o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
|
|
99.1
|
|
|
Press release dated November 14, 2019: Urban One, Inc. Reports Revised Third Quarter Results.
|
|
RESULTS OF OPERATIONS
|
||||||||||||||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
STATEMENT OF OPERATIONS
|
(unaudited)
|
(unaudited)
|
||||||||||||||
(in thousands, except share data)
|
(in thousands, except share data)
|
|||||||||||||||
NET REVENUE
|
$
|
111,055
|
$
|
110,730
|
$
|
331,075
|
$
|
325,557
|
||||||||
OPERATING EXPENSES
|
||||||||||||||||
Programming and technical, excluding stock-based compensation
|
30,389
|
30,952
|
91,816
|
93,474
|
||||||||||||
Selling, general and administrative, excluding stock-based compensation
|
35,862
|
36,364
|
113,620
|
111,831
|
||||||||||||
Corporate selling, general and administrative, excluding stock-based compensation
|
7,863
|
1,846
|
25,666
|
20,963
|
||||||||||||
Stock-based compensation
|
1,881
|
1,134
|
2,592
|
3,635
|
||||||||||||
Depreciation and amortization
|
2,593
|
8,333
|
14,451
|
24,869
|
||||||||||||
Impairment of long-lived assets
|
-
|
-
|
3,800
|
6,556
|
||||||||||||
Total operating expenses
|
78,588
|
78,629
|
251,945
|
261,328
|
||||||||||||
Operating income
|
32,467
|
32,101
|
79,130
|
64,229
|
||||||||||||
INTEREST INCOME
|
45
|
33
|
131
|
194
|
||||||||||||
INTEREST EXPENSE
|
21,589
|
18,987
|
65,743
|
57,423
|
||||||||||||
GAIN ON RETIREMENT OF DEBT
|
-
|
(120
|
)
|
-
|
(985
|
)
|
||||||||||
OTHER INCOME, net
|
(1,299
|
)
|
(1,935
|
)
|
(4,669
|
)
|
(5,850
|
)
|
||||||||
Income before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries
|
12,222
|
15,202
|
18,187
|
13,835
|
||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
6,535
|
(8,173
|
)
|
8,342
|
(10,914
|
)
|
||||||||||
CONSOLIDATED NET INCOME
|
5,687
|
23,375
|
9,845
|
24,749
|
||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
328
|
331
|
999
|
670
|
||||||||||||
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
5,359
|
$
|
23,044
|
$
|
8,846
|
$
|
24,079
|
||||||||
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
5,359
|
$
|
23,044
|
$
|
8,846
|
$
|
24,079
|
||||||||
Weighted average shares outstanding - basic3
|
44,315,077
|
45,128,341
|
44,912,673
|
45,946,820
|
||||||||||||
Weighted average shares outstanding - diluted4
|
46,118,702
|
47,462,358
|
46,965,245
|
48,376,362
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
PER SHARE DATA - basic and diluted:
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||
(in thousands, except per share data)
|
(in thousands, except per share data)
|
|||||||||||||||
Consolidated net income attributable to common stockholders (basic)
|
$
|
0.12
|
$
|
0.51
|
$
|
0.20
|
$
|
0.52
|
||||||||
Consolidated net income attributable to common stockholders (diluted)
|
$
|
0.12
|
$
|
0.49
|
$
|
0.19
|
$
|
0.50
|
||||||||
SELECTED OTHER DATA
|
||||||||||||||||
Broadcast and digital operating income 1
|
$
|
44,804
|
$
|
43,414
|
$
|
125,639
|
$
|
120,252
|
||||||||
Broadcast and digital operating income margin (% of net revenue)
|
40.3
|
%
|
39.2
|
%
|
37.9
|
%
|
36.9
|
%
|
||||||||
