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1067837_14_item7_p36_s2
1067837_13_item7_p42_s2
Under the amended Term B Loan and depending on the Consolidated Leverage Ratio, we may elect an interest rate per annum equal to: (1) the Eurodollar London Interbank Offered Rate ( LIBOR ) plus fees that can range from 3.5% to 3.75% (prior to the amendment, the fees ranged from 4.75% to 5.0%); and (2) the Base Rate plu...
Under the amended Term B Loan and depending on the Consolidated Leverage Ratio, we may elect an interest rate per annum equal to: (1) LIBOR plus fees of 3.00% (prior to the December 2, 2013 amendment, the interest rate ranged from LIBOR plus fees from 3.5% to 5.0%); and (2) the Base Rate plus fees of 2.00% (prior to th...
2
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1067837_14_item7_p38_s1
1067837_13_item7_p49_s5
The Former Facility was secured by a pledge of 100% of the capital stock and other equity interest in all of our wholly owned subsidiaries.
The Credit Facility is secured by a pledge of 100% of the capital stock and other equity interest in all of our wholly owned subsidiaries.
2
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1067837_14_item7_p43_s6
1067837_13_item7_p50_s0
Depending on the Consolidated Leverage Ratio, we could elect an interest rate equal to: (1) the LIBOR Rate plus fees that ranged from 0.5% to 2.5%; or (2) the Base Rate plus fees that ranged from 0% to 1.5%, where the Base Rate was the highest of: (a) the Federal Funds Rate plus 0.5%; (b) the LIBOR Rate plus 1.0%; and ...
We could elect an interest rate equal to: (1) the LIBOR Rate plus fees that ranged from 0.50% to 2.50%; or (2) the Base Rate plus fees that ranged from 0% to 1.5%, where the Base Rate was the highest of: (a) the Federal Funds Rate plus 0.5%; (b) the LIBOR Rate plus 1.0%; and (c) the Prime Rate.
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1067837_14_item7_p52_s0
1067837_13_item7_p57_s0
(a) Our Credit Facility had outstanding debt in the amount of $352.5 million as of December 31, 2012.
(a) Our Credit Facility had outstanding debt in the amount of $299.5 million as of December 31, 2013.
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1067837_14_item7_p56_s0
1067837_13_item7_p58_s1
The above table includes projected interest expense under the remaining term of our Credit Facility.
The above table includes projected interest expense under the remaining term of the agreement.
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1067837_14_item7_p54_s0
1067837_13_item7_p60_s0
The above table includes projected interest expense under the remaining term of the agreement.
The above table includes projected interest expense under the remaining term of our Credit Facility.
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1067837_14_item7_p80_s1
1067837_13_item7_p87_s0
We completed our annual impairment test for broadcasting licenses during the second quarter of 2012 and determined that the fair value of the broadcasting licenses was less than the carrying value in our Boston market and, as a result, we recorded an impairment loss of $22.3 million.
We completed our annual impairment test for broadcasting licenses during the second quarter of 2013 and determined that the fair value of the broadcasting licenses was more than the carrying value in each of our markets and, as a result, we did not record an impairment loss.
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1067837_14_item7_p90_s1
1067837_13_item7_p88_s1
If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the amount reflected on the balance sheet, we may be required to recognize impairment charges, which could be mater...
If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges,...
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1067837_14_item7_p91_s1
1067837_13_item7_p89_s1
Rather than presenting the percentage separately for each unit of accounting, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses.
Rather than presenting the percentage separately for each reporting unit, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill.
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1067837_14_item7_p91_s2
1067837_13_item7_p89_s2
In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
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1067837_15_item7_p16_s1
1067837_14_item7_p10_s0
Results Of Operations Year ended December 31, 2013 compared to the year ended December 31, 2012 The following significant factors affected our results of operations for the year ended December 31, 2013 as compared to the prior year:
Results Of Operations The year 2013 as compared to the year 2012 The following significant factors affected our results of operations for 2013 as compared to the prior year:
2
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1067837_15_item7_p9_s0
1067837_14_item7_p10_s0
Results Of Operations Year ended December 31, 2013 compared to the year ended December 31, 2012 The following significant factors affected our results of operations for the year ended December 31, 2013 as compared to the prior year:
The following significant factors affected our results of operations for 2014 as compared to the prior year:
2
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1067837_15_item7_p14_s9
1067837_14_item7_p15_s10
We estimate that our 2014 annual tax rate before discrete items, which may fluctuate from quarter to quarter, will be in the low 40% range.
