our principal sources of funds historically have been cash flow from operations and borrowings under credit facilities in existence from time to time . our cash flow from operations is subject to such factors as shifts in population , station listenership , demographics , or audience tastes , and fluctuations in preferred advertising media . in addition , customers may not be able to pay , or may delay payment of , accounts receivable that are owed to us , which risks may be exacerbated in challenging economic periods . in recent periods , management has taken steps to mitigate this risk through heightened collection efforts and enhancements to our credit approval process , although no assurances as to the longer-term success of these efforts can be provided . in addition , we believe the acquisition of the broad diversity in format , listener base , geography , advertiser base and revenue stream that accompanied the cmp acquisition and the citadel merger will help us reduce dependence on any single demographic , region or industry . on december 20 , 2012 , we entered into an amendment and restatement ( the amendment and restatement ) of our first lien facility credit agreement , dated as of september 16 , 2011 , among the company , cumulus media holdings , inc. , as borrower ( the borrower ) , and the lenders and the agents thereto ( the original agreement ) . pursuant to the amendment and restatement , the terms and conditions contained in the original agreement remained substantially unchanged , except as follows : ( i ) the amount outstanding thereunder was increased to $ 1.325 billion ; ( ii ) the margin for libor ( as defined below ) -based borrowings was reduced from 4.5 % to 3.5 % and for base rate ( as defined below ) -based borrowings was reduced from 3.5 % to 2.5 % ; and ( iii ) the libor floor for libor-based borrowings was reduced from 1.25 % to 1.0 % . in the event amounts are outstanding under the revolving credit facility , the first lien facility requires compliance with a consolidated total net leverage ratio . at december 31 , 2012 , this ratio would have been 6.5 to 1.0. such ratio will be reduced in future periods if amounts are outstanding under the revolving credit facility at an applicable date . at december 31 , 2012 we would not have been in compliance with this ratio . as a result , borrowings under the revolving credit facility were not available at that date . the second lien facility does not contain any financial covenants . at december 31 , 2012 our long-term debt consisted of $ 2.0 billion in total term loans and $ 610.0 million in 7.75 % senior notes . based upon the calculation of excess cash flow at december 31 , 2012 , the company is required to make a mandatory prepayment of $ 63.2 million on the first lien term loan due within 10 days of the filing of this annual report or form 10-k. this amount has been classified in the current portion of long-term debt caption of the consolidated balance sheet . the 2011 credit facilities contain provisions requiring the company to use the proceeds from the disposition of assets of the company to prepay amounts outstanding under the first lien facility and the second lien facility ( to the extent proceeds remain after the required prepayment 40 index to financial statements of all amounts outstanding under the first lien facility ) , subject to the right of the company to use such proceeds to acquire , improve or repair assets useful in its business , all within one year from the date of receipt of such proceeds . if and to the extent that the proceeds from the townsquare asset exchange are not otherwise reinvested within the applicable time period , the company will be required to prepay an equivalent amount of principal outstanding under the 2011 credit facilities in accordance with the terms thereof . we have assessed the current and expected conditions of our business climate , our current and expected needs for funds and our current and expected sources of funds and determined , based on our financial condition as of december 31 , 2012 , that cash on hand and cash expected to be generated from operating activities will be sufficient to satisfy our anticipated financing needs for working capital , capital expenditures , interest and debt service payments , and repurchases of securities and other debt obligations through december 31 , 2013. advertising revenue and adjusted ebitda our primary source of revenues is the sale of advertising time on our radio stations and networks . our sales of advertising time are primarily affected by the demand for advertising time from local , regional and national advertisers and the advertising rates charged by us . advertising demand and rates are based primarily on a station 's ability to attract audiences in the demographic groups targeted by its advertisers , as measured principally by various ratings agencies on a periodic basis . we endeavor to develop strong listener loyalty and we believe that the diversification of formats and programs helps to insulate