Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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 81% and 73% of its revenue outside the United States during the three-month periods ended June 30, 2023 and 2022, respectively. The Company generated 81% and 73% of its

revenue outside the United States during the six-month periods ended June 30, 2023 and 2022, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands):

	Three-Month Period									Six-Month Period
	Ended June 30,						%			Ended June 30,						%
	2023			2022			Change			2023			2022			Change
Net revenue
Digital	$	229,896		$	174,378			32	%	$	426,378		$	328,089			30	%
Television		29,943			32,373			(8	)%		60,255			63,240			(5	)%
Audio		13,542			14,944			(9	)%		25,754			27,538			(6	)%
Consolidated		273,381			221,695			23	%		512,387			418,867			22	%
Cost of revenue - digital		195,836			144,965			35	%		363,592			274,856			32	%
Direct operating expenses
Digital		10,283			7,843			31	%		18,293			14,976			22	%
Television		15,024			14,488			4	%		29,783			28,771			4	%
Audio		7,758			7,265			7	%		14,851			13,672			9	%
Consolidated		33,065			29,596			12	%		62,927			57,419			10	%
Selling, general and administrative expenses
Digital		14,760			9,419			57	%		28,289			17,521			61	%
Television		4,844			5,238			(8	)%		10,184			10,195			(0	)%
Audio		3,961			3,118			27	%		7,860			6,098			29	%
Consolidated		23,565			17,775			33	%		46,333			33,814			37	%
Depreciation and amortization
Digital		3,729			2,644			41	%		7,360			5,321			38	%
Television		2,551			2,808			(9	)%		5,209			5,701			(9	)%
Audio		229			811			(72	)%		411			1,636			(75	)%
Consolidated		6,509			6,263			4	%		12,980			12,658			3	%
Segment operating profit (loss)
Digital		5,288			9,507			(44	)%		8,844			15,415			(43	)%
Television		7,524			9,839			(24	)%		15,079			18,573			(19	)%
Audio		1,594			3,750			(57	)%		2,632			6,132			(57	)%
Consolidated		14,406			23,096			(38	)%		26,555			40,120			(34	)%
Corporate expenses		12,042			8,520			41	%		22,544			17,244			31	%
Change in fair value of contingent consideration		1,123			976			15	%		(2,942	)		6,076		*
Foreign currency (gain) loss		697			993			(30	)%		(259	)		146		*
Other operating (gain) loss		-			(834	)		(100	)%		-			(953	)		(100	)%
Operating income (loss)		544			13,441			(96	)%		7,212			17,607			(59	)%
Interest expense	$	(4,306	)	$	(2,334	)		84	%	$	(8,334	)	$	(4,170	)		100	%
Interest income		1,037			722			44	%		1,897			1,128			68	%
Dividend income		14			11			27	%		32			14			129	%
Realized gain (loss) on marketable securities		(29	)		-		*				(61	)		-		*
Gain (loss) on debt extinguishment		-			-		*				(1,556	)		-		*
Income (loss) before income taxes		(2,740	)		11,840			(123	)%		(810	)		14,579			(106	)%
Capital expenditures
Digital	$	1,370		$	1,092					$	2,481		$	1,861
Television		2,555			676						6,875			1,136
Audio		2,371			123						5,490			411
Consolidated	$	6,296		$	1,891					$	14,846		$	3,408
	June 30,			December 31,
Total assets	2023			2022
Digital		399,474			408,027
Television		356,282			363,904
Audio		109,400			108,910
Consolidated	$	865,156		$	880,841

* Percentage not meaningful.