Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES    
Net income $ 5,901 $ 5,895
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 458 657
Tax benefit related to stock options exercised 264 114
Depreciation and amortization 12,623 13,342
Amortization of debt issuance costs 475 471
Accretion of discount on Term Loan B 155 140
Accretion of acquisition-related deferred payments and contingent consideration 55 286
Provision for bad debts 688 1,746
Deferred income taxes 5,684 3,489
Change in the fair value of interest rate swap 1,325 2,486
Change in the estimated fair value of contingent earn-out consideration (458) (792)
Loss on early retirement of long-term debt 32 41
Impairment of long-lived assets 700 0
(Gain) loss on the sale or disposal of assets (2,008) 156
Changes in operating assets and liabilities:    
Accounts receivable 3,632 1,896
Inventories 147 (487)
Prepaid expenses and other current assets (718) (2,044)
Accounts payable and accrued expenses 4,143 (1,457)
Deferred revenue (6,695) (801)
Other liabilities 0 448
Income taxes payable 106 (154)
Net cash provided by operating activities 26,509 25,432
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances and non-cash transactions from trade agreements (7,240) (6,317)
Capital expenditures reimbursable under tenant improvement allowances and non-cash transactions from trade agreements (486) (2,735)
Escrow deposits related to acquisitions (228) (112)
Purchases of broadcast assets and radio stations (718) (8,686)
Purchases of publishing businesses assets (3,318) 0
Proceeds from sale of broadcast assets 3,147 10
Other (398) (429)
Net cash used in investing activities (12,394) (22,598)
FINANCING ACTIVITIES    
Payments of acquisition-related contingent earn-out consideration (99) (1,193)
Payments of deferred installments on acquisitions (3,421) (935)
Proceeds from the exercise of stock options 969 314
Payments of capital lease obligations (80) (87)
Payment of cash distributions on common stock (5,000) (4,956)
Book overdraft 734 1,905
Net cash used in financing activities (14,133) (2,681)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Net increase (decrease) in cash and cash equivalents (18) 153
Cash and cash equivalents at the beginning of year 98 33
Cash and cash equivalents at end of period 80 186
Cash paid during the period for:    
Cash paid for interest, net of capitalized interest 10,644 10,675
Cash paid for income taxes 67 327
Other supplemental disclosures of cash flow information:    
Barter revenue 3,886 4,701
Barter expense 3,734 4,358
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 486 2,709
Non-cash capital expenditures for property & equipment acquired under trade agreements 0 20
Estimated present value of contingent earn-out consideration 0 300
Current value of deferred cash payments (short-term) 1,566 0
Term Loan B [Member]    
FINANCING ACTIVITIES    
Repayments of borrowings (5,000) (2,000)
Revolver [Member]    
FINANCING ACTIVITIES    
Repayments of borrowings (37,837) (40,059)
Proceeds from borrowings under Revolver 35,601 44,330
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (3,153) $ (4,329)