our advertising contracts are generally short-term . we generate revenue across the following three major revenue streams : broadcast radio revenue . most of our revenue is generated through the sale of terrestrial , broadcast radio advertising time to local , regional , and national clients . local spot and regional spot advertising is sold by cumulus employed sales personnel . national spot advertising for our owned and operated stations is marketed and sold by katz media group , inc. in an outsourced arrangement as well as our own internal national sales team . 25 t a b l e o f c o n t e n t s in addition to local , regional and national spot advertising revenues , we monetize our available inventory in the network sales marketplace . to effectively deliver network advertising for our customers , we distribute content and programming through third party affiliates in order to reach a broader national audience . typically , in exchange for the right to broadcast radio network programming , third party affiliates remit a portion of their advertising time to us , which is then aggregated into packages focused on specific demographic groups and sold by us to our advertiser clients that want to reach those demographic groups on a national basis . network advertising airing across our owned , operated and affiliated stations is sold by our internal sales team located across the u.s. to predominantly national and regional advertisers . digital revenue . we generate digital advertising revenue from the sale of advertising and promotional opportunities across our streaming audio network , podcasting network , websites , mobile applications and digital marketing services . we operate one of the largest streaming audio advertising networks in the u.s. , including owned and operated internet radio simulcasted stations with either digital ad-inserted or simulcasted ads . we sell display ads across more than 400 local radio station websites , mobile applications , and ancillary custom client microsites . we also sell premium advertising adjacent to , or embedded in , podcasts through our network of owned and distributed podcasts . in addition , we sell an array of digital marketing services such as , email marketing , geo-targeted display and video solutions , website and microsite building and hosting , social media management , reputation management and search engine marketing and optimization within our cumulus c-suite digital marketing solutions portfolio to existing and new advertisers . other . all non-advertising based revenue types in which the company participates are aggregated in our other revenue category . this includes fees we receive for content licensing , revenues from our digital commerce platform , subleases and rents , proprietary software licensing , and all other revenue . we continually evaluate opportunities to increase revenues through new platforms , including technology-based initiatives . as a result of those revenue increasing opportunities , our operating results in any period may be affected by the incurrence of advertising and promotion expenses that typically do not have an effect on revenue generation until future periods , if at all . in addition , as part of this evaluation we also from time to time reorganize and discontinue certain redundant and or unprofitable content vehicles across our platform which we expect will impact our broadcast revenues in the future . seasonality and cyclicality our advertising revenues vary by quarter throughout the year . as is typical with advertising revenue supported businesses , our first calendar quarter typically produces the lowest revenues of any quarter during the year , as advertising generally declines following the winter holidays . the second and fourth calendar quarters typically produce the highest revenues for the year . in addition , our revenues tend to fluctuate between years , consistent with , among other things , increased advertising expenditures in even-numbered years by political candidates , political parties and special interest groups . this political spending typically is heaviest during the fourth quarter . non-gaap financial measure from time to time we utilize certain financial measures that are not prepared or calculated in accordance with generally accepted accounting principles in the u.s. ( `` gaap `` ) to assess our financial performance and profitability . consolidated adjusted earnings before interest , taxes , depreciation , and amortization ( `` adjusted ebitda `` ) is the financial metric by which management and the chief operating decision maker allocate resources of the company and analyze the performance of the company as a whole . management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and our non-operating expenses including debt service and acquisitions . in addition , consolidated adjusted ebitda is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our refinanced credit agreement . in determining adjusted ebitda , we exclude the following from net income : interest , taxes , depreciation , amortization , stock-based compensation expense , gain or loss on the exchange , sale , or disposal of any assets or stations or on the early extinguishment of debt , local marketing agreement fees , expenses relating to acquisitions , divestitures , restructuring costs , reorganization items