Broadcast and digital operating income reconciliation:
|
||||||||||||||||
Consolidated net income attributable to common stockholders
|
$
|
5,359
|
$
|
23,044
|
$
|
8,846
|
$
|
24,079
|
||||||||
Add back non-broadcast and digital operating income items included in consolidated net income:
|
||||||||||||||||
Interest income
|
(45
|
)
|
(33
|
)
|
(131
|
)
|
(194
|
)
|
||||||||
Interest expense
|
21,589
|
18,987
|
65,743
|
57,423
|
||||||||||||
Provision for (benefit from) income taxes
|
6,535
|
(8,173
|
)
|
8,342
|
(10,914
|
)
|
||||||||||
Corporate selling, general and administrative expenses
|
7,863
|
1,846
|
25,666
|
20,963
|
||||||||||||
Stock-based compensation
|
1,881
|
1,134
|
2,592
|
3,635
|
||||||||||||
Gain on retirement of debt
|
-
|
(120
|
)
|
-
|
(985
|
)
|
||||||||||
Other income, net
|
(1,299
|
)
|
(1,935
|
)
|
(4,669
|
)
|
(5,850
|
)
|
||||||||
Depreciation and amortization
|
2,593
|
8,333
|
14,451
|
24,869
|
||||||||||||
Noncontrolling interest in income of subsidiaries
|
328
|
331
|
999
|
670
|
||||||||||||
Impairment of long-lived assets
|
-
|
-
|
3,800
|
6,556
|
||||||||||||
Broadcast and digital operating income
|
$
|
44,804
|
$
|
43,414
|
$
|
125,639
|
$
|
120,252
|
||||||||
Adjusted EBITDA2
|
$
|
40,021
|
$
|
37,811
|
$
|
110,113
|
$
|
105,287
|
||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||
Consolidated net income attributable to common stockholders:
|
$
|
5,359
|
$
|
23,044
|
$
|
8,846
|
$
|
24,079
|
||||||||
Interest income
|
(45
|
)
|
(33
|
)
|
(131
|
)
|
(194
|
)
|
||||||||
Interest expense
|
21,589
|
18,987
|
65,743
|
57,423
|
||||||||||||
Provision for (benefit from) income taxes
|
6,535
|
(8,173
|
)
|
8,342
|
(10,914
|
)
|
||||||||||
Depreciation and amortization
|
2,593
|
8,333
|
14,451
|
24,869
|
||||||||||||
EBITDA
|
$
|
36,031
|
$
|
42,158
|
$
|
97,251
|
$
|
95,263
|
||||||||
Stock-based compensation
|
1,881
|
1,134
|
2,592
|
3,635
|
||||||||||||
Gain on retirement of debt
|
-
|
(120
|
)
|
-
|
(985
|
)
|
||||||||||
Other income, net
|
(1,299
|
)
|
(1,935
|
)
|
(4,669
|
)
|
(5,850
|
)
|
||||||||
Noncontrolling interest in income of subsidiaries
|
328
|
331
|
999
|
670
|
||||||||||||
Employment Agreement Award, incentive plan award expenses and other compensation
|
860
|
(6,355
|
)
|
3,576
|
(2,481
|
)
|
||||||||||
Contingent consideration from acquisition
|
53
|
265
|
219
|
1,715
|
||||||||||||
Severance-related costs
|
358
|
622
|
1,178
|
1,621
|
||||||||||||
Cost method investment income from MGM National Harbor
|
1,809
|
1,711
|
5,167
|
5,143
|
||||||||||||
Impairment of long-lived assets
|
-
|
-
|
3,800
|
6,556
|
||||||||||||
Adjusted EBITDA
|
$
|
40,021
|
$
|
37,811
|
$
|
110,113
|
$
|
105,287
|
September 30, 2019
|
December 31, 2018
|
||||||
(unaudited)
|
|||||||
(in thousands)
|
|||||||
SELECTED BALANCE SHEET DATA:
|
|||||||
Cash and cash equivalents and restricted cash
|
$
|
31,903
|
$
|
15,890
|
|||
Intangible assets, net
|
889,724
|
916,824
|
|||||
Total assets
|
1,261,501
|
1,237,409
|
|||||
Total debt (including current portion, net of original issue discount and issuance costs)
|
