XML 43 R27.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segment Information
 9 Months Ended
Sep. 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 September 30, 2022
Domestic OperationsInternational
and Other		Corporate / Inter-segment
Eliminations		Consolidated
Revenues, net
Subscription$349,338 $52,765 $— $402,103 
Content licensing and other57,793 29,124 (4,816)82,101 
Distribution and other407,131 81,889 (4,816)484,204 
Advertising180,258 17,381 — 197,639 
Consolidated revenues, net$587,389 $99,270 $(4,816)$681,843 
Operating income (loss)$186,609 $8,291 $(44,223)$150,677 
Share-based compensation expenses3,155 537 3,358 7,050 
Depreciation and amortization12,141 4,482 13,112 29,735 
Cloud computing amortization5 — 2,047 2,052 
Majority-owned equity investees AOI4,791 — — 4,791 
Adjusted operating income (loss)$206,701 $13,310 $(25,706)$194,305 


(In thousands)Three Months Ended September 30, 2021
Domestic OperationsInternational
and Other		Corporate / Inter-segment
Eliminations		Consolidated
Revenues, net
Subscription$324,644 $62,848 $— $387,492 
Content licensing and other158,120 41,738 (1,920)197,938 
Distribution and other482,764 104,586 (1,920)585,430 
Advertising199,982 25,354 — 225,336 
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 expenses4,174 545 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)Nine Months Ended September 30, 2022
Domestic OperationsInternational
and Other		Corporate / Inter-segment
Eliminations		Consolidated
Revenues, net
Subscription$1,040,110 $169,879 $— $1,209,989 
Content licensing and other191,473 103,513 (16,901)278,085 
   Distribution and other1,231,583 273,392 (16,901)1,488,074 
   Advertising582,451 61,500 — 643,951 
Consolidated revenues, net$1,814,034 $334,892 $(16,901)$2,132,025 
Operating income (loss)$573,943 $39,733 $(135,119)$478,557 
Share-based compensation expenses10,000 1,758 12,104 23,862 
Depreciation and amortization37,716 14,018 27,822 79,556 
Cloud computing amortization17 — 5,306 5,323 
Majority-owned equity investees AOI13,733 — — 13,733 
Adjusted operating income (loss)$635,409 $55,509 $(89,887)$601,031 

(In thousands)Nine Months Ended September 30, 2021
Domestic OperationsInternational
and Other		Corporate / Inter-segment
Eliminations		Consolidated
Revenues, net
Subscription$986,532 $188,800 $— $1,175,332 
Content licensing and other297,792 127,692 (11,215)414,269 
   Distribution and other1,284,324 316,492 (11,215)1,589,601 
   Advertising611,406 72,892 — 684,298 
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 expenses17,105 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 charges2,508 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)$713,307 
Corporate overhead costs not allocated to the segments include such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, strategic planning and information technology).
Inter-segment eliminations are primarily licensing revenues recognized between the Domestic Operations and International and Other segments.
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Inter-segment revenues
Domestic Operations$(3,864)$(1,641)$(14,308)$(8,567)
International and Other(952)(279)(2,593)(2,648)
$(4,816)$(1,920)$(16,901)$(11,215)

The table below summarizes revenues based on customer location:
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues
United States$569,996 $655,427 $1,761,430 $1,844,901 
Europe70,041 93,869 250,112 295,460 
Other41,806 61,470 120,483 133,538 
$681,843 $810,766 $2,132,025 $2,273,899 
One distributor within the Domestic Operations segment accounted for approximately 10% of consolidated revenues, net for the nine months ended September 30, 2022.

The table below summarizes property and equipment based on asset location:
(In thousands)September 30, 2022December 31, 2021
Property and equipment, net
United States$192,503 $210,252 
Europe10,946 14,510 
Other1,240 1,029 
$204,689 $225,791