XML 41 R30.htm IDEA: XBRL DOCUMENT v3.22.2
Segment Information and Geographic Data (Tables)
6 Months Ended
Jun. 30, 2022
Segment Information and Geographic Data  
Summary of financial information by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

Six Months Ended June 30, 

​

Dollars in thousands

​

2022

​

2021

​

2022

​

2021

​

Net revenue

    

  

​

    

  

​

    

  

​

    

  

​

​

Legacy Business

​

$

53,802

​

$

62,127

​

$

102,569

​

$

129,764

​

Digital Business

​

 

12,192

​

 

7,263

​

 

26,652

​

 

16,356

​

Total

​

$

65,994

​

$

69,390

​

$

129,221

​

$

146,120

​

Adjusted EBITDA

​

 

  

​

 

  

​

 

  

​

 

  

​

Legacy Business

​

$

(11,400)

​

$

(4,648)

​

$

(26,953)

​

$

(4,314)

​

Digital Business

​

 

(54)

​

 

833

​

 

1,961

​

 

1,801

​

Total

​

$

(11,454)

​

$

(3,815)

​

$

(24,992)

​

$

(2,513)

​

Summary of reconciliation of Adjusted EBITDA to (loss) income before income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

​

June 30, 

​

June 30, 

​

Dollars in thousands

​

2022

​

2021

​

2022

​

2021

​

Loss before income taxes

    

$

(64,912)

​

$

(46,419)

    

$

(105,760)

​

$

(82,893)

​

Add:

​

 

  

​

 

  

​

 

  

​

 

  

​

Depreciation and amortization

​

 

24,842

​

 

26,938

​

 

49,932

​

 

54,464

​

Interest and other (income) expense, net

​

 

15,077

​

 

8,518

​

 

7,734

​

 

15,765

​

Business optimization(a)

​

 

—

​

 

3,508

​

 

—

​

 

4,058

​

One-time non-recurring(b)

​

 

11,577

​

 

604

​

 

15,320

​

 

968

​

New business start-up costs(c)

​

 

—

​

 

282

​

 

—

​

 

453

​

Restructuring related(d)

​

 

(56)

​

 

509

​

 

3,956

​

 

1,861

​

Stock-based compensation expense

​

 

2,018

​

 

150

​

 

3,826

​

 

716

​

Transaction cost

​

​

—

​

​

2,095

​

​

—

​

​

2,095

​

Adjusted EBITDA

​

$

(11,454)

​

$

(3,815)

​

$

(24,992)

​

$

(2,513)

​

(a)

Business optimization costs include employee retention costs, IT costs as well as consulting costs for certain projects.

(b)

Includes costs related to project costs and initiatives, as well as bank, legal and other fees in connection with the Company’s debt financing activities. During the three and six months ended June 30, 2022, the Company incurred $7.7 million and $11.0 million, respectively, in one-time legal and advisory expenses as the Company explores strategic alternatives.

(c)

Includes costs to support the Company’s On Demand and AVOD offerings, along with costs related to the Company’s service and media network businesses.

(d)

Restructuring related costs include such items as employee severance charges. During the six months ended June 30, 2022, the Company incurred severance and related costs of $3.8 million in connection with a reduction in force, which are reflected in general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations.