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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Audacy Inc | NYSE:AUD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0936 | 0 | 01:00:00 |
Audacy, Inc. (NYSE: AUD; OTC: AUDA) today reported financial results for the quarter ended June 30, 2023.
Second Quarter Summary
David J. Field, Chairman, President and Chief Executive Officer, stated: “Second quarter net revenues were down 6.6% in line with our quarterly guidance, reflecting challenging ad market conditions. During the quarter, we saw accelerated growth across certain of our key performance metrics including radio revenue share, station audience ratings, and digital platform usage. We also made meaningful progress on our ad tech and ad product roadmap as we work to develop important new pools of digital demand and growth.
Expenses were impacted by $10.4 million in charges related to the accelerated recognition of podcast expenses as we terminated one of our two largest podcast agreements and positioned ourselves for improved growth going forward.
We have initiated discussions with our lenders to enhance our balance sheet and establish a strong financial footing to enable the company to capitalize on its growth opportunities. Notwithstanding current challenges, Audacy has established a prominent position as a scaled, leading multi-platform audio company distinguished by our exclusive premium content, top positions across the country’s largest markets, and unrivaled leadership in news and sports radio. We continue to invest in our people, platform, content, technology and capabilities and serve our listeners and customers with excellence.
Ad market conditions remain challenging, but have stabilized entering the third quarter. We are pacing down 4% with local spot considerably stronger than national spot. We expect Audacy’s Q3 revenues to decline by mid-single digits."
Recent Company Developments
The company will not be holding a conference call regarding the second quarter earnings release.
About Audacy
Audacy, Inc. (NYSE: AUD; OTC: AUDA) is a leading multi-platform audio content and entertainment company with the country’s best collection of local music, news and sports brands, a premium podcast creator, major event producer, and digital innovator. Audacy engages 200 million consumers each month, bringing people together around content that matters to them. Learn more at www.audacyinc.com, Facebook (Audacy Corp), Twitter (@AudacyCorp), LinkedIn (@Audacy-Inc), Instagram (@lifeataudacy) and Threads (@AudacyCorp).
Certain Definitions
All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.
Core Spot Revenues consist of local spot plus national spot advertising revenues less political spot advertising revenues.
Station Expenses consist of station operating expenses excluding non-cash compensation expense.
Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.
Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); refinancing expenses; impairment loss, merger and acquisition costs, restructuring and integration costs, preferred stock dividends; COVID-19 related expenses/(recoveries); non-recurring expenses/recoveries otherwise included in corporate or station expenses; change in fair value of contingent consideration; deferred compensation expense/(income); (gain) loss on early extinguishment of debt; and (gain) loss on sale or disposal.
Adjusted Free Cash Flow consists of net income (loss): (i) plus depreciation and amortization; (gain) loss on sale or disposal; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; restructuring and integration costs, (gain) loss on early extinguishment of debt; COVID-19 related expenses/(recoveries); other expense/(income); non-recurring expenses/recoveries otherwise included in corporate or station expenses; change in fair value of contingent consideration; deferred compensation expense/(income); income from discontinued operations (excluding income taxes or tax benefit); amortization of deferred financing costs and debt premium included in interest expense; refinancing expenses; income taxes (benefit); Adjusted Income Taxes Paid; and Net Capital Expenditures.
Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.
Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on the sale of redundant property.
Non-GAAP Financial Measures
It is important to note that Adjusted EBITDA, Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”). Management believes that these measures are useful as a way to evaluate the Company and the means for Management to evaluate our performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry.
Certain adjusted non-GAAP financial measures are presented in this release. The adjustments include, among other items as defined above, gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.
Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company's financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.
Note Regarding Forward-Looking Statements
This news announcement contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements about market conditions, the Company’s revenue guidance, and the Company’s ability to capitalize on its growth opportunities, develop digital demand, enhance its balance sheet and regain compliance with the NYSE’s minimum price condition, are based upon current expectations and involve certain risks and uncertainties. Additional information and key risks applicable to these statements are described in the Company’s reports on Forms 8-K, 10-Q and 10-K and other filings the Company makes with the Securities and Exchange Commission. All of the forward-looking statements in this press release are qualified by these cautionary statements, and actual results or developments may differ materially from those in these forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements.
AUDACY, INC.
