Form 8-K
ENTERCOM COMMUNICATIONS CORP false 0001067837 0001067837 2020-08-07 2020-08-07

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2020

 

 

ENTERCOM COMMUNICATIONS CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Pennsylvania   001-14461   23-1701044

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

2400 Market Street, 4th Floor

Philadelphia, Pennsylvania

  19103
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (610) 660-5610

(Former Address of Principal Executive Offices)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbols

 

Name of each exchange

on which registered

Class A Common Stock, par value $.01 per share   ETM   New York Stock Exchange
Series A Junior Participating Convertible Preferred Stock, par value $0.01 per share    
Series B Junior Participating Convertible Preferred Stock, par value $0.01 per share    

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02.

Results of Operations and Financial Conditions

On August 7, 2020, Entercom Communications Corp. (the “Company”) issued a press release (the “Press Release”) announcing second quarter 2020 results. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01.

Exhibits

(d)    Exhibits

The following exhibits are provided as part of this Current Report on Form 8-K:

 

Exhibit
No.

  

Title

99.1    Entercom Communications Corp.’s Press Release, issued August 7, 2020.
104    Cover Page Interactive Data File (embedded within the XBRL file).

 

-2-


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Entercom Communications Corp.
By:  

/s/ Andrew P. Sutor, IV

  Andrew P. Sutor, IV
  Executive Vice President

Dated: August 7, 2020

 

-3-

EX-99.1

Exhibit 99.1

 

For Immediate Release      Contacts:
August 7, 2020      Joseph Jaffoni, Jennifer
     Neuman, Norberto Aja
     JCIR
     (212) 835-8500
     etm@jcir.com

ENTERCOM COMMUNICATIONS REPORTS PANDEMIC IMPACTED SECOND QUARTER RESULTS

Generated Monthly Sequential Revenue Improvements Every Month Since April with Third Quarter Business on Books Already 30% Greater than Second Quarter Revenue

Philadelphia, PA — Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended June 30, 2020.

Second Quarter Summary

 

   

Reflecting the impact of the COVID-19 pandemic on the economy at large, the broadcasting sector and Entercom’s business, net revenues for the quarter were $175.9 million, down 54%, compared to $380.7 million in the second quarter of 2019

 

   

Spot revenue declined 65% on a year-over-year basis while digital revenue rose 19%

 

   

Reflecting the Company’s cost management initiatives implemented to address the pandemic and lower levels of advertising spending, station expenses for the quarter declined 32% to $188.9 million, compared to $277.9 million in the second quarter of 2019 while corporate expenses for the quarter declined 45% to $8.4 million, compared to $15.2 million in the second quarter of 2019

 

   

Operating loss for the quarter was $45.3 million, which included a non-cash impairment charge of $4.2 million, compared to operating income of $64.8 million in the second quarter of 2019. Adjusted EBITDA for the quarter was a loss of $20.0 million, compared to income of $87.6 million in the second quarter of 2019

 

   

Net loss per diluted share for the quarter was $0.40, compared to net income of $0.19 per diluted share in the second quarter of 2019

 

   

Adjusted net loss per diluted share for the quarter was $0.28, compared to adjusted net income of $0.26 per diluted share in the second quarter of 2019

David J. Field, President and Chief Executive Officer, stated: “While Entercom generated significant revenue and EBITDA growth prior to the pandemic, second quarter results reflect the impact of the national economic challenges that quickly emerged as many advertisers closed businesses and significantly reduced their ad spend. Given our national leadership position in sports, second quarter top-line results were also significantly impacted by the cancellation of virtually all scheduled sporting events during the quarter. Excluding the impact of cancelled sports play-by-play, second quarter revenues declined 47%. However, after bottoming out in April, we have achieved significant sequential improvement every month through the Summer with third quarter business on books already 30% greater than where the second quarter finished.”


