Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES      
Net income $ 24,644 $ 8,873 $ 11,150
Adjustments to reconcile net income to net cash provided by operating activities:      
Non-cash stock-based compensation 1,721 582 771
Tax benefit related to stock options exercised 0 255 133
Depreciation and amortization 16,962 17,276 17,741
Amortization of deferred financing costs 940 631 628
Accretion of financing items 74 206 188
Accretion of acquisition-related deferred payments and contingent earn-out consideration 42 70 349
Provision for bad debts 2,196 941 1,733
Deferred income taxes (20,932) 4,089 6,313
Impairment of long-lived assets 0 700 0
Impairment of indefinite-lived long-term assets other than goodwill 19 7,041 0
Impairment of goodwill 0 32 439
Impairment of amortizable intangible assets 0 8 0
Change in the fair value of interest rate swap (357) (285) 1,273
Change in the estimated fair value of contingent earn-out consideration (23) (689) (1,715)
(Gain) loss on the sale or disposal of assets 3,905 (1,901) 181
Gain on bargain purchase 0 (95) (1,357)
Loss on early retirement of debt 2,775 87 41
Changes in operating assets and liabilities:      
Accounts receivable 144 4,236 1,461
Inventories (60) 223 (307)
Prepaid expenses and other current assets (537) (2) (705)
Accounts payable and accrued expenses (3,041) (819) (6,482)
Deferred rent (79) 1,330 3,745
Deferred revenue (1,009) (4,106) (72)
Other liabilities (3) 33 703
Income taxes payable (51) 150 (81)
Net cash provided by operating activities 27,330 38,866 36,130
INVESTING ACTIVITIES      
Cash paid for capital expenditures net of tenant improvement allowances (8,534) (9,414) (8,833)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (50) (620) (3,034)
Escrow deposits related to acquisitions 0 (36) 0
Deposit received under option agreement for radio station sales 0 450 0
Acquisitions of broadcast assets and radio stations (2,282) (1,758) (12,411)
Proceeds from the sale of assets 2,456 3,147 10
Other (242) (606) (443)
Net cash used in investing activities (10,342) (15,493) (29,183)
FINANCING ACTIVITIES      
Payment of interest rate swap (783) 0 0
Proceeds from Notes offering 255,000 0 0
Payments of debt issuance costs (7,035) 0 0
Payments of acquisition-related contingent earn-out consideration (14) (111) (1,204)
Payments of deferred installments due from acquisition activity (225) (3,621) (935)
Proceeds from the exercise of stock options 514 993 385
Payment of cash distribution on common stock (6,790) (6,678) (6,612)
Payments on capital lease obligations (122) (107) (112)
Book overdraft (3,184) 12 2,075
Net cash used in financing activities (17,115) (23,341) (6,882)
CASH FLOWS FROM DISCONTINUED OPERATIONS      
Net increase (decrease) in cash and cash equivalents (127) 32 65
Cash and cash equivalents at beginning of year 130 98 33
Cash and cash equivalents at end of year 3 130 98
Cash paid during the year for:      
Cash paid for interest net of capitalized interest 14,237 14,038 14,289
Cash paid for income taxes 96 78 330
Other supplemental disclosures of cash flow information:      
Barter revenue 5,939 5,470 6,204
Barter expense 5,675 5,341 5,990
Non-cash investing and financing activities:      
Capital expenditures reimbursable under tenant improvement allowances 50 620 2,998
Non-cash capital expenditures for property & equipment acquired under trade agreements 39 0 36
Net assets and liabilities assumed non-cash acquisition 2,852 0 0
Estimated present value of contingent earn-out consideration 0 66 300
Current value of deferred cash payments (short-term) 0 1,640 21
Assets acquired under capital leases 16 0 0
Revolver [Member]      
FINANCING ACTIVITIES      
Payments on Term Loan B, Revolver and ABL Facility (81,214) (46,738) (58,698)
Proceeds from borrowings under Revolver and ABL Facility 89,738 43,909 60,219
Term Loan B [Member]      
FINANCING ACTIVITIES      
Payments on Term Loan B, Revolver and ABL Facility (263,000) (11,000) (2,000)
Digital Media [Member]      
INVESTING ACTIVITIES      
Acquisitions of digital media and publishing businesses and assets (1,690) (3,253) (4,472)
Publishing Enterprise Valuations [Member]      
INVESTING ACTIVITIES      
Acquisitions of digital media and publishing businesses and assets $ 0 $ (3,403) $ 0