879,170
|
912,463
|
|||||
Total liabilities
|
1,062,573
|
1,052,036
|
|||||
Total stockholders' equity
|
189,681
|
175,141
|
|||||
Redeemable noncontrolling interest
|
9,247
|
10,232
|
|||||
September 30, 2019
|
Applicable Interest Rate
|
||||||
(in thousands)
|
|||||||
SELECTED LEVERAGE DATA:
|
|||||||
2017 Credit Facility, net of original issue discount and issuance costs of approximately $6.1 million (subject to variable rates) (a)
|
$
|
315,739
|
6.12
|
%
|
|||
7.375% senior secured notes due April 2022, net of original issue discount and issuance costs of approximately $2.9 million (fixed rate)
|
347,351
|
7.375
|
%
|
||||
2018 Credit Facility, net of original issue discount and issuance costs of approximately $4.2 million (fixed rate)
|
166,755
|
12.875
|
%
|
||||
MGM National Harbor Loan, net of original issue discount and issuance costs of approximately $2.4 million (fixed rate)
|
49,325
|
11.00
|
%
|
||||
Asset-backed credit facility (subject to variable rates) (a)
|
-
|
0.00
|
%
|
(a)
|
Subject to variable Libor or Prime plus a spread that is incorporated into the applicable interest rate set forth above.
|
|
Three Months Ended September 30,
|
|||||||||||||||
|
2019
|
2018
|
$ Change
|
% Change
|
||||||||||||
(Unaudited) | ||||||||||||||||
|
(in thousands)
|
|||||||||||||||
Net Revenue:
|
||||||||||||||||
Radio Advertising
|
$
|
50,813
|
$
|
51,293
|
$
|
(480
|
)
|
-0.9
|
%
|
|||||||
Political Advertising
|
300
|
917
|
(617
|
)
|
-67.3
|
%
|
||||||||||
Digital Advertising
|
8,171
|
8,734
|
(563
|
)
|
-6.4
|
%
|
||||||||||
Cable Television Advertising
|
20,649
|
19,157
|
1,492
|
7.8
|
%
|
|||||||||||
Cable Television Affiliate Fees
|
25,330
|
26,244
|
(914
|
)
|
-3.5
|
%
|
||||||||||
Event Revenues & Other
|
5,792
|
4,385
|
1,407
|
32.1
|
%
|
|||||||||||
Net Revenue (as reported)
|
$
|
111,055
|
$
|
110,730
|
$
|
325
|
0.3
|
%
|
||||||||
Three Months Ended September 30, 2019
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
111,055
|
$
|
46,467
|
$
|
10,917
|
$
|
8,170
|
$
|
45,981
|
$
|
(480
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
30,389
|
9,707
|
4,070
|
2,899
|
14,153
|
(440
|
)
|
|||||||||||||||||
Selling, general and administrative
|
35,862
|
18,960
|
4,411
|
4,549
|
8,048
|
(106
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
7,863
|
-
|
443
|
1
|
1,476
|
5,943
|
||||||||||||||||||
Stock-based compensation
|
1,881
|
262
|
12
|
11
|
-
|
1,596
|
||||||||||||||||||
Depreciation and amortization
|
2,593
|
791
|
60
|
474
|
953
|
315
|
||||||||||||||||||
Total operating expenses
|
78,588
|
29,720
|
8,996
|
7,934
|
24,630
|
7,308
|
||||||||||||||||||
Operating income (loss)
|
32,467
|
16,747
|
1,921
|
236
|
21,351
|
(7,788
|
)
|
|||||||||||||||||
INTEREST INCOME
|
45
|
-
|
-
|
-
|
-
|
45
|
||||||||||||||||||
INTEREST EXPENSE
|
21,589
|
1,184
|
75
|
69
|
2,163
|
18,098
|
||||||||||||||||||
OTHER (INCOME) EXPENSE, net
|
(1,299
|
)
|
515
|
-
|
-
|
-
|
(1,814
|
)
|
||||||||||||||||
Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries
|
12,222
|
15,048
|
1,846
|
167
|
19,188
|
(24,027
|
)
|
