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 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
OPERATING ACTIVITIES          
Net loss     $ (43,545) $ (1,029)  
Adjustments to reconcile net loss to net cash provided by operating activities:          
Non-cash stock-based compensation $ 129 $ 54 340 228  
Depreciation and amortization     10,291 9,500  
Amortization of deferred financing costs     1,277 732  
Non-cash lease expense     6,889 6,631  
Accretion of acquisition-related deferred payments and contingent earn-out consideration     14 0  
Provision for bad debts     (1,654) (437)  
Deferred income taxes     (11,655) (1,260)  
Change in the estimated fair value of contingent earn-out consideration (100) 0 (102) (5)  
Impairment of indefinite-lived long-term assets other than goodwill 35,113 7,725 38,376 11,660  
Impairment of goodwill 733 0 2,580 127 $ 127
(Gain) loss on early retirement of long-term debt 0 0 60 18  
Net (gain) loss on the disposition of assets (456) 167 (334) (8,461)  
Changes in operating assets and liabilities:          
Accounts receivable and unbilled revenue     3,622 (5,806)  
Income taxes receivable     (148) 0  
Inventories     130 (497)  
Prepaid expenses and other current assets     (2,567) (1,664)  
Accounts payable and accrued expenses     4,845 9,742  
Operating lease liabilities     (7,298) (6,626)  
Contract liabilities     (2,548) (803)  
Deferred rent income     (47) (116)  
Other liabilities     (6) (518)  
Income taxes payable     0 (1,404)  
Net cash provided by (used in) operating activities     (1,480) 10,012  
INVESTING ACTIVITIES          
Cash paid for capital expenditures net of tenant improvement allowances     (7,483) (9,241)  
Capital expenditures reimbursable under tenant improvement allowances and trade agreements     (95) (58)  
Deposits paid on broadcast assets and radio station acquisitions     0 (750)  
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     4,271 14,151  
Other     143 62  
Net cash provided by (used in) investing activities     (10,224) 4,426  
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     (4,205) (38)  
Payments of acquisition-related contingent earn-out consideration     (106) (4)  
Proceeds from the exercise of stock options     0 98  
Payments on financing lease liabilities     (43) (47)  
Book overdraft     (1,227) 0  
Net cash provided by (used in) financing activities     11,704 (15,385)  
Net increase in cash and cash equivalents     0 (947)  
Cash and cash equivalents at beginning of year     0 1,785 1,785
Cash and cash equivalents at end of year $ 0 $ 838 0 838 $ 0
Supplemental disclosures of cash flow information:          
Cash paid for interest     6,337 6,209  
Cash paid for interest on finance lease liabilities     4 5  
Net cash paid for (received from) income taxes     185 1,429  
Other supplemental disclosures of cash flow information:          
Barter revenue     2,394 2,118  
Barter expense     2,299 2,104  
Non-cash investing and financing activities:          
Capital expenditures reimbursable under tenant improvement allowances     95 58  
Right-of-use assets acquired through operating leases     8,965 7,522  
Right-of-use assets acquired through financing leases     41 20  
Net assets and liabilities assumed in a non-cash acquisition     5,020 0  
Estimated present value of contingent-earn out consideration     358 2  
Abl Facility [Member]          
FINANCING ACTIVITIES          
Proceeds from borrowings under ABL Facility     162,428 26,231  
Payments on ABL Facility     $ (150,862) $ (26,231)