and non-cash impairments of assets , if any . management believes that adjusted ebitda , although not a measure that is calculated in accordance with gaap , is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies . management has also observed that adjusted ebitda is routinely utilized to evaluate and negotiate the potential purchase price for media companies . given the relevance to our overall value , management believes that investors consider the metric to be extremely useful . story_separator_special_tag upon the occurrence of an event of default , the administrative agent ( as defined in the refinanced credit agreement ) may , with the consent of , or upon the request of , the required lenders , accelerate the term loan due 2026 and exercise any of its rights as a secured party under the refinanced credit agreement and the ancillary loan documents provided , that in the case of certain bankruptcy or insolvency events with respect to a borrower , the term loan due 2026 will automatically accelerate . the refinanced credit agreement does not contain any financial maintenance covenants . the refinanced credit agreement provides that holdings will be permitted to enter into either a revolving credit facility or receivables facility , subject to certain conditions ( see below ) . the company may elect , at their option , to prepay amounts outstanding under the refinanced credit agreement without premium or penalty , except in a refinancing or repricing transaction prior to march 26 , 2020 , where the borrower would be required to pay a 1 % premium . the borrowers may be required to make mandatory prepayments of the term loan due 2026 upon the occurrence of specified events as set forth in the refinanced credit agreement , including upon the sale of certain assets and from excess cash flow ( as defined in the refinanced credit agreement ) . amounts outstanding under the refinanced credit agreement are guaranteed by cumulus media intermediate holdings , inc. , a delaware corporation and a direct wholly-owned subsidiary of the company ( `` intermediate holdings `` ) , and the present and future wholly-owned subsidiaries of holdings that are not borrowers thereunder , subject to certain exceptions as set forth in the refinanced credit agreement ( the `` guarantors `` ) and secured by a security interest in substantially all of the assets of holdings , the subsidiaries of holdings party to the refinanced credit agreement as borrowers , and the guarantors . 31 t a b l e o f c o n t e n t s the issuance of the term loan due 2026 and repayment of the term loan due 2022 were evaluated in accordance with asc 470-50-40 - debt-modifications and extinguishments - derecognition ( `` asc 470-50-40 `` ) , to determine whether the refinancing transaction should be accounted for as a debt modification or extinguishment of the term loan due 2022. each lender involved in the refinancing transaction was analyzed to determine if its participation was a debt modification or an extinguishment . debt issuance costs for exiting lenders who chose not to participate in the term loan due 2026 were accounted for as extinguishments . debt discounts and costs incurred with third parties for the issuance of the term loan due 2026 totaling $ 3.6 million for new lenders were capitalized and amortized over the term of the term loan due 2026. an additional $ 1.5 million of debt discount for the issuance of the term loan due 2026 was capitalized for continuing lenders deemed to be modified . these capitalized fees associated with new and continuing lenders are presented as cash flows from financing activities on the consolidated statements of cash flows . costs incurred with third-parties for the issuance of the term loan due 2026 of $ 3.5 million related to modification for continuing lenders were expensed and included in interest expense in the consolidated statements of operations . debt discounts and issuance costs of $ 5.1 million were capitalized and amortized over the term of the term loan due 2026. as of december 31 , 2020 , we were in compliance with all required covenants under the refinanced credit agreement . on september 30 , 2020 , pursuant to the term loan due 2026 , the company was required to pay down at closing of the tower sale $ 49.0 million . as a result of the pay down , the company wrote-off approximately $ 0.4 million of debt issuance costs related to the term loan due 2026 . 2020 revolving credit agreement on march 6 , 2020 , holdings and certain of the company 's other subsidiaries , as borrowers ( the “ borrowers ” ) , and intermediate holdings entered into a $ 100.0 million revolving credit facility ( the “ 2020 revolving credit facility `` ) pursuant to a credit agreement ( the `` 2020 revolving credit agreement `` ) , dated as of march 6 , 2020 , with fifth third bank , as a lender and administrative agent and certain other lenders from time to time party thereto . the 2020 revolving credit facility refinances and replaces the company 's 2018 revolving credit agreement ( as defined below ) entered into pursuant to that certain credit agreement dated as of august 17 , 2018 , by and among holdings , the borrowers , intermediate holdings and certain lenders and deutsche bank ag new york branch , as a lender and administrative agent . the 2020 revolving credit facility has a maturity date of march 6 , 2025. availability under the 2020 revolving credit facility is tied to a borrowing base equal to 85 % of the accounts receivable of the borrowers , subject to customary reserves and eligibility criteria and reduced by outstanding letters of credit . under the 2020 revolving credit facility , up to $ 10.0 million of availability may be drawn in the form of letters of credit and up to $ 10.0 million of availability may be drawn in the form of swing line loans . borrowings under the 2020 revolving credit facility bear interest , at the option of holdings , based on libor plus a percentage spread of 1.00 % or the alternative base rate . the alternative base rate is defined , for any day , as the per annum rate equal to the rate identified as the “ prime rate ” by fifth third

