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As Of Filer Filing For·On·As Docs:Size Issuer Agent 7/25/14 Townsquare Media, Inc. 424B4 1:15M Toppan Vite NY Inc./FA |
Document/Exhibit Description Pages Size 1: 424B4 Final Prospectus HTML 6.35M
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Per Share |
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Total |
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---|---|---|---|---|---|---|---|---|
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Public offering price |
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$11.00 |
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$91,666,663 |
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Underwriting discounts and commissions |
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$0.77 |
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$6,416,666 |
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Proceeds, before expenses, to us |
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$10.23 |
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$85,249,997 |
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BofA Merrill Lynch |
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Jefferies |
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RBC Capital Markets |
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Guggenheim Securities |
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Macquarie Capital |
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Year Ended December 31, |
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Three Months Ended March 31, |
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($ in thousands, except share and per share data) |
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2012 |
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2013 |
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2013 |
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2014 |
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Statement of Operations Data: |
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Net revenue |
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$ |
222,736 |
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$ |
268,578 |
|
|
|
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$ |
53,473 |
|
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$ |
79,161 |
|
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$ |
345,111 |
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$ |
79,161 |
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| ||||||
|
Operating costs and expenses: |
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Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
153,103 |
|
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|
|
|
185,214 |
|
|
|
|
|
40,476 |
|
|
|
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|
57,742 |
|
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|
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|
229,071 |
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|
|
57,742 |
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| ||||||
|
Depreciation and amortization |
|
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|
|
14,824 |
|
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|
|
|
15,189 |
|
|
|
|
|
4,026 |
|
|
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|
|
4,386 |
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18,714 |
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|
|
4,386 |
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| ||||||
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Corporate expenses |
|
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|
17,750 |
|
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|
|
|
21,124 |
|
|
|
|
|
3,791 |
|
|
|
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|
5,437 |
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|
|
23,846 |
|
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|
|
5,437 |
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| ||||||
|
Transaction and other restructuring costs |
|
|
|
|
1,782 |
|
|
|
|
|
2,001 |
|
|
|
|
|
1 |
|
|
|
|
|
28 |
|
|
|
|
|
2,001 |
|
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|
|
|
28 |
|
| ||||||
|
Change in fair value of contingent consideration |
|
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|
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— |
|
|
|
|
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(1,100 |
) |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(1,100 |
) |
|
|
|
|
|
— |
|
| ||||
|
Net loss (gain) on sale of assets |
|
|
|
|
123 |
|
|
|
|
|
(36 |
) |
|
|
|
|
|
(45 |
) |
|
|
|
|
|
(110 |
) |
|
|
|
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|
(33 |
) |
|
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|
|
(110 |
) |
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| |
|
Total operating costs and expenses |
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|
|
|
187,582 |
|
|
|
|
|
222,392 |
|
|
|
|
|
48,249 |
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|
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67,483 |
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|
|
|
272,499 |
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|
|
67,483 |
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| ||||||
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Operating income |
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|
35,154 |
|
|
|
|
|
46,186 |
|
|
|
|
|
5,224 |
|
|
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|
11,678 |
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72,612 |
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|
11,678 |
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| ||||||
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Other (expense) income: |
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Interest expense, net |
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|
(28,291 |
) |
|
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|
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(35,620 |
) |
|
|
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(7,409 |
) |
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(12,080 |
) |
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(46,919 |
) |
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(10,852 |
) |
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Loss on early extinguishment of debt |
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— |
|
|
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|
|
— |
|
|
|
|
|
— |
|
|
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|
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— |
|
|
|
|
|
(199 |
) |
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|
|
|
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— |
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| |||||
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Net loss on derivative instruments |
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(129 |
) |
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|
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(1 |
) |
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(1 |
) |
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— |
|
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|
(1 |
) |
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|
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|
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— |
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| ||
|
Other income (expense), net |
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|
|
6 |
|
|
|
|
|
(114 |
) |
|
|
|
|
|
(12 |
) |
|
|
|
|
|
(37 |
) |
|
|
|
|
|
(114 |
) |
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|
|
|
(37 |
) |
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| |
|
Total other expense |
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|
|
|
(28,414 |
) |
|
|
|
|
|
(35,735 |
) |
|
|
|
|
|
(7,422 |
) |
|
|
|
|
|
(12,117 |
) |
|
|
|
|
|
(47,233 |
) |
|
|
|
|
|
(10,889 |
) |
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|
|
Income (loss) before income taxes |
|
|
|
|
6,740 |
|
|
|
|
|
10,451 |
|
|
|
|
|
(2,198 |
) |
|
|
|
|
|
(439 |
) |
|
|
|
|
|
25,379 |
|
|
|
|
|
789 |
|
| ||||
|
Provision for income taxes |
|
|
|
|
340 |
|
|
|
|
|
340 |
|
|
|
|
|
85 |
|
|
|
|
|
91 |
|
|
|
|
|
9,872 |
|
|
|
|
|
307 |
|
| ||||||
|
Net income (loss) |
|
|
|
$ |
6,400 |
|
|
|
|
$ |
10,111 |
|
|
|
|
$ |
(2,283 |
) |
|
|
|
|
$ |
(530 |
) |
|
|
|
|
$ |
15,507 |
|
|
|
|
$ |
482 |
|
| ||||
|
Balance Sheet Data (at end of period): |
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|
|
|
|
|
|
|
|
|
|
|
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| ||||||
|
Cash |
|
|
|
$ |
22,305 |
|
|
|
|
$ |
45,647 |
|
|
|
|
$ |
28,896 |
|
|
|
|
$ |
57,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Working capital |
|
|
|
|
31,440 |
|
|
|
|
|
58,486 |
|
|
|
|
|
30,679 |
|
|
|
|
|
60,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Total assets |
|
|
|
|
610,121 |
|
|
|
|
|
939,203 |
|
|
|
|
|
613,783 |
|
|
|
|
|
941,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Total debt, including current maturities |
|
|
|
|
367,447 |
|
|
|
|
|
653,472 |
|
|
|
|
|
367,156 |
|
|
|
|
|
653,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Members’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Controlling interest |
|
|
|
|
207,896 |
|
|
|
|
|
234,039 |
|
|
|
|
|
205,613 |
|
|
|
|
|
233,668 |
|
|
|
|
|
|
|
| | | | | | | | |||||
|
Non-controlling interest |
|
|
|
|
442 |
|
|
|
|
|
492 |
|
|
|
|
|
442 |
|
|
|
|
|
492 |
|
|
|
|
|
|
|
| | | | | | | | |||||
|
Cash Flow Data: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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| ||||||
|
Cash flow provided by operating activities |
|
|
|
$ |
19,847 |
|
|
|
|
$ |
26,204 |
|
|
|
|
$ |
9,116 |
|
|
|
|
$ |
14,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cash flow used in investing activities |
|
|
|
|
(142,200 |
) |
|
|
|
|
|
(286,170 |
) |
|
|
|
|
|
(2,061 |
) |
|
|
|
|
|
(2,079 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Cash flow provided by (used in) financing activities |
|
|
|
|
119,666 |
|
|
|
|
|
283,308 |
|
|
|
|
|
(464 |
) |
|
|
|
|
|
(424 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Pro forma C corporation data (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Historical profit (loss) before taxes |
|
|
|
|
|
|
|
|
|
|
10,451 |
|
|
|
|
|
|
|
|
|
|
|
(439 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Pro forma income taxes |
|
|
|
|
|
|
|
|
|
|
4,065 |
|
|
|
|
|
|
|
|
|
|
|
(171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Pro forma net income (loss) |
|
|
|
|
|
|
|
|
|
$ |
6,386 |
|
|
|
|
|
|
|
|
|
|
$ |
(268 |
) |
|
|
|
|
|
|
|
|
|
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|
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| |||||
|
Pro forma net income (loss) per share(1): |
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|
|
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| ||||||
|
Basic |
|
|
|
|
|
|
|
|
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
$ |
(0.03 |
) |
|
|
|
|
$ |
0.95 |
|
|
|
|
$ |
0.03 |
|
| |||||
|
Diluted |
|
|
|
|
|
|
|
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
$ |
(0.03 |
) |
|
|
|
|
$ |
0.61 |
|
|
|
|
$ |
0.02 |
|
| |||||
|
Weighted average shares outstanding(1)(2): |
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|
|
|
|
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|
|
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|
|
|
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|
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|
|
|
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| ||||||
|
Basic |
|
|
|
|
|
|
|
|
|
|
7,567,623 |
|
|
|
|
|
|
|
|
|
|
|
7,887,109 |
|
|
|
|
|
16,355,501 |
|
|
|
|
|
16,674,987 |
|
| ||||||
|
Diluted(3) |
|
|
|
|
|
|
|
|
|
|
16,736,145 |
|
|
|
|
|
|
|
|
|
|
|
7,887,109 |
|
|
|
|
|
25,524,024 |
|
|
|
|
|
26,183,865 |
|
| ||||||
|
Other Financial Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Direct Profit(4) |
|
|
|
|
69,633 |
|
|
|
|
|
83,364 |
|
|
|
|
|
12,997 |
|
|
|
|
|
21,419 |
|
|
|
|
|
116,040 |
|
|
|
|
|
21,419 |
|
| ||||||
|
Adjusted EBITDA(4) |
|
|
|
|
51,883 |
|
|
|
|
|
62,240 |
|
|
|
|
|
9,206 |
|
|
|
|
|
16,141 |
|
|
|
|
|
92,194 |
|
|
|
|
|
16,141 |
|
| ||||||
|
Adjusted EBITDA excluding duplicative corporate expenses(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94,916 |
|
|
|
|
|
16,141 |
|
| ||||||
|
Capital expenditures |
|
|
|
|
9,894 |
|
|
|
|
|
9,526 |
|
|
|
|
|
1,941 |
|
|
|
|
|
1,995 |
|
|
|
|
|
9,855 |
|
|
|
|
|
1,995 |
|
| ||||||
|
Adjusted EBITDA adjusted for certain expenditures(4) |
|
|
|
$ |
21,996 |
|
|
|
|
$ |
20,829 |
|
|
|
|
$ |
6,215 |
|
|
|
|
$ |
12,242 |
|
|
|
|
$ |
41,505 |
|
|
|
|
$ |
12,994 |
|
| ||||||
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
Year Ended December 31, |
|
|
Three Months Ended March 31, |
|
|
|
|
| ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2012 |
|
|
2013 |
|
|
2013 |
|
|
2014 |
| ||||||||||||||||||||||||||||||
|
Net income (loss) |
|
|
|
$ |
6,400 |
|
|
|
|
$ |
10,111 |
|
|
|
|
$ |
(2,283 |
) |
|
|
|
|
$ |
(530 |
) |
|
|
|
|
$ |
15,507 |
|
|
|
|
$ |
482 |
|
| ||||
|
Provision for income taxes |
|
|
|
|
340 |
|
|
|
|
|
340 |
|
|
|
|
|
85 |
|
|
|
|
|
91 |
|
|
|
|
|
9,872 |
|
|
|
|
|
307 |
|
| ||||||
|
Interest expense, net |
|
|
|
|
28,291 |
|
|
|
|
|
35,620 |
|
|
|
|
|
7,409 |
|
|
|
|
|
12,080 |
|
|
|
|
|
46,919 |
|
|
|
|
|
10,852 |
|
| ||||||
|
Transaction and other restructuring costs(a) |
|
|
|
|
1,782 |
|
|
|
|
|
2,001 |
|
|
|
|
|
1 |
|
|
|
|
|
28 |
|
|
|
|
|
2,001 |
|
|
|
|
|
28 |
|
| ||||||
|
Depreciation and amortization |
|
|
|
|
14,824 |
|
|
|
|
|
15,189 |
|
|
|
|
|
4,026 |
|
|
|
|
|
4,386 |
|
|
|
|
|
18,714 |
|
|
|
|
|
4,386 |
|
| ||||||
|
Corporate expenses(b) |
|
|
|
|
17,750 |
|
|
|
|
|
21,124 |
|
|
|
|
|
3,791 |
|
|
|
|
|
5,437 |
|
|
|
|
|
23,846 |
|
|
|
|
|
5,437 |
|
| ||||||
|
Other(c) |
|
|
|
|
246 |
|
|
|
|
|
(1,021 |
) |
|
|
|
|
|
(32 |
) |
|
|
|
|
|
(73 |
) |
|
|
|
|
|
(819 |
) |
|
|
|
|
|
(73 |
) |
|
| |
|
Direct Profit |
|
|
|
|
69,633 |
|
|
|
|
|
83,364 |
|
|
|
|
|
12,997 |
|
|
|
|
|
21,419 |
|
|
|
|
|
116,040 |
|
|
|
|
|
21,419 |
|
| ||||||
|
Corporate expenses(b) |
|
|
|
|
(17,750 |
) |
|
|
|
|
|
(21,124 |
) |
|
|
|
|
|
(3,791 |
) |
|
|
|
|
|
(5,437 |
) |
|
|
|
|
|
(23,846 |
) |
|
|
|
|
|
(5,437 |
) |
|
|
|
Stock-based compensation |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
159 |
|
|
|
|
|
— |
|
|
|
|
|
159 |
|
| ||||||
|
Adjusted EBITDA |
|
|
|
|
51,883 |
|
|
|
|
|
62,240 |
|
|
|
|
|
9,206 |
|
|
|
|
|
16,141 |
|
|
|
|
|
92,194 |
|
|
|
|
|
16,141 |
|
| ||||||
|
Adjustment to corporate expenses to reflect removal of duplicative acquired company corporate expenses(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,722 |
|
|
|
|
|
— |
|
| ||||||
|
Adjusted EBITDA excluding duplicative corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94,916 |
|
|
|
|
|
16,141 |
|
| ||||||
|
Net cash interest expense |
|
|
|
|
(19,757 |
) |
|
|
|
|
|
(31,392 |
) |
|
|
|
|
|
(930 |
) |
|
|
|
|
|
(1,894 |
) |
|
|
|
|
|
(44,216 |
) |
|
|
|
|
|
(1,426 |
) |
|
|
|
Capital expenditures |
|
|
|
|
(9,894 |
) |
|
|
|
|
|
(9,526 |
) |
|
|
|
|
|
(1,941 |
) |
|
|
|
|
|
(1,995 |
) |
|
|
|
|
|
(9,855 |
) |
|
|
|
|
|
(1,995 |
) |
|
|
|
Cash paid for taxes(e) |
|
|
|
|
(236 |
) |
|
|
|
|
|
(493 |
) |
|
|
|
|
|
(120 |
) |
|
|
|
|
|
(10 |
) |
|
|
|
|
|
(493 |
) |
|
|
|
|
|
(10 |
) |
|
|
|
Adjusted EBITDA adjusted for certain expenditures |
|
|
|
$ |
21,996 |
|
|
|
|
$ |
20,829 |
|
|
|
|
$ |
6,215 |
|
|
|
|
$ |
12,242 |
|
|
|
|
$ |
40,352 |
|
|
|
|
$ |
12,710 |
|
| ||||||
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
As of March 31, 2014 |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
(in thousands) |
|
|
Actual |
|
|
Pro Forma |
| ||||||||
|
Cash(1) |
|
|
|
$ |
57,339 |
|
|
|
|
$ |
18,437 |
|
| ||
|
Debt: |
| | | | | | | | | | | | | | |
|
Senior Secured Credit Facility |
| | | | | | | | | | | | | | |
|
Revolving credit facility(2) |
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||
|
Term loans |
|
|
|
|
202,468 |
|
|
|
|
|
112,468 |
|
| ||
|
Senior PIK Notes |
|
|
|
|
31,151 |
|
|
|
|
|
— |
|
| ||
|
Capitalized obligations |
|
|
|
|
525 |
|
|
|
|
|
525 |
|
| ||
|
Total Secured Debt |
|
|
|
|
234,144 |
|
|
|
|
|
112,993 |
|
| ||
|
Senior Notes(3) |
|
|
|
|
410,900 |
|
|
|
|
|
410,900 |
|
| ||
|
Total Debt |
|
|
|
|
645,044 |
|
|
|
|
|
523,893 |
|
| ||
|
Total Members’ Equity/Stockholders’ Equity(4) |
|
|
|
|
234,160 |
|
|
|
|
|
315,494 |
|
| ||
|
Total Capitalization |
|
|
|
$ |
879,204 |
|
|
|
|
$ |
839,387 |
|
| ||
| | | | | | | | |
|
Initial public offering price per share |
|
|
|
|
|
|
|
|
|
$ |
11.00 |
|
| ||
|
Net tangible book value per share as of March 31, 2014 after giving effect to the Conversion |
|
|
|
$ |
(27.14 |
) |
|
| | | | | | | |
|
Increase per share attributable to new investors |
|
|
|
$ |
11.78 |
|
| | | | | | | | |
|
|
| | | | | | | | | | | | | | |
|
Pro forma net tangible book value per share after this offering |
|
|
|
|
|
|
|
|
|
$ |
(15.37 |
) |
|
| |
|
Dilution per share to new investors |
|
|
|
|
|
|
|
|
|
$ |
26.37 |
|
| ||
| | | | | | | | |
|
|
|
|
Shares Purchased |
|
|
Total Consideration |
|
|
Average Price Per Share |
| ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Number |
|
|
Percent |
|
|
Amount (millions) |
|
|
Percent |
| |||||||||||||||||||||||
|
Existing stockholders |
|
|
|
|
433,909 |
|
|
|
|
|
4.9 |
% |
|
|
|
|
$ |
5.0 |
|
|
|
|
|
5.2 |
% |
|
|
|
|
$ |
11.59 |
|
| |||
|
New investors |
|
|
|
|
8,333,333 |
|
|
|
|
|
95.1 |
% |
|
|
|
|
$ |
91.7 |
|
|
|
|
|
94.8 |
% |
|
|
|
|
$ |
11.00 |
|
| |||
