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Segment Information
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company classifies its operations into two operating segments: Domestic Operations and International and Other. These operating segments represent strategic business units that are managed separately.
The Company evaluates segment performance based on several factors, of which the primary financial measure is operating segment adjusted operating income ("AOI"), a non-GAAP measure. The Company defines AOI as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expense or benefit, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. The Company has presented the components that reconcile adjusted operating income to operating income, an accepted GAAP measure, and other information as to the continuing operations of the Company's operating segments below.
(In thousands)Three Months Ended September 30, 2021
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Advertising$199,982 $25,354 $— $225,336 
Distribution and other482,764 104,586 (1,920)585,430 
Consolidated revenues, net$682,746 $129,940 $(1,920)$810,766 
Operating income (loss)$213,299 $15,564 $(40,537)$188,326 
Share-based compensation expense4,174 545 4,736 9,455 
Depreciation and amortization11,589 5,200 6,622 23,411 
Restructuring and other related charges (135)800 89 754 
Cloud computing amortization— — 596 596 
Majority-owned equity investees AOI2,149 — — 2,149 
Adjusted operating income (loss)$231,076 $22,109 $(28,494)$224,691 
(In thousands)Three Months Ended September 30, 2020
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Advertising$164,178 $18,924 $— 183,102 
Distribution and other382,687 92,474 (4,248)470,913 
Consolidated revenues, net$546,865 $111,398 $(4,248)$654,015 
Operating income (loss)$179,259 $3,061 $(42,843)139,477 
Share-based compensation expense4,437 919 7,038 12,394 
Depreciation and amortization15,799 4,937 6,811 27,547 
Restructuring and other related charges 4,452 — (46)4,406 
Majority-owned equity investees AOI1,667 — — 1,667 
Adjusted operating income (loss)$205,614 $8,917 $(29,040)$185,491 
(In thousands)Nine Months Ended September 30, 2021
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Advertising$611,406 $72,892 $— $684,298 
Distribution and other1,284,324 316,492 (11,215)1,589,601 
Consolidated revenues, net$1,895,730 $389,384 $(11,215)$2,273,899 
Operating income (loss)$517,874 $32,365 $(123,949)$426,290 
Share-based compensation expense17,105 2,689 19,369 39,163 
Depreciation and amortization36,678 14,477 20,106 71,261 
Impairment and other charges143,000 15,973 — 158,973 
Restructuring and other related charges 2,508 5,273 1,753 9,534 
Cloud computing amortization— — 1,502 1,502 
Majority-owned equity investees AOI6,584 — — 6,584 
Adjusted operating income (loss)$723,749 $70,777 $(81,219)$713,307 
(In thousands)Nine Months Ended September 30, 2020
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Advertising$564,838 $53,097 $— $617,935 
Distribution and other1,156,852 273,811 (13,917)1,416,746 
Consolidated revenues, net$1,721,690 $326,908 $(13,917)$2,034,681 
Operating income (loss)$621,446 $(118,140)$(142,057)$361,249 
Share-based compensation expense12,005 2,437 28,699 43,141 
Depreciation and amortization38,050 21,396 20,736 80,182 
Restructuring and other related charges7,138 6,239 502 13,879 
Impairment charges— 130,411 — 130,411 
Majority-owned equity investees AOI4,361 — — 4,361 
Adjusted operating income (loss)$683,000 $42,343 $(92,120)$633,223 

Corporate overhead costs not allocated to the segments include such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, strategic planning and information technology).
Inter-segment eliminations are primarily licensing revenues recognized between the Domestic Operations and International and Other segments.
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Inter-segment revenues
Domestic Operations$(1,641)$(3,988)$(8,567)$(11,545)
International and Other(279)(260)(2,648)(2,372)
$(1,920)$(4,248)$(11,215)$(13,917)
The table below summarizes revenues based on customer location:
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenues
United States$655,427 $497,677 $1,844,901 $1,646,065 
Europe93,869 110,448 295,460 274,763 
Other61,470 45,890 133,538 113,853 
$810,766 $654,015 $2,273,899 $2,034,681 

The table below summarizes property and equipment based on asset location:
(In thousands)September 30, 2021December 31, 2020
Property and equipment, net
United States$203,635 $239,387 
Europe14,392 15,938 
Other672 720 
$218,699 $256,045