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
“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.”
➤In February, the Company announced an agreement to sell Boston station WAAF 107.3 FM to Educational Media Foundation 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.