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Segment Data |
Note 18: Segment Data
The Company evaluates the performance of its operating segments based on net revenue and operating income. The Company’s broadcast segment includes (i) television stations and related community focused websites that Nexstar owns, operates, programs or provides sales and other services to in various markets across the United States, (ii) WGN America, a national general entertainment cable network and the home of NewsNation, (iii) digital multicast network services, and (iv) WGN-AM, a Chicago radio station. The other activities of the Company include (i) corporate functions, (ii) the management of certain real estate assets that Nexstar acquired in September 2019 through the Merger, including revenues from leasing certain owned office and production facilities, (iii) digital businesses and (iv) eliminations.
Segment financial information is included in the following tables for the periods presented (in thousands):
The following table presents the disaggregation of the Company’s revenue under ASC 606 for the periods presented.
As discussed in Note 2, the Company primarily derives its revenues from television and digital advertising and from distribution of its stations’ signals and networks. During the year ended December 31, 2020, revenues from these sources for two of the Company's customers exceeded 10%. Each of these customers represents approximately 11% of the Company’s consolidated net revenues. No single customer provides more than 10% of the Company’s consolidated net revenues during the years ended December 31, 2019 and 2018. Advertising revenue (local, national, political and digital) is positively affected by national and regional political campaigns, and certain events such as the Olympic Games or the Super Bowl. Company stations’ advertising revenue is generally highest in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and retail advertising in the period leading up to, and including, the holiday season. In addition, advertising revenue is generally higher during even-numbered years when congressional and presidential elections occur and advertising is aired during the Olympic Games. The Company receives compensation from MVPDs and OVDs in return for the consent to the retransmission of the signals of its television stations and the carriage of WGN America. Distribution revenue is recognized at the point in time the broadcast signal is delivered to the distributors and is based on a price per subscriber.
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