|
Total |
|
|
|
|
8,767,242 |
|
|
|
|
|
100.0 |
% |
|
|
|
|
$ |
96.7 |
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
| |||
| | | | | | | | | | | | | | | | | |
|
|
|
|
Year Ended December 31, |
|
|
Three Months Ended March 31, |
| ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands, except share and per share data) |
|
|
2012 |
|
|
2013 |
|
|
2013 |
|
|
2014 |
| ||||||||||||||||
|
Statement of Operations Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net revenue |
|
|
|
$ |
222,736 |
|
|
|
|
$ |
268,578 |
|
|
|
|
$ |
53,473 |
|
|
|
|
$ |
79,161 |
|
| ||||
|
Operating costs and expenses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
153,103 |
|
|
|
|
|
185,214 |
|
|
|
|
|
40,476 |
|
|
|
|
|
57,742 |
|
| ||||
|
Depreciation and amortization |
|
|
|
|
14,824 |
|
|
|
|
|
15,189 |
|
|
|
|
|
4,026 |
|
|
|
|
|
4,386 |
|
| ||||
|
Corporate expenses |
|
|
|
|
17,750 |
|
|
|
|
|
21,124 |
|
|
|
|
|
3,791 |
|
|
|
|
|
5,437 |
|
| ||||
|
Transaction and other restructuring costs |
|
|
|
|
1,782 |
|
|
|
|
|
2,001 |
|
|
|
|
|
1 |
|
|
|
|
|
28 |
|
| ||||
|
Change in fair value of contingent consideration |
|
|
|
|
— |
|
|
|
|
|
(1,100 |
) |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| |||
|
Net loss (gain) on sale of assets |
|
|
|
|
123 |
|
|
|
|
|
(36 |
) |
|
|
|
|
|
(45 |
) |
|
|
|
|
|
(110 |
) |
|
| |
|
Total operating costs and expenses |
|
|
|
|
187,582 |
|
|
|
|
|
222,392 |
|
|
|
|
|
48,249 |
|
|
|
|
|
67,483 |
|
| ||||
|
Operating income |
|
|
|
|
35,154 |
|
|
|
|
|
46,186 |
|
|
|
|
|
5,224 |
|
|
|
|
|
11,678 |
|
| ||||
|
Other (expense) income: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest expense, net |
|
|
|
|
(28,291 |
) |
|
|
|
|
|
(35,620 |
) |
|
|
|
|
|
(7,409 |
) |
|
|
|
|
|
(12,080 |
) |
|
|
|
Net loss on derivative instruments |
|
|
|
|
(129 |
) |
|
|
|
|
|
(1 |
) |
|
|
|
|
|
(1 |
) |
|
|
|
|
|
— |
|
| |
|
Other income (expense), net |
|
|
|
|
6 |
|
|
|
|
|
(114 |
) |
|
|
|
|
|
(12 |
) |
|
|
|
|
|
(37 |
) |
|
| |
|
Total other expense |
|
|
|
|
(28,414 |
) |
|
|
|
|
|
(35,735 |
) |
|
|
|
|
|
(7,422 |
) |
|
|
|
|
|
(12,117 |
) |
|
|
|
Income (loss) before income taxes |
|
|
|
|
6,740 |
|
|
|
|
|
10,451 |
|
|
|
|
|
(2,198 |
) |
|
|
|
|
|
(439 |
) |
|
| ||
|
Provision for income taxes |
|
|
|
|
340 |
|
|
|
|
|
340 |
|
|
|
|
|
85 |
|
|
|
|
|
91 |
|
| ||||
|
Net income (loss) |
|
|
|
$ |
6,400 |
|
|
|
|
$ |
10,111 |
|
|
|
|
$ |
(2,283 |
) |
|
|
|
|
$ |
(530 |
) |
|
| ||
|
Pro forma C corporation data (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Historical profit (loss) before taxes |
|
|
|
|
|
|
|
|
|
|
10,451 |
|
|
|
|
|
|
|
|
|
|
|
(439 |
) |
|
| |||
|
Pro forma income taxes |
|
|
|
|
|
|
|
|
|
|
4,065 |
|
|
|
|
|
|
|
|
|
|
|
(171 |
) |
|
| |||
|
Pro forma net income (loss) |
|
|
|
|
|
|
|
|
|
$ |
6,386 |
|
|
|
|
|
|
|
|
|
|
$ |
(268 |
) |
|
| |||
|
Pro forma net income (loss) per share(1): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic |
|
|
|
|
|
|
|
|
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
$ |
(0.03 |
) |
|
| |||
|
Diluted |
|
|
|
|
|
|
|
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
$ |
(0.03 |
) |
|
| |||
|
Weighted Average Shares Outstanding(1)(2): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic |
|
|
|
|
|
|
|
|
|
|
7,567,623 |
|
|
|
|
|
|
|
|
|
|
|
7,887,109 |
|
| ||||
|
Diluted(3) |
|
|
|
|
|
|
|
|
|
|
16,736,145 |
|
|
|
|
|
|
|
|
|
|
|
7,887,109 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
Year Ended December 31, |
|
|
Three Months Ended March 31, 2014 |
| |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2012 |
|
|
2013 |
| |||||||||||||||
|
Selected Balance Sheet Data (at end of period): |
| | | | | | | | | | | | | | | | | | | | | |
|
Cash |
|
|
|
$ |
22,305 |
|
|
|
|
$ |
45,647 |
|
|
|
|
$ |
57,339 |
|
| |||
|
Working capital |
|
|
|
|
31,440 |
|
|
|
|
|
58,486 |
|
|
|
|
|
60,681 |
|
| |||
|
Total assets |
|
|
|
|
610,121 |
|
|
|
|
|
939,203 |
|
|
|
|
|
941,897 |
|
| |||
|
Total debt, including current maturities |
|
|
|
|
367,447 |
|
|
|
|
|
653,472 |
|
|
|
|
|
653,518 |
|
| |||
|
Members’ equity: |
| | | | | | | | | | | | | | | | | | | | | |
|
Controlling interest |
|
|
|
|
207,896 |
|
|
|
|
|
234,039 |
|
|
|
|
|
233,668 |
|
| |||
|
Non-controlling interest |
|
|
|
|
442 |
|
|
|
|
|
492 |
|
|
|
|
|
492 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| | | | | | | | | | | |
|
($ in thousands) |
|
|
Townsquare Media, LLC |
|
|
Pro Forma Adjustments for the Offering |
|
|
Townsquare Media, LLC Pro Forma for the Offering |
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Local Advertising net revenue |
|
|
|
|
65,272 |
|
|
|
|
|
|
|
|
|
|
|
65,272 |
|
| |||
|
Other Media and Entertainment net revenue |
|
|
|
|
13,889 |
|
|
|
|
|
|
|
|
|
|
|
13,889 |
|
| |||
|
Net revenue |
|
|
|
$ |
79,161 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
79,161 |
|
| |||
|
Local Advertising direct operating expenses |
|
|
|
|
45,074 |
|
|
|
|
|
|
|
|
|
|
|
45,074 |
|
| |||
|
Other Media and Entertainment direct operating expenses |
|
|
|
|
12,668 |
|
|
|
|
|
|
|
|
|
|
|
12,668 |
|
| |||
|
Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
57,742 |
|
|
|
|
|
— |
|
|
|
|
|
57,742 |
|
| |||
|
Depreciation and amortization |
|
|
|
|
4,386 |
|
|
|
|
|
|
|
|
|
|
|
4,386 |
|
| |||
|
Corporate expenses |
|
|
|
|
5,437 |
|
|
|
|
|
|
|
|
|
|
|
5,437 |
|
| |||
|
Transaction and other restructuring costs |
|
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
28 |
|
| |||
|
Net gain on sale of assets |
|
|
|
|
(110 |
) |
|
|
|
|
|
|
|
|
|
|
|
(110 |
) |
|
| |
|
Total operating costs and expenses |
|
|
|
|
67,483 |
|
|
|
|
|
— |
|
|
|
|
|
67,483 |
|
| |||
|
Operating income |
|
|
|
|
11,678 |
|
|
|
|
|
— |
|
|
|
|
|
11,678 |
|
| |||
|
Other (expense) income: |
| | | | | | | | | | | | | | | | | | | | | |
|
Interest expense, net |
|
|
|
|
(12,080 |
) |
|
|
|
|
|
1,228 |
(1) |
|
|
|
|
|
(10,852 |
) |
|
|
|
Other expense, net |
|
|
|
|
(37 |
) |
|
|
|
|
|
— |
|
|
|
|
|
(37 |
) |
|
| |
|
(Loss) income before income taxes |
|
|
|
|
(439 |
) |
|
|
|
|
|
1,228 |
|
|
|
|
|
789 |
|
| ||
|
Provision for income taxes |
|
|
|
|
91 |
|
|
|
|
|
216 |
(2) |
|
|
|
|
|
307 |
|
| ||
|
Net (loss) income |
|
|
|
$ |
(530 |
) |
|
|
|
|
$ |
1,012 |
|
|
|
|
$ |
482 |
|
| ||
| | | | | | | | | | | |
|
Removal of cash interest expense on incremental term loans related to $51.1 million contemplated paydown with proceeds of this offering, assuming historical 1-month LIBOR (3.66% for the period) |
|
|
|
$ |
468 |
|
| |
|
Removal of non-cash interest expense on Senior PIK Notes related to contemplated paydown with proceeds of this offering |
|
|
|
|
760 |
|
| |
|
Total |
|
|
|
$ |
1,228 |
|
| |
| | | | |
|
Removal of historical Townsquare Media provision for income taxes |
|
|
|
$ |
(91 |
) |
|
|
|
Inclusion of provision for income taxes at an assumed 38.9% corporate tax rate |
|
|
|
|
307 |
|
| |
|
Total |
|
|
|
$ |
216 |
|
| |
| | | | |
|
($ in thousands) |
|
|
Townsquare Media, LLC |
|
|
Boise Jan 1, – Nov 13, 2013 |
|
|
Cumulus II Jan 1, – Nov 13, 2013 |
|
|
Live Events |
|
|
Divestitures(1) |
|
|
Pro Forma Adjustments for the Transactions |
|
|
Townsquare Media, LLC Pro Forma for the Transactions |
|
|
Pro Forma Adjustments for the Offering |
|
|
Townsquare Media, LLC Pro Forma for the Offering |
| ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Local Advertising net revenue |
|
|
|
$ |
229,653 |
|
|
|
|
$ |
7,075 |
|
|
|
|
$ |
58,338 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
(2 |
) |
|
|
|
|
$ |
— |
|
|
|
|
$ |
295,064 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
295,064 |
|
| ||||||||
|
Other Media and Entertainment net revenue |
|
|
|
|
38,925 |
|
|
|
|
|
730 |
|
|
|
|
|
3,153 |
|
|
|
|
|
7,239 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
50,047 |
|
|
|
|
|
— |
|
|
|
|
|
50,047 |
|
| |||||||||
|
Net revenue |
|
|
|
|
268,578 |
|
|
|
|
|
7,805 |
|
|
|
|
|
61,491 |
|
|
|
|
|
7,239 |
|
|
|
|
|
(2 |
) |
|
|
|
|
|
— |
|
|
|
|
|
345,111 |
|
|
|
|
|
— |
|
|
|
|
|
345,111 |
|
| ||||||||
|
Local Advertising direct operating expenses |
|
|
|
|
147,720 |
|
|
|
|
|
5,346 |
|
|
|
|
|
31,888 |
|
|
|
|
|
— |
|
|
|
|
|
(10 |
) |
|
|
|
|
|
— |
|
|
|
|
|
184,944 |
|
|
|
|
|
— |
|
|
|
|
|
184,944 |
|
| ||||||||
|
Other Media and Entertainment direct operating expenses |
|
|
|
|
37,494 |
|
|
|
|
|
316 |
|
|
|
|
|
846 |
|
|
|
|
|
5,472 |
|
|
|
|
|
(1 |
) |
|
|
|
|
|
— |
|
|
|
|
|
44,127 |
|
|
|
|
|
— |
|
|
|
|
|
44,127 |
|
| ||||||||
|
Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
185,214 |
|
|
|
|
|
5,662 |
|
|
|
|
|
32,734 |
|
|
|
|
|
5,472 |
|
|
|
|
|
(11 |
) |
|
|
|
|
|
— |
|
|
|
|
|
229,071 |
|
|
|
|
|
— |
|
|
|
|
|
229,071 |
|
| ||||||||
|
Depreciation and amortization |
|
|
|
|
15,189 |
|
|
|
|
|
560 |
|
|
|
|
|
4,439 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(1,474 |
)(2) |
|
|
|
|
|
18,714 |
|
|
|
|
|
— |
|
|
|
|
|
18,714 |
|
| ||||||||
|
Corporate expenses |
|
|
|
|
21,124 |
|
|
|
|
|
238 |
|
|
|
|
|
2,484 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
23,846 |
|
|
|
|
|
— |
|
|
|
|
|
23,846 |
|
| |||||||||
|
Change in fair value of contingent consideration |
|
|
|
|
(1,100 |
) |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(1,100 |
) |
|
|
|
|
|
— |
|
|
|
|
|
(1,100 |
) |
|
| ||||||
|
Transaction and other restructuring costs |
|
|
|
|
2,001 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,001 |
|
|
|
|
|
— |
|
|
|
|
|
2,001 |
|
| |||||||||
|
Net (gain) loss on sale of assets |
|
|
|
|
(36 |
) |
|
|
|
|
|
— |
|
|
|
|
|
3 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(33 |
) |
|
|
|
|
|
— |
|
|
|
|
|
(33 |
) |
|
| ||||||
|
Total operating costs and expenses |
|
|
|
|
222,392 |
|
|
|
|
|
6,460 |
|
|
|
|
|
39,660 |
|
|
|
|
|
5,472 |
|
|
|
|
|
(11 |
) |
|
|
|
|
|
(1,474 |
) |
|
|
|
|
|
272,499 |
|
|
|
|
|
— |
|
|
|
|
|
272,499 |
|
| |||||||
|
Operating income |
|
|
|
|
46,186 |
|
|
|
|
|
1,345 |
|
|
|
|
|
21,831 |
|
|
|
|
|
1,767 |
|
|
|
|
|
9 |
|
|
|
|
|
1,474 |
|
|
|
|
|
72,612 |
|
|
|
|
|
— |
|
|
|
|
|
72,612 |
|
| |||||||||
|
Other (expense) income: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest expense, net |
|
|
|
|
(35,620 |
) |
|
|
|
|
|
(785 |
) |
|
|
|
|
|
(6,839 |
) |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(8,661 |
)(3) |
|
|
|
|
|
(51,905 |
) |
|
|
|
|
|
4,986 |
(4) |
|
|
|
|
|
(46,919 |
) |
|
| ||
|
Loss on early extinguishment of debt |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(199 |
) |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(199 |
) |
|
|
|
|
|
— |
|
|
|
|
|
(199 |
) |
|
| ||||||
|
Net loss on derivative instruments |
|
|
|
|
(1 |
) |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(1 |
) |
|
|
|
|
|
— |
|
|
|
|
|
(1 |
) |
|
| ||||||
|
Other expense, net |
|
|
|
|
(114 |
) |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(114 |
) |
|
|
|
|
|
— |
|
|
|
|
|
(114 |
) |
|
| ||||||
|
Income before income taxes |
|
|
|
|
10,451 |
|
|
|
|
|
560 |
|
|
|
|
|
14,793 |
|
|
|
|
|
1,767 |
|
|
|
|
|
9 |
|
|
|
|
|
(7,187 |
) |
|
|
|
|
|
20,393 |
|
|
|
|
|
4,986 |
|
|
|
|
|
25,379 |
|
| ||||||||
|
Provision for income taxes |
|
|
|
|
340 |
|
|
|
|
|
— |
|
|
|
|
|
5,956 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(5,956 |
)(5) |
|
|
|
|
|
340 |
|
|
|
|
|
9,532 |
(6) |
|
|
|
|
|
9,872 |
|
| |||||||
|
Net income (loss) |
|
|
|
$ |
10,111 |
|
|
|
|
$ |
560 |
|
|
|
|
$ |
8,837 |
|
|
|
|
$ |
1,767 |
|
|
|
|
$ |
9 |
|
|
|
|
$ |
(1,231 |
) |
|
|
|
|
$ |
20,053 |
|
|
|
|
$ |
(4,546 |
) |
|
|
|
|
$ |
15,507 |
|
| |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(1) |
|
|
Divestitures include results of operations for KDOK-AM sold in January 2013 and KDBN-FM sold in July 2013. |
| | | | | | | |
|
(2) |
|
|
Pro forma adjustments to depreciation and amortization include the following: |
| | | | | | | |
|
|
|
|
Removal of Cumulus II depreciation |
|
|
|
$ |
(4,439 |
) |
|
|
|
|
|
|
Removal of Boise depreciation |
|
|
|
|
(560 |
) |
|
|
|
|
|
|
Inclusion of Boise depreciation for period January 1, 2013 through November 13, 2013 at fair market value |
|
|
|
|
285 |
|
| |
|
|
|
|
Inclusion of Cumulus II depreciation for period January 1, 2013 through November 13, 2013 at fair market value |
|
|
|
|
3,240 |
|
| |
|
|
|
|
Total |
|
|
|
$ |
(1,474 |
) |
|
|
|
(3) |
|
|
Pro forma adjustments to net interest expense for the period January 1, 2013 through November 13, 2013 related to acquisitions and related financings that occurred in 2013: |
| | | | | | | |
|
|
|
|
Removal of historical net interest expense for debt not assumed |
| | | | | | | |
|
|
|
|
Removal of historical Boise net interest expense |
|
|
|
$ |
785 |
|
| |
|
|
|
|
Removal of historical Cumulus II net interest expense |
|
|
|
|
6,839 |
|
| |
|
|
|
|
Sub-total |
|
|
|
$ |
7,624 |
|
| |
|
|
|
|
Inclusion of net interest expense for acquisition financing |
| | | | | | | |
|
|
|
|
Inclusion of cash interest expense on $145.9 million of add-on Unsecured Senior Notes at an interest rate of 9.0% |
|
|
|
$ |
(11,417 |
) |
|
|
|
|
|
|
Inclusion of non-cash bond premium amortization on $145.9 million of add-on Unsecured Senior Notes which were issued at a premium |
|
|
|
|
1,474 |
|
| |
|
|
|
|
Net interest expense on $145.9 million of add-on Unsecured Senior Notes |
|
|
|
$ |
(9,943 |
) |
|
|
|
|
|
|
Inclusion of cash interest expense on $102.0 million of incremental term loans at an interest rate of L+350 basis points, assuming historical 1-month LIBOR (3.69% for the period) |
|
|
|
|
(3,309 |
) |
|
|
|
|
|
|
Inclusion of non-cash interest expense on $30.0 million of Senior PIK Notes |
|
|
|
|
(2,693 |
) |
|
|
|
|
|
|
Sub-total |
|
|
|
$ |
(15,945 |
) |
|
|
|
|
|
|
Inclusion of non-cash deferred financing costs related to acquisition financing |
|
|
|
|
|
|
| |
|
|
|
|
Inclusion of non-cash amortization of deferred financing costs on $145.9 million of add-on Unsecured Senior Notes |
|
|
|
$ |
(238 |
) |
|
|
|
|
|
|
Inclusion of non-cash amortization of deferred financing costs on $102.0 million of incremental term loans |
|
|
|
|
(102 |
) |
|
|
|
|
|
|
Sub-total |
|
|
|
$ |
(340 |
) |
|
|
|
|
|
|
Total |
|
|
|
$ |
(8,661 |
) |
|
|
|
(4) |
|
|
Pro forma adjustments to net interest expense related to this offering and the use of proceeds thereof: |
|
|
|
|
|
|
| |
|
|
|
|
Removal of cash interest expense on incremental term loans related to $51.1 million contemplated paydown with proceeds of this offering, assuming historical 1-month LIBOR (3.69% for the period) |
|
|
|
$ |
1,902 |
|
| |
|
|
|
|
Removal of non-cash interest expense on Senior PIK Notes related to contemplated paydown with proceeds of this offering |
|
|
|
|
3,084 |
|
| |
|
|
|
|
Total |
|
|
|
$ |
4,986 |
|
| |
|
(5) |
|
|
Reflects removal of historical Cumulus II provision for income taxes |
|
|
|
$ |
(5,956 |
) |
|
|
|
(6) |
|
|
Pro forma adjustments to provision for income taxes related to conversion of Townsquare Media to a corporation: |
|
|
|
|
|
|
| |
|
|
|
|
Removal of historical Townsquare Media provision for income taxes |
|
|
|
$ |
(340 |
) |
|
|
|
|
|
|
Inclusion of provision for income taxes at an assumed 38.9% corporate tax rate |
|
|
|
|
9,872 |
|
| |
|
|
|
|
Total |
|
|
|
$ |
9,532 |
|
| |
| | | | | | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2012 |
|
|
2013 |
|
|
$ Change |
|
|
% Change |
| ||||||||||||||||
|
Statement of Operations Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Local Advertising net revenue |
|
|
|
$ |
198,306 |
|
|
|
|
$ |
229,653 |
|
|
|
|
$ |
31,347 |
|
|
|
|
|
15.8 |
% |
|
| |||
|
Other Media and Entertainment net revenue |
|
|
|
|
24,430 |
|
|
|
|
|
38,925 |
|
|
|
|
|
14,495 |
|
|
|
|
|
59.3 |
% |
|
| |||
|
Net revenue |
|
|
|
|
222,736 |
|
|
|
|
|
268,578 |
|
|
|
|
|
45,842 |
|
|
|
|
|
20.6 |
% |
|
| |||
|
Operating Costs and Expenses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Local Advertising direct operating expenses |
|
|
|
|
133,255 |
|
|
|
|
|
147,720 |
|
|
|
|
|
14,465 |
|
|
|
|
|
10.9 |
% |
|
| |||
|
Other Media and Entertainment direct operating expenses |
|
|
|
|
19,848 |
|
|
|
|
|
37,494 |
|
|
|
|
|
17,646 |
|
|
|
|
|
88.9 |
% |
|
| |||
|
Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
153,103 |
|
|
|
|
|
185,214 |
|
|
|
|
|
32,111 |
|
|
|
|
|
21.0 |
% |
|
| |||
|
Depreciation and amortization |
|
|
|
|
14,824 |
|
|
|
|
|
15,189 |
|
|
|
|
|
365 |
|
|
|
|
|
2.5 |
% |
|
| |||
|
Corporate expenses |
|
|
|
|
17,750 |
|
|
|
|
|
21,124 |
|
|
|
|
|
3,374 |
|
|
|
|
|
19.0 |
% |
|
| |||
|
Transaction and other restructuring costs |
|
|
|
|
1,782 |
|
|
|
|
|
2,001 |
|
|
|
|
|
219 |
|
|
|
|
|
12.3 |
% |
|
| |||
|
Change in fair value of contingent consideration |
|
|
|
|
— |
|
|
|
|
|
(1,100 |
) |
|
|
|
|
|
(1,100 |
) |
|
|
|
|
|
— |
|
| ||
|
Net loss (gain) on sale of assets |
|
|
|
|
123 |
|
|
|
|
|
(36 |
) |
|
|
|
|
|
(159 |
) |
|
|
|
|
|
— |
|
| ||
|
Total operating costs and expenses |
|
|
|
|
187,582 |
|
|
|
|
|
222,392 |
|
|
|
|
|
34,810 |
|
|
|
|
|
18.6 |
% |
|
| |||
|
Operating income |
|
|
|
|
35,154 |
|
|
|
|
|
46,186 |
|
|
|
|
|
11,032 |
|
|
|
|
|
31.4 |
% |
|
| |||
|
Other (expense) income: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest expense, net |
|
|
|
|
(28,291 |
) |
|
|
|
|
|
(35,620 |
) |
|
|
|
|
|
(7,329 |
) |
|
|
|
|
|
25.9 |
% |
|
|
|
Net loss on derivative instruments |
|
|
|
|
(129 |
) |
|
|
|
|
|
(1 |
) |
|
|
|
|
|
128 |
|
|
|
|
|
99.2 |
% |
|
| |
|
Other income (expense), net |
|
|
|
|
6 |
|
|
|
|
|
(114 |
) |
|
|
|
|
|
(120 |
) |
|
|
|
|
|
— |
|
| ||
|
Total other expense |
|
|
|
|
(28,414 |
) |
|
|
|
|
|
(35,735 |
) |
|
|
|
|
|
(7,321 |
) |
|
|
|
|
|
25.8 |
% |
|
|
|
Income before income taxes |
|
|
|
|
6,740 |
|
|
|
|
|
10,451 |
|
|
|
|
|
3,711 |
|
|
|
|
|
55.1 |
% |
|
| |||
|
Provision for income taxes |
|
|
|
|
340 |
|
|
|
|
|
340 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||||
|
Net income |
|
|
|
$ |
6,400 |
|
|
|
|
$ |
10,111 |
|
|
|
|
$ |
3,711 |
|
|
