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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | 5. SEGMENT INFORMATION With the sale of the Company’s EGP business during the second quarter of 2024, the Company identifies itself and operates as a media and advertising technology company. Management evaluated the Company’s business under the guidance in Accounting Standards Codification Topic 280, “Segment Reporting”. As a result, effective July 1, 2024, the Company has realigned its operating segments into two segments – media and advertising technology & services – consistent with the Company’s current operational and management structure. The Company’s media segment consists of sales of advertising through various media, including television, radio and digital. The Company owns and/or operates 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging U.S. Latinos. The Company’s advertising technology & services segment consists of programmatic ad services through Smadex, the Company’s demand side programmatic ad platform, and Adwake, which includes BCNMonetize, the Company’s mobile growth solutions business. The Company’s reportable segments are the same as its operating segments. Prior periods have been recast to conform to this presentation throughout this report. 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 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 24% and 26% of its revenue from continuing operations outside the United States during the three-month periods ended September 30, 2024 and 2023, respectively. The Company generated 25% and 29% of its revenue from continuing operations outside the United States during the nine-month periods ended September 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 |  |  |  |  |  | Nine-Month Period |  |  |  |
|  | Ended September 30, |  |  | % |  |  | Ended September 30, |  |  | % |
|  | 2024 |  |  | 2023 |  |  | Change |  |  | 2024 |  |  | 2023 |  |  | Change |
Net revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  | $ | 59,802 |  |  | $ | 48,746 |  |  |  | 23 | % |  | $ | 154,801 |  |  | $ | 144,614 |  |  |  | 7 | %
Advertising Technology & Services |  |  | 37,354 |  |  |  | 28,674 |  |  |  | 30 | % |  |  | 103,185 |  |  |  | 74,173 |  |  |  | 39 | %
Consolidated |  |  | 97,156 |  |  |  | 77,420 |  |  |  | 25 | % |  |  | 257,986 |  |  |  | 218,787 |  |  |  | 18 | %
Cost of revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 4,881 |  |  |  | 2,840 |  |  |  | 72 | % |  |  | 11,888 |  |  |  | 7,661 |  |  |  | 55 | %
Advertising Technology & Services |  |  | 21,920 |  |  |  | 18,553 |  |  |  | 18 | % |  |  | 61,995 |  |  |  | 50,249 |  |  |  | 23 | %
Consolidated |  |  | 26,801 |  |  |  | 21,393 |  |  |  | 25 | % |  |  | 73,883 |  |  |  | 57,910 |  |  |  | 28 | %
Direct operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 29,193 |  |  |  | 24,110 |  |  |  | 21 | % |  |  | 82,405 |  |  |  | 72,004 |  |  |  | 14 | %
Advertising Technology & Services |  |  | 6,424 |  |  |  | 4,592 |  |  |  | 40 | % |  |  | 16,769 |  |  |  | 12,156 |  |  |  | 38 | %
Consolidated |  |  | 35,617 |  |  |  | 28,702 |  |  |  | 24 | % |  |  | 99,174 |  |  |  | 84,160 |  |  |  | 18 | %
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 10,860 |  |  |  | 8,677 |  |  |  | 25 | % |  |  | 30,600 |  |  |  | 27,039 |  |  |  | 13 | %
Advertising Technology & Services |  |  | 6,252 |  |  |  | 3,269 |  |  |  | 91 | % |  |  | 15,209 |  |  |  | 10,324 |  |  |  | 47 | %
