) | |||
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ (0.02) | $ 0.03 | $ (0.03) | $ 0.03 | $ 0.02 | $ (0.03) | |||||||
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||
Net income attributable to common stockholders | $ (0.02) | $ 0.03 | $ (0.03) | $ 0.03 | $ 0.01 | $ (0.03) |
QUARTERLY FINANCIAL DATA (UNA_6
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Quarterly and Year to Date Consolidated Statements of Operations - Additional (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, General and Administrative Expenses | |||||||||||||
Allocated Share-based Compensation Expense | $ 5,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 31,000 | $ 0 | $ 31,000 | $ 5,000 | $ 31,000 | $ 239,000 | $ 31,000 |
QUARTERLY FINANCIAL DATA (UNA_7
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Quarterly and Year to Date Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER COMPREHENSIVE INCOME, BEFORE TAX: | |||||||||||||
Unrealized gain on available-for-sale securities | $ (7,500) | $ 100 | $ 10,400 | $ 1,800 | $ 4,400 | $ 4,500 | $ (1,200) | $ 10,500 | $ 3,300 | $ 3,000 | $ 7,700 | $ 24,226 | $ 9,500 |
Income tax expense related to unrealized gain on available-for-sale securities | 1,804 | (25) | (2,504) | (401) | (1,088) | (1,108) | 292 | (2,529) | (816) | (725) | (1,904) | (5,949) | (2,305) |
OTHER COMPREHENSIVE INCOME, NET OF TAX | (5,696) | 75 | 7,896 | 1,399 | 3,312 | 3,392 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 18,277 | 7,195 |
COMPREHENSIVE INCOME | (1,929) | 17,418 | 25,090 | 7,355 | 17,776 | 21,617 | (447) | 42,508 | 21,170 | 40,579 | 38,946 | 58,232 | 46,301 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (2,289) | 16,648 | 24,389 | 6,685 | 17,197 | 21,005 | (901) | 41,037 | 20,104 | 38,748 | 37,301 | $ 55,606 | 43,986 |
As Previously Reported | |||||||||||||
OTHER COMPREHENSIVE INCOME, BEFORE TAX: | |||||||||||||
COMPREHENSIVE INCOME | 4,573 | 15,804 | 17,070 | 7,273 | 14,455 | 18,478 | 461 | 32,874 | 18,939 | 37,447 | 33,394 | 40,667 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 4,213 | 15,034 | 16,369 | 6,603 | 13,876 | 17,866 | 7 | 31,403 | 17,873 | 35,616 | 31,749 | 38,352 | |
Adjustments | |||||||||||||
OTHER COMPREHENSIVE INCOME, BEFORE TAX: | |||||||||||||
Unrealized gain on available-for-sale securities | (7,500) | 100 | 10,400 | 1,800 | 4,400 | 4,500 | (1,200) | 10,500 | 3,300 | 3,000 | 7,700 | 9,500 | |
Income tax expense related to unrealized gain on available-for-sale securities | 1,804 | (25) | (2,504) | (401) | (1,088) | (1,108) | 292 | (2,529) | (816) | (725) | (1,904) | (2,305) | |
OTHER COMPREHENSIVE INCOME, NET OF TAX | (5,696) | 75 | 7,896 | 1,399 | 3,312 | 3,392 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 7,195 | |
COMPREHENSIVE INCOME | (5,747) | 75 | 8,030 | 1,688 | 3,321 | 3,127 | (908) | 8,105 | 2,219 | 2,358 | 5,540 | 7,228 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (5,747) | 75 | 8,030 | 1,688 | $ 3,321 | 3,127 | $ (908) | 8,105 | 2,219 | 2,358 | 5,540 | 7,228 | |
Other Adjustments | |||||||||||||
OTHER COMPREHENSIVE INCOME, BEFORE TAX: | |||||||||||||
COMPREHENSIVE INCOME | (755) | 1,539 | (10) | (1,606) | 12 | 1,529 | 12 | 774 | 12 | (1,594) | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (755) | $ 1,539 | $ (10) | $ (1,606) | $ 12 | $ 1,529 | $ 12 | $ 774 | $ 12 | $ (1,594) |
QUARTERLY FINANCIAL DATA (UNA_8
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Statements of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | $ 318,651 | $ 327,312 | $ 303,680 | $ 296,960 | $ 281,803 | $ 241,700 | $ 231,223 | $ 303,680 | $ 231,223 | $ 303,680 | $ 231,223 | $ 303,680 | $ 231,223 |
Net income | 3,407 | 16,573 | 16,493 | 5,286 | 13,885 | 17,613 | 7 | 33,066 | 17,620 | 36,473 | 31,505 | 37,329 | 36,791 |
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,469 | 478 | 6,595 | 565 | |||||
Issuance of shares of Class A common stock | 12,125 | 33,282 | 33,277 | 33,277 | |||||||||
Repurchase of shares of common stock | (10) | (872) | (24,669) | (905) | (26,486) | (944) | (26,543) | (970) | |||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 50 | 397 | |||||||