|||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
6,535
|
3,869
|
485
|
(13
|
)
|
4,892
|
(2,698
|
)
|
||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
5,687
|
11,179
|
1,361
|
180
|
14,296
|
(21,329
|
)
|
|||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
328
|
-
|
-
|
-
|
-
|
328
|
||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
5,359
|
$
|
11,179
|
$
|
1,361
|
$
|
180
|
$
|
14,296
|
$
|
(21,657
|
)
|
|||||||||||
Adjusted EBITDA2
|
$
|
40,021
|
$
|
17,963
|
$
|
1,993
|
$
|
780
|
$
|
22,345
|
$
|
(3,060
|
)
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
110,730
|
$
|
45,958
|
$
|
10,822
|
$
|
8,749
|
$
|
45,401
|
$
|
(200
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
30,952
|
10,327
|
4,266
|
3,423
|
13,056
|
(120
|
)
|
|||||||||||||||||
Selling, general and administrative
|
36,364
|
18,880
|
3,607
|
5,928
|
8,028
|
(79
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
1,846
|
-
|
855
|
-
|
1,704
|
(713
|
)
|
|||||||||||||||||
Stock-based compensation
|
1,134
|
166
|
12
|
12
|
7
|
937
|
||||||||||||||||||
Depreciation and amortization
|
8,333
|
872
|
63
|
482
|
6,577
|
339
|
||||||||||||||||||
Total operating expenses
|
78,629
|
30,245
|
8,803
|
9,845
|
29,372
|
364
|
||||||||||||||||||
Operating income (loss)
|
32,101
|
15,713
|
2,019
|
(1,096
|
)
|
16,029
|
(564
|
)
|
||||||||||||||||
INTEREST INCOME
|
33
|
-
|
-
|
-
|
-
|
33
|
||||||||||||||||||
INTEREST EXPENSE
|
18,987
|
337
|
-
|
-
|
1,919
|
16,731
|
||||||||||||||||||
GAIN ON RETIREMENT OF DEBT
|
(120
|
)
|
-
|
-
|
-
|
-
|
(120
|
)
|
||||||||||||||||
OTHER INCOME, net
|
(1,935
|
)
|
(204
|
)
|
-
|
-
|
(2
|
)
|
(1,729
|
)
|
||||||||||||||
Income (loss) before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries
|
15,202
|
15,580
|
2,019
|
(1,096
|
)
|
14,112
|
(15,413
|
)
|
||||||||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(8,173
|
)
|
3,586
|
458
|
117
|
3,534
|
(15,868
|
)
|
||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
23,375
|
11,994
|
1,561
|
(1,213
|
)
|
10,578
|
455
|
|||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
331
|
-
|
-
|
-
|
-
|
331
|
||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
23,044
|
$
|
11,994
|
$
|
1,561
|
$
|
(1,213
|
)
|
$
|
10,578
|
$
|
124
|
|||||||||||
Adjusted EBITDA2
|
$
|
37,811
|
$
|
16,854
|
$
|
2,107
|
$
|
(110
|
)
|
$
|
22,935
|
$
|
(3,975
|
)
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
331,075
|
$
|
132,528
|
$
|
36,660
|
$
|
23,280
|
$
|
140,234
|
$
|
(1,627
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
91,816
|
29,527
|
12,150
|
8,438
|
43,058
|
(1,357
|
)
|
|||||||||||||||||
Selling, general and administrative
|
113,620
|
56,603
|
16,712
|
13,620
|
26,856
|
(171
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
25,666
|
-
|
1,834
|
2
|
4,617
|
19,213
|
||||||||||||||||||
Stock-based compensation
|
2,592
|
450
|
31
|
39
|
9
|
2,063
|
||||||||||||||||||
Depreciation and amortization
|
14,451
|
2,510
|
178
|
1,395
|
9,430
|
938
|
||||||||||||||||||
Impairment of long-lived assets
|
3,800
|
3,800
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total operating expenses
