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Segment Data | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Data | 19. SEGMENT DATA In the Company's former EGP business, it acted as an intermediary between primarily global media companies and advertisers, which consisted of either the enterprise or its ad agency running the advertisement. The Company's customers were both these primarily global media companies and advertisers. On March 4, 2024, the Company received a communication from Meta that it intended to wind down its ASP program globally and end its relationship with all of its ASPs, including the Company's, by July 1, 2024. As a result of this communication from Meta, the Company's CEO, who is also the CODM, led a thorough review of the Company's operations, cost structure, digital strategy and organization of its business. This review led to the decision to sell the enterprises comprising the Company's EGP business -- the largest business unit of what was then its digital segment. Following this decision, during the second quarter of 2024, the Company entered into a definitive agreement to sell substantially all of its EGP business to IMS. The transaction was completed on June 28, 2024. The remaining parts of the Company's EGP business, Jack of Digital and Adsmurai, were each sold back to their respective founders in separate transactions during the second quarter of 2024. Prior to the sale of the EGP business, for financial reporting purposes the Company reported in three segments – digital, television and audio, based on the type of medium in which it sold advertising. The sale of the EGP business has allowed the Company to focus its operations on the products and services it sells instead of the type of advertising medium in which it sells them, which had been the Company's historic operational approach. As a result of the sale of the Company's EGP business, 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, as well as the basis that is now used for internal management reporting and how the Company's CEO evaluates the business. The Company's reportable segments are the same as its operating segments. Prior periods have been recast to conform to this presentation. 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 Latinos in the United States. T he Company's television operations comprise the largest affiliate group of both the top-ranked Univision television network and TelevisaUnivision’s UniMás network, with TelevisaUnivision-affiliated stations in 15 of the nation’s top 50 U.S. Latino markets. The Company owns and operate one of the largest groups of primarily Spanish-language radio stations in the United States. The Company provides digital marketing solutions in all of the U.S. markets where it has broadcast operations. The Company's advertising technology & services segment consists of programmatic ad services through Smadex, its demand side programmatic ad platform, and Adwake, its mobile growth solutions 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 25%, 27% and 24% and of its revenue from continuing operations outside the United States during the years ended December 31, 2024, 2023 and 2022, respectively (see Note 5). 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):
|  | Year Ended December 31, |  |  | % Change |  |  | % Change |
|  |  | 2024 |  |  |  | 2023 |  |  |  | 2022 |  |  | 2024 to 2023 |  |  | 2023 to 2022 |
Net Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  | $ | 222,061 |  |  | $ | 196,268 |  |  | $ | 230,698 |  |  |  | 13 | % |  |  | (15 | )%
Advertising Technology & Services |  |  | 142,887 |  |  |  | 100,775 |  |  |  | 93,292 |  |  |  | 42 | % |  |  | 8 | %
Consolidated |  |  | 364,948 |  |  |  | 297,043 |  |  |  | 323,990 |  |  |  | 23 | % |  |  | (8 | )%
Cost of revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 16,726 |  |  |  | 10,952 |  |  |  | 10,580 |  |  |  | 53 | % |  |  | 4 | %
Advertising Technology & Services |  |  | 85,470 |  |  |  | 66,262 |  |  |  | 60,006 |  |  |  | 29 | % |  |  | 10 | %
Consolidated |  |  | 102,196 |  |  |  | 77,214 |  |  |  | 70,586 |  |  |  | 32 | % |  |  | 9 | %
Direct operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 110,988 |  |  |  | 96,925 |  |  |  | 94,742 |  |  |  | 15 | % |  |  | 2 | %
Advertising Technology & Services |  |  | 25,274 |  |  |  | 16,306 |  |  |  | 14,578 |  |  |  | 55 | % |  |  | 12 | %
Consolidated |  |  | 136,262 |  |  |  | 113,231 |  |  |  | 109,320 |  |  |  | 20 | % |  |  | 4 | %
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 42,759 |  |  |  | 36,000 |  |  |  | 36,327 |  |  |  | 19 | % |  |  | (1 | )%
Advertising Technology & Services |  |  | 20,109 |  |  |  | 13,761 |  |  |  | 10,661 |  |  |  | 46 | % |  |  | 29 | %
Consolidated |  |  | 62,868 |  |  |  | 49,761 |  |  |  | 46,988 |  |  |  | 26 | % |  |  | 6 | %
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 12,891 |  |  |  | 11,975 |  |  |  | 13,661 |  |  |  | 8 | % |  |  | (12 | )%
Advertising Technology & Services |  |  | 3,930 |  |  |  | 4,417 |  |  |  | 1,986 |  |  |  | (11 | )% |  |  | 122 | %
Consolidated |  |  | 16,821 |  |  |  | 16,392 |  |  |  | 15,647 |  |  |  | 3 | % |  |  | 5 | %
Segment operating profit (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  | 38,697 |  |  |  | 40,416 |  |  |  | 75,388 |  |  |  | (4 | )% |  |  | (46 | )%
Advertising Technology & Services |  |  | 8,104 |  |  |  | 29 |  |  |  | 6,061 |  |  | * |  |  |  | (100 | )%
Consolidated |  |  | 46,801 |  |  |  | 40,445 |  |  |  | 81,449 |  |  |  | 16 | % |  |  | (50 | )%
Corporate expenses |  |  | 37,498 |  |  |  | 50,294 |  |  |  | 49,404 |  |  |  | (25 | )% |  |  | 2 | %
Change in fair value of contingent consideration |  |  | (629 | ) |  |  | 821 |  |  |  | (1,800 | ) |  | * |  |  | * |
Impairment charge |  |  | 61,220 |  |  |  | 13,267 |  |  |  | 1,600 |  |  |  | 361 | % |  |  | 729 | %
Foreign currency (gain) loss |  |  | 692 |  |  |  | 1,950 |  |  |  | 1,244 |  |  |  | (65 | )% |  |  | 57 | %
Other operating (gain) loss |  |  | - |  |  |  | 609 |  |  |  | 423 |  |  |  | (100 | )% |  |  | 44 | %
Operating income (loss) |  |  | (51,980 | ) |  |  | (26,496 | ) |  |  | 30,578 |  |  |  | 96 | % |  |  | (187 | )%
Interest expense |  |  | (16,472 | ) |  |  | (16,833 | ) |  |  | (10,536 | ) |  |  | (2 | )% |  |  | 60 | %
Interest income |  |  | 2,458 |  |  |  | 3,405 |  |  |  | 2,740 |  |  |  | (28 | )% |  |  | 24 | %
Dividend income |  |  | 10 |  |  |  | 35 |  |  |  | 20 |  |  |  | (71 | )% |  |  | 75 | %
Realized gain (loss) on marketable securities |  |  | (110 | ) |  |  | (93 | ) |  |  | (532 | ) |  |  | 18 | % |  |  | (83 | )%
Gain (loss) on debt extinguishment |  |  | (91 | ) |  |  | (1,556 | ) |  |  | - |  |  |  | (94 | )% |  | * |
Income (loss) before income taxes from continuing operations |  | $ | (66,185 | ) |  | $ | (41,538 | ) |  | $ | 22,270 |  |  |  | 59 | % |  | * |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  | $ | 7,089 |  |  | $ | 21,208 |  |  | $ | 6,975 |  |  |  |  |  |  |
Advertising Technology & Services |  |  | 372 |  |  |  | 3,643 |  |  |  | 2,538 |  |  |  |  |  |  |
Consolidated |  | $ | 7,461 |  |  | $ | 24,851 |  |  | $ | 9,513 |  |  |  |  |  |  |
* Percentage not meaningful. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources.

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