v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
OPERATING ACTIVITIES          
Net income     $ (1,029) $ 24,674  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Non-cash stock-based compensation $ 54 $ 78 228 240  
Depreciation and amortization     9,500 9,671  
Amortization of deferred financing costs     732 690  
Non-cash lease expense     6,631 6,527  
Provision for bad debts     (437) (248)  
Deferred income taxes     (1,260) 404  
Change in the estimated fair value of contingent earn-out consideration 0 0 (5) 0  
Impairment of indefinite-lived long-term assets other than goodwill 7,725 0 11,660 0  
Impairment of goodwill 0 0 127 0 $ 0
Gain on the forgiveness of PPP loans 0 (11,212) 0 (11,212)  
Gain (loss) on the early retirement of long-term debt 0 56 18 56  
Net (gain) loss on the disposition of assets 167 (10,607) (8,461) (10,552)  
Changes in operating assets and liabilities:          
Accounts receivable and unbilled revenue     (5,806) (67)  
Inventories     (497) (412)  
Prepaid expenses and other current assets     (1,664) (1,218)  
Accounts payable and accrued expenses     9,742 2,596  
Operating lease liabilities     (6,626) (7,317)  
Contract liabilities     (803) 782  
Deferred rent income     (116) 28  
Other liabilities     (518) 41  
Income taxes payable     (1,404) 63  
Net cash provided by operating activities     10,012 14,746  
INVESTING ACTIVITIES          
Cash paid for capital expenditures net of tenant improvement allowances     (9,241) (6,952)  
Capital expenditures reimbursable under tenant improvement allowances and trade agreements     (58) (138)  
Deposit on broadcast assets and radio station acquisitions     (750) (100)  
Purchases of broadcast assets and radio stations     (548) (600)  
Return of equity investment in OnePartyAmerica LLC     4,500 0  
Equity investment in OnePartyAmerica LLC     (3,500) (1,000)  
Proceeds from sale of long-lived assets     14,151 15,771  
Other     62 (227)  
Net cash provided by investing activities     4,426 2,774  
FINANCING ACTIVITIES          
Proceeds from 2028 Notes     0 114,731  
Payments to repurchase or exchange 2024 Notes     (15,394) (119,443)  
Proceeds from borrowings under PPP Loans     0 11,195  
Payments under PPP loans     0 17  
Payments of debt issuance costs     (38) (1,921)  
Payments of acquisition-related contingent earn-out consideration     (4) 0  
Proceeds from the exercise of stock options     98 405  
Payments on financing lease liabilities     (47) (48)  
Net cash used in financing activities     (15,385) (64)  
Net increase (decrease) in cash and cash equivalents     (947) 17,456  
Cash and cash equivalents at beginning of year     1,785 6,325 6,325
Cash and cash equivalents at end of period $ 838 $ 23,781 838 23,781 $ 1,785
Supplemental disclosures of cash flow information:          
Cash paid for interest, net of capitalized interest     6,209 9,628  
Cash paid for interest on finance lease liabilities     5 6  
Net cash paid for (received from) income taxes     1,429 13  
Other supplemental disclosures of cash flow information:          
Barter revenue     2,118 1,647  
Barter expense     2,104 1,699  
Non-cash investing and financing activities:          
Capital expenditures reimbursable under tenant improvement allowances     58 138  
Right-of-use assets acquired through operating leases     7,522 3,466  
Right-of-use assets acquired through financing leases     20 17  
Non-cash capital expenditures for property & equipment acquired under trade agreements     0 27  
Net assets and liabilities assumed in a non-cash acquisition     0 311  
Estimated present value of contingent-earn out consideration     2 11  
Abl Facility [Member]          
FINANCING ACTIVITIES          
Proceeds from borrowings under ABL Facility     26,231 16  
Payments on ABL Facility     (26,231) (5,016)  
Digital Media [Member]          
INVESTING ACTIVITIES          
Purchases of digital media businesses and assets     $ (190) $ (3,980)  

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