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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information

5. SEGMENT INFORMATION

The Company’s management has determined that the Company operates in three reportable segments as of June 30, 2024, based upon the type of advertising medium, which segments are digital, television and audio. The Company’s segments results reflect information presented on the same basis that is used for internal management reporting and it is also how the chief operating decision maker, who is the Company's Chief Executive Officer ("CEO"), evaluates the business.

Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, other operating (gain) loss, and foreign currency (gain) loss. The Company generated 27% and 30% of its revenue from continuing operations outside the United States during the three-month periods ended June 30, 2024 and 2023, respectively. The Company generated 27% and 30% of its revenue from continuing operations outside the United States during the six-month periods ended June 30, 2024 and 2023, respectively.

The accounting policies applied to determine the segment information are generally the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates the performance of its operating segments based on separate financial data for each operating segment as provided below (in thousands):

 

 

 

Three-Month Period

 

 

 

 

 

Six-Month Period

 

 

 

 

 

 

Ended June 30,

 

 

%

 

 

Ended June 30,

 

 

%

 

 

 

2024

 

 

2023

 

 

Change

 

 

2024

 

 

2023

 

 

Change

 

Net revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

41,068

 

 

$

30,234

 

 

 

36

%

 

$

79,290

 

 

$

55,357

 

 

 

43

%

Television

 

 

28,577

 

 

 

29,943

 

 

 

(5

)%

 

 

57,126

 

 

 

60,255

 

 

 

(5

)%

Audio

 

 

13,009

 

 

 

13,542

 

 

 

(4

)%

 

 

24,414

 

 

 

25,754

 

 

 

(5

)%

Consolidated

 

 

82,654

 

 

 

73,719

 

 

 

12

%

 

 

160,830

 

 

 

141,366

 

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue - digital

 

 

24,424

 

 

 

19,649

 

 

 

24

%

 

 

47,082

 

 

 

36,516

 

 

 

29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

7,427

 

 

 

6,074

 

 

 

22

%

 

 

14,385

 

 

 

10,824

 

 

 

33

%

Television

 

 

16,969

 

 

 

15,024

 

 

 

13

%

 

 

33,897

 

 

 

29,783

 

 

 

14

%

Audio

 

 

7,360

 

 

 

7,758

 

 

 

(5

)%

 

 

15,275

 

 

 

14,851

 

 

 

3

%

Consolidated

 

 

31,756

 

 

 

28,856

 

 

 

10

%

 

 

63,557

 

 

 

55,458

 

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

5,352

 

 

 

3,805

 

 

 

41

%

 

 

10,339

 

 

 

7,373

 

 

 

40

%

Television

 

 

5,666

 

 

 

4,844

 

 

 

17

%

 

 

11,706

 

 

 

10,184

 

 

 

15

%

Audio

 

 

3,345

 

 

 

3,961

 

 

 

(16

)%

 

 

6,652

 

 

 

7,860

 

 

 

(15

)%

Consolidated

 

 

14,363

 

 

 

12,610

 

 

 

14

%

 

 

28,697

 

 

 

25,417

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

1,208

 

 

 

933

 

 

 

29

%

 

 

2,660

 

 

 

1,594

 

 

 

67

%

Television

 

 

2,847

 

 

 

2,551

 

 

 

12

%

 

 

5,773

 

 

 

5,209

 

 

 

11

%

Audio

 

 

373

 

 

 

229

 

 

 

63

%

 

 

734

 

 

 

411

 

 

 

79

%

Consolidated

 

 

4,428

 

 

 

3,713

 

 

 

19

%

 

 

9,167

 

 

 

7,214

 

 

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

2,657

 

 

 

(227

)

 

*

 

 

 

4,824

 

 

 

(950

)

 

*

 

Television

 

 

3,095

 

 

 

7,524

 

 

 

(59

)%

 

 

5,750

 

 

 

15,079

 

 

 

(62

)%

Audio

 

 

1,931

 

 

 

1,594

 

 

 

21

%

 

 

1,753

 

 

 

2,632

 

 

 

(33

)%

Consolidated

 

 

7,683

 

 

 

8,891

 

 

 

(14

)%

 

 

12,327

 

 

 

16,761

 

 

 

(26

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

10,811

 

 

 

12,042

 

 

 

(10

)%

 

 

23,059

 

 

 

22,544

 

 

 

2

%

Change in fair value of contingent consideration

 

 

240

 

 

 

21

 

 

 

1,043

%

 

 

20

 

 

 

721

 

 

 

(97

)%

Foreign currency (gain) loss

 

 

(24

)

 

 

792

 

 

*

 

 

 

241

 

 

 

1,006

 

 

 

(76

)%

Operating income (loss)

 

 

(3,344

)

 

 

(3,964

)

 

 

(16

)%

 

 

(10,993

)

 

 

(7,510

)

 

 

46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

(4,118

)

 

$

(4,195

)

 

 

(2

)%

 

$

(8,561

)

 

$

(8,118

)

 

 

5

%

Interest income

 

 

577

 

 

 

720

 

 

 

(20

)%

 

 

1,155

 

 

 

1,328

 

 

 

(13

)%

Dividend income

 

 

-

 

 

 

14

 

 

 

(100

)%

 

 

10

 

 

 

32

 

 

 

(69

)%

Realized gain (loss) on marketable securities

 

 

4

 

 

 

(29

)

 

*

 

 

 

(109

)

 

 

(61

)

 

 

79

%

Gain (loss) on debt extinguishment

 

 

(51

)

 

 

-

 

 

*

 

 

 

(91

)

 

 

(1,556

)

 

 

(94

)%

Income (loss) before income taxes

 

 

(6,932

)

 

 

(7,454

)

 

 

(7

)%

 

 

(18,589

)

 

 

(15,885

)

 

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

191

 

 

$

857

 

 

 

 

 

$

269

 

 

$

1,324

 

 

 

 

Television

 

 

1,140

 

 

 

2,555

 

 

 

 

 

 

2,608

 

 

 

6,875

 

 

 

 

Audio

 

 

392

 

 

 

2,371

 

 

 

 

 

 

916

 

 

 

5,490

 

 

 

 

Consolidated

 

$

1,723

 

 

$

5,783

 

 

 

 

 

$

3,793

 

 

$

13,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

75,830

 

 

$

112,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Television

 

 

397,178

 

 

 

342,818

 

 

 

 

 

 

 

 

 

 

 

 

 

Audio

 

 

96,598

 

 

 

97,504

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets of discontinued operations

 

 

-

 

 

 

313,124

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

569,606

 

 

$

865,946

 

 

 

 

 

 

 

 

 

 

 

 

 

* Percentage not meaningful.