“The pandemic challenges accelerated our on-going transformation initiatives with a heightened focus on enhancing our business model, accelerating our growth opportunities, more fully integrating our powerful product offerings, and improving our service to both listeners and customers. In this regard, we implemented a range of company-wide initiatives, which lowered second quarter total cash operating expense by approximately $97 million, which exceeded our budget. In addition, we secured our strong liquidity position through an amendment to our credit facility and ended the second quarter with $208 million of cash, up from $189 million at the end of March.”

“Looking ahead, as the country’s #1 creator of original, premium audio content with robust data, analytics and attribution capabilities, scaled audience reach and a leadership position in virtually every segment of the dynamic and growing audio market, including broadcasting, podcasting, digital, events, network, sports and news, Entercom is strategically well-positioned for future growth and performance. Improving revenue trends combined with enhancements to our business model and active management of our balance sheet will enable Entercom to emerge as an even stronger company and build meaningful shareholder value. I want to thank our team for their resilience, dedication, and exceptional work as they have gone above and beyond to serve our listeners, advertisers and communities under the most challenging of circumstances over the past several months.”

Additional Information

In July, the Company amended the financial maintenance covenant and other provisions under its credit agreement. Among other things, the amendment provides for a covenant testing holiday for the quarters ending September 30, 2020 and December 31, 2020. Testing of its financial maintenance covenant will resume on March 31, 2021 with the Company using fixed amounts for Consolidated EBITDA for the quarters ending June 30, 2020, September 30, 2020 and December 31, 2020. Those amounts represent the amounts reported to the Company’s lenders for the corresponding quarters in 2019.

As of June 30, 2020, the Company had $1,000 million of senior debt under its credit facilities outstanding, $425 million in second-lien notes and $400 million in senior notes (the amounts of senior debt and senior notes both exclude unamortized premium). At June 30, 2020, the Company had $208 million in cash.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Friday, August 7, 2020, at 10:00 AM Eastern Time. The public may access the conference call by dialing Toll Free: (888) 889-0278 and Toll: (773) 799-3659, passcode: Entercom (domestic and international callers). Due to COVID-19, there may be a delay in joining the call, and so participants should consider dialing in 15 minutes early to ensure access to the entire call. Participants may also listen to a live webcast of the call by visiting the “Investor Relations” section of Entercom’s website at www.entercom.com. A replay of the conference call will be available for one week by dialing (888) 562-7244. A webcast replay of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Additional information is available on the Company’s website at www.entercom.com.


Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Station Expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, restructuring and integration costs, other expenses related to the refinancing; and gain or loss on sale or disposition of assets.

Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); other expenses related to the refinancing; impairment loss, merger and acquisition costs, restructuring and integration costs, preferred stock dividends; COVID-19 related expenses, non-recurring expenses otherwise included in corporate or station expenses, loss on early extinguishment of debt, and gain or loss on sale or disposition of assets    

Adjusted Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization; net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; restructuring and integration costs, COVID-19 related expenses, other income and non-recurring expenses otherwise included in corporate or station expenses; income from discontinued operations (excluding income taxes or tax benefit); and (ii) less net interest expense (excluding amortization of deferred financing costs or debt premium), Adjusted Income Taxes Paid, and Net Capital Expenditures.

Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.

Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on the sale of redundant property.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported, including income taxes otherwise included in income from discontinued operations; (ii) gain/loss on sale of assets, derivative


instruments and investments; (iii) non-cash compensation expense; (iv) impairment loss; (v) merger and acquisition costs, restructuring and integration costs, COVID-19 related expenses, and non-recurring expenses otherwise included in corporate or station expenses; (vi) other expenses related to refinancing; and (vii) gain/loss on early extinguishment of debt. For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 30% without discrete items of tax.

Adjusted Net Income (Loss) Per Share - Diluted includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income (Loss) Per Share - Diluted.

Non-GAAP Financial Measures

It is important to note that station operating income, station expense, corporate expense, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income (Loss) Per Share – Diluted, Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”). Management believes that these measures are useful as a way to evaluate the Company and the means for Management to evaluate our radio stations’ performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share - Diluted). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. For purposes of comparability, income taxes are reflected at the expected federal and state income tax rate of 30%, without adjustment for discrete tax adjustments.

Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company’s financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.


Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms S-4, 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company’s actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is a leading audio and entertainment company engaging over 170 million consumers each month through its iconic broadcast brands, expansive digital platform, premium podcast network and live events and experiences. With presence in every major U.S. market, and accessible on every device, Entercom delivers the industry’s most compelling live and on-demand content and experiences from voices and influencers its communities trust and love. The company’s robust portfolio of assets and integrated solutions offer advertisers today’s most engaged audiences through targeted reach, brand amplification and local activation—all at national scale. Entercom is the unrivaled leader in local radio sports and news and the #1 creator of live, original local audio content in the U.S. Learn more at www.entercom.com, Facebook and Twitter (@Entercom).


ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

     Three Months Ended      Six Months Ended  
     June 30,      June 30,  
     2020     2019      2020     2019  

STATEMENTS OF OPERATIONS

         

Net Revenues

   $ 175,868     $ 380,665      $ 472,898     $ 689,670  
  

 

 

   

 

 

    

 

 

   

 

 

 

Station Expenses

     188,946       277,927        438,496       525,497  

Station Expense - Non-Cash Compensation

     527       1,243        1,028       2,658  

Corporate Expenses

     8,359       15,185        24,318       33,963  

Corporate Expenses - Non-Cash Compensation

     1,917       2,130        3,195       4,287  

Depreciation And Amortization

     12,620       10,964        25,118       22,069  

Time Brokerage Agreement Expense (Income)

     —         53        —         93  

Merger And Acquisition Costs

     61       33        61       42  

Impairment Loss

     4,157       —          5,207       —    

Restructuring Charges

     4,895       3,362        9,104       4,376  

Integration Costs

     (132     1,456        490       2,591  

Other Expenses Related To Refinancing

     —         1,864        —         1,864  

Net (Gain) Loss On Sale Or Disposition of Assets

     (228     1,686        (228     (2,914
  

 

 

   

 

 

    

 

 

   

 

 

 

Total Operating Expenses

     221,122       315,903        506,789       594,526  
  

 

 

   

 

 

    

 

 

   

 

 

 

Operating Income

     (45,254     64,762        (33,891     95,144  
  

 

 

   

 

 

    

 

 

   

 

 

 

Net Interest Expense

     21,642       24,944        45,263       50,164  

Loss on Early Extinguishment of Debt

     —         1,781        —         1,781  
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (Loss) Before Income Taxes

     (66,896     38,037        (79,154     43,199  

Income Taxes (Benefit)

     (13,085     12,045        (16,205     14,083  
  

 

 

   

 

 

    

 

 

   

 

 

 

Net Income (Loss)

   $ (53,811   $ 25,992      $ (62,949   $ 29,116  
  

 

 

   

 

 

    

 

 

   

 

 

 

Net Income (Loss) Per Share - Basic

   $ (0.40   $ 0.19      $ (0.47   $ 0.21  
  

 

 

   

 

 

    

 

 

   

 

 

 

Net Income (Loss) Per Share - Diluted

   $ (0.40   $ 0.19      $ (0.47   $ 0.21  
  

 

 

   

 

 

    

 

 

   

 

 

 

Dividends Declared And Paid Per Common Share

   $ 0.00     $ 0.09      $ 0.02     $ 0.18  
  

 

 

   

 

 

    

 

 

   

 

 

 

Weighted Common Shares Outstanding - Basic

     134,805       138,760        134,786       138,685  
  

 

 

   

 

 

    

 

 

   

 

 

 

Weighted Common Shares Outstanding - Diluted

     134,805       139,074        134,786       139,222  
  

 

 

   

 

 

    

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

         

Net Capital Expenditures

   $ 6,349     $ 16,900      $ 15,248     $ 37,410  

Adjusted Income Taxes Paid

   $ —       $ 7,764      $ 1,297     $ 8,461  

Cash Dividends On Common Stock Declared And Paid

   $ —       $ 12,487      $ 2,692     $ 24,917  

SELECTED BALANCE SHEET DATA

 

