XML 34 R15.htm IDEA: XBRL DOCUMENT v3.23.2
SEGMENT DATA
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATAThe 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, Audio & Media Services Group, and Corporate 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 six months ended June 30, 2023 and 2022:
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended June 30, 2023
Revenue$595,944 $260,854 $65,804 $— $(2,588)$920,014 
Operating expenses(1)
433,542 176,272 47,305 74,302 (2,588)728,833 
Segment Adjusted EBITDA(2)
$162,402 $84,582 $18,499 $(74,302)$— $191,181 
Depreciation and amortization(108,065)
Impairment charges(960,570)
Other operating income, net261 
Restructuring expenses(10,789)
Share-based compensation expense(9,212)
Operating loss$(897,194)
Intersegment revenues$— $1,216 $1,372 $— $— $2,588 
Capital expenditures14,870 5,502 904 1,497 — 22,773 
Share-based compensation expense— — — 9,212 — 9,212 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended June 30, 2022
Revenue$633,300 $252,561 $71,065 $— $(2,921)$954,005 
Operating expenses(1)
438,804 173,678 48,995 58,264 (2,921)716,820 
Segment Adjusted EBITDA(2)
$194,496 $78,883 $22,070 $(58,264)$— $237,185 
Depreciation and amortization(110,788)
Impairment charges(245)
Other operating expense, net(15,664)
Restructuring expenses(19,009)
Share-based compensation expense(8,610)
Operating income$82,869 
Intersegment revenues$167 $1,376 $1,378 $— $— $2,921 
Capital expenditures36,378 5,912 2,423 4,940 — 49,653 
Share-based compensation expense— — — 8,610 — 8,610 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Six Months Ended June 30, 2023
Revenue$1,124,957 $484,250 $127,155 $— $(5,109)$1,731,253 
Operating expenses(1)
875,503 345,549 93,312 137,393 (5,109)1,446,648 
Segment Adjusted EBITDA(2)
$249,454 $138,701 $33,843 $(137,393)$— $284,605 
Depreciation and amortization(216,577)
Impairment charges(964,517)
Other operating income, net40 
Restructuring expenses(30,243)
Share-based compensation expense(19,364)
Operating loss$(946,056)
Intersegment revenues$— $2,405 $2,704 $— $— $5,109 
Capital expenditures 41,294 11,279 4,791 4,574 — 61,938 
Share-based compensation expense— — — 19,364 — 19,364 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Six Months Ended June 30, 2022
Revenue$1,204,460 $466,780 $131,922 $(5,699)$1,797,463 
Operating expenses(1)
876,057 335,389 93,465 115,848 (5,699)1,415,060 
Segment Adjusted EBITDA(2)
$328,403 $131,391 $38,457 $(115,848)$— $382,403 
Depreciation and amortization(224,839)
Impairment charges(1,579)
Other operating expense, net(16,534)
Restructuring expenses(30,102)
Share-based compensation expense(14,145)
Operating income$95,204 
Intersegment revenues$335 $2,645 $2,719 $— $5,699 
Capital expenditures 48,716 11,068 4,122 8,304 72,210 
Share-based compensation expense— — — 14,145 14,145 

(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 (loss), the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating Income (Loss) to Adjusted EBITDA" and "Reconciliation of Net 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.