Separate Financial Data for Each of Company's Operating Segment |
The accounting policies applied to determine the segment information are generally the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates the performance of its operating segments based on separate financial data for each operating segment as provided below (in thousands):
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Years Ended December 31, |
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% Change |
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% Change |
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2022 |
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2021 |
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2020 |
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2022 to 2021 |
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2021 to 2020 |
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Net Revenue |
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Digital |
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$ |
747,103 |
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$ |
555,338 |
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$ |
143,309 |
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35 |
% |
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288 |
% |
Television |
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144,730 |
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146,839 |
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154,456 |
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(1 |
)% |
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(5 |
)% |
Audio |
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64,376 |
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58,015 |
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46,261 |
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11 |
% |
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25 |
% |
Consolidated |
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956,209 |
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760,192 |
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344,026 |
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26 |
% |
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121 |
% |
Cost of revenue - digital |
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623,916 |
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466,517 |
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106,928 |
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34 |
% |
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336 |
% |
Direct operating expenses |
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Digital |
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32,518 |
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25,481 |
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15,227 |
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28 |
% |
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67 |
% |
Television |
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61,301 |
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63,016 |
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61,145 |
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(3 |
)% |
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3 |
% |
Audio |
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28,792 |
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27,952 |
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28,537 |
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3 |
% |
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(2 |
)% |
Consolidated |
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122,611 |
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116,449 |
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104,909 |
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5 |
% |
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11 |
% |
Selling, general and administrative expenses |
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Digital |
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41,612 |
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26,123 |
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15,404 |
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59 |
% |
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70 |
% |
Television |
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20,657 |
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18,381 |
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19,748 |
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12 |
% |
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(7 |
)% |
Audio |
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12,896 |
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12,081 |
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13,252 |
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7 |
% |
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(9 |
)% |
Consolidated |
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75,165 |
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56,585 |
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48,404 |
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33 |
% |
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17 |
% |
Depreciation and amortization |
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Digital |
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12,148 |
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8,377 |
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2,561 |
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45 |
% |
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227 |
% |
Television |
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11,126 |
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12,477 |
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12,918 |
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(11 |
)% |
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(3 |
)% |
Audio |
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2,423 |
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1,566 |
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1,803 |
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55 |
% |
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(13 |
)% |
Consolidated |
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25,697 |
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22,420 |
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17,282 |
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15 |
% |
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30 |
% |
Segment operating profit (loss) |
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Digital |
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36,909 |
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28,840 |
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3,189 |
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28 |
% |
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804 |
% |
Television |
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51,646 |
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52,965 |
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60,645 |
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(2 |
)% |
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(13 |
)% |
Audio |
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20,265 |
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16,416 |
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2,669 |
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23 |
% |
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515 |
% |
Consolidated |
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108,820 |
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98,221 |
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66,503 |
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11 |
% |
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48 |
% |
Corporate expenses |
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49,404 |
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32,993 |
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27,807 |
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50 |
% |
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19 |
% |
Change in fair value of contingent consideration |
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14,210 |
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8,224 |
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— |
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73 |
% |
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* |
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Impairment charge |
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1,600 |
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3,023 |
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40,035 |
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(47 |
)% |
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(92 |
)% |
Foreign currency (gain) loss |
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2,972 |
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|
508 |
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(1,052 |
) |
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485 |
% |
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* |
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Other operating (gain) loss |
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382 |
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(6,998 |
) |
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(6,895 |
) |
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* |
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1 |
% |
Operating income (loss) |
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$ |
40,252 |
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$ |
60,471 |
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$ |
6,608 |
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(33 |
)% |
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815 |
% |
Capital expenditures |
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Digital |
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$ |
6,186 |
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$ |
2,073 |
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$ |
1,659 |
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Television |
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5,887 |
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2,833 |
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7,184 |
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Audio |
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561 |
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|
705 |
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641 |
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Consolidated |
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$ |
12,634 |
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$ |
5,611 |
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$ |
9,484 |
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Total assets |
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Digital |
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$ |
408,027 |
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$ |
309,347 |
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$ |
196,020 |
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Television |
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363,904 |
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433,303 |
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425,899 |
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Audio |
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|
108,910 |
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|
108,692 |
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125,426 |
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Consolidated |
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$ |
880,841 |
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$ |
851,342 |
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$ |
747,345 |
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