Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 41,514 $ (54,062)
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 319 345
Depreciation and amortization 12,828 14,058
Amortization of deferred financing costs 1,051 889
Non-cash lease expense 8,713 8,955
Provision for bad debts (261) 4,339
Deferred income taxes (1,871) 30,105
Impairment of indefinite-lived long-term assets other than goodwill 0 17,254
Impairment of goodwill 0 307
Gain on the forgiveness of PPP loans (11,212) 0
Change in the estimated fair value of contingent earn-out consideration 0 (12)
Net (gain) loss on the disposition of assets (23,575) 1,575
Gain (loss) on early retirement of debt 1,026 (49)
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (1,101) 1,516
Inventories (465) 222
Prepaid expenses and other current assets (20) (957)
Accounts payable and accrued expenses 2,854 3,841
Operating lease liabilities (9,780) (9,154)
Contract liabilities 1,656 2,263
Deferred rent income (209) (308)
Other liabilities 43 1,692
Income taxes payable 981 32
Net cash provided by operating activities 22,491 22,851
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (10,784) (4,616)
Capital expenditures reimbursable under tenant improvement allowances (130) (151)
Deposit on broadcast assets and radio station acquisitions (160)  
Purchases of broadcast assets and radio stations (600)  
Deferred payments on acquisitions (700)  
Proceeds from sale of long-lived assets 29,278 189
Proceeds from the cash surrender value of life insurance policies 0 2,363
Other (1,314) (329)
Net cash provided by (used in) investing activities 11,610 (2,944)
FINANCING ACTIVITIES    
Proceeds from 2028 Notes 114,731  
Payments to repurchase or exchange 2024 Notes (158,699) (3,392)
Proceeds from borrowings under PPP Loans 11,195  
Payments under PPP loans 17  
Payments of debt issuance costs (1,921) (141)
Payments of acquisition-related contingent earn-out consideration 0 (7)
Proceeds from the exercise of stock options 1,099  
Payment of cash distribution on common stock 0 (667)
Payments on financing lease liabilities (63) (70)
Book overdraft 0 (1,885)
Net cash used in financing activities (38,641) (13,588)
Net increase (decrease) in cash and cash equivalents (4,540) 6,319
Cash and cash equivalents at beginning of year 6,325 6
Cash and cash equivalents at end of year 1,785 6,325
Supplemental disclosures of cash flow information:    
Cash paid for interest 14,898 15,158
Cash paid for interest on finance lease liabilities 7 7
Cash paid for income taxes, net of refunds 131 137
Other supplemental disclosures of cash flow information:    
Barter revenue 2,567 2,848
Barter expense 2,633 2,953
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 130 151
Non-cash capital expenditures for property & equipment acquired under trade agreements 27 20
Deferred payments on acquisitions   708
Right-of-use assets acquired through operating leases 6,507 4,186
Right-of-use assets acquired through financing leases 17 45
Net assets and liabilities assumed in a non-cash acquisition 116  
Estimated present value of contingent-earn out consideration 11  
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 16 39,894
Payments on ABL Facility (5,016) (47,320)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (3,980) $ (400)