FINANCIAL DATA
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
STATEMENTS OF OPERATIONS
Net Revenues
$
298,513
$
319,439
$
558,148
$
594,734
Station Expenses
265,687
259,153
498,902
484,745
Station Expenses - Non-Cash Compensation
433
990
1,146
2,160
Corporate Expenses
25,206
23,590
49,327
47,681
Corporate Expenses - Non-Cash Compensation
674
2,113
1,852
3,933
Depreciation And Amortization
17,575
15,571
35,017
29,110
Other Expenses
243
52
353
402
Impairment Loss
125,355
1,770
130,405
3,291
Restructuring Charges
8,511
1,016
10,932
1,902
Net (Gain) On Sale Or Disposal
(9,876)
(105)
(22,280)
(2,563)
Change In Fair Value of Contingent Consideration
-
(7,987)
-
(7,704)
Total Operating Expenses
433,808
296,163
705,654
562,957
Operating Income (Loss)
(135,295)
23,276
(147,506)
31,777
Net Interest Expense
34,548
24,529
66,929
48,000
Other (Income) Expense
-
(238)
-
(238)
Income (Loss) Before Income Taxes
(169,843)
(1,015)
(214,435)
(15,985)
Income Taxes (Benefit)
(44,041)
(242)
(52,730)
(4,139)
Net Income (Loss)
$
(125,802)
$
(773)
$
(161,705)
$
(11,846)
Net Income (Loss) Per Share - Basic
$
(26.64)
$
(0.17)
$
(34.24)
$
(2.57)
Net Income (Loss) Per Share - Diluted
$
(26.64)
$
(0.17)
$
(34.24)
$
(2.57)
Weighted Common Shares Outstanding - Basic*
4,723
4,615
4,723
4,614
Weighted Common Shares Outstanding - Diluted*
4,723
4,615
4,723
4,614
*Stock split applied
SUPPLEMENTAL BREAKDOWN OF REVENUE BY TYPE
Spot (local and national)
187,114
204,486
346,423
379,621
Digital (including podcasting)
66,655
69,300
123,580
127,339
Network
20,824
21,789
40,692
42,929
Sponsorships and Events
11,938
11,638
24,382
21,964
Other
11,982
12,226
23,071
22,881
$
298,513
$
319,439
$
558,148
$
594,734
Political
$
1,265
$
4,029
$
2,111
$
5,288
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
SUPPLEMENTAL BREAKDOWN OF REVENUE BY FORMAT
Music
145,317
158,581
273,439
299,045
Sports
65,612
64,828
118,753
117,898
News/Talk
44,087
51,764
86,455
100,114
Non-format specific
43,497
44,266
79,501
77,677
$
298,513
$
319,439
$
558,148
$
594,734
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Net Capital Expenditures
$
11,406
$
32,382
$
25,024
$
46,904
Adjusted Income Taxes Paid (Refunded)
$
1,448
$
409
$
1,687
$
(14,792)
June 30,
December 31,
SELECTED BALANCE SHEET DATA
2023
2022
Cash and Cash Equivalents
$
80,667
$
103,344
Senior Debt - Term B-2 Loan (Includes Current Portion)
$
632,415
$
632,415
Senior Debt - Revolver (Includes Current Portion)
$
219,000
$
180,000
Senior Secured Notes - 2027
$
460,000
$
460,000
Senior Secured Notes - 2029
$
540,000
$
540,000
Accounts Receivable Facility
$
75,000
$
75,000
Total Shareholders' Equity
$
360,574
$
520,619
OTHER FINANCIAL DATA
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA and To Adjusted Free Cash Flow
Net Income (Loss)
$
(125,802)
$
(773)
$
(161,705)
$
(11,846)
Income Taxes (Benefit)
(44,041)
(242)
(52,730)
(4,139)
Net Interest Expense
34,548
24,529
66,929
48,000
Corporate Expenses - Non-Cash Compensation
674
2,113
1,852
3,933
Station Expenses - Non-Cash Compensation
433
990
1,146
2,160
Depreciation And Amortization
17,575
15,571
35,017
29,110
Other Expenses
222
147
268
497
Restructuring Charges
8,511
1,016
10,932
1,902
COVID-19 Related Expenses
-
164
91
353
Non-Recurring Expenses Otherwise Included in Corporate Expenses
3
1,525
42
1,687
Liability Management Expenses
5,825
-
6,971
-
Impairment Loss
125,355
1,770
130,405
3,291
Contingent Consideration Accretion and Remeasurements
0
(7,987)
0
(7,704)
Deferred Compensation Expense
965
-
965
-
Other (Income) Expense
-
(238)
-
(238)
Net (Gain) Loss On Sale Or Disposal of Assets
(9,876)
(105)
(22,280)
(2,563)
Adjusted EBITDA
14,392
38,480
17,903
64,443
Net Interest Expense
(34,548)
(24,529)
(66,929)
(48,000)
Deferred Financing Costs Included In Interest Expense
2,176
1,281
3,440
2,540
Amortization Debt Premium Included In Interest Expense
(255)
(256)
(511)
(512)
Net Capital Expenditures
(11,406)
(32,382)
(25,024)
(46,904)
Adjusted Income Taxes (Paid) Refunded
(1,448)
(409)
(1,687)
14,792
Adjusted Free Cash Flow
$
(31,089)
$
(17,815)
$
(72,808)
$
(13,641)
1 Unless otherwise indicated, the information in this earnings release gives effect to the Reverse Stock Split.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803840225/en/
Investor Contacts: Joseph Jaffoni, Jennifer Neuman, Norberto Aja JCIR (212) 835-2500 AUD@jcir.com
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