SEGMENT DATA |
SEGMENT DATA Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment.
The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in Selling, general and administrative expense. The following tables present the Company's segment results: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segments | | | | | | | (In thousands) | Multiplatform Group | | Digital Audio Group | | Audio & Media Services Group | | Corporate and other reconciling items | | Eliminations | | Consolidated | Year Ended December 31, 2023 | Revenue | $ | 2,435,368 | | | $ | 1,069,167 | | | $ | 256,702 | | | $ | — | | | $ | (10,212) | | | $ | 3,751,025 | | Operating expenses(1) | 1,881,934 | | | 720,298 | | | 185,241 | | | 277,166 | | | (10,212) | | | 3,054,427 | | Segment Adjusted EBITDA(2) | $ | 553,434 | | | $ | 348,869 | | | $ | 71,461 | | | $ | (277,166) | | | $ | — | | | $ | 696,598 | | Depreciation and amortization | | | | | | | | | | | (428,483) | | Impairment charges | | | | | | | | | | | (965,087) | | Other operating expense, net | | | | | | | | | | | (4,361) | | Restructuring expenses | | | | | | | | | | | (60,353) | | Share-based compensation expense | | | | | | | | | | | (35,625) | | Operating loss | | | | | | | | | | | $ | (797,311) | | | | | | | | | | | | | | | | | | | | | | | | | | Segment assets | $ | 5,443,207 | | | $ | 626,004 | | | $ | 310,909 | | | $ | 576,426 | | | $ | (3,935) | | | $ | 6,952,611 | | Intersegment revenues | — | | | 4,800 | | | 5,412 | | | — | | | — | | | 10,212 | | Capital expenditures | 58,033 | | | 23,179 | | | 7,348 | | | 14,110 | | | — | | | 102,670 | | Share-based compensation expense | — | | | — | | | — | | | 35,625 | | | — | | | 35,625 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segments | | | | | | | (In thousands) | Multiplatform Group | | Digital Audio Group | | Audio & Media Services Group | | Corporate and other reconciling items | | Eliminations | | Consolidated | Year Ended December 31, 2022 | Revenue | $ | 2,597,190 | | | $ | 1,021,824 | | | $ | 304,302 | | | $ | — | | | $ | (11,033) | | | $ | 3,912,283 | | Operating expenses(1) | 1,831,491 | | | 712,786 | | | 191,407 | | | 237,343 | | | (11,033) | | | 2,961,994 | | Segment Adjusted EBITDA(2) | $ | 765,699 | | | $ | 309,038 | | | $ | 112,895 | | | $ | (237,343) | | | $ | — | | | $ | 950,289 | | Depreciation and amortization | | | | | | | | | | | (445,664) | | Impairment charges | | | | | | | | | | | (311,489) | | Other operating expense, net | | | | | | | | | | | (24,998) | | Restructuring expenses | | | | | | | | | | | (75,821) | | Share-based compensation expense | | | | | | | | | | | (35,457) | | Operating income | | | | | | | | | | | $ | 56,860 | | | | | | | | | | | | | | Segment assets | $ | 6,319,790 | | | $ | 1,056,985 | | | $ | 350,388 | | | $ | 612,113 | | | $ | (3,389) | | | $ | 8,335,887 | | Intersegment revenues | 447 | | | 5,239 | | | 5,347 | | | — | | | — | | | 11,033 | | Capital expenditures | 119,624 | | | 21,261 | | | 8,172 | | | 11,912 | | | — | | | 160,969 | | Share-based compensation expense | — | | | — | | | — | | | 35,457 | | | — | | | 35,457 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segments | | | | | | | (In thousands) | Multiplatform Group | | Digital Audio Group | | Audio & Media Services Group | | Corporate and other reconciling items | | Eliminations | | Consolidated | Year Ended December 31, 2021 | Revenue | $ | 2,489,018 | | | $ | 834,482 | | | $ | 247,957 | | | $ | — | | | $ | (13,117) | | | $ | 3,558,340 | | Operating expenses(1) | 1,745,680 | | | 573,835 | | | 171,766 | | | 269,043 | | | (13,117) | | | 2,747,207 | | Segment Adjusted EBITDA(2) | $ | 743,338 | | | $ | 260,647 | | | $ | 76,191 | | | $ | (269,043) | | | $ | — | | | $ | 811,133 | | Depreciation and amortization | | | | | | | | | | | (469,417) | | Impairment charges | | | | | | | | | | | (57,734) | | Other operating expense, net | | | | | | | | | | | (32,320) | | Restructuring expenses | | | | | | | | | | | (73,262) | | Share-based compensation expense | | | | | | | | | | | (23,543) | | Operating income | | | | | | | | | | | $ | 154,857 | | | | | | | | | | | | | | Segment Assets | $ | 6,953,772 | | | $ | 1,088,471 | | | $ | 438,773 | | | $ | 403,898 | | | $ | (3,605) | | | $ | 8,881,309 | | Intersegment revenues | 670 | | | 5,845 | | | 6,602 | | | — | | | — | | | 13,117 | | Capital expenditures | 130,894 | | | 23,907 | | | 14,515 | | | 14,056 | | | — | | | 183,372 | | Share-based compensation expense | — | | | — | | | — | | | 23,543 | | | — | | | 23,543 | |
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating Income (Loss) to Adjusted EBITDA" and "Reconciliation of Net Loss to EBITDA and Adjusted EBITDA" in Item 7 of this Annual Report on Form 10-K. Beginning on January 1, 2021, Segment Adjusted EBITDA became the segment profitability metric reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment.
|