Estimated Income Tax Rate For 2015 We estimate that our 2015 annual tax rate before discrete items, which may fluctuate from quarter to quarter, will be in the low 40% range.
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1067837_15_item7_p14_s2
1067837_14_item7_p15_s3
The decrease in interest expense was primarily due to: (1) lower interest rates as a result of the November 2012 modification to our Term B Loan; and (2) lower outstanding debt upon which interest is computed.
The decrease in interest expense was primarily due to: (1) lower outstanding debt upon which interest is computed; and (2) lower interest rates as a result of the December 2013 modification to the Credit Facility.
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1067837_15_item7_p14_s8
1067837_14_item7_p15_s7
The income tax rate was 46.3%, which includes an adjustment for expenses that are not deductible for tax purposes, an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill and tax benefit shortfalls associated with share-based awards.
The effective income tax rate was 46.3% for 2013 which was higher than expected due to an adjustment for expenses that are not deductible for tax purposes, an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill and discrete items arising during the ...
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1067837_15_item7_p16_s1
1067837_14_item7_p18_s0
The following significant factors affected our results of operations for the year ended December 31, 2012 as compared to the prior year:
Results Of Operations The year 2013 as compared to the year 2012 The following significant factors affected our results of operations for 2013 as compared to the prior year:
2
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1067837_15_item7_p9_s0
1067837_14_item7_p18_s0
The following significant factors affected our results of operations for the year ended December 31, 2012 as compared to the prior year:
The following significant factors affected our results of operations for 2014 as compared to the prior year:
2
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1067837_15_item7_p20_s8
1067837_14_item7_p26_s0
Income Taxes (Benefit) Income Tax Rate For The Year Ended December 31, 2012 The income tax rate was 52.5%, which includes adjustments for expenses that are not deductible for tax purposes, and the recognition of tax benefits related to discrete items arising during the period.
The income tax rate was 52.5% for 2012, which includes adjustments for expenses that are not deductible for tax purposes, and the recognition of tax benefits related to discrete items arising during the period.
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1067837_15_item7_p24_s8
1067837_14_item7_p34_s8
The Refinancing The Credit Facility On November 23, 2011, we entered into a credit agreement with a syndicate of lenders for a $425 million Credit Facility that was comprised of: (a) a $50 million Revolver that matures on November 23, 2016; and (b) a $375 million Term B Loan that matures on November 23, 2018.
The Credit Facility On November 23, 2011, we entered into a credit agreement with a syndicate of lenders for a $425 million Credit Facility that was comprised of: (a) a $50 million Revolver that matures on November 23, 2016; and (b) a $375 million Term B Loan that matures on November 23, 2018.
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1067837_15_item7_p51_s0
1067837_14_item7_p52_s0
(a) Our Credit Facility had outstanding debt in the amount of $299.5 million as of December 31, 2013.
(a) Our Credit Facility had outstanding debt in the amount of $262.0 million as of December 31, 2014.
2
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1067837_15_item7_p55_s0
1067837_14_item7_p54_s0
The above table includes projected interest expense under the remaining term of our Credit Facility.
The above table includes projected interest expense under the remaining term of the agreement.
2
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1067837_15_item7_p53_s0
1067837_14_item7_p56_s0
The above table includes projected interest expense under the remaining term of the agreement.
The above table includes projected interest expense under the remaining term of our Credit Facility.
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1067837_15_item7_p6_s5
1067837_14_item7_p6_s5
The following results of operations include a discussion of the year ended December 31, 2013 as compared to the prior year and a discussion of the year ended December 31, 2012 as compared to the prior year.
The following results of operations include a discussion of 2014 as compared to the prior year and a discussion of 2013 as compared to the prior year.
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1067837_15_item7_p90_s1
1067837_14_item7_p82_s3
If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the amount reflected on the balance sheet, we may be required to recognize impairment charges, which could be mater...
If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges,...
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1067837_15_item7_p91_s1
1067837_14_item7_p83_s1
Rather than presenting the percentage separately for each unit of accounting, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses.
Rather than presenting the percentage separately for each reporting unit, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill.
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1067837_15_item7_p91_s2
1067837_14_item7_p83_s2
In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
2
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1067837_15_item7_p85_s1
1067837_14_item7_p85_s3
The income approach uses the subject property s income generated over a specified time and capitalized at an appropriate market rate to arrive at an indication of the most probable selling price.
The income approach utilizes a discounted cash flow method by projecting the subject property s income over a specified time and capitalizing at an appropriate market rate to arrive at an indication of the most probable selling price.
2
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1067837_15_item7_p88_s0
1067837_14_item7_p88_s1
The following table reflects certain key estimates and assumptions applied to each of our markets that were used in the second quarter of 2013 and in the second quarter of 2012, the date of the most recent prior impairment test:
The following table reflects certain key estimates and assumptions applied to each of our markets that were used in the second quarter of 2014 and in the second quarter of 2013, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair va...
2
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1067837_15_item7_p8_s0
1067837_14_item7_p8_s0
On May 1, 2012, we commenced operations under a time brokerage agreement ( TBA ) for KBLX-FM, a station in the San Francisco, California market.
On May 1, 2012, we commenced operations under a TBA for KBLX-FM, a station in the San Francisco, California, market.
2
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1067837_15_item7_p80_s3
1067837_14_item7_p90_s1
If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges,...
If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the amount reflected on the balance sheet, we may be required to recognize impairment charges, which could be mater...
2
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1067837_15_item7_p81_s1
1067837_14_item7_p91_s1
Rather than presenting the percentage separately for each reporting unit, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill.
Rather than presenting the percentage separately for each unit of accounting, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses.
2
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[]
[ "accounting", "broadcasting", "licenses" ]
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1067837_15_item7_p81_s2
1067837_14_item7_p91_s2
In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
2
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[]
[ "accounting" ]
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1067837_16_item7_p0_s0
1067837_15_item7_p0_s0
We are the fourth-largest radio broadcasting company in the United States with a portfolio that, including the pending acquisition of Lincoln, boasts over 125 radio stations in 26 top markets across the country.
We are the fourth-largest radio broadcasting company in the United States with a portfolio of 125 radio stations in 27 top markets across the country.
2
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[]
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1067837_16_item7_p12_s2
1067837_15_item7_p11_s2
The current year benefited from the influx of advertising from political candidates and groups primarily due to certain state and federal elections during that period.
In 2014, net revenues benefited from the influx of advertising from political candidates and groups primarily due to certain state and federal elections during that period.
2
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[]
[ "2014", "net", "revenues" ]
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1067837_16_item7_p8_s7
1067837_15_item7_p14_s6
This rate was impacted by expenses that are not deductible for tax purposes and net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
The effective income tax rate was 38.7%, which was impacted by an adjustment for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
2
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1067837_16_item7_p9_s0
1067837_15_item7_p14_s6
This rate was impacted by expenses that are not deductible for tax purposes and net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
The effective income tax rate was 42.6% for 2014, which was higher than expected due to an adjustment for expenses that are not deductible for tax purposes and net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
2
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1067837_16_item7_p9_s2
1067837_15_item7_p14_s9
Estimated Income Tax Rate For 2015 We estimate that our 2015 annual tax rate before discrete items, which may fluctuate from quarter to quarter, will be in the low 40% range.
We estimate that our 2016 annual tax rate before discrete items, which may fluctuate from quarter to quarter, will be about 40%.
2
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1067837_16_item7_p15_s10
1067837_15_item7_p16_s0
The increase in net income was primarily due to a decrease in the effective income tax rate.
The increase was primarily due to a decrease in the effective income tax rate.
2
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1067837_16_item7_p12_s2
1067837_15_item7_p19_s1
In addition, the prior year benefited from the influx of advertising from political candidates and groups primarily due to the high number of state and federal elections during that period.
In 2014, net revenues benefited from the influx of advertising from political candidates and groups primarily due to certain state and federal elections during that period.
2
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[]
[ "net", "revenues", "certain" ]
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1067837_16_item7_p15_s11
1067837_15_item7_p20_s11
Future Impairments We may determine that it will be necessary to take impairment charges in future periods if we determine the carrying value of our intangible assets is more than the fair value.
