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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Salem Media Group Inc | NASDAQ:SALM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2609 | 0.2501 | 0.2711 | 0 | 01:00:00 |
Salem Media Group, Inc. (Nasdaq: SALM) released its results for the three and twelve months ended December 31, 2018.
Fourth Quarter 2018 Results
For the quarter ended December 31, 2018 compared to the quarter ended December 31, 2017:
Consolidated
Broadcast
Digital Media
Publishing
Included in the results for the quarter ended December 31, 2018 are:
Included in the results for the quarter ended December 31, 2017 are:
Per share numbers are calculated based on 26,186,112 diluted weighted average shares for the quarter ended December 31, 2018, and 26,378,260 diluted weighted average shares for the quarter ended December 31, 2017.
Year to Date 2018 Results
For the twelve months ended December 31, 2018 compared to the twelve months ended December 31, 2017:
Consolidated
Broadcast
Digital media
Publishing
Included in the results for the twelve months ended December 31, 2018 are:
Included in the results for the twelve months ended December 31, 2017 are:
Per share numbers are calculated based on 26,179,702 diluted weighted average shares for the twelve months ended December 31, 2018, and 26,435,757 diluted weighted average shares for the twelve months ended December 31, 2017.
Balance Sheet
At December 31, 2018, the company had $238.6 million outstanding on the 6.75% senior secured notes due 2024 and $19.7 million outstanding on the Asset Based Revolving Credit Facility (“ABL Facility”).
Acquisitions and Divestitures
The following transactions were completed since October 1, 2018:
Pending transactions:
Conference Call Information
Salem will host a teleconference to discuss its results on March 12, 2019 at 2:00 p.m. Pacific Time. To access the teleconference, please dial (877) 524-8416, and then ask to be joined into the Salem Media Group Fourth Quarter 2018 call or listen via the investor relations portion of the company’s website, located at investor.salemmedia.com. A replay of the teleconference will be available through March 26, 2019 and can be heard by dialing (877) 660-6853, passcode 13687826 or on the investor relations portion of the company’s website, located at investor.salemmedia.com.
First Quarter 2019 Outlook
For the first quarter of 2019, the company is projecting total revenue to decline between 3% and 5% from first quarter 2018 total revenue of $63.8 million. The company is also projecting operating expenses before gains or losses on the disposition of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense to be between a decline of 1% and an increase of 2% compared to the first quarter of 2018 non-GAAP operating expenses of $53.6 million.
A reconciliation of non-GAAP operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the potential high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP financial measure, in particular, the change in the estimated fair value of earn-out consideration, impairments and gains or losses on the disposition of assets. The company expects the variability of the above charges may have a significant, and potentially unpredictable, impact on its future GAAP financial results.
Follow us on Twitter @SalemMediaGrp.
About Salem Media Group, Inc.
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.
Forward-Looking Statements
Statements used in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of certain risks and uncertainties, including but not limited to the ability of Salem to close and integrate announced transactions, market acceptance of Salem’s radio station formats, competition from new technologies, adverse economic conditions, and other risks and uncertainties detailed from time to time in Salem's reports on Forms 10-K, 10-Q, 8-K and other filings filed with or furnished to the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Salem undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
(1) Regulation G
Management uses certain non-GAAP financial measures defined below in communications with investors, analysts, rating agencies, banks and others to assist such parties in understanding the impact of various items on its financial statements. The company uses these non-GAAP financial measures to evaluate financial results, develop budgets, manage expenditures and as a measure of performance under compensation programs.
The company’s presentation of these non-GAAP financial measures should not be considered as a substitute for or superior to the most directly comparable financial measures as reported in accordance with GAAP.
Regulation G defines and prescribes the conditions under which certain non-GAAP financial information may be presented in this earnings release. The company closely monitors EBITDA, Adjusted EBITDA, Station Operating Income (“SOI”), Same Station net broadcast revenue, Same Station broadcast operating expenses, Same Station Operating Income, Digital Media Operating Income, Publishing Operating Loss, and operating expenses excluding gains or losses on the disposition of assets, stock-based compensation, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation and amortization, all of which are non-GAAP financial measures. The company believes that these non-GAAP financial measures provide useful information about its core operating results, and thus, are appropriate to enhance the overall understanding of its financial performance. These non-GAAP financial measures are intended to provide management and investors a more complete understanding of its underlying operational results, trends and performance.
