| QUARTERLY RESULTS OF OPERATIONS (Unaudited) |
– QUARTERLY RESULTS OF OPERATIONS (Unaudited) The following tables present the Consolidated Statements of Income (Loss) and net income (loss) per share for each quarter of 2023 and 2022, revised to report results of discontinued operations as a separate component of Consolidated net income (loss) for each period presented in accordance with GAAP. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Three Months Ended March 31, | | Three Months Ended June 30, | | Three Months Ended September 30, | | Three Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | Revenue | $ | 437,420 | | | $ | 436,138 | | | $ | 530,820 | | | $ | 512,299 | | | $ | 526,786 | | | $ | 503,344 | | | $ | 632,114 | | | $ | 562,247 | | | Operating expenses: | | | | | | | | | | | | | | | | Direct operating expenses(1) | 252,603 | | | 235,880 | | | 266,226 | | | 244,073 | | | 271,377 | | | 241,389 | | | 302,480 | | | 260,637 | | Selling, general and administrative expenses(1) | 89,895 | | | 83,126 | | | 89,314 | | | 90,182 | | | 87,083 | | | 90,381 | | | 105,351 | | | 93,900 | | Corporate expenses(1) | 36,180 | | | 45,099 | | | 58,316 | | | 39,925 | | | 34,931 | | | 38,299 | | | 42,897 | | | 38,529 | | Depreciation and amortization | 64,208 | | | 51,252 | | | 64,502 | | | 51,229 | | | 57,699 | | | 49,871 | | | 55,419 | | | 65,483 | | | Impairment charges | — | | | — | | | — | | | 21,805 | | | — | | | 871 | | | — | | | — | | Other operating expense (income), net | 3,920 | | | (4,928) | | | 23 | | | 3,741 | | | 6,179 | | | 1,863 | | | 1,647 | | | 1,457 | | | Operating income (loss) | (9,386) | | | 25,709 | | | 52,439 | | | 61,344 | | | 69,517 | | | 80,670 | | | 124,320 | | | 102,241 | | | Interest expense, net | (102,500) | | | (82,599) | | | (104,733) | | | (86,485) | | | (107,391) | | | (92,620) | | | (106,810) | | | (98,895) | | Gain on extinguishment of debt | — | | | — | | | — | | | — | | | 3,817 | | | — | | | — | | | — | | | Other income (expense), net | 8,780 | | | (5,894) | | | 12,211 | | | (26,401) | | | (17,269) | | | (27,968) | | | 2,681 | | | 23,203 | | Income (loss) from continuing operations before income taxes | (103,106) | | | (62,784) | | | (40,083) | | | (51,542) | | | (51,326) | | | (39,918) | | | 20,191 | | | 26,549 | | Income tax benefit (expense) attributable to continuing operations | 10,501 | | | 1,722 | | | 1,277 | | | (22,397) | | | 244 | | | 21,120 | | | 5,195 | | | 79,947 | | Income (loss) from continuing operations | (92,605) | | | (61,062) | | | (38,806) | | | (73,939) | | | (51,082) | | | (18,798) | | | 25,386 | | | 106,496 | | Income (loss) from discontinued operations | 57,183 | | | (28,667) | | | 2,227 | | | 8,622 | | | (211,736) | | | (19,982) | | | 617 | | | (7,058) | | Consolidated net income (loss) | (35,422) | | | (89,729) | | | (36,579) | | | (65,317) | | | (262,818) | | | (38,780) | | | 26,003 | | | 99,438 | | Less: Net income (loss) attributable to noncontrolling interests | (510) | | | 139 | | | 718 | | | 347 | | | 672 | | | 977 | | | 1,226 | | | 753 | | Net income (loss) attributable to the Company | $ | (34,912) | | | $ | (89,868) | | | $ | (37,297) | | | $ | (65,664) | | | $ | (263,490) | | | $ | (39,757) | | | $ | 24,777 | | | $ | 98,685 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Excludes depreciation and amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands, except per share data) | Three Months Ended March 31, | | Three Months Ended June 30, | | Three Months Ended September 30, | | Three Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | Weighted average common shares outstanding - Basic and Diluted: | | | | | | | | | | | | | | | | | Weighted average common shares outstanding – basic | 478,501 | | | 470,568 | | | 482,373 | | | 475,125 | | | 482,945 | | | 475,612 | | | 483,027 | | | 476,069 | | | Weighted average common shares outstanding – diluted | 478,501 | | | 470,568 | | | 482,373 | | | 475,125 | | | 482,945 | | | 475,612 | | | 489,132 | | | 481,664 | | | | | | | | | | | | | | | | | | Net income (loss) attributable to the Company per share of common stock - Basic: | | | | | | | | | | | | | | | | Net income (loss) from continuing operations attributable to the Company per share of common stock | $ | (0.19) | | | $ | (0.13) | | | $ | (0.08) | | | $ | (0.16) | | | $ | (0.11) | | | $ | (0.04) | | | $ | 0.05 | | | $ | 0.22 | | Net income (loss) from discontinued operations attributable to the Company per share of common stock | 0.12 | | | (0.06) | | | — | | | 0.02 | | | (0.44) | | | (0.04) | | | — | | | (0.01) | | Net income (loss) attributable to the Company per share of common stock - Basic(1) | $ | (0.07) | | | $ | (0.19) | | | $ | (0.08) | | | $ | (0.14) | | | $ | (0.55) | | | $ | (0.08) | | | $ | 0.05 | | | $ | 0.21 | | | | | | | | | | | | | | | | | | Net income (loss) attributable to the Company per share of common stock - Diluted: | | | | | | | | | | | | | | | | Net income (loss) from continuing operations attributable to the Company per share of common stock | $ | (0.19) | | | $ | (0.13) | | | $ | (0.08) | | | $ | (0.16) | | | $ | (0.11) | | | $ | (0.04) | | | $ | 0.05 | | | $ | 0.22 | | Net income (loss) from discontinued operations attributable to the Company per share of common stock | 0.12 | | | (0.06) | | | — | | | 0.02 | | | (0.44) | | | (0.04) | | | — | | | (0.01) | | Net income (loss) attributable to the Company per share of common stock - Diluted(1) | $ | (0.07) | | | $ | (0.19) | | | $ | (0.08) | | | $ | (0.14) | | | $ | (0.55) | | | $ | (0.08) | | | $ | 0.05 | | | $ | 0.20 | |
(1)Due to rounding, the total may not equal the sum of the line items in the table above.
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