Future Impairments We may determine that it will be necessary to take impairment charges in future periods if we determine the carrying value of our intangible assets is more than the fair value .Our annual impairment test of our broadcasting licenses and goodwill was performed in the second quarter of 2015.
2
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1067837_16_item7_p15_s3
1067837_15_item7_p20_s3
The decrease in interest expense was primarily due to: (1) lower interest rates as a result of the November 2012 modification to our Term B Loan; and (2) lower outstanding debt upon which interest is computed.
The decrease in interest expense was primarily due to: (1) lower outstanding debt upon which interest is computed; and (2) lower interest rates as a result of the December 2013 modification to the Credit Facility.
2
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[ "December", "2013", "Credit", "Facility" ]
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1067837_16_item7_p8_s7
1067837_15_item7_p20_s7
The income tax rate was 46.3% for 2013, which includes an adjustment for expenses that are not deductible for tax purposes, an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill and tax benefit shortfalls associated with share-based awards.
The effective income tax rate was 38.7%, which was impacted by an adjustment for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
2
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1067837_16_item7_p20_s10
1067837_15_item7_p24_s23
We believe that cash on hand and cash from operating activities, together with available borrowings under the Revolver, will be sufficient to permit us to meet our liquidity requirements over the next 12 months, including our debt repayments.
We believe that cash on hand and cash from operating activities will be sufficient to permit us to meet our liquidity requirements over the next 12 months, including our debt repayments.
2
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1067837_16_item7_p16_s1
1067837_15_item7_p24_s3
Generally, our cash requirements are funded from one or a combination of internally generated cash flow and borrowings under our credit agreements.
Generally, our cash requirements are funded from one or a combination of internally generated cash flow, cash on hand and borrowings under our Revolver.
2
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[]
[ "hand", "Revolver" ]
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1067837_16_item7_p23_s0
1067837_15_item7_p27_s1
Under the amended Term B Loan and depending on the Consolidated Leverage Ratio, we may elect an interest rate per annum equal to: (1) LIBOR plus fees of 3.0% (prior to the December 2, 2013 amendment, the interest rate ranged from LIBOR plus fees from 3.5% to 5.0%); and (2) the Base Rate plus fees of 2.0% (prior to the ...
Under the Term Loan and depending on the Consolidated Leverage Ratio, we may elect an interest rate per annum equal to: (1) LIBOR plus fees of 3.0%; and (2) the Base Rate plus fees of 2.0%.
2
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1067837_16_item7_p49_s4
1067837_15_item7_p32_s1
Merger and acquisition related costs of $1.0 million were expensed as a separate line item in the statement of operations for 2014.
Merger and acquisition related costs of $4.0 million and restructuring charges of $2.8 million were expensed together as a separate line item in the statement of operations for 2015.
2
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[ "4.0", "restructuring", "charges", "2.8", "together" ]
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1067837_16_item7_p28_s1
1067837_15_item7_p45_s1
At certain times (including the first three years after issuance), we can redeem the preferred shares in cash.
At certain times (including the first three years after issuance), we could redeem the Preferred in cash.
2
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[]
[ "could", "Preferred" ]
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1067837_16_item7_p31_s4
1067837_15_item7_p45_s4
The cash flows from operating activities increased primarily due to: (1) a $5.4 million decrease in interest expense as a result of a decline in the outstanding debt upon which interest is computed and a decline in the average interest rate used to compute interest on outstanding debt; and (2) a decrease in working cap...
The cash flows increased primarily due to: (1) a $5.4 million decrease in interest expense as a result of a decline in the outstanding debt upon which interest is computed and a decline in the average interest rate used to compute interest on outstanding debt; and (2) a decrease in working capital requirements of $3.6 ...
2
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1067837_16_item7_p31_s15
1067837_15_item7_p47_s1
We anticipate that it will not be necessary to make any additional quarterly estimated federal, and most state, income tax payments for 2015, based upon projected quarterly taxable income and our ability to utilize federal and state net operating loss carryforwards.
We anticipate that it will not be necessary to make any additional quarterly estimated federal, and most state, income tax payments for 2016, based upon projected quarterly taxable income and our ability to utilize federal NOLs of $293 million and significant state NOLs.
