v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 2,957 $ (1,511)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,696 4,415
Amortization of debt discount and deferred financing costs 1,114 762
Non-cash lease income (263) (403)
Net deferred taxes and other (15,792) (3,213)
Allowance for credit losses 623 1,016
Stock-based compensation expense 3,731 4,188
Loss on extinguishment of debt 0 1,452
Trade and barter activity, net (592) 188
Impairment of intangible assets 8,588 0
Net gain on sales and retirements of assets (501) 0
Amortization of content rights 370 370
Change in content rights liabilities (467) (391)
Other 42 1,141
Changes in assets and liabilities    
Accounts receivable 2,375 7,933
Prepaid expenses and other assets (1,968) (1,860)
Accounts payable (75) 2,446
Accrued expenses (187) (8,300)
Accrued interest (454) (8,507)
Other long-term liabilities (2) 208
Net cash provided by (used in) operating activities 4,195 (66)
Cash flows from investing activities:    
Purchases of property and equipment (3,637) (4,475)
Net proceeds from sales of assets 737 127
Proceeds from insurance recoveries 9 4
Net cash used in investing activities (2,891) (4,344)
Cash flows from financing activities:    
Repayment and repurchases of 2026 Notes 0 (467,436)
Proceeds from Term Loan 0 446,400
Fixed quarterly repayments of Term Loan (2,938) 0
Deferred financing costs 0 (4,646)
Borrowings under the revolving credit facility 3,000 10,000
Repayment of borrowings under the revolving credit facility 0 (3,000)
Dividend payments (3,687) (3,148)
Proceeds from stock options exercised 130 658
Shares withheld in lieu of employee tax withholding 0 (1,432)
Withholdings for shares issued under the ESPP 174 289
Repayments of capitalized obligations (295) (414)
Net cash used in financing activities (3,616) (22,729)
Cash and cash equivalents and restricted cash:    
Net decrease in cash, cash equivalents and restricted cash (2,312) (27,139)
Beginning of period 4,817 32,990
End of period 2,505 5,851
Cash payments:    
Interest 10,632 17,959
Income and Franchise taxes 80 56
Supplemental Disclosure of Non-cash Activities:    
Dividends declared, but not paid during the period 3,967 3,504
Accrued financing costs 0 879
Property and equipment acquired in exchange for advertising [1] 316 351
Accrued capital expenditures 210 711
Supplemental Disclosure of Cash Flow Information relating to Leases:    
Cash paid for amounts included in the measurement of operating lease liabilities, included in operating cash flows 2,963 3,123
Right-of-use assets obtained in exchange for operating lease obligations 2,165 1,046
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 2,182 5,528
Restricted cash 323 323
Cash, cash equivalents, and restricted cash $ 2,505 $ 5,851
[1] Represents total advertising services provided by the Company in exchange for property and equipment during each of the three months ended March 31, 2026 and 2025, respectively.