|
|
|
58.0 |
% |
|
| |||
| | | | | | | | | | | | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2012 |
|
|
2013 |
| ||||||||
|
Bank borrowings—term loan and revolving credit facilities |
|
|
|
$ |
2,972 |
|
|
|
|
$ |
— |
|
| ||
|
Senior Notes |
|
|
|
|
17,689 |
|
|
|
|
|
27,668 |
|
| ||
|
Incremental Term Loans |
|
|
|
|
3,912 |
|
|
|
|
|
5,353 |
|
| ||
|
Subordinated Notes |
|
|
|
|
979 |
|
|
|
|
|
392 |
|
| ||
|
Capital loans and other |
|
|
|
|
155 |
|
|
|
|
|
98 |
|
| ||
|
Loan origination cost |
|
|
|
|
2,605 |
|
|
|
|
|
2,111 |
|
| ||
|
Interest income |
|
|
|
|
(21 |
) |
|
|
|
|
|
(2 |
) |
|
|
|
Interest expense, net |
|
|
|
$ |
28,291 |
|
|
|
|
$ |
35,620 |
|
| ||
| | | | | | | | |
|
|
|
|
Three Months Ended March 31, |
| |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2013 |
|
|
2014 |
|
|
$ Change |
|
|
% Change |
| ||||||||||||||||
|
Statement of Operations Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Local Advertising net revenue |
|
|
|
$ |
47,324 |
|
|
|
|
$ |
65,272 |
|
|
|
|
$ |
17,948 |
|
|
|
|
|
37.9 |
% |
|
| |||
|
Other Media and Entertainment net revenue |
|
|
|
|
6,149 |
|
|
|
|
|
13,889 |
|
|
|
|
|
7,740 |
|
|
|
|
|
125.9 |
% |
|
| |||
|
Net revenue |
|
|
|
|
53,473 |
|
|
|
|
|
79,161 |
|
|
|
|
|
25,688 |
|
|
|
|
|
48.0 |
% |
|
| |||
|
Operating Costs and Expenses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Local Advertising direct operating expenses |
|
|
|
|
34,507 |
|
|
|
|
|
45,074 |
|
|
|
|
|
10,567 |
|
|
|
|
|
30.6 |
% |
|
| |||
|
Other Media and Entertainment direct operating expenses |
|
|
|
|
5,969 |
|
|
|
|
|
12,668 |
|
|
|
|
|
6,699 |
|
|
|
|
|
112.2 |
% |
|
| |||
|
Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
40,476 |
|
|
|
|
|
57,742 |
|
|
|
|
|
17,266 |
|
|
|
|
|
42.7 |
% |
|
| |||
|
Depreciation and amortization |
|
|
|
|
4,026 |
|
|
|
|
|
4,386 |
|
|
|
|
|
360 |
|
|
|
|
|
8.9 |
% |
|
| |||
|
Corporate expenses |
|
|
|
|
3,791 |
|
|
|
|
|
5,437 |
|
|
|
|
|
1,646 |
|
|
|
|
|
43.4 |
% |
|
| |||
|
Transaction and other restructuring costs |
|
|
|
|
1 |
|
|
|
|
|
28 |
|
|
|
|
|
27 |
|
|
|
|
|
— |
|
| ||||
|
Net gain on sale of assets |
|
|
|
|
(45 |
) |
|
|
|
|
|
(110 |
) |
|
|
|
|
|
(65 |
) |
|
|
|
|
|
144.4 |
% |
|
|
|
Total operating costs and expenses |
|
|
|
|
48,249 |
|
|
|
|
|
67,483 |
|
|
|
|
|
19,234 |
|
|
|
|
|
39.9 |
% |
|
| |||
|
Operating income |
|
|
|
|
5,224 |
|
|
|
|
|
11,678 |
|
|
|
|
|
6,454 |
|
|
|
|
|
123.5 |
% |
|
| |||
|
Other Expense: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest expense, net |
|
|
|
|
(7,409 |
) |
|
|
|
|
|
(12,080 |
) |
|
|
|
|
|
(4,671 |
) |
|
|
|
|
|
63.0 |
% |
|
|
|
Net loss on derivative instruments |
|
|
|
|
(1 |
) |
|
|
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
|
|
(100 |
)% |
|
| ||
|
Other expense, net |
|
|
|
|
(12 |
) |
|
|
|
|
|
(37 |
) |
|
|
|
|
|
(25 |
) |
|
|
|
|
|
208.3 |
% |
|
|
|
Total other expense |
|
|
|
|
(7,422 |
) |
|
|
|
|
|
(12,117 |
) |
|
|
|
|
|
(4,695 |
) |
|
|
|
|
|
63.3 |
% |
|
|
|
Loss before income taxes |
|
|
|
|
(2,198 |
) |
|
|
|
|
|
(439 |
) |
|
|
|
|
|
1,759 |
|
|
|
|
|
— |
|
| ||
|
Provision for income taxes |
|
|
|
|
85 |
|
|
|
|
|
91 |
|
|
|
|
|
6 |
|
|
|
|
|
7.1 |
% |
|
| |||
|
Net loss |
|
|
|
$ |
(2,283 |
) |
|
|
|
|
$ |
(530 |
) |
|
|
|
|
$ |
1,753 |
|
|
|
|
|
— |
|
| ||
| | | | | | | | | | | | | | |
|
|
|
|
Three Months Ended March 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2013 |
|
|
2014 |
| ||||||||
|
Senior Notes |
|
|
|
$ |
5,963 |
|
|
|
|
$ |
8,822 |
|
| ||
|
Incremental Term Loans |
|
|
|
|
922 |
|
|
|
|
|
1,865 |
|
| ||
|
Subordinated Notes |
|
|
|
|
— |
|
|
|
|
|
760 |
|
| ||
|
Capital loans and other |
|
|
|
|
8 |
|
|
|
|
|
10 |
|
| ||
|
Loan origination cost |
|
|
|
|
517 |
|
|
|
|
|
624 |
|
| ||
|
Interest income |
|
|
|
|
(1 |
) |
|
|
|
|
|
(1 |
) |
|
|
|
Interest expense, net |
|
|
|
$ |
7,409 |
|
|
|
|
$ |
12,080 |
|
| ||
| | | | | | | | |
|
Year Ended December 31, 2012 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
Townsquare Media, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
Live Events |
|
|
Divestitures |
|
|
Townsquare Media, LLC Pro Forma |
| |||||||||||||||||||||||||||||||||||||||||
|
Local Advertising net revenue |
|
|
|
$ |
198,306 |
|
|
|
|
$ |
1,335 |
|
|
|
|
$ |
22,909 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
7,769 |
|
|
|
|
$ |
71,314 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
(6,342 |
) |
|
|
|
|
$ |
295,291 |
|
| ||||||||
|
Other Media and Entertainment net revenue |
|
|
|
|
24,430 |
|
|
|
|
|
75 |
|
|
|
|
|
946 |
|
|
|
|
|
3,992 |
|
|
|
|
|
859 |
|
|
|
|
|
2,996 |
|
|
|
|
|
9,725 |
|
|
|
|
|
(600 |
) |
|
|
|
|
|
42,423 |
|
| ||||||||
|
Net revenue |
|
|
|
$ |
222,736 |
|
|
|
|
$ |
1,410 |
|
|
|
|
$ |
23,855 |
|
|
|
|
$ |
3,992 |
|
|
|
|
$ |
8,628 |
|
|
|
|
$ |
74,310 |
|
|
|
|
$ |
9,725 |
|
|
|
|
$ |
(6,942 |
) |
|
|
|
|
$ |
337,714 |
|
| ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Year Ended December 31, 2013 |
| ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
Townsquare Media, LLC |
|
|
|
|
|
|
Live Events |
|
|
Divestitures |
|
|
Townsquare Media, LLC Pro Forma |
| ||||||||||||||||||||||||||
|
Local Advertising net revenue |
|
|
|
$ |
229,653 |
|
|
|
|
$ |
7,075 |
|
|
|
|
$ |
58,338 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
(2 |
) |
|
|
|
|
$ |
295,064 |
|
| |||||
|
Other Media and Entertainment net revenue |
|
|
|
|
38,925 |
|
|
|
|
|
730 |
|
|
|
|
|
3,153 |
|
|
|
|
|
7,239 |
|
|
|
|
|
— |
|
|
|
|
|
50,047 |
|
| ||||||
|
Net revenue |
|
|
|
$ |
268,578 |
|
|
|
|
$ |
7,805 |
|
|
|
|
$ |
61,491 |
|
|
|
|
$ |
7,239 |
|
|
|
|
$ |
(2 |
) |
|
|
|
|
$ |
345,111 |
|
| |||||
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2012 |
|
|
2013 |
|
|
$ Change |
|
|
% Change |
| ||||||||||||||||
|
Statement of Net Revenue: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Local Advertising net revenue |
|
|
|
$ |
295,291 |
|
|
|
|
$ |
295,064 |
|
|
|
|
$ |
(227 |
) |
|
|
|
|
|
(0.1 |
)% |
|
| ||
|
Other Media and Entertainment net revenue |
|
|
|
|
42,423 |
|
|
|
|
|
50,047 |
|
|
|
|
|
7,624 |
|
|
|
|
|
18.0 |
% |
|
| |||
|
Net revenue |
|
|
|
$ |
337,714 |
|
|
|
|
$ |
345,111 |
|
|
|
|
$ |
7,397 |
|
|
|
|
|
2.2 |
% |
|
| |||
| | | | | | | | | | | | | | |
|
|
|
|
Year Ended December 31, |
|
|
Three Months Ended March 31, |
| ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
($ in thousands) |
|
|
2012 |
|
|
2013 |
|
|
2013 |
|
|
2014 |
| ||||||||||||||||
|
Cash |
|
|
|
$ |
22,305 |
|
|
|
|
$ |
45,647 |
|
|
|
|
$ |
28,896 |
|
|
|
|
$ |
57,339 |
|
| ||||
|
Cash provided by operating activities |
|
|
|
|
19,847 |
|
|
|
|
|
26,204 |
|
|
|
|
|
9,116 |
|
|
|
|
|
14,195 |
|
| ||||
|
Cash used in investing activities |
|
|
|
|
(142,200 |
) |
|
|
|
|
|
(286,170 |
) |
|
|
|
|
|
(2,061 |
) |
|
|
|
|
|
(2,079 |
) |
|
|
|
Cash provided by (used in) financing activities |
|
|
|
|
119,666 |
|
|
|
|
|
283,308 |
|
|
|
|
|
(464 |
) |
|
|
|
|
|
(424 |
) |
|
| ||
|
Net (decrease) increase in cash |
|
|
|
$ |
(2,687 |
) |
|
|
|
|
$ |
23,342 |
|
|
|
|
$ |
6,591 |
|
|
|
|
$ |
11,692 |
|
| |||
| | | | | | | | | | | | | | |
|
Period |
|
|
Redemption Price |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
2015 |
|
|
|
|
106.750 |
% |
|
|
|
2016 |
|
|
|
|
104.500 |
% |
|
|
|
2017 |
|
|
|
|
102.250 |
% |
|
|
|
2018 and thereafter |
|
|
|
|
100.000 |
% |
|
|
| | | | |
|
|
|
|
Payments due by period |
| ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
(in thousands) |
|
|
Less than 1 year |
|
|
1 to 3 years |
|
|
3 to 5 years |
|
|
More than 5 years |
|
|
Total |
| ||||||||||||||||||||
|
Unsecured Senior Notes |
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
410,900 |
|
|
|
|
$ |
410,900 |
|
| |||||
|
Incremental Term Loans |
|
|
|
|
2,040 |
|
|
|
|
|
4,080 |
|
|
|
|
|
196,603 |
|
|
|
|
|
— |
|
|
|
|
|
202,723 |
|
| |||||
|
Senior PIK Notes |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
53,629 |
|
|
|
|
|
53,629 |
|
| |||||
|
Capitalized obligations |
|
|
|
|
150 |
|
|
|
|
|
324 |
|
|
|
|
|
85 |
|
|
|
|
|
— |
|
|
|
|
|
559 |
|
| |||||
|
Interest payments(1) |
|
|
|
|
44,480 |
|
|
|
|
|
88,729 |
|
|
|
|
|
83,258 |
|
|
|
|
|
18,491 |
|
|
|
|
|
234,958 |
|
| |||||
|
Significant contracts(2) |
|
|
|
|
6,369 |
|
|
|
|
|
12,844 |
|
|
|
|
|
6,243 |
|
|
|
|
|
— |
|
|
|
|
|
25,456 |
|
| |||||
|
Operating leases |
|
|
|
|
8,408 |
|
|
|
|
|
14,492 |
|
|
|
|
|
11,138 |
|
|
|
|
|
12,981 |
|
|
|
|
|
47,019 |
|
| |||||
|
Total contractual cash obligations |
|
|
|
$ |
61,447 |
|
|
|
|
$ |
120,469 |
|
|
|
|
$ |
297,327 |
|
|
|
|
$ |
496,001 |
|
|
|
|
$ |
975,244 |
|
| |||||
| | | | | | | | | | | | | | | | | |
|
|
|
|
Payments due by period |
| ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
(in thousands) |
|
|
Less than 1 year |
|
|
1 to 3 years |
|
|
3 to 5 years |
|
|
More than 5 years |
|
|
Total |
| ||||||||||||||||||||
|
Unsecured Senior Notes |
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
410,900 |
|
|
|
|
$ |
410,900 |
|
| |||||
|
Incremental Term Loans |
|
|
|
|
2,040 |
|
|
|
|
|
4,080 |
|
|
|
|
|
196,348 |
|
|
|
|
|
— |
|
|
|
|
|
202,468 |
|
| |||||
|
Senior PIK Notes |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
53,629 |
|
|
|
|
|
53,629 |
|
| |||||
|
Capitalized obligations |
|
|
|
|
152 |
|
|
|
|
|
326 |
|
|
|
|
|
47 |
|
|
|
|
|
— |
|
|
|
|
|
525 |
|
| |||||
|
Interest payments(1) |
|
|
|
|
44,437 |
|
|
|
|
|
88,657 |
|
|
|
|
|
81,459 |
|
|
|
|
|
18,491 |
|
|
|
|
|
233,044 |
|
| |||||
|
Significant contracts(2) |
|
|
|
|
6,109 |
|
|
|
|
|
12,984 |
|
|
|
|
|
4,547 |
|
|
|
|
|
— |
|
|
|
|
|
23,640 |
|
| |||||
|
Operating leases |
|
|
|
|
8,521 |
|
|
|
|
|
14,522 |
|
|
|
|
|
11,071 |
|
|
|
|
|
12,213 |
|
|
|
|
|
46,327 |
|
| |||||
|
Total contractual cash obligations |
|
|
|
$ |
61,259 |
|
|
|
|
$ |
120,569 |
|
|
|
|
$ |
293,472 |
|
|
|
|
$ |
495,233 |
|
|
|
|
$ |
970,533 |
|
| |||||
| | | | | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Abilene, TX (#238) |
|
|
KEAN-FM |
|
|
Abilene, TX |
|
|
|
|
105.1 |
|
|
|
| ||
|
KEYJ-FM |
|
|
Abilene, TX |
|
|
|
|
107.9 |
|
|
|
| |||||
|
KULL(FM) |
|
|
Abilene, TX |
|
|
|
|
100.7 |
|
|
|
| |||||
|
KSLI(AM) |
|
|
Abilene, TX |
|
|
|
|
1280 |
|
|
|
| |||||
|
KMWX(FM) |
|
|
Abilene, TX |
|
|
|
|
92.5 |
|
|
|
| |||||
|
KYYW(AM) |
|
|
Abilene, TX |
|
|
|
|
1470 |
|
|
|
| |||||
|
Albany-Schenectady-Troy, NY (#65) |
|
|
WQSH(FM) |
|
|
Malta, NY |
|
|
|
|
105.7 |
|
|
|
| ||
|
W256BU(FX) |
|
|
Albany, NY |
|
|
|
|
99.1 |
|
|
|
| |||||
|
WGNA-FM |
|
|
Albany, NY |
|
|
|
|
107.7 |
|
|
|
| |||||
|
WQBJ(FM) |
|
|
Cobleskill, NY |
|
|
|
|
103.5 |
|
|
|
| |||||
|
WQBK-FM(1) |
|
|
Rensselaer, NY |
|
|
|
|
103.9 |
|
|
|
| |||||
|
WTMM-FM |
|
|
Mechanicville, NY |
|
|
|
|
104.5 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Amarillo, TX (#168) |
|
|
KATP(FM)(2) |
|
|
Amarillo, TX |
|
|
|
|
101.9 |
|
|
|
| ||
|
KIXZ(AM) |
|
|
Amarillo, TX |
|
|
|
|
940 |
|
|
|
| |||||
|
KXSS-FM |
|
|
Amarillo, TX |
|
|
|
|
96.9 |
|
|
|
| |||||
|
KMXJ-FM |
|
|
Amarillo, TX |
|
|
|
|
94.1 |
|
|
|
| |||||
|
KPRF(FM) |
|
|
Amarillo, TX |
|
|
|
|
98.7 |
|
|
|
| |||||
|
Atlantic City-Cape May, NJ (#147) |
|
|
WENJ(FM) |
|
|
Millville, NJ |
|
|
|
|
97.3 |
|
|
|
| ||
|
WPGG(AM) |
|
|
Atlantic City, NJ |
|
|
|
|
1450 |
|
|
|
| |||||
|
WFPG(FM) |
|
|
Atlantic City, NJ |
|
|
|
|
96.9 |
|
|
|
| |||||
|
WPUR(FM) |
|
|
Atlantic City, NJ |
|
|
|
|
107.3 |
|
|
|
| |||||
|
WSJO(FM) |
|
|
Egg Harbor City, NJ |
|
|
|
|
104.9 |
|
|
|
| |||||
|
Augusta-Waterville, ME (#260) |
|
|
WEBB(FM) |
|
|
Waterville, ME |
|
|
|
|
98.5 |
|
|
|
| ||
|
WJZN(AM) |
|
|
Augusta, ME |
|
|
|
|
1400 |
|
|
|
| |||||
|
WMME-FM |
|
|
Augusta, ME |
|
|
|
|
92.3 |
|
|
|
| |||||
|
WTVL(AM) |
|
|
Waterville, ME |
|
|
|
|
1490 |
|
|
|
| |||||
|
Bangor, ME (#218) |
|
|
WEZQ(FM) |
|
|
Bangor, ME |
|
|
|
|
92.9 |
|
|
|
| ||
|
WWMJ(FM) |
|
|
Ellsworth, ME |
|
|
|
|
95.7 |
|
|
|
| |||||
|
WQCB(FM) |
|
|
Brewer, ME |
|
|
|
|
106.5 |
|
|
|
| |||||
|
WBZN(FM) |
|
|
Old Town, ME |
|
|
|
|
107.3 |
|
|
|
| |||||
|
WDEA(AM) |
|
|
Ellsworth, ME |
|
|
|
|
1370 |
|
|
|
| |||||
|
Battle Creek, MI (#255) |
|
|
WBCK-FM |
|
|
Battle Creek, MI |
|
|
|
|
95.3 |
|
|
|
| ||
|
WBXX(FM) |
|
|
Marshall, MI |
|
|
|
|
104.9 |
|
|
|
| |||||
|
Billings, MT (#243) |
|
|
KMHK(FM) |
|
|
Billings, MT |
|
|
|
|
103.7 |
|
|
|
| ||
|
KBUL(AM) |
|
|
Billings, MT |
|
|
|
|
970 |
|
|
|
| |||||
|
KCTR-FM |
|
|
Billings, MT |
|
|
|
|
102.9 |
|
|
|
| |||||
|
KKBR(FM) |
|
|
Billings, MT |
|
|
|
|
97.1 |
|
|
|
| |||||
|
KCHH(FM) |
|
|
Worden, MT |
|
|
|
|
95.5 |
|
|
|
| |||||
|
K236AB(FX) |
|
|
Billings, MT |
|
|
|
|
95.1 |
|
|
|
| |||||
|
Binghamton, NY (#186) |
|
|
WAAL(FM) |
|
|
Binghamton, NY |
|
|
|
|
99.1 |
|
|
|
| ||
|
WHWK(FM) |
|
|
Binghamton, NY |
|
|
|
|
98.1 |
|
|
|
| |||||
|
WNBF(AM) |
|
|
Binghamton, NY |
|
|
|
|
1290 |
|
|
|
| |||||
|
WWYL(FM) |
|
|
Chenango Bridge, NY |
|
|
|
|
104.1 |
|
|
|
| |||||
|
WYOS(AM) |
|
|
Binghamton, NY |
|
|
|
|
1360 |
|
|
|
| |||||
|
Bismarck, ND (#265) |
|
|
KBYZ(FM) |
|
|
Bismarck, ND |
|
|
|
|
96.5 |
|
|
|
| ||
|
KACL(FM) |
|
|
Bismarck, ND |
|
|
|
|
98.7 |
|
|
|
| |||||
|
KKCT(FM) |
|
|
Bismarck, ND |
|
|
|
|
97.5 |
|
|
|
| |||||
|
KUSB(FM) |
|
|
Hazelton, ND |
|
|
|
|
103.3 |
|
|
|
| |||||
|
KLXX(AM) |
|
|
Bismarck-Mandan, ND |
|
|
|
|
1270 |
|
|
|
| |||||
|
Boise, ID (#100) |
|
|
KAWO(FM) |
|
|
Boise, ID |
|
|
|
|
104.3 |
|
|
|
| ||
|
KCIX(FM) |
|
|
Garden City, ID |
|
|
|
|
105.9 |
|
|
|
| |||||
|
KFXD(AM) |
|
|
Boise, ID |
|
|
|
|
630 |
|
|
|
| |||||
|
KIDO(AM) |
|
|
Nampa, ID |
|
|
|
|
580 |
|
|
|
| |||||
|
KSAS-FM |
|
|
Caldwell, ID |
|
|
|
|
103.5 |
|
|
|
| |||||
|
KXLT-FM |
|
|
Eagle, ID |
|
|
|
|
107.9 |
|
|
|
| |||||
|
Bozeman, MT (Not Rated (“NR”)) |
|
|
KZMY(FM) |
|
|
Bozeman, MT |
|
|
|
|
103.5 |
|
|
|
| ||
|
KISN(FM) |
|
|
Belgrade, MT |
|
|
|
|
96.7 |
|
|
|
| |||||
|
KMMS-FM |
|
|
Bozeman, MT |
|
|
|
|
95.1 |
|
|
|
| |||||
|
KMMS(AM) |
|
|
Bozeman, MT |
|
|
|
|
1450 |
|
|
|
| |||||
|
KPRK(AM) |
|
|
Livingston, MT |
|
|
|
|
1340 |
|
|
|
| |||||
|
KXLB(FM) |
|
|
Livingston, MT |
|
|
|
|
100.7 |
|
|
|
| |||||
|
K254AL(FX) |
|
|
Livingston, MT |
|
|
|
|
98.7 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Buffalo-Niagara Falls, NY (#56) |
|
|
WBLK(FM) |
|
|
Depew, NY |
|
|
|
|
93.7 |
|
|
|
| ||
|
WBUF(FM) |
|
|
Buffalo, NY |
|
|
|
|
92.9 |
|
|
|
| |||||
|
WJYE(FM) |
|
|
Buffalo, NY |
|
|
|
|
96.1 |
|
|
|
| |||||
|
WYRK(FM) |
|
|
Buffalo, NY |
|
|
|
|
106.5 |
|
|
|
| |||||
|
Casper, WY (#275) |
|
|
KKTL(AM) |
|
|
Casper, WY |
|
|
|
|
1400 |
|
|
|
| ||
|
KRNK(FM) |
|
|
Casper, WY |
|
|
|
|
96.7 |
|
|
|
| |||||
|
KRVK(FM) |
|
|
Vista West, WY |
|
|
|
|
107.9 |
|
|
|
| |||||
|
KTRS-FM |
|
|
Casper, WY |
|
|
|
|
104.7 |
|
|
|
| |||||
|
KTWO(AM) |
|
|
Casper, WY |
|
|
|
|
1030 |
|
|
|
| |||||
|
KWYY(FM) |
|
|
Midwest, WY |
|
|
|
|
95.5 |
|
|
|
| |||||
|
Cedar Rapids, IA (#205) |
|
|
KDAT(FM) |
|
|
Cedar Rapids, IA |
|
|
|
|
104.5 |
|
|
|
| ||
|
KHAK(FM) |
|
|
Cedar Rapids, IA |
|
|
|
|
98.1 |
|
|
|
| |||||
|
KRNA(FM) |
|
|
Iowa City, IA |
|
|
|
|
94.1 |
|
|
|
| |||||
|
KRQN(FM)(3) |
|
|
Vinton, IA |
|
|
|
|
107.1 |
|
|
|
| |||||
|
Cheyenne, WY (#273) |
|
|
KIGN(FM) |
|
|
Burns, WY |
|
|
|
|
101.9 |
|
|
|
| ||
|
KGAB(AM) |
|
|
Orchard Valley, WY |
|
|
|
|
650 |
|
|
|
| |||||
|
KLEN(FM) |
|
|
Cheyenne, WY |
|
|
|
|
106.3 |
|
|
|
| |||||
|
Danbury, CT (#197) |
|
|
WPUT(AM) |
|
|
Brewster, NY |
|
|
|
|
1510 |
|
|
|
| ||
|
WINE(AM) |
|
|
Brookfield, CT |
|
|
|
|
940 |
|
|
|
| |||||
|
WRKI(FM) |
|
|
Brookfield, CT |
|
|
|
|
95.1 |
|
|
|
| |||||
|
WDBY(FM) |
|
|
Patterson, NY |
|
|
|
|
105.5 |
|
|
|
| |||||
|
WDBY-FM1 |
|
|
Brookfield, CT |
|
|
|
|
105.5 |
|
|
|
| |||||
|
Dubuque, IA (NR) |
|
|
KLYV(FM) |
|
|
Dubuque, IA |
|
|
|
|
105.3 |
|
|
|
| ||
|
KXGE(FM) |
|
|
Dubuque, IA |
|
|
|
|
102.3 |
|
|
|
| |||||
|
WDBQ(AM) |
|
|
Dubuque, IA |
|
|
|
|
1490 |
|
|
|
| |||||
|
WDBQ-FM |
|
|
Galena, IL |
|
|
|
|
107.5 |
|
|
|
| |||||
|
WJOD(FM) |
|
|
Asbury, IA |
|
|
|
|
103.3 |
|
|
|
| |||||
|
Duluth-Superior, MN, WI (#206) |
|
|
KKCB(FM) |
|
|
Duluth, MN |
|
|
|
|
105.1 |
|
|
|
| ||
|
KLDJ(FM) |
|
|
Duluth, MN |
|
|
|
|
101.7 |
|
|
|
| |||||
|
WEBC(AM) |
|
|
Duluth, MN |
|
|
|
|
560 |
|
|
|
| |||||
|
KBMX(FM) |
|
|
Proctor, MN |
|
|
|
|
107.7 |
|
|
|
| |||||
|
El Paso, TX (#74) |
|
|
KLAQ(FM) |
|
|
El Paso, TX |
|
|
|
|
95.5 |
|
|
|
| ||
|
KROD(AM) |
|
|
El Paso, TX |
|
|
|
|
600 |
|
|
|
| |||||
|
KSII(FM) |
|
|
El Paso, TX |
|
|
|
|
93.1 |
|
|
|
| |||||
|
Evansville, IN (#164) |
|
|
WDKS(FM) |
|
|
Newburgh, IN |
|
|
|
|
106.1 |
|
|
|
| ||
|
WGBF(AM) |
|
|
Evansville, IN |
|
|
|
|
1280 |
|
|
|
| |||||
|
WGBF-FM |
|
|
Henderson, KY |
|
|
|
|
103.1 |
|
|
|
| |||||
|
WJLT(FM) |
|
|
Evansville, IN |
|
|
|
|
105.3 |
|
|
|
| |||||
|
WKDQ(FM) |
|
|
Henderson, KY |
|
|
|
|
99.5 |
|
|
|
| |||||
|
Faribault/Owatonna, MN (NR) |
|
|
KDHL(AM) |
|
|
Faribault, MN |
|
|
|
|
920 |
|
|
|
| ||
|
KQCL(FM) |
|
|
Faribault, MN |
|
|
|
|
95.9 |
|
|
|
| |||||
|
KRFO(AM) |
|
|
Owatonna, MN |
|
|
|
|
1390 |
|
|
|
| |||||
|
KRFO-FM |
|
|
Owatonna, MN |
|
|
|
|
104.9 |
|
|
|
| |||||
|
Flint, MI (#135) |
|
|
WCRZ(FM) |
|
|
Flint, MI |
|
|
|
|
107.9 |
|
|
|
| ||
|
WFNT(AM) |
|
|
Flint, MI |
|
|
|
|
1470 |
|
|
|
| |||||
|
WLCO(AM) |
|
|
Lapeer, MI |
|
|
|
|
1530 |
|
|
|
| |||||
|
WQUS(FM) |
|
|
Lapeer, MI |
|
|
|
|
103.1 |
|
|
|
| |||||
|
WRCL(FM) |
|
|
Frankenmuth, MI |
|
|
|
|
93.7 |
|
|
|
| |||||
|
WWBN(FM) |
|
|
Tuscola, MI |
|
|
|
|
101.5 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Ft. Collins-Greeley, CO (#117) |
|
|
KKPL(FM) |
|
|
Cheyenne, WY |
|
|
|
|
99.9 |
|
|
|
| ||
|
KMAX-FM |
|
|
Wellington, CO |
|
|
|
|
94.3 |
|
|
|
| |||||
|
KTRR(FM) |
|
|
Loveland, CO |
|
|
|
|
102.5 |
|
|
|
| |||||
|
KUAD-FM |
|
|
Windsor, CO |
|
|
|
|
99.1 |
|
|
|
| |||||
|
Grand Junction, CO (#250) |
|
|
KEKB(FM) |
|
|
Fruita, CO |
|
|
|
|
99.9 |
|
|
|
| ||
|
KBKL(FM) |
|
|
Grand Junction, CO |
|
|
|
|
107.9 |
|
|
|
| |||||
|
KMXY(FM) |
|
|
Grand Junction, CO |
