XML 20 R9.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (2,411,000) $ 17,114,000
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Bad debt expense (1,278,000) 311,000
Depreciation and amortization 2,597,000 2,405,000
Amortization of debt financing costs 481,000 501,000
Amortization of launch assets 1,254,000 652,000
Amortization of content assets 13,158,000 10,532,000
Deferred income taxes (1,178,000) 5,465,000
Amortization of right of use assets 2,140,000 2,132,000
Impairment of goodwill, intangible assets, and long-lived assets 16,775,000  
Non-cash fair value adjustment of Employment Agreement Award (144,000) 579,000
Stock-based compensation 3,278,000 124,000
Gain on retirement of debt (2,356,000)  
Loss on deconsolidation of RVAEH 187,000  
Effect of change in operating assets and liabilities, net of assets acquired:    
Trade accounts receivable, net 19,903,000 13,336,000
Prepaid expenses and other current assets (1,289,000) (329,000)
Other assets 1,511,000 (216,000)
Content assets (10,388,000) (11,292,000)
Accounts payable (2,880,000) (2,586,000)
Accrued interest (14,135,000) (15,192,000)
Accrued compensation and related benefits (7,275,000) (4,125,000)
Other liabilities (846,000) (3,955,000)
Net cash flows provided by operating activities 17,104,000 15,456,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (2,009,000) (1,576,000)
Restricted cash derecognized in deconsolidation of RVAEH (26,000,000)  
Proceeds from sale of RVAEH interest 6,563,000  
Net cash flows used in investing activities (21,446,000) (1,576,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Contributions from noncontrolling interest members of RVAEH   278,000
Payments of long-term debt (22,281,000)  
Repurchase of common stock (1,324,000) (10,000)
Payment of dividend to noncontrolling interest shareholders of Reach Media (2,001,000)  
Net cash flows (used in) provided by financing activities (25,606,000) 268,000
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (29,948,000) 14,148,000
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 101,879,000 158,718,000
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period 71,931,000 172,866,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for: Interest 27,723,000 30,619,000
Cash paid for: Income taxes, net of refunds 69,000 2,000
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:    
Right of use asset and lease liability additions 938,000 435,000
Non-cash launch additions 0 18,750,000
Adjustment of redeemable noncontrolling interests to estimated redemption value $ 1,308,000 $ 871,000