SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

SEGMENT INFORMATION

SEGMENT INFORMATION

7.    SEGMENT INFORMATION:

The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.

The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including TV One’s and CLEO TV’s results of operations. Corporate/Eliminations represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments.

Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation.

The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments.

Detailed segment data for the three months ended March 31, 2022 and 2021, is presented in the following tables:

	Three Months Ended
	March 31,
	2022		2021
	(Unaudited)
	(In thousands)
Net Revenue:
Radio Broadcasting	$	31,493	$	27,788
Reach Media		10,030		7,816
Digital		15,486		10,355
Cable Television		56,434		46,241
Corporate/Eliminations*		(1,094)		(760)
Consolidated	$	112,349	$	91,440
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	23,618	$	23,329
Reach Media		6,196		5,174
Digital		10,864		8,053
Cable Television		26,147		21,521
Corporate/Eliminations		6,581		7,342
Consolidated	$	73,406	$	65,419
Depreciation and Amortization:
Radio Broadcasting	$	815	$	729
Reach Media		47		58
Digital		333		324
Cable Television		946		929
Corporate/Eliminations		264		224
Consolidated	$	2,405	$	2,264
Operating income (loss):
Radio Broadcasting	$	7,060	$	3,730
Reach Media		3,787		2,584
Digital		4,289		1,978
Cable Television		29,341		23,791
Corporate/Eliminations		(7,939)		(8,326)
Consolidated	$	36,538	$	23,757
*  Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(1,094)	$	(760)

Capital expenditures by segment are as follows:
Radio Broadcasting	$	640	$	261
Reach Media		21		1
Digital		225		326
Cable Television		383		38
Corporate/Eliminations		307		178
Consolidated	$	1,576	$	804

	As of
	March 31,		December 31,
	2022		2021
	(Unaudited)
	(In thousands)
Total Assets:
Radio Broadcasting	$	621,887	$	627,948
Reach Media		35,924		33,451
Digital		26,631		32,915
Cable Television		394,468		367,896
Corporate/Eliminations		205,725		198,898
Consolidated	$	1,284,635	$	1,261,108