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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-38108
cmls-20200930_g1.jpg
 
Cumulus Media Inc.
(Exact Name of Registrant as Specified in its Charter)
 
 
Delaware 82-5134717
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
3280 Peachtree Road,NW Suite 2200Atlanta,GA 30305
(Address of Principal Executive Offices) (ZIP Code)
(404) 949-0700
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0000001 per shareCMLSNasdaq Global Market
Class A common stock purchase rightsN/ANasdaq Global Market



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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer ¨Accelerated Filer  
þ
Non-accelerated Filer 
¨ 
  Smaller Reporting Company
Emerging Growth Company
If an emerging 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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes      No  ¨
As of October 29, 2020, the registrant had 20,346,998 outstanding shares of common stock consisting of: (i) 17,930,745 shares of Class A common stock; (ii) 2,416,253 shares of Class B common stock, and no warrants issued and outstanding. In addition, the registrant had 22,154 Series 1 warrants authorized to be issued.




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CUMULUS MEDIA INC.
INDEX
 

2

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CUMULUS MEDIA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands (except for share data)September 30, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents$353,722 $15,142 
Restricted cash 1,865 
Accounts receivable, less allowance for doubtful accounts of $6,392 and $5,197 at September 30, 2020 and December 31, 2019, respectively163,617 242,599 
Trade receivable3,274 2,790 
Assets held for sale525 87,000 
Prepaid expenses and other current assets35,359 31,285 
Total current assets556,497 380,681 
Property and equipment, net216,036 232,934 
Operating lease right-of-use assets160,555 143,436 
Broadcast licenses825,666 830,490 
Other intangible assets, net149,545 164,383 
Other assets8,773 9,408 
Total assets$1,917,072 $1,761,332 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses$95,851 $97,527 
Current portion of operating lease liabilities28,521 34,462 
Trade payable2,209 2,323 
Current portion of term loan due 20265,250 5,250 
Total current liabilities131,831 139,562 
2020 revolving credit facility60,000  
Term loan due 2026, net of debt issuance costs of $4,445 and $5,007 at September 30, 2020 and December 31, 2019, respectively461,029 513,431 
6.75% senior notes, net of debt issuance costs of $6,289 and $6,938 at September 30, 2020 and December 31, 2019, respectively493,711 493,062 
Operating lease liabilities132,585 111,184 
Financing liabilities, net224,018 17,221 
Other liabilities16,602 10,618 
Deferred income taxes228 21,038 
Total liabilities1,520,004 1,306,116 
Commitments and contingencies (Note 11)
Stockholders’ equity:
Class A common stock, par value $0.0000001 per share; 100,000,000 shares authorized; 18,104,967 and 15,750,097 shares issued; 17,930,745 and 15,681,439 shares outstanding at September 30, 2020 and December 31, 2019, respectively  
Convertible Class B common stock, par value $0.0000001 per share; 100,000,000 shares authorized; 2,416,253 and 1,926,848 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively  
Treasury stock, at cost,174,222 and 68,658 shares at September 30, 2020 and December 31, 2019, respectively(2,414)(1,171)
Additional paid-in-capital336,270 333,705 
Retained earnings63,212 122,682 
Total stockholders’ equity397,068 455,216 
Total liabilities and stockholders’ equity$1,917,072 $1,761,332 
See accompanying notes to the unaudited condensed consolidated financial statements.
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CUMULUS MEDIA INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Dollars in thousands (except for share and per share data)Three Months EndedNine Months Ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Net revenue$196,385 $280,808 $570,321 $827,977 
Operating expenses:
Content costs82,014 98,335 236,304 295,931 
Selling, general and administrative expenses86,323 115,289 269,856 344,609 
Depreciation and amortization13,151 11,885 39,063 40,020 
Local marketing agreement fees984 902 3,037 2,383 
Corporate expenses16,926 11,905 39,065 47,097 
Loss (gain) on sale or disposal of assets or stations1,930 (8,188)7,513 (55,912)
Impairment of assets held for sale 5,000  5,000 
Impairment of intangible assets  4,509  
Total operating expenses201,328 235,128 599,347 679,128 
Operating (loss) income(4,943)45,680 (29,026)148,849 
Non-operating expense:
Interest expense(15,930)(22,754)(48,977)(66,101)
Interest income1 9 6 21 
Gain on early extinguishment of debt   381 
Other (expense) income, net(13)18 (76)(44)
Total non-operating expense, net(15,942)(22,727)(49,047)(65,743)
(Loss) income before income taxes(20,885)22,953 (78,073)83,106 
Income tax benefit (expense)5,082 (6,630)18,603 (23,471)
Net (loss) income$(15,803)$16,323 $(59,470)$59,635 
Basic and diluted (loss) earnings per common share (see Note 10, "(Loss) Earnings Per Share"):
Basic: (Loss) Earnings per share$(0.78)$0.81 $(2.93)$2.96 
Diluted: (Loss) Earnings per share$(0.78)$0.81 $(2.93)$2.95 
Weighted average basic common shares outstanding20,339,895 20,164,876 20,299,461 20,115,868 
Weighted average diluted common shares outstanding20,339,895 20,216,314 20,299,461 20,249,682 


