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
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES    
Net income $ 2,286 $ 5,901
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 1,693 458
Tax benefit related to stock options exercised 0 264
Depreciation and amortization 12,591 12,623
Amortization of deferred financing costs 645 475
Accretion of financing items 74 155
Accretion of acquisition-related deferred payments and contingent consideration 32 55
Provision for bad debts 1,548 688
Deferred income taxes 1,409 5,684
Change in the fair value of interest rate swap (357) 1,325
Change in the estimated fair value of contingent earn-out consideration (54) (458)
Impairment of long-lived assets 0 700
Impairment of indefinite-lived long-term assets other than goodwill 19 0
Loss on early retirement of long-term debt 2,775 32
Net gain on the sale or disposal of assets (410) (2,008)
Changes in operating assets and liabilities:    
Accounts receivable (463) 4,380
Inventories (139) 147
Prepaid expenses and other current assets (1,001) (718)
Accounts payable and accrued expenses 4,879 (39)
Deferred rent 3 1,183
Deferred revenue (310) (4,444)
Other liabilities (3) 0
Income taxes payable (49) 106
Net cash provided by operating activities 25,168 26,509
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (6,800) (7,240)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (50) (486)
Escrow deposits related to acquisitions (30) (228)
Purchases of broadcast assets and radio stations (1,662) (718)
Proceeds from sale of broadcast assets 602 3,147
Other (224) (398)
Net cash used in investing activities (9,854) (12,394)
FINANCING ACTIVITIES    
Payment of interest rate swap (783) 0
Proceeds from bond offering 255,000 0
Payment of debt issuance costs (6,837) 0
Payments of acquisition-related contingent earn-out consideration (14) (99)
Payments of deferred installments due from acquisition activity (225) (3,421)
Proceeds from the exercise of stock options 501 969
Payments of capital lease obligations (93) (80)
Payment of cash distributions on common stock (5,089) (5,000)
Book overdraft (1,053) 734
Net cash used in financing activities (15,440) (14,133)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Net decrease in cash and cash equivalents (126) (18)
Cash and cash equivalents at beginning of year 130 98
Cash and cash equivalents at end of period 4 80
Cash paid during the period for:    
Cash paid for interest, net of capitalized interest 4,962 10,644
Cash paid for income taxes 128 67
Other supplemental disclosures of cash flow information:    
Barter revenue 4,152 3,886
Barter expense 4,012 3,734
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 50 486
Current value of deferred cash payments (short-term) 0 1,566
Net assets and liabilities assumed non-cash acquisition 2,852 0
Assets acquired under capital leases 16 0
Debt issuance costs accrued 132 0
Term Loan B [Member]    
FINANCING ACTIVITIES    
Payments on Term Loan B, Revolver and ABL Facility (263,000) (5,000)
Revolver [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under Revolver and ABL Facility 60,133 35,601
Payments on Term Loan B, Revolver and ABL Facility (53,980) (37,837)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets (1,690) (3,153)
Publishing [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ 0 $ (3,318)