| 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 contingent consideration, impairment charge, foreign currency (gain) loss and other operating (gain) loss. The Company generated 17% and 20% of its revenue outside the United States during the three-month periods ended June 30, 2019 and June 30, 2018, respectively. The Company generated 16% and 19% of its revenue outside the United States during the six-month periods ended June 30, 2019 and June 30, 2018, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands):
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Three-Month Period |
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Six-Month Period |
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Ended June 30, |
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% |
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Ended June 30, |
|
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% |
|
|
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|
|
2019 |
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|
|
2018 |
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|
Change |
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2019 |
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2018 |
|
|
Change |
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|
Net revenue |
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|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
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|
Television |
|
$ |
38,071 |
|
|
$ |
36,531 |
|
|
|
4 |
% |
|
$ |
76,324 |
|
|
$ |
71,022 |
|
|
|
7 |
% |
|
Radio |
|
|
14,366 |
|
|
|
17,240 |
|
|
|
(17 |
)% |
|
|
26,321 |
|
|
|
31,343 |
|
|
|
(16 |
)% |
|
Digital |
|
|
16,804 |
|
|
|
20,558 |
|
|
|
(18 |
)% |
|
|
31,276 |
|
|
|
38,802 |
|
|
|
(19 |
)% |
|
Consolidated |
|
|
69,241 |
|
|
|
74,329 |
|
|
|
(7 |
)% |
|
|
133,921 |
|
|
|
141,167 |
|
|
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue - digital media |
|
|
8,859 |
|
|
|
11,384 |
|
|
|
(22 |
)% |
|
|
16,501 |
|
|
|
22,009 |
|
|
|
(25 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating expenses |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Television |
|
|
15,157 |
|
|
|
15,038 |
|
|
|
1 |
% |
|
|
30,084 |
|
|
|
30,588 |
|
|
|
(2 |
)% |
|
Radio |
|
|
9,528 |
|
|
|
10,935 |
|
|
|
(13 |
)% |
|
|
19,036 |
|
|
|
21,609 |
|
|
|
(12 |
)% |
|
Digital |
|
|
4,970 |
|
|
|
5,144 |
|
|
|
(3 |
)% |
|
|
9,465 |
|
|
|
9,953 |
|
|
|
(5 |
)% |
|
Consolidated |
|
|
29,655 |
|
|
|
31,117 |
|
|
|
(5 |
)% |
|
|
58,585 |
|
|
|
62,150 |
|
|
|
(6 |
)% |
|
|
|
|
|
|
|
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|
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Selling, general and administrative expenses |
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television |
|
|
5,634 |
|
|
|
5,551 |
|
|
|
1 |
% |
|
|
11,448 |
|
|
|
11,523 |
|
|
|
(1 |
)% |
|
Radio |
|
|
4,396 |
|
|
|
4,502 |
|
|
|
(2 |
)% |
|
|
9,171 |
|
|
|
9,108 |
|
|
|
1 |
% |
|
Digital |
|
|
3,515 |
|
|
|
2,620 |
|
|
|
34 |
% |
|
|
6,740 |
|
|
|
5,336 |
|
|
|
26 |
% |
|
Consolidated |
|
|
13,545 |
|
|
|
12,673 |
|
|
|
7 |
% |
|
|
27,359 |
|
|
|
25,967 |
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television |
|
|
2,562 |
|
|
|
2,277 |
|
|
|
13 |
% |
|
|
4,822 |
|
|
|
4,481 |
|
|
|
8 |
% |
|
Radio |
|
|
571 |
|
|
|
621 |
|
|
|
(8 |
)% |
|
|
903 |
|
|
|
1,240 |
|
|
|
(27 |
)% |
|
Digital |
|
|
1,173 |
|
|
|
1,121 |
|
|
|
5 |
% |
|
|
2,497 |
|
|
|
2,237 |
|
|
|
12 |
% |
|
Consolidated |
|
|
4,306 |
|
|
|
4,019 |
|
|
|
7 |
% |
|
|
8,222 |
|
|
|
7,958 |
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
Segment operating profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television |
|
|
14,718 |
|
|
|
13,665 |
|
|
|
8 |
% |
|
|
29,970 |
|
|
|
24,430 |
|
|
|
23 |
% |
|
Radio |
|
|
(129 |
) |
|
|
1,182 |
|
|
* |
|
|
|
(2,789 |
) |
|
|
(614 |
) |
|
|
354 |
% |
|
Digital |
|
|
(1,713 |
) |
|
|
289 |
|
|
* |
|
|
|
(3,927 |
) |
|
|
(733 |
) |
|
|
436 |
% |
|
Consolidated |
|
|
12,876 |
|
|
|
15,136 |
|
|
|
(15 |
)% |
|
|
23,254 |
|
|
|
23,083 |
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
|
|
6,501 |
|
|
|
6,266 |
|
|
|
4 |
% |
|
|
13,395 |
|
|
|
12,241 |
|
|
|
9 |
% |
|
Change in fair value contingent consideration |
|
|
(2,735 |
) |
|
|
(913 |
) |
|
|
200 |
% |
|
|
(2,376 |
) |
|
|
1,187 |
|
|
* |
|
|
Impairment charge |
|
|
22,368 |
|
|
|
- |
|
|
* |
|
|
|
22,368 |
|
|
|
- |
|
|
* |
|
|
Foreign currency (gain) loss |
|
|
(82 |
) |
|
|
(17 |
) |
|
|
382 |
% |
|
|
50 |
|
|
|
196 |
|
|
|
(74 |
)% |
|
Other operating (gain) loss |
|
|
(1,597 |
) |
|
|
(273 |
) |
|
|
485 |
% |
|
|
(3,593 |
) |
|
|
(295 |
) |
|
|
1,118 |
% |
|
Operating income (loss) |
|
|
(11,579 |
) |
|
|
10,073 |
|
|
* |
|
|
|
(6,590 |
) |
|
|
9,754 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
(3,554 |
) |
|
$ |
(4,001 |
) |
|
|
(11 |
)% |
|
$ |
(7,044 |
) |
|
$ |
(7,399 |
) |
|
|
(5 |
)% |
|
Interest income |
|
|
857 |
|
|
|
1,039 |
|
|
|
(18 |
)% |
|
|
1,776 |
|
|
|
1,952 |
|
|
|
(9 |
)% |
|
Dividend income |
|
|
251 |
|
|
|
417 |
|
|
|
(40 |
)% |
|
|
506 |
|
|
|
545 |
|
|
|
(7 |
)% |
|
Income (loss) before income taxes |
|
|
(14,025 |
) |
|
|
7,528 |
|
|
* |
|
|
|
(11,352 |
) |
|
|
4,852 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television |
|
$ |
7,661 |
|
|
$ |
1,942 |
|
|
|
|
|
|
$ |
14,002 |
|
|
$ |
4,023 |
|
|
|
|
|
|
Radio |
|
|
199 |
|
|
|
81 |
|
|
|
|
|
|
|
581 |
|
|
|
162 |
|
|
|
|
|
|
Digital |
|
|
121 |
|
|
|
181 |
|
|
|
|
|
|
|
240 |
|
|
|
247 |
|
|
|
|
|
|
Consolidated |
|
$ |
7,981 |
|
|
$ |
2,204 |
|
|
|
|
|
|
$ |
14,823 |
|
|
$ |
4,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television |
|
|
506,267 |
|
|
|
487,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio |
|
|
138,577 |
|
|
|
121,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital |
|
|
54,735 |
|
|
|
81,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
$ |
699,579 |
|
|
$ |
690,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Percentage not meaningful. |
|