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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

5. SEGMENT INFORMATION

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, by July 1, 2024. As a result of this communication from Meta, the Company's CEO, who is also the Chief Operating Decision Maker (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 the Company’s 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.

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. The 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 operations 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 43% and 24% of its revenue from continuing operations outside the United States during the three-month periods ended September 30, 2025 and 2024, respectively. The Company generated 39% and 25% of its revenue from continuing operations outside the United States during the nine-month periods ended September 30, 2025 and 2024, 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):

 

 

 

 

Three-Month Period

 

 

 

 

 

Nine-Month Period

 

 

 

 

 

 

Ended September 30,

 

 

%

 

 

Ended September 30,

 

 

%

 

 

 

2025

 

 

2024

 

 

Change

 

 

2025

 

 

2024

 

 

Change

 

Net revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

$

44,505

 

 

$

59,802

 

 

 

(26

)%

 

$

130,895

 

 

$

154,801

 

 

 

(15

)%

Advertising Technology & Services

 

 

76,125

 

 

 

37,354

 

 

 

104

%

 

 

182,321

 

 

 

103,185

 

 

 

77

%

Consolidated

 

 

120,630

 

 

 

97,156

 

 

 

24

%

 

 

313,216

 

 

 

257,986

 

 

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

5,015

 

 

 

4,881

 

 

 

3

%

 

 

12,932

 

 

 

11,888

 

 

 

9

%

Advertising Technology & Services

 

 

45,971

 

 

 

21,920

 

 

 

110

%

 

 

109,536

 

 

 

61,995

 

 

 

77

%

Consolidated

 

 

50,986

 

 

 

26,801

 

 

 

90

%

 

 

122,468

 

 

 

73,883

 

 

 

66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

28,596

 

 

 

29,193

 

 

 

(2

)%

 

 

81,941

 

 

 

82,405

 

 

 

(1

)%

Advertising Technology & Services

 

 

12,651

 

 

 

6,424

 

 

 

97

%

 

 

32,520

 

 

 

16,769

 

 

 

94

%

Consolidated

 

 

41,247

 

 

 

35,617

 

 

 

16

%

 

 

114,461

 

 

 

99,174

 

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

11,598

 

 

 

10,860

 

 

 

7

%

 

 

33,409

 

 

 

30,600

 

 

 

9

%

Advertising Technology & Services

 

 

7,430

 

 

 

6,252

 

 

 

19

%

 

 

17,578

 

 

 

15,209

 

 

 

16

%

Consolidated

 

 

19,028

 

 

 

17,112

 

 

 

11

%

 

 

50,987

 

 

 

45,809

 

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

2,808

 

 

 

3,165

 

 

 

(11

)%

 

 

8,385

 

 

 

9,756

 

 

 

(14

)%

Advertising Technology & Services

 

 

322

 

 

 

717

 

 

 

(55

)%

 

 

1,249

 

 

 

3,293

 

 

 

(62

)%

Consolidated

 

 

3,130

 

 

 

3,882

 

 

 

(19

)%

 

 

9,634

 

 

 

13,049

 

 

 

(26

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

(3,512

)

 

 

11,703

 

 

*

 

 

 

(5,772

)

 

 

20,152

 

 

*

 

Advertising Technology & Services

 

 

9,751

 

 

 

2,041

 

 

 

378

%

 

 

21,438

 

 

 

5,919

 

 

 

262

%

Consolidated

 

 

6,239

 

 

 

13,744

 

 

 

(55

)%

 

 

15,666

 

 

 

26,071

 

 

 

(40

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

6,340

 

 

 

6,930

 

 

 

(9

)%

 

 

20,503

 

 

 

29,989

 

 

 

(32

)%

Change in fair value of contingent consideration

 

 

-

 

 

 

(650

)

 

 

(100

)%

 

 

-

 

 

 

(630

)

 

 

(100

)%

Impairment charge

 

 

5,705

 

 

 

-

 

 

*

 

 

 

29,378

 

 

 

-

 

 

*

 

Loss on lease abandonment

 

 

-

 

 

 

-

 

 

*

 

 

 

25,191

 

 

 

-

 

 

*

 

Restructuring costs

 

 

3,188

 

 

 

-

 

 

*

 

 

 

3,188

 

 

 

-

 

 

*

 

Foreign currency (gain) loss

 

 

92

 

 

 

(121

)

 

*

 

 

 

110

 

 

 

120

 

 

 

(8

)%

Operating income (loss)

 

 

(9,086

)

 

 

7,585

 

 

*

 

 

 

(62,704

)

 

 

(3,408

)

 

 

1,740

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

(3,803

)

 

$

(4,087

)

 

 

(7

)%

 

$

(11,503

)

 

$

(12,648

)

 

 

(9

)%

Interest income

 

 

574

 

 

 

646

 

 

 

(11

)%

 

 

1,798

 

 

 

1,801

 

 

 

(0

)%

Dividend income

 

 

1

 

 

 

-

 

 

*

 

 

 

2

 

 

 

10

 

 

 

(80

)%

Realized gain (loss) on marketable securities

 

 

2

 

 

 

(1

)

 

*

 

 

 

6

 

 

 

(110

)

 

*

 

Gain (loss) on debt extinguishment

 

 

(176

)

 

 

-

 

 

*

 

 

 

(214

)

 

 

(91

)

 

 

135

%

Income (loss) before income taxes

 

 

(12,488

)

 

 

4,143

 

 

*

 

 

 

(72,615

)

 

 

(14,446

)

 

 

403

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

$

1,154

 

 

$

1,020

 

 

 

 

 

$

5,484

 

 

$

4,546

 

 

 

 

Advertising Technology & Services

 

 

33

 

 

 

31

 

 

 

 

 

 

87

 

 

 

298

 

 

 

 

Consolidated

 

$

1,187

 

 

$

1,051

 

 

 

 

 

$

5,571

 

 

$

4,844

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Percentage not meaningful.

Asset information by segment is not reported because the Company does not use this measure to assess performance or make decisions to allocate resources.