Consolidated |  |  | 17,112 |  |  |  | 11,946 |  |  |  | 43 | % |  |  | 45,809 |  |  |  | 37,363 |  |  |  | 23 | %
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 3,165 |  |  |  | 3,288 |  |  |  | (4 | )% |  |  | 9,756 |  |  |  | 8,962 |  |  |  | 9 | %
Advertising Technology & Services |  |  | 717 |  |  |  | 1,445 |  |  |  | (50 | )% |  |  | 3,293 |  |  |  | 2,986 |  |  |  | 10 | %
Consolidated |  |  | 3,882 |  |  |  | 4,733 |  |  |  | (18 | )% |  |  | 13,049 |  |  |  | 11,948 |  |  |  | 9 | %
Segment operating profit (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 11,703 |  |  |  | 9,831 |  |  |  | 19 | % |  |  | 20,152 |  |  |  | 28,948 |  |  |  | (30 | )%
Advertising Technology & Services |  |  | 2,041 |  |  |  | 815 |  |  |  | 150 | % |  |  | 5,919 |  |  |  | (1,542 | ) |  | * |
Consolidated |  |  | 13,744 |  |  |  | 10,646 |  |  |  | 29 | % |  |  | 26,071 |  |  |  | 27,406 |  |  |  | (5 | )%
Corporate expenses |  |  | 6,930 |  |  |  | 13,292 |  |  |  | (48 | )% |  |  | 29,989 |  |  |  | 35,836 |  |  |  | (16 | )%
Change in fair value of contingent consideration |  |  | (650 | ) |  |  | (100 | ) |  |  | 550 | % |  |  | (630 | ) |  |  | 621 |  |  | * |
Impairment charge |  |  | - |  |  |  | 989 |  |  |  | (100 | )% |  |  | - |  |  |  | 989 |  |  |  | (100 | )%
Foreign currency (gain) loss |  |  | (121 | ) |  |  | 269 |  |  | * |  |  |  | 120 |  |  |  | 1,274 |  |  |  | (91 | )%
Operating income (loss) |  |  | 7,585 |  |  |  | (3,804 | ) |  | * |  |  |  | (3,408 | ) |  |  | (11,314 | ) |  |  | (70 | )%
Interest expense |  | $ | (4,087 | ) |  | $ | (4,346 | ) |  |  | (6 | )% |  | $ | (12,648 | ) |  | $ | (12,464 | ) |  |  | 1 | %
Interest income |  |  | 646 |  |  |  | 1,068 |  |  |  | (40 | )% |  |  | 1,801 |  |  |  | 2,396 |  |  |  | (25 | )%
Dividend income |  |  | - |  |  |  | - |  |  | - |  |  |  | 10 |  |  |  | 32 |  |  |  | (69 | )%
Realized gain (loss) on marketable securities |  |  | (1 | ) |  |  | (33 | ) |  |  | (97 | )% |  |  | (110 | ) |  |  | (94 | ) |  |  | 17 | %
Gain (loss) on debt extinguishment |  |  | - |  |  |  | - |  |  | * |  |  |  | (91 | ) |  |  | (1,556 | ) |  |  | (94 | )%
Income (loss) before income taxes |  |  | 4,143 |  |  |  | (7,115 | ) |  | * |  |  |  | (14,446 | ) |  |  | (23,000 | ) |  |  | (37 | )%
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  | $ | 1,020 |  |  | $ | 2,694 |  |  |  |  |  | $ | 4,546 |  |  | $ | 15,060 |  |  |  |
Advertising Technology & Services |  |  | 31 |  |  |  | 883 |  |  |  |  |  |  | 298 |  |  |  | 2,600 |  |  |  |
Consolidated |  | $ | 1,051 |  |  | $ | 3,577 |  |  |  |  |  | $ | 4,844 |  |  | $ | 17,660 |  |  |  |
|  | September 30, |  |  | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | 2024 |  |  | 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  | $ | 484,261 |  |  | $ | 449,928 |  |  |  |  |  |  |  |  |  |  |  |  |
Advertising Technology & Services |  |  | 72,997 |  |  |  | 102,894 |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of discontinued operations |  |  | - |  |  |  | 313,124 |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 557,258 |  |  | $ | 865,946 |  |  |  |  |  |  |  |  |  |  |  |  |
* Percentage not meaningful.

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- Definition The entire disclosure for reporting segments including data and tables. 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