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
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 24,674 $ (57,390)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Non-cash stock-based compensation 240 273
Depreciation and amortization 9,671 10,686
Amortization of deferred financing costs 690 675
Non-cash lease expense 6,527 6,745
Provision for bad debts (248) 4,122
Deferred income taxes 404 30,954
Change in the estimated fair value of contingent earn-out consideration   (12)
Impairment of indefinite-lived long-term assets other than goodwill   17,254
Impairment of goodwill 0 307
Gain on the forgiveness of PPP loans (11,212)  
Gain (loss) on the early retirement of long-term debt 56 (49)
Net (gain) loss on the disposition of assets (10,552) 1,494
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (67) 2,565
Inventories (412) 99
Prepaid expenses and other current assets (1,218) (1,343)
Accounts payable and accrued expenses 2,596 5,871
Operating lease liabilities (7,317) (6,396)
Contract liabilities 782 5,274
Deferred rent income 28 (268)
Other liabilities 41 2,254
Income taxes payable 63 30
Net cash provided by operating activities 14,746 23,145
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (6,952) (3,565)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (138) (140)
Deposit on broadcast assets and radio station acquisitions (100)  
Purchases of broadcast assets and radio stations (600)  
Proceeds from sale of long-lived assets 15,771 188
Proceeds from the cash surrender value of life insurance policies   2,363
Other (1,227) (353)
Net cash provided by (used in) investing activities 2,774 (1,907)
FINANCING ACTIVITIES    
Proceeds from 2028 Notes 114,731  
Payments to repurchase or exchange 2024 Notes (119,443) (3,392)
Proceeds from borrowings under PPP Loans 11,195  
Payments under PPP loans 17  
Payments of debt issuance costs (1,921) (124)
Proceeds from the exercise of stock options 405  
Payments on financing lease liabilities (48) (52)
Payment of cash distribution on common stock   (667)
Book overdraft   (1,885)
Net cash used in financing activities (64) (1,946)
Net increase in cash and cash equivalents 17,456 19,292
Cash and cash equivalents at beginning of year 6,325 6
Cash and cash equivalents at end of period 23,781 19,298
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized interest 9,628 7,731
Cash paid for interest on finance lease liabilities 6 6
Net cash paid for (received from) income taxes 13 196
Other supplemental disclosures of cash flow information:    
Barter revenue 1,647 2,152
Barter expense 1,699 1,971
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 138 140
Deferred payments on acquisitions 0 708
Right-of-use assets acquired through operating leases 3,466 2,715
Right-of-use assets acquired through financing leases 17  
Non-cash capital expenditures for property & equipment acquired under trade agreements 27 4
Net assets and liabilities assumed in a non-cash acquisition 311  
Estimated present value of contingent-earn out consideration 11  
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 16 38,626
Payments on ABL Facility (5,016) (34,452)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (3,980) $ (400)