See accompanying notes to the unaudited condensed consolidated financial statements.





4

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CUMULUS MEDIA INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
For the nine months ended September 30, 2020 and 2019
Dollars in thousandsClass A
Common Stock
Class B
Common Stock
Treasury
Stock
 Number of
Shares
Par
Value
Number of
Shares
Par
Value
Number of
Shares
ValueAdditional
Paid-In
Capital
Retained EarningsTotal
Balance at December 31, 201915,681,439 $ 1,926,848 $ 68,658 $(1,171)$333,705 $122,682 $455,216 
Net loss— — — — — — — (7,351)(7,351)
Shares returned in lieu of tax payments— — — — 75,493 (1,072)— — (1,072)
Conversion of Class B common stock38,563 — (38,563)— — — — — — — 
Exercise of warrants121,114 — — — — — — — — 
Issuance of common stock112,569 — — — — — — — — — 
Stock based compensation expense — — — — — — — 719 — 719 
Balance at March 31, 202015,953,685 $ 1,888,285 $ 144,151 $(2,243)$334,424 $115,331 $447,512 
Net loss— — — — — — — (36,316)(36,316)
Shares returned in lieu of tax payments— — — — 30,071 (171)— — (171)
Exercise of warrants1,723,253 — 686,315 — — — — — — 
Issuance of common stock66,476 — — — — — — — — — 
Stock based compensation expense — — — — — — — 985 — 985 
Balance at June 30, 202017,743,414 $ 2,574,600 $ 174,222 $(2,414)$335,409 $79,015 $412,010 
Net loss— — — — — — — (15,803)(15,803)
Shares returned in lieu of tax payments— — — — — — — — — 
Conversion of Class B common stock158,347 — (158,347)— — — — — — — 
Exercise of warrants— — — — — — — — — 
Issuance of common stock28,984 — — — — — — — — — 
Stock based compensation expense— — — — — — — 861 — 861 
Balance at September 30, 202017,930,745 $ 2,416,253 $ 174,222 $(2,414)$336,270 $63,212 $397,068 
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For the nine months ended September 30, 2020 and 2019
Dollars in thousandsClass A
Common Stock
Class B
Common Stock
Treasury
Stock
 Number of
Shares
Par
Value
Number of
Shares
Par
Value
Number of
Shares
ValueAdditional
Paid-In
Capital
Retained EarningsTotal
Balance at December 31, 201812,995,080 $ 3,560,604 $  $ $328,404 $61,425 $389,829 
Net income— — — — — — — 451 451 
Shares returned in lieu of tax payments— — — — 34,704 (633)— — (633)
Conversion of Class B common stock751,633 — (751,633)— — — — — — 
Exercise of warrants177,186 — — — — — — — — 
Issuance of common stock68,246 — 3,035 — — — — — — 
Stock based compensation expense — — — — — — 1,208 — 1,208 
Balance at March 31, 201913,992,145 $ 2,812,006 $ 34,704 $(633)$329,612 $61,876 $390,855 
Net income— — — — — — — 42,861 42,861 
Shares returned in lieu of tax payments— — — — 33,129 (523)— — (523)
Conversion of Class B common stock115,153 — (115,153)— — — — — — — 
Exercise of warrants170,659 — — — — — — — — 
Issuance of common stock50,581 — — — — — — — — — 
Stock based compensation expense — — — — — — — 1,106 — 1,106 
Balance at June 30, 201914,328,538 $ 2,696,853 $ 67,833 $(1,156)$330,718 $104,737 $434,299 
Net income— — — — — — — 16,323 16,323 
Shares returned in lieu of tax payments— — — — — — — — — 
Conversion of Class B common stock648,745 — (648,745)— — — — — — — 
Exercise of warrants494,929 — — — — — — — — 
Issuance of common stock11,023 — — — — — — — — — 
Stock based compensation expense— — — — — — — 1,492 — 1,492 
Balance at September 30, 201915,483,235  2,048,108 $ 67,833 $(1,156)$332,210 $121,060 452,114 
See accompanying notes to the unaudited condensed consolidated financial statements.
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CUMULUS MEDIA INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousandsNine Months Ended
 September 30, 2020September 30, 2019
Cash flows from operating activities:
Net (loss) income $(59,470)$59,635 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization39,063 40,020 
Amortization of right of use assets 7,306 18,025 
Amortization of debt issuance costs/discounts1,988 435 
Provision for doubtful accounts4,902 2,687 
Loss (gain) on sale or disposal of assets or stations7,513 (55,912)
Gain on early extinguishment of debt (381)
Impairment of assets held for sale 5,000 
Impairment of intangible assets4,509  
Deferred income taxes(20,810)10,358 
Stock-based compensation expense2,565 3,806 
Changes in assets and liabilities:
Accounts receivable74,430 5,477 
Trade receivable(733)(1,361)
Prepaid expenses and other current assets(4,239)(2,476)
Operating leases 16,894 4,329 
Assets held for sale(4)29 
Other assets(208)2,734 
Accounts payable and accrued expenses(13,994)(8,045)
Trade payable(113)250 
Other liabilities2,174 (1,547)
Net cash provided by operating activities61,773 83,063 
Cash flows from investing activities:
Proceeds from sale of assets or stations78,333 146,519 
Capital expenditures(9,559)(17,399)
Net cash provided by investing activities68,774 129,120 
Cash flows from financing activities:
Repayment of borrowings under term loan (52,964)(1,242,918)
   Borrowings under term loan due 202260,000 525,000 
Proceeds from issuance of 6.75% senior notes 500,000 
Financing costs(493)(12,790)
Shares returned in lieu of tax payments (1,243)(1,156)
Transaction costs for financing liability(3,152) 
Proceeds from financing liability205,442  
Repayments of financing lease obligations(1,422)(1,214)
Net cash provided by (used in) financing activities206,168 (233,078)
Increase (decrease) in cash and cash equivalents and restricted cash336,715 (20,895)
Cash and cash equivalents and restricted cash at beginning of period17,007 30,038 
Cash and cash equivalents and restricted cash at end of period$353,722 $9,143 
See accompanying notes to the unaudited condensed consolidated financial statements.

