Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Total net revenue $ 266,966 $ 258,247
Operating expenses:    
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,822 and $1,805 for the years ended December 31, 2021 and 2022, respectively, paid to related parties) 163,992 145,720
Legal settlement 4,776 0
Digital media operating expenses, exclusive of depreciation and amortization shown below 33,750 33,797
Publishing operating expenses exclusive of depreciation and amortization shown below 22,142 23,220
Unallocated corporate expenses, exclusive of depreciation and amortization shown below (including $38 and $527 for the years ended December 31, 2021 and 2022, respectively, paid to related parties) 18,557 17,483
Debt modification costs 255 2,526
Depreciation 11,339 10,933
Amortization 1,272 1,895
Change in the estimated fair value of contingent earn-out consideration (5) 0
Impairment of indefinite-lived long-term assets other than goodwill 13,985 0
Impairment of goodwill 127 0
Net (gain) loss on the disposition of assets (8,376) (23,575)
Total operating expenses 261,814 211,999
Operating loss 5,152 46,248
Other income (expense):    
Interest income 171 10
Interest expense (13,060) (15,799)
Gain on the forgiveness of PPP loans 0 11,212
Gain (loss) on early retirement of long-term debt 48 (1,026)
Earnings from equity method investment 4,065 0
Net miscellaneous income and (expenses) (4) 110
Net income (loss) before income taxes (3,628) 40,755
Benefit from income taxes (392) (759)
Net income (loss) $ (3,236) $ 41,514
Basic income (loss) per share data:    
Basic income (loss) per share Class A and Class B common stock $ (0.12) $ 1.54
Diluted income (loss) per share data:    
Diluted income (loss) per share Class A and Class B common stock $ (0.12) $ 1.52
Basic weighted average Class A and Class B shares outstanding 27,206,434 26,892,540
Diluted weighted average Class A and Class B shares outstanding 27,206,434 27,296,618
Broadcast Revenue [Member]    
Total net revenue $ 205,315 $ 191,443
Digital Media [Member]    
Total net revenue 41,661 42,164
Publishing [Member]    
Total net revenue $ 19,990 $ 24,640