Schedule of Segment Financial Information |
Segment financial information is included in the following tables for the periods presented (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Net revenue |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Broadcast |
|
$ |
1,215.9 |
|
|
$ |
1,108.3 |
|
|
$ |
2,399.8 |
|
|
$ |
2,200.6 |
|
Other |
|
|
29.2 |
|
|
|
23.3 |
|
|
|
55.4 |
|
|
|
44.9 |
|
Total net revenue |
|
$ |
1,245.1 |
|
|
$ |
1,131.6 |
|
|
$ |
2,455.2 |
|
|
$ |
2,245.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Operating income (loss) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Broadcast segment profit |
|
$ |
490.9 |
|
|
$ |
408.6 |
|
|
$ |
973.2 |
|
|
$ |
823.0 |
|
Corporate (unallocated) and other |
|
|
(46.4 |
) |
|
|
(37.1 |
) |
|
|
(89.9 |
) |
|
|
(75.5 |
) |
Depreciation and amortization |
|
|
(116.9 |
) |
|
|
(113.7 |
) |
|
|
(233.6 |
) |
|
|
(226.9 |
) |
Payments for broadcast rights, net of amortization |
|
|
5.3 |
|
|
|
15.0 |
|
|
|
10.9 |
|
|
|
29.7 |
|
Reimbursement from the FCC related to station repack |
|
|
0.6 |
|
|
|
6.9 |
|
|
|
2.3 |
|
|
|
12.3 |
|
Miscellaneous, net |
|
|
(0.1 |
) |
|
|
8.6 |
|
|
|
(0.1 |
) |
|
|
10.6 |
|
Income from operations |
|
$ |
333.4 |
|
|
$ |
288.3 |
|
|
$ |
662.8 |
|
|
$ |
573.2 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
June 30, 2022 |
|
|
December 31, 2021 |
|
Broadcast(1) |
|
$ |
11,650.7 |
|
|
$ |
12,038.8 |
|
Corporate (unallocated) and other |
|
|
1,264.8 |
|
|
|
1,225.7 |
|
|
|
$ |
12,915.5 |
|
|
$ |
13,264.5 |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
June 30, 2022 |
|
|
December 31, 2021 |
|
Broadcast |
|
$ |
2,872.6 |
|
|
$ |
2,872.6 |
|
Other |
|
|
179.0 |
|
|
|
179.0 |
|
|
|
$ |
3,051.6 |
|
|
$ |
3,051.6 |
|
|
Summary of Disaggregation of Revenue |
The following tables present the disaggregation of the Company’s revenue for the periods presented (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2022 |
|
Broadcast |
|
|
Other |
|
|
Consolidated |
|
Core advertising |
|
$ |
413.0 |
|
|
$ |
- |
|
|
$ |
413.0 |
|
Political advertising |
|
|
86.7 |
|
|
|
- |
|
|
|
86.7 |
|
Distribution |
|
|
646.1 |
|
|
|
- |
|
|
|
646.1 |
|
Digital |
|
|
60.7 |
|
|
|
27.5 |
|
|
|
88.2 |
|
Other |
|
|
9.4 |
|
|
|
1.7 |
|
|
|
11.1 |
|
Total net revenue |
|
$ |
1,215.9 |
|
|
$ |
29.2 |
|
|
$ |
1,245.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2022 |
|
Broadcast |
|
|
Other |
|
|
Consolidated |
|
Core advertising (local and national) |
|
$ |
841.1 |
|
|
$ |
- |
|
|
$ |
841.1 |
|
Political advertising |
|
|
110.4 |
|
|
|
- |
|
|
|
110.4 |
|
Distribution |
|
|
1,313.9 |
|
|
|
0.1 |
|
|
|
1,314.0 |
|
Digital |
|
|
115.2 |
|
|
|
51.7 |
|
|
|
166.9 |
|
Other |
|
|
19.2 |
|
|
|
3.6 |
|
|
|
22.8 |
|
Total net revenue |
|
$ |
2,399.8 |
|
|
$ |
55.4 |
|
|
$ |
2,455.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2021 |
|
Broadcast |
|
|
Other |
|
|
Consolidated |
|
Core advertising |
|
$ |
423.5 |
|
|
$ |
- |
|
|
$ |
423.5 |
|
Political advertising |
|
|
8.5 |
|
|
|
- |
|
|
|
8.5 |
|
Distribution |
|
|
617.0 |
|
|
|
- |
|
|
|
617.0 |
|
Digital |
|
|
51.5 |
|
|
|
21.9 |
|
|
|
73.4 |
|
Other |
|
|
7.8 |
|
|
|
1.4 |
|
|
|
9.2 |
|
Total net revenue |
|
$ |
1,108.3 |
|
|
$ |
23.3 |
|
|
$ |
1,131.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2021 |
|
Broadcast |
|
|
Other |
|
|
Consolidated |
|
Core advertising (local and national) |
|
$ |
835.2 |
|
|
$ |
- |
|
|
$ |
835.2 |
|
Political advertising |
|
|
13.9 |
|
|
|
- |
|
|
$ |
13.9 |
|
Distribution |
|
|
1,238.2 |
|
|
|
- |
|
|
$ |
1,238.2 |
|
Digital |
|
|
98.4 |
|
|
|
41.4 |
|
|
$ |
139.8 |
|
Other |
|
|
14.9 |
|
|
|
3.5 |
|
|
$ |
18.4 |
|
Total net revenue |
|
$ |
2,200.6 |
|
|
$ |
44.9 |
|
|
$ |
2,245.5 |
|
|