|
|
|
|
104.3 |
|
|
|
| |||||
|
KKNN(FM) |
|
|
Delta, CO |
|
|
|
|
95.1 |
|
|
|
| |||||
|
KEXO(AM) |
|
|
Grand Junction, CO |
|
|
|
|
1230 |
|
|
|
| |||||
|
Grand Rapids, MI (#69) |
|
|
WFGR(FM) |
|
|
Grand Rapids, MI |
|
|
|
|
98.7 |
|
|
|
| ||
|
WGRD-FM(4) |
|
|
Grand Rapids, MI |
|
|
|
|
97.9 |
|
|
|
| |||||
|
WLHT-FM |
|
|
Grand Rapids, MI |
|
|
|
|
95.7 |
|
|
|
| |||||
|
WNWZ(AM) |
|
|
Grand Rapids, MI |
|
|
|
|
1410 |
|
|
|
| |||||
|
WTRV(FM) |
|
|
Walker, MI |
|
|
|
|
100.5 |
|
|
|
| |||||
|
Kalamazoo, MI (#184) |
|
|
WKFR-FM |
|
|
Battle Creek, MI |
|
|
|
|
103.3 |
|
|
|
| ||
|
WKMI(AM) |
|
|
Kalamazoo, MI |
|
|
|
|
1360 |
|
|
|
| |||||
|
WRKR(FM) |
|
|
Portage, MI |
|
|
|
|
107.7 |
|
|
|
| |||||
|
W273AR(FX) |
|
|
Paw Paw, MI |
|
|
|
|
102.5 |
|
|
|
| |||||
|
Killeen-Temple, TX (#141) |
|
|
KSSM(FM) |
|
|
Copperas Cove, TX |
|
|
|
|
103.1 |
|
|
|
| ||
|
KUSJ(FM) |
|
|
Harker Heights, TX |
|
|
|
|
105.5 |
|
|
|
| |||||
|
KLTD(FM) |
|
|
Temple, TX |
|
|
|
|
101.7 |
|
|
|
| |||||
|
KTEM(AM) |
|
|
Temple, TX |
|
|
|
|
1400 |
|
|
|
| |||||
|
KOOC(FM) |
|
|
Belton, TX |
|
|
|
|
106.3 |
|
|
|
| |||||
|
Lafayette, LA (#107) |
|
|
KPEL-FM |
|
|
Breaux Bridge, LA |
|
|
|
|
96.5 |
|
|
|
| ||
|
KHXT(FM) |
|
|
Erath, LA |
|
|
|
|
107.9 |
|
|
|
| |||||
|
KMDL(FM) |
|
|
Kaplan, LA |
|
|
|
|
97.3 |
|
|
|
| |||||
|
KPEL(AM) |
|
|
Lafayette, LA |
|
|
|
|
1420 |
|
|
|
| |||||
|
KROF(AM) |
|
|
Abbeville, LA |
|
|
|
|
960 |
|
|
|
| |||||
|
KTDY(FM) |
|
|
Lafayette, LA |
|
|
|
|
99.9 |
|
|
|
| |||||
|
Lansing-East Lansing, MI (#127) |
|
|
WFMK(FM) |
|
|
East Lansing, MI |
|
|
|
|
99.1 |
|
|
|
| ||
|
WMMQ(FM) |
|
|
East Lansing, MI |
|
|
|
|
94.9 |
|
|
|
| |||||
|
WVFN(AM) |
|
|
East Lansing, MI |
|
|
|
|
730 |
|
|
|
| |||||
|
WITL-FM |
|
|
Lansing, MI |
|
|
|
|
100.7 |
|
|
|
| |||||
|
WJIM(AM) |
|
|
Lansing, MI |
|
|
|
|
1240 |
|
|
|
| |||||
|
WJIM-FM |
|
|
Lansing, MI |
|
|
|
|
97.5 |
|
|
|
| |||||
|
Lake Charles, LA (#222) |
|
|
KHLA(FM) |
|
|
Jennings, LA |
|
|
|
|
92.9 |
|
|
|
| ||
|
KLCL(AM) |
|
|
Lake Charles, LA |
|
|
|
|
1470 |
|
|
|
| |||||
|
KJMH(FM) |
|
|
Lake Arthur, LA |
|
|
|
|
107.5 |
|
|
|
| |||||
|
KNGT(FM) |
|
|
Lake Charles, LA |
|
|
|
|
99.5 |
|
|
|
| |||||
|
KJEF(AM) |
|
|
Jennings, LA |
|
|
|
|
1290 |
|
|
|
| |||||
|
KTSR(FM) |
|
|
De Quincy, LA |
|
|
|
|
92.1 |
|
|
|
| |||||
|
Laramie, WY (NR) |
|
|
KCGY(FM) |
|
|
Laramie, WY |
|
|
|
|
95.1 |
|
|
|
| ||
|
KOWB(AM) |
|
|
Laramie, WY |
|
|
|
|
1290 |
|
|
|
| |||||
|
Lawton, OK (#261) |
|
|
KLAW(FM) |
|
|
Lawton, OK |
|
|
|
|
101.3 |
|
|
|
| ||
|
KVRW(FM) |
|
|
Lawton, OK |
|
|
|
|
107.3 |
|
|
|
| |||||
|
KZCD(FM) |
|
|
Lawton, OK |
|
|
|
|
94.1 |
|
|
|
| |||||
|
Lubbock, TX (#174) |
|
|
KFMX-FM |
|
|
Lubbock, TX |
|
|
|
|
94.5 |
|
|
|
| ||
|
KFYO(AM) |
|
|
Lubbock, TX |
|
|
|
|
790 |
|
|
|
| |||||
|
KKAM(AM) |
|
|
Lubbock, TX |
|
|
|
|
1340 |
|
|
|
| |||||
|
KKCL(FM) |
|
|
Lorenzo, TX |
|
|
|
|
98.1 |
|
|
|
| |||||
|
KQBR(FM) |
|
|
Lubbock, TX |
|
|
|
|
99.5 |
|
|
|
| |||||
|
KZII-FM |
|
|
Lubbock, TX |
|
|
|
|
102.5 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Lufkin-Nacogdoches, TX (#240) |
|
|
KVLL-FM |
|
|
Wells, TX |
|
|
|
|
94.7 |
|
|
|
| ||
|
KYKS(FM) |
|
|
Lufkin, TX |
|
|
|
|
105.1 |
|
|
|
| |||||
|
KAFX-FM |
|
|
Diboll, TX |
|
|
|
|
95.5 |
|
|
|
| |||||
|
KSFA(AM) |
|
|
Nacogdoches, TX |
|
|
|
|
860 |
|
|
|
| |||||
|
KTBQ(FM) |
|
|
Nacogdoches, TX |
|
|
|
|
107.7 |
|
|
|
| |||||
|
Missoula, MT (NR) |
|
|
KYSS-FM |
|
|
Missoula, MT |
|
|
|
|
94.9 |
|
|
|
| ||
|
KGVO(AM) |
|
|
Missoula, MT |
|
|
|
|
1290 |
|
|
|
| |||||
|
KMPT(AM) |
|
|
East Missoula, MT |
|
|
|
|
930 |
|
|
|
| |||||
|
KBAZ(FM) |
|
|
Hamilton, MT |
|
|
|
|
96.3 |
|
|
|
| |||||
|
KLYQ(AM) |
|
|
Hamilton, MT |
|
|
|
|
1240 |
|
|
|
| |||||
|
KGVO-FM |
|
|
Frenchtown, MT |
|
|
|
|
101.5 |
|
|
|
| |||||
|
KENR(FM)(5) |
|
|
Superior, MT |
|
|
|
|
107.5 |
|
|
|
| |||||
|
K252BM(FX) |
|
|
Seeley Lake, MT |
|
|
|
|
98.3 |
|
|
|
| |||||
|
KENR-FM1(5) |
|
|
Missoula, MT |
|
|
|
|
107.5 |
|
|
|
| |||||
|
Monmouth-Ocean, NJ (#53) |
|
|
WADB(AM) |
|
|
Asbury Park, NJ |
|
|
|
|
1310 |
|
|
|
| ||
|
WCHR-FM |
|
|
Manahawkin, NJ |
|
|
|
|
105.7 |
|
|
|
| |||||
|
WJLK(FM) |
|
|
Asbury Park, NJ |
|
|
|
|
94.3 |
|
|
|
| |||||
|
WOBM(AM) |
|
|
Lakewood Township, NJ |
|
|
|
|
1160 |
|
|
|
| |||||
|
WOBM-FM |
|
|
Toms River, NJ |
|
|
|
|
92.7 |
|
|
|
| |||||
|
New Bedford-Fall River, MA (#181) |
|
|
WBSM(AM) |
|
|
New Bedford, MA |
|
|
|
|
1420 |
|
|
|
| ||
|
WFHN(FM) |
|
|
Fairhaven, MA |
|
|
|
|
107.1 |
|
|
|
| |||||
|
Odessa-Midland, TX (#171) |
|
|
KBAT(FM) |
|
|
Monahans, TX |
|
|
|
|
99.9 |
|
|
|
| ||
|
KODM(FM) |
|
|
Odessa, TX |
|
|
|
|
97.9 |
|
|
|
| |||||
|
KNFM(FM) |
|
|
Midland, TX |
|
|
|
|
92.3 |
|
|
|
| |||||
|
KZBT(FM) |
|
|
Midland, TX |
|
|
|
|
93.3 |
|
|
|
| |||||
|
KMND(AM) |
|
|
Midland, TX |
|
|
|
|
1510 |
|
|
|
| |||||
|
KRIL(AM) |
|
|
Odessa, TX |
|
|
|
|
1410 |
|
|
|
| |||||
|
KGEE(FM) |
|
|
Pecos, TX |
|
|
|
|
97.3 |
|
|
|
| |||||
|
Oneonta, NY (NR) |
|
|
WBKT(FM) |
|
|
Norwich, NY |
|
|
|
|
95.3 |
|
|
|
| ||
|
WCHN(AM) |
|
|
Norwich, NY |
|
|
|
|
970 |
|
|
|
| |||||
|
WDHI(FM) |
|
|
Delhi, NY |
|
|
|
|
100.3 |
|
|
|
| |||||
|
W232AS(FX) |
|
|
Oneonta, NY |
|
|
|
|
94.3 |
|
|
|
| |||||
|
WDLA(AM) |
|
|
Walton, NY |
|
|
|
|
1270 |
|
|
|
| |||||
|
WDLA-FM |
|
|
Walton, NY |
|
|
|
|
92.1 |
|
|
|
| |||||
|
WDOS(AM) |
|
|
Oneonta, NY |
|
|
|
|
730 |
|
|
|
| |||||
|
WIYN(FM) |
|
|
Deposit, NY |
|
|
|
|
94.7 |
|
|
|
| |||||
|
WKXZ(FM) |
|
|
Norwich, NY |
|
|
|
|
93.9 |
|
|
|
| |||||
|
W232AT(FX) |
|
|
Norwich, NY |
|
|
|
|
94.3 |
|
|
|
| |||||
|
W257BE(FX) |
|
|
Hamilton, NY |
|
|
|
|
99.3 |
|
|
|
| |||||
|
WSRK(FM) |
|
|
Oneonta, NY |
|
|
|
|
103.9 |
|
|
|
| |||||
|
WTBD-FM |
|
|
Delhi, NY |
|
|
|
|
97.5 |
|
|
|
| |||||
|
WZOZ(FM) |
|
|
Oneonta, NY |
|
|
|
|
103.1 |
|
|
|
| |||||
|
Owensboro, KY (NR) |
|
|
WBKR(FM) |
|
|
Owensboro, KY |
|
|
|
|
92.5 |
|
|
|
| ||
|
WOMI(AM) |
|
|
Owensboro, KY |
|
|
|
|
1490 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Poughkeepsie, NY (#165) |
|
|
WRRB(FM) |
|
|
Arlington, NY |
|
|
|
|
96.9 |
|
|
|
| ||
|
WCZX(FM) |
|
|
Hyde Park, NY |
|
|
|
|
97.7 |
|
|
|
| |||||
|
WPDA(FM) |
|
|
Jeffersonville, NY |
|
|
|
|
106.1 |
|
|
|
| |||||
|
WKNY(AM) |
|
|
Kingston, NY |
|
|
|
|
1490 |
|
|
|
| |||||
|
WKXP(FM) |
|
|
Kingston, NY |
|
|
|
|
94.3 |
|
|
|
| |||||
|
WALL(AM) |
|
|
Middletown, NY |
|
|
|
|
1340 |
|
|
|
| |||||
|
WRRV(FM) |
|
|
Middletown, NY |
|
|
|
|
92.7 |
|
|
|
| |||||
|
WEOK(AM) |
|
|
Poughkeepsie, NY |
|
|
|
|
1390 |
|
|
|
| |||||
|
WPDH(FM) |
|
|
Poughkeepsie, NY |
|
|
|
|
101.5 |
|
|
|
| |||||
|
WZAD(FM) |
|
|
Wurtsboro, NY |
|
|
|
|
97.3 |
|
|
|
| |||||
|
Portland, ME (#91) |
|
|
WBLM(FM) |
|
|
Portland, ME |
|
|
|
|
102.9 |
|
|
|
| ||
|
WCYY(FM) |
|
|
Biddeford, ME |
|
|
|
|
94.3 |
|
|
|
| |||||
|
WHOM(FM) |
|
|
Mount Washington, NH |
|
|
|
|
94.9 |
|
|
|
| |||||
|
WJBQ(FM) |
|
|
Portland, ME |
|
|
|
|
97.9 |
|
|
|
| |||||
|
Portsmouth-Dover-Rochester, NH (#123) |
|
|
WSHK(FM) |
|
|
Kittery, ME |
|
|
|
|
105.3 |
|
|
|
| ||
|
WOKQ(FM) |
|
|
Dover, NH |
|
|
|
|
97.5 |
|
|
|
| |||||
|
WSAK(FM) |
|
|
Hampton, NH |
|
|
|
|
102.1 |
|
|
|
| |||||
|
WPKQFM) |
|
|
North Conway, NH |
|
|
|
|
103.7 |
|
|
|
| |||||
|
W250AB |
|
|
Manchester, NH |
|
|
|
|
97.9 |
|
|
|
| |||||
|
Presque Isle, ME (NR) |
|
|
WBPW(FM) |
|
|
Presque Isle, ME |
|
|
|
|
96.9 |
|
|
|
| ||
|
WOZI(FM) |
|
|
Presque Isle, ME |
|
|
|
|
101.9 |
|
|
|
| |||||
|
WQHR(FM) |
|
|
Presque Isle, ME |
|
|
|
|
96.1 |
|
|
|
| |||||
|
Quad Cities, IA-IL (#152) |
|
|
KQCS(FM) |
|
|
Bettendorf, IA |
|
|
|
|
93.5 |
|
|
|
| ||
|
KJOC(AM) |
|
|
Davenport, IA |
|
|
|
|
1170 |
|
|
|
| |||||
|
KBOB-FM |
|
|
De Witt, IA |
|
|
|
|
104.9 |
|
|
|
| |||||
|
WXLP(FM) |
|
|
Moline, IL |
|
|
|
|
96.9 |
|
|
|
| |||||
|
KBEA-FM |
|
|
Muscatine, IA |
|
|
|
|
99.7 |
|
|
|
| |||||
|
Quincy, IL-Hannibal, MO (NR) |
|
|
KHMO(AM) |
|
|
Hannibal, MO |
|
|
|
|
1070 |
|
|
|
| ||
|
KICK-FM |
|
|
Palmyra, MO |
|
|
|
|
97.9 |
|
|
|
| |||||
|
KRRY(FM) |
|
|
Canton, MO |
|
|
|
|
100.9 |
|
|
|
| |||||
|
WLIQ(AM) |
|
|
Quincy, IL |
|
|
|
|
1530 |
|
|
|
| |||||
|
Richland-Kennewick-Pasco, WA (#183) |
|
|
KEYW(FM) |
|
|
Pasco, WA |
|
|
|
|
98.3 |
|
|
|
| ||
|
KFLD(AM) |
|
|
Pasco, WA |
|
|
|
|
870 |
|
|
|
| |||||
|
KOLW(FM) |
|
|
Basin City, WA |
|
|
|
|
97.5 |
|
|
|
| |||||
|
KORD-FM |
|
|
Richland, WA |
|
|
|
|
102.7 |
|
|
|
| |||||
|
KXRX(FM) |
|
|
Walla Walla, WA |
|
|
|
|
97.1 |
|
|
|
| |||||
|
Rochester, MN (#225) |
|
|
KFIL-FM |
|
|
Chatfield, MN |
|
|
|
|
103.1 |
|
|
|
| ||
|
KFIL(AM) |
|
|
Preston, MN |
|
|
|
|
1060 |
|
|
|
| |||||
|
KDCZ(FM) |
|
|
Eyota, MN |
|
|
|
|
103.9 |
|
|
|
| |||||
|
KOLM(AM) |
|
|
Rochester, MN |
|
|
|
|
1520 |
|
|
|
| |||||
|
KROC(AM) |
|
|
Rochester, MN |
|
|
|
|
1340 |
|
|
|
| |||||
|
KROC-FM |
|
|
Rochester, MN |
|
|
|
|
106.9 |
|
|
|
| |||||
|
KWWK(FM) |
|
|
Rochester, MN |
|
|
|
|
96.5 |
|
|
|
| |||||
|
KDZZ(FM) |
|
|
St. Charles, MN |
|
|
|
|
107.7 |
|
|
|
| |||||
|
KVGO(FM) |
|
|
Spring Valley, MN |
|
|
|
|
104.3 |
|
|
|
| |||||
|
KYBA(FM) |
|
|
Stewartville, MN |
|
|
|
|
105.3 |
|
|
|
| |||||
|
K285EL(FX) |
|
|
Rochester, MN |
|
|
|
|
104.9 |
|
|
|
| |||||
|
K292EM(FX) |
|
|
Rochester, MN |
|
|
|
|
106.3 |
|
|
|
| |||||
|
Rockford, IL (#160) |
|
|
WXXQ(FM) |
|
|
Freeport, IL |
|
|
|
|
98.5 |
|
|
|
| ||
|
WKGL-FM |
|
|
Loves Park, IL |
|
|
|
|
96.7 |
|
|
|
| |||||
|
WROK(AM) |
|
|
Rockford, IL |
|
|
|
|
1440 |
|
|
|
| |||||
|
WZOK(FM) |
|
|
Rockford, IL |
|
|
|
|
97.5 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
San Angelo, TX (#267) |
|
|
KELI(FM) |
|
|
San Angelo, TX |
|
|
|
|
98.7 |
|
|
|
| ||
|
KGKL(AM) |
|
|
San Angelo, TX |
|
|
|
|
960 |
|
|
|
| |||||
|
KGKL-FM |
|
|
San Angelo, TX |
|
|
|
|
97.5 |
|
|
|
| |||||
|
KKCN(FM) |
|
|
Ballinger, TX |
|
|
|
|
103.1 |
|
|
|
| |||||
|
KKCN-FM1 |
|
|
San Angelo, TX |
|
|
|
|
103.1 |
|
|
|
| |||||
|
KNRX(FM) |
|
|
Sterling City, TX |
|
|
|
|
96.5 |
|
|
|
| |||||
|
KNRX-FM1 |
|
|
San Angelo, TX |
|
|
|
|
96.5 |
|
|
|
| |||||
|
Sedalia, MO (NR) |
|
|
KSDL(FM) |
|
|
Sedalia, MO |
|
|
|
|
92.3 |
|
|
|
| ||
|
KSIS(AM) |
|
|
Sedalia, MO |
|
|
|
|
1050 |
|
|
|
| |||||
|
KXKX(FM) |
|
|
Knob Noster, MO |
|
|
|
|
105.7 |
|
|
|
| |||||
|
St. Cloud, MN (#219) |
|
|
KLZZ(FM) |
|
|
Waite Park, MN |
|
|
|
|
103.7 |
|
|
|
| ||
|
KMXK(FM) |
|
|
Cold Spring, MN |
|
|
|
|
94.9 |
|
|
|
| |||||
|
KXSS(AM) |
|
|
Waite Park, MN |
|
|
|
|
1390 |
|
|
|
| |||||
|
KZRV(FM) |
|
|
Sartell, MN |
|
|
|
|
96.7 |
|
|
|
| |||||
|
WJON(AM) |
|
|
St. Cloud, MN |
|
|
|
|
1240 |
|
|
|
| |||||
|
WWJO(FM) |
|
|
St. Cloud, MN |
|
|
|
|
98.1 |
|
|
|
| |||||
|
Shelby, MT (NR) |
|
|
KSEN(AM) |
|
|
Shelby, MT |
|
|
|
|
1150 |
|
|
|
| ||
|
KZIN-FM |
|
|
Shelby, MT |
|
|
|
|
96.7 |
|
|
|
| |||||
|
Shreveport, LA (#133) |
|
|
KEEL(AM) |
|
|
Shreveport, LA |
|
|
|
|
710 |
|
|
|
| ||
|
KXKS-FM |
|
|
Shreveport, LA |
|
|
|
|
93.7 |
|
|
|
| |||||
|
KRUF(FM) |
|
|
Shreveport, LA |
|
|
|
|
94.5 |
|
|
|
| |||||
|
KVKI-FM |
|
|
Shreveport, LA |
|
|
|
|
96.5 |
|
|
|
| |||||
|
KWKH(AM) |
|
|
Shreveport, LA |
|
|
|
|
1130 |
|
|
|
| |||||
|
KTUX(FM)(6) |
|
|
Carthage, TX |
|
|
|
|
98.9 |
|
|
|
| |||||
|
Sioux Falls, SD (NR) |
|
|
KXRB(AM) |
|
|
Sioux Falls, SD |
|
|
|
|
1000 |
|
|
|
| ||
|
KKLS-FM |
|
|
Sioux Falls, SD |
|
|
|
|
104.7 |
|
|
|
| |||||
|
KIKN-FM |
|
|
Salem, SD |
|
|
|
|
100.5 |
|
|
|
| |||||
|
KSOO(AM) |
|
|
Sioux Falls, SD |
|
|
|
|
1140 |
|
|
|
| |||||
|
KMXC(FM) |
|
|
Sioux Falls, SD |
|
|
|
|
97.3 |
|
|
|
| |||||
|
KYBB(FM) |
|
|
Canton, SD |
|
|
|
|
102.7 |
|
|
|
| |||||
|
KDEZ(FM) |
|
|
Brandon, SD |
|
|
|
|
100.1 |
|
|
|
| |||||
|
KSOO-FM |
|
|
Lennox, SD |
|
|
|
|
99.1 |
|
|
|
| |||||
|
Texarkana, TX-AR (#254) |
|
|
KKYR-FM |
|
|
Texarkana, TX |
|
|
|
|
102.5 |
|
|
|
| ||
|
KOSY(AM) |
|
|
Texarkana, AR |
|
|
|
|
790 |
|
|
|
| |||||
|
KPWW(FM) |
|
|
Hooks, TX |
|
|
|
|
95.9 |
|
|
|
| |||||
|
KYGL(FM) |
|
|
Texarkana, AR |
|
|
|
|
106.3 |
|
|
|
| |||||
|
KMJI(FM) |
|
|
Ashdown, AR |
|
|
|
|
93.3 |
|
|
|
| |||||
|
Trenton, NJ (#150) |
|
|
WKXW(FM)(7) |
|
|
Trenton, NJ |
|
|
|
|
101.5 |
|
|
|
| ||
|
Tuscaloosa, AL (#215) |
|
|
WBEI(FM) |
|
|
Reform, AL |
|
|
|
|
101.7 |
|
|
|
| ||
|
WDGM(FM) |
|
|
Greensboro, AL |
|
|
|
|
99.1 |
|
|
|
| |||||
|
WFFN(FM) |
|
|
Coaling, AL |
|
|
|
|
95.3 |
|
|
|
| |||||
|
WTSK(AM) |
|
|
Tuscaloosa, TL |
|
|
|
|
790 |
|
|
|
| |||||
|
WTUG-FM |
|
|
Northport, AL |
|
|
|
|
92.9 |
|
|
|
| |||||
|
WJRD(AM)(8) |
|
|
Tuscaloosa, AL |
|
|
|
|
1150 |
|
|
|
| |||||
|
Twin Falls (Sun Valley), ID (#231) |
|
|
KEZJ-FM |
|
|
Twin Falls, ID |
|
|
|
|
95.7 |
|
|
|
| ||
|
KLIX(AM) |
|
|
Twin Falls, ID |
|
|
|
|
1310 |
|
|
|
| |||||
|
KLIX-FM |
|
|
Twin Falls, ID |
|
|
|
|
96.5 |
|
|
|
| |||||
|
KSNQ(FM) |
|
|
Twin Falls, ID |
|
|
|
|
98.3 |
|
|
|
| |||||
|
Tyler-Longview, TX (#145) |
|
|
KISX(FM) |
|
|
Whitehouse, TX |
|
|
|
|
107.3 |
|
|
|
| ||
|
KNUE(FM) |
|
|
Tyler, TX |
|
|
|
|
101.5 |
|
|
|
| |||||
|
KTYL-FM |
|
|
Tyler, TX |
|
|
|
|
93.1 |
|
|
|
| |||||
|
KKTX-FM |
|
|
Kilgore, TX |
|
|
|
|
96.1 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Market (Nielsen Ranking) |
|
|
Station |
|
|
City of License |
|
|
Frequency |
|
|
License Expiration Date |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Utica/Rome, NY (#167) |
|
|
WFRG-FM |
|
|
Utica, NY |
|
|
|
|
104.3 |
|
|
|
| ||
|
WIBX(AM) |
|
|
Utica, NY |
|
|
|
|
950 |
|
|
|
| |||||
|
WLZW(FM) |
|
|
Utica, NY |
|
|
|
|
98.7 |
|
|
|
| |||||
|
WODZ-FM |
|
|
Rome, NY |
|
|
|
|
96.1 |
|
|
|
| |||||
|
Victoria, TX (NR) |
|
|
KIXS(FM) |
|
|
Victoria, TX |
|
|
|
|
107.9 |
|
|
|
| ||
|
KLUB(FM) |
|
|
Bloomington, TX |
|
|
|
|
106.9 |
|
|
|
| |||||
|
KQVT(FM) |
|
|
Victoria, TX |
|
|
|
|
92.3 |
|
|
|
| |||||
|
KTXN-FM(9) |
|
|
Victoria, TX |
|
|
|
|
98.7 |
|
|
|
| |||||
|
Waterloo, IA (#242) |
|
|
KOEL(AM) |
|
|
Oelwein, IA |
|
|
|
|
950 |
|
|
|
| ||
|
Wichita Falls, TX (#252) |
|
|
KBZS(FM) |
|
|
Wichita Falls, TX |
|
|
|
|
106.3 |
|
|
|
| ||
|
KNIN-FM(10) |
|
|
Wichita Falls, TX |
|
|
|
|
92.9 |
|
|
|
| |||||
|
KWFS(AM) |
|
|
Wichita Falls, TX |
|
|
|
|
1290 |
|
|
|
| |||||
|
KWFS-FM |
|
|
Wichita Falls, TX |
|
|
|
|
102.3 |
|
|
|
| |||||
|
Yakima, WA (#195) |
|
|
KDBL(FM) |
|
|
Toppenish, WA |
|
|
|
|
92.9 |
|
|
|
| ||
|
KATS(FM) |
|
|
Yakima, WA |
|
|
|
|
94.5 |
|
|
|
| |||||
|
KFFM(FM) |
|
|
Yakima, WA |
|
|
|
|
107.3 |
|
|
|
| |||||
|
KIT(AM) |
|
|
Yakima, WA |
|
|
|
|
1280 |
|
|
|
| |||||
|
KUTI(AM) |
|
|
Yakima, WA |
|
|
|
|
1460 |
|
|
|
| |||||
|
KIT-FM |
|
|
Naches, WA |
|
|
|
|
99.3 |
|
|
|
| |||||
|
K232CV(FX) |
|
|
Ellensburg, WA |
|
|
|
|
94.3 |
|
|
|
| |||||
| | | | | | | | | | | | | | |
|
Name |
|
|
Age |
|
|
Position |
|
---|---|---|---|---|---|---|---|---|
|
Steven Price |
|
|
52 |
|
|
Chairman and Chief Executive Officer |
|
|
B. James Ford |
|
|
46 |
|
|
Director |
|
|
Gary Ginsberg |
|
|
51 |
|
|
Director |
|
|
Stephen Kaplan |
|
|
55 |
|
|
Director |
|
|
David Lebow |
|
|
52 |
|
|
Director |
|
|
David Quick |
|
|
34 |
|
|
Director |
|
|
Amy Miles |
|
|
47 |
|
|
Director |
|
|
Stuart Rosenstein |
|
|
53 |
|
|
Executive Vice President and Chief Financial Officer |
|
|
Bill Wilson |
|
|
46 |
|
|
Executive Vice President and Chief Content and Digital Officer |
|
|
Alex Berkett |
|
|
39 |
|
|
Executive Vice President, Business Development and Mergers and Acquisitions |
|
|
Erik Hellum |
|
|
49 |
|
|
Executive Vice President |
|
|
Dhruv Prasad |
|
|
36 |
|
|
Executive Vice President, Live Events |
|
|
Mark Stewart |
|
|
54 |
|
|
Executive Vice President and Chief Strategic Officer |
|
| | | | | |
|
Name and principal position |
|
|
Year |
|
|
Salary |
|
|
Bonus(2) |
|
|
Stock Awards |
|
|
Option Awards |
|
|
Non-Equity Incentive Plan Compensation |
|
|
Nonqualified deferred compensation earnings |
|
|
All Other Compensation(3) |
|
|
Total |
| ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Steven Price(1) Chief Executive Officer |
|
|
|
|
2013 |
|
|
|
|
$ |
400,000 |
|
|
|
|
$ |
600,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
55,257 |
|
|
|
|
$ |
1,055,257 |
|
| |||||||||
|
|
|
2012 |
|
|
|
|
$ |
400,000 |
|
|
|
|
$ |
500,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
49,907 |
|
|
|
|
$ |
949,907 |
|
| ||||||||||||
|
Stuart Rosenstein Executive Vice President and Chief Financial Officer |
|
|
|
|
2013 |
|
|
|
|
$ |
300,000 |
|
|
|
|
$ |
600,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
55,257 |
|
|
|
|
$ |
955,257 |
|
| |||||||||
|
|
|
2012 |
|
|
|
|
$ |
300,000 |
|
|
|
|
$ |
500,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
51,532 |
|
|
|
|
$ |
851,532 |
|
| ||||||||||||
|
Bill Wilson Executive Vice President and Chief Content and Digital Officer |
|
|
|
|
2013 |
|
|
|
|
$ |
650,000 |
|
|
|
|
$ |
450,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
30,543 |
|
|
|
|
$ |
1,130,543 |
|
| |||||||||
|
|
|
2012 |
|
|
|
|
$ |
650,000 |
|
|
|
|
$ |
450,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
26,514 |
|
|
|
|
$ |
1,126,514 |
|
| ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Name |
|
|
Year |
|
|
Commuting(1) |
|
|
Healthcare Benefits(2) |
|
|
Total |
| ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Steven Price |
|
|
|
|
2013 |
|
|
|
|
$ |
18,000 |
|
|
|
|
$ |
37,257 |
|
|
|
|
$ |
55,257 |
|
| ||||
|
|
|
2012 |
|
|
|
|
$ |
18,000 |
|
|
|
|
$ |
31,907 |
|
|
|
|
$ |
49,907 |
|
| |||||||
|
Stuart Rosenstein |
|
|
|
|
2013 |
|
|
|
|
$ |
18,000 |
|
|
|
|
$ |
37,257 |
|
|
|
|
$ |
55,257 |
|
| ||||
|
|
|
2012 |
|
|
|
|
$ |
18,000 |
|
|
|
|
$ |
33,532 |
|
|
|
|
$ |
51,532 |
|
| |||||||
|
Bill Wilson |
|
|
|
|
2013 |
|
|
|
|
|
— |
|
|
|
|
$ |
30,543 |
|
|
|
|
$ |
30,543 |
|
| ||||
|
|
|
2012 |
|
|
|
|
|
— |
|
|
|
|
$ |
26,514 |
|
|
|
|
$ |
26,514 |
|
| |||||||
| | | | | | | | | | | | | | |
|
|
|
|
Stock Awards |
| |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Name |
|
|
Number of Shares or Units of Stock That Have Not Vested (#)(1) |
|
|
Market Value of Shares or Units of Stock That Have Not Vested ($) |
