Emmis Corp
Emmis Corp has a strong liquidity position with $93.0 million in cash and equivalents, representing 41.9% of total assets, and a current ratio of 5.46, well above the Broadcasting industry median of 1.8 [doc:EMMS-2023-10K]. However, the company reported negative operating cash flow of -$11.6 million and free cash flow of -$24.2 million, indicating operational cash generation challenges despite high liquidity [doc:EMMS-2023-10K]. Profitability metrics show mixed results. Return on equity (ROE) of 42.1% and return on assets (ROA) of 22.7% are significantly above the Broadcasting industry median ROE of 8.3% and ROA of 4.1% [doc:EMMS-2023-10K]. However, the company reported an operating loss of -$18.1 million, with gross profit of $6.7 million on $39.7 million in revenue, suggesting margin compression or high operating expenses [doc:EMMS-2023-10K]. Geographically, Emmis is concentrated in the United States, with no disclosed international revenue. Segment-wise, the company operates in broadcasting (1190 WLIB and USRN-programmed FM station) and technology services (Lencore and Digonex). Revenue concentration in the broadcasting segment is not disclosed, but the company's reliance on U.S. operations exposes it to domestic economic cycles [doc:EMMS-2023-10K]. Growth trajectory is uncertain. The company reported $39.7 million in revenue, but no year-over-year growth data is available. Outlook for the current fiscal year is neutral, with no significant revenue or margin expansion expected. The broadcasting industry is facing structural headwinds from digital migration and ad spend shifts, which could pressure Emmis's traditional radio operations [doc:EMMS-2023-10K]. Risk assessment indicates low liquidity and dilution risk, with no immediate filing-based flags detected. However, the company's negative operating cash flow and free cash flow suggest potential future liquidity needs. Debt-to-equity of 0.46 is below the Broadcasting industry median of 0.8, but the $55.5 million in long-term debt could become a concern if interest rates rise [doc:EMMS-2023-10K]. Recent 10-K filings highlight risks related to the broadcasting industry, including regulatory changes and competition from digital platforms. No material events or earnings call transcripts were disclosed in the latest reporting period that would indicate strategic shifts or operational overhauls [doc:EMMS-2023-10K].
Business. Emmis Corporation owns, operates, and invests in businesses across a variety of industries where sales and marketing expertise is the key to growth, including sound masking solutions through Lencore Acoustics and dynamic pricing solutions through Digonex [doc:EMMS-2023-10K].
Classification. Emmis is classified in the Broadcasting industry under the Cyclical Consumer Services business sector with a confidence level of 0.92 [doc:EMMS--classification].
- Emmis Corp has strong liquidity but negative operating and free cash flow, indicating operational inefficiencies.
- ROE and ROA are well above industry medians, suggesting high returns on capital despite operating losses.
- The company is concentrated in the U.S. and broadcasting, exposing it to domestic economic and industry-specific risks.
- No immediate dilution or liquidity risks are flagged, but structural challenges in the broadcasting sector could pressure future performance.
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- No immediate filing-based liquidity or dilution flags were detected.