Other comprehensive income, net of tax | (5,696) | 75 | 7,896 | 1,399 | 3,312 | 3,392 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 18,277 | 7,195 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | (871) | (128) | (1,907) | (2,641) | (3,440) | (4,741) | (5,616) | (4,798) | |||||
BALANCE | 318,021 | 318,651 | 327,312 | 303,680 | 296,960 | 281,803 | 241,700 | 318,651 | 281,803 | 318,021 | 296,960 | 333,772 | 303,680 |
Preferred Stock | Convertible Preferred Stock | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 0 | 0 | 0 | ||||||||||
Common Stock | Common Stock Class A | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 9 | 9 | 9 | 8 | 8 | 6 | 4 | 9 | 4 | 9 | 4 | 9 | 4 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 1 | 1 | 0 | ||||||||||
Issuance of shares of Class A common stock | 2 | 4 | 4 | 4 | |||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 10 | 9 | 9 | 9 | 8 | 8 | 6 | 9 | 8 | 10 | 8 | 10 | 9 |
Common Stock | Common Stock Class B | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Common Stock | Common Stock Class C | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | 3 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | 2 |
Common Stock | Common Stock Class D | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 33 | 37 | 37 | 37 | 37 | 37 | 38 | 37 | 38 | 37 | 38 | 37 | 38 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 1 | 1 | 0 | ||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Repurchase of shares of common stock | (1) | (4) | (1) | (4) | (1) | (4) | (1) | ||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | 34 | 33 | 37 | 37 | 37 | 37 | 37 | 33 | 37 | 34 | 37 | 34 | 37 |
Accumulated Other Comprehensive Income | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 |
Other comprehensive income, net of tax | 7,896 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 18,277 | 7,195 | |||||
BALANCE | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 62,921 | 50,239 | 57,225 | 53,551 | 73,227 | 54,950 |
Additional Paid-In Capital | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 992,934 | 1,018,239 | 1,018,996 | 1,018,961 | 1,021,001 | 1,001,905 | 990,528 | 1,018,996 | 990,528 | 1,018,996 | 990,528 | 1,018,996 | 990,528 |
Net income | 0 | 0 | |||||||||||
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,467 | 478 | 6,593 | 565 | |||||
Issuance of shares of Class A common stock | 12,123 | 33,278 | 33,273 | 33,273 | |||||||||
Repurchase of shares of common stock | (10) | (871) | (24,665) | (904) | (26,482) | (943) | (26,539) | (969) | |||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 50 | 397 | |||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (871) | (128) | (1,907) | (2,641) | (3,440) | (4,741) | (5,616) | (4,798) | |||||
BALANCE | 994,591 | 992,934 | 1,018,239 | 1,018,996 | 1,018,961 | 1,021,001 | 1,001,905 | 992,934 | 1,021,001 | 994,591 | 1,018,961 | 993,484 | 1,018,996 |
Accumulated Deficit | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (737,251) | (753,824) | (770,317) | (775,603) | (789,488) | (807,101) | (807,108) | (770,317) | (807,108) | (770,317) | (807,108) | (770,317) | (807,108) |
Net income | 16,493 | 7 | 33,066 | 17,620 | 36,473 | 31,505 | 37,329 | 36,791 | |||||
Stock-based compensation expense | 0 | 0 | |||||||||||
Issuance of shares of Class A common stock | 0 | ||||||||||||
Repurchase of shares of common stock | 0 | 0 | |||||||||||
Exercise of options for common stock | 0 | 0 | |||||||||||
Other comprehensive income, net of tax | 0 | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | 0 | 0 | |||||||||||
BALANCE | (733,844) | (737,251) | (753,824) | (770,317) | (775,603) | (789,488) | (807,101) | (737,251) | (789,488) | (733,844) | (775,603) | (732,988) | (770,317) |
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 259,561 | 270,564 | 254,120 | 248,153 | 236,463 | 198,831 | 186,898 | 254,120 | 186,898 | 254,120 | 186,898 | 254,120 | 186,898 |
Net income | 4,213 | 15,034 | 16,369 | 6,603 | 13,876 | 17,866 | 7 | 31,403 | 17,873 | 35,616 | 31,749 | 38,352 | |
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,469 | 478 | 565 | ||||||
Issuance of shares of Class A common stock | 12,125 | 33,282 | 33,277 | 33,277 | |||||||||