The company defines Station Operating Income (“SOI”) as net broadcast revenue minus broadcast operating expenses. The company defines Digital Media Operating Income as net Digital Media Revenue minus Digital Media Operating Expenses. The company defines Publishing Operating Loss as net Publishing Revenue minus Publishing Operating Expenses. The company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The company defines Adjusted EBITDA as EBITDA before gains or losses on the disposition of assets, before changes in the estimated fair value of contingent earn-out consideration, before changes in the fair value of interest rate swap, before impairments, before net miscellaneous income and expenses, before gain on bargain purchase, before (gain) loss on early retirement of long-term debt and before non-cash compensation expense. SOI, Digital Media Operating Income, Publishing Operating Loss, EBITDA and Adjusted EBITDA are commonly used by the broadcast and media industry as important measures of performance and are used by investors and analysts who report on the industry to provide meaningful comparisons between broadcasters. SOI, Digital Media Operating Income, Publishing Operating Loss, EBITDA and Adjusted EBITDA are not measures of liquidity or of performance in accordance with GAAP and should be viewed as a supplement to and not a substitute for or superior to its results of operations and financial condition presented in accordance with GAAP. The company’s definitions of SOI, Digital Media Operating Income, Publishing Operating Loss, EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures reported by other companies.
The company defines Adjusted Free Cash Flow as Adjusted EBITDA less cash paid for capital expenditures, less cash paid for income taxes, and less cash paid for interest. The company considers Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by its operations after cash paid for capital expenditures, cash paid for income taxes and cash paid for interest. A limitation of Adjusted Free Cash Flow as a measure of liquidity is that it does not represent the total increase or decrease in its cash balance for the period. The company uses Adjusted Free Cash Flow, a non-GAAP liquidity measure, both in presenting its results to stockholders and the investment community, and in its internal evaluation and management of the business. The company’s presentation of Adjusted Free Cash Flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The company’s definition of Adjusted Free Cash Flow is not necessarily comparable to similarly titled measures reported by other companies.
The company defines Same Station net broadcast revenue as broadcast revenue from its radio stations and networks that the company owns or operates in the same format on the first and last day of each quarter, as well as the corresponding quarter of the prior year. The company defines Same Station broadcast operating expenses as broadcast operating expenses from its radio stations and networks that the company owns or operates in the same format on the first and last day of each quarter, as well as the corresponding quarter of the prior year. The company defines Same Station SOI as Same Station net broadcast revenue less Same Station broadcast operating expenses. Same Station operating results include those stations that the company owns or operates in the same format on the first and last day of each quarter, as well as the corresponding quarter of the prior year. Same Station operating results for a full calendar year are calculated as the sum of the Same Station-results for each of the four quarters of that year. The company uses Same Station operating results, a non-GAAP financial measure, both in presenting its results to stockholders and the investment community, and in its internal evaluations and management of the business. The company believes that Same Station operating results provide a meaningful comparison of period over period performance of its core broadcast operations as this measure excludes the impact of new stations, the impact of stations the company no longer owns or operates, and the impact of stations operating under a new programming format. The company’s presentation of Same Station operating results are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The company’s definition of Same Station operating results is not necessarily comparable to similarly titled measures reported by other companies.
For all non-GAAP financial measures, investors should consider the limitations associated with these metrics, including the potential lack of comparability of these measures from one company to another.
The Supplemental Information tables that follow the condensed consolidated financial statements provide reconciliations of the non-GAAP financial measures that the company uses in this earnings release to the most directly comparable measures calculated in accordance with GAAP. The company uses non-GAAP financial measures to evaluate financial performance, develop budgets, manage expenditures, and determine employee compensation. The company’s presentation of this additional information is not to be considered as a substitute for or superior to the directly comparable measures as reported in accordance with GAAP.
