Segment Information (Tables)

9 Months Ended

Sep. 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 79% and 74% of its revenue outside the United States during the three-month periods ended September 30, 2023 and 2022, respectively. The Company generated 80% and 74% of its

revenue outside the United States during the nine-month periods ended September 30, 2023 and 2022, 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,						%
	2023			2022			Change			2023			2022			Change
Net revenue
Digital	$	231,487		$	188,877			23	%	$	657,865		$	516,966			27	%
Television		29,552			35,678			(17	)%		89,807			98,918			(9	)%
Audio		13,378			16,459			(19	)%		39,132			43,997			(11	)%
Consolidated		274,417			241,014			14	%		786,804			659,881			19	%
Cost of revenue - digital		199,289			157,095			27	%		562,881			431,951			30	%
Direct operating expenses
Digital		9,307			8,041			16	%		27,600			23,017			20	%
Television		14,967			14,941			0	%		44,750			43,712			2	%
Audio		7,581			7,104			7	%		22,432			20,776			8	%
Consolidated		31,855			30,086			6	%		94,782			87,505			8	%
Selling, general and administrative expenses
Digital		13,866			11,039			26	%		42,155			28,560			48	%
Television		4,925			5,062			(3	)%		15,109			15,257			(1	)%
Audio		3,163			3,107			2	%		11,023			9,205			20	%
Consolidated		21,954			19,208			14	%		68,287			53,022			29	%
Depreciation and amortization
Digital		4,068			3,230			26	%		11,428			8,551			34	%
Television		2,722			2,723			(0	)%		7,931			8,424			(6	)%
Audio		566			601			(6	)%		977			2,237			(56	)%
Consolidated		7,356			6,554			12	%		20,336			19,212			6	%
Segment operating profit (loss)
Digital		4,957			9,472			(48	)%		13,801			24,887			(45	)%
Television		6,938			12,952			(46	)%		22,017			31,525			(30	)%
Audio		2,068			5,647			(63	)%		4,700			11,779			(60	)%
Consolidated		13,963			28,071			(50	)%		40,518			68,191			(41	)%
Corporate expenses		13,292			9,525			40	%		35,836			26,769			34	%
Change in fair value of contingent consideration		(5,997	)		734		*				(8,939	)		6,810		*
Impairment charge		989			-		*				989			-		*
Foreign currency (gain) loss		548			1,966			(72	)%		289			2,112			(86	)%
Other operating (gain) loss		-			(58	)		(100	)%		-			(1,011	)		(100	)%
Operating income (loss)		5,131			15,904			(68	)%		12,343			33,511			(63	)%
Interest expense	$	(4,454	)	$	(3,055	)		46	%	$	(12,788	)	$	(7,225	)		77	%
Interest income		1,558			788			98	%		3,455			1,916			80	%
Dividend income		-			6			(100	)%		32			20			60	%
Realized gain (loss) on marketable securities		(33	)		(473	)		(93	)%		(94	)		(473	)		(80	)%
Gain (loss) on debt extinguishment		-			-		*				(1,556	)		-		*
Income (loss) before income taxes		2,202			13,170			(83	)%		1,392			27,749			(95	)%
Capital expenditures
Digital	$	1,304		$	977					$	3,785		$	2,838
Television		1,108			3,121						7,983			4,257
Audio		1,579			123						7,069			534
Consolidated	$	3,991		$	4,221					$	18,837		$	7,629
	September 30,			December 31,
Total assets	2023			2022
Digital		397,144			408,027
Television		367,681			363,904
Audio		111,310			108,910
Consolidated	$	876,135		$	880,841

* Percentage not meaningful.