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1. Nature of Business, Interim Financial Data and Basis of Presentation
    Cumulus Media Inc. (and its consolidated subsidiaries, except as the context may otherwise require, "CUMULUS MEDIA," "we," "us," "our," or the "Company") is a Delaware corporation, organized in 2018, and successor to a Delaware corporation with the same name that had been organized in 2002.
Nature of Business
CUMULUS MEDIA is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month - wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 422 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the Masters, the Olympics, the Academy of Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through on-air and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the Company's unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented herein. The results for the interim periods are not necessarily indicative of those for the full year. The unaudited Condensed Consolidated Financial Statements herein should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by United States ("U.S.") generally accepted accounting principles ("GAAP").
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including significant estimates related to revenue recognition, bad debts, intangible assets, income taxes, stock-based compensation, contingencies, litigation, valuation assumptions for impairment analysis, certain expense accruals, leases and, if applicable, purchase price allocations. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. We assessed these aforementioned estimates and judgments utilizing information reasonably available to us and considering the unknown future impacts of the novel coronavirus disease ("COVID-19") pandemic. The business and economic uncertainty resulting from the COVID-19 pandemic has made such estimates and assumptions more difficult to calculate. While there was not a material impact to our key estimates as of and for the quarter ended September 30, 2020, our estimates may change based on the magnitude and duration of COVID-19, as well as other factors. Actual amounts and results may differ materially from these estimates.
Comprehensive (Loss) Income
Comprehensive (loss) income includes net (loss) income and certain items that are excluded from net (loss) income and recorded as a separate component of stockholders' equity. During the nine months ended September 30, 2020 and September 30, 2019, the Company had no items of other comprehensive (loss) income and, therefore, comprehensive (loss) income does not differ from reported net (loss) income.
Assets Held for Sale
Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell.
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On June 24, 2020, the Company completed its previously announced sale of certain land located in Bethesda, MD, used in conjunction with the Company's Washington, DC operations ("DC Land"), to Toll Brothers. See Note 2, "Acquisitions and Dispositions" for additional discussion related to the DC Land sale.

