Revenue Performance - Net revenues for the three months ended September 30, 2023, decreased by 22.0% to $6,447,000 compared to $8,270,000 in the same period of 2022[101] - For the nine months ended September 30, 2023, net revenues decreased by 10.6% to $25,862,000 from $28,914,000 in the prior year[112] - Spot Radio Advertising revenue for the three months ended September 30, 2023, was $4,328,000, representing 67.1% of total net revenues, down from $6,029,000 (72.9%) in 2022[101] - MediaCo's gross revenues were down 15.3% for the nine-month period ended September 30, 2023, compared to the same period in the prior year[113] - The gross revenues reported to Miller Kaplan for the New York radio market decreased by 4.6% for the nine-month period ended September 30, 2023[106] Operating Expenses - Operating expenses excluding depreciation and amortization increased by 2.7% to $7,175,000 for the three months ended September 30, 2023, compared to $6,983,000 in 2022[114] - Corporate expenses decreased by 25.0% to $1,095,000 for the three months ended September 30, 2023, down from $1,460,000 in the same period of 2022[116] - Depreciation and amortization expense increased by 31.3% to $130,000 for the three months ended September 30, 2023, due to intangible software costs[118] Profitability and Loss - Operating loss for the three months ended September 30, 2023, was $(1,964) thousand, a decrease of $1,692 thousand or 622.1% compared to the same period in 2022[121] - Consolidated net loss for the three months ended September 30, 2023, was $(2,316) thousand, a decrease of $335 thousand or 12.6% compared to $(2,651) thousand in 2022[124] Cash Flow and Working Capital - Cash, cash equivalents, and restricted cash as of September 30, 2023, totaled $9.6 million, down from $15.3 million at December 31, 2022[126] - Net working capital as of September 30, 2023, was $10.3 million, a decrease from $13.3 million at December 31, 2022[126] - Cash flows used by continuing operating activities were $(3.7) million for the nine months ended September 30, 2023, compared to cash flows provided of $3.4 million in 2022[128] - Cash flows used in continuing investing activities were $(1.1) million for the nine months ended September 30, 2023, related to capital expenditures for a new digital platform[129] - Cash flows used in continuing financing activities were $(1.1) million for the nine months ended September 30, 2023, due to repurchases of Class A common stock[130] Interest and Taxation - Interest expense, net decreased to $(87) thousand for the three months ended September 30, 2023, a reduction of $1,579 thousand or 94.8% compared to $(1,666) thousand in 2022[122] - Provision for income taxes for the three months ended September 30, 2023, was $84 thousand, an increase of $6 thousand or 7.7% compared to $78 thousand in 2022[123] Strategic Considerations - The company is evaluating potential acquisitions to leverage strengths and may opportunistically dispose of assets[107] - The rising interest rate environment has impacted MediaCo, increasing the cost of potential future borrowings[108] - The company had $6.0 million of promissory notes outstanding to Emmis, classified as long-term with no debt service requirements over the next twelve months[127]
MediaCo Holding(MDIA) - 2023 Q3 - Quarterly Report