|
|
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
|
|
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares or Other Rights That Have Not Vested ($)(1) |
| ||||||||||||||||
|
Steven Price |
|
|
|
|
700,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||||
|
Stuart Rosenstein |
|
|
|
|
350,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||||
|
Bill Wilson |
|
|
|
|
385,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
Option Awards |
|
|
Stock Awards |
| ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Name |
|
|
Number of Shares (#) |
|
|
Value Realized on Exercise ($) |
|
|
Number of Shares Acquired on Vesting (#)(1) |
|
|
Value Realized on Vesting ($) |
| ||||||||||||||||
|
Steven Price |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
700,000 |
|
|
|
|
|
— |
|
| ||||
|
Stuart Rosenstein |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
350,000 |
|
|
|
|
|
— |
|
| ||||
|
Bill Wilson |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
140,000 |
|
|
|
|
|
— |
|
| ||||
| | | | | | | | | | | | | | |
|
Name |
|
|
Fees Earned or Paid in Cash ($) |
|
|
Stock Awards ($)(3) |
|
|
Option Awards ($) |
|
|
Non-Equity Incentive Plan Compensation ($) |
|
|
Nonqualified Deferred Compensation Earnings ($) |
|
|
All Other Compensation ($) |
|
|
Total ($) |
| ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
B. James Ford(1) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| |||||||
|
Gary Ginsberg(2) |
|
|
|
$ |
25,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
25,000 |
|
| |||||||
|
Stephen Kaplan(1) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| |||||||
|
David Lebow(2) |
|
|
|
$ |
25,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
$ |
25,000 |
|
| |||||||
|
David Quick(1) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| |||||||
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
Common stock owned before the offering(18) |
|
|
% of total voting power before the offering(20) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Class A |
|
|
Class B |
|
|
Class C |
|
|
Total |
| ||||||||||||||||||||||||||||||||||||||||||||
|
Name of Beneficial Owner(1) |
|
|
Number |
|
|
% |
|
|
Number |
|
|
% |
|
|
Number |
|
|
% |
|
|
Number(19) |
| |||||||||||||||||||||||||||||||||||
|
5% Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
Certain funds managed by Oaktree(2) |
|
|
|
|
8,605,491 |
|
|
|
|
|
95.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
70.2 |
% |
|
| |||||
|
GE Capital and its affiliates(3) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
3,258,139 |
|
|
|
|
|
66.6 |
% |
|
|
|
|
|
3,258,139 |
|
|
|
|
|
— |
|
| |||||||
|
Funds affiliated with MSD Capital Management(4) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,636,341 |
|
|
|
|
|
33.4 |
% |
|
|
|
|
|
1,636,341 |
|
|
|
|
|
— |
|
| |||||||
|
Non-Employee Directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
B. James Ford(5) |
|
|
|
|
8,605,491 |
|
|
|
|
|
95.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
70.2 |
% |
|
| |||||
|
Gary Ginsberg(6) |
|
|
|
|
27,857 |
|
|
|
|
|
6.1 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
27,857 |
|
|
|
|
|
* |
|
| |||||||
|
Stephen Kaplan(7) |
|
|
|
|
8,605,491 |
|
|
|
|
|
95.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
70.2 |
% |
|
| |||||
|
David Lebow(8) |
|
|
|
|
27,857 |
|
|
|
|
|
6.1 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
27,857 |
|
|
|
|
|
* |
|
| |||||||
|
Amy Miles(9) |
|
|
|
|
10,000 |
|
|
|
|
|
2.3 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,000 |
|
|
|
|
|
— |
|
| |||||||
|
David Quick(10) |
|
|
|
|
8,605,491 |
|
|
|
|
|
95.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
70.2 |
% |
|
| |||||
|
Executive Officers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
Steven Price(11) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,524,940 |
|
|
|
|
|
52.1 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,524,940 |
|
|
|
|
|
22.9 |
% |
|
| ||||||
|
Stuart Rosenstein(12) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
974,980 |
|
|
|
|
|
24.8 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
974,980 |
|
|
|
|
|
2.1 |
% |
|
| ||||||
|
Bill Wilson(13) |
|
|
|
|
591,237 |
|
|
|
|
|
66.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
591,237 |
|
|
|
|
|
* |
|
| |||||||
|
Alex Berkett(14) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
14.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
1.4 |
% |
|
| ||||||
|
Erik Hellum(15) |
|
|
|
|
232,233 |
|
|
|
|
|
36.0 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
232,233 |
|
|
|
|
|
* |
|
| |||||||
|
Dhruv Prasad(16) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
14.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
1.4 |
% |
|
| ||||||
|
Mark Stewart(17) |
|
|
|
|
69,641 |
|
|
|
|
|
14.0 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
69,641 |
|
|
|
|
|
— |
|
| |||||||
|
All Directors and Current Executive Officers as a Group (13 persons) |
|
|
|
|
9,564,315 |
|
|
|
|
|
97.3 |
% |
|
|
|
|
|
6,649,978 |
|
|
|
|
|
99.7 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
16,214,293 |
|
|
|
|
|
98.4 |
% |
|
| |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
Common stock owned after the offering if underwriters’ option is not exercised(18) |
|
|
% of total voting power after the offering if underwriters’ option is not exercised(20) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Class A |
|
|
Class B |
|
|
Class C |
|
|
Total |
| ||||||||||||||||||||||||||||||||||||||||||||
|
Name of Beneficial Owner(1) |
|
|
Number |
|
|
% |
|
|
Number |
|
|
% |
|
|
Number |
|
|
% |
|
|
Number(19) |
| |||||||||||||||||||||||||||||||||||
|
5% Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
Certain funds managed by Oaktree(2) |
|
|
|
|
8,605,491 |
|
|
|
|
|
49.5 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
55.2 |
% |
|
| |||||
|
GE Capital and its affiliates(3) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
3,258,139 |
|
|
|
|
|
66.6 |
% |
|
|
|
|
|
3,258,139 |
|
|
|
|
|
— |
|
| |||||||
|
Funds affiliated with MSD Capital Management(4) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,636,341 |
|
|
|
|
|
33.4 |
% |
|
|
|
|
|
1,636,341 |
|
|
|
|
|
— |
|
| |||||||
|
Non-Employee Directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
B. James Ford(5) |
|
|
|
|
8,605,491 |
|
|
|
|
|
49.5 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
55.2 |
% |
|
| |||||
|
Gary Ginsberg(6) |
|
|
|
|
29,857 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
29,857 |
|
|
|
|
|
* |
|
| ||||||||
|
Stephen Kaplan(7) |
|
|
|
|
8,605,491 |
|
|
|
|
|
49.5 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
55.2 |
% |
|
| |||||
|
David Lebow(8) |
|
|
|
|
34,557 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
34,557 |
|
|
|
|
|
* |
|
| ||||||||
|
Amy Miles(9) |
|
|
|
|
10,000 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,000 |
|
|
|
|
|
— |
|
| ||||||||
|
David Quick(10) |
|
|
|
|
8,605,491 |
|
|
|
|
|
49.5 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
55.2 |
% |
|
| |||||
|
Executive Officers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
Steven Price(11) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,524,940 |
|
|
|
|
|
52.1 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,524,940 |
|
|
|
|
|
18.0 |
% |
|
| ||||||
|
Stuart Rosenstein(12) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
974,980 |
|
|
|
|
|
24.8 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
974,980 |
|
|
|
|
|
1.6 |
% |
|
| ||||||
|
Bill Wilson(13) |
|
|
|
|
591,237 |
|
|
|
|
|
6.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
591,237 |
|
|
|
|
|
* |
|
| |||||||
|
Alex Berkett(14) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
14.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
1.1 |
% |
|
| ||||||
|
Erik Hellum(15) |
|
|
|
|
232,233 |
|
|
|
|
|
2.6 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
232,233 |
|
|
|
|
|
* |
|
| |||||||
|
Dhruv Prasad(16) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
14.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
1.1 |
% |
|
| ||||||
|
Mark Stewart(17) |
|
|
|
|
69,641 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
69,641 |
|
|
|
|
|
— |
|
| ||||||||
|
All Directors and Current Executive Officers as a Group (13 persons) |
|
|
|
|
9,573,015 |
|
|
|
|
|
52.7 |
% |
|
|
|
|
|
6,649,978 |
|
|
|
|
|
99.7 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
16,222,993 |
|
|
|
|
|
77.4 |
% |
|
| |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
Common stock owned after the offering if underwriters’ option is exercised in full(18) |
|
|
% of total voting power after the offering if underwriters’ option is exercised in full(20) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Class A |
|
|
Class B |
|
|
Class C |
|
|
Total |
| ||||||||||||||||||||||||||||||||||||||||||||
|
Name of Beneficial Owner(1) |
|
|
Number |
|
|
% |
|
|
Number |
|
|
% |
|
|
Number |
|
|
% |
|
|
Number(19) |
| |||||||||||||||||||||||||||||||||||
|
5% Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
Certain funds managed by Oaktree(2) |
|
|
|
|
8,605,491 |
|
|
|
|
|
46.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
53.5 |
% |
|
| |||||
|
GE Capital and its affiliates(3) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
3,258,139 |
|
|
|
|
|
66.6 |
% |
|
|
|
|
|
3,258,139 |
|
|
|
|
|
— |
|
| |||||||
|
Funds affiliated with MSD Capital Management(4) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,636,341 |
|
|
|
|
|
33.4 |
% |
|
|
|
|
|
1,636,341 |
|
|
|
|
|
— |
|
| |||||||
|
Non-Employee Directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
B. James Ford(5) |
|
|
|
|
8,605,491 |
|
|
|
|
|
46.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
53.5 |
% |
|
| |||||
|
Gary Ginsberg(6) |
|
|
|
|
29,857 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
29,857 |
|
|
|
|
|
* |
|
| ||||||||
|
Stephen Kaplan(7) |
|
|
|
|
8,605,491 |
|
|
|
|
|
46.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
53.5 |
% |
|
| |||||
|
David Lebow(8) |
|
|
|
|
34,557 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
34,557 |
|
|
|
|
|
* |
|
| ||||||||
|
Amy Miles(9) |
|
|
|
|
10,000 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,000 |
|
|
|
|
|
— |
|
| ||||||||
|
David Quick(10) |
|
|
|
|
8,605,491 |
|
|
|
|
|
46.2 |
% |
|
|
|
|
|
2,151,373 |
|
|
|
|
|
71.2 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
10,756,864 |
|
|
|
|
|
53.5 |
% |
|
| |||||
|
Executive Officers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |||||||
|
Steven Price(11) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,524,940 |
|
|
|
|
|
52.1 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,524,940 |
|
|
|
|
|
17.4 |
% |
|
| ||||||
|
Stuart Rosenstein(12) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
974,980 |
|
|
|
|
|
24.8 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
974,980 |
|
|
|
|
|
1.6 |
% |
|
| ||||||
|
Bill Wilson(13) |
|
|
|
|
591,237 |
|
|
|
|
|
5.6 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
591,237 |
|
|
|
|
|
* |
|
| |||||||
|
Alex Berkett(14) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
14.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
1.1 |
% |
|
| ||||||
|
Erik Hellum(15) |
|
|
|
|
232,233 |
|
|
|
|
|
2.3 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
232,233 |
|
|
|
|
|
* |
|
| |||||||
|
Dhruv Prasad(16) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
14.4 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
499,342 |
|
|
|
|
|
1.1 |
% |
|
| ||||||
|
Mark Stewart(17) |
|
|
|
|
69,641 |
|
|
|
|
|
* |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
69,641 |
|
|
|
|
|
— |
|
| ||||||||
|
All Directors and Current Executive Officers as a Group (13 persons) |
|
|
|
|
9,573,015 |
|
|
|
|
|
49.3 |
% |
|
|
|
|
|
6,649,978 |
|
|
|
|
|
99.7 |
% |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
16,222,993 |
|
|
|
|
|
75.0 |
% |
|
| |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Period |
|
|
Redemption Price |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
2015 |
|
|
|
|
106.750 |
% |
|
|
|
2016 |
|
|
|
|
104.500 |
% |
|
|
|
2017 |
|
|
|
|
102.250 |
% |
|
|
|
2018 and thereafter |
|
|
|
|
100.000 |
% |
|
|
| | | | | |
|
Underwriter |
|
|
Number of Shares |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
|
|
|
|
3,333,335 |
|
| |
|
Jefferies LLC |
|
|
|
|
1,666,666 |
|
| |
|
RBC Capital Markets, LLC |
|
|
|
|
1,666,666 |
|
| |
|
Guggenheim Securities, LLC |
|
|
|
|
833,333 |
|
| |
|
Macquarie Capital (USA) Inc. |
|
|
|
|
833,333 |
|
| |
|
Total |
|
|
|
|
8,333,333 |
|
| |
| | | | |
|
|
|
|
Per Share |
|
|
Without Option |
|
|
With Option |
|
---|---|---|---|---|---|---|---|---|---|---|---|
|
Public offering price |
|
|
$11.00 |
|
|
$91,666,663 |
|
|
$105,416,663 |
|
|
Underwriting discount |
|
|
$0.77 |
|
|
$6,416,666 |
|
|
$7,379,166 |
|
|
Proceeds, before expenses, to us |
|
|
$10.23 |
|
|
$85,249,997 |
|
|
$98,037,497 |
|
| | | | | | | |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
| | | | | |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
| | | | | |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
| | | | | |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
| | | | | |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
| | | | | |
|
|
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Cash |
|
|
|
$ |
22,305 |
|
|
|
|
$ |
45,647 |
|
| ||
|
Accounts receivable, net of allowance of $2,774 and $2,914, respectively |
|
|
|
|
40,431 |
|
|
|
|
|
56,994 |
|
| ||
|
Prepaid expenses and other current assets |
|
|
|
|
2,331 |
|
|
|
|
|
8,298 |
|
| ||
|
Total current assets |
|
|
|
|
65,067 |
|
|
|
|
|
110,939 |
|
| ||
|
Property and equipment, net |
|
|
|
|
77,876 |
|
|
|
|
|
96,294 |
|
| ||
|
Intangible assets, net |
|
|
|
|
362,569 |
|
|
|
|
|
501,899 |
|
| ||
|
Goodwill |
|
|
|
|
91,999 |
|
|
|
|
|
217,150 |
|
| ||
|
Deferred financing costs, net |
|
|
|
|
12,080 |
|
|
|
|
|
12,357 |
|
| ||
|
Investments |
|
|
|
|
234 |
|
|
|
|
|
234 |
|
| ||
|
Other assets |
|
|
|
|
296 |
|
|
|
|
|
330 |
|
| ||
|
Total assets |
|
|
|
$ |
610,121 |
|
|
|
|
$ |
939,203 |
|
| ||
|
LIABILITIES AND MEMBERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Accounts payable |
|
|
|
$ |
5,142 |
|
|
|
|
$ |
8,640 |
|
| ||
|
Current portion of long-term debt |
|
|
|
|
1,164 |
|
|
|
|
|
2,186 |
|
| ||
|
Accrued expenses and other current liabilities |
|
|
|
|
18,077 |
|
|
|
|
|
22,820 |
|
| ||
|
Deferred revenue |
|
|
|
|
3,281 |
|
|
|
|
|
9,396 |
|
| ||
|
Accrued interest |
|
|
|
|
5,963 |
|
|
|
|
|
9,411 |
|
| ||
|
Total current liabilities |
|
|
|
|
33,627 |
|
|
|
|
|
52,453 |
|
| ||
|
Long-term debt, less current portion, (inclusive of bond premium of $0 and $8,898, respectively) |
|
|
|
|
366,283 |
|
|
|
|
|
651,286 |
|
| ||
|
Other long-term liabilities |
|
|
|
|
1,873 |
|
|
|
|
|
933 |
|
| ||
|
Total liabilities |
|
|
|
|
401,783 |
|
|
|
|
|
704,672 |
|
| ||
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Members’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Controlling interest |
|
|
|
|
207,896 |
|
|
|
|
|
234,039 |
|
| ||
|
Non-controlling interest |
|
|
|
|
442 |
|
|
|
|
|
492 |
|
| ||
|
Total liabilities and members’ equity |
|
|
|
$ |
610,121 |
|
|
|
|
$ |
939,203 |
|
| ||
| | | | | | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2013 |
| |||||||||
|
Net revenue |
|
|
|
$ |
222,736 |
|
|
|
|
$ |
268,578 |
|
| ||
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
153,103 |
|
|
|
|
|
185,214 |
|
| ||
|
Depreciation and amortization |
|
|
|
|
14,824 |
|
|
|
|
|
15,189 |
|
| ||
|
Corporate expenses |
|
|
|
|
17,750 |
|
|
|
|
|
21,124 |
|
| ||
|
Transaction and other restructuring costs |
|
|
|
|
1,782 |
|
|
|
|
|
2,001 |
|
| ||
|
Change in fair value of contingent consideration |
|
|
|
|
— |
|
|
|
|
|
(1,100 |
) |
|
| |
|
Net loss (gain) on sale of assets |
|
|
|
|
123 |
|
|
|
|
|
(36 |
) |
|
| |
|
Total operating costs and expenses |
|
|
|
|
187,582 |
|
|
|
|
|
222,392 |
|
| ||
|
Operating income |
|
|
|
|
35,154 |
|
|
|
|
|
46,186 |
|
| ||
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Interest expense, net |
|
|
|
|
(28,291 |
) |
|
|
|
|
|
(35,620 |
) |
|
|
|
Net loss on derivative instruments |
|
|
|
|
(129 |
) |
|
|
|
|
|
(1 |
) |
|
|
|
Other income (expense), net |
|
|
|
|
6 |
|
|
|
|
|
(114 |
) |
|
| |
|
Income before income taxes |
|
|
|
|
6,740 |
|
|
|
|
|
10,451 |
|
| ||
|
Provision for income taxes |
|
|
|
|
340 |
|
|
|
|
|
340 |
|
| ||
|
Net income |
|
|
|
$ |
6,400 |
|
|
|
|
$ |
10,111 |
|
| ||
|
Pro forma C corporation data (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Historical income before taxes |
|
|
|
|
|
|
|
|
|
$ |
10,451 |
|
| ||
|
Pro forma income taxes |
|
|
|
|
|
|
|
|
|
|
4,065 |
|
| ||
|
Pro forma net income |
|
|
|
|
|
|
|
|
|
$ |
6,386 |
|
| ||
|
Pro forma net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Basic |
|
|
|
|
|
|
|
|
|
$ |
0.84 |
|
| ||
|
Diluted |
|
|
|
|
|
|
|
|
|
$ |
0.38 |
|
| ||
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Basic |
|
|
|
|
|
|
|
|
|
|
7,567,623 |
|
| ||
|
Diluted |
|
|
|
|
|
|
|
|
|
|
16,736,145 |
|
| ||
| | | | | | | | |
|
|
|
|
Controlling Interest |
|
|
Non- Controlling Interest |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Balance at December 31, 2011 |
|
|
|
$ |
186,131 |
|
|
|
|
$ |
— |
|
| ||
|
Capital contribution from members |
|
|
|
|
15,100 |
|
|
|
|
|
— |
|
| ||
|
Equity issued in respect of Double O acquisition |
|
|
|
|
265 |
|
|
|
|
|
— |
|
| ||
|
Non-controlling interest in Mountain Jam, LLC |
|
|
|
|
— |
|
|
|
|
|
420 |
|
| ||
|
Non-controlling interest in Taste of Country Productions, LLC |
|
|
|
|
— |
|
|
|
|
|
22 |
|
| ||
|
Net income |
|
|
|
|
6,400 |
|
|
|
|
|
— |
|
| ||
|
Balance at December 31, 2012 |
|
|
|
|
207,896 |
|
|
|
|
|
442 |
|
| ||
|
Equity issued in respect of Peak acquisition |
|
|
|
|
16,241 |
|
|
|
|
|
— |
|
| ||
|