Salem Media Group, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 (Unaudited) Net broadcast revenue $ 50,718 $ 51,077 $ 196,197 $ 198,502 Net digital media revenue 11,098 11,544 43,096 42,595 Net publishing revenue 5,395 4,567 24,443 21,686 Total revenue 67,211 67,188 263,736 262,783 Operating expenses: Broadcast operating expenses 36,687 38,463 145,494 148,614 Digital media operating expenses 8,434 8,504 33,675 33,296 Publishing operating expenses 5,770 5,077 24,475 22,396 Unallocated corporate expenses 3,072 3,748 16,255 15,686 Change in the estimated fair value of contingent earn-out consideration 31 4 (23 ) 76 Impairment of indefinite-lived long-term assets other than goodwill — 2,870 19 2,870 Depreciation and amortization 4,371 4,592 16,962 18,226Net (gain) loss on the disposition of assets
4,315 253 3,905 4,653 Total operating expenses 62,680 63,511 240,762 245,817 Operating income 4,531 3,677 22,974 16,966 Other income (expense): Interest income 1 1 4 5 Interest expense (4,550 ) (4,549 ) (16,706 ) (18,328 ) Change in the fair value of interest rate swap — — 357 — Gain (loss) on early retirement of long-term debt — 414 (2,775 ) 648 Net miscellaneous income and expenses — 2 (80 ) (10 ) Net income (loss) before income taxes (18 ) (455 ) 3,774 (719 ) Provision for (benefit from) income taxes (22,376 ) 2,605 (20,870 ) 2,473 Net income (loss) $ 22,358 $ (3,060 ) $ 24,644 $ (3,192 ) Basic earnings (loss) per share Class A and Class B common stock $ 0.85 $ (0.12 ) $ 0.94 $ (0.12 ) Diluted earnings (loss) per share Class A and Class B common stock $ 0.85 $ (0.12 ) $ 0.94 $ (0.12 ) Distributions per share Class A and Class B common stock $ 0.07 $ 0.07 $ 0.26 $ 0.26 Basic weighted average Class A and Class B common stock shares outstanding 26,166,769 26,186,112 26,068,942 26,179,702 Diluted weighted average Class A and Class B common stock shares outstanding 26,378,260 26,186,112 26,435,757 26,179,702 Salem Media Group, Inc. Condensed Consolidated Balance Sheets (in thousands)December 31, 2017 December 31, 2018 Assets Cash $ 3 $ 117 Trade accounts receivable, net 32,545 33,020 Other current assets 14,172 10,500 Property and equipment, net 99,480 96,508 Intangible assets, net 420,755 414,646 Deferred financing costs 550 381 Deferred income taxes – non-current 1,070 — Other assets 4,244 3,856 Total assets $ 572,819 $ 559,028 Liabilities and Stockholders’ Equity Current liabilities $ 42,149 $ 52,878 Long-term debt and capital lease obligations 249,579 234,135 Deferred income taxes 34,151 35,272 Other liabilities 15,659 14,874 Stockholders’ Equity 231,281 221,869 Total liabilities and stockholders’ equity $ 572,819 $ 559,028 SALEM MEDIA GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Year Ended December 31, 2017 2018 OPERATING ACTIVITIES Net income (loss) $ 24,644 $ (3,192 ) Adjustments to reconcile net income to net cash provided by operating activities: Non-cash stock-based compensation 1,721 543 Depreciation and amortization 16,962 18,226 Amortization of deferred financing costs 940 1,114 Accretion of financing items 74 — Accretion of acquisition-related deferred payments and contingent earn-out consideration 42 24 Provision for bad debts 2,196 2,098 Deferred income taxes (20,932 ) 2,191 Impairment of indefinite-lived long-term assets other than goodwill 19 2,870 Change in the fair value of interest rate swap (357 ) — Change in the estimated fair value of contingent earn-out consideration (23 ) 76
Net (gain) loss on the disposition of assets
3,905 4,653 (Gain) loss on early retirement of debt 2,775 (648 ) Changes in operating assets and liabilities: Accounts receivable and unbilled revenue 144 (2,814 ) Inventories (60 ) 53 Prepaid expenses and other current assets (537 ) 308 Accounts payable and accrued expenses (2,569 ) 1,031 Deferred rent expense (133 ) (287 ) Contract liabilities (1,427 ) (3,365 ) Other liabilities (3 ) (15 ) Income taxes payable (51 ) 95 Net cash provided by operating activities 27,330 22,961 INVESTING ACTIVITIES Cash paid for capital expenditures net of tenant improvement allowances (8,534 ) (9,267 ) Capital expenditures reimbursable under tenant improvement allowances and trade agreements (50 ) (77 ) Purchases of broadcast assets and radio stations (2,282 ) (6,534 ) Purchases of digital media businesses and assets (1,690 ) (4,320 ) Proceeds from sale of assets 2,456 9,894 Other (242 ) (420 ) Net cash used in investing activities (10,342 ) (10,724 ) FINANCING ACTIVITIES Payments under Term Loan B (263,000 ) — Payments to repurchase 6.75% Senior Secured Notes (15,443 ) Proceeds from borrowings under Revolver and ABL Facility 89,738 153,650 Payments on Revolver and ABL Facility (81,214 ) (142,990 ) Payment of interest rate swap (783 ) — Proceeds from bond offering 255,000 — Payments of debt issuance costs (7,035 ) (50 ) Payments of acquisition-related contingent earn-out consideration (14 ) (140 ) Payments of deferred installments due from acquisition activity (225 ) — Proceeds from the exercise of stock options 514 43 Payment of cash distribution on common stock (6,790 ) (6,806 ) Payments on capital lease obligations (122 ) (85 ) Book overdraft (3,184 ) (302 ) Net cash used in financing activities (17,115 ) (12,123 ) Net increase (decrease) in cash and cash equivalents (127 ) 114 Cash and cash equivalents at beginning of year 130 3 Cash and cash equivalents at end of year $ 3 $ 117 Salem Media Group, Inc. Supplemental Information (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 (Unaudited) Reconciliation of Total Operating Expenses to Operating Expenses excluding Gains or Losses on the Disposition of Assets, Stock-based Compensation Expense, Changes in the Estimated Fair Value of Contingent Earn-out Consideration, Impairments and Depreciation and Amortization Expense (Recurring Operating Expenses) Operating Expenses $ 62,680 $ 63,511 $ 240,762 $ 245,817 Less depreciation and amortization expense (4,371 ) (4,592 ) (16,962 ) (18,226 ) Less change in estimated fair value ofcontingent earn-out consideration
(31 ) (4 ) 23 (76 ) Less impairment of indefinite-lived long-termassets other than goodwill
— (2,870 ) (19 ) (2,870 )Less net gain (loss) on the disposition of assets
(4,315 ) (253 ) (3,905 ) (4,653 ) Less stock-based compensation expense (28 ) (180 ) (1,721 ) (543 ) Total Recurring Operating Expenses $ 53,935 $ 55,612 $ 218,178 $ 219,449 Reconciliation of Net Broadcast Revenue to Same Station Net Broadcast Revenue Net broadcast revenue $ 50,718 $ 51,077 $ 196,197 $ 198,502 Net broadcast revenue – acquisitions — (224 ) — (873 ) Net broadcast revenue – dispositions (691 ) (35 ) (1,799 ) (575 ) Net broadcast revenue – format change (708 ) (549 ) (2,736 ) (1,903 ) Same Station net broadcast revenue $ 49,319 $ 50,269 $ 191,662 $ 195,151 Reconciliation of Broadcast Operating Expenses to Same Station Broadcast Operating Expenses Broadcast operating expenses $ 36,687 $ 38,463 $ 145,494 $ 148,614 Broadcast operating expenses – acquisitions — (362 ) — (1,464 ) Broadcast operating expenses – dispositions (791 ) (59 ) (2,444 ) (759 ) Broadcast operating expenses – format change (829 ) (725 ) (3,101 ) (2,693 ) Same Station broadcast operating expenses $ 35,067 $ 37,317 $ 139,949 $ 143,698 Reconciliation of SOI to Same Station SOI Station Operating Income $ 14,031 $ 12,614 $ 50,703 $ 49,888 Station operating loss – acquisitions — 138 — 591 Station operating loss – dispositions 100 24 645 184 Station operating loss – format change 121 176 365 790 Same Station - Station Operating Income $ 14,252 $ 12,952 $ 51,713 $ 51,453 Salem Media Group, Inc. Supplemental Information (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 (Unaudited) Calculation of Station Operating Income, Digital Media Operating Income and Publishing Operating Loss Net broadcast revenue $ 50,718 $ 51,077 $ 196,197 $ 198,502 Less broadcast operating expenses (36,687 ) (38,463 ) (145,494 ) (148,614 ) Station Operating Income $ 14,031 $ 12,614 $ 50,703 $ 49,888 Net digital media revenue $ 11,098 $ 11,544 $ 43,096 $ 42,595 Less digital media operating expenses (8,434 ) (8,504 ) (33,675 ) (33,296 ) Digital Media Operating Income $ 2,664 $ 3,040 $ 9,421 $ 9,299 Net publishing revenue $ 5,395 $ 4,567 $ 24,443 $ 21,686 Less publishing operating expenses (5,770 ) (5,077 ) (24,475 ) (22,396 ) Publishing Operating Loss $ (375 ) $ (510 ) $ (32 ) $ (710 )The company defines EBITDA (1) as net income before interest, taxes, depreciation, and amortization. The table below presents a reconciliation of EBITDA (1) to Net Income, the most directly comparable GAAP measure. EBITDA (1) is a non-GAAP financial performance measure that is not to be considered a substitute for or superior to the directly comparable measures reported in accordance with GAAP.