us from the effects of changes in the musical tastes of the public with respect to any particular format . in addition , we believe that the portfolio that we own and operate , which has increased diversity in terms of format , listener base , geography , advertiser base and revenue stream as a result of our recent acquisitions , including the cmp acquisition and the citadel merger , and the development of our strategy to focus on radio stations in larger markets and geographically strategic regional clusters , will further reduce our revenue dependence on any single demographic , region or industry . story_separator_special_tag liquidity and capital resources liquidity considerations the following table summarizes our principal historical funding needs for the years ended december 31 , 2012 , 2011 and 2010 ( dollars in thousands ) : replace_table_token_20_th 49 index to financial statements cash flows from operating activities replace_table_token_21_th for the years ended december 31 , 2012 and 2011 , net cash provided by operating activities increased by $ 107.7 million and $ 29.2 million , respectively , over the prior year . the increase in 2012 was primarily due to an increase in net revenues of $ 556.6 million , partially offset by an aggregate decrease in cash provided by operating assets and liabilities of $ 31.0 million and increases in operating expenses and cash paid for interest of $ 303.9 million and $ 122.5 million , respectively . cash flows from investing activities replace_table_token_22_th for the year ended december 31 , 2012 , net cash provided by investing activities increased $ 2.1 billion as compared to the year ended december 31 , 2011 , primarily due to consideration paid in 2011 to complete the citadel merger . for the year ended december 31 , 2011 , net cash used in investing activities increased $ 2.0 billion as compared to the year ended december 31 , 2010 , primarily due to consideration paid to complete the citadel merger . cash flows from financing activities replace_table_token_23_th for the year ended december 31 , 2012 , net cash used in financing activities decreased $ 2.2 billion as compared to the year ended december 31 , 2011 , primarily due the company 's receipt in 2011 of proceeds from the refinancing and the sale of equity securities in connection with the completion of the citadel merger . for the year ended december 31 , 2011 , net cash provided by financing activities increased $ 2.0 billion as compared to the year ended december 31 , 2010 , primarily due to proceeds from those refinancing activities including the related sale of equity securities . 2012 acquisitions for a detailed discussion of our material 2012 acquisitions , see note 2 , acquisitions and dispositions in the consolidated financial statements included elsewhere in this form 10-k. 2011 acquisitions for a detailed discussion of our material 2011 acquisitions , see note 2 , acquisitions and dispositions in the consolidated financial statements included elsewhere in this form 10-k. we did not complete any material dispositions during the year ended december 31 , 2011 . 50 index to financial statements 2012 and 2011 refinancing transactions for a detailed discussion of our 2012 and 2011 refinancing transactions , see note 9 , long-term debt in the consolidated financial statements included elsewhere in this form 10-k. critical accounting policies and estimates use of estimates the preparation of financial statements in conformity with gaap requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an on-going basis , our management , in consultation with the audit committee of our board , evaluates these estimates , including those related to bad debts , intangible assets , self-insurance liabilities , income taxes , and contingencies and litigation . we base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements . revenue recognition we recognize revenue from the sale of commercial broadcast time to advertisers when the commercials are broadcast , subject to meeting certain conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured . these criteria are generally met at the time an advertisement is broadcast . accounts receivable and concentration of credit risks accounts receivable are recorded at the invoiced amount and do not bear interest . the allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable . we determine the allowance based on several factors including the length of time receivables are past due , trends and current economic factors . all balances are reviewed and evaluated on a consolidated basis . account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote . we do not have any off-balance-sheet credit exposure related to our customers . in the opinion of our management , credit risk with respect to accounts receivable is limited due to the large number of customers and the geographic diversification of our customer base . we perform ongoing credit evaluations of our customers and believe that adequate allowances for any uncollectible