Cash Flow

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)

Source

PDF HTML

10-Q

ZIP XLS HTML

XBRL

Published: November 13, 2023