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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Separate Financial Data for Each of Company's Operating Segment | Separate financial data for each of the Company’s operating segments are pr ovided below. Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, foreign currency (gain) loss and other operating (gain) loss. The Company generated 81% and 73% of its revenue outside the United States during the three-month periods ended June 30, 2023 and 2022, respectively. The Company generated 81% and 73% of its revenue outside the United States during the six-month periods ended June 30, 2023 and 2022, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands):
|  | Three-Month Period |  |  |  |  |  | Six-Month Period |  |  |  |
|  | Ended June 30, |  |  | % |  |  | Ended June 30, |  |  | % |
|  | 2023 |  |  | 2022 |  |  | Change |  |  | 2023 |  |  | 2022 |  |  | Change |
Net revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital |  | $ | 229,896 |  |  | $ | 174,378 |  |  |  | 32 | % |  | $ | 426,378 |  |  | $ | 328,089 |  |  |  | 30 | %
Television |  |  | 29,943 |  |  |  | 32,373 |  |  |  | (8 | )% |  |  | 60,255 |  |  |  | 63,240 |  |  |  | (5 | )%
Audio |  |  | 13,542 |  |  |  | 14,944 |  |  |  | (9 | )% |  |  | 25,754 |  |  |  | 27,538 |  |  |  | (6 | )%
Consolidated |  |  | 273,381 |  |  |  | 221,695 |  |  |  | 23 | % |  |  | 512,387 |  |  |  | 418,867 |  |  |  | 22 | %
Cost of revenue - digital |  |  | 195,836 |  |  |  | 144,965 |  |  |  | 35 | % |  |  | 363,592 |  |  |  | 274,856 |  |  |  | 32 | %
Direct operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital |  |  | 10,283 |  |  |  | 7,843 |  |  |  | 31 | % |  |  | 18,293 |  |  |  | 14,976 |  |  |  | 22 | %
Television |  |  | 15,024 |  |  |  | 14,488 |  |  |  | 4 | % |  |  | 29,783 |  |  |  | 28,771 |  |  |  | 4 | %
Audio |  |  | 7,758 |  |  |  | 7,265 |  |  |  | 7 | % |  |  | 14,851 |  |  |  | 13,672 |  |  |  | 9 | %
Consolidated |  |  | 33,065 |  |  |  | 29,596 |  |  |  | 12 | % |  |  | 62,927 |  |  |  | 57,419 |  |  |  | 10 | %
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital |  |  | 14,760 |  |  |  | 9,419 |  |  |  | 57 | % |  |  | 28,289 |  |  |  | 17,521 |  |  |  | 61 | %
Television |  |  | 4,844 |  |  |  | 5,238 |  |  |  | (8 | )% |  |  | 10,184 |  |  |  | 10,195 |  |  |  | (0 | )%
Audio |  |  | 3,961 |  |  |  | 3,118 |  |  |  | 27 | % |  |  | 7,860 |  |  |  | 6,098 |  |  |  | 29 | %
Consolidated |  |  | 23,565 |  |  |  | 17,775 |  |  |  | 33 | % |  |  | 46,333 |  |  |  | 33,814 |  |  |  | 37 | %
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital |  |  | 3,729 |  |  |  | 2,644 |  |  |  | 41 | % |  |  | 7,360 |  |  |  | 5,321 |  |  |  | 38 | %
Television |  |  | 2,551 |  |  |  | 2,808 |  |  |  | (9 | )% |  |  | 5,209 |  |  |  | 5,701 |  |  |  | (9 | )%
Audio |  |  | 229 |  |  |  | 811 |  |  |  | (72 | )% |  |  | 411 |  |  |  | 1,636 |  |  |  | (75 | )%
Consolidated |  |  | 6,509 |  |  |  | 6,263 |  |  |  | 4 | % |  |  | 12,980 |  |  |  | 12,658 |  |  |  | 3 | %