accounts receivable are maintained . intangible assets we have significant intangible assets recorded in our accounts . these intangible assets are comprised primarily of broadcast licenses and goodwill acquired through the acquisition of radio stations . we are required to review the carrying value of certain intangible assets and our goodwill annually for impairment , and more frequently if circumstances warrant , and record any impairment to results of operations in the periods in which the recorded value of those assets is more than their fair value . for the year ended december 31 , 2012 , we recorded aggregate impairment charges of $ 127.1 million , to reduce the carrying value of certain broadcast licenses , goodwill and definite-lived intangible assets to their respective fair values . as of december 31 , 2012 , we had $ 3.1 billion in intangible assets and goodwill , which represented approximately 81.7 % of our total assets . we

loss on early extinguishment of debt . for the years ended december 31 , 2012 and 2011 , we recorded $ 2.4 million and $ 4.4 million in losses on early extinguishment of debt as a result of our debt refinancings in december 2012 and may 2011 , respectively . gain on equity investment in cmp . for the year ended december 31 , 2011 , we recorded an $ 11.6 million gain on our equity investment in cmp due to the cmp acquisition . there was not a similar gain during the year ended december 31 , 2012 ( see note 2 , acquisitions and dispositions ) . income tax benefit ( expense ) . we recorded an income tax benefit on continuing operations of $ 26.6 million in 2012 as compared to a $ 3.3 million benefit during the prior year . the income tax benefit for 2012 is equal to the amount of tax expense on discontinued operations that is offset by the loss from continuing operations . the income tax benefit for 2011 is primarily due to a release of the valuation allowance as a result of the cmp acquisition and citadel merger while the 2010 tax expense is primarily due to tax amortization of intangibles . adjusted ebitda . as a result of the factors described above , adjusted ebitda for the year ended december 31 , 2012 increased $ 270.0 million , or 218.3 % , to $ 393.7 million compared to $ 123.7 million for the year ended december 31 , 2011 . 45 index to financial statements reconciliation of non-gaap financial measure . the following table reconciles adjusted ebitda to net income ( the most directly comparable financial measure calculated and presented in accordance with gaap ) as presented in the accompanying consolidated statements of operations ( dollars in thousands ) : replace_table_token_17_th * * calculation is not meaningful intangible assets ( including goodwill ) , net . intangible assets , net of amortization , were $ 3,056.3 million and $ 3,350.4 million as of december 31 , 2012 and 2011 , respectively . these intangible asset balances primarily consist of broadcast licenses and goodwill .


 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.
     ```loss on early extinguishment of debt . for the years ended december 31 , 2012 and 2011 , we recorded $ 2.4 million and $ 4.4 million in losses on early extinguishment of debt as a result of our debt refinancings in december 2012 and may 2011 , respectively . gain on equity investment in cmp . for the year ended december 31 , 2011 , we recorded an $ 11.6 million gain on our equity investment in cmp due to the cmp acquisition . there was not a similar gain during the year ended december 31 , 2012 ( see note 2 , acquisitions and dispositions ) . income tax benefit ( expense ) . we recorded an income tax benefit on continuing operations of $ 26.6 million in 2012 as compared to a $ 3.3 million benefit during the prior year . the income tax benefit for 2012 is equal to the amount of tax expense on discontinued operations that is offset by the loss from continuing operations . the income tax benefit for 2011 is primarily due to a release of the valuation allowance as a result of the cmp acquisition and citadel merger while the 2010 tax expense is primarily due to tax amortization of intangibles . adjusted ebitda . as a result of the factors described above , adjusted ebitda for the year ended december 31 , 2012 increased $ 270.0 million , or 218.3 % , to $ 393.7 million compared to $ 123.7 million for the year ended december 31 , 2011 . 45 index to financial statements reconciliation of non-gaap financial measure . the following table reconciles adjusted ebitda to net income ( the most directly comparable financial measure calculated and presented in accordance with gaap ) as presented in the accompanying consolidated statements of operations ( dollars in thousands ) : replace_table_token_17_th * * calculation is not meaningful intangible assets ( including goodwill ) , net . intangible assets , net of amortization , were $ 3,056.3 million and $ 3,350.4 million as of december 31 , 2012 and 2011 , respectively . these intangible asset balances primarily consist of broadcast licenses and goodwill .
