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v3.23.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Summary of Continuing Operations by Reportable Segment |
(In thousands) | Three Months Ended March 31, 2023
Domestic Operations |  | International and Other |  | Corporate / Inter-segment Eliminations |  | Consolidated
Revenues, net |  |  |  |  |  |  |
Subscription | $ | 347,530 |  |  | $ | 56,690 |  |  | $ | — |  |  | $ | 404,220 |
Content licensing and other | 103,263 |  |  | 32,860 |  |  | (2,479) |  |  | 133,644 |
Distribution and other | 450,793 |  |  | 89,550 |  |  | (2,479) |  |  | 537,864 |
Advertising | 161,061 |  |  | 18,522 |  |  | — |  |  | 179,583 |
Consolidated revenues, net | $ | 611,854 |  |  | $ | 108,072 |  |  | $ | (2,479) |  |  | $ | 717,447 |
Operating income (loss) | $ | 199,488 |  |  | $ | 14,142 |  |  | $ | (40,326) |  |  | $ | 173,304 |
Share-based compensation expenses | 4,447 |  |  | 839 |  |  | 359 |  |  | 5,645 |
Depreciation and amortization | 11,854 |  |  | 4,771 |  |  | 9,250 |  |  | 25,875 |
Restructuring and other related charges | 818 |  |  | 1,385 |  |  | 3,730 |  |  | 5,933 |
Cloud computing amortization | 5 |  |  | — |  |  | 2,225 |  |  | 2,230 |
Majority-owned equity investees AOI | 2,776 |  |  | — |  |  | — |  |  | 2,776 |
Adjusted operating income (loss) | $ | 219,388 |  |  | $ | 21,137 |  |  | $ | (24,762) |  |  | $ | 215,763 |
(In thousands) | Three Months Ended March 31, 2022
Domestic Operations |  | International and Other |  | Corporate / Inter-segment Eliminations |  | Consolidated
Revenues, net |  |  |  |  |  |  |
Subscription | $ | 343,748 |  |  | $ | 60,412 |  |  | $ | — |  |  | $ | 404,160 |
Content licensing and other | 61,254 |  |  | 27,054 |  |  | (3,237) |  |  | 85,071 |
Distribution and other | 405,002 |  |  | 87,466 |  |  | (3,237) |  |  | 489,231 |
Advertising | 200,541 |  |  | 22,385 |  |  | — |  |  | 222,926 |
Consolidated revenues, net | $ | 605,543 |  |  | $ | 109,851 |  |  | $ | (3,237) |  |  | $ | 712,157 |
Operating income (loss) | $ | 198,522 |  |  | $ | 17,355 |  |  | $ | (41,200) |  |  | $ | 174,677 |
Share-based compensation expenses | 3,673 |  |  | 754 |  |  | 3,702 |  |  | 8,129 |
Depreciation and amortization | 12,136 |  |  | 4,903 |  |  | 5,551 |  |  | 22,590 |
Cloud computing amortization | 7 |  |  | — |  |  | 900 |  |  | 907 |
Majority-owned equity investees AOI | 4,881 |  |  | — |  |  | — |  |  | 4,881 |
Adjusted operating income (loss) | $ | 219,219 |  |  | $ | 23,012 |  |  | $ | (31,047) |  |  | $ | 211,184 |
Schedule of Summary of Inter-Segment Eliminations | Inter-segment eliminations are primarily licensing revenues recognized between the Domestic Operations and International and Other segments.
(In thousands) |  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Inter-segment revenues |  |  |  |  |  |  |
Domestic Operations |  |  |  |  | $ | (2,214) |  |  | $ | (3,002) |
International and Other |  |  |  |  | (265) |  |  | (235) |
|  |  |  |  | $ | (2,479) |  |  | $ | (3,237) |
Schedule of Revenue by Geographic Area | The table below summarizes revenues based on customer location:
(In thousands) |  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |
United States |  |  |  |  | $ | 606,228 |  |  | $ | 591,208 |
Europe |  |  |  |  | 73,767 |  |  | 82,925 |
Other |  |  |  |  | 37,452 |  |  | 38,024 |
|  |  |  |  | $ | 717,447 |  |  | $ | 712,157 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets | The table below summarizes property and equipment based on asset location:
(In thousands) | March 31, 2023 |  | December 31, 2022
Property and equipment, net |  |  |
United States | $ | 182,124 |  |  | $ | 187,833 |
Europe | 12,184 |  |  | 12,520 |
Other | 1,509 |  |  | 1,681 |
| $ | 195,817 |  |  | $ | 202,034 |

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