XML 21 R9.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 7,735 $ (2,411)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Bad debt expense (104) (1,278)
Depreciation and amortization 1,850 2,597
Amortization of debt financing costs 509 481
Amortization of launch assets 1,245 1,254
Amortization of content assets 11,444 13,158
Deferred income taxes 2,502 (1,178)
Amortization of right of use assets 2,645 2,140
Impairment of goodwill, intangible assets, and long-lived assets 0 16,775
Stock-based compensation expense 1,384 3,278
Gain on retirement of debt (7,874) (2,356)
Other (935) 43
Effect of change in operating assets and liabilities, net of assets acquired:    
Trade accounts receivable, net 10,020 19,903
Prepaid expenses and other current assets 1,067 (1,289)
Other assets (3,448) 1,511
Content assets and payables (15,217) (10,388)
Accounts payable 1,615 (2,880)
Accrued interest (14,303) (14,135)
Accrued compensation and related benefits (1,622) (7,275)
Other liabilities (990) (846)
Net cash flows (used in) provided by operating activities (2,477) 17,104
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (1,814) (2,009)
Restricted cash derecognized in deconsolidation of joint venture 0 (26,000)
Proceeds from sale of joint venture interest 0 6,563
Proceeds from sale of equity securities 829 0
Cash receipts on receivable related to disposition of station 2,000 0
Investment in unconsolidated joint venture (609) 0
Net cash flows provided by (used in) investing activities 406 (21,446)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Purchase of ownership interest in Reach Media (7,603) 0
Repayments of long-term debt (66,225) (22,281)
Repurchase of common stock (1,386) (1,324)
Release of secured letters of credit deposit 1,260 0
Payment of dividends to noncontrolling interest members of Reach Media (1,799) (2,001)
Net cash flows used in financing activities (75,753) (25,606)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (77,824) (29,948)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 233,570 101,879
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 155,746 71,931
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for: Interest 26,777 27,723
Cash paid for: Income taxes, net of refunds 1,575 69
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:    
Operating right-of-use assets obtained in exchange for lease obligations 3,921 938
Non-cash content asset additions 5,339 3,730
Adjustment of redeemable noncontrolling interests to estimated redemption value $ 1,004 $ 1,308