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SEGMENT DATA | 9 Months Ended
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Sep. 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 nine months ended September 30, 2023 and 2022:
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2023
Revenue | $ | 626,383 |  |  | $ | 267,222 |  |  | $ | 61,979 |  |  | $ | — |  |  | $ | (2,595) |  |  | $ | 952,989 |
Operating expenses(1) | 463,939 |  |  | 173,565 |  |  | 45,003 |  |  | 69,295 |  |  | (2,595) |  |  | 749,207 |
Segment Adjusted EBITDA(2) | $ | 162,444 |  |  | $ | 93,657 |  |  | $ | 16,976 |  |  | $ | (69,295) |  |  | $ | — |  |  | $ | 203,782 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (106,451) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (570) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (3,378) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (16,227) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (8,191) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 68,965 |
Intersegment revenues | $ | — |  |  | $ | 1,222 |  |  | $ | 1,373 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,595 |
Capital expenditures | 10,822 |  |  | 6,069 |  |  | 1,509 |  |  | 10,118 |  |  | — |  |  | 28,518 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 8,191 |  |  | — |  |  | 8,191 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2022
Revenue | $ | 659,896 |  |  | $ | 253,953 |  |  | $ | 77,794 |  |  | $ | — |  |  | $ | (2,713) |  |  | $ | 988,930 |
Operating expenses(1) | 452,631 |  |  | 175,636 |  |  | 48,044 |  |  | 63,090 |  |  | (2,713) |  |  | 736,688 |
Segment Adjusted EBITDA(2) | $ | 207,265 |  |  | $ | 78,317 |  |  | $ | 29,750 |  |  | $ | (63,090) |  |  | $ | — |  |  | $ | 252,242 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (109,305) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (309,750) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (9,451) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (24,486) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (10,437) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (211,187) |
Intersegment revenues | $ | 112 |  |  | $ | 1,314 |  |  | $ | 1,287 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,713 |
Capital expenditures | 31,613 |  |  | 4,808 |  |  | 1,276 |  |  | 2,660 |  |  | — |  |  | 40,357 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 10,437 |  |  | — |  |  | 10,437 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2023
Revenue | $ | 1,751,340 |  |  | $ | 751,472 |  |  | $ | 189,134 |  |  | $ | — |  |  | $ | (7,704) |  |  | $ | 2,684,242 |
Operating expenses(1) | 1,339,441 |  |  | 519,115 |  |  | 138,315 |  |  | 206,689 |  |  | (7,704) |  |  | 2,195,856 |
Segment Adjusted EBITDA(2) | $ | 411,899 |  |  | $ | 232,357 |  |  | $ | 50,819 |  |  | $ | (206,689) |  |  | $ | — |  |  | $ | 488,386 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (323,028) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (965,087) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (3,338) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (46,469) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (27,555) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (877,091) |
Intersegment revenues | $ | — |  |  | $ | 3,627 |  |  | $ | 4,077 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,704 |
Capital expenditures | 52,116 |  |  | 17,348 |  |  | 6,300 |  |  | 14,692 |  |  | — |  |  | 90,456 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 27,555 |  |  | — |  |  | 27,555 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2022
Revenue | $ | 1,864,356 |  |  | $ | 720,733 |  |  | $ | 209,716 |  |  |  |  | $ | (8,412) |  |  | $ | 2,786,393 |
Operating expenses(1) | 1,328,688 |  |  | 511,025 |  |  | 141,509 |  |  | 178,938 |  |  | (8,412) |  |  | 2,151,748 |
Segment Adjusted EBITDA(2) | $ | 535,668 |  |  | $ | 209,708 |  |  | $ | 68,207 |  |  | $ | (178,938) |  |  | $ | — |  |  | $ | 634,645 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (334,144) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (311,329) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (25,985) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (54,588) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (24,582) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (115,983) |
Intersegment revenues | $ | 447 |  |  | $ | 3,959 |  |  | $ | 4,006 |  |  | $ | — |  |  |  |  | $ | 8,412 |
Capital expenditures | 80,329 |  |  | 15,876 |  |  | 5,398 |  |  | 10,964 |  |  |  |  | 112,567 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 24,582 |  |  |  |  | 24,582 |
(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.

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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