Part I [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes. [Condensed consolidated balance sheets](index=5&type=section&id=Condensed%20consolidated%20balance%20sheets) Total assets and liabilities decreased, while shareholders' equity increased from December 2022 to September 2023. | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (in thousands) | | :----------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Total Assets | $234,367 | $240,753 | $(6,386) | | Total Liabilities | $52,432 | $62,224 | $(9,792) | | Total Shareholders' Equity | $181,935 | $178,529 | $3,406 | [Condensed consolidated statements of operations](index=7&type=section&id=Condensed%20consolidated%20statements%20of%20operations) Net income improved for both three and nine months ended September 30, 2023, due to lower corporate expenses and increased interest income. | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | Change | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change | | :-------------------- | :-------------------------- | :-------------------------- | :----- | :-------------------------- | :-------------------------- | :----- | | Net operating revenue | $29,149 | $29,980 | $(831) | $83,628 | $84,768 | $(1,140) | | Operating income | $3,492 | $1,055 | $2,437 | $8,693 | $8,146 | $547 | | Net income (loss) | $2,729 | $(104) | $2,833 | $6,999 | $4,923 | $2,076 | | Basic EPS | $0.45 | $(0.01) | $0.46 | $1.15 | $0.82 | $0.33 | | Diluted EPS | $0.45 | $(0.01) | $0.46 | $1.15 | $0.82 | $0.33 | [Condensed consolidated statements of stockholders' equity](index=8&type=section&id=Condensed%20consolidated%20statements%20of%20stockholders'%20equity) Total shareholders' equity increased from December 2022 to September 2023, primarily due to net income, with all Class B shares converted to Class A in 2022. - Total Stockholders' Equity increased by **$3,406 thousand** from **$178,529 thousand** at December 31, 2022, to **$181,935 thousand** at September 30, 2023[14](index=14&type=chunk) - Net income for the three months ended September 30, 2023, was **$2,729 thousand**, contributing to the equity increase[14](index=14&type=chunk) - Dividends declared per common share for the three months ended September 30, 2023, was **$0.25**, totaling **$1,530 thousand**[11](index=11&type=chunk)[14](index=14&type=chunk) [Condensed consolidated statements of cash flows](index=9&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows) Operating cash flow slightly decreased, investing cash flow significantly improved, and financing cash flow increased due to higher dividends paid. | Metric (in thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change | | :------------------------------------ | :-------------------------- | :-------------------------- | :----- | | Net cash provided by operating activities | $13,921 | $14,362 | $(441) | | Net cash used in investing activities | $(2,663) | $(14,722) | $12,059 | | Net cash used in financing activities | $(16,816) | $(6,174) | $(10,642) | | Net increase (decrease) in cash | $(5,558) | $(6,534) | $976 | | Cash and cash equivalents, end of period | $31,244 | $48,226 | $(16,982) | [Notes to unaudited condensed consolidated financial statements](index=10&type=section&id=Notes%20to%20unaudited%20condensed%20consolidated%20financial%20statements) These notes detail accounting policies, financial instruments, revenue, intangible assets, capital structure, leases, acquisitions, taxes, stock compensation, debt, litigation, and dividends. - The company owns or operates broadcast properties in **27 markets**, including **79 FM** and **33 AM** radio stations and **80 metro signals**[19](index=19&type=chunk) - The passing of the founder and former CEO, Edward K. Christian, on August 19, 2022, resulted in the conversion of his Class B shares to Class A shares, eliminating all Class B Common Stock[49](index=49&type=chunk) - Shareholders approved the **2023 Incentive Compensation Plan**, replacing the 2005 plan, authorizing up to **600,000 shares** of Class A Common Stock for awards[76](index=76&type=chunk) - The company had no debt outstanding at December 31, 2022, or September 30, 2023, but maintains a Credit Facility with **$50 million** unused borrowing capacity[80](index=80&type=chunk)[88](index=88&type=chunk) - The Board declared a quarterly cash dividend of **$0.25 per share** on Class A Common Stock on September 27, 2023, paid November 3, 2023[90](index=90&type=chunk) - In 2023, the company disposed of WPVQ-AM for **$2,000** (loss of **$43,000**) and canceled WHMQ-AM license (loss of **$22,000**)[66](index=66&type=chunk)[67](index=67&type=chunk) - The effective tax rate for the three months ended September 30, 2023, was **28.9%** (vs. **108.7%** in 2022), and for nine months was **27.9%** (vs. **40.5%** in 2022), with prior year impacted by former CEO's compensation[72](index=72&type=chunk) [1. Summary of Significant Accounting Policies](index=10&type=section&id=1.%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines the company's accounting policies for interim financial statements, EPS calculation, financial instruments, doubtful accounts, income tax, and segment reporting. - Unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and are not necessarily indicative of full-year results[17](index=17&type=chunk)[18](index=18&type=chunk) - Earnings per share is calculated using the two-class method, allocating earnings to common shares and participating securities (restricted stock units)[21](index=21&type=chunk) - Held-to-maturity U.S. Treasury Bills are recorded at amortized cost, totaling **$10.5 million** at September 30, 2023[25](index=25&type=chunk) - Allowance for doubtful accounts was **$497,000** at September 30, 2023, and **$519,000** at December 31, 2022[28](index=28&type=chunk) - The company operates as one reportable business segment (Radio) across **27 markets**[30](index=30&type=chunk) [2. Recent Accounting Pronouncements](index=12&type=section&id=2.%20Recent%20Accounting%20Pronouncements) Management has reviewed all recent accounting pronouncements and believes they will not materially affect the company's financial statements. - Management believes recent accounting pronouncements will not have a material effect on the Company's financial statements[32](index=32&type=chunk) [3. Revenue](index=13&type=section&id=3.%20Revenue) The company generates revenue primarily from broadcast and digital advertising, with net revenue slightly decreasing for both the three and nine months ended September 30, 2023. - Primary revenue sources include Broadcast Advertising, Digital Advertising, and Other Revenue (concerts, promotional events, tower rent)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) | Type of Revenue | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Broadcast Advertising | $23,946 | $25,500 | $69,798 | $72,523 | | Digital Advertising | $2,757 | $2,142 | $7,140 | $6,124 | | Other Revenue | $2,446 | $2,338 | $6,690 | $

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