Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

5. SEGMENT INFORMATION

The Company’s management has determined that the Company operates in three reportable segments as of March 31, 2021, based upon the type of advertising medium, which segments are television, digital and radio. 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.

Television

As of March 31, 2021, 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.

Digital

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.

Radio

As of March 31, 2021, the Company owns and operates 48 radio stations (38 FM and 10 AM) located 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 100 markets across the United States.

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 65% and 14% of its revenue outside the United States during the three-month periods ended March 31, 2021 and 2020, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands):

	Three-Month Period
	Ended March 31,						%
		2021			2020		Change
Net revenue
Television	$	36,091		$	39,199			(8	)%
Digital		101,482			13,331			661	%
Radio		11,307			11,719			(4	)%
Consolidated		148,880			64,249			132	%
Cost of revenue - digital		84,756			7,347		*
Direct operating expenses
Television		14,969			15,825			(5	)%
Digital		4,901			3,193			53	%
Radio		6,691			7,661			(13	)%
Consolidated		26,561			26,679			(0	)%
Selling, general and administrative expenses
Television		4,915			5,932			(17	)%
Digital		5,949			3,671			62	%
Radio		2,989			3,988			(25	)%
Consolidated		13,853			13,591			2	%
Depreciation and amortization
Television		3,216			2,875			12	%
Digital		1,581			1,150			37	%
Radio		387			487			(21	)%
Consolidated		5,184			4,512			15	%
Segment operating profit (loss)
Television		12,991			14,567			(11	)%
Digital		4,295			(2,030	)	*
Radio		1,240			(417	)	*
Consolidated		18,526			12,120			53	%
Corporate expenses		7,158			6,840			5	%
Impairment charge		1,326			39,835			(97	)%
Foreign currency (gain) loss		586			1,508			(61	)%
Other operating (gain) loss		(1,913	)		(836	)		129	%
Operating income (loss)		11,369			(35,227	)	*
Interest expense	$	(1,717	)	$	(2,680	)		(36	)%
Interest income		140			624			(78	)%
Dividend income		2			23			(91	)%
Income (loss) before income taxes		9,794			(37,260	)	*
Capital expenditures
Television	$	1,031		$	3,182
Digital		336			298
Radio		146			196
Consolidated	$	1,513		$	3,676
	March 31,			December 31,
Total assets		2021			2020
Television		434,758			425,899
Digital		196,551			196,020
Radio		120,859			125,426
Consolidated	$	752,168		$	747,345

* Percentage not meaningful.