Segment Information

The Company’s operations have historically been aligned into three business segments: (i) Radio, (ii) Publishing and (iii) Corporate & Emerging Technologies. Emerging Technologies includes our TagStation, NextRadio and Digonex businesses. These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses 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 February 28, 2018, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments.




Three Months Ended August 31, 2018	Radio		Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	30,731	$	897		$	428		$	32,056
Station operating expenses excluding and depreciation and amortization expense	22,660		1,009			2,334			26,003
Corporate expenses excluding depreciation and amortization expense	—		—			2,802			2,802
Depreciation and amortization	549		5			225			779
Loss on sale of assets, including disposition costs	15		—			—			15
Operating income (loss)	$	7,507	$	(117	)	$	(4,933	)	$	2,457




Three Months Ended August 31, 2017	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	41,764		$	846		$	238		$	42,848
Station operating expenses excluding LMA fees and depreciation and amortization expense	29,881			1,104			2,919			33,904
Corporate expenses excluding depreciation and amortization expense	—			—			2,538			2,538
Depreciation and amortization	676			5			200			881
(Gain) loss on sale of assets, net of disposition costs	(76,745		)	39			—			(76,706		)
Loss on disposal of fixed assets	—			12			—			12
Operating income (loss)	$	87,952		$	(314	)	$	(5,419	)	$	82,219



Six Months Ended August 31, 2018	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	57,115		$	2,170		$	777		$	60,062
Station operating expenses excluding depreciation and amortization expense	40,353			2,208			4,973			47,534
Corporate expenses excluding depreciation and amortization expense	—			—			5,310			5,310
Depreciation and amortization	1,119			10			449			1,578
(Gain) loss on sale of assets, net of disposition costs	(32,383		)	331			—			(32,052		)
Operating income (loss)	$	48,026		$	(379	)	$	(9,955	)	$	37,692



Six Months Ended August 31, 2017	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	80,470		$	1,990		$	552		$	83,012
Station operating expenses excluding depreciation and amortization expense	56,015			2,459			6,660			65,134
Corporate expenses excluding depreciation and amortization expense	—			—			5,281			5,281
Depreciation and amortization	1,444			10			405			1,859
(Gain) loss on sale of assets, net of disposition costs	(76,745		)	39			—			(76,706		)
Loss on disposal of property and equipment	—			12			—			12
Operating income (loss)	$	99,756		$	(530	)	$	(11,794	)	$	87,432



Total Assets	Radio		Publishing		Corporate & Emerging Technologies		Consolidated
As of February 28, 2018	$	249,044	$	1,293	$	20,807	$	271,144
As of August 31, 2018	$	221,784	$	616	$	21,925	$	244,325