Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

Note 11 — Segment Information

As of September 30, 2021, the asset management business and sports technology platform are our reportable segments.

We evaluate segment performance based on revenue and operating loss. The operating loss reported in our segments excludes corporate and other unallocated amounts. Although such amounts are excluded from the business segment results, they are included in reported consolidated results. The corporate and unallocated operating loss includes costs that are not allocated to the business segments in management’s evaluation of segment performance, such as litigation settlement expense, corporate expense and other expenses.

Net revenue, operating loss from operations and assets by segment were as follows (unaudited):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2021			2020			2021			2020
Net revenue
Asset management business	$	—		$	0.1		$	—		$	0.1
Sports technology platform		—			0.3			—			0.6
Total net revenue		—			0.4			—			0.7
Operating income (loss) from operations
Asset management business		—			(1.6	)		(2.0	)		(3.9	)
Sports technology platform		(0.5	)		(0.3	)		(1.0	)		(1.0	)
Total segment operating loss		(0.5	)		(1.9	)		(3.0	)		(4.9	)
Corporate and unallocated		(2.8	)		(0.7	)		(3.5	)		(1.5	)
Total operating loss		(3.3	)		(2.6	)		(6.5	)		(6.4	)
Interest expense		(0.2	)		(0.7	)		(1.9	)		(1.8	)
Realized loss on investments		—			(0.1	)		(0.2	)		(1.8	)
Gain on Chapter 11 reorganization		—			—			13.8			—
Bank Loan forgiveness		—			—			0.4			—
Defined benefit plan adjustment		—			—			—			(8.5	)
Other income (expense), net		0.4			(0.1	)		0.4			—
Income (loss) from operations before income taxes	$	(3.1	)	$	(3.5	)	$	6.0		$	(18.5	)

	September 30,
	2021		December 31,
(In millions)	(unaudited)		2020
Assets
Asset management business	$	13.2	$	15.8
Sports technology platform		8.3		8.4
Total segment assets		21.5		24.2
Corporate and unallocated		1.6		1.2
Total consolidated assets	$	23.1	$	25.4