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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES:    
Net income (loss) $ (62,949) $ 29,116
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 25,118 22,069
Net amortization of deferred financing costs (net of original issue discount and debt premium) 245 (97)
Net deferred taxes (benefit) and other (9,784) (3,752)
Provision for bad debts 9,224 1,819
Net (gain) loss on sale or disposal of assets (228) (2,914)
Non-cash stock-based compensation expense 4,224 6,966
Net loss on extinguishment of debt 0 1,781
Deferred compensation (1,097) 3,767
Impairment loss 5,207 0
Accretion expense, net of asset retirement obligation adjustments 31 34
Changes in assets and liabilities (net of effects of acquisitions, and dispositions):    
Accounts receivable 173,341 20,232
Prepaid expenses and deposits (22,388) (7,739)
Accounts payable and accrued liabilities (38,223) (8,528)
Accrued interest expense (169) 3,104
Accrued liabilities - long-term 2,071 (7,561)
Net cash provided by (used in) operating activities 84,623 58,297
INVESTING ACTIVITIES:    
Additions to property and equipment (14,975) (38,710)
Proceeds from sale of radio stations and other assets 10,416 24,692
Additions to amortizable intangible assets (1,118) (2,003)
Purchases of investments 0 (1,500)
Net cash provided by (used in) investing activities (5,677) (17,521)
FINANCING ACTIVITIES:    
Borrowing under the revolving senior debt 146,749 119,000
Net proceeds from the notes 0 325,000
Payments of long-term debt (13,250) (615,000)
Payments of revolving senior debt (20,000) 0
Payment for debt issuance costs 0 (3,910)
Proceeds from issuance of employee stock plan 241 743
Proceeds from the exercise of stock options 0 244
Purchase of vested employee restricted stock units (1,447) (2,726)
Payment of dividends on common stock (2,692) (24,917)
Payment of dividend equivalents on vested restricted stock units (718) (1,137)
Net cash provided by (used in) financing activities 108,883 (202,703)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 187,829 (161,927)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 20,393 192,258
CASH AND CASH EQUIVALENTS, END OF PERIOD 208,222 30,331
Cash paid during the period for:    
Interest 44,965 47,794
Income taxes $ 1,297 $ 14,546