Salem media group, inc. /de/ (SALM)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
OPERATING ACTIVITIES
Net loss

-27,839

-3,192

24,644

-

-

-

-

-

-

-

-

Net income (loss)

-

-

-

8,873

11,150

5,475

-2,699

4,523

6,359

1,976

-

Adjustments to reconcile net income to net cash provided by operating activities:
Income (loss) from continuing operations

-

-

-

-

-

-

-

-

-

-

-8,263

Non-cash stock-based compensation

1,460

543

1,721

582

771

1,576

1,849

1,368

950

1,437

588

Tax benefit related to stock options exercised

-

-

-

255

133

120

339

-

-

-

-

Tax benefit related to stock options exercised

-

-

-

-

-

-

-

-228

-52

338

-

Depreciation and amortization

15,934

18,226

16,962

17,276

17,741

18,825

15,262

14,647

14,971

14,588

15,120

Amortization of deferred financing costs

1,060

1,114

940

631

628

643

853

1,291

1,556

1,639

-

Non-cash lease expense

9,026

-

-

-

-

-

-

-

-

-

-

Amortization of bond issue costs and bank loan fees

-

-

-

-

-

-

-

-

-

-

1,400

Accretion of financing items

-

-

-74

-206

-188

-187

-194

-179

-186

-189

-21

Accretion of acquisition-related deferred payments and contingent earn-out consideration

5

24

42

70

349

576

0

0

-

-

-

Provision for bad debts

2,066

2,098

2,196

941

1,733

3,026

3,456

2,554

2,069

2,198

4,881

Deferred income taxes

3,506

2,191

-20,932

4,089

6,313

4,375

-4,764

-329

5,352

2,387

-3,161

Impairment of long-lived assets

-

-

-

700

0

0

-

-

-

-

-

Cost of denied tower site, abandoned projects and terminated transactions

-

-

-

-

-

-

-

-

-

-

1,111

Impairment of indefinite-lived long-term assets other than goodwill

2,925

2,870

19

7,041

0

34

1,006

88

-

-

27,409

Impairment of goodwill

2,427

-

-

32

439

45

438

0

-

-

587

Impairment of amortizable intangible assets

-

-

-

8

0

0

-

-

-

-

-

Impairment of long-lived assets

-

-

-

-

-

-

-

6,808

-

-

-

Change in the fair value of interest rate swap

-

-

357

285

-1,273

-2,702

3,177

0

-

-

-781

Change in the estimated fair value of contingent earn-out consideration

-41

76

-23

-689

-1,715

734

0

0

-

-

-

Net (gain) loss on the disposition of assets

-22,326

-4,653

-3,905

1,901

-181

-251

264

-49

4,153

-255

-1,676

Gain on bargain purchase

-

-

-

95

1,357

0

0

-

-

-

-

Gain on bargain purchase

-

-

-

-

-

-

-

-

-

-

1,634

Gain on early retirement of debt

1,670

648

-2,775

-87

-41

-391

-27,795

-1,088

-2,169

-1,832

-1,050

Changes in operating assets and liabilities:
Non-cash interest charges related to interest rate swaps

-

-

-

-

-

-

-

-

-

-

1,841

Accounts receivable and unbilled revenue

595

2,814

-144

-4,236

-1,461

-4,101

3,049

2,556

633

4,407

3,618

Inventories

440

-53

60

-223

307

27

0

-

-

-

-

Prepaid expenses and other current assets

-617

-308

537

2

705

-237

50

-118

81

175

430

Accounts payable and accrued expenses

-2,009

1,031

-2,569

-819

-6,482

538

-4,733

3,291

980

710

643

Deferred rent expense

-

152

133

-1,330

-3,745

-643

-

-

-

-

-

Operating lease liabilities

-10,112

-

-

-

-

-

-

-

-

-

-

Contract liabilities

-1,657

-3,365

-1,427

-

-

-

-

-

-

-

-

Deferred rent income

-209

-135

-

-

-

-

-

-

-

-

-

Contract liabilities

-1,657

-3,365

-1,427

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-4,106

-72

-1,414

-3,688

-2,240

-616

849

127

Other liabilities

-34

-15

-3

33

703

-1,125

0

0

2,601

-446

-401

Income taxes payable

264

95

-51

150

-81

12

-33

-30

-5

123

-260

Net cash provided by operating activities

17,010

22,961

27,330

38,866

36,130

-

-

-

-

-

-

INVESTING ACTIVITIES
Cash paid for capital expenditures net of tenant improvement allowances

