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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Operating segments are organized internally by type of products and services provided. Based on the information reviewed by the Company's CEO in his capacity as Chief Operating Decision Maker ("CODM"), the Company has identified three segments: Digital Advertising, Subscription Digital Marketing Solutions, and Broadcast Advertising. The remainder of our business is reported in the Other category. The Company operates in one geographic area. The Company's assets and liabilities are managed within markets outside the top 50 across the United States where the Company conducts its business and are reported internally in the same manner as the Consolidated Financial Statements; thus, no additional information regarding assets and liabilities of the Company’s reportable segments is produced for the Company's CEO or included in these Consolidated Financial Statements. Intangible assets consist principally of FCC broadcast licenses and other definite-lived intangible assets and primarily support the Company’s Broadcast Advertising segment. For further information see Note 5, Goodwill and Other Intangible Assets. The Company does not have any material inter-segment sales. Segment profit is the primary measure the CODM utilizes in assessing segment performance and determining the allocation of resources. Segment Profit is defined as revenue less direct operating expenses, excluding depreciation, amortization, and stock-based compensation. The CODM is the primary individual in control of resource allocation, and the allocation determinations are made in consultation with each respective segment manager who is directly accountable to and maintains regular contact with the CODM to discuss operating activities, financial results, forecasts, or plans for the segment. The most significant allocation determinations made by the CODM pertain to sales accounts and support, capital spending and employee resource allocation. Segment profit is used to monitor budgeted versus actual results and is used in assessing performance of the segment and in establishing compensation. These determinations are made through regular reviews throughout the year, and on a weekly basis, the CODM considers actual results, as compared to budget and the prior period, when evaluating the allocation of resources. Direct operating expenses represents our significant expense category and aligns with the segment level information that is regularly provided to the CODM. Segment profit excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance, and primarily includes expenses related to corporate stewardship and administration activities, transaction related costs and non-cash impairment charges. The following tables present the Company's reportable segment results for the three months ended June 30, 2025 (in thousands):
| Digital Advertising |  | Subscription Digital Marketing Solutions |  | Broadcast Advertising |  | Other |  | Corporate and Other Reconciling Items |  | Total
Net revenue | $ | 42,538 |  |  | $ | 18,767 |  |  | $ | 48,684 |  |  | $ | 5,459 |  |  | $ | — |  |  | $ | 115,448 |
Direct operating expenses, excluding depreciation, amortization and stock-based compensation | 31,641 |  |  | 12,524 |  |  | 34,007 |  |  | 4,657 |  |  | — |  |  | 82,829 |
Segment Profit | $ | 10,897 |  |  | $ | 6,243 |  |  | $ | 14,677 |  |  | $ | 802 |  |  | $ | — |  |  | $ | 32,619 |
Depreciation and amortization | 214 |  |  | 436 |  |  | 2,561 |  |  | 23 |  |  | 1,324 |  |  | 4,558 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 6,198 |  |  | 6,198 |
Stock-based compensation | 121 |  |  | 44 |  |  | 149 |  |  | 4 |  |  | 3,472 |  |  | 3,790 |
Transaction and business realignment costs | — |  |  | — |  |  | 114 |  |  | 6 |  |  | 1,269 |  |  | 1,389 |
Impairment of intangible assets | — |  |  | — |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Net gain on sale and retirement of assets | — |  |  | — |  |  | (5,866) |  |  | — |  |  | — |  |  | (5,866) |
Operating income (loss) | $ | 10,562 |  |  | $ | 5,763 |  |  | $ | 16,219 |  |  | $ | 769 |  |  | $ | (12,263) |  |  | $ | 21,050 |
The following table presents the Company's reportable segment results for the three months ended June 30, 2024 (in thousands):
