Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES    
Net income (loss) $ (3,192,000) $ 24,644,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 543,000 1,721,000
Depreciation and amortization 18,226,000 16,962,000
Amortization of deferred financing costs 1,114,000 940,000
Accretion of financing items   74,000
Accretion of acquisition-related deferred payments and contingent earn-out consideration 24,000 42,000
Provision for bad debts 2,098,000 2,196,000
Deferred income taxes 2,191,000 (20,932,000)
Impairment of indefinite-lived long-term assets other than goodwill 2,870,000 19,000
Change in the fair value of interest rate swap   (357,000)
Change in the estimated fair value of contingent earn-out consideration 76,000 (23,000)
Loss on the disposition of assets 4,653,000 3,905,000
(Gain) loss on early retirement of debt (648,000) 2,775,000
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (2,814,000) 144,000
Inventories 53,000 (60,000)
Prepaid expenses and other current assets 308,000 (537,000)
Accounts payable and accrued expenses 1,031,000 (2,569,000)
Deferred rent expense (287,000) (133,000)
Contract liabilities (3,365,000) (1,427,000)
Other liabilities (15,000) (3,000)
Income taxes payable 95,000 (51,000)
Net cash provided by operating activities 22,961,000 27,330,000
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (9,267,000) (8,534,000)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (77,000) (50,000)
Purchases of broadcast assets and radio stations (6,534,000) (2,282,000)
Proceeds from sale of assets 9,894,000 2,456,000
Other (420,000) (242,000)
Net cash used in investing activities (10,724,000) (10,342,000)
FINANCING ACTIVITIES    
Payments to repurchase 6.75% Senior Secured Notes (15,443,000)  
Payment of interest rate swap   (783,000)
Proceeds from bond offering   255,000,000
Payments of debt issuance costs (50,000) (7,035,000)
Payments of acquisition-related contingent earn-out consideration (140,000) (14,000)
Payments of deferred installments due from acquisition activity   (225,000)
Proceeds from the exercise of stock options 43,000 514,000
Payment of cash distribution on common stock (6,806,000) (6,790,000)
Payments on capital lease obligations (85,000) (122,000)
Book overdraft (302,000) (3,184,000)
Net cash used in financing activities (12,123,000) (17,115,000)
Net increase (decrease) in cash and cash equivalents 114,000 (127,000)
Cash and cash equivalents at beginning of year 3,000 130,000
Cash and cash equivalents at end of year 117,000 3,000
Supplemental disclosures of cash flow information:    
Cash paid for interest net of capitalized interest 17,231,000 14,237,000
Cash paid for income taxes, net of refunds 186,000 96,000
Other supplemental disclosures of cash flow information:    
Barter revenue 6,837,000 5,939,000
Barter expense 6,184,000 5,675,000
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 77,000 50,000
Non-cash capital expenditures for property & equipment acquired under trade agreements 33,000 39,000
Net assets and liabilities assumed in a non-cash acquisition   2,852,000
Deferred payments on acquisitions 275,000  
Estimated present value of contingent-earn out consideration 52,000  
Assets acquired under capital lease 154,000 16,000
Revolver and ABL Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under Revolver and ABL Facility 153,650,000 89,738,000
Debt repayment (142,990,000) (81,214,000)
Term Loan B [Member]    
FINANCING ACTIVITIES    
Debt repayment   (263,000,000)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses,publishing businesses and assets $ (4,320,000) $ (1,690,000)