Company Reports Decline in Revenues and Operating Loss for Q2 2024

For the quarter ending June 30, 2024, the company reported net revenues of approximately $117.7 million, marking a 9.2% decrease compared to the same period in 2023. The operating loss for this quarter was approximately $60.4 million, a stark contrast to the operating income of $9.7 million reported in Q2 2023. Despite these challenges, the company noted a significant increase in political advertising revenues, which they believe will positively impact both their radio and digital divisions in the upcoming months. The cable television segment generated approximately $41.5 million in revenues during the quarter, down from $52.4 million in the previous year, reflecting a decrease of about $10.9 million. Operating expenses, excluding certain non-cash items, were approximately $93.3 million, slightly down from $93.7 million in Q2 2023. This reduction was primarily attributed to a non-cash benefit related to the Employment Agreement Award liability, although it was offset by increased consulting and audit expenses. Depreciation and amortization expenses rose to approximately $3.0 million, up from $1.9 million in the same quarter last year, due to additional depreciation on leasehold improvements. The company also reported an impairment loss of $80.8 million related to broadcasting licenses in the radio segment, which significantly impacted overall financial performance. The report further elaborated on financial metrics such as "Broadcast and digital operating income" and "Adjusted EBITDA," which provide insights into operational results beyond standard accounting measures. These metrics are commonly used in the broadcasting industry to assess performance across various segments, although they may differ from similar measures used by other companies.