Adjusted EBITDA Increases 2% and Adjusted Net Income Per Share Increases 14%

Full Year Net Revenues Increase 2%, Adjusted EBITDA Increases 10% and Adjusted Net Income Per Share Increases 19%

Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended December 31, 2019.

Fourth Quarter Highlights

  • Net revenues for the quarter were $414.1 million, up 1% compared to $411.4 million in the fourth quarter of 2018
  • Operating loss for the quarter was $455.5 million, which included a non-cash impairment charge of $545 million ($520 million net of taxes), compared to an operating loss of $377.6 million in the fourth quarter of 2018
  • Adjusted EBITDA for the quarter was $113.0 million, up 2% compared to $111.1 million in the fourth quarter of 2018
  • Net loss per diluted share for the quarter was $3.64 compared to a net loss of $2.80 per diluted share in the fourth quarter of 2018
  • Adjusted net income per diluted share for the quarter was $0.40 compared to $0.35 per diluted share in the fourth quarter of 2018

“I am pleased to report that Entercom achieved its fifth consecutive quarter of growth, completing a year in which the Company delivered strong financial performance as Net Revenue, Adjusted EBITDA, and Adjusted Net Income Per Share grew 2% (3% ex-political), 10%, and 19%, respectively”, stated David J. Field, Entercom’s Chairman, President and Chief Executive Officer. “Our significant investments in podcasting, digital, and data and analytics, along with the expansion of our sports, networks and events businesses, are beginning to reshape our Company and position us for sustained growth as we enhance our integrated, multi-platform offerings to advertisers increasingly interested in the undervalued and emerging audio space.”

Additional Information

In February, the Company announced an agreement to sell Boston station WAAF-FM to Educational Media Foundation (“EMF”) for $10.8 million in cash. EMF began programming the station on February 22 under a network affiliation agreement. The transaction is expected to close in the second quarter of 2020.

In December, the Company executed a debt transaction in which it extended the maturity of most of its revolving credit facility from November 2022 to August 2024, lowered the margin on its Term Loan B by 25 basis points and issued an additional $100 million of its senior secured second-lien notes. The Company used the proceeds of the additional notes to repay $97 million of its Term Loan B and pay fees, expenses and accrued interest.

As of December 31, 2019, the Company had outstanding $887 million of senior debt under its credit facilities, $425 million in second-lien notes and $400 million in senior notes (the amounts of senior debt and senior notes both exclude unamortized premium). In addition, the Company had $20 million in cash on hand.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Tuesday, February 25, 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). 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 (800) 873-2012. 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, other expenses related to the refinancing; non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; 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, preferred stock dividends; non-recurring expense recognized for restructuring charges or similar costs, including transition and integration costs, 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; other income and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; 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, capital expenditures and amortizable intangibles.

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, and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; (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 American media and entertainment company reaching and engaging 170 million people each month through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.entercom.com, Facebook and Twitter (@Entercom).

ENTERCOM COMMUNICATIONS CORP.

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

(amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

 

 

2019

 

2018

 

2019

 

2018

STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenues

 

$

414,118

 

$

411,375

 

$

1,489,929

 

$

1,462,567

 

 

 

 

 

 

 

 

 

 

 

 

 

Station Expenses

 

 

284,458

 

 

286,503

 

 

1,081,960

 

 

1,092,422

Station Expense - Non-Cash Compensation

 

 

892

 

 

1,561

 

 

4,657

 

 

6,856

Corporate Expenses

 

 

21,636

 

 

13,725

 

 

72,777

 

 

61,197

Corporate Expenses - Non-Cash Compensation

 

 

5,006

 

 

2,169

 

 

11,527

 

 

8,295

Depreciation And Amortization

 

 

12,079

 

 

14,543

 

 

45,331

 

 

44,288

Time Brokerage Agreement Expense (Income)

 

 

-

 

 

324

 

 

106

 

 

(918)

Merger And Acquisition Costs

 

 

465

 

 

253

 

 

941

 

 

3,014

Impairment Loss

 

 

545,457

 

 

465,000

 

 

545,457

 

 

493,988

Restructuring Charges

 

 

1,023

 

 

2,811

 

 

6,976

 

 

5,830

Integration Costs

 

 

1,017

 

 

3,388

 

 

4,297

 

 

25,372

Other Expenses Related To Refinancing

 

 

2,533

 

 

-

 

 

4,397

 

 

-

Net (Gain) Loss On Sale Or Disposition of Assets

 

 

(4,957)

 

 

(1,302)

 

 

(7,640)

 

 

(12,158)

Total Operating Expenses

 

 

869,609

 

 

788,975

 

 

1,770,786

 

 

1,728,186

Operating Income (Loss)

 

 

(455,491)

 

 

(377,600)

 

 

(280,857)

 

 

(265,619)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Expense

 

 

24,683

 

 

26,088

 

 

100,103

 

 

101,121

Loss On Early Extinguishment Of Debt

 

 

265

 

 

-

 

 

2,046

 

 

-

Income (Loss) Before Income Taxes

 

 

(480,439)

 

 

(403,688)

 

 

(383,006)

 

 

(366,740)

Income Taxes (Benefit)

 

 

7,096

 

 

(17,113)

 

 

37,206

 

 

(4,153)

Net Income (Loss) Available To The Company - Continuing Operations

 

 

(487,535)

 

 

(386,575)

 

 

(420,212)

 

 

(362,587)

Income From Discontinued Operations, Net Of Income Taxes

 

 

-

 

 

(378)

 

 

-

 

 

1,152

Net Income (Loss) Available To Common Shareholders

 

$

(487,535)

 

$

(386,953)

 

$

(420,212)

 

$

(361,435)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) From Continuing Operations Available To Common Shareholders - Basic

 

$

(3.64)

 

$

(2.80)

 

$

(3.07)

 

$

(2.63)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) From Continuing Operations Available To Common Shareholders - Diluted

 

$

(3.64)

 

$

(2.80)

 

$

(3.07)

 

$

(2.63)

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared And Paid Per Common Share

 

$

0.02

 

$

0.09

 

$

0.22

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Common Shares Outstanding - Basic

 

 

133,985

 

 

138,033

 

 

136,967

 

 

138,070

Weighted Common Shares Outstanding - Diluted

 

 

133,985

 

 

138,033

 

 

136,967

 

 

138,070

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

Net Capital Expenditures

 

$

10,245

 

$

15,533

 

$

68,312

 

$

39,154

Adjusted Income Taxes Paid

 

$

18,757

 

$

-

 

$

27,218

 

$

18,172

Cash Dividends On Common Stock Declared And Paid

 

$

2,679

 

$

12,367

 

$

30,273

 

$

49,770

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED BALANCE SHEET DATA

 

December 31,

 

December 31,

 

 

 

 

 

 

 

 

2019

 

2018

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

20,393

 

$

122,893

 

 

 

 

 

 

Restricted Cash

 

$

-

 

$

69,365

 

 

 

 

 

 

Senior Debt - Term B Loan (Includes Current Portion)

 

$

770,000

 

$

1,291,700

 

 

 

 

 

 

Senior Debt - Revolver (Includes Current Portion)

 

$

117,000

 

$

180,000

 

 

 

 

 

 

Senior Secured Notes

 

$

425,000

 

$

-

 

 

 

 

 

 

Senior Notes

 

$

400,000

 

$

400,000

 

 

 

 

 

 

Total Shareholders' Equity

 

$

881,443

 

$

1,334,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER FINANCIAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation Of GAAP Operating Income To Station Operating Income

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

(455,491)

 

$

(377,600)

 

$

(280,857)

 

$

(265,619)

Corporate Expenses

 

 

21,636

 

 

13,725

 

 

72,777

 

 

61,197

Corporate Expenses - Non-Cash Compensation

 

 

5,006

 

 

2,169

 

 

11,527

 

 

8,295

Station Expenses - Non-Cash Compensation

 

 

892

 

 

1,561

 

 

4,657

 

 

6,856

Depreciation And Amortization

 

 

12,079

 

 

14,543

 

 

45,331

 

 

44,288

Merger And Acquisition Costs

 