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 Suspicious Activity Report : our principal sources of funds historically have been cash flow from operations and borrowings under credit facilities in existence from time to time . our cash flow from operations is subject to such factors as shifts in population , station listenership , demographics , or audience tastes , and fluctuations in preferred advertising media . in addition , customers may not be able to pay , or may delay payment of , accounts receivable that are owed to us , which risks may be exacerbated in challenging economic periods . in recent periods , management has taken steps to mitigate this risk through heightened collection efforts and enhancements to our credit approval process , although no assurances as to the longer-term success of these efforts can be provided . in addition , we believe the acquisition of the broad diversity in format , listener base , geography , advertiser base and revenue stream that accompanied the cmp acquisition and the citadel merger will help us reduce dependence on any single demographic , region or industry . on december 20 , 2012 , we entered into an amendment and restatement ( the amendment and restatement ) of our first lien facility credit agreement , dated as of september 16 , 2011 , among the company , cumulus media holdings , inc. , as borrower ( the borrower ) , and the lenders and the agents thereto ( the original agreement ) . pursuant to the amendment and restatement , the terms and conditions contained in the original agreement remained substantially unchanged , except as follows : ( i ) the amount outstanding thereunder was increased to $ 1.325 billion ; ( ii ) the margin for libor ( as defined below ) -based borrowings was reduced from 4.5 % to 3.5 % and for base rate ( as defined below ) -based borrowings was reduced from 3.5 % to 2.5 % ; and ( iii ) the libor floor for libor-based borrowings was reduced from 1.25 % to 1.0 % . in the event amounts are outstanding under the revolving credit facility , the first lien facility requires compliance with a consolidated total net leverage ratio . at december 31 , 2012 , this ratio would have been 6.5 to 1.0. such ratio will be reduced in future periods if amounts are outstanding under the revolving credit facility at an applicable date . at december 31 , 2012 we would not have been in compliance with this ratio . as a result , borrowings under the revolving credit facility were not available at that date . the second lien facility does not contain any financial covenants . at december 31 , 2012 our long-term debt consisted of $ 2.0 billion in total term loans and $ 610.0 million in 7.75 % senior notes . based upon the calculation of excess cash flow at december 31 , 2012 , the company is required to make a mandatory prepayment of $ 63.2 million on the first lien term loan due within 10 days of the filing of this annual report or form 10-k. this amount has been classified in the current portion of long-term debt caption of the consolidated balance sheet . the 2011 credit facilities contain provisions requiring the company to use the proceeds from the disposition of assets of the company to prepay amounts outstanding under the first lien facility and the second lien facility ( to the extent proceeds remain after the required prepayment 40 index to financial statements of all amounts outstanding under the first lien facility ) , subject to the right of the company to use such proceeds to acquire , improve or repair assets useful in its business , all within one year from the date of receipt of such proceeds . if and to the extent that the proceeds from the townsquare asset exchange are not otherwise reinvested within the applicable time period , the company will be required to prepay an equivalent amount of principal outstanding under the 2011 credit facilities in accordance with the terms thereof . we have assessed the current and expected conditions of our business climate , our current and expected needs for funds and our current and expected sources of funds and determined , based on our financial condition as of december 31 , 2012 , that cash on hand and cash expected to be generated from operating activities will be sufficient to satisfy our anticipated financing needs for working capital , capital expenditures , interest and debt service payments , and repurchases of securities and other debt obligations through december 31 , 2013. advertising revenue and adjusted ebitda our primary source of revenues is the sale of advertising time on our radio stations and networks . our sales of advertising time are primarily affected by the demand for advertising time from local , regional and national advertisers and the advertising rates charged by us . advertising demand and rates are based primarily on a station 's ability to attract audiences in the demographic groups targeted by its advertisers , as measured principally by various ratings agencies on a periodic basis . we endeavor to develop strong listener loyalty and we believe that the diversification of formats and programs helps to insulate us from the effects of changes in the musical tastes of the public with respect to any particular format . in addition , we believe that the portfolio that we own and operate , which has increased diversity in terms of format , listener base , geography , advertiser base and revenue stream as a result of our recent acquisitions , including the cmp acquisition and the citadel merger , and the development of our strategy to focus