Units repurchased and held in Treasury |
|
|
|
|
(159 |
) |
|
|
|
|
|
— |
|
| |
|
Net income |
|
|
|
|
10,061 |
|
|
|
|
|
50 |
|
| ||
|
Balance at December 31, 2013 |
|
|
|
$ |
234,039 |
|
|
|
|
$ |
492 |
|
| ||
| | | | | | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2013 |
| |||||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Net income |
|
|
|
$ |
6,400 |
|
|
|
|
$ |
10,111 |
|
| ||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Depreciation and amortization |
|
|
|
|
14,824 |
|
|
|
|
|
15,189 |
|
| ||
|
Amortization of deferred financing costs |
|
|
|
|
2,605 |
|
|
|
|
|
2,111 |
|
| ||
|
Provision for doubtful accounts |
|
|
|
|
1,429 |
|
|
|
|
|
8 |
|
| ||
|
Noncash interest expense |
|
|
|
|
1,015 |
|
|
|
|
|
170 |
|
| ||
|
Loss on derivative instruments |
|
|
|
|
129 |
|
|
|
|
|
1 |
|
| ||
|
Net loss (gain) on sale of assets |
|
|
|
|
123 |
|
|
|
|
|
(36 |
) |
|
| |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Accounts receivable |
|
|
|
|
(7,514 |
) |
|
|
|
|
|
(4,202 |
) |
|
|
|
Prepaid expenses and other assets |
|
|
|
|
(36 |
) |
|
|
|
|
|
(5,183 |
) |
|
|
|
Accounts payable |
|
|
|
|
(106 |
) |
|
|
|
|
|
385 |
|
| |
|
Accrued expenses |
|
|
|
|
(2,335 |
) |
|
|
|
|
|
5,140 |
|
| |
|
Accrued interest |
|
|
|
|
5,842 |
|
|
|
|
|
3,449 |
|
| ||
|
Other long-term liabilities |
|
|
|
|
(2,529 |
) |
|
|
|
|
|
(939 |
) |
|
|
|
Net cash provided by operating activities |
|
|
|
|
19,847 |
|
|
|
|
|
26,204 |
|
| ||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Payments for acquisitions, net of cash acquired |
|
|
|
|
(133,776 |
) |
|
|
|
|
|
(276,799 |
) |
|
|
|
Acquisition of intangibles |
|
|
|
|
(256 |
) |
|
|
|
|
|
— |
|
| |
|
Proceeds from insurance settlement |
|
|
|
|
181 |
|
|
|
|
|
— |
|
| ||
|
Purchase of investments |
|
|
|
|
(234 |
) |
|
|
|
|
|
— |
|
| |
|
Purchase of property and equipment |
|
|
|
|
(9,894 |
) |
|
|
|
|
|
(9,526 |
) |
|
|
|
Proceeds from sale of assets |
|
|
|
|
1,779 |
|
|
|
|
|
155 |
|
| ||
|
Net cash used in investing activities |
|
|
|
|
(142,200 |
) |
|
|
|
|
|
(286,170 |
) |
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Repayment of bank debt |
|
|
|
|
(252,274 |
) |
|
|
|
|
|
(1,020 |
) |
|
|
|
Capital contributions from members |
|
|
|
|
15,100 |
|
|
|
|
|
— |
|
| ||
|
Proceeds from issuance of unsecured senior notes |
|
|
|
|
265,000 |
|
|
|
|
|
155,019 |
|
| ||
|
Debt financing costs paid |
|
|
|
|
(13,023 |
) |
|
|
|
|
|
(2,388 |
) |
|
|
|
Proceeds from issuance of incremental term loans |
|
|
|
|
105,000 |
|
|
|
|
|
102,000 |
|
| ||
|
Proceeds from issuance of Senior PIK Notes |
|
|
|
|
— |
|
|
|
|
|
30,000 |
|
| ||
|
Units repurchased |
|
|
|
|
— |
|
|
|
|
|
(159 |
) |
|
| |
|
Repayments of capitalized obligations |
|
|
|
|
(137 |
) |
|
|
|
|
|
(144 |
) |
|
|
|
Net cash provided by financing activities |
|
|
|
|
119,666 |
|
|
|
|
|
283,308 |
|
| ||
|
Net (decrease) increase in cash |
|
|
|
|
(2,687 |
) |
|
|
|
|
|
23,342 |
|
| |
|
Cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Beginning of period |
|
|
|
|
24,992 |
|
|
|
|
|
22,305 |
|
| ||
|
End of period |
|
|
|
$ |
22,305 |
|
|
|
|
$ |
45,647 |
|
| ||
| | | | | | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2013 |
| |||||||||
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Cash payments: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Interest |
|
|
|
$ |
19,757 |
|
|
|
|
$ |
31,392 |
|
| ||
|
Income taxes |
|
|
|
|
236 |
|
|
|
|
|
493 |
|
| ||
|
Barter transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Barter revenue – included in broadcasting revenue, net |
|
|
|
|
8,020 |
|
|
|
|
|
9,296 |
|
| ||
|
Barter expense – included in direct operating expenses |
|
|
|
|
7,506 |
|
|
|
|
|
8,542 |
|
| ||
|
Equity issued in respect of Double O acquisition |
|
|
|
|
265 |
|
|
|
|
|
— |
|
| ||
|
Fair value of contingent consideration in respect of MMN acquisition |
|
|
|
|
1,100 |
|
|
|
|
|
— |
|
| ||
|
Equity issued in respect of Peak acquisition |
|
|
|
|
— |
|
|
|
|
|
16,241 |
|
| ||
|
Allocation of business acquisition to non-controlling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Mountain Jam, LLC |
|
|
|
|
420 |
|
|
|
|
|
— |
|
| ||
|
Taste of Country Productions, LLC |
|
|
|
|
22 |
|
|
|
|
|
— |
|
| ||
| | | | | | | | |
|
Property Type |
|
|
Depreciation Period in Years |
|
---|---|---|---|---|---|
|
Buildings and improvements |
|
|
10 to 39 years |
|
|
Broadcasting equipment |
|
|
3 to 20 years |
|
|
Computer and office equipment |
|
|
3 to 5 years |
|
|
Furniture and fixtures |
|
|
5 to 10 years |
|
|
Vehicles |
|
|
5 years |
|
|
Software development costs |
|
|
1 to 2 years |
|
|
Leasehold improvements |
|
|
Shorter of their useful life or remaining term |
|
| | | |
|
Accounts receivable |
|
|
|
$ |
30 |
|
| |
|
Other current assets |
|
|
|
|
69 |
|
| |
|
Goodwill |
|
|
|
|
265 |
|
| |
|
Property and equipment |
|
|
|
|
4,517 |
|
| |
|
FCC licenses |
|
|
|
|
6,518 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(134 |
) |
|
|
|
Total purchase price |
|
|
|
$ |
11,265 |
|
| |
| | | | |
|
Accounts receivable |
|
|
|
$ |
141 |
|
| |
|
Other current assets |
|
|
|
|
96 |
|
| |
|
Property and equipment |
|
|
|
|
17,239 |
|
| |
|
Goodwill |
|
|
|
|
32,840 |
|
| |
|
Other intangibles—advertising relationships |
|
|
|
|
1,400 |
|
| |
|
FCC licenses |
|
|
|
|
80,400 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(2,807 |
) |
|
|
|
Subtotal |
|
|
|
|
129,309 |
|
| |
|
Less: Carrying value of radio stations exchanged |
|
|
|
|
(14,450 |
) |
|
|
|
Total purchase price |
|
|
|
$ |
114,859 |
|
| |
| | | | |
|
Accounts receivable |
|
|
|
$ |
1,731 |
|
| |
|
Other current assets |
|
|
|
|
127 |
|
| |
|
Property and equipment |
|
|
|
|
20 |
|
| |
|
Goodwill |
|
|
|
|
7,000 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(1,912 |
) |
|
|
|
Total purchase price |
|
|
|
$ |
6,966 |
|
| |
| | | | |
|
Accounts receivable |
|
|
|
$ |
3,499 |
|
| |
|
Other current assets |
|
|
|
|
241 |
|
| |
|
Property and equipment |
|
|
|
|
8,364 |
|
| |
|
Goodwill |
|
|
|
|
25,802 |
|
| |
|
Other intangibles—advertising relationships |
|
|
|
|
400 |
|
| |
|
FCC licenses |
|
|
|
|
14,500 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(2,657 |
) |
|
|
|
Total |
|
|
|
$ |
50,149 |
|
| |
| | | | |
|
Accounts receivable |
|
|
|
$ |
9,677 |
|
| |
|
Other current assets |
|
|
|
|
521 |
|
| |
|
Property and equipment |
|
|
|
|
16,436 |
|
| |
|
Goodwill |
|
|
|
|
101,022 |
|
| |
|
Other intangibles—advertising relationships |
|
|
|
|
4,400 |
|
| |
|
FCC licenses |
|
|
|
|
107,500 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(3,642 |
) |
|
|
|
Total purchase price |
|
|
|
$ |
235,914 |
|
| |
| | | | |
|
Accounts receivable |
|
|
|
$ |
1,377 |
|
| |
|
Other current assets |
|
|
|
|
76 |
|
| |
|
Property and equipment |
|
|
|
|
3,016 |
|
| |
|
Goodwill |
|
|
|
|
8,945 |
|
| |
|
Other intangibles—advertising relationships |
|
|
|
|
500 |
|
| |
|
FCC licenses |
|
|
|
|
18,500 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(248 |
) |
|
|
|
Total purchase price |
|
|
|
|
32,166 |
|
| |
|
Less: Fair value of radio stations exchanged |
|
|
|
|
(33,074 |
) |
|
|
|
Total cash consideration received |
|
|
|
$ |
(908 |
) |
|
|
| | | | |
|
Accounts receivable |
|
|
|
$ |
562 |
|
| |
|
Other current assets |
|
|
|
|
425 |
|
| |
|
Trademark |
|
|
|
|
1,073 |
|
| |
|
Goodwill |
|
|
|
|
2,947 |
|
| |
|
Deferred revenue |
|
|
|
|
(1,313 |
) |
|
|
|
Accounts payable |
|
|
|
|
(307 |
) |
|
|
|
Total purchase price |
|
|
|
$ |
3,387 |
|
| |
| | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2013 |
| |||||||||
|
Net revenue |
|
|
|
$ |
344,656 |
|
|
|
|
$ |
345,113 |
|
| ||
|
Net income |
|
|
|
|
38,764 |
|
|
|
|
|
35,976 |
|
| ||
| | | | | | | |
|
|
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Land and improvements |
|
|
|
$ |
18,087 |
|
|
|
|
$ |
25,640 |
|
| ||
|
Buildings and leasehold improvements |
|
|
|
|
21,751 |
|
|
|
|
|
29,438 |
|
| ||
|
Broadcast equipment |
|
|
|
|
58,990 |
|
|
|
|
|
69,095 |
|
| ||
|
Computer and office equipment |
|
|
|
|
4,882 |
|
|
|
|
|
6,791 |
|
| ||
|
Furniture and fixtures |
|
|
|
|
2,938 |
|
|
|
|
|
3,728 |
|
| ||
|
Vehicles |
|
|
|
|
2,335 |
|
|
|
|
|
2,819 |
|
| ||
|
Software development costs |
|
|
|
|
5,701 |
|
|
|
|
|
9,560 |
|
| ||
|
|
|
|
|
|
114,684 |
|
|
|
|
|
147,071 |
|
| ||
|
Less: Accumulated depreciation and amortization |
|
|
|
|
(36,808 |
) |
|
|
|
|
|
(50,777 |
) |
|
|
|
Property and equipment, net |
|
|
|
$ |
77,876 |
|
|
|
|
$ |
96,294 |
|
| ||
| | | | | | | |
|
Balance, January 1, 2012 |
|
|
|
$ |
50,464 |
|
| |
|
Double O acquisition |
|
|
|
|
265 |
|
| |
|
Cumulus I asset exchange |
|
|
|
|
32,840 |
|
| |
|
MMN acquisition |
|
|
|
|
7,000 |
|
| |
|
Mountain Jam acquisition |
|
|
|
|
1,155 |
|
| |
|
Taste of Country Productions |
|
|
|
|
275 |
|
| |
|
Balance, December 31, 2012 |
|
|
|
|
91,999 |
|
| |
|
Headwaters Country Jam acquisition |
|
|
|
|
373 |
|
| |
|
Country Jam acquisition |
|
|
|
|
2,749 |
|
| |
|
Rock Jam acquisition |
|
|
|
|
100 |
|
| |
|
AOL Music acquisition |
|
|
|
|
118 |
|
| |
|
Peak acquisition |
|
|
|
|
25,802 |
|
| |
|
Fresno exchange |
|
|
|
|
(16,906 |
) |
|
|
|
Cumulus II acquisition |
|
|
|
|
101,022 |
|
| |
|
Cumulus II asset exchange |
|
|
|
|
8,946 |
|
| |
|
MAC Events acquisition |
|
|
|
|
2,947 |
|
| |
|
Balance, December 31, 2013 |
|
|
|
$ |
217,150 |
|
| |
| | | | |
|
|
|
|
Estimated Useful Life |
|
|
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2013 |
| ||||||||||||
|
Intangible Assets: |
|
|
|
|
|
|
|
|
|
| | | | | | | | |
|
FCC licenses |
|
|
Indefinite |
|
|
|
$ |
355,893 |
|
|
|
|
$ |
487,794 |
|
| ||
|
Customer and advertising relationships |
|
|
10 years |
|
|
|
|
9,217 |
|
|
|
|
|
14,317 |
|
| ||
|
Leasehold interests |
|
|
5 to 39 years |
|
|
|
|
1,085 |
|
|
|
|
|
1,085 |
|
| ||
|
Tower space |
|
|
3 to 9 years |
|
|
|
|
637 |
|
|
|
|
|
637 |
|
| ||
|
Sports broadcast rights |
|
|
1 to 2 years |
|
|
|
|
665 |
|
|
|
|
|
665 |
|
| ||
|
Non-compete agreements |
|
|
1 to 2 years |
|
|
|
|
243 |
|
|
|
|
|
243 |
|
| ||
|
Trademark |
|
|
10 years |
|
|
|
|
490 |
|
|
|
|
|
3,967 |
|
| ||
|
Other intangibles |
|
|
1 to 2 years |
|
|
|
|
50 |
|
|
|
|
|
— |
|
| ||
|
Total |
|
|
|
|
|
|
|
368,280 |
|
|
|
|
|
508,708 |
|
| ||
|
Less: Accumulated amortization |
|
|
|
|
|
|
|
(5,711 |
) |
|
|
|
|
|
(6,809 |
) |
|
|
|
Net amount |
|
|
|
|
|
|
$ |
362,569 |
|
|
|
|
$ |
501,899 |
|
| ||
| | | | | | | | | | | |
|
2014 |
|
|
|
$ |
1,974 |
|
| |
|
2015 |
|
|
|
|
1,974 |
|
| |
|
2016 |
|
|
|
|
1,908 |
|
| |
|
2017 |
|
|
|
|
1,843 |
|
| |
|
2018 |
|
|
|
|
1,135 |
|
| |
|
Thereafter |
|
|
|
|
5,271 |
|
| |
|
|
|
|
|
$ |
14,105 |
|
| |
| | | | |
|
|
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Townsquare Radio, LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Unsecured Senior Notes (inclusive of bond premium of $0 and $8,898, respectively) |
|
|
|
$ |
265,000 |
|
|
|
|
$ |
419,798 |
|
| ||
|
Incremental Term Loans |
|
|
|
|
101,743 |
|
|
|
|
|
202,722 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Townsquare Media, LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Senior PIK Notes |
|
|
|
|
— |
|
|
|
|
|
30,392 |
|
| ||
|
Capitalized obligations |
|
|
|
|
704 |
|
|
|
|
|
560 |
|
| ||
|
|
|
|
|
|
367,447 |
|
|
|
|
|
653,472 |
|
| ||
|
Less: current portion of long-term debt |
|
|
|
|
(1,164 |
) |
|
|
|
|
|
(2,186 |
) |
|
|
|
|
|
|
|
$ |
366,283 |
|
|
|
|
$ |
651,286 |
|
| ||
| | | | | | | | |
|
2014 |
|
|
|
$ |
2,190 |
|
| |
|
2015 |
|
|
|
|
2,198 |
|
| |
|
2016 |
|
|
|
|
2,206 |
|
| |
|
2017 |
|
|
|
|
2,125 |
|
| |
|
2018 |
|
|
|
|
194,563 |
|
| |
|
2019 |
|
|
|
|
441,292 |
|
| |
|
|
|
|
|
$ |
644,574 |
|
| |
| | | | |
|
|
|
|
2012 |
|
|
2013 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Class A Common |
|
|
|
|
40,351,108 |
|
|
|
|
|
41,555,705 |
|
| ||
|
Class A Preferred |
|
|
|
|
40,351,108 |
|
|
|
|
|
41,555,705 |
|
| ||
|
Class B Common |
|
|
|
|
9,792,350 |
|
|
|
|
|
9,709,300 |
|
| ||
|
Class B Preferred |
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||
| | | | | | | |
|
Balance, January 1, 2012 |
|
|
|
|
9,725,650 |
|
| |
|
Issued |
|
|
|
|
529,700 |
|
| |
|
Forfeited |
|
|
|
|
(463,000 |
) |
|
|
|
Balance, December 31, 2012 |
|
|
|
|
9,792,350 |
|
| |
|
Issued |
|
|
|
|
218,500 |
|
| |
|
Forfeited |
|
|
|
|
(301,550 |
) |
|
|
|
Balance, December 31, 2013 |
|
|
|
|
9,709,300 |
|
| |
| | | | |
|
|
|
|
2012 |
|
|
2013 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Warrants to purchase Class A Common |
|
|
|
|
15,609,760 |
|
|
|
|
|
16,987,561 |
|
| ||
|
Warrants to purchase Class A Preferred |
|
|
|
|
15,609,760 |
|
|
|
|
|
16,987,561 |
|
| ||
| | | | | | | |
|
|
|
|
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2013 |
| |||||||||
|
Deferred Tax Assets: |
| | | | | | | | | | | | | | |
|
Net operating loss carryforwards |
|
|
|
$ |
21,314 |
|
|
|
|
$ |
21,409 |
|
| ||
|
Intangibles and long-lived assets |
|
|
|
|
15,957 |
|
|
|
|
|
11,737 |
|
| ||
|
Accounts receivable |
|
|
|
|
334 |
|
|
|
|
|
382 |
|
| ||
|
Property and equipment |
|
|
|
|
398 |
|
|
|
|
|
419 |
|
| ||
|
Total deferred tax assets |
|
|
|
|
38,003 |
|
|
|
|
|
33,947 |
|
| ||
|
Valuation allowance |
|
|
|
|
(38,003 |
) |
|
|
|
|
|
(33,947 |
) |
|
|
|
Net deferred tax assets |
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
| ||
| | | | | | | |
|
Pretax income at federal statutory rate |
|
|
|
$ |
2,359 |
|
| |
|
Income for which no federal tax effect |
|
|
|
|
(2,359 |
) |
|
|
|
State income tax expense, net of tax benefit |
|
|
|
|
340 |
|
| |
|
Provision for income taxes |
|
|
|
$ |
340 |
|
| |
| | | | |
|
Pretax income at federal statutory rate |
|
|
|
$ |
3,658 |
|
| |
|
Income for which no federal tax effect |
|
|
|
|
(3,658 |
) |
|
|
|
State income tax expense, net of tax benefit |
|
|
|
|
340 |
|
| |
|
Provision for income taxes |
|
|
|
$ |
340 |
|
| |
| | | | |
|
|
|
|
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2013 |
| |||||||||
|
Accrued compensation and benefits |
|
|
|
$ |
6,063 |
|
|
|
|
$ |
11,412 |
|
| ||
|
Accrued professional fees |
|
|
|
|
3,375 |
|
|
|
|
|
1,476 |
|
| ||
|
Accrued commissions |
|
|
|
|
1,909 |
|
|
|
|
|
1,880 |
|
| ||
|
Fair value of contingent consideration |
|
|
|
|
1,100 |
|
|
|
|
|
— |
|
| ||
|
Accrued taxes |
|
|
|
|
922 |
|
|
|
|
|
952 |
|
| ||
|
Accrued music and FCC licensing |
|
|
|
|
310 |
|
|
|
|
|
1,108 |
|
| ||
|
Accrued publisher fees |
|
|
|
|
575 |
|
|
|
|
|
793 |
|
| ||
|
Accrued national representation fees |
|
|
|
|
510 |
|
|
|
|
|
660 |
|
| ||
|
Accrued other |
|
|
|
|
3,313 |
|
|
|
|
|
4,539 |
|
| ||
|
|
|
|
|
$ |
18,077 |
|
|
|
|
$ |
22,820 |
|
| ||
| | | | | | | |
|
2014 |
|
|
|
$ |
8,408 |
|
| |
|
2015 |
|
|
|
|
7,588 |
|
| |
|
2016 |
|
|
|
|
6,904 |
|
| |
|
2017 |
|
|
|
|
6,013 |
|
| |
|
2018 |
|
|
|
|
5,125 |
|
| |
|
Thereafter |
|
|
|
|
12,981 |
|
| |
|
Total minimum payments |
|
|
|
$ |
47,019 |
|
| |
| | | | |
|
|
|
|
Local Advertising |
|
|
Other Media & Entertainment |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
| ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Year Ended December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net revenue |
|
|
|
$ |
198,306 |
|
|
|
|
$ |
24,430 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
222,736 |
|
| ||||
|
Direct operating expenses |
|
|
|
|
133,255 |
|
|
|
|
|
19,848 |
|
|
|
|
|
— |
|
|
|
|
|
153,103 |
|
| ||||
|
Depreciation and amortization |
|
|
|
|
11,214 |
|
|
|
|
|
3,228 |
|
|
|
|
|
382 |
|
|
|
|
|
14,824 |
|
| ||||
|
Corporate expenses |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
17,750 |
|
|
|
|
|
17,750 |
|
| ||||
|
Transaction and other restructuring costs |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,782 |
|
|
|
|
|
1,782 |
|
| ||||
|
Net gain on sale of assets |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
123 |
|
|
|
|
|
123 |
|
| ||||
|
Operating income (loss) |
|
|
|
$ |
53,837 |
|
|
|
|
$ |
1,354 |
|
|
|
|
$ |
(20,037 |
) |
|
|
|
|
$ |
35,154 |
|
| |||
|
Long-Lived Assets |
|
|
|
$ |
519,228 |
|
|
|
|
$ |
12,647 |
|
|
|
|
$ |
569 |
|
|
|
|
$ |
532,444 |
|
| ||||
|
Capital expenditures |
|
|
|
$ |
4,777 |
|
|
|
|
$ |
4,227 |
|
|
|
|
$ |
890 |
|
|
|
|
$ |
9,894 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
Local Advertising |
|
|
Other Media & Entertainment |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
| ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Year Ended December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net revenue |
|
|
|
$ |
229,653 |
|
|
|
|
$ |
38,925 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
268,578 |
|
| ||||
|
Direct operating expenses |
|
|
|
|
147,720 |
|
|
|
|
|
37,494 |
|
|
|
|
|
— |
|
|
|
|
|
185,214 |
|
| ||||
|
Depreciation and amortization |
|
|
|
|
11,202 |
|
|
|
|
|
3,498 |
|
|
|
|
|
489 |
|
|
|
|
|
15,189 |
|
| ||||
|
Corporate expenses |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
21,124 |
|
|
|
|
|
21,124 |
|
| ||||
|
Transaction and other restructuring costs |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,001 |
|
|
|
|
|
2,001 |
|
| ||||
|
Change in fair value of contingent consideration |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(1,100 |
) |
|
|
|
|
|
(1,100 |
) |
|
| ||
|
Net gain on sale of assets |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(36 |
) |
|
|
|
|
|
(36 |
) |
|
| ||
|
Operating income (loss) |
|
|
|
$ |
70,731 |
|
|
|
|
$ |
(2,067 |
) |
|
|
|
|
$ |
(22,478 |
) |
|
|
|
|
$ |
46,186 |
|
| ||
|
Long-Lived Assets |
|
|
|
$ |
791,447 |
|
|
|
|
$ |
22,676 |
|
|
|
|
$ |
1,220 |
|
|
|
|
$ |
815,343 |
|
| ||||
|
Capital expenditures |
|
|
|
$ |
4,586 |
|
|
|
|
$ |
4,089 |
|
|
|
|
$ |
851 |
|
|
|
|
$ |
9,526 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
2013 |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Numerator |
|
|
|
|
|
|
| | | | | | | | |
|
Net income |
|
|
|
$ |
6,386 |
|
| | | | | | | | |
|
Denominator |
|
|
|
|
