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
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 2,580 $ (57,719)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Non-cash stock-based compensation 162 199
Depreciation and amortization 6,456 7,258
Amortization of deferred financing costs 426 461
Non-cash lease expense 4,348 4,464
Provision for bad debts (325) 3,621
Deferred income taxes (403) 30,629
Change in the estimated fair value of contingent earn-out consideration   (2)
Impairment of indefinite-lived long-term assets other than goodwill   17,254
Impairment of goodwill 0 307
Gain on early retirement of long-term debt   (49)
Net (gain) loss on the disposition of assets 55 113
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue 421 5,530
Inventories (224) 10
Prepaid expenses and other current assets (319) 97
Accounts payable and accrued expenses 453 1,720
Operating lease liabilities (4,931) (3,403)
Contract liabilities 1,310 7,267
Deferred rent income 111 (151)
Other liabilities 35 1,204
Income taxes payable 42 155
Net cash provided by operating activities 10,197 18,965
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (3,994) (2,525)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (19) (94)
Deposit on broadcast assets and radio station acquisitions (100)  
Purchases of broadcast assets and radio stations (600)  
Proceeds from sale of assets 3,627 188
Proceeds from the cash surrender value of life insurance policies   2,363
Other (814) (384)
Net cash used in investing activities (3,200) (452)
FINANCING ACTIVITIES    
Payments to repurchase 6.75% Senior Secured Notes 0 (3,392)
Proceeds from borrowings under PPP Loans 11,195  
Payments of debt issuance costs (19) (66)
Proceeds from the exercise of stock options 392  
Payments on financing lease liabilities (32) (35)
Payment of cash distribution on common stock   (667)
Book overdraft   (1,885)
Net cash provided by financing activities 6,536 529
Net increase in cash and cash equivalents 13,533 19,042
Cash and cash equivalents at beginning of year 6,325 6
Cash and cash equivalents at end of period 19,858 19,048
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized interest 7,391 7,600
Cash paid for interest on finance lease liabilities 4 4
Net cash paid for (received from) income taxes 3 (5)
Other supplemental disclosures of cash flow information:    
Barter revenue 1,065 1,705
Barter expense 1,092 1,558
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 19 94
Right-of-use assets acquired through operating leases 1,957 2,655
Right-of-use assets acquired through financing leases 4  
Non-cash capital expenditures for property & equipment acquired under trade agreements 27 4
Net assets and liabilities assumed in a non-cash acquisition 129  
Estimated present value of contingent-earn out consideration 11  
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 16 38,349
Payments on ABL Facility (5,016) $ (31,775)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (1,300)