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12. SEGMENT INFORMATION
As a result of our acquisitions of MediaMind and EyeWonder, both online advertising services businesses, during the third quarter of 2011 we reorganized our reportable segments into Television and Online. We also changed our measure of segment profit from income from operations to adjusted EBITDA as that is the measure our chief operating decision maker now uses to measure performance and allocate resources. Adjusted EBITDA reflects income from operations before acquisition and integration expenses, share-based compensation expense and depreciation and amortization. Our historical segment data has been reclassified to conform to the revised reportable segments and measure of segment profit. The Television segment is comprised of businesses whose revenues are principally derived from delivering advertisements, syndicated programs, and video news releases from advertising agencies and other content providers to traditional broadcasters and other media outlets. The Television segment includes the results of our ADS business, Match Point, MIJO and SourceEcreative. The Online segment is comprised of businesses whose revenues are principally derived from online advertising and related services. The Online segment includes the results of our MediaMind, EyeWonder and Unicast businesses. Our corporate expenses are allocated to the Television and Online segments based on revenues. Our reportable segments are as follows (in thousands):
|
|
|
Three Months Ended September 30, |
|
|
|
|
2011 |
|
2010 |
|
|
|
|
Television |
|
Online |
|
Consolidated |
|
Television |
|
Online |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
60,572 |
|
$ |
24,022 |
|
$ |
84,594 |
|
$ |
51,552 |
|
$ |
4,074 |
|
$ |
55,626 |
|
|
Adjusted EBITDA |
|
28,751 |
|
1,992 |
|
30,743 |
|
26,707 |
|
(567 |
) |
26,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration |
|
|
|
|
|
(10,571 |
) |
|
|
|
|
(100 |
) |
|
Share-based compensation |
|
|
|
|
|
(3,895 |
) |
|
|
|
|
(1,235 |
) |
|
Depreciation and amortization |
|
|
|
|
|
(13,514 |
) |
|
|
|
|
(6,924 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
|
|
|
|
|
$ |
2,763 |
|
|
|
|
|
|
|
$ |
17,881 |
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
2011 |
|
2010 |
|
|
|
|
Television |
|
Online |
|
Consolidated |
|
Television |
|
Online |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
182,469 |
|
$ |
33,487 |
|
$ |
215,956 |
|
$ |
153,900 |
|
$ |
12,247 |
|
$ |
166,147 |
|
|
Adjusted EBITDA |
|
88,829 |
|
2,648 |
|
91,477 |
|
78,327 |
|
(852 |
) |
77,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration |
|
|
|
|
|
(13,776 |
) |
|
|
|
|
(100 |
) |
|
Share-based compensation |
|
|
|
|
|
(7,105 |
) |
|
|
|
|
(3,463 |
) |
|
Depreciation and amortization |
|
|
|
|
|
(27,898 |
) |
|
|
|
|
(20,933 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
|
|
|
|
|
$ |
42,698 |
|
|
|
|
|
|
|
$ |
52,979 |
|
As of September 30, 2011, our Television and Online segments had $233.4 million and $260.7 million, respectively, of goodwill. |