Segment Information

6 Months Ended

Jun. 30, 2020

Note 12. Segment Information

The Company’s operations are aligned into two business segments: (i) Radio, and (ii) 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. 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 ten months ended December 31, 2019, and in Note 1 to these condensed consolidated and combined financial statements, are applied consistently across segments.

Three Months Ended June 30, 2020	Radio			Outdoor Advertising			All Other			Consolidated
Net revenues	$	3,829		$	3,167		$	—		$	6,996
Operating expenses excluding and depreciation and amortization expense		4,005			2,483			—			6,488
Corporate expenses		—			—			932			932
Depreciation and amortization		232			931			—			1,163
Operating loss	$	(408	)	$	(247	)	$	(932	)	$	(1,587	)

Three Months Ended June 30, 2019	Radio		Outdoor Advertising		All Other		Consolidated
Net revenues	$	16,334	$	—	$	—	$	16,334
Operating expenses excluding depreciation and amortization expense		12,277		—		—		12,277
Depreciation and amortization		310		—		—		310
Operating income	$	3,747	$	—	$	—	$	3,747

Six Months Ended June 30, 2020	Radio		Outdoor Advertising			All Other			Consolidated
Net revenues	$	12,168	$	6,613		$	—		$	18,781
Operating expenses excluding depreciation and amortization expense		10,936		5,009			—			15,945
Corporate expenses		—		—			2,097			2,097
Depreciation and amortization		481		1,709			—			2,190
Operating income (loss)	$	751	$	(105	)	$	(2,097	)	$	(1,451	)

Six Months Ended June 30, 2019	Radio		Outdoor Advertising		All Other		Consolidated
Net revenues	$	24,480	$	—	$	—	$	24,480
Operating expenses excluding depreciation and amortization expense		19,165		—		—		19,165
Depreciation and amortization		651		—		—		651
Operating income	$	4,664	$	—	$	—	$	4,664

Total Assets	Radio		Outdoor Advertising		Consolidated
As of December 31, 2019	$	102,921	$	64,245	$	167,166
As of June 30, 2020		84,193		62,911		147,104