2
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[ "NOLs", "293", "million", "significant", "NOLs" ]
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1067837_16_item7_p40_s0
1067837_15_item7_p53_s0
The above table includes projected interest expense under the remaining term of our Credit Facility.
The above table includes projected interest expense under the remaining term of the agreement.
2
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[]
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1067837_16_item7_p38_s0
1067837_15_item7_p55_s0
The above table includes projected interest expense under the remaining term of the agreement.
The above table includes projected interest expense under the remaining term of our Credit Facility.
2
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1067837_16_item7_p74_s0
1067837_15_item7_p80_s2
The following table reflects the estimates and assumptions used in the second quarter of 2014 as compared to the second quarter of 2013, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair value of our broadcasting licenses, these e...
The following table reflects certain key estimates and assumptions applied to each of our markets that were used in the second quarter of 2015 and in the second quarter of 2014, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair va...
2
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1067837_16_item7_p76_s1
1067837_15_item7_p80_s3
If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the amount reflected on the balance sheet, we may be required to recognize impairment charges, which could be mater...
If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges,...
2
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1067837_16_item7_p77_s1
1067837_15_item7_p81_s1
Rather than presenting the percentage separately for each unit of accounting, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses.
Rather than presenting the percentage separately for each reporting unit, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill.
2
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1067837_16_item7_p77_s2
1067837_15_item7_p81_s2
In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
2
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1067837_16_item7_p66_s2
1067837_15_item7_p88_s0
The following table reflects certain key estimates and assumptions applied to each of our markets that were used in the second quarter of 2014 and in the second quarter of 2013, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair va...
The following table reflects the estimates and assumptions used in the second quarter of 2015 as compared to the second quarter of 2014, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair value of our broadcasting licenses, these e...
2
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1067837_16_item7_p66_s3
1067837_15_item7_p90_s1
If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges,...
If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the amount reflected on the balance sheet, we may be required to recognize impairment charges, which could be mater...
2
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[]
[ "broadcasting", "licenses" ]
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1067837_16_item7_p66_s6
1067837_15_item7_p91_s1
Rather than presenting the percentage separately for each reporting unit, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill.
Rather than presenting the percentage separately for each unit of accounting, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses.
2
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[]
[ "accounting", "broadcasting", "licenses" ]
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1067837_16_item7_p66_s7
1067837_15_item7_p91_s2
In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
2
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[]
[ "accounting" ]
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1067837_16_item7_p11_s0
1067837_15_item7_p9_s0
The following significant factors affected our results of operations for 2014 as compared to the prior year:
The following significant factors affected our results of operations for 2014 as compared to the prior year: During 2014, we incurred merger and acquisition costs of $1.0 million related to our Lincoln transaction.
2
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1067837_17_item7_p20_s0
1067837_16_item7_p10_s0
The net change in net income available to the Company was primarily attributable to the reasons described above under Income Before Income Taxes and Income Taxes.
The net change in net income available to us for 2015, was primarily attributable to the reasons described above under Income Before Income Taxes and Income Taxes.
2
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[]
[ "us", "2015" ]
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1067837_17_item7_p20_s1
1067837_16_item7_p15_s11
Future Impairments We may determine that it will be necessary to take impairment charges in future periods if we determine the carrying value of our intangible assets is more than the fair value .Our annual impairment test of our broadcasting licenses and goodwill was performed in the second quarter of 2015.
We may determine that it will be necessary to take impairment charges in future periods if we determine the carrying value of our intangible assets is more than the fair value.
2
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1067837_17_item7_p20_s3
1067837_16_item7_p15_s12
We may be required to retest prior to our next annual evaluation, which could result in a material impairment.
We may be required to retest prior to our next annual evaluation, which could result in an impairment.
2
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1067837_17_item7_p12_s5
1067837_16_item7_p15_s7
This rate was impacted by expenses that are not deductible for tax purposes and net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
The effective income tax rate was 38.7% for 2015, which was impacted by an adjustment for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
2
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1067837_17_item7_p19_s11
1067837_16_item7_p15_s7
This rate was impacted by expenses that are not deductible for tax purposes and net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
The effective income tax rate was 42.6% for 2014, which was higher than expected due to an adjustment for expenses that are not deductible for tax purposes and net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
2
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1067837_17_item7_p19_s7
1067837_16_item7_p15_s7
This rate was impacted by expenses that are not deductible for tax purposes and net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
The effective income tax rate was 38.7% for 2015, which was impacted by an adjustment for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.