 

465

 

 

253

 

 

941

 

 

3,014

Restructuring Charges

 

 

1,023

 

 

2,811

 

 

6,976

 

 

5,830

Impairment Loss

 

 

545,457

 

 

465,000

 

 

545,457

 

 

493,988

Other Expenses Related To Refinancing

 

 

2,533

 

 

-

 

 

4,397

 

 

-

Integration Costs

 

 

1,017

 

 

3,388

 

 

4,297

 

 

25,372

Net Time Brokerage Agreement Expense (Income)

 

 

-

 

 

324

 

 

106

 

 

(918)

Net Gain (Loss) On Sale Or Disposition of Assets

 

 

(4,957)

 

 

(1,302)

 

 

(7,640)

 

 

(12,158)

Station Operating Income

 

$

129,660

 

$

124,872

 

$

407,969

 

$

370,145

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Net (Income) Loss Available To Common Shareholders

 

$

(487,535)

 

$

(386,953)

 

$

(420,212)

 

$

(361,435)

Income Taxes (Benefit)

 

 

7,096

 

 

(17,113)

 

 

37,206

 

 

(4,153)

Income From Discontinued Operations, Net Of Income Taxes

 

 

-

 

 

378

 

 

-

 

 

(1,152)

Net Interest Expense

 

 

24,683

 

 

26,088

 

 

100,103

 

 

101,121

Corporate Expenses - Non-Cash Compensation

 

 

5,006

 

 

2,169

 

 

11,527

 

 

8,295

Station Expenses - Non-Cash Compensation

 

 

892

 

 

1,561

 

 

4,657

 

 

6,856

Depreciation And Amortization

 

 

12,079

 

 

14,543

 

 

45,331

 

 

44,288

Time Brokerage Agreement Expense (Income)

 

 

-

 

 

324

 

 

106

 

 

(918)

Merger And Acquisition Costs

 

 

465

 

 

253

 

 

941

 

 

3,014

Restructuring Charges

 

 

1,023

 

 

2,811

 

 

6,976

 

 

5,830

Integration Costs

 

 

1,017

 

 

3,388

 

 

4,297

 

 

25,372

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

 

5,000

 

-

 

 

6,000

 

 

1,100

Impairment Loss

 

 

545,457

 

 

465,000

 

 

545,457

 

 

493,988

Other Expenses Related To Refinancing

 

 

2,533

 

 

-

 

 

4,397

 

 

-

Loss On Early Extinguishment Of Debt

 

 

265

 

 

-

 

 

2,046

 

 

-

Net Gain (Loss) On Sale Or Disposition of Assets

 

 

(4,957)

 

 

(1,302)

 

 

(7,640)

 

 

(12,158)

Adjusted EBITDA

 

$

113,024

 

$

111,147

 

$

341,192

 

$

310,048

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Free Cash Flow

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Available To Common Shareholders

 

$

(487,535)

 

$

(386,953)

 

$

(420,212)

 

$

(361,435)

Depreciation And Amortization

 

 

12,079

 

 

14,543

 

 

45,331

 

 

44,288

Deferred Financing Costs Included In Interest Expense

 

 

856

 

 

800

 

 

3,083

 

 

3,189

Amortization Debt Premium Included In Interest Expense

 

 

(679)

 

 

(715)

 

 

(2,927)

 

 

(2,862)

Non-Cash Compensation Expense

 

 

5,898

 

 

3,730

 

 

16,184

 

 

15,151

Merger And Acquisition Costs

 

 

465

 

 

253

 

 

941

 

 

3,014

Integration Costs

 

 

1,017

 

 

3,388

 

 

4,297

 

 

25,372

Restructuring Charges

 

 

1,023

 

 

2,811

 

 

6,976

 

 

5,830

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

 

5,000

 

-

 

 

6,000

 

 

1,100

Impairment Loss

 

 

545,457

 

 

465,000

 

 

545,457

 

 

493,988

Net (Gain) Loss On Sale Or Disposition of Assets

 

 

(4,957)

 

 

(1,302)

 

 

(7,640)

 

 

(12,158)