net cash provided by investing activities ( dollars in thousands ) year ended december 31 , 2020 year ended december 31 , 2019 net cash provided by investing activities $ 64,359 117,589 for the year ended december 31 , 2020 , net cash provided by investing activities primarily includes the proceeds received from the sales of the dc land and wabc partially offset by capital expenditures . for additional detail about the sale of the dc land and the wabc sale , see note 2 , `` acquisitions and dispositions '' in the notes to the accompanying audited consolidated financial statements included elsewhere in the form 10-k. for the year ended december 31 , 2019 , net cash provided by investing activities primarily consists of proceeds received from the emf and klos-fm sales in 2019 partially offset by capital expenditures . for additional detail about the emf and klos-fm sales in 2019 , see note 2 , `` acquisitions and dispositions '' in the notes to the accompanying audited consolidated financial statements included elsewhere in the form 10-k. 34 t a b l e o f c o n t e n t s net cash provided by ( used in ) financing activities ( dollars in thousands ) year ended december 31 , 2020 year ended december 31 , 2019 net cash provided by ( used in ) financing activities $ 157,185 ( 234,890 ) for the year ended december 31 , 2020 , net cash used in financing activities primarily reflects $ 202.3 million of cash received from the sale of substantially all of the company 's broadcast communications tower sites and certain other related assets ( the `` tower sale '' ) , after transaction costs and closing adjustments , and $ 60.0 million of proceeds received from borrowings under the 2020 revolving credit agreement partially offset by the $ 49 million pay down of the term loan due 2026 and the $ 47.2 million pay down of the


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```net cash provided by investing activities ( dollars in thousands ) year ended december 31 , 2020 year ended december 31 , 2019 net cash provided by investing activities $ 64,359 117,589 for the year ended december 31 , 2020 , net cash provided by investing activities primarily includes the proceeds received from the sales of the dc land and wabc partially offset by capital expenditures . for additional detail about the sale of the dc land and the wabc sale , see note 2 , `` acquisitions and dispositions '' in the notes to the accompanying audited consolidated financial statements included elsewhere in the form 10-k. for the year ended december 31 , 2019 , net cash provided by investing activities primarily consists of proceeds received from the emf and klos-fm sales in 2019 partially offset by capital expenditures . for additional detail about the emf and klos-fm sales in 2019 , see note 2 , `` acquisitions and dispositions '' in the notes to the accompanying audited consolidated financial statements included elsewhere in the form 10-k. 34 t a b l e o f c o n t e n t s net cash provided by ( used in ) financing activities ( dollars in thousands ) year ended december 31 , 2020 year ended december 31 , 2019 net cash provided by ( used in ) financing activities $ 157,185 ( 234,890 ) for the year ended december 31 , 2020 , net cash used in financing activities primarily reflects $ 202.3 million of cash received from the sale of substantially all of the company 's broadcast communications tower sites and certain other related assets ( the `` tower sale '' ) , after transaction costs and closing adjustments , and $ 60.0 million of proceeds received from borrowings under the 2020 revolving credit agreement partially offset by the $ 49 million pay down of the term loan due 2026 and the $ 47.2 million pay down of the
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 Suspicious Activity Report : our advertising contracts are generally short-term . we generate revenue across the following three major revenue streams : broadcast radio revenue . most of our revenue is generated through the sale of terrestrial , broadcast radio advertising time to local , regional , and national clients . local spot and regional spot advertising is sold by cumulus employed sales personnel . national spot advertising for our owned and operated stations is marketed and sold by katz media group , inc. in an outsourced arrangement as well as our own internal national sales team . 