Segment operating profit (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital |  |  | 5,288 |  |  |  | 9,507 |  |  |  | (44 | )% |  |  | 8,844 |  |  |  | 15,415 |  |  |  | (43 | )%
Television |  |  | 7,524 |  |  |  | 9,839 |  |  |  | (24 | )% |  |  | 15,079 |  |  |  | 18,573 |  |  |  | (19 | )%
Audio |  |  | 1,594 |  |  |  | 3,750 |  |  |  | (57 | )% |  |  | 2,632 |  |  |  | 6,132 |  |  |  | (57 | )%
Consolidated |  |  | 14,406 |  |  |  | 23,096 |  |  |  | (38 | )% |  |  | 26,555 |  |  |  | 40,120 |  |  |  | (34 | )%
Corporate expenses |  |  | 12,042 |  |  |  | 8,520 |  |  |  | 41 | % |  |  | 22,544 |  |  |  | 17,244 |  |  |  | 31 | %
Change in fair value of contingent consideration |  |  | 1,123 |  |  |  | 976 |  |  |  | 15 | % |  |  | (2,942 | ) |  |  | 6,076 |  |  | * |
Foreign currency (gain) loss |  |  | 697 |  |  |  | 993 |  |  |  | (30 | )% |  |  | (259 | ) |  |  | 146 |  |  | * |
Other operating (gain) loss |  |  | - |  |  |  | (834 | ) |  |  | (100 | )% |  |  | - |  |  |  | (953 | ) |  |  | (100 | )%
Operating income (loss) |  |  | 544 |  |  |  | 13,441 |  |  |  | (96 | )% |  |  | 7,212 |  |  |  | 17,607 |  |  |  | (59 | )%
Interest expense |  | $ | (4,306 | ) |  | $ | (2,334 | ) |  |  | 84 | % |  | $ | (8,334 | ) |  | $ | (4,170 | ) |  |  | 100 | %
Interest income |  |  | 1,037 |  |  |  | 722 |  |  |  | 44 | % |  |  | 1,897 |  |  |  | 1,128 |  |  |  | 68 | %
Dividend income |  |  | 14 |  |  |  | 11 |  |  |  | 27 | % |  |  | 32 |  |  |  | 14 |  |  |  | 129 | %
Realized gain (loss) on marketable securities |  |  | (29 | ) |  |  | - |  |  | * |  |  |  | (61 | ) |  |  | - |  |  | * |
Gain (loss) on debt extinguishment |  |  | - |  |  |  | - |  |  | * |  |  |  | (1,556 | ) |  |  | - |  |  | * |
Income (loss) before income taxes |  |  | (2,740 | ) |  |  | 11,840 |  |  |  | (123 | )% |  |  | (810 | ) |  |  | 14,579 |  |  |  | (106 | )%
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital |  | $ | 1,370 |  |  | $ | 1,092 |  |  |  |  |  | $ | 2,481 |  |  | $ | 1,861 |  |  |  |
Television |  |  | 2,555 |  |  |  | 676 |  |  |  |  |  |  | 6,875 |  |  |  | 1,136 |  |  |  |
Audio |  |  | 2,371 |  |  |  | 123 |  |  |  |  |  |  | 5,490 |  |  |  | 411 |  |  |  |
Consolidated |  | $ | 6,296 |  |  | $ | 1,891 |  |  |  |  |  | $ | 14,846 |  |  | $ | 3,408 |  |  |  |
|  | June 30, |  |  | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | 2023 |  |  | 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Digital |  |  | 399,474 |  |  |  | 408,027 |  |  |  |  |  |  |  |  |  |  |  |  |
Television |  |  | 356,282 |  |  |  | 363,904 |  |  |  |  |  |  |  |  |  |  |  |  |
Audio |  |  | 109,400 |  |  |  | 108,910 |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 865,156 |  |  | $ | 880,841 |  |  |  |  |  |  |  |  |  |  |  |  |
* Percentage not meaningful.

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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 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: 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 3: 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 4: 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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