On March 1, 2020, the Company completed its previously announced sale of WABC-AM in New York, NY to Red Apple Media, Inc. (the "WABC Sale"). See Note 2, "Acquisitions and Dispositions" for additional discussion related to the WABC Sale.

The major categories of assets held for sale are as follows (dollars in thousands):
September 30, 2020December 31, 2019
TotalWABC SaleDC LandTotal
Property and equipment, net$220 $7,054 $75,000 $82,054 
FCC license263 4,573  4,573 
Other intangibles, net29 373  373 
Other assets13    
Total$525 $12,000 $75,000 $87,000 
Supplemental Cash Flow Information
The following summarizes supplemental cash flow information to be read in conjunction with the unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and September 30, 2019:
Nine Months Ended
September 30, 2020September 30, 2019
Supplemental disclosures of cash flow information:
Interest paid$37,428 $51,575 
Income taxes (refunded) paid(2,155)17,138 
Supplemental disclosures of non-cash flow information:
Trade revenue$22,154 $33,388 
Trade expense20,941 31,614 
Reconciliation of cash and cash equivalents and restricted cash to the unaudited Condensed Consolidated Balance Sheet:
Cash and cash equivalents$353,722 $7,751 
Restricted cash 1,392 
     Total cash and cash equivalents and restricted cash$353,722 $9,143 
Adoption of New Accounting Standards
ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). In August 2018, the FASB issued ASU 2018-13, which eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, and interim periods therein, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Company adopted ASU 2018-13 as of January 1, 2020 and there was no material impact to the unaudited Condensed Consolidated Financial Statements.
Recent Accounting Standards Updates
ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326) ("ASU 2016-13"). In June 2016, the FASB issued ASU 2016-13 which requires entities to estimate loss of financial assets measured at amortized cost, including trade receivables, debt securities and loans, using an expected credit loss model. The expected credit loss differs from the previous incurred losses model primarily in that the loss recognition threshold of "probable" has been eliminated and that expected loss should consider reasonable and supportable forecasts in addition to the previously considered past events and current conditions. Additionally, the guidance requires additional disclosures related to the further disaggregation of information related to the credit quality of financial assets by year of the asset's origination for as many as five years.
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Entities must apply the standard provision as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard was effective for public business entities, excluding Smaller Reporting Companies ("SRC"), for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The standard is effective for SRCs for fiscal years beginning after December 15, 2022. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2016-13 on its unaudited Condensed Consolidated Financial Statements.
2. Acquisitions and Dispositions
Tower Sale
On August 7, 2020, the Company entered into an agreement with Vertical Bridge REIT, LLC, for the sale of substantially all of the Company's broadcast communications tower sites and certain other related assets (the "Tower Sale"). On September 30, 2020, the Company completed the initial closing of the Tower Sale for $202.3 million in cash proceeds after transaction costs and closing adjustments. Pursuant to the Company's Term Loan Credit Facility due 2026 (as defined below), the Company was required to pay down at closing $49.0 million. As a result thereof, pursuant to the terms of the 6.75% Senior Secured First-Lien Notes due 2026 (as defined below), the Company made a tender offer (the "Tender Offer") with respect to the prorated portion of these proceeds of approximately $47 million of the 6.75% Notes. On November 3, 2020, the Company accepted and paid for $47.2 million in aggregate principal amount of the 6.75% Notes that were validly tendered and not withdrawn in the Tender Offer. As a result, $452.8 million aggregate principal amount of 6.75% Notes remain outstanding.
In connection with the Tower Sale, the Company will be entering into individual site leases for the continued use of substantially all of the tower sites that were included in the Tower Sale, the general terms and conditions of which are contained in a master lease agreement that provides a framework for the individual leases with respect to each tower site. The initial term of each lease is ten years, followed by five option periods of five years each. As the terms of the Tower Sale arrangement contains a repurchase option, the leaseback was not accounted for as a sale. Accordingly, the carrying amount of the leased back assets will remain on the Company's books and continue to be depreciated over their remaining useful lives. The proceeds received for the leased back assets have been recorded as a financing liability along with the remaining obligations for ground leases on these sites. Lease payments will be recorded as a reduction of the financing liability and as interest expense. The Company will record non-cash imputed rental income for tower sites where it continues to use a portion of the site along with other existing and future tenants. Transaction costs of $4.1 million have been capitalized in Financing liabilities, net and will be amortized over the term of the lease.
