Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Separate Financial Data for Each of Company's Operating Segment

Separate financial data for each of the Company’s operating segments are provided below. Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, foreign currency (gain) loss and other operating (gain) loss. The Company generated 74% and 70% of its revenue outside the United States during the three-month periods ended September 30, 2022 and 2021, respectively. The Company generated 74% and 68% of its

revenue outside the United States during the nine-month periods ended September 30, 2022 and 2021, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands):

	Three-Month Period									Nine-Month Period
	Ended September 30,						%			Ended September 30,						%
	2022			2021			Change			2022			2021			Change
Net revenue
Digital	$	188,877		$	146,121			29	%	$	516,966		$	377,826			37	%
Television		35,678			36,450			(2	)%		98,918			106,598			(7	)%
Audio		16,459			16,437			0	%		43,997			41,874			5	%
Consolidated		241,014			199,008			21	%		659,881			526,298			25	%
Cost of revenue - digital		157,095			124,332			26	%		431,951			318,118			36	%
Direct operating expenses
Digital		8,041			6,234			29	%		23,017			17,373			32	%
Television		14,941			15,565			(4	)%		43,712			45,737			(4	)%
Audio		7,104			6,784			5	%		20,776			20,370			2	%
Consolidated		30,086			28,583			5	%		87,505			83,480			5	%
Selling, general and administrative expenses
Digital		11,039			6,953			59	%		28,560			18,691			53	%
Television		5,062			4,583			10	%		15,257			13,811			10	%
Audio		3,107			2,994			4	%		9,205			8,987			2	%
Consolidated		19,208			14,530			32	%		53,022			41,489			28	%
Depreciation and amortization
Digital		3,230			2,479			30	%		8,551			5,673			51	%
Television		2,723			3,087			(12	)%		8,424			9,410			(10	)%
Audio		601			335			79	%		2,237			1,076			108	%
Consolidated		6,554			5,901			11	%		19,212			16,159			19	%
Segment operating profit (loss)
Digital		9,472			6,123			55	%		24,887			17,971			38	%
Television		12,952			13,215			(2	)%		31,525			37,640			(16	)%
Audio		5,647			6,324			(11	)%		11,779			11,441			3	%
Consolidated		28,071			25,662			9	%		68,191			67,052			2	%
Corporate expenses		9,525			7,253			31	%		26,769			21,756			23	%
Change in fair value of contingent consideration		734			-		*				6,810			-		*
Impairment charge		-			166			(100	)%		-			1,604			(100	)%
Foreign currency (gain) loss		1,966			177		*				2,112			454			365	%
Other operating (gain) loss		(58	)		(2,431	)		(98	)%		(1,011	)		(4,867	)		(79	)%
Operating income (loss)		15,904			20,497			(22	)%		33,511			48,105			(30	)%
Interest expense	$	(3,055	)	$	(1,714	)		78	%	$	(7,225	)	$	(5,287	)		37	%
Interest income		788			12		*				1,916			235			715	%
Dividend income		6			207			(97	)%		20			211			(91	)%
Realized gain (loss) on marketable securities		(473	)		-		*				(473	)		-		*
Income (loss) before income taxes		13,170			19,002			(31	)%		27,749			43,264			(36	)%
Capital expenditures
Digital	$	977		$	493					$	2,838		$	1,367
Television		3,121			685						4,257			2,146
Audio		123			143						534			436
Consolidated	$	4,221		$	1,321					$	7,629		$	3,949
	September 30,			December 31,
Total assets	2022			2021
Digital		394,379			309,347
Television		377,405			433,303
Audio		104,673			108,692
Consolidated	$	876,457		$	851,342

* Percentage not meaningful.