Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net income $ 828 $ 1,060
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 46 1,381
Depreciation and amortization 4,487 4,122
Amortization of deferred financing costs 270 149
Accretion of financing items 0 48
Accretion of acquisition-related deferred payments and contingent consideration 16 12
Provision for bad debts 146 388
Deferred income taxes 382 624
Change in the fair value of interest rate swap 0 (357)
Change in the estimated fair value of contingent earn-out consideration 0 1
Impairment of indefinite-lived long-term assets other than goodwill 0 19
Loss on early retirement of long-term debt 0 41
Loss on the sale or disposal of assets 5 5
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue 1,176 2,804
Inventories (78) (171)
Prepaid expenses and other current assets (69) 143
Accounts payable and accrued expenses 6,629 (1,303)
Deferred rent expense (142) 26
Contract liabilities (938) 13
Other liabilities 0 (2)
Income taxes payable 115 34
Net cash provided by operating activities 12,873 9,037
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (2,472) (2,586)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (4) (48)
Escrow deposits paid related to acquisitions (240) (42)
Escrow deposits received related to radio station sale 500 0
Purchases of broadcast assets and radio stations 0 (98)
Purchases of digital media businesses and assets 0 (245)
Proceeds from sale of assets 1 0
Other (170) (111)
Net cash used in investing activities (2,385) (3,130)
FINANCING ACTIVITIES    
Refund of debt issuance costs 41 0
Payments of acquisition-related contingent earn-out consideration 0 (9)
Payments of deferred installments due from acquisition activity 0 (200)
Proceeds from the exercise of stock options 19 58
Payments of capital lease obligations (31) (33)
Payment of cash distribution on common stock (1,701) (1,691)
Book overdraft 187 169
Net cash used in financing activities (10,485) (5,954)
Net increase in cash and cash equivalents 3 (47)
Cash and cash equivalents at beginning of year 3 130
Cash and cash equivalents at end of period 6 83
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized interest 50 3,244
Cash received for income taxes (95) (30)
Other supplemental disclosures of cash flow information:    
Barter revenue 1,737 1,329
Barter expense 1,266 1,294
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 4 48
Non-cash capital expenditures for property & equipment acquired under trade agreements 9 0
Revolver [Member]    
FINANCING ACTIVITIES    
Payments under Term Loan B (19,334) (5,514)
Proceeds from borrowings under Revolver and ABL Facility 10,334 6,266
Term Loan B [Member]    
FINANCING ACTIVITIES    
Payments under Term Loan B $ 0 $ (5,000)