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 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
OPERATING ACTIVITIES          
Net income (loss)     $ (12,248) $ 10,856  
Adjustments to reconcile net income to net cash provided by operating activities:          
Non-cash stock-based compensation $ 136 $ 68 211 174  
Depreciation and amortization     6,914 6,466  
Amortization of deferred financing costs     835 496  
Non-cash lease expense     4,600 4,414  
Accretion of acquisition-related deferred payments and contingent earn-out consideration     9 0  
Provision for bad debts     (1,060) (102)  
Deferred income taxes     (2,831) (1,204)  
Change in the estimated fair value of contingent earn-out consideration 0 0 (2) (5)  
Impairment of indefinite-lived long-term assets other than goodwill 1,139 3,935 3,263 3,935  
Impairment of goodwill 1,847 127 1,847 127 $ 127
(Gain) loss on early retirement of long-term debt 0 (35) 60 18  
Net (gain) loss on the disposition of assets 143 (6,893) 122 (8,628)  
Changes in operating assets and liabilities:          
Accounts receivable and unbilled revenue     2,649 (5,314)  
Income taxes receivable     (154) 0  
Inventories     205 (568)  
Prepaid expenses and other current assets     (1,709) (1,608)  
Accounts payable and accrued expenses     (585) 5,162  
Operating lease liabilities     (3,861) (4,324)  
Contract liabilities     (1,688) (167)  
Deferred rent income     (27) (88)  
Other liabilities     (4) (518)  
Income taxes payable     0 (1,322)  
Net cash provided by (used in) operating activities     (3,454) 7,800  
INVESTING ACTIVITIES          
Cash paid for capital expenditures net of tenant improvement allowances     (5,279) (6,153)  
Capital expenditures reimbursable under tenant improvement allowances and trade agreements     (62) (52)  
Purchases of broadcast assets and radio stations     (5,535) (548)  
Purchases of digital media businesses and assets     (25) (190)  
Return of equity investment in limited liability corporations     0 4,500  
Equity investment in limited liability corporations     (1,500) (3,500)  
Proceeds from sale of assets     3,500 14,150  
Other     221 106  
Net cash provided by (used in) investing activities     (8,680) 8,313  
FINANCING ACTIVITIES          
Proceeds from the issuance of 2028 Notes     44,685 0  
Payments to repurchase or exchange 2024 Notes     (38,966) (15,394)  
Payments of debt issuance costs     (4,056) (37)  
Payments of acquisition-related contingent earn-out consideration     (30) 0  
Proceeds from the exercise of stock options     0 94  
Payments on financing lease liabilities     (30) (31)  
Book overdraft     (3,124) 0  
Net cash provided by (used in) financing activities     12,136 (15,358)  
Net increase in cash and cash equivalents     2 755  
Cash and cash equivalents at beginning of year     0 1,785 1,785
Cash and cash equivalents at end of year $ 2 $ 2,540 2 2,540 $ 0
Supplemental disclosures of cash flow information:          
Cash paid for interest     5,965 6,156  
Cash paid for interest on finance lease liabilities     2 4  
Net cash paid for (received from) income taxes     148 1,233  
Other supplemental disclosures of cash flow information:          
Barter revenue     1,552 1,525  
Barter expense     1,580 1,632  
Non-cash investing and financing activities:          
Capital expenditures reimbursable under tenant improvement allowances     62 52  
Right-of-use assets acquired through operating leases     5,747 5,569  
Right-of-use assets acquired through financing leases     39 17  
Net assets and liabilities assumed in a non-cash acquisition     5,020 0  
Estimated present value of contingent-earn out consideration     529 6  
Abl Facility [Member]          
FINANCING ACTIVITIES          
Proceeds from borrowings under ABL Facility     115,348 26,229  
Payments on ABL Facility     $ (101,691) $ (26,219)