Segment Information

12 Months Ended

Feb. 28, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

13. 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, although our TagStation and Next Radio businesses were dramatically scaled-down during our year ended February 28, 2019.

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. Our radio operations in New York, including the LMA fee we receive from a subsidiary of Disney, accounted for approximately 50% of our radio revenues for the year ended February 28, 2019. The Company’s segments operate exclusively in the United States.

During the three years ended February 28, 2019, we sold our radio clusters in Terre Haute and St. Louis, sold our radio station in Los Angeles and sold five of our six magazines. See Note 7 for more discussion of our dispositions.

The accounting policies as described in the summary of significant accounting policies included in Note 1 to these consolidated financial statements, are applied consistently across segments.

Year Ended February 28, 2019	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	108,018		$	4,678		$	1,435		$	114,131
Station operating expenses excluding depreciation and amortization    expense		76,128			4,822			10,083			91,033
Corporate expenses excluding depreciation and amortization expense		—			—			10,313			10,313
Impairment loss		343			—			—			343
Depreciation and amortization		2,338			18			857			3,213
(Gain) loss on sale of radio and publishing assets, net of disposition costs		(32,148	)		331			—			(31,817	)
Loss on disposal of fixed assets		57			—			—			57
Operating income (loss)	$	61,300		$	(493	)	$	(19,818	)	$	40,989

Year Ended February 28, 2018	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	142,852		$	4,521		$	1,114		$	148,487
Station operating expenses excluding depreciation and amortization    expense		102,413			5,035			12,310			119,758
Corporate expenses excluding depreciation and amortization expense		—			—			10,712			10,712
Impairment loss		265			—			—			265
Depreciation and amortization		2,792			19			817			3,628
(Gain) loss on sale of radio and publishing assets, net of disposition costs		(76,745	)		141			—			(76,604	)
(Gain) loss on sale of fixed assets		(82	)		13			—			(69	)
Operating income (loss)	$	114,209		$	(687	)	$	(22,725	)	$	90,797

Year Ended February 28, 2017	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	165,148		$	48,559		$	861		$	214,568
Station operating expenses excluding depreciation and amortization    expense		115,366			51,063			13,656			180,085
Corporate expenses excluding depreciation and amortization expense		—			—			11,359			11,359
Impairment loss		6,855			—			2,988			9,843
Depreciation and amortization		3,462			230			1,114			4,806
Gain on sale of radio and publishing assets, net of disposition costs		(3,478	)		(20,079	)		—			(23,557	)
Loss on sale of fixed assets		124			—			—			124
Operating income (loss)	$	42,819		$	17,345		$	(28,256	)	$	31,908

Total Assets	Radio		Publishing		Corporate & Emerging Technologies		Consolidated
As of February 28, 2018	$	249,044	$	1,293	$	20,807	$	271,144
As of February 28, 2019		216,473		728		20,545		237,746