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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company identifies a business as an operating segment if (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. In the third quarter of 2025, the Company revised its operating segments to align with how the CODM manages the business, and as a result, the Company has determined it has one reportable segment. The segment is evaluated regularly on a consolidated basis by the Company’s CODM in assessing performance and allocating resources. The Company’s CODM uses adjusted operating profit (loss) to allocate resources during the annual budgeting and forecasting process and to assess the Company’s performance. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is presented below, along with a reconciliation to income before taxes. Asset information is not a measure of performance used by the Company’s CODM. Accordingly, we have not disclosed asset information. The following table presents segment information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2025 and September 30, 2024:
|  | For the Quarters Ended |  | For the Nine Months Ended
(In thousands) |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Revenues |  |  |  |  |  |  |  |
Subscription |  | $ | 494,630 |  |  | $ | 453,327 |  |  | $ | 1,440,307 |  |  | $ | 1,321,654 |
Advertising |  | 132,291 |  |  | 118,370 |  |  | 374,341 |  |  | 341,244 |
Affiliate, licensing and other |  | 73,900 |  |  | 68,481 |  |  | 207,956 |  |  | 196,392 |
Total revenues |  | $ | 700,821 |  |  | $ | 640,178 |  |  | $ | 2,022,604 |  |  | $ | 1,859,290 |
Less: |  |  |  |  |  |  |  |
Cost of revenue (excluding depreciation and amortization) |  | $ | 349,075 |  |  | $ | 331,839 |  |  | $ | 1,022,491 |  |  | $ | 971,480 |
Sales and marketing |  | 79,577 |  |  | 69,131 |  |  | 214,701 |  |  | 195,568 |
Product development |  | 66,989 |  |  | 61,030 |  |  | 197,468 |  |  | 186,435 |
Adjusted general and administrative(1) |  | 73,796 |  |  | 73,997 |  |  | 230,087 |  |  | 220,872 |
Total adjusted operating profit |  | $ | 131,384 |  |  | $ | 104,181 |  |  | $ | 357,857 |  |  | $ | 284,935 |
Less: |  |  |  |  |  |  |  |
Other components of net periodic benefit costs |  | 4,640 |  |  | 1,050 |  |  | 13,917 |  |  | 3,124 |
Depreciation and amortization |  | 21,341 |  |  | 20,622 |  |  | 64,115 |  |  | 61,865 |
Severance |  | 1,600 |  |  | 329 |  |  | 5,207 |  |  | 6,230 |
Multiemployer pension plan withdrawal costs |  | 1,244 |  |  | 1,883 |  |  | 3,811 |  |  | 4,792 |
Generative AI Litigation Costs |  | 2,411 |  |  | 4,620 |  |  | 10,298 |  |  | 7,592 |
Multiemployer pension plan liability adjustment |  | — |  |  | — |  |  | 4,453 |  |  | — |
Add: |  |  |  |  |  |  |  |
Interest income and other, net |  | 7,851 |  |  | 9,366 |  |  | 27,575 |  |  | 26,449 |
Income before income taxes |  | $ | 107,999 |  |  | $ | 85,043 |  |  | $ | 283,631 |  |  | $ | 227,781 |
(1)Excludes severance and multiemployer pension plan withdrawal costs.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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