XML 52 R40.htm IDEA: XBRL DOCUMENT
v3.23.3

Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Summary of Continuing Operations by Reportable Segment | 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, 2023
Domestic Operations |  | International and Other |  | Corporate / Inter-segment Eliminations |  | Consolidated
Revenues, net |  |  |  |  |  |  |
Subscription | $ | 332,135 |  |  | $ | 56,173 |  |  | $ | — |  |  | $ | 388,308 |
Content licensing and other | 61,916 |  |  | 22,150 |  |  | (1,842) |  |  | 82,224 |
Distribution and other | 394,051 |  |  | 78,323 |  |  | (1,842) |  |  | 470,532 |
Advertising | 147,147 |  |  | 19,275 |  |  | — |  |  | 166,422 |
Consolidated revenues, net | $ | 541,198 |  |  | $ | 97,598 |  |  | $ | (1,842) |  |  | $ | 636,954 |
Operating income (loss) | $ | 161,627 |  |  | $ | 7,985 |  |  | $ | (48,762) |  |  | $ | 120,850 |
Share-based compensation expenses | 3,494 |  |  | 815 |  |  | 2,069 |  |  | 6,378 |
Depreciation and amortization | 11,536 |  |  | 4,271 |  |  | 12,202 |  |  | 28,009 |
Impairment and other charges | 5,400 |  |  | — |  |  | — |  |  | 5,400 |
Restructuring and other related charges (credits) | (783) |  |  | (4) |  |  | 11,350 |  |  | 10,563 |
Cloud computing amortization | 5 |  |  | — |  |  | 2,331 |  |  | 2,336 |
Majority-owned equity investees AOI | 3,732 |  |  | — |  |  | — |  |  | 3,732 |
Adjusted operating income (loss) | $ | 185,011 |  |  | $ | 13,067 |  |  | $ | (20,810) |  |  | $ | 177,268 |
(In thousands) | Three Months Ended September 30, 2022
Domestic Operations |  | International and Other |  | Corporate / Inter-segment Eliminations |  | Consolidated
Revenues, net |  |  |  |  |  |  |
Subscription | $ | 349,338 |  |  | $ | 52,765 |  |  | $ | — |  |  | $ | 402,103 |
Content licensing and other | 57,793 |  |  | 29,124 |  |  | (4,816) |  |  | 82,101 |
Distribution and other | 407,131 |  |  | 81,889 |  |  | (4,816) |  |  | 484,204 |
Advertising | 180,258 |  |  | 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 expenses | 3,155 |  |  | 537 |  |  | 3,358 |  |  | 7,050 |
Depreciation and amortization | 12,141 |  |  | 4,482 |  |  | 13,112 |  |  | 29,735 |
Cloud computing amortization | 5 |  |  | — |  |  | 2,047 |  |  | 2,052 |
Majority-owned equity investees AOI | 4,791 |  |  | — |  |  | — |  |  | 4,791 |
Adjusted operating income (loss) | $ | 206,701 |  |  | $ | 13,310 |  |  | $ | (25,706) |  |  | $ | 194,305 |
(In thousands) | Nine Months Ended September 30, 2023
Domestic Operations |  | International and Other |  | Corporate / Inter-segment Eliminations |  | Consolidated
Revenues, net |  |  |  |  |  |  |
Subscription | $ | 1,013,419 |  |  | $ | 170,143 |  |  | $ | — |  |  | $ | 1,183,562 |
Content licensing and other | 246,093 |  |  | 76,668 |  |  | (6,816) |  |  | 315,945 |
Distribution and other | 1,259,512 |  |  | 246,811 |  |  | (6,816) |  |  | 1,499,507 |
Advertising | 475,359 |  |  | 58,163 |  |  | — |  |  | 533,522 |
Consolidated revenues, net | $ | 1,734,871 |  |  | $ | 304,974 |  |  | $ | (6,816) |  |  | $ | 2,033,029 |
Operating income (loss) | $ | 523,645 |  |  | $ | 10,422 |  |  | $ | (134,212) |  |  | $ | 399,855 |
Share-based compensation expenses | 10,133 |  |  | 2,500 |  |  | 7,038 |  |  | 19,671 |
Depreciation and amortization | 35,053 |  |  | 13,944 |  |  | 30,632 |  |  | 79,629 |
Impairment and other charges | 5,400 |  |  | 24,882 |  |  | — |  |  | 30,282 |
Restructuring and other related charges | 3,940 |  |  | 1,642 |  |  | 16,955 |  |  | 22,537 |
Cloud computing amortization | 15 |  |  | — |  |  | 6,800 |  |  | 6,815 |
Majority-owned equity investees AOI | 11,019 |  |  | — |  |  | — |  |  | 11,019 |
Adjusted operating income (loss) | $ | 589,205 |  |  | $ | 53,390 |  |  | $ | (72,787) |  |  | $ | 569,808 |
(In thousands) | Nine Months Ended September 30, 2022
Domestic Operations |  | International and Other |  | Corporate / Inter-segment Eliminations |  | Consolidated
Revenues, net |  |  |  |  |  |  |
Subscription | $ | 1,040,110 |  |  | $ | 169,879 |  |  | $ | — |  |  | $ | 1,209,989 |
Content licensing and other | 191,473 |  |  | 103,513 |  |  | (16,901) |  |  | 278,085 |
Distribution and other | 1,231,583 |  |  | 273,392 |  |  | (16,901) |  |  | 1,488,074 |
Advertising | 582,451 |  |  | 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 expenses | 10,000 |  |  | 1,758 |  |  | 12,104 |  |  | 23,862 |
Depreciation and amortization | 37,716 |  |  | 14,018 |  |  | 27,822 |  |  | 79,556 |
Cloud computing amortization | 17 |  |  | — |  |  | 5,306 |  |  | 5,323 |
Majority-owned equity investees AOI | 13,733 |  |  | — |  |  | — |  |  | 13,733 |
Adjusted operating income (loss) | $ | 635,409 |  |  | $ | 55,509 |  |  | $ | (89,887) |  |  | $ | 601,031 |
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 September 30, |  | Nine Months Ended September 30,
2023 |  | 2022 |  | 2023 |  | 2022
Inter-segment revenues |  |  |  |  |  |  |
Domestic Operations | $ | (1,825) |  |  | $ | (3,864) |  |  | $ | (6,451) |  |  | $ | (14,308) |
International and Other | (17) |  |  | (952) |  |  | (365) |  |  | (2,593) |
| $ | (1,842) |  |  | $ | (4,816) |  |  | $ | (6,816) |  |  | $ | (16,901) |
Schedule of Revenue by Geographic Area | The table below summarizes revenues based on customer location:
(In thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |
United States | $ | 524,044 |  |  | $ | 569,996 |  |  | $ | 1,681,909 |  |  | $ | 1,761,430 |
Europe | 76,332 |  |  | 70,041 |  |  | 233,817 |  |  | 250,112 |
Other | 36,578 |  |  | 41,806 |  |  | 117,303 |  |  | 120,483 |
| $ | 636,954 |  |  | $ | 681,843 |  |  | $ | 2,033,029 |  |  | $ | 2,132,025 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets | The table below summarizes property and equipment based on asset location:
(In thousands) | September 30, 2023 |  | December 31, 2022
Property and equipment, net |  |  |
United States | $ | 160,796 |  |  | $ | 187,833 |
Europe | 10,795 |  |  | 12,520 |
Other | 1,306 |  |  | 1,681 |
| $ | 172,897 |  |  | $ | 202,034 |

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration