v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are organized internally by type of products and services provided. Based on the information reviewed by the Company's CEO in his capacity as Chief Operating Decision Maker ("CODM"), the Company has identified three segments: Digital Advertising, Subscription Digital Marketing Solutions, and Broadcast Advertising. The remainder of our business is reported in the Other category.

The Company operates in one geographic area. The Company's assets and liabilities are managed within markets outside the top 50 across the United States where the Company conducts its business and are reported internally in the same manner as the Consolidated Financial Statements; thus, no additional information regarding assets and liabilities of the Company’s reportable segments is produced for the Company's CEO or included in these Consolidated Financial Statements. Intangible assets consist principally of FCC broadcast licenses and other definite-lived intangible assets and primarily support the Company’s Broadcast Advertising segment. For further information see Note 5, Goodwill and Other Intangible Assets. The Company does not have any material inter-segment sales.

Segment profit is the primary measure the CODM utilizes in assessing segment performance and determining the allocation of resources. Segment Profit is defined as revenue less direct operating expenses, excluding depreciation, amortization, and stock-based compensation. The CODM is the primary individual in control of resource allocation, and the allocation determinations are made in consultation with each respective segment manager who is directly accountable to and maintains regular contact with the CODM to discuss operating activities, financial results, forecasts, or plans for the segment. The most significant allocation determinations made by the CODM pertain to sales accounts and support, capital spending and employee resource allocation. Segment profit is used to monitor budgeted versus actual results and is used in assessing performance of the segment and in establishing compensation. These determinations are made through regular reviews throughout the year, and on a weekly basis, the CODM considers actual results, as compared to budget and the prior period, when evaluating the allocation of resources.

Direct operating expenses represents our significant expense category and aligns with the segment level information that is regularly provided to the CODM. Segment profit excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance, and primarily includes expenses related to corporate stewardship and administration activities, transaction related costs and non-cash impairment charges.
The following tables present the Company's reportable segment results for the three months ended March 31, 2026 (in thousands):

Digital AdvertisingSubscription Digital Marketing SolutionsBroadcast AdvertisingOtherCorporate and Other Reconciling ItemsTotal
Net revenue$39,264 $17,510 $38,648 $1,359 $— $96,781 
Direct operating expenses, excluding depreciation, amortization and stock-based compensation31,758 11,610 31,169 1,040 — 75,577 
Segment Profit$7,506 $5,900 $7,479 $319 $— $21,204 
Depreciation and amortization234 764 2,354 22 1,322 4,696 
Corporate expenses— — — — 4,823 4,823 
Stock-based compensation493 101 436 3 2,698 3,731 
Transaction and business realignment costs— — 679 6 456 1,141 
Impairment of intangible assets
— — 8,588 — — 8,588 
Net gain on sale and retirement of assets— — (501)— — (501)
Operating income (loss)$6,779 $5,035 $(4,077)$288 $(9,299)$(1,274)

The following table presents the Company's reportable segment results for the three months ended March 31, 2025 (in thousands):

Digital AdvertisingSubscription Digital Marketing SolutionsBroadcast AdvertisingOtherCorporate and Other Reconciling ItemsTotal
Net revenue$36,751 $19,022 $41,387 $1,515 $— $98,675 
Direct operating expenses, excluding depreciation, amortization and stock-based compensation28,851 12,846 32,943 1,176 — 75,816 
Segment Profit$7,900 $6,176 $8,444 $339 $— $22,859 
Depreciation and amortization218 472 2,564 24 1,137 4,415 
Corporate expenses— — — — 4,722 4,722 
Stock-based compensation436 133 414 3 3,202 4,188 
Transaction and business realignment costs— — 224 6 2,208 2,438 
Net gain on sale and retirement of assets— — (37)— — (37)
Operating income (loss)$7,246 $5,571 $5,279 $306 $(11,269)$7,133