25 t a b l e o f c o n t e n t s in addition to local , regional and national spot advertising revenues , we monetize our available inventory in the network sales marketplace . to effectively deliver network advertising for our customers , we distribute content and programming through third party affiliates in order to reach a broader national audience . typically , in exchange for the right to broadcast radio network programming , third party affiliates remit a portion of their advertising time to us , which is then aggregated into packages focused on specific demographic groups and sold by us to our advertiser clients that want to reach those demographic groups on a national basis . network advertising airing across our owned , operated and affiliated stations is sold by our internal sales team located across the u.s. to predominantly national and regional advertisers . digital revenue . we generate digital advertising revenue from the sale of advertising and promotional opportunities across our streaming audio network , podcasting network , websites , mobile applications and digital marketing services . we operate one of the largest streaming audio advertising networks in the u.s. , including owned and operated internet radio simulcasted stations with either digital ad-inserted or simulcasted ads . we sell display ads across more than 400 local radio station websites , mobile applications , and ancillary custom client microsites . we also sell premium advertising adjacent to , or embedded in , podcasts through our network of owned and distributed podcasts . in addition , we sell an array of digital marketing services such as , email marketing , geo-targeted display and video solutions , website and microsite building and hosting , social media management , reputation management and search engine marketing and optimization within our cumulus c-suite digital marketing solutions portfolio to existing and new advertisers . other . all non-advertising based revenue types in which the company participates are aggregated in our other revenue category . this includes fees we receive for content licensing , revenues from our digital commerce platform , subleases and rents , proprietary software licensing , and all other revenue . we continually evaluate opportunities to increase revenues through new platforms , including technology-based initiatives . as a result of those revenue increasing opportunities , our operating results in any period may be affected by the incurrence of advertising and promotion expenses that typically do not have an effect on revenue generation until future periods , if at all . in addition , as part of this evaluation we also from time to time reorganize and discontinue certain redundant and or unprofitable content vehicles across our platform which we expect will impact our broadcast revenues in the future . seasonality and cyclicality our advertising revenues vary by quarter throughout the year . as is typical with advertising revenue supported businesses , our first calendar quarter typically produces the lowest revenues of any quarter during the year , as advertising generally declines following the winter holidays . the second and fourth calendar quarters typically produce the highest revenues for the year . in addition , our revenues tend to fluctuate between years , consistent with , among other things , increased advertising expenditures in even-numbered years by political candidates , political parties and special interest groups . this political spending typically is heaviest during the fourth quarter . non-gaap financial measure from time to time we utilize certain financial measures that are not prepared or calculated in accordance with generally accepted accounting principles in the u.s. ( `` gaap `` ) to assess our financial performance and profitability . consolidated adjusted earnings before interest , taxes , depreciation , and amortization ( `` adjusted ebitda `` ) is the financial metric by which management and the chief operating decision maker allocate resources of the company and analyze the performance of the company as a whole . management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and our non-operating expenses including debt service and acquisitions . in addition , consolidated adjusted ebitda is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our refinanced credit agreement . in determining adjusted ebitda , we exclude the following from net income : interest , taxes , depreciation , amortization , stock-based compensation expense , gain or loss on the exchange , sale , or disposal of any assets or stations or on the early extinguishment of debt , local marketing agreement fees , expenses relating to acquisitions , divestitures , restructuring costs , reorganization items and non-cash impairments of assets , if any . management believes that adjusted ebitda , although not a measure that is calculated in accordance with gaap , is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies . management has also observed that adjusted ebitda is routinely utilized to evaluate and negotiate the potential purchase price for media companies . given the relevance to our overall value , management believes that investors consider the metric to be extremely useful . story_separator_special_tag upon the occurrence of an event of default , the administrative agent ( as defined in the refinanced credit agreement ) may , with the consent of , or upon the request of , the required lenders , accelerate the term loan due 2026 and exercise any of its rights as a