Other Expenses Related To Refinancing

 

 

2,533

 

 

-

 

 

4,397

 

 

-

Loss On Early Extinguishment Of Debt

 

 

265

 

 

-

 

 

2,046

 

 

-

Income Taxes (Benefit)

 

 

7,096

 

 

(17,113)

 

 

37,206

 

 

(4,153)

Income Taxes Otherwise Included In Income From Discontinued Operations

 

 

-

 

 

(96)

 

 

-

 

 

613

Net Capital Expenditures, Including Amortizable Intangibles

 

 

(10,245)

 

 

(15,533)

 

 

(68,312)

 

 

(39,154)

Adjusted Income Taxes Paid

 

 

(18,757)

 

 

-

 

 

(27,218)

 

 

(18,172)

Adjusted Free Cash Flow

 

$

59,516

 

$

68,813

 

$

145,609

 

$

154,611

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Capital Expenditures, Including Amortizable Intangibles

 

$

(14,326)

 

$

(15,831)

 

$

(77,901)

 

$

(41,786)

Reimbursed Tenant Improvement Allowance

 

 

4,081

 

 

298

 

 

9,589

 

 

2,632

Net Capital Expenditures

 

$

(10,245)

 

$

(15,533)

 

$

(68,312)

 

$

(39,154)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation Of Income Taxes Paid To Adjusted Income Taxes Paid

 

 

 

 

 

 

 

 

 

 

Income Taxes Paid

 

$

(20,619)

 

$

(35,396)

 

$

(39,100)

 

$

(54,217)

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

 

-

 

28,949

 

 

894

 

 

29,598

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

 

 

1,862

 

 

6,447

 

 

10,988

 

 

6,447

Adjusted Income Taxes Paid

 

$

(18,757)

 

$

-

 

$

(27,218)

 

$

(18,172)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Net Income

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Available To Common Shareholders

 

$

(487,535)

 

$

(386,953)

 

$

(420,212)

 

$

(361,435)

Income Taxes (Benefit)

 

 

7,096

 

 

(17,113)

 

 

37,206

 

 

(4,153)

Income Taxes Otherwise Included In Income From Discontinued Operations

 

 

-

 

 

(96)

 

 

-

 

 

613

Merger And Acquisition Costs

 

 

465

 

 

253

 

 

941

 

 

3,014

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

 

5,000

 

-

 

 

6,000

 

 

1,100

Other Expenses Related To Refinancing

 

 

2,533

 

 

-

 

 

4,397

 

 

-

Impairment Loss

 

 

545,457

 

 

465,000

 

 

545,457

 

 

493,988

Integration Costs

 

 

1,017

 

 

3,388

 

 

4,297

 

 

25,372

Restructuring Charges

 

 

1,023

 

 

2,811

 

 

6,976

 

 

5,830

Loss On Early Extinguishment Of Debt

 

 

265

 

 

-

 

 

2,046

 

 

-

Net (Gain) Loss On Sale Or Disposition of Assets

 

 

(4,957)

 

 

(1,302)

 

 

(7,640)

 

 

(12,158)

Non-Cash Compensation Expense

 

 

5,898

 

 

3,730

 

 

16,184

 

 

15,151

Adjusted Income Before Income Taxes

 

 

76,262

 

 

69,718

 

 

195,652

 

 

167,322

Income Taxes

 

 

22,879

 

 

20,915

 

 

58,696

 

 

50,197

Adjusted Net Income

 

$

53,383

 

$

48,803

 

$

136,956

 

$

117,125

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Weighted Common Shares Outstanding - Diluted As Reported

 

 

133,985

 

 

138,033

 

 

136,967

 

 

138,070

Diluted Shares Excluded When Reporting A Net Loss

 

 

130

 

 

384

 

 

331

 

 

775

 

 

 

134,115

 

 

138,417

 

 

137,298

 

 

138,845

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss) Per Share - Diluted

 

$

0.40

 

$

0.35

 

$

1.00

 

$

0.84

   

 

Joseph Jaffoni, Jennifer Neuman, Norberto Aja JCIR (212) 835-8500 etm@jcir.com

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