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Segments | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segments | Segments Prior to the third quarter of 2021, the Company operated its business and reported its results through a single reportable segment. As a result of the launch of the Company’s wagering business, the Company began to operate its business and report its results through two operating and reportable segments: streaming and wagering. Operating segments are components of the Company for which separate discrete financial information is available to and evaluated regularly by the CODM, who is the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM assesses a combination of metrics such as revenue and adjusted operating expenses to evaluate the performance of each operating and reportable segment. The following tables set forth our financial performance by reportable segment for the three and six months ended June 30, 2022 (in thousands). Comparable information is not presented because the wagering business had not commenced operations during the three and six months ended June 30, 2021.
| Three Months Ended June 30, 2022
| Streaming |  | Wagering |  | Total
Revenue | $ | 222,072 |  |  | $ | (182) |  |  | $ | 221,890 |
Adjusted operating expenses |  |  |  |  |
Subscriber related expenses | 218,864 |  |  | — |  |  | 218,864 |
Broadcasting and transmission | 17,157 |  |  | — |  |  | 17,157 |
Sales and marketing | 23,826 |  |  | 2,711 |  |  | 26,537 |
Technology and development | 15,381 |  |  | 2,637 |  |  | 18,018 |
General administrative | 16,953 |  |  | 3,476 |  |  | 20,429 |
Depreciation and amortization | 8,410 |  |  | 109 |  |  | 8,519 |
Impairment of goodwill | — |  |  | 10,682 |  |  | 10,682 |
Total adjusted operating expenses | $ | 300,591 |  |  | $ | 19,615 |  |  | $ | 320,206 |
Stock-based compensation |  |  |  |  | $ | 14,209 |
Other expense |  |  |  |  | $ | 4,104 |
Loss before income taxes | $ | (78,519) |  |  | $ | (19,797) |  |  | $ | (116,629) |
Total Assets | $ | 1,296,311 |  |  | $ | 65,644 |  |  | 1,361,955 |
Total Goodwill | $ | 616,277 |  |  | $ | — |  |  | 616,277 |
| Six Months Ended June 30, 2022
| Streaming |  | Wagering |  | Total
Revenue | $ | 464,392 |  |  | $ | (483) |  |  | $ | 463,909 |
Adjusted operating expenses |  |  |  |  |
Subscriber related expenses | $ | 464,485 |  |  | $ | — |  |  | 464,485 |
Broadcasting and transmission | $ | 37,454 |  |  | $ | — |  |  | 37,454 |
Sales and marketing | $ | 57,644 |  |  | $ | 6,199 |  |  | 63,843 |
Technology and development | $ | 31,647 |  |  | $ | 5,111 |  |  | 36,758 |
General administrative | $ | 37,445 |  |  | $ | 7,369 |  |  | 44,814 |
Depreciation and amortization | $ | 19,766 |  |  | $ | 215 |  |  | 19,981 |
Impairment of goodwill | — |  |  | 10,682 |  |  | $ | 10,682 |
Total adjusted operating expenses | $ | 648,441 |  |  | $ | 29,576 |  |  | $ | 678,017 |
Stock-based compensation |  |  |  |  | $ | 33,658 |
Other expense |  |  |  |  | $ | 10,083 |
Loss before income taxes | $ | (184,049) |  |  | $ | (30,059) |  |  | $ | (257,849) |
Total Assets | $ | 1,296,311 |  |  | $ | 65,644 |  |  | 1,361,955 |
Total Goodwill | $ | 616,277 |  |  | $ | — |  |  | 616,277 |
The following tables set forth our financial performance by geographical location (in thousands):
| Total Revenue |  | Total Assets
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022 |  | June 30, 2022
United States | $ | 214,775 |  |  | $ | 451,248 |  |  | $ | 1,205,433 |
Rest of world | 7,115 |  |  | 12,661 |  |  | 156,522 |
Total | $ | 221,890 |  |  | $ | 463,909 |  |  | $ | 1,361,955 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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