The Company anticipates that one or more subsequent closings will be held for the assets comprising the remainder of the previously announced $213 million purchase price, subject to adjustment based upon due diligence and the curing of outstanding site defects. The Company anticipates that substantially all, if not all, of the subsequent closings will occur by the end of the second quarter of 2021.
Future minimum payments, as defined under Accounting Standards Update 2016-02 - Leases (Topic 842), related to the Company's failed sale-leasebacks as of September 30, 2020 were as follows (dollars in thousands):
Tower SaleOtherTotal
2020$3,292 $389 $3,681 
202113,266 1,603 14,869 
202213,664 1,650 15,314 
202314,074 1,701 15,775 
202414,496 1,751 16,247 
Thereafter186,106 301 186,407 
$244,898 $7,395 $252,293 
DC Land Sale
On June 24, 2020, the Company completed its previously announced sale of its DC Land to Toll Brothers. The sale generated net proceeds of $71.3 million, $5.0 million of which was received in 2019. The Company recorded a loss on the DC Land sale of $3.7 million which is included in the Gain on sale or disposal of assets or stations financial statement line item of the Company's unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020.
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WABC Sale
On March 1, 2020, the Company completed its previously announced sale of WABC-AM in New York, NY to Red Apple Media, Inc. for $12.0 million in cash. The Company recorded a loss on the WABC Sale of $0.9 million which is included in the Gain on sale or disposal of assets or stations financial statement line item of the Company's unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020.
3. Revenues
Revenue Recognition
    Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
The following table presents revenues disaggregated by revenue source (dollars in thousands):
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
Advertising revenues$192,823 $276,230 
Non-advertising revenues3,562 4,578 
Total revenue$196,385 $280,808 
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
Advertising revenues$560,236 $813,066 
Non-advertising revenues10,085 14,911 
Total revenue$570,321 $827,977 
Advertising Revenues
Substantially all of the Company's revenues are from advertising, primarily generated through (i) the sale of broadcast radio advertising time and advertising and promotional opportunities across digital audio networks to local, regional, national and network advertisers and (ii) remote/event revenue. The Company considers each advertising element a separate contract, and thus a separate performance obligation, as a result of both the customer's and the Company's respective ability to stop transferring promised goods or services during the contract term without notice or penalty. Accordingly, revenue associated with these contracts is recognized at the time advertising or other services, for example hosting an event, are delivered.
The Company's payment terms vary by the type and location of customer and the products or services offered. The term between invoicing and when payment is due is generally not significant. There are no further obligations for returns, refunds or similar obligations related to the contracts. The Company records deferred revenues when cash payments including amounts which are refundable are received in advance of performance.
Non-Advertising Revenues
Non-advertising revenue does not constitute a material portion of the Company's revenue and primarily consists of licensing content, and to a lesser degree, tower rental agreements, satellite rental income and sublease income. Tower rental agreements typically range from one to five years with renewal clauses. Such agreements generally contain a stated recurring monthly amount due, which is recognized upon delivery of services or passage of time. These agreements generally contain a single performance obligation.
Trade and Barter Transactions                        
The Company provides commercial advertising inventory in exchange for goods and services used principally for promotional, sales, programming and other business activities. Programming barter revenue is derived from an exchange of programming content, to be broadcast on the Company's airwaves, for commercial advertising inventory, usually in the form of commercial placements inside the show exchanged. Trade and barter value is based upon management's estimate of the fair value of the products, supplies and services received. Trade and barter revenue is recorded when commercial spots are aired, in the same pattern as the Company's normal cash spot revenue is recognized.
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Trade and barter expense is recorded when goods or services are consumed. For the three months ended September 30, 2020 and September 30, 2019, amounts reflected under trade and barter transactions were: (1) trade and barter revenues of $7.2 million, and $9.4 million, respectively; and (2) trade and barter expenses of $6.8 million, and $9.6 million, respectively. For the nine months ended September 30, 2020 and September 30, 2019, amounts reflected under trade and barter transactions were: (1) trade and barter revenues of $22.2 million, and $33.4 million, respectively; and (2) trade and barter expenses of $20.9 million, and $31.6 million, respectively.
