|
11. Segment Information
Our two reportable segments consist of television and online. The television segment 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 online segment revenues are principally derived from online advertising and related services. We allocate corporate overhead to the television and online segments. We use Adjusted EBITDA as our measure of segment profit. Adjusted EBITDA reflects income from operations before acquisition and integration expenses, share-based compensation expense and depreciation and amortization. Our reportable segments are as follows (in thousands):
|
|
|
Three Months Ended June 30, |
|
|
|
|
2012 |
|
2011 |
|
|
|
|
Television |
|
Online |
|
Consolidated |
|
Television |
|
Online |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
61,601 |
|
$ |
34,735 |
|
$ |
96,336 |
|
$ |
62,718 |
|
$ |
5,134 |
|
$ |
67,852 |
|
|
Adjusted EBITDA |
|
25,442 |
|
4,980 |
|
30,422 |
|
30,402 |
|
757 |
|
31,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration |
|
|
|
|
|
(2,707 |
) |
|
|
|
|
(3,195 |
) |
|
Share-based compensation |
|
|
|
|
|
(4,906 |
) |
|
|
|
|
(1,916 |
) |
|
Depreciation and amortization |
|
|
|
|
|
(13,632 |
) |
|
|
|
|
(7,534 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
|
|
|
$ |
9,177 |
|
|
|
|
|
$ |
18,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
2012 |
|
2011 |
|
|
|
|
Television |
|
Online |
|
Consolidated |
|
Television |
|
Online |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
123,432 |
|
$ |
65,753 |
|
$ |
189,185 |
|
$ |
121,897 |
|
$ |
9,465 |
|
$ |
131,362 |
|
|
Adjusted EBITDA |
|
54,580 |
|
5,407 |
|
59,987 |
|
60,077 |
|
657 |
|
60,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration |
|
|
|
|
|
(4,177 |
) |
|
|
|
|
(3,205 |
) |
|
Share-based compensation |
|
|
|
|
|
(9,377 |
) |
|
|
|
|
(3,210 |
) |
|
Depreciation and amortization |
|
|
|
|
|
(26,861 |
) |
|
|
|
|
(14,384 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
|
|
|
$ |
19,572 |
|
|
|
|
|
$ |
39,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |