SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2023

The following tables present the Company's segment results:


	Segments
(In thousands)	Multiplatform Group		Digital Audio Group		Audio & Media Services Group		Corporate and other reconciling items		Eliminations		Consolidated
Year Ended December 31, 2023
Revenue	$	2,435,368	$	1,069,167	$	256,702	$	—	$	(10,212)	$	3,751,025
Operating expenses(1)	1,881,934		720,298		185,241		277,166		(10,212)		3,054,427
Segment Adjusted EBITDA(2)	$	553,434	$	348,869	$	71,461	$	(277,166)	$	—	$	696,598
Depreciation and amortization											(428,483)
Impairment charges											(965,087)
Other operating expense, net											(4,361)
Restructuring expenses											(60,353)
Share-based compensation expense											(35,625)
Operating loss											$	(797,311)


Segment assets	$	5,443,207	$	626,004	$	310,909	$	576,426	$	(3,935)	$	6,952,611
Intersegment revenues	—		4,800		5,412		—		—		10,212
Capital expenditures	58,033		23,179		7,348		14,110		—		102,670
Share-based compensation expense	—		—		—		35,625		—		35,625


	Segments
(In thousands)	Multiplatform Group		Digital Audio Group		Audio & Media Services Group		Corporate and other reconciling items		Eliminations		Consolidated
Year Ended December 31, 2022
Revenue	$	2,597,190	$	1,021,824	$	304,302	$	—	$	(11,033)	$	3,912,283
Operating expenses(1)	1,831,491		712,786		191,407		237,343		(11,033)		2,961,994
Segment Adjusted EBITDA(2)	$	765,699	$	309,038	$	112,895	$	(237,343)	$	—	$	950,289
Depreciation and amortization											(445,664)
Impairment charges											(311,489)
Other operating expense, net											(24,998)
Restructuring expenses											(75,821)
Share-based compensation expense											(35,457)
Operating income											$	56,860

Segment assets	$	6,319,790	$	1,056,985	$	350,388	$	612,113	$	(3,389)	$	8,335,887
Intersegment revenues	447		5,239		5,347		—		—		11,033
Capital expenditures	119,624		21,261		8,172		11,912		—		160,969
Share-based compensation expense	—		—		—		35,457		—		35,457


	Segments
(In thousands)	Multiplatform Group		Digital Audio Group		Audio & Media Services Group		Corporate and other reconciling items		Eliminations		Consolidated
Year Ended December 31, 2021
Revenue	$	2,489,018	$	834,482	$	247,957	$	—	$	(13,117)	$	3,558,340
Operating expenses(1)	1,745,680		573,835		171,766		269,043		(13,117)		2,747,207
Segment Adjusted EBITDA(2)	$	743,338	$	260,647	$	76,191	$	(269,043)	$	—	$	811,133
Depreciation and amortization											(469,417)
Impairment charges											(57,734)
Other operating expense, net											(32,320)
Restructuring expenses											(73,262)
Share-based compensation expense											(23,543)
Operating income											$	154,857

Segment Assets	$	6,953,772	$	1,088,471	$	438,773	$	403,898	$	(3,605)	$	8,881,309
Intersegment revenues	670		5,845		6,602		—		—		13,117
Capital expenditures	130,894		23,907		14,515		14,056		—		183,372
Share-based compensation expense	—		—		—		23,543		—		23,543

(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 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 7 of this Annual Report on Form 10-K. 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.