secured party under the refinanced credit agreement and the ancillary loan documents provided , that in the case of certain bankruptcy or insolvency events with respect to a borrower , the term loan due 2026 will automatically accelerate . the refinanced credit agreement does not contain any financial maintenance covenants . the refinanced credit agreement provides that holdings will be permitted to enter into either a revolving credit facility or receivables facility , subject to certain conditions ( see below ) . the company may elect , at their option , to prepay amounts outstanding under the refinanced credit agreement without premium or penalty , except in a refinancing or repricing transaction prior to march 26 , 2020 , where the borrower would be required to pay a 1 % premium . the borrowers may be required to make mandatory prepayments of the term loan due 2026 upon the occurrence of specified events as set forth in the refinanced credit agreement , including upon the sale of certain assets and from excess cash flow ( as defined in the refinanced credit agreement ) . amounts outstanding under the refinanced credit agreement are guaranteed by cumulus media intermediate holdings , inc. , a delaware corporation and a direct wholly-owned subsidiary of the company ( `` intermediate holdings `` ) , and the present and future wholly-owned subsidiaries of holdings that are not borrowers thereunder , subject to certain exceptions as set forth in the refinanced credit agreement ( the `` guarantors `` ) and secured by a security interest in substantially all of the assets of holdings , the subsidiaries of holdings party to the refinanced credit agreement as borrowers , and the guarantors . 31 t a b l e o f c o n t e n t s the issuance of the term loan due 2026 and repayment of the term loan due 2022 were evaluated in accordance with asc 470-50-40 - debt-modifications and extinguishments - derecognition ( `` asc 470-50-40 `` ) , to determine whether the refinancing transaction should be accounted for as a debt modification or extinguishment of the term loan due 2022. each lender involved in the refinancing transaction was analyzed to determine if its participation was a debt modification or an extinguishment . debt issuance costs for exiting lenders who chose not to participate in the term loan due 2026 were accounted for as extinguishments . debt discounts and costs incurred with third parties for the issuance of the term loan due 2026 totaling $ 3.6 million for new lenders were capitalized and amortized over the term of the term loan due 2026. an additional $ 1.5 million of debt discount for the issuance of the term loan due 2026 was capitalized for continuing lenders deemed to be modified . these capitalized fees associated with new and continuing lenders are presented as cash flows from financing activities on the consolidated statements of cash flows . costs incurred with third-parties for the issuance of the term loan due 2026 of $ 3.5 million related to modification for continuing lenders were expensed and included in interest expense in the consolidated statements of operations . debt discounts and issuance costs of $ 5.1 million were capitalized and amortized over the term of the term loan due 2026. as of december 31 , 2020 , we were in compliance with all required covenants under the refinanced credit agreement . on september 30 , 2020 , pursuant to the term loan due 2026 , the company was required to pay down at closing of the tower sale $ 49.0 million . as a result of the pay down , the company wrote-off approximately $ 0.4 million of debt issuance costs related to the term loan due 2026 . 2020 revolving credit agreement on march 6 , 2020 , holdings and certain of the company 's other subsidiaries , as borrowers ( the “ borrowers ” ) , and intermediate holdings entered into a $ 100.0 million revolving credit facility ( the “ 2020 revolving credit facility `` ) pursuant to a credit agreement ( the `` 2020 revolving credit agreement `` ) , dated as of march 6 , 2020 , with fifth third bank , as a lender and administrative agent and certain other lenders from time to time party thereto . the 2020 revolving credit facility refinances and replaces the company 's 2018 revolving credit agreement ( as defined below ) entered into pursuant to that certain credit agreement dated as of august 17 , 2018 , by and among holdings , the borrowers , intermediate holdings and certain lenders and deutsche bank ag new york branch , as a lender and administrative agent . the 2020 revolving credit facility has a maturity date of march 6 , 2025. availability under the 2020 revolving credit facility is tied to a borrowing base equal to 85 % of the accounts receivable of the borrowers , subject to customary reserves and eligibility criteria and reduced by outstanding letters of credit . under the 2020 revolving credit facility , up to $ 10.0 million of availability may be drawn in the form of letters of credit and up to $ 10.0 million of availability may be drawn in the form of swing line loans . borrowings under the 2020 revolving credit facility bear interest , at the option of holdings , based on libor plus a percentage spread of 1.00 % or the alternative base rate . the alternative base rate is defined , for any day , as the per annum rate equal to the rate identified as the “ prime rate ” by fifth third

