XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:            
Consolidated net income (loss) $ 23,375   $ (7,818) $ 24,749 $ (9,165)  
Adjustments to reconcile net income (loss) to net cash from operating activities:            
Depreciation and amortization       24,869 25,548  
Amortization of debt financing costs       2,151 2,900  
Amortization of content assets       32,315 35,468  
Amortization of launch assets       317 324  
Deferred income taxes       (10,732) (5,960)  
Impairment of long-lived assets 0   16,392 6,556 29,148  
Stock-based compensation 1,100   1,700 3,635 1,946  
(Gain) loss on retirement of debt (120) $ (1,200) (690) (985) 6,393 $ (7,100)
Gain on sale-leaseback 0   0 0 (14,411)  
Effect of change in operating assets and liabilities, net of assets acquired:            
Trade accounts receivable       5,297 (6,146)  
Prepaid expenses and other current assets       (101) (1,222)  
Other assets       (1,172) 1,916  
Accounts payable       (2,394) (184)  
Accrued interest       164 (963)  
Accrued compensation and related benefits       1,171 (6,317)  
Other liabilities       (5,254) 1,030  
Payment of launch support     0 0 (1,848)  
Payments for content assets       (36,416) (38,683)  
Net cash flows provided by operating activities       44,170 19,774  
CASH FLOWS FROM INVESTING ACTIVITIES:            
Purchases of property and equipment       (3,719) (4,483)  
Proceeds from sale of radio station       12,791 2,000  
Proceeds from sale-leaseback       0 25,000  
Acquisition of digital assets       0 (5,000)  
Acquisition of station and broadcasting assets       (4,763) (2,000)  
Net cash flows provided by investing activities       4,309 15,517  
CASH FLOWS FROM FINANCING ACTIVITIES:            
Distribution of contingent consideration       (752) 0  
Proceeds from exercise of stock options       85 0  
Repayment of 2020 Notes       (28,892) (19,369)  
Debt refinancing costs and original issue discount       0 (8,860)  
Repurchase of share-based equity awards       (1,077) 0  
Payment of dividends to noncontrolling interest members of Reach Media       (801) 0  
Repurchase of common stock       (6,130) (4,396)  
Net cash flows used in financing activities       (40,192) (29,125)  
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH       8,287 6,166  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   52,947   37,811 46,781 46,781
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 46,098 $ 37,811 $ 52,947 46,098 52,947 $ 37,811
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
Cash paid for: Interest       55,108 58,210  
Cash paid for: Income taxes, net of refunds       1,289 629  
NON-CASH FINANCIAL AND INVESTING ACTIVITIES:            
Purchases of property and equipment       329 0  
2017 Credit Facility [Member]            
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds from 2017 Credit Facility       0 350,000  
Repayment of credit facility       (2,625) (1,750)  
2015 Credit Facility [Member]            
CASH FLOWS FROM FINANCING ACTIVITIES:            
Repayment of credit facility       $ 0 $ (344,750)