Repurchase of shares of common stock | (10) | (872) | (24,669) | (905) | (26,486) | (944) | (970) | ||||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 397 | ||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (39) | 420 | (1,803) | (1,425) | (2,717) | (3,671) | (4,399) | ||||||
BALANCE | 266,052 | 259,561 | 270,564 | 254,120 | 248,153 | 236,463 | 198,831 | 259,561 | 236,463 | 266,052 | 248,153 | 254,120 | |
As Previously Reported | Common Stock | Common Stock Class A | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 9 | 9 | 9 | 8 | 8 | 6 | 4 | 9 | 4 | 9 | 4 | 9 | 4 |
Stock-based compensation expense | 1 | ||||||||||||
Issuance of shares of Class A common stock | 2 | 4 | 4 | 4 | |||||||||
BALANCE | 10 | 9 | 9 | 9 | 8 | 8 | 6 | 9 | 8 | 10 | 8 | 9 | |
As Previously Reported | Common Stock | Common Stock Class B | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
BALANCE | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
As Previously Reported | Common Stock | Common Stock Class C | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | 3 |
BALANCE | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 2 | |
As Previously Reported | Common Stock | Common Stock Class D | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 33 | 37 | 37 | 37 | 37 | 37 | 38 | 37 | 38 | 37 | 38 | 37 | 38 |
Stock-based compensation expense | 1 | ||||||||||||
Repurchase of shares of common stock | (1) | (4) | (1) | (4) | (1) | (1) | |||||||
BALANCE | 34 | 33 | 37 | 37 | 37 | 37 | 37 | 33 | 37 | 34 | 37 | 37 | |
As Previously Reported | Additional Paid-In Capital | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 994,678 | 1,020,711 | 1,020,636 | 1,021,272 | 1,023,458 | 1,003,694 | 991,769 | 1,020,636 | 991,769 | 1,020,636 | 991,769 | 1,020,636 | 991,769 |
Stock-based compensation expense | 124 | 253 | 460 | 425 | 5,467 | 478 | 565 | ||||||
Issuance of shares of Class A common stock | 12,123 | 33,278 | 33,273 | 33,273 | |||||||||
Repurchase of shares of common stock | (10) | (871) | (24,665) | (904) | (26,482) | (943) | (969) | ||||||
Exercise of options for common stock | 50 | 315 | 50 | 366 | 397 | ||||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (39) | 420 | (1,803) | (1,425) | (2,717) | (3,671) | (4,399) | ||||||
BALANCE | 996,954 | 994,678 | 1,020,711 | 1,020,636 | 1,021,272 | 1,023,458 | 1,003,694 | 994,678 | 1,023,458 | 996,954 | 1,021,272 | 1,020,636 | |
As Previously Reported | Accumulated Deficit | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (735,164) | (750,198) | (766,567) | (773,170) | (787,046) | (804,912) | (804,919) | (766,567) | (804,919) | (766,567) | (804,919) | (766,567) | (804,919) |
Net income | 16,369 | 7 | 31,403 | 17,873 | 35,616 | 31,749 | 38,352 | ||||||
BALANCE | (730,951) | (735,164) | (750,198) | (766,567) | (773,170) | (787,046) | (804,912) | (735,164) | (787,046) | (730,951) | (773,170) | (766,567) | |
Adjustments and Other Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 59,090 | 56,748 | 49,560 | 48,807 | 45,340 | 42,869 | 44,325 | 49,560 | 44,325 | 49,560 | 44,325 | 49,560 | 44,325 |
Net income | 124 | 1,663 | (253) | 857 | (244) | (1,561) | |||||||
Other comprehensive income, net of tax | 7,896 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 7,195 | ||||||
Adjustment of redeemable noncontrolling interests to estimated redemption value | (832) | (548) | (104) | (1,216) | (723) | (1,070) | (399) | ||||||
BALANCE | 51,969 | 59,090 | 56,748 | 49,560 | 48,807 | 45,340 | 42,869 | 59,090 | 45,340 | 51,969 | 48,807 | 49,560 | |
Adjustments and Other Adjustments | Accumulated Other Comprehensive Income | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 | 54,950 | 47,755 |
Other comprehensive income, net of tax | 7,896 | (908) | 7,971 | 2,484 | 2,275 | 5,796 | 7,195 | ||||||
BALANCE | 57,225 | 62,921 | 62,846 | 54,950 | 53,551 | 50,239 | 46,847 | 62,921 | 50,239 | 57,225 | 53,551 | 54,950 | |
Adjustments and Other Adjustments | Additional Paid-In Capital | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (1,744) | (2,472) | (1,640) | (2,311) | (2,457) | (1,789) | (1,241) | (1,640) | (1,241) | (1,640) | (1,241) | (1,640) | (1,241) |
Adjustment of redeemable noncontrolling interests to estimated redemption value | (832) | (548) | (104) | (1,216) | (723) | (1,070) | (399) | ||||||
