Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES    
Net loss $ (54,062) $ (27,839)
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 345 1,460
Depreciation and amortization 14,058 15,934
Amortization of deferred financing costs 889 1,060
Non-cash lease expense 8,955 9,026
Accretion of acquisition-related deferred payments and contingent earn-out consideration   5
Provision for bad debts 4,339 2,066
Deferred income taxes 30,105 3,506
Impairment of indefinite-lived long-term assets other than goodwill 17,254 2,925
Impairment of goodwill 307 2,427
Change in the estimated fair value of contingent earn-out consideration (12) (41)
Net (gain) loss on the disposition of assets 1,575 22,326
Gain on early retirement of debt (49) (1,670)
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue 1,516 (595)
Inventories 222 (440)
Prepaid expenses and other current assets (957) 617
Accounts payable and accrued expenses 3,841 (2,009)
Operating lease liabilities (9,154) (10,112)
Contract liabilities 2,263 (1,657)
Deferred rent income (308) (209)
Other liabilities 1,692 (34)
Income taxes payable 32 264
Net cash provided by operating activities 22,851 17,010
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (4,616) (7,757)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (151) (28)
Purchases of broadcast assets and radio stations   (35)
Proceeds from sale of assets 189 20,741
Proceeds from the cash surrender value of life insurance policies 2,363  
Other (329) (738)
Net cash provided by (used in) investing activities (2,944) 10,933
FINANCING ACTIVITIES    
Payments to repurchase 6.75% Senior Secured Notes (3,392) (16,751)
Payments of debt issuance costs (141) (44)
Payments of acquisition-related contingent earn-out consideration (7)  
Payment of cash distribution on common stock (667) (5,827)
Payments on financing lease liabilities (70) (83)
Book overdraft (1,885) 1,885
Net cash used in financing activities (13,588) (28,054)
Net increase (decrease) in cash and cash equivalents 6,319 (111)
Cash and cash equivalents at beginning of year 6 117
Cash and cash equivalents at end of year 6,325 6
Supplemental disclosures of cash flow information:    
Cash paid for interest 15,158 16,530
Cash paid for interest on finance lease liabilities 7 9
Cash paid for income taxes, net of refunds 137 207
Other supplemental disclosures of cash flow information:    
Barter revenue 2,848 5,688
Barter expense 2,953 5,075
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 151 28
Non-cash capital expenditures for property & equipment acquired under trade agreements 20 45
Deferred payments on acquisitions 708  
Right-of-use assets acquired through operating leases 4,186 1,882
Right-of-use assets acquired through financing leases 45 24
Estimated present value of contingent-earn out consideration   19
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 39,894 111,790
Payments on ABL Facility (47,320) (119,024)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (400) $ (1,250)