Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 323 $ (55,204)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Non-cash stock-based compensation 78 103
Depreciation and amortization 3,170 3,700
Amortization of deferred financing costs 213 227
Non-cash lease expense 2,161 2,252
Provision for bad debts (295) 1,900
Deferred income taxes 188 33,084
Change in the estimated fair value of contingent earn-out consideration   (5)
Impairment of indefinite-lived long-term assets other than goodwill   17,254
Impairment of goodwill 0 307
Gain on early retirement of long-term debt   (49)
Net (gain) loss on the disposition of assets 318 79
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue 2,549 2,419
Inventories (93) 70
Prepaid expenses and other current assets (750) (587)
Accounts payable and accrued expenses 2,490 4,478
Operating lease liabilities (2,497) (2,407)
Contract liabilities 1,122 133
Deferred rent income 170 (84)
Other liabilities 29 6
Income taxes payable 21 57
Net cash provided by operating activities 9,197 7,733
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (1,859) (1,587)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements   (84)
Deposit on broadcast assets and radio station acquisitions (100)  
Proceeds from sale of assets 3,501 2
Other (238) (428)
Net cash provided by (used in) investing activities 1,304 (2,097)
FINANCING ACTIVITIES    
Payments to repurchase 6.75% Senior Secured Notes   (3,392)
Proceeds from borrowings under PPP Loans 11,195  
Payments of debt issuance costs (3) (1)
Proceeds from the exercise of stock options 392  
Payments on financing lease liabilities (16) (18)
Payment of cash distribution on common stock   (667)
Book overdraft   (1,885)
Net cash provided by (used in) financing activities 6,568 (4,389)
Net increase in cash and cash equivalents 17,069 1,247
Cash and cash equivalents at beginning of year 6,325 6
Cash and cash equivalents at end of period 23,394 1,253
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized interest 51 163
Cash paid for interest on finance lease liabilities 2 2
Net cash paid for (received from) income taxes (79) 18
Other supplemental disclosures of cash flow information:    
Barter revenue 391 1,192
Barter expense 373 1,034
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances   84
Right-of-use assets acquired through operating leases 553 575
Right-of-use assets acquired through financing leases 2  
Non-cash capital expenditures for property & equipment acquired under trade agreements 6 4
Net assets and liabilities assumed in a non-cash acquisition 127  
Estimated present value of contingent-earn out consideration 11  
Abl Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from borrowings under ABL Facility 16 33,319
Payments on ABL Facility $ (5,016) $ (31,745)