$MDIA
Mediaco Holding Inc.

2020 Form 8-K Financial Statement

#000119312521169292 Filed on May 21, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019 Q1
Revenue $39.26M $10.35M $8.150M
YoY Change -14.34%
Cost Of Revenue $4.340M $4.300M $0.00
YoY Change 0.93%
Gross Profit $34.92M $6.040M $8.150M
YoY Change -4.33%
Gross Profit Margin 88.94% 58.36% 100.0%
Selling, General & Admin $32.34M $7.670M $6.890M
YoY Change 3.89%
% of Gross Profit 92.61% 126.99% 84.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.800M $150.0K -$360.0K
YoY Change 159.26%
% of Gross Profit 8.02% 2.48% -4.42%
Operating Expenses $40.96M $8.060M $7.229M
YoY Change -0.73%
Operating Profit -$1.699M -$2.020M $917.0K
YoY Change -137.15%
Interest Expense $9.493M -$820.0K $0.00
YoY Change 1056.27%
% of Operating Profit 0.0%
Other Income/Expense, Net -$9.493M
YoY Change 1056.27%
Pretax Income -$11.19M -$2.830M $917.0K
YoY Change -398.29%
Income Tax $15.56M -$480.0K $289.0K
% Of Pretax Income 31.52%
Net Earnings -$26.75M -$2.360M $628.0K
YoY Change -1370.32%
Net Earnings / Revenue -68.14% -22.8% 7.71%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.773M -$322.8K $377.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.200M $2.100M
YoY Change 100.0%
Cash & Equivalents $4.200M $2.083M $0.00
Short-Term Investments
Other Short-Term Assets $2.500M $1.798M $220.0K
YoY Change -13.79%
Inventory
Prepaid Expenses $1.111M $1.680M
Receivables $8.500M $11.10M $7.886M
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.20M $16.09M $9.786M
YoY Change -5.59%
LONG-TERM ASSETS
Property, Plant & Equipment $51.60M $31.56M $2.421M
YoY Change -10.88%
Goodwill $11.42M
YoY Change
Intangibles $78.95M $64.03M
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $14.22M $6.896M
YoY Change -97.89%
Total Long-Term Assets $131.2M $151.1M $73.34M
YoY Change -13.17%
TOTAL ASSETS
Total Short-Term Assets $15.20M $16.09M $9.786M
Total Long-Term Assets $131.2M $151.1M $73.34M
Total Assets $146.4M $167.2M $83.13M
YoY Change -12.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $11.20M
YoY Change -76.79%
Accrued Expenses $4.300M $3.900M
YoY Change 10.26%
Deferred Revenue $1.688M $1.299M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $68.80M $3.672M
YoY Change 1759.46%
Total Short-Term Liabilities $77.70M $20.78M $3.871M
YoY Change 273.56%
LONG-TERM LIABILITIES
Long-Term Debt $26.90M $77.67M
YoY Change -65.38%
Other Long-Term Liabilities $26.70M $239.0K $1.779M
YoY Change -7.29%
Total Long-Term Liabilities $53.60M $77.91M $1.779M
YoY Change -49.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.70M $20.78M $3.871M
Total Long-Term Liabilities $53.60M $77.91M $1.779M
Total Liabilities $133.1M $127.3M $5.650M
YoY Change 4.56%
SHAREHOLDERS EQUITY
Retained Earnings -$2.951M
YoY Change
Common Stock $20.64M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.30M $39.90M $77.48M
YoY Change
Total Liabilities & Shareholders Equity $146.4M $167.2M $83.13M
YoY Change -12.44%

Cashflow Statement

Concept 2020 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$26.75M -$2.360M $628.0K
YoY Change -1370.32%
Depreciation, Depletion And Amortization $2.800M $150.0K -$360.0K
YoY Change 159.26%
Cash From Operating Activities -$9.643M -$4.870M $3.588M
YoY Change -367.12%
INVESTING ACTIVITIES
Capital Expenditures $409.0K -$43.02M $80.00K
YoY Change -100.95%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$409.0K -$43.02M -$80.00K
YoY Change -99.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.836M
YoY Change
Cash From Financing Activities 12.14M 49.97M -3.508M
YoY Change -70.87%
NET CHANGE
Cash From Operating Activities -9.643M -4.870M 3.588M
Cash From Investing Activities -409.0K -43.02M -80.00K
Cash From Financing Activities 12.14M 49.97M -3.508M
Net Change In Cash 2.088M 2.080M 0.000
YoY Change 0.38%
FREE CASH FLOW
Cash From Operating Activities -$9.643M -$4.870M $3.588M
Capital Expenditures $409.0K -$43.02M $80.00K
Free Cash Flow -$10.05M $38.15M $3.508M
YoY Change -121.47%