| Digital Advertising |  | Subscription Digital Marketing Solutions |  | Broadcast Advertising |  | Other |  | Corporate and Other Reconciling Items |  | Total
Net revenue | $ | 41,524 |  |  | $ | 18,515 |  |  | $ | 53,633 |  |  | $ | 4,553 |  |  | $ | — |  |  | $ | 118,225 |
Direct operating expenses, excluding depreciation, amortization and stock-based compensation | 30,515 |  |  | 13,098 |  |  | 37,612 |  |  | 4,287 |  |  | — |  |  | 85,512 |
Segment Profit | $ | 11,009 |  |  | $ | 5,417 |  |  | $ | 16,021 |  |  | $ | 266 |  |  | $ | — |  |  | $ | 32,713 |
Depreciation and amortization | 266 |  |  | 608 |  |  | 2,807 |  |  | 32 |  |  | 1,301 |  |  | 5,014 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 6,482 |  |  | 6,482 |
Stock-based compensation | 208 |  |  | 180 |  |  | 169 |  |  | 4 |  |  | 7,764 |  |  | 8,325 |
Transaction and business realignment costs | — |  |  | — |  |  | 70 |  |  | 6 |  |  | 1,518 |  |  | 1,594 |
Impairment of intangible assets, investments, goodwill and long-lived assets | 1,784 |  |  | — |  |  | 28,385 |  |  | 909 |  |  | 1,560 |  |  | 32,638 |
Net loss on sale and retirement of assets | — |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
Operating income (loss) | $ | 8,751 |  |  | $ | 4,629 |  |  | $ | (15,440) |  |  | $ | (685) |  |  | $ | (18,625) |  |  | $ | (21,370) |
The following tables present the Company's reportable segment results for the six months ended June 30, 2025 (in thousands):
| Digital Advertising |  | Subscription Digital Marketing Solutions |  | Broadcast Advertising |  | Other |  | Corporate and Other Reconciling Items |  | Total
Net revenue | $ | 79,289 |  |  | $ | 37,789 |  |  | $ | 89,999 |  |  | $ | 7,046 |  |  | $ | — |  |  | $ | 214,123 |
Direct operating expenses, excluding depreciation, amortization and stock-based compensation | 60,492 |  |  | 25,370 |  |  | 66,950 |  |  | 5,833 |  |  | — |  |  | 158,645 |
Segment Profit | $ | 18,797 |  |  | $ | 12,419 |  |  | $ | 23,049 |  |  | $ | 1,213 |  |  | $ | — |  |  | $ | 55,478 |
Depreciation and amortization | 432 |  |  | 908 |  |  | 5,125 |  |  | 47 |  |  | 2,461 |  |  | 8,973 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 10,920 |  |  | 10,920 |
Stock-based compensation | 247 |  |  | 83 |  |  | 314 |  |  | 7 |  |  | 7,327 |  |  | 7,978 |
Transaction and business realignment costs | — |  |  | — |  |  | 338 |  |  | 12 |  |  | 3,477 |  |  | 3,827 |
Impairment of intangible assets | — |  |  | — |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Net gain on sale and retirement of assets | — |  |  | — |  |  | (5,903) |  |  | — |  |  | — |  |  | (5,903) |
Operating income (loss) | $ | 18,118 |  |  | $ | 11,428 |  |  | $ | 21,675 |  |  | $ | 1,147 |  |  | $ | (24,185) |  |  | $ | 28,183 |
The following tables present the Company's reportable segment results for the six months ended June 30, 2024 (in thousands):
| Digital Advertising |  | Subscription Digital Marketing Solutions |  | Broadcast Advertising |  | Other |  | Corporate and Other Reconciling Items |  | Total
Net revenue | $ | 75,680 |  |  | $ | 36,768 |  |  | $ | 99,088 |  |  | $ | 6,322 |  |  | $ | — |  |  | $ | 217,858 |
Direct operating expenses, excluding depreciation, amortization and stock-based compensation | 57,615 |  |  | 26,295 |  |  | 72,882 |  |  | 5,615 |  |  | — |  |  | 162,407 |
Segment Profit | $ | 18,065 |  |  | $ | 10,473 |  |  | $ | 26,206 |  |  | $ | 707 |  |  | $ | — |  |  | $ | 55,451 |
Depreciation and amortization | 447 |  |  | 1,222 |  |  | 5,671 |  |  | 65 |  |  | 2,544 |  |  | 9,949 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 11,699 |  |  | 11,699 |
Stock-based compensation | 356 |  |  | 334 |  |  | 358 |  |  | 8 |  |  | 10,139 |  |  | 11,195 |
Transaction and business realignment costs | — |  |  | — |  |  | 88 |  |  | 12 |  |  | 2,938 |  |  | 3,038 |
Impairment of intangible assets, investments, goodwill and long-lived assets | 1,784 |  |  | — |  |  | 30,003 |  |  | 909 |  |  | 1,560 |  |  | 34,256 |
Net loss on sale and retirement of assets | — |  |  | — |  |  | 44 |  |  | — |  |  | — |  |  | 44 |
Operating income (loss) | $ | 15,478 |  |  | $ | 8,917 |  |  | $ | (9,958) |  |  | $ | (287) |  |  | $ | (28,880) |  |  | $ | (14,730) |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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