2
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1067837_17_item7_p21_s5
1067837_16_item7_p16_s0
Liquidity And Capital Resources Liquidity Over the past several years, we have used a significant portion of our cash flow to reduce our indebtedness.
Over the past several years, we have used a significant portion of our cash flow to reduce our indebtedness.
2
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1067837_17_item7_p21_s9
1067837_16_item7_p17_s0
We may also use our capital resources to repurchase shares of our Class A common stock, to pay dividends to our shareholders and to purchase radio station assets.
We may also use our capital resources to repurchase shares of our Class A common stock, to pay dividends to our shareholders, and to make acquisitions.
2
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[]
[ "make", "acquisitions" ]
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1067837_17_item7_p21_s3
1067837_16_item7_p18_s3
In addition, we had outstanding $220.0 million in principal for our Senior Notes and $0.7 million in outstanding letters of credit.
In addition, we had $0.7 million in outstanding letters of credit.
2
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[]
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1067837_17_item7_p21_s4
1067837_16_item7_p18_s4
As of December 31, 2015, we had $9.2 million in cash and cash equivalents.
As of December 31, 2016, we had $46.8 million in cash and cash equivalents.
2
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[]
[ "46.8" ]
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1067837_17_item7_p27_s7
1067837_16_item7_p20_s11
Failure to comply with our financial covenants or other terms of our Credit Facility and any subsequent failure to negotiate and obtain any required relief from our lenders could result in the acceleration of the maturity of all outstanding debt.
Failure to comply with our financial covenants or other terms of our Credit Facility and any subsequent failure to negotiate and obtain any required relief from our lenders could result in a default under the Credit Facility.
2
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[ "default" ]
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1067837_17_item7_p27_s3
1067837_16_item7_p20_s5
Our ability to maintain compliance with our covenants will be highly dependent on our results of operations.
Our ability to maintain compliance with our covenants under the Credit Facility is highly dependent on our results of operations.
2
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[]
[ "Credit", "Facility" ]
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1067837_17_item7_p35_s2
1067837_16_item7_p33_s1
Such approval would be dependent on many factors, including but not limited to, market conditions and restrictions under our Credit Facility and the indenture governing our Senior Notes.
Such approval would be dependent on many factors, including but not limited to, market conditions and restrictions under our Credit Facility.
2
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[]
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1067837_17_item7_p38_s0
1067837_16_item7_p40_s0
The above table includes projected interest expense under the remaining term of the agreement.
The above table includes projected interest expense under the remaining term of our Credit Facility.
2
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[ "Credit", "Facility" ]
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1067837_17_item7_p40_s1
1067837_16_item7_p43_s0
In addition to the above, we have $2.1 million in liabilities related to: (i) construction obligations of $1.4 million; and (ii) our obligation to provide $0.7 million in letters of credit.
In addition to the above, we have $26.1 million in liabilities related to: (i) an obligation to purchase four radio stations in Charlotte, North Carolina for $24.0 million; (ii) construction obligations of $1.4 million; and (ii) our obligation related to $0.7 million in letters of credit.
2
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[]
[ "26.1", "purchase", "four", "radio", "stations", "Charlotte", "North", "Carolina", "24.0" ]
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1067837_17_item7_p16_s0
1067837_16_item7_p5_s0
The following significant factors affected our results of operations for 2015 as compared to the prior year: Business Combinations On July 16, 2015, we acquired the stock of Lincoln Financial Media Company ( Lincoln ) for $77.5 million in cash and $27.5 million in newly issued Preferred.
The following significant factors affected our results of operations for 2015 as compared to the prior year: Business Combinations On July 16, 2015, we closed on the Lincoln Acquisition for $77.5 million in cash and $27.5 million in newly issued Preferred for radio stations serving the Atlanta, Denver, Miami and San Di...