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DebtInstrumentInterestRateStatedPercentage
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AdditionalSharesIssuedDueToIncreaseInAccruedValueOfPreferredStock
0
CY2019 mdia Operating Expenses Excluding Depreciation And Amortization
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CY2020 us-gaap Use Of Estimates
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<div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Estimates </div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Company has been actively monitoring the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> situation and its impact globally, as well as domestically and in the markets we serve. Our priority has been the safety of our employees, as well as the informational needs of the communities that we serve. Through the first few months of calendar 2020, the disease became widespread around the world, and on March&#160;11, 2020, the World Health Organization declared a pandemic. In an effort to mitigate the continued spread of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> many federal, state and local governments have mandated various restrictions, including travel restrictions, restrictions on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-essential</div> businesses and services, restrictions on public gatherings and quarantining of people who may have been exposed to the virus. These restrictions, in turn, caused the United States economy to decline and businesses to cancel or reduce amounts spent on advertising, negatively impacting our advertising-based businesses. Furthermore, some of our advertisers have seen a material decline in their businesses and may not be able to pay amounts owed to us when they come due. If the spread of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> continues, or is suppressed but later reemerges, and public and private entities continue to implement restrictive measures, we expect that our results of operations, financial condition and cash flows will continue to be negatively affected, the extent to which is difficult to estimate at this time. </div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The preparation of consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period.&#160;Due to the uncertain future impacts of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic and the related economic disruptions, actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company. The extent to which the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic and related economic disruptions impact the Company&#8217;s business and financial results will depend on future developments including, but not limited to: (i)&#160;the continued spread, duration and severity of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic, (ii)&#160;the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks after the initial outbreak has subsided, (iii)&#160;the actions taken by the U.S. and foreign governments to contain the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic, address its impact or respond to the reduction in global and local economic activity, (iv)&#160;the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event, and (v)&#160;how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to, allowance for doubtful accounts, our ability to realize our deferred tax assets, and the carrying value of goodwill, FCC licenses and other long-lived assets. </div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">As discussed in Note 13, during 2020, as a result of a sharp deterioration of business activity related to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic and the significant operating losses we incurred, we were unable to conclude that it was more likely than not that we would be able to realize our deferred tax assets; accordingly, we recorded a $18.8&#160;million valuation allowance against these assets.&#160;The Company&#8217;s future assessment of the magnitude and duration of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> as well as other factors, could result in material changes to the estimates and material impacts to the Company&#8217;s condensed consolidated and combined financial statements in future reporting periods. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Reclassifications </div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">Certain amounts for&#160;the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ten-month</div> period ended December&#160;31, 2019&#160;have been reclassified to conform to the current year presentation. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020 mdia Percentage Of Operating Costs
PercentageOfOperatingCosts
1.00
CY2020Q4 mdia Percentage Of Advertising Agency Fees On Gross Revenues
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0.15
us-gaap Depreciation
Depreciation
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us-gaap Net Income Loss
NetIncomeLoss
1948000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
110000
CY2020 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1838000
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28901000
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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12722000
CY2020Q4 mdia Number Of Radio Stations
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2
CY2020Q4 mdia Number Of Advertising Structures
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3500
CY2020 us-gaap Stockholders Equity Period Increase Decrease
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8400000
CY2020 mdia Allocated Charges
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CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2019 mdia Corporate Expenses
CorporateExpenses
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OperatingExpenses
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InterestExpense
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CY2019 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3752000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1646000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
2106000
CY2019 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
110000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1996000
CY2019 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.91
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2195300
us-gaap Employee Benefits And Share Based Compensation Noncash
EmployeeBenefitsAndShareBasedCompensationNoncash
219000
CY2020 us-gaap Employee Benefits And Share Based Compensation Noncash
EmployeeBenefitsAndShareBasedCompensationNoncash
mdia Allocated Charges
AllocatedCharges
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us-gaap Provision For Doubtful Accounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
181000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
157000
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
197000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
503000
CY2020 us-gaap Depreciation
Depreciation
2800000
us-gaap Advertising Expense
AdvertisingExpense
400000
CY2020 us-gaap Advertising Expense
AdvertisingExpense
400000
CY2021Q2 dei Document Type
DocumentType
8-K
CY2021Q2 dei Amendment Flag
AmendmentFlag
false
CY2021Q2 dei Document Period End Date
DocumentPeriodEndDate
2021-05-19
CY2021Q2 dei Trading Symbol
TradingSymbol
MDIA
CY2021Q2 dei Entity Registrant Name
EntityRegistrantName
MEDIACO HOLDING INC.
CY2021Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001784254
CY2021Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q2 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q2 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2021Q2 dei Entity Address Address Line1
EntityAddressAddressLine1
ONE EMMIS PLAZA
CY2021Q2 dei Entity Address Address Line2
EntityAddressAddressLine2
40 MONUMENT CIRCLE
CY2021Q2 dei Entity Address Address Line3
EntityAddressAddressLine3
SUITE 700
CY2021Q2 dei Entity Address City Or Town
EntityAddressCityOrTown
INDIANAPOLIS
CY2021Q2 dei Entity Address State Or Province
EntityAddressStateOrProvince
IN
CY2021Q2 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
46204
CY2021Q2 dei City Area Code
CityAreaCode
317
CY2021Q2 dei Local Phone Number
LocalPhoneNumber
266-0100
CY2021Q2 dei Security12b Title
Security12bTitle
Class A common stock, $0.01 par value
CY2021Q2 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2021Q2 dei Entity File Number
EntityFileNumber
001-39029
CY2021Q2 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
84-2427771
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
13863000
CY2021Q2 dei Written Communications
WrittenCommunications
false
CY2021Q2 dei Soliciting Material
SolicitingMaterial
false
CY2021Q2 dei Pre Commencement Tender Offer
PreCommencementTenderOffer
false
CY2021Q2 dei Pre Commencement Issuer Tender Offer
PreCommencementIssuerTenderOffer
false
CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q2 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
IN

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