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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information

14. 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 and additional acquisitions thereafter. 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 Note 1 to these consolidated financial statements, are applied consistently across segments.

 

Year Ended December 31, 2021

 

Radio

 

 

Outdoor Advertising

 

 

All Other

 

 

Consolidated

 

Net revenues

 

$

41,727

 

 

$

13,766

 

 

$

—

 

 

$

55,493

 

Operating expenses excluding depreciation and amortization expense

 

 

28,667

 

 

 

9,057

 

 

 

—

 

 

 

37,724

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

8,434

 

 

 

8,434

 

Depreciation and amortization

 

 

667

 

 

 

3,258

 

 

 

—

 

 

 

3,925

 

Loss on disposal of assets

 

 

—

 

 

 

(47

)

 

 

—

 

 

 

(47

)

Operating income (loss)

 

$

12,393

 

 

$

1,498

 

 

$

(8,434

)

 

$

5,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2020

 

Radio

 

 

Outdoor Advertising

 

 

All Other

 

 

Consolidated

 

Net revenues

 

$

26,020

 

 

$

13,241

 

 

$

—

 

 

$

39,261

 

Operating expenses excluding depreciation and amortization expense

 

 

22,827

 

 

 

9,517

 

 

 

—

 

 

 

32,344

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

4,338

 

 

 

4,338

 

Depreciation and amortization

 

 

893

 

 

 

3,188

 

 

 

—

 

 

 

4,081

 

Loss on disposal of assets

 

 

—

 

 

 

197

 

 

 

—

 

 

 

197

 

Operating income (loss)

 

$

2,300

 

 

$

339

 

 

$

(4,338

)

 

$

(1,699

)

 

Total Assets

 

Radio

 

 

Outdoor Advertising

 

 

Consolidated

 

December 31, 2021

 

$

90,485

 

 

$

57,725

 

 

$

148,210

 

December 31, 2020

 

 

84,219

 

 

 

62,132

 

 

 

146,351