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Segment Data (Tables)
12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
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):

 

 

 

Year Ended December 31,

 

 

% Change

 

 

% Change

 

 

 

 

2023

 

 

 

2022

 

 

 

2021

 

 

2023 to 2022

 

 

2022 to 2021

 

Net Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

932,730

 

 

$

747,103

 

 

$

555,338

 

 

 

25

%

 

 

35

%

Television

 

 

120,937

 

 

 

144,730

 

 

 

146,839

 

 

 

(16

)%

 

 

(1

)%

Audio

 

 

53,200

 

 

 

64,376

 

 

 

58,015

 

 

 

(17

)%

 

 

11

%

Consolidated

 

 

1,106,867

 

 

 

956,209

 

 

 

760,192

 

 

 

16

%

 

 

26

%

Cost of revenue - digital

 

 

800,401

 

 

 

623,916

 

 

 

466,517

 

 

 

28

%

 

 

34

%

Direct operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

37,839

 

 

 

32,518

 

 

 

25,481

 

 

 

16

%

 

 

28

%

Television

 

 

60,699

 

 

 

61,301

 

 

 

63,016

 

 

 

(1

)%

 

 

(3

)%

Audio

 

 

29,932

 

 

 

28,792

 

 

 

27,952

 

 

 

4

%

 

 

3

%

Consolidated

 

 

128,470

 

 

 

122,611

 

 

 

116,449

 

 

 

5

%

 

 

5

%

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

57,928

 

 

 

41,612

 

 

 

26,123

 

 

 

39

%

 

 

59

%

Television

 

 

20,183

 

 

 

20,657

 

 

 

18,381

 

 

 

(2

)%

 

 

12

%

Audio

 

 

13,868

 

 

 

12,896

 

 

 

12,081

 

 

 

8

%

 

 

7

%

Consolidated

 

 

91,979

 

 

 

75,165

 

 

 

56,585

 

 

 

22

%

 

 

33

%

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

16,085

 

 

 

12,148

 

 

 

8,377

 

 

 

32

%

 

 

45

%

Television

 

 

10,586

 

 

 

11,126

 

 

 

12,477

 

 

 

(5

)%

 

 

(11

)%

Audio

 

 

1,336

 

 

 

2,423

 

 

 

1,566

 

 

 

(45

)%

 

 

55

%

Consolidated

 

 

28,007

 

 

 

25,697

 

 

 

22,420

 

 

 

9

%

 

 

15

%

Segment operating profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

20,477

 

 

 

36,909

 

 

 

28,840

 

 

 

(45

)%

 

 

28

%

Television

 

 

29,469

 

 

 

51,646

 

 

 

52,965

 

 

 

(43

)%

 

 

(2

)%

Audio

 

 

8,064

 

 

 

20,265

 

 

 

16,416

 

 

 

(60

)%

 

 

23

%

Consolidated

 

 

58,010

 

 

 

108,820

 

 

 

98,221

 

 

 

(47

)%

 

 

11

%

Corporate expenses

 

 

50,294

 

 

 

49,404

 

 

 

32,993

 

 

 

2

%

 

 

50

%

Change in fair value of contingent consideration

 

 

(2,539

)

 

 

14,210

 

 

 

8,224

 

 

*

 

 

 

73

%

Impairment charge

 

 

13,267

 

 

 

1,600

 

 

 

3,023

 

 

 

729

%

 

 

(47

)%

Foreign currency (gain) loss

 

 

900

 

 

 

2,972

 

 

 

508

 

 

 

(70

)%

 

 

485

%

Other operating (gain) loss

 

 

609

 

 

 

382

 

 

 

(6,998

)

 

 

59

%

 

*

 

Operating income (loss)

 

$

(4,521

)

 

$

40,252

 

 

$

60,471

 

 

*

 

 

 

(33

)%

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

6,030

 

 

$

6,186

 

 

$

2,073

 

 

 

 

 

 

 

Television

 

 

13,199

 

 

 

5,887

 

 

 

2,833

 

 

 

 

 

 

 

Audio

 

 

7,974

 

 

 

561

 

 

 

705

 

 

 

 

 

 

 

Consolidated

 

$

27,203

 

 

$

12,634

 

 

$

5,611

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

425,624

 

 

$

408,027

 

 

$

309,347

 

 

 

 

 

 

 

Television

 

 

342,818

 

 

 

363,904

 

 

 

433,303

 

 

 

 

 

 

 

Audio

 

 

97,504

 

 

 

108,910

 

 

 

108,692

 

 

 

 

 

 

 

Consolidated

 

$

865,946

 

 

$

880,841

 

 

$

851,342