Segment Information

12 Months Ended

Dec. 31, 2023

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)	Year Ended December 31, 2023
	Domestic Operations		International and Other		Corporate / Inter-segment eliminations		Consolidated
Revenues, net
Subscription	$	1,340,207	$	220,854	$	—	$	1,561,061
Content licensing and other	342,557		101,799		(9,186)		435,170
Distribution and other	1,682,764		322,653		(9,186)		1,996,231
Advertising	633,823		81,823		—		715,646
Consolidated revenues, net	$	2,316,587	$	404,476	$	(9,186)	$	2,711,877
Operating income (loss)	$	583,542	$	(9,624)	$	(185,506)	$	388,412
Share-based compensation expenses	13,765		3,388		8,512		25,665
Depreciation and amortization	46,494		18,127		42,781		107,402
Impairment and other charges	51,966		44,723		—		96,689
Restructuring and other related charges	3,350		3,934		20,503		27,787
Cloud computing amortization	21		—		10,522		10,543
Majority-owned equity investees AOI	13,606		—		—		13,606
Adjusted operating income	$	712,744	$	60,548	$	(103,188)	$	670,104
Capital expenditures	$	2,535	$	4,298	$	28,374	$	35,207

(In thousands)	Year Ended December 31, 2022
	Domestic Operations		International and Other		Corporate / Inter-segment eliminations		Consolidated
Revenues, net
Subscription	$	1,395,026	$	223,515	$	—	$	1,618,541
Content licensing and other	491,870		135,406		(21,122)		606,154
Distribution and other	1,886,896		358,921		(21,122)		2,224,695
Advertising	788,246		83,604		—		871,850
Consolidated revenues, net	$	2,675,142	$	442,525	$	(21,122)	$	3,096,545
Operating income (loss)	$	286,517	$	3,031	$	(202,632)	$	86,916
Share-based compensation expenses	12,815		3,900		13,271		29,986
Depreciation and amortization	49,588		18,487		39,152		107,227
Impairment and other charges	—		40,717		—		40,717
Restructuring and other related charges	423,205		2,854		22,907		448,966
Cloud computing amortization	23		—		7,319		7,342
Majority-owned equity investees AOI	17,248		—		—		17,248
Adjusted operating income	$	789,396	$	68,989	$	(119,983)	$	738,402
Capital expenditures	$	4,572	$	6,039	$	33,661	$	44,272

(In thousands)	Year Ended December 31, 2021
	Domestic Operations		International and Other		Corporate / Inter-segment eliminations		Consolidated
Revenues, net
Subscription	$	1,318,732	$	249,844	$	—	$	1,568,576
Content licensing and other	416,898		155,805		(14,325)		558,378
Distribution and other	1,735,630		405,649		(14,325)		2,126,954
Advertising	844,986		105,668		—		950,654
Consolidated revenues, net	$	2,580,616	$	511,317	$	(14,325)	$	3,077,608
Operating income (loss)	$	617,875	$	37,167	$	(165,120)	$	489,922
Share-based compensation expenses	22,077		3,627		22,221		47,925
Depreciation and amortization	48,025		19,807		26,049		93,881
Impairment and other charges	143,000		16,610		—		159,610
Restructuring and other related charges	2,516		6,083		1,779		10,378
Cloud computing amortization	—		—		2,406		2,406
Majority-owned equity investees AOI	11,948		—		—		11,948
Adjusted operating income	$	845,441	$	83,294	$	(112,665)	$	816,070
Capital expenditures	$	9,635	$	6,009	$	26,928	$	42,572

Subscription revenues in the Domestic Operations segment include revenues related to the Company's streaming services of approximately $565.6 million, $501.9 million and $370.8 million for the years ended December 31, 2023, 2022 and 2021 respectively.

Corporate overhead costs not allocated to the segments include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.

Inter-segment eliminations are primarily licensing revenues recognized between the Domestic Operations and International and Other segments.

(In thousands)	Years Ended December 31,
	2023		2022		2021
Inter-segment revenues
Domestic Operations	$	(8,786)	$	(17,643)	$	(10,584)
International and Other	(400)		(3,479)		(3,741)
	$	(9,186)	$	(21,122)	$	(14,325)

One customer within the Domestic Operations segment accounted for approximately 13% and 10% of consolidated revenues, net for the years ended December 31, 2023 and 2022, respectively. For the year ended December 31, 2021, no customer accounted for more than 10% of consolidated revenues, net.

The table below summarizes revenue based on customer location:

	Years Ended December 31,
(In thousands)	2023		2022		2021
Revenue
United States	$	2,210,253	$	2,574,504	$	2,462,210
Europe	329,093		354,492		432,682
Other	172,531		167,549		182,716
	$	2,711,877	$	3,096,545	$	3,077,608

The table below summarizes property and equipment based on asset location:

	Years Ended December 31,
(In thousands)	2023		2022
Property and equipment, net
United States	$	146,314	$	187,833
Europe	11,850		12,520
Other	1,073		1,681
	$	159,237	$	202,034