Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES    
Net income (loss) $ (3,236) $ 41,514
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 284 319
Depreciation and amortization 12,611 12,828
Amortization of deferred financing costs 963 1,051
Non-cash lease expense 8,845 8,713
Accretion of acquisition-related deferred payments and contingent earn-out consideration 5 0
Provision for bad debts (1,270) (261)
Deferred income taxes (280) (1,871)
Change in the estimated fair value of contingent earn-out consideration (5) 0
Impairment of indefinite-lived long-term assets other than goodwill 13,985 0
Impairment of goodwill 127 0
Gain on the forgiveness of PPP loans 0 (11,212)
Gain (loss) on early retirement of debt (48) 1,026
Net (gain) loss on the disposition of assets (8,376) (23,575)
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (4,370) (1,101)
Income taxes receivable (195) 0
Inventories (427) (465)
Prepaid expenses and other current assets (847) (20)
Accounts payable and accrued expenses 2,006 2,854
Operating lease liabilities (9,088) (9,780)
Contract liabilities (729) 1,656
Deferred rent income (151) (209)
Other liabilities (518) 43
Income taxes payable (1,544) 981
Net cash provided by operating activities 7,742 22,491
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (13,286) (10,784)
Capital expenditures reimbursable under tenant improvement allowances (96) (130)
Deposit on broadcast assets and radio station acquisitions (750) (160)
Purchases of broadcast assets and radio stations (957) (600)
Return of equity investment in OnePartyAmerica LLC 4,500 0
Equity investment in OnePartyAmerica LLC (3,500) (1,000)
Deferred payments on acquisitions 0 (700)
Proceeds from sale of long-lived assets 14,159 29,278
Other 247 (314)
Net cash provided by (used in) investing activities (898) 11,610
FINANCING ACTIVITIES    
Proceeds from 2028 Notes 0 114,731
Payments to repurchase or exchange 2024 Notes (20,916) (158,699)
Proceeds from borrowings under ABL Facility 51,995 16
Payments under PPP loans 0 17
Payments of debt issuance costs (51) (1,921)
Payments of acquisition-related contingent earn-out consideration (4) 0
Proceeds from the exercise of stock options 98 1,099
Payments on financing lease liabilities (63) (63)
Book overdraft 3,349 0
Net cash used in financing activities (8,629) (38,641)
Net increase (decrease) in cash and cash equivalents (1,785) (4,540)
Cash and cash equivalents at beginning of year 1,785 6,325
Cash and cash equivalents at end of year 0 1,785
Supplemental disclosures of cash flow information:    
Cash paid for interest 11,842 14,897
Cash paid for interest on finance lease liabilities 7 8
Cash paid for income taxes, net of refunds 1,626 131
Other supplemental disclosures of cash flow information:    
Barter revenue 3,031 2,567
Barter expense 2,839 2,633
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 96 130
Non-cash capital expenditures for property & equipment acquired under trade agreements 0 27
Right-of-use assets acquired through operating leases 9,675 6,507
Right-of-use assets acquired through financing leases 20 17
Net assets and liabilities assumed in a non-cash acquisition 0 116
Estimated present value of contingent-earn out consideration 288 11
Abl Facility [Member]    
FINANCING ACTIVITIES    
Payments on ABL Facility (43,037) (5,016)
Proceeds from borrowings under PPP Loans 0 11,195
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets (790) (3,980)
SALM Publishing Enterprise Valuations [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (425) $ 0