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, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 10,856 $ 2,580
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 174 162
Depreciation and amortization 6,466 6,456
Amortization of deferred financing costs 496 426
Non-cash lease expense 4,414 4,348
Provision for bad debts (102) (325)
Deferred income taxes (1,204) (403)
Change in the estimated fair value of contingent earn-out consideration (5) 0
Impairment of indefinite-lived long-term assets other than goodwill 3,935 0
Impairment of goodwill 127 0
(Gain) loss on early retirement of long-term debt 18 0
Net (gain) loss on the disposition of assets (8,628) 55
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (5,314) 421
Inventories (568) (224)
Prepaid expenses and other current assets (1,608) (319)
Accounts payable and accrued expenses 5,162 453
Operating lease liabilities (4,324) (4,931)
Contract liabilities (167) 1,310
Deferred rent income (88) 111
Other liabilities (518) 35
Income taxes payable (1,322) 42
Net cash provided by operating activities 7,800 10,197
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (6,153) (3,994)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (52) (19)
Deposit on broadcast assets and radio station acquisitions 0 (100)
Purchases of broadcast assets and radio stations (548) (600)
Return of equity investment in OneParty America LLC 4,500 0
Equity investment in OneParty America LLC (3,500) (500)
Proceeds from sale of assets 14,150 3,627
Other 106 (314)
Net cash provided by (used in) investing activities 8,313 (3,200)
FINANCING ACTIVITIES    
Payments to repurchase 2024 Notes (15,394) 0
Proceeds from borrowings under PPP Loans 0 11,195
Payments of debt issuance costs (37) (19)
Proceeds from the exercise of stock options 94 392
Payments on financing lease liabilities (31) (32)
Net cash provided by (used in) financing activities (15,358) 6,536
Net increase in cash and cash equivalents 755 13,533
Cash and cash equivalents at beginning of year 1,785 6,325
Cash and cash equivalents at end of period 2,540 19,858
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized interest 6,156 7,391
Cash paid for interest on finance lease liabilities 4 4
Net cash paid for (received from) income taxes 1,233 3
Other supplemental disclosures of cash flow information:    
Barter revenue 1,525 1,065
Barter expense 1,632 1,092
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 52 19
Right-of-use assets acquired through operating leases 5,569 1,957
Right-of-use assets acquired through financing leases 17 4
Non-cash capital expenditures for property & equipment acquired under trade agreements 0 27
Net assets and liabilities assumed in a non-cash acquisition 0 129
Estimated present value of contingent-earn out consideration 6 11
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 26,229 16
Payments on ABL Facility (26,219) (5,016)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (190) $ (1,300)