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
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income (loss) $ (5,154) $ 1,739
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 75 106
Depreciation and amortization 3,393 3,276
Amortization of deferred financing costs 480 247
Non-cash lease expense 2,253 2,202
Accretion of acquisition-related deferred payments and contingent earn-out consideration 5 0
Provision for bad debts (612) (209)
Deferred income taxes (2,243) (5)
Change in the estimated fair value of contingent earn-out consideration (2) (5)
Impairment of indefinite-lived long-term assets other than goodwill 2,124 0
(Gain) loss on early retirement of long-term debt 60 53
Net (gain) loss on the disposition of assets (21) (1,735)
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue 2,860 (2,229)
Income taxes receivable (38) 0
Inventories (195) (411)
Prepaid expenses and other current assets (987) (748)
Accounts payable and accrued expenses 1,039 4,024
Operating lease liabilities (2,596) (1,852)
Contract liabilities (985) 136
Deferred rent income (20) (58)
Other liabilities (6) 0
Income taxes payable 0 (218)
Net cash provided by (used in) operating activities (570) 4,313
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (2,614) (3,439)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (18) (40)
Purchases of broadcast assets and radio stations (5,535) (540)
Purchases of digital media businesses and assets (25) 0
Equity investment in limited liability corporations (1,500) (2,000)
Proceeds from sale of long-lived assets 0 2,001
Other 190 (858)
Net cash used in investing activities (9,502) (4,876)
FINANCING ACTIVITIES    
Proceeds from 2028 Notes 44,685 0
Payments to repurchase or exchange 2024 Notes (38,966) (2,531)
Payments of debt issuance costs (3,957) 0
Payments of acquisition-related contingent earn-out consideration (1) 0
Proceeds from the exercise of stock options 0 94
Payments on financing lease liabilities (15) (16)
Book overdraft (897) 1,231
Net cash provided by (used in) financing activities 10,075 (1,222)
Net increase (decrease) in cash and cash equivalents 3 (1,785)
Cash and cash equivalents at beginning of year 0 1,785
Cash and cash equivalents at end of year 3 0
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,029 63
Cash paid for interest on finance lease liabilities 1 2
Net cash paid for (received from) income taxes 5 12
Other supplemental disclosures of cash flow information:    
Barter revenue 736 846
Barter expense 792 759
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 18 40
Right-of-use assets acquired through operating leases 3,125 5,011
Right-of-use assets acquired through financing leases 0 14
Net assets and liabilities assumed in a non-cash acquisition 5,020 0
Estimated present value of contingent-earn out consideration 554 6
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 61,593 6,257
Payments on ABL Facility $ (52,367) $ (6,257)