7,757

9,267

8,534

-

-

-

-

-

-

-

-

Net cash provided by operating activities

-

-

-

-

-

41,925

28,735

31,077

31,757

22,817

39,468

Cash paid for capital expenditures net of tenant improvement allowances

-

-

-

9,414

8,833

9,363

10,639

-

-

-

-

Capital expenditures reimbursable under tenant improvement allowances and trade agreements

28

77

50

620

3,034

711

0

-

-

-

-

Capital expenditures

-

-

-

-

-

-

-

8,549

7,522

7,819

3,731

Escrow deposits paid related to acquisitions

-

-

-

36

0

65

-81

725

-248

193

-2,725

Escrow deposits received related to radio station sale

-

-

-

450

0

0

-

-

-

-

-

Purchases of broadcast assets and radio stations

35

6,534

2,282

1,758

12,411

6,195

5,500

3,330

3,151

3,090

3,745

Purchases of digital media businesses and assets

-

-

-

-

-

-

-

-

6,000

4,470

-

Proceeds from sale of assets

20,741

9,894

2,456

3,147

10

1,370

477

907

12,750

44

353

Restricted cash

-

-

-

-

-

-

-

-110

10

-

-

Deposit received on pending sale of broadcast business

-

-

-

-

-

-

-

-

-

1,000

-

Proceeds from eminent domain

-

-

-

-

-

-

-

-

-

996

-

Net cash outflows from related party residential purchase

-

-

-

-

-

-

-

-

-

155

-

Restricted cash

-

-

-

-

-

-

-

-

-

-

-100

Reimbursement of tower relocation costs

-

-

-

-

-

-

-

-

-

-

1,742

Other

738

420

242

606

443

283

179

114

826

90

195

Net cash used in investing activities

-

-

-

-

-

-21,734

-17,737

-19,066

-4,511

-13,777

-2,851

Net cash provided by (used in) investing activities

10,933

-10,724

-10,342

-15,493

-29,183

-

-

-

-

-

-

FINANCING ACTIVITIES
Payments to repurchase 6.75% Senior Secured Notes

16,751

15,443

-

-

-

-

-

-

-

-

-

Payment of bond premium in connection with early redemptions and repurchases of the Terminated 95/8% Notes

-

-

-

-

-

-

-

-

-

900

-

Refunds (payments) of debt issuance costs

44

50

7,035

0

0

-

-

-

43

681

7,163

Proceeds from issuance 95/8% Notes, net of original issue discount

-

-

-

-

-

-

-

-

-

-

298,095

Proceeds from borrowings under terminated credit facilities and subordinated debt