2
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[]
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1067837_17_item7_p8_s0
1067837_16_item7_p5_s0
The following significant factors affected our results of operations for 2015 as compared to the prior year: Business Combinations On July 16, 2015, we acquired the stock of Lincoln Financial Media Company ( Lincoln ) for $77.5 million in cash and $27.5 million in newly issued Preferred.
On July 16, 2015, we acquired the stock of Lincoln Financial Media Company ( Lincoln ) for $77.5 million in cash and $27.5 million in newly issued Preferred.
2
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1067837_17_item7_p69_s0
1067837_16_item7_p66_s2
The following table reflects the estimates and assumptions used in the second quarter of 2015 as compared to the second quarter of 2014, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair value of our broadcasting licenses, these e...
The following table reflects certain key estimates and assumptions applied to each of our markets that were used in the second quarter of 2016, and in the second quarter of 2015, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair v...
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1067837_17_item7_p71_s1
1067837_16_item7_p66_s3
If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the amount reflected on the balance sheet, we may be required to recognize impairment charges, which could be mater...
If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges,...
2
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1067837_17_item7_p72_s1
1067837_16_item7_p66_s6
Rather than presenting the percentage separately for each unit of accounting, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses.
Rather than presenting the percentage separately for each reporting unit, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill.
2
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1067837_17_item7_p72_s2
1067837_16_item7_p66_s7
In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
2
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[]
[ "reporting" ]
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1067837_17_item7_p8_s5
1067837_16_item7_p6_s4
On a combined basis, the above transactions resulted in an increase to our net revenues and station operating expenses, our TBA income, depreciation and amortization expense and interest expense.
On a combined basis, the 2015 transactions resulted in an increase in 2016 to our net revenues and station operating expenses, depreciation and amortization expense and interest expense and a decrease in 2016 to our TBA income.
2
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1067837_17_item7_p61_s2
1067837_16_item7_p74_s0
The following table reflects certain key estimates and assumptions applied to each of our markets that were used in the second quarter of 2015 and in the second quarter of 2014, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair va...
The following table reflects the estimates and assumptions used in the second quarter of 2016 as compared to the second quarter of 2015, the date of the most recent prior impairment test: While we believe we have made reasonable estimates and assumptions to calculate the fair value of our broadcasting licenses, these e...
2
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1067837_17_item7_p61_s3
1067837_16_item7_p76_s1
If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges,...
If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the amount reflected on the balance sheet, we may be required to recognize impairment charges, which could be mater...
2
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[]
[ "broadcasting", "licenses" ]
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1067837_17_item7_p61_s6
1067837_16_item7_p77_s1
Rather than presenting the percentage separately for each reporting unit, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill.
Rather than presenting the percentage separately for each unit of accounting, management s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses.
2
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[]
[ "accounting", "broadcasting", "licenses" ]
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1067837_17_item7_p61_s7
1067837_16_item7_p77_s2
In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.
2
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[]
[ "accounting" ]
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1067837_17_item7_p19_s1
1067837_16_item7_p8_s1
Operating Income Operating income was essentially flat.
Operating Income Operating income was essentially flat for 2015.
2
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[]
[ "2015" ]
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1067837_17_item7_p19_s6
1067837_16_item7_p8_s6
The increase was largely attributable to the $0.9 million decrease in interest expense as operating income was essentially flat.
Income Before Income Taxes The increase for 2015 was largely attributable to the $0.9 million decrease in interest expense as operating income was essentially flat.
2
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[]
[ "Income", "Income", "Taxes", "2015" ]
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1067837_17_item7_p12_s9
1067837_16_item7_p9_s2
We estimate that our 2016 annual tax rate before discrete items, which may fluctuate from quarter to quarter, will be about 40%.
Estimated Income Tax Rate For 2017 We estimate that our 2017 annual tax rate before discrete items, which may fluctuate from quarter to quarter, will be about 40%.
2
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1067837_17_item7_p13_s0
1067837_16_item7_p9_s3
We anticipate that our rate in 2016 could be affected primarily by: (1) changes in the level of income in any of our taxing jurisdictions; (2) adding facilities in states that on average have different income tax rates from states in which we currently operate and the resulting effect on previously reported temporary d...
level of income in any of our taxing jurisdictions; (2) adding facilities through mergers or acquisition in states that on average have different income tax rates from states in which we currently operate and the resulting effect on previously reported temporary differences between the tax and financial reporting bases...
