XML 38 R27.htm IDEA: XBRL DOCUMENT v3.22.2
Segment Information
6 Months Ended
Jun. 30, 2022
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"). The Company defines AOI as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expenses 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, and other information as to the continuing operations of the Company's operating segments below.
(In thousands)Three Months Ended June 30, 2022
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Subscription$347,024 $56,702 $— $403,726 
Content licensing and other72,426 47,335 (8,848)110,913 
Distribution and other419,450 104,037 (8,848)514,639 
Advertising201,652 21,734 — 223,386 
Consolidated revenues, net$621,102 $125,771 $(8,848)$738,025 
Operating income (loss)$188,812 $14,087 $(49,696)$153,203 
Share-based compensation expenses3,172 467 5,044 8,683 
Depreciation and amortization13,439 4,633 9,159 27,231 
Cloud computing amortization— 2,359 2,364 
Majority-owned equity investees AOI4,061 — — 4,061 
Adjusted operating income (loss)$209,489 $19,187 $(33,134)$195,542 


(In thousands)Three Months Ended June 30, 2021
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Subscription$343,056 $62,924 $— 405,980 
Content licensing and other83,677 49,386 (5,900)127,163 
Distribution and other426,733 112,310 (5,900)533,143 
Advertising212,282 25,967 — 238,249 
Consolidated revenues, net$639,015 $138,277 $(5,900)$771,392 
Operating income (loss)$88,116 $19,963 $(39,823)68,256 
Share-based compensation expenses7,292 913 8,057 16,262 
Depreciation and amortization11,716 4,328 6,560 22,604 
Impairment charges143,000 (82)— 142,918 
Restructuring and other related charges 216 (17)(44)155 
Cloud computing amortization— — 642 642 
Majority-owned equity investees AOI(200)— — (200)
Adjusted operating income (loss)$250,140 $25,105 $(24,608)$250,637 
(In thousands)Six Months Ended June 30, 2022
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Subscription$690,772 $117,114 $— $807,886 
Content licensing and other133,680 74,389 (12,085)195,984 
   Distribution and other824,452 191,503 (12,085)1,003,870 
   Advertising402,193 44,119 — 446,312 
Consolidated revenues, net$1,226,645 $235,622 $(12,085)$1,450,182 
Operating income (loss)$387,334 $31,442 $(90,896)$327,880 
Share-based compensation expenses6,845 1,221 8,746 16,812 
Depreciation and amortization25,575 9,536 14,710 49,821 
Cloud computing amortization12 — 3,259 3,271 
Majority-owned equity investees AOI8,942 — — 8,942 
Adjusted operating income (loss)$428,708 $42,199 $(64,181)$406,726 

(In thousands)Six Months Ended June 30, 2021
Domestic OperationsInternational
and Other
Corporate / Inter-segment
Eliminations
Consolidated
Revenues, net
Subscription$661,888 $125,952 $— $787,840 
Content licensing and other139,672 85,954 (9,295)216,331 
   Distribution and other801,560 $211,906 (9,295)$1,004,171 
   Advertising411,424 47,538 — 458,962 
Consolidated revenues, net$1,212,984 $259,444 $(9,295)$1,463,133 
Operating income (loss)$304,575 $16,801 $(83,412)$237,964 
Share-based compensation expenses12,931 2,144 14,633 29,708 
Depreciation and amortization25,089 9,277 13,484 47,850 
Impairment and other charges143,000 15,973 — 158,973 
Restructuring and other related charges2,643 4,473 1,664 8,780 
Cloud computing amortization— — 906 906 
Majority-owned equity investees AOI4,435 — — 4,435 
Adjusted operating income (loss)$492,673 $48,668 $(52,725)$488,616 
Corporate overhead costs not allocated to the segments include such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, strategic planning and information technology).
Inter-segment eliminations are primarily licensing revenues recognized between the Domestic Operations and International and Other segments.
(In thousands)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Inter-segment revenues
Domestic Operations$(7,442)$(6,256)$(10,444)$(6,926)
International and Other(1,406)356 (1,641)(2,369)
$(8,848)$(5,900)$(12,085)$(9,295)
The table below summarizes revenues based on customer location:
(In thousands)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues
United States$600,226 $612,326 $1,191,434 $1,189,474 
Europe97,146 119,555 180,071 201,591 
Other40,653 39,511 78,677 72,068 
$738,025 $771,392 $1,450,182 $1,463,133 

The table below summarizes property and equipment based on asset location:
(In thousands)June 30, 2022December 31, 2021
Property and equipment, net
United States$200,586 $210,252 
Europe12,242 14,510 
Other1,112 1,029 
$213,940 $225,791