     June 30,      December 31,  
     2020      2019  

Cash and Cash Equivalents

   $ 208,222      $ 20,393  

Senior Debt - Term B-1 Loan (Includes Current Portion)

   $ 756,750      $ 770,000  

Senior Debt - Revolver (Includes Current Portion)

   $ 243,749      $ 117,000  

Senior Secured Notes

   $ 425,000      $ 425,000  

Senior Notes

   $ 400,000      $ 400,000  

Total Shareholders’ Equity

   $ 818,310      $ 881,443  


OTHER FINANCIAL DATA

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2020     2019     2020     2019  

Reconciliation Of GAAP Operating Income To Station Operating Income

        

Operating Income

   $ (45,254   $ 64,762     $ (33,891   $ 95,144  

Corporate Expenses

     8,359       15,185       24,318       33,963  

Corporate Expenses - Non-Cash Compensation

     1,917       2,130       3,195       4,287  

Station Expenses - Non-Cash Compensation

     527       1,243       1,028       2,658  

Depreciation And Amortization

     12,620       10,964       25,118       22,069  

Merger And Acquisition Costs

     61       33       61       42  

Restructuring Charges

     4,895       3,362       9,104       4,376  

Impairment Loss

     4,157       —         5,207       —    

Integration Costs

     (132     1,456       490       2,591  

Other Expenses Related To Refinancing

     —         1,864       —         1,864  

Net Time Brokerage Agreement Expense (Income)

     —         53       —         93  

Net Gain (Loss) On Sale Or Disposition of Assets

     (228     1,686       (228     (2,914
  

 

 

   

 

 

   

 

 

   

 

 

 

Station Operating Income

   $ (13,078   $ 102,738     $ 34,402     $ 164,173  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA

        

Net (Income) Loss

   $ (53,811   $ 25,992     $ (62,949   $ 29,116  

Income Taxes (Benefit)

     (13,085     12,045       (16,205     14,083  

Net Interest Expense

     21,642       24,944       45,263       50,164  

Corporate Expenses - Non-Cash Compensation

     1,917       2,130       3,195       4,287  

Station Expenses - Non-Cash Compensation

     527       1,243       1,028       2,658  

Depreciation And Amortization

     12,620       10,964       25,118       22,069  

Time Brokerage Agreement Expense (Income)

     —         53       —         93  

Merger And Acquisition Costs

     61       33       61       42  

Restructuring Charges

     4,895       3,362       9,104       4,376  

Integration Costs

     (132     1,456       490       2,591  

COVID-19 Related Expenses

     5,411       —         8,411       —    

Non-Recurring (Recoveries) Otherwise Included in Corporate Expenses

     (4,000     —         (4,000     —    

Impairment Loss

     4,157       —         5,207       —    

Other Expenses Related To Refinancing

     —         1,864       —         1,864  

Loss On Early Extinguishment Of Debt

     —         1,781       —         1,781  

Net Gain (Loss) On Sale Or Disposition of Assets

     (228     1,686       (228     (2,914
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ (20,026   $ 87,553     $ 14,495     $ 130,210  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of GAAP Net Income (Loss) To Adjusted Free Cash Flow

        

Net Income (Loss)

   $ (53,811   $ 25,992     $ (62,949   $ 29,116  

Depreciation And Amortization

     12,620       10,964       25,118       22,069  

Deferred Financing Costs Included In Interest Expense

     998       671       1,943       1,472  

Amortization Debt Premium Included In Interest Expense

     (849     (855     (1,698     (1,570

Non-Cash Compensation Expense

     2,444       3,373       4,223       6,945  

Merger And Acquisition Costs

     61       33       61       42  

Integration Costs

     (132     1,456       490       2,591  

Restructuring Charges

     4,895       3,362       9,104       4,376  

COVID-19 Related Expenses

     5,411       —         8,411       —    

Non-Recurring (Recoveries) Otherwise Included in Corporate Expenses

     (4,000     —         (4,000     —    

Impairment Loss

     4,157       —         5,207       —    

Net (Gain) Loss On Sale Or Disposition of Assets

     (228     1,686       (228     (2,914

Other Expenses Related To Refinancing

     —         1,864       —         1,864  

Loss On Early Extinguishment Of Debt

     —         1,781       —         1,781  

Income Taxes (Benefit)

