Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Total net revenue $ 66,862 $ 65,983 $ 198,153 $ 189,118
Operating expenses:        
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $486 and $449 for the three months ended September 30, 2021 and 2022, respectively, and $1,375 and $1,350 for the nine months ended September 30, 2021 and 2022, respectively, paid to related parties) 41,178 37,463 120,837 106,968
Legal settlement 3,825 0 4,776 0
Digital media operating expenses, exclusive of depreciation and amortization shown below 8,333 8,269 25,079 25,280
Publishing operating expenses, exclusive of depreciation and amortization shown below 6,542 5,213 16,441 16,844
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $0 and $82 for the three months ended September 30, 2021 and 2022, respectively, and $5 and $250 for the nine months ended September 30, 2021 and 2022, respectively, paid to related parties) 4,840 4,284 14,431 12,764
Debt modification costs 2 2,347 250 2,347
Depreciation 2,737 2,788 8,537 8,118
Amortization 297 427 963 1,553
Change in the estimated fair value of contingent earn-out consideration 0 0 (5) 0
Impairment of indefinite-lived long-term assets other than goodwill 7,725 0 11,660 0
Impairment of goodwill 0 0 127 0
Net (gain) loss on the disposition of assets 167 (10,607) (8,461) (10,552)
Total operating expenses 75,646 50,184 194,635 163,322
Operating income (loss) (8,784) 15,799 3,518 25,796
Other income (expense):        
Interest income 17 0 166 1
Interest expense (3,142) (4,026) (9,925) (11,887)
Gain on the forgiveness of PPP loans 0 11,212 0 11,212
Gain (loss) on the early retirement of long-term debt 0 (56) (18) (56)
Earnings from equity method investment 102 0 4,015 0
Net miscellaneous income and (expenses) (19) 2 (19) 87
Net income (loss) before income taxes (11,826) 22,931 (2,263) 25,153
Provision for (benefit from) income taxes 59 837 (1,234) 479
Net income (loss) $ (11,885) $ 22,094 $ (1,029) $ 24,674
Basic income (loss) per share data:        
Basic income (loss) per share $ (0.44) $ 0.82 $ (0.04) $ 0.92
Diluted income (loss) per share data:        
Diluted income (loss) per share $ (0.44) $ 0.81 $ (0.04) $ 0.91
Basic weighted average shares outstanding 27,216,787 26,870,664 27,202,983 26,825,483
Diluted weighted average shares outstanding 27,216,787 27,280,949 27,202,983 27,217,382
Broadcast Revenue [Member]        
Total net revenue $ 51,136 $ 49,591 $ 152,020 $ 140,422
Digital Media [Member]        
Total net revenue 10,189 10,645 31,293 30,603
Publishing [Member]        
Total net revenue $ 5,537 $ 5,747 $ 14,840 $ 18,093