-

-

-

-

-

-

46,747

154,169

108,400

54,000

15,000

Payments under terminated credit facilities and subordinated debt

-

-

-

-

-

-

87,220

144,669

112,400

34,000

232,468

Proceeds from Terminated Subordinated Debt due to Related Parties

-

-

-

-

-

-

-

27,000

9,000

-

-

Payments to Terminated Subordinated Debt due to Related Parties

-

-

-

-

-

-

15,000

21,000

-

-

-

Payments of acquisition-related contingent earn-out consideration

-

-140

14

111

1,204

300

0

0

-

-

-

Payments to redeem Terminated 9 5/8% Notes

-

-

-

-

-

-

213,500

21,500

35,000

30,000

-

Payments of acquisition-related contingent earn-out consideration

-

-

-

-

-

-

22,677

645

1,044

-

-

Payments of costs related to bank credit facility

-

-

-

-

-

13

4,394

149

597

319

2,850

Payment of interest rate swap

-

-

783

0

0

-

-

-

-

-

8,679

Proceeds from bond offering

-

-

255,000

0

0

-

-

-

-

-

-

Payment of seller financed note

-

-

-

-

-

-

2,000

0

-

-

-

Proceeds from the exercise of stock options

-

43

514

993

385

1,221

1,422

409

24

338

-

Excess tax benefit from stock options exercised

-

-

-

-

-

-

-

-

-

338

-

Payment of cash distribution on common stock

5,827

6,806

6,790

6,678

6,612

6,183

5,158

3,412

-

4,840

-

Payments of deferred installments due from acquisition activity

-

-

-225

-3,621

-935

0

0

-

-

-

-

Payments on financing lease liabilities

83

85

-

-

-

-

-

-

-

-

-

Payments on capital lease obligations

-

-

122

107

112

130

122

125

116

86

1,371

Book overdraft

1,885

-302

-3,184

12

2,075

-1,352

876

-1,775

3,650

-

-

Net cash used in financing activities

-

-

-

-

-

-20,223

-11,276

-11,697

-28,126

-16,150

-29,481

Operating cash flows

-

-

-

-

-

-

-37

-1

-625

-262

-83

Investing cash flows

-

-

-

-

-

-

-

-

744

-745

-

Total cash outflows from discontinued operations

-

-

-

-

-

-

-37

-1

119

-1,007

-83

Net cash used in financing activities

-28,054

-12,123

-17,115

-23,341

-6,882

-

-

-

-

-

-

Net increase (decrease) in cash and cash equivalents

-111

114

-127

-

-

-

-

-

-

-

-

Net increase in cash and cash equivalents

-

-

-

32

65

-32

-315

313

-761

-8,117

7,053

Supplemental disclosures of cash flow information:
Cash paid for interest, net of capitalized interest

16,530

17,208

14,237

14,038

14,289

14,518

16,747

23,448

26,053

29,668

14,200

Cash paid for interest on finance lease liabilities

9

23

-

-

-

-

-

-

-

-

-

Cash paid for income taxes, net of refunds

207

186

96

78

330

257

242

220

226

159

314

Other supplemental disclosures of cash flow information:
Barter revenue

5,688

6,837

5,939

5,470

6,204

6,227

-

-

-

-

-

Barter expense

5,075

6,184

5,675

5,341

5,990

6,052

-

-

-

-

-

Trade revenue

-

-

-

-

-

-

5,917

5,270

5,352

4,773

5,076

Trade expense

-

-

-

-

-

-

4,897

5,309

4,680

4,514

4,585

Non-cash investing and financing activities:
Present value of advertising credit payable

-

-

-

-

-

-

2,427

0

-

-

-

Note receivable acquired in exchange for radio station

-

-

-

-

-

-

-

-

1,000

-

-

Seller financed note due directly to seller of station assets

-

-

-

-

-

-

2,000

0

-

-

-

Capital expenditures reimbursable under tenant improvement allowances

28

77

50

620

2,998

670

0

-

-

-

-

Non-cash capital expenditures for property & equipment acquired under trade agreements

45

33

39

0

36

41

0

-

-

-

-

Net assets and liabilities assumed in a non-cash acquisition

-

-

2,852

0

0

-

-

-

-

-

-

Deferred payments on acquisitions

-

275

-

-

-

-

-

-

-

-

-

Right-of-use assets acquired through operating leases

1,882

-

-

-

-

-

-

-

-

-

-

Right-of-use assets acquired through financing leases

24

154

-

-

-

-

-

-

-

-

-

Estimated present value of contingent-earn out consideration

19

52

-

-

-

-

-

-

-

-

-

Estimated present value of contingent earn-out consideration

-

-

-

66

300

2,047

616

0

-

-

-

Current value of deferred cash payments (short-term)

-

-

-

1,640

21

600

300

-

-

-

-

Deferred payments due 2014 under asset purchase agreement

-

-

-

-

-

-

-

0

-

-

-

Present value of deferred cash payments (due 2015)

-

-

-

-

-

893

0

0

-

-

-

Present value of deferred cash payments (due 2016)

-

-

-

-

-

2,289

0

0

-

-

-

Assets acquired under capital lease

-

-

16

0

0

64

118

27

25

238

-

Digital Media [Member]
Purchases of digital media businesses and assets

1,250

4,320

1,690

-

-

-

-

-

-

-

-

Abl Facility [Member]
Proceeds from borrowings under ABL Facility

111,790

153,650

-

-

-

-

-

-

-

-

-

Payments on ABL Facility

119,024

142,990

-

-

-

-

-

-

-

-

-

Revolver and ABL Facility [Member]
Proceeds from borrowings under Revolver and ABL Facility

-

-

89,738

-

-

-

-

-

-

-

-

Debt repayment

-

-

81,214

-

-

-

-

-

-

-

-

Term Loan B [Member]
Debt repayment

-

-

263,000

-

-

-

-

-

-

-

-