Salem Media Group, Inc. Supplemental Information (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 (Unaudited) Net income (loss) $ 22,358 $ (3,060) $ 24,644 $ (3,192) Plus interest expense, net of capitalized interest 4,550 4,549 16,706 18,328 Plus provision for (benefit from) income taxes (22,376) 2,605 (20,870) 2,473 Plus depreciation and amortization 4,371 4,592 16,962 18,226 Less interest income (1) (1) (4) (5) EBITDA $ 8,902 $ 8,685 $ 37,438 $ 35,830The company defines Adjusted EBITDA (1) as EBITDA (1) before gains or losses on the disposition of assets, before changes in the estimated fair value of contingent earn-out consideration, before changes in the fair value of interest rate swap, before impairments, before net miscellaneous income and expenses, before (gain) loss on early retirement of long-term debt and before non-cash compensation expense. The table below presents a reconciliation of Adjusted EBITDA (1) to Net Income, the most directly comparable GAAP measure. Adjusted EBITDA (1) is a non-GAAP financial performance measure that is not to be considered a substitute for or superior to the directly comparable measures reported in accordance with GAAP.
Salem Media Group, Inc. Supplemental Information (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 (Unaudited) Net income (loss) $ 22,358 $ (3,060 ) $ 24,644 $ (3,192 ) Plus interest expense, net of capitalized interest 4,550 4,549 16,706 18,328 Plus provision for (benefit from) income taxes (22,376 ) 2,605 (20,870 ) 2,473 Plus depreciation and amortization 4,371 4,592 16,962 18,226 Less interest income (1 ) (1 ) (4 ) (5 ) EBITDA $ 8,902 $ 8,685 $ 37,438 $ 35,830Less net (gain) loss on the disposition of assets
4,315 253 3,905 4,653 Less change in the estimated fair value of contingentearn-out consideration
31 4 76 (23 ) Plus impairment of indefinite-livedlong-term assets other than goodwill
— 2,870 2,870 19 Plus change in the fair value of interest rate swap — — (357 ) — Plus (gain) loss on early retirement of long- termdebt
— (414 ) 2,775 (648 ) Plus net miscellaneous income and expenses — (2 ) 80 10 Plus non-cash stock-based compensation 28 180 1,721 543 Adjusted EBITDA $ 13,276 $ 11,576 $ 45,558 $ 43,334The company defines Adjusted Free Cash Flow (1) as Adjusted EBITDA (1) less cash paid for capital expenditures, less cash paid for income taxes, and less cash paid for interest. The company considers Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by its operations after cash paid for capital expenditures, cash paid for income taxes and cash paid for interest. A limitation of Adjusted Free Cash Flow as a measure of liquidity is that it does not represent the total increase or decrease in its cash balance for the period. The company uses Adjusted Free Cash Flow, a non-GAAP liquidity measure, both in presenting its results to stockholders and the investment community, and in its internal evaluation and management of the business. The company’s presentation of Adjusted Free Cash Flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The company’s definition of Adjusted Free Cash Flow is not necessarily comparable to similarly titled measures reported by other companies.
The table below presents a reconciliation of Adjusted Free Cash Flow to net cash provided by operating activities, the most directly comparable GAAP measure. Adjusted Free Cash Flow is a non-GAAP liquidity measure that is not to be considered a substitute for or superior to the directly comparable measures reported in accordance with GAAP.
