SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

9. SEGMENT INFORMATION

The Company’s operations are aligned into two business segments: Radio and Outdoor Advertising. Radio includes the operations and results of WQHT-FM and WBLS-FM, and Outdoor Advertising includes the operations and results of the Fairway businesses acquired in December 2019 and additional acquisitions thereafter. The Company groups activities that are not considered operating segments in the “All Other” category.

These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses, including transaction costs, are not allocated to reportable segments. The Company’s segments operate exclusively in the United States.

The accounting policies as described in the summary of significant accounting policies included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2021, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments.

The following tables present the Company's segment results for the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30, 2022	Radio		Outdoor Advertising		All Other		Consolidated
Net revenues	$	8,270	$	3,555	$	—	$	11,825
Operating expenses excluding depreciation and amortization expense	6,983		2,619		—		9,602
Corporate expenses	—		—		1,460		1,460
Depreciation and amortization	85		821		—		906
Loss on disposal of assets	—		26		—		26
Operating income (loss)	$	1,202	$	89	$	(1,460)	$	(169)

Three Months Ended September 30, 2021	Radio		Outdoor Advertising		All Other		Consolidated
Net revenues	$	14,361	$	3,459	$	—	$	17,820
Operating expenses excluding depreciation and amortization expense	10,467		2,073		—		12,540
Corporate expenses	—		—		2,422		2,422
Depreciation and amortization	179		889		—		1,068
Gain on disposal of assets	—		—		—		—
Operating income (loss)	$	3,715	$	497	$	(2,422)	$	1,790

Nine Months Ended September 30, 2022	Radio		Outdoor Advertising		All Other		Consolidated
Net revenues	$	28,914	$	10,598	$	—	$	39,512
Operating expenses excluding depreciation and amortization expense	24,930		7,920		—		32,850
Corporate expenses	—		—		5,286		5,286
Depreciation and amortization	272		2,468		—		2,740
Loss on disposal of assets	—		71		—		71
Operating income (loss)	$	3,712	$	139	$	(5,286)	$	(1,435)

Nine Months Ended September 30, 2021	Radio		Outdoor Advertising		All Other		Consolidated
Net revenues	$	31,714	$	10,225	$	—	$	41,939
Operating expenses excluding depreciation and amortization expense	21,497		6,622		—		28,119
Corporate expenses	—		—		5,908		5,908
Depreciation and amortization	553		2,474		—		3,027
Gain on disposal of assets	—		(78)		—		(78)
Operating income (loss)	$	9,664	$	1,207	$	(5,908)	$	4,963

Total Assets	Radio		Outdoor Advertising		Consolidated
September 30, 2022	$	84,843	$	55,081	$	139,924
December 31, 2021	90,485		57,725		148,210