BALANCE | (2,363) | (1,744) | (2,472) | (1,640) | (2,311) | (2,457) | (1,789) | (1,744) | (2,457) | (2,363) | (2,311) | (1,640) | |
Adjustments and Other Adjustments | Accumulated Deficit | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
BALANCE | (2,087) | (3,626) | (3,750) | (2,433) | (2,442) | (2,189) | (2,189) | (3,750) | (2,189) | (3,750) | (2,189) | $ (3,750) | (2,189) |
Net income | 124 | 1,663 | (253) | 857 | (244) | (1,561) | |||||||
BALANCE | $ (2,893) | $ (2,087) | $ (3,626) | $ (3,750) | $ (2,433) | $ (2,442) | $ (2,189) | $ (2,087) | $ (2,442) | $ (2,893) | $ (2,433) | $ (3,750) |
QUARTERLY FINANCIAL DATA (UNA_9
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Statements of Changes in Stockholders' Equity - Additional (Details) - shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares exercised | 60,240 | 229,756 | ||||||
Common Stock Class A | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares issued | 1,886,265 | 3,779,391 | 3,779,391 | 3,779,391 | ||||
Common Stock Class D | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares repurchased | 2,649 | 495,296 | 4,684,419 | 509,347 | 4,684,419 | 519,347 | 5,124,671 | 521,877 |
Shares exercised | 60,240 | 197,256 | 60,240 | 219,756 | 229,756 | |||
As Previously Reported | Common Stock Class A | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares issued | 1,886,265 | 3,779,391 | 3,779,391 | 3,779,391 | ||||
As Previously Reported | Common Stock Class D | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Shares repurchased | 2,649 | 495,296 | 4,684,419 | 509,347 | 4,684,419 | 519,347 | 521,877 | |
Shares exercised | 60,240 | 197,256 | 60,240 | 219,756 | 229,756 |
QUARTERLY FINANCIAL DATA (UN_10
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Jan. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ 3,767 | $ 17,343 | $ 17,194 | $ 5,956 | $ 14,464 | $ 18,225 | $ 461 | $ 34,537 | $ 18,686 | $ 38,304 | $ 33,150 | $ 39,955 | $ 39,106 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | 5,462 | (10) | 8,962 | 6,361 | 11,682 | 12,610 | 14,878 | 11,971 | ||||||
Impairment of goodwill and broadcasting licenses | 14,905 | 30,355 | 40,683 | 2,104 | ||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Trade accounts receivable | 13,336 | 11,339 | 3,444 | 2,342 | 156 | (8,645) | (16,930) | (22,807) | ||||||
Accounts payable | (2,586) | (2,121) | 42 | 1,304 | (616) | 3,370 | 1,111 | 3,606 | ||||||
Other liabilities | (3,491) | (832) | (5,017) | 2,303 | 3,317 | 5,463 | (3,710) | (1,288) | ||||||
Net cash flows provided by operating activities | 15,734 | 14,293 | 43,624 | 51,492 | 54,067 | 36,264 | 67,060 | 80,150 | ||||||
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: | ||||||||||||||
Adjustment of Redeemable Noncontrolling Interests to Estimated Redemption Value | 871 | 128 | 1,907 | 2,641 | 3,440 | 4,741 | $ 5,616 | 4,798 | ||||||
As Previously Reported | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | 4,573 | 15,804 | 17,070 | 7,273 | 14,455 | 18,478 | 461 | 32,874 | 18,939 | 37,447 | 33,394 | 40,667 | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | 5,586 | (10) | 8,597 | 6,108 | 11,511 | 12,366 | 12,514 | |||||||
Non-cash lease liability expense | 1,043 | 1,154 | 2,038 | 2,066 | 2,994 | 3,299 | 4,684 | |||||||
Impairment of goodwill and broadcasting licenses | 16,933 | 31,383 | ||||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Trade accounts receivable | 13,448 | 11,380 | 3,483 | 2,260 | 208 | (8,574) | (22,734) | |||||||
Accounts payable | (2,591) | (2,098) | 231 | 1,388 | (270) | 3,488 | 3,453 | |||||||
Other liabilities | (4,641) | (2,050) | (7,283) | 235 | (75) | 1,975 | (5,892) | |||||||
Net cash flows provided by operating activities | 15,734 | 14,293 | 43,624 | 51,492 | 54,067 | 36,264 | 80,150 | |||||||
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: | ||||||||||||||
Adjustment of Redeemable Noncontrolling Interests to Estimated Redemption Value | 39 | (420) | 1,803 | 1,425 | 2,717 | 3,671 | 4,399 | |||||||
Adjustments | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | (51) | 134 | 289 | $ 9 | (265) | 134 | (265) | 83 | (256) | 33 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | (134) | (134) | 265 | (83) | 256 | (33) | ||||||||