Salem Media Group, Inc. Supplemental Information (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 (Unaudited) Net cash provided (used) by operating activities $ 2,162 $ 2,763 $ 27,330 $ 22,961 Non-cash stock-based compensation (28 ) (180 ) (1,721 ) (543 ) Depreciation and amortization (4,371 ) (4,592 ) (16,962 ) (18,226 ) Amortization of deferred financing costs (295 ) (259 ) (940 ) (1,114 ) Accretion of financing items — — (74 ) — Accretion of acquisition-related deferred payments andcontingent earn-out consideration
(10 ) — (42 ) (24 ) Provision for bad debts (648 ) (600 ) (2,196 ) (2,098 ) Deferred income taxes 22,341 (2,492 ) 20,932 (2,191 ) Change in the fair value of interest rate swap — — 357 — Change in the estimated fair value of contingent earn-outconsideration
(31 ) (4 ) 23 (76 ) Impairment of indefinite-lived long-term assets other thangoodwill
— (2,870 ) (19 ) (2,870 )Net gain (loss) on the disposition of assets
(4,315 ) (253 ) (3,905 ) (4,653 ) Gain (loss) on early retirement of debt — 414 (2,775 ) 648 Changes in operating assets and liabilities: Accounts receivable and unbilled revenue (607 ) (1,015 ) (144 ) 2,814 Inventories (79 ) (214 ) 60 (53 ) Prepaid expenses and other current assets (464 ) (868 ) 537 (308 ) Accounts payable and accrued expenses 7,721 6,193 2,569 (1,031 ) Contract liabilities 850 985 1,427 3,365 Deferred rent expense 130 (17 ) 133 287 Other liabilities — (25 ) 3 15 Income taxes payable 2 (26 ) 51 (95 ) Net income (loss) $ 22,358 $ (3,060 ) $ 24,644 $ (3,192 ) Plus interest expense, net of capitalized interest 4,550 4,549 16,706 18,328 Plus provision for (benefit from) income taxes (22,376 ) 2,605 (20,870 ) 2,473 Plus depreciation and amortization 4,371 4,592 16,962 18,226 Less interest income (1 ) (1 ) (4 ) (5 ) EBITDA $ 8,902 $ 8,685 $ 37,438 $ 35,830Plus net (gain) loss on the disposition of assets
4,315 253 3,905 4,653 Plus change in the estimated fair value of contingent earn-outconsideration
31 4 (23 ) 76 Plus impairment of indefinite-lived long-term assets other thangoodwill
— 2,870 19 2,870 Plus change in the fair value of interest rate swap — — (357 ) — Plus (gain) loss on the early retirement of long-term debt — (414 ) 2,775 (648 ) Plus net miscellaneous income and expenses — (2 ) 80 10 Plus non-cash stock-based compensation 28 180 1,721 543 Adjusted EBITDA $ 13,276 $ 11,576 $ 45,558 $ 43,334 Less net cash paid for capital expenditures (1) (1,734 ) (2,754 ) (8,534 ) (9,267 ) Plus cash (paid) received for taxes 32 (87 ) (96 ) (186 ) Less cash paid for interest, net of capitalized interest (9,275 ) (8,437 ) (14,237 ) (17,231 ) Adjusted Free Cash Flow $ 2,299 $ 298 $ 22,691 $ 16,650 (1) Net cash paid for capital expenditures reflects actual cash payments net of cash reimbursements under tenant improvement allowances and net of property and equipment acquired in trade transactions. Selected Debt Data Outstanding at Applicable Interest Rate December 31, 2018 Senior Secured Notes due 2024 (1) $ 238,570,000 6.75 % Asset-based revolving credit facility (2) 19,660,326 4.45 %(1)
$238.6 million notes with semi-annual interest payments at an annual rate of 6.75%.
(2)
Outstanding borrowings under the ABL Facility, with interest payments due at LIBOR plus 1.5% to 2.0% per annum or prime rate plus 0.5% to 1.0% per annum.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190312005813/en/
Company Contact:Evan D. MasyrExecutive Vice President & Chief Financial Officer(805) 384-4512evan@SalemMedia.com
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