XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

SEGMENT DATA | 9 Months Ended
--- | ---
Sep. 30, 2021
Segment Reporting [Abstract] |
SEGMENT DATA | SEGMENT DATA As discussed in Note 1, in connection with certain leadership and organizational changes implemented in the first quarter 2021, the Company revised its segment reporting as of January 1, 2021. The corresponding current and prior period segment disclosures were recast to reflect the current segment presentation. Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Corporate and the Company's Audio & Media Services Group are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in Selling, general and administrative expense. The following tables present the Company's segment results for the Company for the three and nine months ended September 30, 2021 and 2020:
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2021
Revenue | $ | 658,979 |  |  | $ | 205,769 |  |  | $ | 66,078 |  |  | $ | — |  |  | $ | (2,775) |  |  | $ | 928,051 |
Operating expenses(1) | 450,549 |  |  | 138,646 |  |  | 43,656 |  |  | 67,762 |  |  | (2,775) |  |  | 697,838 |
Segment Adjusted EBITDA(2) | $ | 208,430 |  |  | $ | 67,123 |  |  | $ | 22,422 |  |  | $ | (67,762) |  |  | $ | — |  |  | $ | 230,213 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (108,100) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (11,647) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (12,341) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (12,021) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (5,993) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 80,111 |
Intersegment revenues | $ | 112 |  |  | $ | 1,475 |  |  | $ | 1,188 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,775 |
Capital expenditures | $ | 35,082 |  |  | $ | 6,223 |  |  | $ | 3,967 |  |  | $ | 5,002 |  |  | $ | — |  |  | $ | 50,274 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,993 |  |  | $ | — |  |  | $ | 5,993 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2020
Revenue | $ | 555,097 |  |  | $ | 116,200 |  |  | $ | 75,039 |  |  | $ | — |  |  | $ | (1,930) |  |  | $ | 744,406 |
Operating expenses(1) | 416,131 |  |  | 81,042 |  |  | 46,247 |  |  | 40,792 |  |  | (1,930) |  |  | 582,282 |
Segment Adjusted EBITDA(2) | $ | 138,966 |  |  | $ | 35,158 |  |  | $ | 28,792 |  |  | $ | (40,792) |  |  | $ | — |  |  | $ | 162,124 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (99,379) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (1,675) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (15,790) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (5,885) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 39,395 |
Intersegment revenues | $ | 168 |  |  | $ | — |  |  | $ | 1,762 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,930 |
Capital expenditures | $ | 12,056 |  |  | $ | 4,029 |  |  | $ | 850 |  |  | $ | 2,042 |  |  | $ | — |  |  | $ | 18,977 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,885 |  |  | $ | — |  |  | $ | 5,885 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2021
Revenue | $ | 1,762,726 |  |  | $ | 561,252 |  |  | $ | 182,390 |  |  | $ | — |  |  | $ | (10,047) |  |  | $ | 2,496,321 |
Operating expenses(1) | 1,268,107 |  |  | 399,828 |  |  | 124,148 |  |  | 197,317 |  |  | (10,047) |  |  | 1,979,353 |
Segment Adjusted EBITDA(2) | $ | 494,619 |  |  | $ | 161,424 |  |  | $ | 58,242 |  |  | $ | (197,317) |  |  | $ | — |  |  | $ | 516,968 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (343,408) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (49,391) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (27,491) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (47,216) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (17,581) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 31,881 |
Intersegment revenues | $ | 447 |  |  | $ | 4,547 |  |  | $ | 5,053 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,047 |
Capital expenditures | $ | 66,522 |  |  | $ | 17,934 |  |  | $ | 6,158 |  |  | $ | 10,721 |  |  | $ | — |  |  | $ | 101,335 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,581 |  |  | $ | — |  |  | $ | 17,581 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2020
Revenue | $ | 1,541,823 |  |  | $ | 302,203 |  |  | $ | 174,517 |  |  | $ | — |  |  | $ | (5,855) |  |  | $ | 2,012,688 |
Operating expenses(1) | 1,265,094 |  |  | 231,589 |  |  | 127,774 |  |  | 120,906 |  |  | (5,855) |  |  | 1,739,508 |
Segment Adjusted EBITDA(2) | $ | 276,729 |  |  | $ | 70,614 |  |  | $ | 46,743 |  |  | $ | (120,906) |  |  | $ | — |  |  | $ | 273,180 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (299,494) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (1,733,235) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (3,247) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (72,947) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (14,728) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (1,850,471) |
Intersegment revenues | $ | 503 |  |  | $ | — |  |  | $ | 5,352 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,855 |
Capital expenditures | $ | 34,843 |  |  | $ | 10,714 |  |  | $ | 2,473 |  |  | $ | 10,493 |  |  | $ | — |  |  | $ | 58,523 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,728 |  |  | $ | — |  |  | $ | 14,728 |
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating income, the most closely comparable GAAP measure, and to Net income (loss), please see "Reconciliation of Operating Loss to Adjusted EBITDA" and "Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA" in Item 2 of this Quarterly Report on Form 10-Q. Beginning on January 1, 2021, Segment Adjusted EBITDA became the segment profitability metric reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration