XML 39 R24.htm IDEA: XBRL DOCUMENT v3.20.1
SEGMENT DATA
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
SEGMENT DATA .    SEGMENT DATA
We manage our business on a geographical basis, with five operating segments: Bulgaria, the Czech Republic, Romania, the Slovak Republic and Slovenia, which are also our reportable segments and our main operating countries. These segments reflect how CME Ltd.’s operating performance is evaluated by our chief operating decision makers, who we have identified as our co-Chief Executive Officers; how operations are managed by segment managers; and the structure of our internal financial reporting.
Our segments generate revenues primarily from the sale of advertising and sponsorship on our channels and digital properties. This is supplemented by revenues from cable and satellite television service providers that carry our channels on their platforms and from revenues through the sale of distribution rights to third parties. We do not rely on any single major customer or group of major customers. Intersegment revenues and profits have been eliminated in consolidation.
We evaluate our consolidated results and the performance of our segments based on net revenues and OIBDA (as defined below). We believe OIBDA is useful to investors because it provides a meaningful representation of our performance as it excludes certain items that either do not impact our cash flows or do not impact the operating results of our operations. OIBDA is also used as a component in determining management bonuses.
OIBDA includes amortization and impairment of program rights and is calculated as operating income / loss before depreciation, amortization of intangible assets, impairments of assets and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance.
Below are tables showing our net revenues, OIBDA, total assets, capital expenditures and long-lived assets by segment for the three months ended March 31, 2020 and 2019 for condensed consolidated statements of operations and comprehensive income / loss data and condensed consolidated statements of cash flow data; and as at March 31, 2020 and December 31, 2019 for condensed consolidated balance sheet data.
Net revenues:
For the Three Months Ended March 31,
 
2020

 
2019

Bulgaria
$
16,955

 
$
19,293

Czech Republic
49,215

 
50,316

Romania
39,515

 
38,810

Slovak Republic
22,159

 
21,332

Slovenia
16,734

 
17,850

Intersegment revenues (1)
(762
)
 
(1,042
)
Total net revenues
$
143,816

 
$
146,559

(1) 
Reflects revenues earned from the sale of content to other country segments in CME Ltd. All other revenues are third party revenues.
OIBDA:
For the Three Months Ended March 31,
2020

 
2019

Bulgaria
$
4,818

 
$
6,121

Czech Republic
15,950

 
14,947

Romania
15,064

 
17,533

Slovak Republic
3,945

 
1,729

Slovenia
4,862

 
4,931

Elimination
(3
)
 
48

Total operating segments
44,636

 
45,309

Corporate
(7,465
)
 
(7,252
)
Total OIBDA
37,171

 
38,057

Depreciation of property, plant and equipment
(7,927
)
 
(8,226
)
Amortization of broadcast licenses and other intangibles
(2,167
)
 
(2,194
)
Other items (1)
(880
)
 
—

Operating income
26,197

 
27,637

Interest expense (Note 14)
(6,595
)
 
(8,242
)
Other non-operating expense, net (Note 15)
(6,136
)
 
(3,097
)
Income before tax
$
13,466

 
$
16,298


(1) 
Other items during the three months ended March 31, 2020 reflects costs relating to the Merger, primarily legal and professional fees.
Total assets: (1)
March 31, 2020

 
December 31, 2019

Bulgaria
$
137,435

 
$
135,593

Czech Republic
677,616

 
758,479

Romania
275,166

 
289,968

Slovak Republic
144,963

 
150,806

Slovenia
81,672

 
92,144

Total operating segments
1,316,852

 
1,426,990

Corporate
94,310

 
20,872

Total assets
$
1,411,162

 
$
1,447,862

(1) 
Segment assets exclude any intercompany balances.
Capital expenditures:
For the Three Months Ended March 31,
 
2020


2019

Bulgaria
$
548

 
$
774

Czech Republic
2,026

 
1,687

Romania
650

 
417

Slovak Republic
567

 
202

Slovenia
979

 
1,219

Total operating segments
4,770

 
4,299

Corporate
20

 
66

Total capital expenditures
$
4,790

 
$
4,365


Long-lived assets: (1)
March 31, 2020

 
December 31, 2019

Bulgaria
$
12,238

 
$
13,538

Czech Republic
32,582

 
36,760

Romania
29,279

 
31,115

Slovak Republic
15,101

 
16,201

Slovenia
14,324

 
15,207

Total operating segments
103,524

 
112,821

Corporate
764

 
1,080

Total long-lived assets
$
104,288

 
$
113,901

(1) 
Reflects property, plant and equipment, net.
Revenues from contracts with customers comprised the following for the three months ended March 31, 2020 and 2019:
Consolidated revenue by type:
For the Three Months Ended March 31,
 
2020

 
2019

Television advertising
$
106,455

 
$
111,047

Carriage fees and subscriptions
31,584

 
29,550

Other
5,777

 
5,962

Total net revenues
$
143,816

 
$
146,559


Management reviews the performance of our operations based on the above revenue types as well as on a geographic basis as described above. Management does not review other disaggregations of revenues from contracts with customers.