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Segment Reporting | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We have two operating and reportable segments: Owned and Operated Advertising and Partner Network. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and assess performance. Our Chief Executive Officer, who is considered to be our CODM, reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. The CODM measures and evaluates reportable segments based on segment operating revenue as well as adjusted gross profit. The tables below include the following operating expenses that are not allocated to the reporting segments presented to our CODM: depreciation and amortization of property, equipment and leasehold improvements, amortization of intangible assets and, at times, certain other transactions or adjustments. The CODM does not consider these expenses for the purposes of making decisions to allocate resources among segments or to assess segment performance, however these costs are included in reported condensed consolidated net loss from continuing operations before income tax and are included in the reconciliation that follows. The following table summarizes revenue by reportable segments (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Owned and Operated Advertising | $ | 70,798 |  |  | $ | 66,187 |  |  | $ | 217,224 |  |  | $ | 249,512 |
Partner Network | 18,034 |  |  | 21,631 |  |  | 51,106 |  |  | 56,339 |
Total revenue | $ | 88,832 |  |  | $ | 87,818 |  |  | $ | 268,330 |  |  | $ | 305,851 |
The following table summarizes Adjusted gross profit by reportable segments (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Owned and Operated Advertising | $ | 26,406 |  |  | $ | 23,886 |  |  | $ | 76,246 |  |  | $ | 81,314 |
Partner Network | 13,053 |  |  | 15,312 |  |  | 37,462 |  |  | 40,337 |
Adjusted gross profit | 39,459 |  |  | 39,198 |  |  | 113,708 |  |  | 121,651 |
Other cost of revenue | 1,798 |  |  | 1,965 |  |  | 6,045 |  |  | 5,995 |
Salaries and benefits | 29,177 |  |  | 26,695 |  |  | 87,597 |  |  | 81,896 |
Selling, general, and administrative | 10,172 |  |  | 11,808 |  |  | 36,889 |  |  | 42,004 |
Depreciation and amortization | 20,128 |  |  | 19,584 |  |  | 59,875 |  |  | 58,666 |
Interest expense, net | 7,957 |  |  | 13,053 |  |  | 23,798 |  |  | 36,789 |
(Gain) loss from debt extinguishment | — |  |  | 619 |  |  | (20,109) |  |  | 619 |
Change in fair value of warrant liabilities | 281 |  |  | (7,482) |  |  | (1,471) |  |  | (6,873) |
Loss before income tax | $ | (30,054) |  |  | $ | (27,044) |  |  | $ | (78,916) |  |  | $ | (97,445) |
The following table summarizes revenue by geographic region (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 85,216 |  |  | $ | 81,512 |  |  | $ | 258,113 |  |  | $ | 292,122 |
Other countries | 3,616 |  |  | 6,306 |  |  | 10,217 |  |  | 13,729 |
Total revenue | $ | 88,832 |  |  | $ | 87,818 |  |  | $ | 268,330 |  |  | $ | 305,851 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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