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SEGMENT DATA (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Reportable Segment Results | 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
Three Months Ended September 30, 2024
Revenue | $ | 619,544 |  |  | $ | 301,041 |  |  | $ | 90,050 |  |  | $ | — |  |  | $ | (2,502) |  |  | $ | 1,008,133 |
Operating expenses(1) | 489,672 |  |  | 201,035 |  |  | 45,641 |  |  | 69,702 |  |  | (2,502) |  |  | 803,548 |
Segment Adjusted EBITDA(2) | $ | 129,872 |  |  | $ | 100,006 |  |  | $ | 44,409 |  |  | $ | (69,702) |  |  | $ | — |  |  | $ | 204,585 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (101,331) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (412) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (1,092) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (16,767) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (8,263) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 76,720 |
Intersegment revenues | $ | — |  |  | $ | 1,189 |  |  | $ | 1,313 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,502 |
Capital expenditures | 13,615 |  |  | 5,924 |  |  | 1,376 |  |  | 8,505 |  |  | — |  |  | 29,420 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 8,263 |  |  | — |  |  | 8,263 |
| 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
Nine Months Ended September 30, 2024
Revenue | $ | 1,688,914 |  |  | $ | 825,623 |  |  | $ | 229,300 |  |  | $ | — |  |  | $ | (7,574) |  |  | $ | 2,736,263 |
Operating expenses(1) | 1,377,597 |  |  | 565,620 |  |  | 137,347 |  |  | 203,864 |  |  | (7,574) |  |  | 2,276,854 |
Segment Adjusted EBITDA(2) | $ | 311,317 |  |  | $ | 260,003 |  |  | $ | 91,953 |  |  | $ | (203,864) |  |  | $ | — |  |  | $ | 459,409 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (310,849) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (922,144) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (2,180) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (67,928) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (23,963) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (867,655) |
Intersegment revenues | $ | — |  |  | $ | 3,549 |  |  | $ | 4,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,574 |
Capital expenditures | 38,214 |  |  | 17,043 |  |  | 5,800 |  |  | 11,117 |  |  | — |  |  | 72,174 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 23,963 |  |  | — |  |  | 23,963 |
| 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 |
(1) Operating expenses consist of Direct operating and SG&A expenses, excluding Restructuring and share-based compensation expenses. (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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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