The Company’s management has determined that the Company operates in three reportable segments as of December 31, 2020, based upon the type of advertising medium, which segments are television, radio and digital. The Company’s segments results reflect information presented on the same basis that is used for internal management reporting and it is also how the chief operating decision maker evaluates the business.

The Company owns and/or operates 54 primary television stations located primarily in California, Colorado, Connecticut, Florida, Kansas, Massachusetts, Nevada, New Mexico, Texas and Washington, D.C. The Company generates revenue from advertising, retransmission consent agreements and the monetization of spectrum usage rights in these markets.

The Company operates proprietary technology and data platforms that deliver digital advertising in various advertising formats that allow advertisers to reach audiences across a wide range of Internet-connected devices on its owned and operated digital media sites, the digital media sites of its publisher partners, and on other digital media sites it can access through third-party platforms and exchanges.

The Company owns and operates 48 radio stations (38 FM and 10 AM) located primarily in Arizona, California, Colorado, Florida, Nevada, New Mexico and Texas.

The Company owns and operates a national sales representation division, Entravision Solutions, through which the Company sells advertisements and syndicates radio programming to more than 100 markets across the United States.

Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, other operating (gain) loss, and foreign currency (gain) loss. The Company generated 36%, 18% and 18% and of its revenue outside the United States during the years ended December 31, 2020, 2019 and 2018, respectively.

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):

	Years Ended December 31,									% Change			% Change
		2020			2019			2018		2020 to 2019			2019 to 2018
Net Revenue
Television	$	154,456		$	149,654		$	152,911			3	%		(2	)%
Digital		143,309			68,908			80,982			108	%		(15	)%
Radio		46,261			55,013			63,922			(16	)%		(14	)%
Consolidated		344,026			273,575			297,815			26	%		(8	)%
Cost of revenue - digital		106,928			36,757			45,096			191	%		(18	)%
Direct operating expenses
Television		61,145			61,778			62,434			(1	)%		(1	)%
Digital		15,227			18,357			21,521			(17	)%		(15	)%
Radio		28,537			39,277			41,287			(27	)%		(5	)%
Consolidated		104,909			119,412			125,242			(12	)%		(5	)%
Selling, general and administrative expenses
Television		19,748			22,638			21,864			(13	)%		4	%
Digital		15,404			13,904			11,590			11	%		20	%
Radio		13,252			17,423			18,081			(24	)%		(4	)%
Consolidated		48,404			53,965			51,535			(10	)%		5	%
Depreciation and amortization
Television		12,918			10,059			9,024			28	%		11	%
Digital		2,561			4,723			4,759			(46	)%		(1	)%
Radio		1,803			1,866			2,490			(3	)%		(25	)%
Consolidated		17,282			16,648			16,273			4	%		2	%
Segment operating profit (loss)
Television		60,645			55,179			59,589			10	%		(7	)%
Digital		3,189			(4,833	)		(1,984	)		(166	)%		144	%
Radio		2,669			(3,553	)		2,064		*				(272	)%
Consolidated		66,503			46,793			59,669			42	%		(22	)%
Corporate expenses		27,807			28,067			26,865			(1	)%		4	%
Change in fair value of contingent consideration		—			(6,478	)		(1,202	)		(100	)%		439	%
Impairment charge		40,035			32,097			—			25	%	*
Foreign currency (gain) loss		(1,052	)		754			1,616		*				(53	)%
Other operating (gain) loss		(6,895	)		(5,994	)		(1,187	)		15	%		405	%
Operating income (loss)	$	6,608		$	(1,653	)	$	33,577		*			*
Capital expenditures
Television	$	7,184		$	24,174		$	14,336
Digital		1,659			318			1,031
Radio		641			792			350
Consolidated	$	9,484		$	25,284		$	15,717
Total assets
Television	$	425,899		$	465,758		$	487,929
Digital		196,020			51,979			81,460
Radio		125,426			138,463			121,020
Consolidated	$	747,345		$	656,200		$	690,409