Non-cash lease liability expense | $ (4,700) | |||||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Other liabilities | $ 4,700 | |||||||||||||
Other Adjustments | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ (755) | $ 1,539 | (10) | $ (1,606) | $ 12 | 1,529 | 12 | 774 | 12 | (1,594) | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Deferred income taxes | 10 | 499 | (12) | 254 | (12) | (510) | ||||||||
Non-cash lease liability expense | (1,043) | (1,154) | (2,038) | (2,066) | (2,994) | (3,299) | (4,684) | |||||||
Impairment of goodwill and broadcasting licenses | (2,028) | (1,028) | 2,104 | |||||||||||
Effect of change in operating assets and liabilities, net of assets acquired: | ||||||||||||||
Trade accounts receivable | (112) | (41) | (39) | 82 | (52) | (71) | (73) | |||||||
Accounts payable | 5 | (23) | (189) | (84) | (346) | (118) | 153 | |||||||
Other liabilities | 1,150 | 1,218 | 2,266 | 2,068 | 3,392 | 3,488 | 4,604 | |||||||
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES: | ||||||||||||||
Adjustment of Redeemable Noncontrolling Interests to Estimated Redemption Value | $ 832 | $ 548 | $ 104 | $ 1,216 | $ 723 | $ 1,070 | $ 399 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||
Apr. 21, 2023 USD ($) | Mar. 08, 2023 D | Jan. 01, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Jun. 02, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Jun. 13, 2023 | |
Subsequent Event [Line Items] | ||||||||
Other income, net | $ | $ 16,083,000 | $ 8,134,000 | ||||||
MGM National Harbor [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Other income, net | $ | $ 8,800,000 | 8,800,000 | $ 7,700,000 | |||||
Common Class D [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock repurchase , Authorized amount remaining | $ | $ 443,000 | |||||||
Repurchase Of Common Stock Price Per Share | $ / shares | $ 5.80 | |||||||
Common Class D [Member] | Restricted stock awards [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 1,357,687 | 101,057 | ||||||
Subsequent events | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of repurchase to Put Interest | D | 30 | |||||||
Partnership percentage | 50% | |||||||
Subsequent events | MGM National Harbor [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from sale of available for sale debt securities | $ | $ 136,800,000 | |||||||
Other income, net | $ | $ 8,800,000 | |||||||
Subsequent events | Churchhill Downs Incorporated [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Partnership percentage | 50% | |||||||
Subsequent events | 2028 Notes Offering | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt instrument, repurchase price | 89.10% | |||||||
Subsequent events | Restricted stock awards [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Repurchase Amount | $ | $ 25,000,000 | |||||||
Subsequent events | Certain Executive Officers [Member] | Employees Stock Option [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock options to purchase common stock | shares | 429,427 | |||||||
Subsequent events | Management Personnel [Member] | Employees Stock Option [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock options to purchase common stock | shares | 405,139 | |||||||
Subsequent events | Common Class D [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Repurchase of common Shares | shares | 824 | |||||||
Shares repurchase value | $ | $ 3,000 | |||||||
Average price | $ / shares | $ 3.99 | |||||||
Subsequent events | Common Class D [Member] | Certain Executive Officers [Member] | Restricted stock awards [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 727,215 | |||||||
Subsequent events | Common Class D [Member] | Management Personnel [Member] | Restricted stock awards [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 672,603 | |||||||
Subsequent events | Common Class D [Member] | Stock Vest Tax Repurchases | ||||||||
Subsequent Event [Line Items] | ||||||||
Repurchase of common Shares | shares | 249,550 | |||||||
Shares repurchase value | $ | $ 1,300,000 | |||||||
Repurchase Of Common Stock Price Per Share | $ / shares | $ 5.17 | |||||||
Vesting withheld total shares | shares | 220,912 |