     (13,085     12,045       (16,205     14,083  

Net Capital Expenditures, Including Amortizable Intangibles

     (6,349     (16,900     (15,248     (37,410

Adjusted Income Taxes Paid

     —         (7,764     (1,297     (8,461
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Free Cash Flow

   $ (47,868   $ 37,708     $ (47,068   $ 33,984  
  

 

 

   

 

 

   

 

 

   

 

 

 


Reconciliation Of Capital Expenditures, Including Amortizable Intangibles, To Net Capital Expenditures

        

Capital Expenditures, Including Amortizable Intangibles

   $ (6,349   $ (20,203   $ (16,093   $ (40,713

Reimbursed Tenant Improvement Allowance

     —         3,303       845       3,303  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Capital Expenditures

   $ (6,349   $ (16,900   $ (15,248   $ (37,410
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of Income Taxes Paid To Adjusted Income Taxes Paid

        

Income Taxes Paid

   $ —       $ (12,756   $ (1,297   $ (14,546

Income Taxes Paid Related to Gain/Loss On Sale Or Exchange Of Radio Station Assets

     —         —         —         894  

Income Taxes Paid Related to Gain/Loss On Sale Of Redundant Properties

     —         4,992       —         5,191  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Income Taxes Paid

   $ —       $ (7,764   $ (1,297   $ (8,461
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of GAAP Net Income (Loss) To Adjusted Net Income

        

Net Income (Loss)

   $ (53,811   $ 25,992     $ (62,949   $ 29,116  

Income Taxes (Benefit)

     (13,085     12,045       (16,205     14,083  

Merger And Acquisition Costs

     61       33       61       42  

COVID-19 Related Expenses

     5,411       —         8,411       —    

Non-Recurring (Recoveries) Otherwise Included in Corporate Expenses

     (4,000     —         (4,000     —    

Other Expenses Related To Refinancing

     —         1,864       —         1,864  

Impairment Loss

     4,157       —         5,207       —    

Integration Costs

     (132     1,456       490       2,591  

Restructuring Charges

     4,895       3,362       9,104       4,376  

Loss On Early Extinguishment Of Debt

     —         1,781       —         1,781  

Net (Gain) Loss On Sale Or Disposition of Assets

     (228     1,686       (228     (2,914

Non-Cash Compensation Expense

     2,444       3,373       4,223       6,945  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Net Income Before Income Taxes

     (54,288     51,592       (55,886     57,884  

Income Taxes

     (16,286     15,478       (16,766     17,365  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Net Income

   $ (38,002   $ 36,114     $ (39,120   $ 40,519  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Average Diluted Shares Outstanding For Purposes Of Computing Adjusted Net Income Per Share - Diluted

        

Weighted Common Shares Outstanding - Diluted As Reported

     134,805       139,074       134,786       139,222  

Adjusted Net Income (Loss) Per Share - Diluted

   $ (0.28   $ 0.26     $ (0.29   $ 0.29  
  

 

 

   

 

 

   

 

 

   

 

 

 
v3.20.2
Document and Entity Information
Aug. 07, 2020
Cover [Abstract]  
Entity Registrant Name ENTERCOM COMMUNICATIONS CORP
Amendment Flag false
Entity Central Index Key 0001067837
Document Type 8-K
Document Period End Date Aug. 07, 2020
Entity Incorporation State Country Code PA
Entity File Number 001-14461
Entity Tax Identification Number 23-1701044
Entity Address, Address Line One 2400 Market Street
Entity Address, Address Line Two 4th Floor
Entity Address, City or Town Philadelphia
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19103
City Area Code (610)
Local Phone Number 660-5610
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Class A Common Stock, par value $.01 per share
Trading Symbol ETM
Security Exchange Name NYSE
Entity Emerging Growth Company false