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Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 10. Segment Information

The Company’s operations are aligned into two business segments: (i) Radio, and (ii) Outdoor advertising. Radio includes the operations and results of WQHT-FM and WBLS-FM, and outdoor advertising includes the operations and results of the Fairway businesses acquired in December 2019. The Company groups activities that are not considered operating segments in the “All Other” category.

These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses, including transaction costs, are not allocated to reportable segments. The Company’s segments operate exclusively in the United States.

The accounting policies as described in the summary of significant accounting policies included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2020, and in Note 1 to these condensed consolidated  financial statements, are applied consistently across segments.

Three Months Ended March 31, 2021		Radio				Outdoor Advertising				All Other				Consolidated
Net revenues		$	6,502			$	3,241			$	—			$	9,743
Operating expenses excluding depreciation and amortization expense			5,291				2,470				—				7,761
Corporate expenses			—				—				1,641				1,641
Depreciation and amortization			191				790				—				981
Loss on disposal of assets			—				(6	)			—				(6	)
Operating income (loss)		$	1,020			$	(13	)		$	(1,641	)		$	(634	)

Three Months Ended March 31, 2020		Radio				Outdoor Advertising				All Other				Consolidated
Net revenues		$	8,339			$	3,446			$	—			$	11,785
Operating expenses excluding depreciation and amortization expense			6,931				2,526				—				9,457
Corporate expenses			—				—				1,165				1,165
Depreciation and amortization			249				778				—				1,027
Operating income (loss)		$	1,159			$	142			$	(1,165	)		$	136

Total Assets		Radio				Outdoor Advertising				Consolidated
As of December 31, 2020		$	84,219			$	62,132			$	146,351
As of March 31, 2021			81,812				62,106				143,918

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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