v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES    
Net loss $ (27,839) $ (3,192)
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 1,460 543
Depreciation and amortization 15,934 18,226
Amortization of deferred financing costs 1,060 1,114
Non-cash lease expense 9,026  
Accretion of acquisition-related deferred payments and contingent earn-out consideration 5 24
Provision for bad debts 2,066 2,098
Deferred income taxes 3,506 2,191
Impairment of indefinite-lived long-term assets other than goodwill 2,925 2,870
Impairment of goodwill 2,427  
Change in the estimated fair value of contingent earn-out consideration (41) 76
Net (gain) loss on the disposition of assets 22,326 4,653
Gain on early retirement of debt (1,670) (648)
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (595) (2,814)
Inventories (440) 53
Prepaid expenses and other current assets 617 308
Accounts payable and accrued expenses (2,009) 1,031
Deferred rent expense   (152)
Operating lease liabilities (10,112)  
Contract liabilities (1,657) (3,365)
Deferred rent income (209) (135)
Other liabilities (34) (15)
Income taxes payable 264 95
Net cash provided by operating activities 17,010 22,961
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (7,757) (9,267)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (28) (77)
Purchases of broadcast assets and radio stations (35) (6,534)
Proceeds from sale of assets 20,741 9,894
Other (738) (420)
Net cash provided by (used in) investing activities 10,933 (10,724)
FINANCING ACTIVITIES    
Payments to repurchase 6.75% Senior Secured Notes (16,751) (15,443)
Refunds (payments) of debt issuance costs (44) (50)
Payments of acquisition-related contingent earn-out consideration   (140)
Proceeds from the exercise of stock options   43
Payment of cash distribution on common stock (5,827) (6,806)
Payments on financing lease liabilities (83) (85)
Book overdraft 1,885 (302)
Net cash used in financing activities (28,054) (12,123)
Net increase (decrease) in cash and cash equivalents (111) 114
Cash and cash equivalents at beginning of year 117 3
Cash and cash equivalents at end of year 6 117
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized interest 16,530 17,208
Cash paid for interest on finance lease liabilities 9 23
Cash paid for income taxes, net of refunds 207 186
Other supplemental disclosures of cash flow information:    
Barter revenue 5,688 6,837
Barter expense 5,075 6,184
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 28 77
Non-cash capital expenditures for property & equipment acquired under trade agreements 45 33
Deferred payments on acquisitions   275
Right-of-use assets acquired through operating leases 1,882  
Right-of-use assets acquired through financing leases 24 154
Estimated present value of contingent-earn out consideration 19 52
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 111,790 153,650
Payments on ABL Facility (119,024) (142,990)
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (1,250) $ (4,320)

Source