|
251,945
|
92,890
|
30,905
|
23,494
|
83,970
|
20,686
|
||||||||||||||||||
Operating income (loss)
|
79,130
|
39,638
|
5,755
|
(214
|
)
|
56,264
|
(22,313
|
)
|
||||||||||||||||
INTEREST INCOME
|
131
|
-
|
-
|
-
|
-
|
131
|
||||||||||||||||||
INTEREST EXPENSE
|
65,743
|
3,574
|
229
|
211
|
6,500
|
55,229
|
||||||||||||||||||
OTHER (INCOME) EXPENSE, net
|
(4,669
|
)
|
517
|
-
|
-
|
-
|
(5,186
|
)
|
||||||||||||||||
Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries
|
18,187
|
35,547
|
5,526
|
(425
|
)
|
49,764
|
(72,225
|
)
|
||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
8,342
|
9,121
|
1,343
|
(10
|
)
|
12,559
|
(14,671
|
)
|
||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
9,845
|
26,426
|
4,183
|
(415
|
)
|
37,205
|
(57,554
|
)
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
999
|
-
|
-
|
-
|
-
|
999
|
||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
8,846
|
$
|
26,426
|
$
|
4,183
|
$
|
(415
|
)
|
$
|
37,205
|
$
|
(58,553
|
)
|
||||||||||
Adjusted EBITDA2
|
$
|
110,113
|
$
|
46,863
|
$
|
5,982
|
$
|
1,670
|
$
|
65,869
|
$
|
(10,271
|
)
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
325,557
|
$
|
131,924
|
$
|
33,721
|
$
|
23,454
|
$
|
138,414
|
$
|
(1,956
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
93,474
|
29,839
|
12,801
|
10,256
|
40,962
|
(384
|
)
|
|||||||||||||||||
Selling, general and administrative
|
111,831
|
55,272
|
14,462
|
18,485
|
25,201
|
(1,589
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
20,963
|
-
|
2,396
|
5
|
5,900
|
12,662
|
||||||||||||||||||
Stock-based compensation
|
3,635
|
477
|
41
|
84
|
9
|
3,024
|
||||||||||||||||||
Depreciation and amortization
|
24,869
|
2,590
|
189
|
1,435
|
19,690
|
965
|
||||||||||||||||||
Impairment of long-lived assets
|
6,556
|
6,556
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total operating expenses
|
261,328
|
94,734
|
29,889
|
30,265
|
91,762
|
14,678
|
||||||||||||||||||
Operating income (loss)
|
64,229
|
37,190
|
3,832
|
(6,811
|
)
|
46,652
|
(16,634
|
)
|
||||||||||||||||
INTEREST INCOME
|
194
|
-
|
-
|
-
|
-
|
194
|
||||||||||||||||||
INTEREST EXPENSE
|
57,423
|
1,026
|
-
|
-
|
5,756
|
50,641
|
||||||||||||||||||
GAIN ON RETIREMENT OF DEBT
|
(985
|
)
|
-
|
-
|
-
|
-
|
(985
|
)
|
||||||||||||||||
OTHER INCOME, net
|
(5,850
|
)
|
(642
|
)
|
-
|
-
|
(2
|
)
|
(5,206
|
)
|
||||||||||||||
Income (loss) before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries
|
13,835
|
36,806
|
3,832
|
(6,811
|
)
|
40,898
|
(60,890
|
)
|
||||||||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(10,914
|
)
|
8,749
|
940
|
(630
|
)
|
10,141
|
(30,114
|
)
|
|||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
24,749
|
28,057
|
2,892
|
(6,181
|
)
|
30,757
|
(30,776
|
)
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
670
|
-
|
-
|
-
|
-
|
670
|
||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
24,079
|
$
|
28,057
|
$
|
2,892
|
$
|
(6,181
|
)
|
$
|
30,757
|
$
|
(31,446
|
)
|
||||||||||
Adjusted EBITDA2
|
$
|
105,287
|
$
|
47,279
|
$
|
4,075
|
$
|
(3,242
|
)
|
$
|
67,857
|
$
|
(10,682
|
)
|