|
|
| | | | | | | | |
|
Weighted average shares of common stock outstanding |
|
|
|
|
7,567,623 |
|
| | | | | | | | |
|
Effect of dilutive common stock equivalents-warrants |
|
|
|
|
9,168,522 |
|
| | | | | | | | |
|
Weighted average diluted common shares outstanding |
|
|
|
|
16,736,145 |
|
| | | | | | | | |
|
Pro forma net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Basic |
|
|
|
$ |
0.84 |
|
| | | | | | | | |
|
Diluted |
|
|
|
$ |
0.38 |
|
| | | | | | | | |
| | | | | | | |
|
|
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Cash |
|
|
|
$ |
45,647 |
|
|
|
|
$ |
57,339 |
|
| ||
|
Accounts receivable, net of allowance of $2,914 and $2,883, respectively |
|
|
|
|
56,994 |
|
|
|
|
|
52,875 |
|
| ||
|
Prepaid expenses and other current assets |
|
|
|
|
8,298 |
|
|
|
|
|
5,939 |
|
| ||
|
Total current assets |
|
|
|
|
110,939 |
|
|
|
|
|
116,153 |
|
| ||
|
Property and equipment, net |
|
|
|
|
96,294 |
|
|
|
|
|
94,467 |
|
| ||
|
Intangible assets, net |
|
|
|
|
501,899 |
|
|
|
|
|
501,635 |
|
| ||
|
Goodwill |
|
|
|
|
217,150 |
|
|
|
|
|
217,274 |
|
| ||
|
Deferred financing costs, net |
|
|
|
|
12,357 |
|
|
|
|
|
11,867 |
|
| ||
|
Investments |
|
|
|
|
234 |
|
|
|
|
|
234 |
|
| ||
|
Other assets |
|
|
|
|
330 |
|
|
|
|
|
267 |
|
| ||
|
Total assets |
|
|
|
$ |
939,203 |
|
|
|
|
$ |
941,897 |
|
| ||
|
LIABILITIES AND MEMBERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Accounts payable |
|
|
|
$ |
8,640 |
|
|
|
|
$ |
7,612 |
|
| ||
|
Current portion of long-term debt |
|
|
|
|
2,186 |
|
|
|
|
|
2,186 |
|
| ||
|
Accrued expenses and other current liabilities |
|
|
|
|
22,820 |
|
|
|
|
|
16,041 |
|
| ||
|
Deferred revenue |
|
|
|
|
9,396 |
|
|
|
|
|
10,998 |
|
| ||
|
Accrued interest |
|
|
|
|
9,411 |
|
|
|
|
|
18,635 |
|
| ||
|
Total current liabilities |
|
|
|
|
52,453 |
|
|
|
|
|
55,472 |
|
| ||
|
Long-term debt, less current portion, (inclusive of bond premium of $8,898 and $8,474, respectively) |
|
|
|
|
651,286 |
|
|
|
|
|
651,332 |
|
| ||
|
Other long-term liabilities |
|
|
|
|
933 |
|
|
|
|
|
933 |
|
| ||
|
Total liabilities |
|
|
|
|
704,672 |
|
|
|
|
|
707,737 |
|
| ||
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Members’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Controlling interest |
|
|
|
|
234,039 |
|
|
|
|
|
233,668 |
|
| ||
|
Non-controlling interest |
|
|
|
|
492 |
|
|
|
|
|
492 |
|
| ||
|
Total liabilities and members’ equity |
|
|
|
$ |
939,203 |
|
|
|
|
$ |
941,897 |
|
| ||
| | | | | | | | |
|
|
|
|
Three Months Ended March 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2014 |
| |||||||||
|
Net revenue |
|
|
|
$ |
53,473 |
|
|
|
|
$ |
79,161 |
|
| ||
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Direct operating expenses, excluding depreciation and amortization |
|
|
|
|
40,476 |
|
|
|
|
|
57,742 |
|
| ||
|
Depreciation and amortization |
|
|
|
|
4,026 |
|
|
|
|
|
4,386 |
|
| ||
|
Corporate expenses |
|
|
|
|
3,791 |
|
|
|
|
|
5,437 |
|
| ||
|
Transaction and other restructuring costs |
|
|
|
|
1 |
|
|
|
|
|
28 |
|
| ||
|
Net gain on sale of assets |
|
|
|
|
(45 |
) |
|
|
|
|
|
(110 |
) |
|
|
|
Total operating costs and expenses |
|
|
|
|
48,249 |
|
|
|
|
|
67,483 |
|
| ||
|
Operating income |
|
|
|
|
5,224 |
|
|
|
|
|
11,678 |
|
| ||
|
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Interest expense, net |
|
|
|
|
(7,409 |
) |
|
|
|
|
|
(12,080 |
) |
|
|
|
Net loss on derivative instruments |
|
|
|
|
(1 |
) |
|
|
|
|
|
— |
|
| |
|
Other expense, net |
|
|
|
|
(12 |
) |
|
|
|
|
|
(37 |
) |
|
|
|
Loss before income taxes |
|
|
|
|
(2,198 |
) |
|
|
|
|
|
(439 |
) |
|
|
|
Provision for income taxes |
|
|
|
|
85 |
|
|
|
|
|
91 |
|
| ||
|
Net loss |
|
|
|
$ |
(2,283 |
) |
|
|
|
|
$ |
(530 |
) |
|
|
|
Pro forma C corporation data (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Historical loss before taxes |
|
|
|
|
|
|
|
|
|
$ |
(439 |
) |
|
| |
|
Pro forma income taxes |
|
|
|
|
|
|
|
|
|
|
(171 |
) |
|
| |
|
Pro forma net loss |
|
|
|
|
|
|
|
|
|
$ |
(268 |
) |
|
| |
|
Pro forma net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Basic |
|
|
|
|
|
|
|
|
|
$ |
(0.03 |
) |
|
| |
|
Diluted |
|
|
|
|
|
|
|
|
|
$ |
(0.03 |
) |
|
| |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Basic |
|
|
|
|
|
|
|
|
|
|
7,887,109 |
|
| ||
|
Diluted |
|
|
|
|
|
|
|
|
|
|
7,887,109 |
|
| ||
| | | | | | | | |
|
|
|
|
Controlling Interest |
|
|
Non-Controlling Interest |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Balance at December 31, 2013 |
|
|
|
$ |
234,039 |
|
|
|
|
$ |
492 |
|
| ||
|
Units issued from Treasury |
|
|
|
|
159 |
|
|
|
|
|
— |
|
| ||
|
Net loss |
|
|
|
|
(530 |
) |
|
|
|
|
|
— |
|
| |
|
Balance at March 31, 2014 |
|
|
|
$ |
233,668 |
|
|
|
|
$ |
492 |
|
| ||
| | | | | | | | |
|
|
|
|
Three Months Ended March 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2014 |
| |||||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Net loss |
|
|
|
$ |
(2,283 |
) |
|
|
|
|
$ |
(530 |
) |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Depreciation and amortization |
|
|
|
|
4,026 |
|
|
|
|
|
4,386 |
|
| ||
|
Amortization of deferred financing costs |
|
|
|
|
517 |
|
|
|
|
|
624 |
|
| ||
|
Provision for doubtful accounts |
|
|
|
|
294 |
|
|
|
|
|
447 |
|
| ||
|
Units issued as compensation |
|
|
|
|
— |
|
|
|
|
|
159 |
|
| ||
|
Noncash interest expense |
|
|
|
|
— |
|
|
|
|
|
336 |
|
| ||
|
Loss on derivative instruments |
|
|
|
|
1 |
|
|
|
|
|
— |
|
| ||
|
Net gain on sale of assets |
|
|
|
|
(45 |
) |
|
|
|
|
|
(110 |
) |
|
|
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Accounts receivable |
|
|
|
|
1,404 |
|
|
|
|
|
3,566 |
|
| ||
|
Prepaid expenses and other assets |
|
|
|
|
(743 |
) |
|
|
|
|
|
2,425 |
|
| |
|
Accounts payable |
|
|
|
|
(906 |
) |
|
|
|
|
|
(1,027 |
) |
|
|
|
Accrued expenses |
|
|
|
|
1,047 |
|
|
|
|
|
(5,305 |
) |
|
| |
|
Accrued interest |
|
|
|
|
5,963 |
|
|
|
|
|
9,224 |
|
| ||
|
Other long-term liabilities |
|
|
|
|
(159 |
) |
|
|
|
|
|
— |
|
| |
|
Net cash provided by operating activities |
|
|
|
|
9,116 |
|
|
|
|
|
14,195 |
|
| ||
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Acquisition of intangibles |
|
|
|
|
(212 |
) |
|
|
|
|
|
(231 |
) |
|
|
|
Purchase of property and equipment |
|
|
|
|
(1,941 |
) |
|
|
|
|
|
(1,995 |
) |
|
|
|
Proceeds from sale of assets |
|
|
|
|
92 |
|
|
|
|
|
147 |
|
| ||
|
Net cash used in investing activities |
|
|
|
|
(2,061 |
) |
|
|
|
|
|
(2,079 |
) |
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Repayment of bank debt |
|
|
|
|
(255 |
) |
|
|
|
|
|
(255 |
) |
|
|
|
Debt financing costs paid |
|
|
|
|
(174 |
) |
|
|
|
|
|
(134 |
) |
|
|
|
Repayments of capitalized obligations |
|
|
|
|
(35 |
) |
|
|
|
|
|
(35 |
) |
|
|
|
Net cash used in financing activities |
|
|
|
|
(464 |
) |
|
|
|
|
|
(424 |
) |
|
|
|
Net increase in cash |
|
|
|
|
6,591 |
|
|
|
|
|
11,692 |
|
| ||
|
Cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Beginning of period |
|
|
|
|
22,305 |
|
|
|
|
|
45,647 |
|
| ||
|
End of period |
|
|
|
$ |
28,896 |
|
|
|
|
$ |
57,339 |
|
| ||
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Cash payments: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Interest |
|
|
|
$ |
930 |
|
|
|
|
$ |
1,894 |
|
| ||
|
Income taxes |
|
|
|
|
120 |
|
|
|
|
|
10 |
|
| ||
|
Barter transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Barter revenue—included in broadcasting revenue, net |
|
|
|
|
1,678 |
|
|
|
|
|
2,656 |
|
| ||
|
Barter expense—included in direct operating expenses |
|
|
|
|
1,479 |
|
|
|
|
|
2,377 |
|
| ||
| | | | | | | | |
|
Accounts receivable |
|
|
|
$ |
3,499 |
|
| |
|
Other current assets |
|
|
|
|
241 |
|
| |
|
Property and equipment |
|
|
|
|
8,364 |
|
| |
|
Goodwill |
|
|
|
|
25,802 |
|
| |
|
Other intangibles—advertising relationships |
|
|
|
|
400 |
|
| |
|
FCC licenses |
|
|
|
|
14,500 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(2,657 |
) |
|
|
|
Total |
|
|
|
$ |
50,149 |
|
| |
| | | | |
|
Accounts receivable |
|
|
|
$ |
9,677 |
|
| |
|
Other current assets |
|
|
|
|
521 |
|
| |
|
Property and equipment |
|
|
|
|
16,436 |
|
| |
|
Goodwill |
|
|
|
|
101,022 |
|
| |
|
Other intangibles—advertising relationships |
|
|
|
|
4,400 |
|
| |
|
FCC licenses |
|
|
|
|
107,500 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(3,642 |
) |
|
|
|
Total purchase price |
|
|
|
$ |
235,914 |
|
| |
| | | | |
|
Accounts receivable |
|
|
|
$ |
1,377 |
|
| |
|
Other current assets |
|
|
|
|
76 |
|
| |
|
Property and equipment |
|
|
|
|
3,016 |
|
| |
|
Goodwill |
|
|
|
|
8,945 |
|
| |
|
Other intangibles—advertising relationships |
|
|
|
|
500 |
|
| |
|
FCC licenses |
|
|
|
|
18,500 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(248 |
) |
|
|
|
Total purchase price |
|
|
|
|
32,166 |
|
| |
|
Less: Fair value of radio stations exchanged |
|
|
|
|
(33,074 |
) |
|
|
|
Total cash consideration received |
|
|
|
$ |
(908 |
) |
|
|
| | | | |
|
Accounts receivable |
|
|
|
$ |
562 |
|
| |
|
Other current assets |
|
|
|
|
425 |
|
| |
|
Trademark |
|
|
|
|
1,073 |
|
| |
|
Goodwill |
|
|
|
|
2,947 |
|
| |
|
Deferred revenue |
|
|
|
|
(1,313 |
) |
|
|
|
Accounts payable |
|
|
|
|
(307 |
) |
|
|
|
Total purchase price |
|
|
|
$ |
3,387 |
|
| |
| | | | |
|
|
|
|
Three Months Ended March 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
2014 |
| |||||||||
|
Net revenue |
|
|
|
$ |
72,463 |
|
|
|
|
$ |
79,199 |
|
| ||
|
Net income |
|
|
|
|
1,799 |
|
|
|
|
|
1,824 |
|
| ||
| | | | | | | |
|
|
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Land and improvements |
|
|
|
$ |
25,640 |
|
|
|
|
$ |
25,634 |
|
| ||
|
Buildings and leasehold improvements |
|
|
|
|
29,438 |
|
|
|
|
|
29,543 |
|
| ||
|
Broadcast equipment |
|
|
|
|
69,095 |
|
|
|
|
|
69,450 |
|
| ||
|
Computer and office equipment |
|
|
|
|
6,791 |
|
|
|
|
|
7,068 |
|
| ||
|
Furniture and fixtures |
|
|
|
|
3,728 |
|
|
|
|
|
4,104 |
|
| ||
|
Vehicles |
|
|
|
|
2,819 |
|
|
|
|
|
2,831 |
|
| ||
|
Software development costs |
|
|
|
|
9,560 |
|
|
|
|
|
10,441 |
|
| ||
|
|
|
|
|
|
147,071 |
|
|
|
|
|
149,071 |
|
| ||
|
Less: Accumulated depreciation and amortization |
|
|
|
|
(50,777 |
) |
|
|
|
|
|
(54,604 |
) |
|
|
|
Property and equipment, net |
|
|
|
$ |
96,294 |
|
|
|
|
$ |
94,467 |
|
| ||
| | | | | | | |
|
Balance, January 1, 2014 |
|
|
|
$ |
217,150 |
|
| |
|
Live Events acquisitions |
|
|
|
|
124 |
|
| |
|
Balance, March 31, 2014 |
|
|
|
$ |
217,274 |
|
| |
| | | | |
|
|
|
|
Estimated Useful Life |
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Intangible Assets: |
| | | | | | | | | | | | | | | | | |
|
FCC licenses |
|
|
Indefinite |
|
|
|
$ |
487,794 |
|
|
|
|
$ |
487,794 |
|
| ||
|
Customer and advertising relationships |
|
|
10 years |
|
|
|
|
14,317 |
|
|
|
|
|
14,317 |
|
| ||
|
Leasehold interests |
|
|
5 to 39 years |
|
|
|
|
1,085 |
|
|
|
|
|
1,085 |
|
| ||
|
Tower space |
|
|
3 to 9 years |
|
|
|
|
637 |
|
|
|
|
|
637 |
|
| ||
|
Sports broadcast rights |
|
|
1 to 2 years |
|
|
|
|
665 |
|
|
|
|
|
665 |
|
| ||
|
Non-compete agreements |
|
|
1 to 2 years |
|
|
|
|
243 |
|
|
|
|
|
243 |
|
| ||
|
Trademark |
|
|
10 years |
|
|
|
|
3,967 |
|
|
|
|
|
4,199 |
|
| ||
|
Total |
|
|
|
|
|
|
|
508,708 |
|
|
|
|
|
508,940 |
|
| ||
|
Less: Accumulated amortization |
|
|
|
|
|
|
|
(6,809 |
) |
|
|
|
|
|
(7,305 |
) |
|
|
|
Net amount |
|
|
|
|
|
|
$ |
501,899 |
|
|
|
|
$ |
501,635 |
|
| ||
| | | | | | | | | | | |
|
2014 (remainder) |
|
|
|
$ |
1,497 |
|
| |
|
2015 |
|
|
|
|
1,997 |
|
| |
|
2016 |
|
|
|
|
1,930 |
|
| |
|
2017 |
|
|
|
|
1,866 |
|
| |
|
2018 |
|
|
|
|
1,157 |
|
| |
|
Thereafter |
|
|
|
|
5,394 |
|
| |
|
|
|
|
|
$ |
13,841 |
|
| |
| | | | |
|
|
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Townsquare Radio, LLC: |
| | | | | | | | | | | | | | |
|
Unsecured Senior Notes (inclusive of bond premium of $8,898 and $8,474, respectively) |
|
|
|
$ |
419,798 |
|
|
|
|
$ |
419,374 |
|
| ||
|
Incremental Term Loans |
|
|
|
|
202,722 |
|
|
|
|
|
202,468 |
|
| ||
|
Townsquare Media, LLC: |
| | | | | | | | | | | | | | |
|
Senior PIK Notes |
|
|
|
|
30,392 |
|
|
|
|
|
31,151 |
|
| ||
|
Capitalized obligations |
|
|
|
|
560 |
|
|
|
|
|
525 |
|
| ||
|
|
|
|
|
|
653,472 |
|
|
|
|
|
653,518 |
|
| ||
|
Less: current portion of long-term debt |
|
|
|
|
(2,186 |
) |
|
|
|
|
|
(2,186 |
) |
|
|
|
|
|
|
|
$ |
651,286 |
|
|
|
|
$ |
651,332 |
|
| ||
| | | | | | | |
|
2014 (remainder) |
|
|
|
$ |
1,901 |
|
| |
|
2015 |
|
|
|
|
2,198 |
|
| |
|
2016 |
|
|
|
|
2,206 |
|
| |
|
2017 |
|
|
|
|
2,125 |
|
| |
|
2018 |
|
|
|
|
194,563 |
|
| |
|
2019 |
|
|
|
|
442,051 |
|
| |
|
|
|
|
|
$ |
645,044 |
|
| |
| | | | |
|
|
|
|
2014 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Class A Common |
|
|
|
|
41,555,705 |
|
| |
|
Class A Preferred |
|
|
|
|
41,555,705 |
|
| |
|
Class B Common |
|
|
|
|
10,035,850 |
|
| |
|
Class B Preferred |
|
|
|
|
— |
|
| |
| | | | |
|
Balance, January 1, 2014 |
|
|
|
|
9,709,300 |
|
| |
|
Issued |
|
|
|
|
340,000 |
|
| |
|
Forfeited |
|
|
|
|
(13,470 |
) |
|
|
|
Balance, March 31, 2014 |
|
|
|
|
10,035,830 |
|
| |
| | | | |
|
|
|
|
2014 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Warrants to purchase Class A Common |
|
|
|
|
16,987,561 |
|
| |
|
Warrants to purchase Class A Preferred |
|
|
|
|
16,987,561 |
|
| |
| | | | |
|
|
|
|
|
|
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Accrued compensation and benefits |
|
|
|
$ |
11,412 |
|
|
|
|
$ |
4,747 |
|
| ||
|
Accrued professional fees |
|
|
|
|
1,476 |
|
|
|
|
|
1,025 |
|
| ||
|
Accrued commissions |
|
|
|
|
1,880 |
|
|
|
|
|
1,841 |
|
| ||
|
Accrued taxes |
|
|
|
|
952 |
|
|
|
|
|
1,148 |
|
| ||
|
Accrued music and FCC licensing |
|
|
|
|
1,108 |
|
|
|
|
|
991 |
|
| ||
|
Accrued publisher fees |
|
|
|
|
793 |
|
|
|
|
|
620 |
|
| ||
|
Accrued national representation fees |
|
|
|
|
660 |
|
|
|
|
|
564 |
|
| ||
|
Accrued other |
|
|
|
|
4,539 |
|
|
|
|
|
5,105 |
|
| ||
|
|
|
|
|
$ |
22,820 |
|
|
|
|
$ |
16,041 |
|
| ||
| | | | | | | |
|
2014 (remainder) |
|
|
|
$ |
6,512 |
|
| |
|
2015 |
|
|
|
|
7,800 |
|
| |
|
2016 |
|
|
|
|
7,102 |
|
| |
|
2017 |
|
|
|
|
6,219 |
|
| |
|
2018 |
|
|
|
|
5,320 |
|
| |
|
Thereafter |
|
|
|
|
13,374 |
|
| |
|
Total minimum payments |
|
|
|
$ |
46,327 |
|
| |
| | | | |
|
|
|
|
Local Advertising |
|
|
Other Media & Entertainment |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
| ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Three Months Ended March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net revenue |
|
|
|
$ |
47,324 |
|
|
|
|
$ |
6,149 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
53,473 |
|
| ||||
|
Direct operating expenses |
|
|
|
|
34,507 |
|
|
|
|
|
5,969 |
|
|
|
|
|
— |
|
|
|
|
|
40,476 |
|
| ||||
|
Depreciation and amortization |
|
|
|
|
2,807 |
|
|
|
|
|
1,111 |
|
|
|
|
|
108 |
|
|
|
|
|
4,026 |
|
| ||||
|
Corporate expenses |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
3,791 |
|
|
|
|
|
3,791 |
|
| ||||
|
Transaction and other restructuring costs |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
|
|
1 |
|
| ||||
|
Net gain on sale of assets |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(45 |
) |
|
|
|
|
|
(45 |
) |
|
| ||
|
Operating income (loss) |
|
|
|
$ |
10,010 |
|
|
|
|
$ |
(931 |
) |
|
|
|
|
$ |
(3,855 |
) |
|
|
|
|
$ |
5,224 |
|
| ||
|
Long-Lived Assets |
|
|
|
$ |
517,091 |
|
|
|
|
$ |
13,051 |
|
|
|
|
$ |
676 |
|
|
|
|
$ |
530,818 |
|
| ||||
|
Capital expenditures |
|
|
|
$ |
710 |
|
|
|
|
$ |
1,069 |
|
|
|
|
$ |
162 |
|
|
|
|
$ |
1,941 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
Local Advertising |
|
|
Other Media & Entertainment |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
| ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Three Months Ended March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net revenue |
|
|
|
$ |
65,272 |
|
|
|
|
$ |
13,889 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
79,161 |
|
| ||||
|
Direct operating expenses |
|
|
|
|
45,074 |
|
|
|
|
|
12,668 |
|
|
|
|
|
— |
|
|
|
|
|
57,742 |
|
| ||||
|
Depreciation and amortization |
|
|
|
|
3,324 |
|
|
|
|
|
912 |
|
|
|
|
|
150 |
|
|
|
|
|
4,386 |
|
| ||||
|
Corporate expenses |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
5,437 |
|
|
|
|
|
5,437 |
|
| ||||
|
Transaction and other restructuring costs |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
28 |
|
|
|
|
|
28 |
|
| ||||
|
Net gain on sale of assets |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(110 |
) |
|
|
|
|
|
(110 |
) |
|
| ||
|
Operating income (loss) |
|
|
|
$ |
16,874 |
|
|
|
|
$ |
309 |
|
|
|
|
$ |
(5,505 |
) |
|
|
|
|
$ |
11,678 |
|
| |||
|
Long-Lived Assets |
|
|
|
$ |
789,146 |
|
|
|
|
$ |
22,941 |
|
|
|
|
$ |
1,289 |
|
|
|
|
$ |
813,376 |
|
| ||||
|
Capital expenditures |
|
|
|
$ |
579 |
|
|
|
|
$ |
1,158 |
|
|
|
|
$ |
258 |
|
|
|
|
$ |
1,995 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
2014 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Numerator |
|
|
|
|
|
|
| |
|
Net loss |
|
|
|
$ |
(268 |
) |
|
|
|
Denominator |
|
|
|
|
|
|
| |
|
Weighted average shares of common stock outstanding |
|
|
|
|
7,887,109 |
|
| |
|
Effect of dilutive common stock equivalents |
|
|
|
|
— |
|
| |
|
Weighted average diluted common shares outstanding |
|
|
|
|
7,887,109 |
|
| |
|
Pro forma net income per share: |
|
|
|
|
|
|
| |
|
Basic |
|
|
|
$ |
(0.03 |
) |
|
|
|
Diluted |
|
|
|
$ |
(0.03 |
) |
|
|
| | | | | |
|
Revenue |
|
|
|
$ |
23,855 |
|
| |
|
Operating expenses: |
|
|
|
|
|
|
| |
|
Direct operating expenses (excluding depreciation and amortization) |
|
|
|
|
14,468 |
|
| |
|
Corporate allocation from Cumulus Media, Inc. (including allocated stock-based compensation expense of $175) |
|
|
|
|
814 |
|
| |
|
Depreciation and amortization |
|
|
|
|
1,094 |
|
| |
|
Loss on exchange of assets or stations |
|
|
|
|
2 |
|
| |
|
Total operating expenses |
|
|
|
|
16,378 |
|
| |
|
Operating income |
|
|
|
|
7,477 |
|
| |
|
Other expense: |
|
|
|
|
|
|
| |
|