2
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[ "mergers", "acquisition" ]
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1067837_18_item7_p0_s1
1067837_17_item7_p0_s3
The Merger will make us a leading local media and entertainment company with a nationwide footprint of stations including positions in all of the top 10 markets and 23 of the top 25 markets.
We are also a leading local media and entertainment company with a nationwide footprint of radio stations including positions in all of top 15 markets and 22 of the top 25 markets.
2
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[ "also", "radio" ]
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1067837_18_item7_p22_s7
1067837_17_item7_p10_s2
Comparing our performance for the new stations to the prior owners performance, net revenues were up in the high single digits.
Comparing our performance for the new stations to the prior owners performance, station operating expenses decreased in the mid-single digits.
2
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[]
[ "station", "operating", "expenses", "decreased", "mid" ]
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1067837_18_item7_p9_s1
1067837_17_item7_p10_s3
Net revenues from the new stations together with our core stations contributed to overall double digit growth over prior year results.
Net revenues from the new stations together with our existing stations contributed to overall 28% growth over prior year results.
2
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[]
[ "existing", "28" ]
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1067837_18_item7_p22_s5
1067837_17_item7_p10_s4
Excluding the benefit of the net revenues associated with the new stations, net revenues increased the most for our stations located in the Denver and San Francisco markets.
Excluding the benefits of the net revenues associated with the new stations, net revenues decreased the most for our stations located in the New Orleans and Portland markets.
2
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[]
[ "benefits", "decreased", "New", "Orleans", "Portland" ]
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1067837_18_item7_p22_s4
1067837_17_item7_p10_s5
Excluding the benefit of the net revenues associated with the new stations, net revenues decreased the most for our stations located in the New Orleans and Portland markets.
Excluding the benefit of the net revenues associated with the new stations, net revenues increased the most for our stations located in the Denver and San Francisco markets.
2
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[]
[ "increased", "Denver", "San", "Francisco" ]
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1067837_18_item7_p20_s0
1067837_17_item7_p17_s2
On a combined basis, the above transactions resulted in an increase to our net revenues and station operating expenses, our TBA income, depreciation and amortization expense and interest expense.
On a combined basis, the 2015 transactions resulted in an increase in 2016 to our net revenues and station operating expenses, depreciation and amortization expense and interest expense and a decrease in 2016 to our TBA income.
2
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[]
[ "decrease" ]
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1067837_18_item7_p30_s5
1067837_17_item7_p21_s10
We may from time to time seek to repurchase and retire our outstanding debt through open market purchases, privately negotiated transactions or otherwise.
We may from time to time seek to repurchase and retire our outstanding indebtedness through open market purchases, privately negotiated transactions or otherwise.
2
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[]
[ "indebtedness" ]
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1067837_18_item7_p29_s3
1067837_17_item7_p21_s4
As of December 31, 2016, we had $46.8 million in cash and cash equivalents.
As of December 31, 2017, we had $34.2 million in cash and cash equivalents.
2
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[]
[ "34.2" ]
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1067837_18_item7_p33_s2
1067837_17_item7_p23_s2
The Base Rate is the highest of: (a) the administrative agent s prime rate; (b) the Federal Funds Rate plus 0.5%; or (c) the LIBOR Rate plus 1.0%.
The Base Rate is the highest of: (a) the administrative agent s prime rate; (b) the Federal Reserve Bank of New York s Rate plus 0.5%; or (c) the LIBOR Rate plus 1.0%.
2
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[ "Reserve", "Bank", "New", "York" ]
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1067837_18_item7_p34_s0
1067837_17_item7_p24_s0
The facility amortizes: (1) with equal quarterly installments of principal in annual amounts equal to 1.0% of the original principal amount of the Term B Loan; and (2) mandatory yearly prepayments based upon a percentage of Excess Cash Flow as defined in the loan agreement.
The Term B-1 Loan amortizes: (i) with equal quarterly installments of principal in annual amounts equal to 1.0% of the original principal amount of the Term B-1 Loan; and (ii) mandatory yearly prepayments based upon a percentage of Excess Cash Flow as defined in the agreement.
2
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[]
[ "B-1", "B-1", "ii" ]
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