Capitalized Costs of Obtaining a Contract
The Company capitalizes certain incremental costs of obtaining contracts with customers which it expects to recover. For contracts with a customer life of one year or less, commissions are expensed as they are incurred. For new local direct contracts where the new and renewal commission rates are not commensurate, management capitalizes commissions and amortizes the capitalized commissions over the average customer life. These costs are recorded within selling, general and administrative expenses in our unaudited Condensed Consolidated Statements of Operations. As of September 30, 2020, and December 31, 2019, the Company recorded an asset of approximately $6.1 million and $7.9 million, respectively, related to the unamortized portion of commission expense on new local direct revenue.
4. Restricted Cash
As of September 30, 2020, the Company had no restricted cash. As of December 31, 2019, the Company had $1.9 million in restricted cash. Restricted cash was used primarily to collateralize standby letters of credit for certain leases and insurance policies.
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5. Intangible Assets
The gross carrying amount and accumulated amortization of the Company’s intangible assets as of September 30, 2020 and December 31, 2019 are as follows (dollars in thousands):
Indefinite-LivedDefinite-LivedTotal
Gross Carrying Amount
FCC licenses
TrademarksAffiliate and producer relationshipsBroadcast advertisingTower income contractsOther
Balance as of December 31, 2019$830,490 $19,921 $130,000 $32,000 $13,721 $11,191 $1,037,323 
Impairment charges(4,509)— — — — — (4,509)
Assets held for sale (see Note 1)(263)(16)— — (16)(11)(306)
Dispositions(52)(2)— — (1)(45)(100)
Balance as of September 30, 2020$825,666 $19,903 $130,000 $32,000 $13,704 $11,135 $1,032,408 
Accumulated Amortization
Balance as of December 31, 2019$— $— $(18,712)$(10,133)$(2,414)$(11,191)$(42,450)
Amortization Expense— — (8,864)(4,800)(1,142) (14,806)
Assets held for sale (see Note 1)— — — — 3 11 14 
Dispositions— — — — — 45 45 
Balance as of September 30, 2020$— $— $(27,576)$(14,933)$(3,553)$(11,135)$(57,197)
Net Book Value as of September 30, 2020$825,666 $19,903 $102,424 $17,067 $10,151 $ $975,211 
The Company performs impairment testing of its indefinite-lived intangible assets annually as of December 31 of each year and on an interim basis if management believes events or circumstances indicate that its indefinite-lived intangible assets may be impaired. The Company reviews the carrying amount of its definite-lived intangible assets, primarily broadcast advertising and affiliate relationships, for recoverability prior to its annual impairment test and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considered the current and expected future economic and market conditions surrounding COVID-19, and other potential indicators of impairment and determined a triggering event had not occurred which would necessitate any interim impairment tests during the three months ended September 30, 2020.
During the second quarter of 2020, management considered the current and expected future economic and market conditions surrounding COVID-19, the adverse impact on the trading value of the Company's publicly-traded equity and on the Company's second quarter 2020 results, the continuing uncertainty surrounding the duration and magnitude of the economic impact of the pandemic and other potential indicators of impairment and determined a triggering event occurred which necessitated an interim impairment test as of June 30, 2020.
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In estimating the fair value of the FCC licenses, we began with the market revenue projections based on third-party radio industry data, which considered the impact of COVID-19. Next, we estimated the percentage of the market's total revenue, or market share, that market participants could reasonably expect an average start-up station to attain, as well as the duration (in years) required to reach the average market share. The estimated average market share was computed based on market share data, by station type (i.e., AM and FM) and signal strength. Below are the key assumptions used in our interim impairment assessment:
Discount rate8.0 %
Long-term revenue growth rate(0.75)%
Mature operating profit margin for average stations in the markets where the Company operates20% – 30%
As a result of the impairment test as of June 30, 2020, the Company recorded a non-cash impairment charge of $4.5 million on its FCC licenses which is included in the Impairment of intangible assets financial statement line item of the Company's unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020.
We will continue to monitor changes in economic and market conditions related to COVID-19 and if any events or circumstances indicate an additional triggering event has occurred, we will perform an interim impairment test of our intangible assets at the appropriate time.
6. Long-Term Debt
    The Company’s long-term debt consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands):
September 30, 2020December 31, 2019
Term Loan due 2026$470,724 $523,688 
       Less: current portion of Term Loan due 2026(5,250)(5,250)
6.75% Senior Notes500,000 500,000