Interest expense, net |
|
|
|
|
(2,161 |
) |
|
|
|
Other expense, net |
|
|
|
|
(7 |
) |
|
|
|
Income before income taxes |
|
|
|
|
5,309 |
|
| |
|
Provision for income taxes |
|
|
|
|
2,083 |
|
| |
|
Net income |
|
|
|
$ |
3,226 |
|
| |
| | | | | |
|
Balance, January 1, 2012 |
|
|
|
$ |
6,429 |
|
| |
|
Net income |
|
|
|
|
3,226 |
|
| |
|
Net distributions to Cumulus Media, Inc. |
|
|
|
|
(6,419 |
) |
|
|
|
Balance, July 30, 2012 |
|
|
|
$ |
3,236 |
|
| |
| | | | | |
|
Cash flows from operating activities: |
|
|
|
|
|
|
| |
|
Net income |
|
|
|
$ |
3,226 |
|
| |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
| |
|
Depreciation and amortization |
|
|
|
|
1,094 |
|
| |
|
Amortization of debt issuance costs/discounts |
|
|
|
|
108 |
|
| |
|
Provision for doubtful accounts |
|
|
|
|
212 |
|
| |
|
Stock-based compensation expense |
|
|
|
|
175 |
|
| |
|
Loss on sale of assets |
|
|
|
|
2 |
|
| |
|
Deferred income taxes |
|
|
|
|
1,047 |
|
| |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
| |
|
Accounts receivable |
|
|
|
|
22 |
|
| |
|
Trade receivable |
|
|
|
|
94 |
|
| |
|
Prepaid expenses and other current assets |
|
|
|
|
83 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
273 |
|
| |
|
Accrued interest |
|
|
|
|
43 |
|
| |
|
Trade payable |
|
|
|
|
268 |
|
| |
|
Accrued income taxes payable |
|
|
|
|
1,036 |
|
| |
|
Other liabilities |
|
|
|
|
30 |
|
| |
|
Net cash provided by operating activities |
|
|
|
|
7,713 |
|
| |
|
Cash flows from investing activities: |
|
|
|
|
|
|
| |
|
Capital expenditures |
|
|
|
|
(64 |
) |
|
|
|
Net cash used in investing activities |
|
|
|
|
(64 |
) |
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
| |
|
Net distributions to Cumulus Media, Inc. |
|
|
|
|
(6,419 |
) |
|
|
|
Repayment of long-term debt |
|
|
|
|
(1,227 |
) |
|
|
|
Deferred financing costs |
|
|
|
|
(4 |
) |
|
|
|
Net cash used in financing activities |
|
|
|
|
(7,650 |
) |
|
|
|
Net decrease in cash |
|
|
|
|
(1 |
) |
|
|
|
Cash at beginning of period |
|
|
|
|
4 |
|
| |
|
Cash at end of period |
|
|
|
$ |
3 |
|
| |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
| |
|
Interest paid |
|
|
|
$ |
1,992 |
|
| |
|
Income taxes paid |
|
|
|
|
53 |
|
| |
|
Supplemental disclosures of non-cash flow information: |
|
|
|
|
|
|
| |
|
Trade revenue |
|
|
|
$ |
1,199 |
|
| |
|
Trade expense |
|
|
|
|
606 |
|
| |
| | | | | |
|
2012 (remainder) |
|
|
|
$ |
494 |
|
| |
|
2013 |
|
|
|
|
1,186 |
|
| |
|
2014 |
|
|
|
|
1,186 |
|
| |
|
2015 |
|
|
|
|
1,186 |
|
| |
|
2016 |
|
|
|
|
1,186 |
|
| |
|
Thereafter |
|
|
|
|
2,371 |
|
| |
|
Total other intangibles, net |
|
|
|
$ |
7,609 |
|
| |
| | | | |
|
Current income tax expense: |
|
|
|
|
|
|
| |
|
Federal |
|
|
|
$ |
825 |
|
| |
|
State and local |
|
|
|
|
211 |
|
| |
|
Total current income tax expense |
|
|
|
|
1,036 |
|
| |
|
Deferred tax expense: |
| | | | | | | |
|
Federal |
|
|
|
|
834 |
|
| |
|
State and local |
|
|
|
|
213 |
|
| |
|
Total deferred tax expense |
|
|
|
|
1,047 |
|
| |
|
Total provision for income taxes |
|
|
|
$ |
2,083 |
|
| |
| | | | |
|
Pretax income at federal statutory rate |
|
|
|
$ |
1,794 |
|
| |
|
State income tax expense, net of federal tax benefit |
|
|
|
|
278 |
|
| |
|
Other, net |
|
|
|
|
11 |
|
| |
|
Total provision for income taxes |
|
|
|
$ |
2,083 |
|
| |
| | | | |
|
Year Ending December 31: |
| |||||||
---|---|---|---|---|---|---|---|---|---|
|
2012 (remainder) |
|
|
|
$ |
394 |
|
| |
|
2013 |
|
|
|
|
823 |
|
| |
|
2014 |
|
|
|
|
610 |
|
| |
|
2015 |
|
|
|
|
522 |
|
| |
|
2016 |
|
|
|
|
368 |
|
| |
|
Thereafter |
|
|
|
|
1,111 |
|
| |
|
Total |
|
|
|
$ |
3,828 |
|
| |
| | | | |
|
|
|
|
| |||||
---|---|---|---|---|---|---|---|---|---|
|
Assets |
|
|
|
|
|
|
| |
|
Current assets: |
|
|
|
|
|
|
| |
|
Cash and cash equivalents |
|
|
|
$ |
4 |
|
| |
|
Accounts receivable, less allowance for doubtful accounts of $357 |
|
|
|
|
10,793 |
|
| |
|
Trade receivable |
|
|
|
|
362 |
|
| |
|
Prepaid expenses and other current assets |
|
|
|
|
459 |
|
| |
|
Deferred income taxes |
|
|
|
|
145 |
|
| |
|
Total current assets |
|
|
|
|
11,763 |
|
| |
|
Property and equipment, net |
|
|
|
|
12,237 |
|
| |
|
Broadcast licenses |
|
|
|
|
61,384 |
|
| |
|
Other intangible assets, net |
|
|
|
|
11,862 |
|
| |
|
Goodwill |
|
|
|
|
66,808 |
|
| |
|
Other assets |
|
|
|
|
2,079 |
|
| |
|
Deferred income taxes |
|
|
|
|
451 |
|
| |
|
Total assets |
|
|
|
$ |
166,584 |
|
| |
|
Liabilities and Invested Equity |
|
|
|
|
|
|
| |
|
Current liabilities: |
|
|
|
|
|
|
| |
|
Accounts payable and accrued expenses |
|
|
|
$ |
1,680 |
|
| |
|
Trade payable |
|
|
|
|
414 |
|
| |
|
Accrued income taxes payable |
|
|
|
|
3,660 |
|
| |
|
Current portion of long-term debt |
|
|
|
|
3,348 |
|
| |
|
Total current liabilities |
|
|
|
|
9,102 |
|
| |
|
Long-term debt |
|
|
|
|
114,915 |
|
| |
|
Other liabilities |
|
|
|
|
108 |
|
| |
|
Deferred income taxes |
|
|
|
|
17,893 |
|
| |
|
Total liabilities |
|
|
|
|
142,018 |
|
| |
|
Invested equity from Cumulus Media, Inc |
|
|
|
|
24,566 |
|
| |
|
Total liabilities and invested equity |
|
|
|
$ |
166,584 |
|
| |
| | | | | |
|
|
|
|
Year Ended December 31, 2012 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Broadcast revenue |
|
|
|
$ |
74,310 |
|
| |
|
Operating expenses: |
|
|
|
|
|
|
| |
|
Direct operating expenses (excluding depreciation, amortization and LMA fees) |
|
|
|
|
38,627 |
|
| |
|
Corporate allocation from Cumulus Media, Inc. (including allocated stock-based compensation expense of $636) |
|
|
|
|
2,869 |
|
| |
|
Depreciation and amortization |
|
|
|
|
6,568 |
|
| |
|
LMA fees |
|
|
|
|
91 |
|
| |
|
Impairment of intangible assets |
|
|
|
|
1,156 |
|
| |
|
Total operating expenses |
|
|
|
|
49,311 |
|
| |
|
Operating income |
|
|
|
|
24,999 |
|
| |
|
Non-operating (expense) income: |
|
|
|
|
|
|
| |
|
Interest expense, net |
|
|
|
|
(8,697 |
) |
|
|
|
Loss on early extinguishment of debt |
|
|
|
|
(106 |
) |
|
|
|
Other income, net |
|
|
|
|
5 |
|
| |
|
Total non-operating expense, net |
|
|
|
|
(8,798 |
) |
|
|
|
Income before income taxes |
|
|
|
|
16,201 |
|
| |
|
Income tax expense |
|
|
|
|
(6,567 |
) |
|
|
|
Net income |
|
|
|
$ |
9,634 |
|
| |
| | | | | |
|
|
|
|
Year Ended December 31, 2012 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Cash flows from operating activities: |
|
|
|
|
|
|
| |
|
Net income |
|
|
|
$ |
9,634 |
|
| |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
| |
|
Depreciation and amortization |
|
|
|
|
6,568 |
|
| |
|
Amortization of debt issuance costs/discounts |
|
|
|
|
475 |
|
| |
|
Provision for doubtful accounts |
|
|
|
|
500 |
|
| |
|
Stock-based compensation expense |
|
|
|
|
636 |
|
| |
|
Loss on early extinguishment of debt |
|
|
|
|
106 |
|
| |
|
Impairment of intangible assets |
|
|
|
|
1,156 |
|
| |
|
Deferred income taxes |
|
|
|
|
2,907 |
|
| |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
| |
|
Accounts receivable |
|
|
|
|
337 |
|
| |
|
Trade receivable |
|
|
|
|
490 |
|
| |
|
Prepaid expenses and other current assets |
|
|
|
|
(11 |
) |
|
|
|
Other assets |
|
|
|
|
(15 |
) |
|
|
|
Accounts payable and accrued expenses |
|
|
|
|
1,768 |
|
| |
|
Trade payable |
|
|
|
|
(234 |
) |
|
|
|
Other liabilities |
|
|
|
|
(147 |
) |
|
|
|
Net cash provided by operating activities |
|
|
|
|
24,170 |
|
| |
|
Cash flows from investing activities: |
|
|
|
|
|
|
| |
|
Capital expenditures |
|
|
|
|
(75 |
) |
|
|
|
Net cash used in investing activities |
|
|
|
|
(75 |
) |
|
|
|
Cash flows from financing activities: |
| | | | | | | |
|
Net distributions to Cumulus Media, Inc. |
|
|
|
|
(17,413 |
) |
|
|
|
Repayment of long-term debt |
|
|
|
|
(7,602 |
) |
|
|
|
Proceeds from borrowings under long-term debt |
|
|
|
|
919 |
|
| |
|
Net cash used in financing activities |
|
|
|
|
(24,096 |
) |
|
|
|
Decrease in cash and cash equivalents |
|
|
|
|
(1 |
) |
|
|
|
Cash and cash equivalents at beginning of period |
|
|
|
|
5 |
|
| |
|
Cash and cash equivalents at end of period |
|
|
|
$ |
4 |
|
| |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
| |
|
Income taxes paid (refunds) |
|
|
|
|
— |
|
| |
|
Supplemental disclosures of non-cash flow information: |
|
|
|
|
|
|
| |
|
Trade revenue |
|
|
|
|
2,709 |
|
| |
|
Trade expense |
|
|
|
|
2,917 |
|
| |
|
Balance, January 1, 2012 |
|
|
|
$ |
32,345 |
|
| |
|
Net income |
|
|
|
|
9,634 |
|
| |
|
Net distributions to Cumulus Media, Inc. |
|
|
|
|
(17,413 |
) |
|
|
|
Balance, December 31, 2012 |
|
|
|
$ |
24,566 |
|
| |
| | | | | |
|
Balance, January 1, 2012 |
|
|
|
$ |
32,345 |
|
| |
|
Net income |
|
|
|
|
9,634 |
|
| |
|
Net distributions to Cumulus Media, Inc. |
|
|
|
|
(17,413 |
) |
|
|
|
Balance, December 31, 2012 |
|
|
|
$ |
24,566 |
|
| |
| | | | | |
|
|
|
|
Estimated Useful Life |
|
|
2012 |
| ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Land |
|
|
|
|
|
|
$ |
3,097 |
|
| |
|
Broadcasting and other equipment |
|
|
3 to 7 years |
|
|
|
|
22,111 |
|
| |
|
Computer and capitalized software costs |
|
|
1 to 3 years |
|
|
|
|
1,059 |
|
| |
|
Furniture and fixtures |
|
|
5 years |
|
|
|
|
2,055 |
|
| |
|
Leasehold improvements |
|
|
5 years |
|
|
|
|
732 |
|
| |
|
Buildings |
|
|
20 years |
|
|
|
|
7,901 |
|
| |
|
Construction in progress |
|
|
|
|
|
|
|
27 |
|
| |
|
|
|
|
|
|
|
|
|
36,982 |
|
| |
|
Less: accumulated depreciation |
|
|
|
|
|
|
|
(24,745 |
) |
|
|
|
|
|
|
|
|
|
|
$ |
12,237 |
|
| |
| | | | | | |
|
|
|
|
Indefinite-Lived |
|
|
Definite-Lived |
|
|
Total |
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Intangible Assets: |
| | | | | | | | | | | | | | | | | | | | | |
|
Balance as of January 1, 2012 |
|
|
|
$ |
62,540 |
|
|
|
|
$ |
16,874 |
|
|
|
|
$ |
79,414 |
|
| |||
|
Impairments |
|
|
|
|
(1,156 |
) |
|
|
|
|
|
— |
|
|
|
|
|
(1,156 |
) |
|
| |
|
Amortization |
|
|
|
|
— |
|
|
|
|
|
(5,012 |
) |
|
|
|
|
|
(5,012 |
) |
|
| |
|
Balance as of December 31, 2012 |
|
|
|
$ |
61,384 |
|
|
|
|
$ |
11,862 |
|
|
|
|
$ |
73,246 |
|
| |||
| | | | | | | | | | | |
|
2013 |
|
|
|
$ |
3,871 |
|
| |
|
2014 |
|
|
|
|
2,990 |
|
| |
|
2015 |
|
|
|
|
2,307 |
|
| |
|
2016 |
|
|
|
|
1,750 |
|
| |
|
2017 |
|
|
|
|
944 |
|
| |
|
Total other intangibles, net |
|
|
|
$ |
11,862 |
|
| |
| | | | |
|
|
|
|
2012 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Accounts payable |
|
|
|
$ |
207 |
|
| |
|
Accrued employee costs |
|
|
|
|
685 |
|
| |
|
Accrued other |
|
|
|
|
320 |
|
| |
|
Accrued real estate taxes |
|
|
|
|
108 |
|
| |
|
Accrued interest |
|
|
|
|
360 |
|
| |
|
Total accounts payable and accrued expenses |
|
|
|
$ |
1,680 |
|
| |
| | | | |
|
|
|
|
2012 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Current income tax expense: |
| | | | | | | |
|
Federal |
|
|
|
$ |
2,895 |
|
| |
|
State and local |
|
|
|
|
765 |
|
| |
|
Total current income tax expense |
|
|
|
$ |
3,660 |
|
| |
|
Deferred tax expense: |
| | | | | | | |
|
Federal |
|
|
|
$ |
2,300 |
|
| |
|
State and local |
|
|
|
|
607 |
|
| |
|
Total deferred tax expense |
|
|
|
|
2,907 |
|
| |
|
Total income tax expense |
|
|
|
$ |
6,567 |
|
| |
| | | | |
|
|
|
|
2012 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Pretax income at federal statutory rate |
|
|
|
$ |
5,670 |
|
| |
|
State income tax expense, net of tax benefit |
|
|
|
|
892 |
|
| |
|
Other |
|
|
|
|
5 |
|
| |
|
Net income tax expense |
|
|
|
$ |
6,567 |
|
| |
| | | | |
|
|
|
|
2012 |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Current deferred tax assets: |
|
|
|
|
|
|
| |
|
Accounts receivable |
|
|
|
$ |
145 |
|
| |
|
Noncurrent deferred tax assets: |
|
|
|
|
|
|
| |
|
Stock compensation cost |
|
|
|
|
257 |
|
| |
|
Property and equipment |
|
|
|
|
194 |
|
| |
|
|
|
|
|
|
451 |
|
| |
|
Noncurrent deferred tax liabilities: |
| | | | | | | |
|
Intangible assets |
|
|
|
|
17,893 |
|
| |
|
Net noncurrent deferred tax liabilities |
|
|
|
|
17,893 |
|
| |
|
Net deferred tax liabilities |
|
|
|
$ |
17,297 |
|
| |
| | | | |
|
Year Ending December 31: |
|
|
| |||||
---|---|---|---|---|---|---|---|---|---|
|
2013 |
|
|
|
$ |
1,161 |
|
| |
|
2014 |
|
|
|
|
1,042 |
|
| |
|
2015 |
|
|
|
|
1,130 |
|
| |
|
2016 |
|
|
|
|
787 |
|
| |
|
2017 |
|
|
|
|
682 |
|
| |
|
Thereafter |
|
|
|
|
3,543 |
|
| |
|
|
|
|
|
$ |
8,345 |
|
| |
| | | | |
|
Revenue |
|
|
|
$ |
61,491 |
|
| |
|
Operating expenses: |
|
|
|
|
|
|
| |
|
Direct operating expenses (excluding depreciation and amortization) |
|
|
|
|
32,734 |
|
| |
|
Corporate allocation from Cumulus Media, Inc. (including allocated stock-based compensation expense of $435) |
|
|
|
|
2,484 |
|
| |
|
Depreciation and amortization |
|
|
|
|
4,439 |
|
| |
|
Loss on exchange of assets or stations |
|
|
|
|
3 |
|
| |
|
Total operating expenses |
|
|
|
|
39,660 |
|
| |
|
Operating income |
|
|
|
|
21,831 |
|
| |
|
Other expense: |
|
|
|
|
|
|
| |
|
Interest expense, net |
|
|
|
|
(6,839 |
) |
|
|
|
Loss on early extinguishment of debt |
|
|
|
|
(199 |
) |
|
|
|
Income before income taxes |
|
|
|
|
14,793 |
|
| |
|
Provision for income taxes |
|
|
|
|
5,956 |
|
| |
|
Net income |
|
|
|
$ |
8,837 |
|
| |
| | | | | |
|
Balance, January 1, 2013 |
|
|
|
$ |
24,566 |
|
| |
|
Net income |
|
|
|
|
8,837 |
|
| |
|
Net distributions to Cumulus Media, Inc. |
|
|
|
|
(16,317 |
) |
|
|
|
Balance, November 13, 2013 |
|
|
|
$ |
17,086 |
|
| |
| | | | | |
|
Cash flows from operating activities: |
|
|
|
|
|
|
| |
|
Net income |
|
|
|
$ |
8,837 |
|
| |
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities: |
|
|
|
|
|
|
| |
|
Depreciation and amortization |
|
|
|
|
4,439 |
|
| |
|
Amortization of debt issuance costs/discounts |
|
|
|
|
381 |
|
| |
|
Provision for doubtful accounts |
|
|
|
|
231 |
|
| |
|
Stock-based compensation expense |
|
|
|
|
435 |
|
| |
|
Loss on sale of assets |
|
|
|
|
1 |
|
| |
|
Loss on early extinguishment of debt |
|
|
|
|
199 |
|
| |
|
Deferred income taxes |
|
|
|
|
3,263 |
|
| |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
| |
|
Accounts receivable |
|
|
|
|
37 |
|
| |
|
Trade receivables |
|
|
|
|
(534 |
) |
|
|
|
Accrued income taxes payable |
|
|
|
|
2,693 |
|
| |
|
Prepaid expenses and other current assets |
|
|
|
|
246 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(702 |
) |
|
|
|
Accrued interest |
|
|
|
|
272 |
|
| |
|
Trade payable |
|
|
|
|
645 |
|
| |
|
Other liabilities |
|
|
|
|
(2 |
) |
|
|
|
Net cash provided by operating activities |
|
|
|
|
20,441 |
|
| |
|
Cash flows from investing activities: |
|
|
|
|
|
|
| |
|
Capital expenditures |
|
|
|
|
(227 |
) |
|
|
|
Net cash used in investing activities |
|
|
|
|
(227 |
) |
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
| |
|
Net distributions to Cumulus Media, Inc |
|
|
|
|
(16,317 |
) |
|
|
|
Repayment of long-term debt |
|
|
|
|
(3,894 |
) |
|
|
|
Deferred financing costs |
|
|
|
|
(3 |
) |
|
|
|
Net cash used in financing activities |
|
|
|
|
(20,214 |
) |
|
|
|
Net change in cash |
|
|
|
|
— |
|
| |
|
Cash at beginning of period |
|
|
|
|
4 |
|
| |
|
Cash at end of period |
|
|
|
$ |
4 |
|
| |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
| |
|
Interest paid |
|
|
|
$ |
6,081 |
|
| |
|
Income taxes paid |
|
|
|
|
135 |
|
| |
|
Supplemental disclosures of non-cash flow information: |
|
|
|
|
|
|
| |
|
Trade revenue |
|
|
|
$ |
2,744 |
|
| |
|
Trade expense |
|
|
|
|
2,694 |
|
| |
| | | | | |
|
2013 (remainder) |
|
|
|
$ |
643 |
|
| |
|
2014 |
|
|
|
|
2,990 |
|
| |
|
2015 |
|
|
|
|
2,307 |
|
| |
|
2016 |
|
|
|
|
1,750 |
|
| |
|
2017 |
|
|
|
|
944 |
|
| |
|
Total other intangibles, net |
|
|
|
$ |
8,634 |
|
| |
| | | | |
|
Current income tax expense: |
|
|
|
|
|
|
| |
|
Federal |
|
|
|
$ |
2,117 |
|
| |
|
State and local |
|
|
|
|
576 |
|
| |
|
Total current income tax expense |
|
|
|
|
2,693 |
|
| |
|
Deferred tax expense: |
|
|
|
|
|
|
| |
|
Federal |
|
|
|
$ |
2,581 |
|
| |
|
State and local |
|
|
|
|
682 |
|
| |
|
Total deferred tax expense |
|
|
|
|
3,263 |
|
| |
|
Total provision for income taxes |
|
|
|
$ |
5,956 |
|
| |
| | | | |
|
Pretax income at federal statutory rate |
|
|
|
$ |
5,177 |
|
| |
|
State income tax expense, net of tax benefit |
|
|
|
|
814 |
|
| |
|
Other, net |
|
|
|
|
(35 |
) |
|
|
|
Net provision for income taxes |
|
|
|
$ |
5,956 |
|
| |
| | | | |
|
Year Ending December 31: |
|
|
| |||||
---|---|---|---|---|---|---|---|---|---|
|
2013 (remainder) |
|
|
|
$ |
191 |
|
| |
|
2014 |
|
|
|
|
1,396 |
|
| |
|
2015 |
|
|
|
|
1,258 |
|
| |
|
2016 |
|
|
|
|
971 |
|
| |
|
2017 |
|
|
|
|
801 |
|
| |
|
Thereafter |
|
|
|
|
2,977 |
|
| |
|
Total |
|
|
|
$ |
7,594 |
|
| |
| | | | |
This ‘424B4’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/1/22 | ||||
4/1/22 | ||||
2/1/22 | ||||
10/1/21 | ||||
8/1/21 | ||||
6/1/21 | ||||
4/1/21 | ||||
2/1/21 | ||||
12/1/20 | ||||
10/1/20 | ||||
8/1/20 | ||||
6/1/20 | ||||
4/1/20 | ||||
5/1/19 | ||||
4/1/19 | ||||
4/4/18 | ||||
12/31/16 | ||||
4/4/16 | ||||
4/1/15 | ||||
12/31/14 | ||||
8/7/14 | 10-Q, 8-K, SC 13G | |||
Filed on: | 7/25/14 | 4, 8-K | ||
7/21/14 | FWP, S-1/A | |||
7/11/14 | ||||
6/30/14 | 10-Q, 10-Q/A | |||
6/27/14 | ||||
6/1/14 | ||||
5/31/14 | ||||
5/13/14 | ||||
5/9/14 | ||||
4/1/14 | ||||
3/31/14 | ||||
1/14/14 | ||||
1/1/14 | ||||
12/31/13 | ||||
12/27/13 | ||||
12/15/13 | ||||
12/10/13 | ||||
11/20/13 | ||||
11/14/13 | ||||
11/13/13 | ||||
10/11/13 | ||||
9/17/13 | ||||
8/30/13 | ||||
8/1/13 | ||||
7/12/13 | ||||
5/1/13 | ||||
4/18/13 | ||||
4/1/13 | ||||
3/31/13 | ||||
3/18/13 | ||||
1/31/13 | ||||
1/1/13 | ||||
12/31/12 | ||||
12/20/12 | ||||
12/18/12 | ||||
11/7/12 | ||||
10/1/12 | ||||
9/15/12 | ||||
8/28/12 | ||||
8/10/12 | D | |||
8/9/12 | ||||
8/1/12 | ||||
7/31/12 | ||||
7/30/12 | ||||
4/28/12 | ||||
4/4/12 | ||||
2/29/12 | ||||
2/28/12 | ||||
1/27/12 | ||||
1/1/12 | ||||
12/31/11 | ||||
10/13/11 | ||||
8/19/11 | ||||
7/20/11 | ||||
5/13/11 | ||||
3/15/11 | ||||
8/12/10 | ||||
4/28/10 | ||||
4/27/10 | ||||
3/31/10 | ||||
3/1/10 | ||||
2/26/10 | ||||
1/1/10 | ||||
12/31/09 | ||||
5/31/07 | ||||
9/11/01 | ||||
List all Filings |