on radio stations in larger markets and geographically strategic regional clusters , will further reduce our revenue dependence on any single demographic , region or industry . story_separator_special_tag liquidity and capital resources liquidity considerations the following table summarizes our principal historical funding needs for the years ended december 31 , 2012 , 2011 and 2010 ( dollars in thousands ) : replace_table_token_20_th 49 index to financial statements cash flows from operating activities replace_table_token_21_th for the years ended december 31 , 2012 and 2011 , net cash provided by operating activities increased by $ 107.7 million and $ 29.2 million , respectively , over the prior year . the increase in 2012 was primarily due to an increase in net revenues of $ 556.6 million , partially offset by an aggregate decrease in cash provided by operating assets and liabilities of $ 31.0 million and increases in operating expenses and cash paid for interest of $ 303.9 million and $ 122.5 million , respectively . cash flows from investing activities replace_table_token_22_th for the year ended december 31 , 2012 , net cash provided by investing activities increased $ 2.1 billion as compared to the year ended december 31 , 2011 , primarily due to consideration paid in 2011 to complete the citadel merger . for the year ended december 31 , 2011 , net cash used in investing activities increased $ 2.0 billion as compared to the year ended december 31 , 2010 , primarily due to consideration paid to complete the citadel merger . cash flows from financing activities replace_table_token_23_th for the year ended december 31 , 2012 , net cash used in financing activities decreased $ 2.2 billion as compared to the year ended december 31 , 2011 , primarily due the company 's receipt in 2011 of proceeds from the refinancing and the sale of equity securities in connection with the completion of the citadel merger . for the year ended december 31 , 2011 , net cash provided by financing activities increased $ 2.0 billion as compared to the year ended december 31 , 2010 , primarily due to proceeds from those refinancing activities including the related sale of equity securities . 2012 acquisitions for a detailed discussion of our material 2012 acquisitions , see note 2 , acquisitions and dispositions in the consolidated financial statements included elsewhere in this form 10-k. 2011 acquisitions for a detailed discussion of our material 2011 acquisitions , see note 2 , acquisitions and dispositions in the consolidated financial statements included elsewhere in this form 10-k. we did not complete any material dispositions during the year ended december 31 , 2011 . 50 index to financial statements 2012 and 2011 refinancing transactions for a detailed discussion of our 2012 and 2011 refinancing transactions , see note 9 , long-term debt in the consolidated financial statements included elsewhere in this form 10-k. critical accounting policies and estimates use of estimates the preparation of financial statements in conformity with gaap requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an on-going basis , our management , in consultation with the audit committee of our board , evaluates these estimates , including those related to bad debts , intangible assets , self-insurance liabilities , income taxes , and contingencies and litigation . we base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements . revenue recognition we recognize revenue from the sale of commercial broadcast time to advertisers when the commercials are broadcast , subject to meeting certain conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured . these criteria are generally met at the time an advertisement is broadcast . accounts receivable and concentration of credit risks accounts receivable are recorded at the invoiced amount and do not bear interest . the allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable . we determine the allowance based on several factors including the length of time receivables are past due , trends and current economic factors . all balances are reviewed and evaluated on a consolidated basis . account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote . we do not have any off-balance-sheet credit exposure related to our customers . in the opinion of our management , credit risk with respect to accounts receivable is limited due to the large number of customers and the geographic diversification of our customer base . we perform ongoing credit evaluations of our customers and believe that adequate allowances for any uncollectible accounts receivable are maintained . intangible assets we have significant intangible assets recorded in our accounts . these intangible assets are comprised primarily of broadcast licenses and goodwill acquired through the acquisition of radio stations . we are required to review the carrying value of certain intangible assets and our goodwill annually for impairment , and more frequently if circumstances warrant , and record any impairment to results of operations in the periods in which the recorded value of those assets is more than their fair value . for the year ended december 31 , 2012 , we recorded aggregate impairment charges of $ 127.1 million , to reduce the carrying value of certain broadcast licenses , goodwill and definite-lived intangible assets to their respective fair values . as of december 31 , 2012 , we had $ 3.1 billion in intangible assets and goodwill , which represented approximately 81.7 % of our total assets . we

