v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 1,739 $ 323
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 106 78
Depreciation and amortization 3,276 3,170
Amortization of deferred financing costs 247 213
Non-cash lease expense 2,202 2,161
Provision for bad debts (209) (295)
Deferred income taxes (5) 188
Change in the estimated fair value of contingent earn-out consideration (5) 0
Loss on early retirement of long-term debt 53 0
Net (gain) loss on the disposition of assets (1,735) 318
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (2,229) 2,549
Inventories (411) (93)
Prepaid expenses and other current assets (748) (750)
Accounts payable and accrued expenses 4,024 2,490
Operating lease liabilities (1,852) (2,497)
Contract liabilities 136 1,122
Deferred rent income (58) 170
Other liabilities 0 29
Income taxes payable (218) 21
Net cash provided by operating activities 4,313 9,197
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (3,439) (1,859)
Capital expenditures reimbursable under tenant improvement allowances (40) 0
Deposit on broadcast assets and radio station acquisitions 0 (100)
Purchases of broadcast assets and radio stations (540) 0
Investment in LLC (2,000) 0
Proceeds from sale of long-lived assets 2,001 3,501
Other (858) (238)
Net cash provided by (used in) investing activities (4,876) 1,304
FINANCING ACTIVITIES    
Payments to repurchase 2024 Notes (2,531) 0
Proceeds from borrowings under PPP Loans 0 11,195
Payments of debt issuance costs 0 (3)
Proceeds from the exercise of stock options 94 392
Payments on financing lease liabilities (16) (16)
Book overdraft 1,231 0
Net cash provided by (used in) financing activities (1,222) 6,568
Net increase (decrease) in cash and cash equivalents (1,785) 17,069
Cash and cash equivalents at beginning of year 1,785 6,325
Cash and cash equivalents at end of period 0 23,394
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized interest 63 51
Cash paid for interest on finance lease liabilities 2 2
Net cash paid for (received from) income taxes 12 (79)
Other supplemental disclosures of cash flow information:    
Barter revenue 846 391
Barter expense 759 373
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 40 0
Right-of-use assets acquired through operating leases 5,011 553
Right-of-use assets acquired through financing leases 14 2
Non-cash capital expenditures for property & equipment acquired under trade agreements 0 6
Net assets and liabilities assumed in a non-cash acquisition 0 127
Estimated present value of contingent-earn out consideration 6 11
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 6,257 16
Payments on ABL Facility $ (6,257) $ (5,016)

Source