v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company classifies its operations into two operating segments: Domestic Operations and International and Other. These operating segments represent strategic business units that are managed separately.
The Company evaluates segment performance based on several factors, of which the primary financial measure is operating segment adjusted operating income ("AOI"). The Company defines AOI as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expenses or benefit, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. 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)Year Ended December 31, 2023
Domestic Operations
International
and Other
Corporate / Inter-segment
eliminations		Consolidated
Revenues, net
Subscription$1,340,207 $220,854 $— $1,561,061 
Content licensing and other342,557 101,799 (9,186)435,170 
Distribution and other1,682,764 322,653 (9,186)1,996,231 
Advertising633,823 81,823 — 715,646 
Consolidated revenues, net$2,316,587 $404,476 $(9,186)$2,711,877 
Operating income (loss)$583,542 $(9,624)$(185,506)$388,412 
Share-based compensation expenses13,765 3,388 8,512 25,665 
Depreciation and amortization46,494 18,127 42,781 107,402 
Impairment and other charges51,966 44,723 — 96,689 
Restructuring and other related charges3,350 3,934 20,503 27,787 
Cloud computing amortization21 — 10,522 10,543 
Majority-owned equity investees AOI13,606 — — 13,606 
Adjusted operating income$712,744 $60,548 $(103,188)$670,104 
Capital expenditures$2,535 $4,298 $28,374 $35,207 
(In thousands)Year Ended December 31, 2022
Domestic Operations
International
and Other
Corporate / Inter-segment
eliminations		Consolidated
Revenues, net
Subscription$1,395,026 $223,515 $— $1,618,541 
Content licensing and other491,870 135,406 (21,122)606,154 
Distribution and other1,886,896 358,921 (21,122)2,224,695 
Advertising788,246 83,604 — 871,850 
Consolidated revenues, net$2,675,142 $442,525 $(21,122)$3,096,545 
Operating income (loss)$286,517 $3,031 $(202,632)$86,916 
Share-based compensation expenses12,815 3,900 13,271 29,986 
Depreciation and amortization49,588 18,487 39,152 107,227 
Impairment and other charges— 40,717 — 40,717 
Restructuring and other related charges423,205 2,854 22,907 448,966 
Cloud computing amortization23 — 7,319 7,342 
Majority-owned equity investees AOI17,248 — — 17,248 
Adjusted operating income$789,396 $68,989 $(119,983)$738,402 
Capital expenditures$4,572 $6,039 $33,661 $44,272 
(In thousands)Year Ended December 31, 2021
Domestic Operations
International
and Other
Corporate / Inter-segment
eliminations		Consolidated
Revenues, net
Subscription$1,318,732 $249,844 $— $1,568,576 
Content licensing and other416,898 155,805 (14,325)558,378 
Distribution and other1,735,630 405,649 (14,325)2,126,954 
Advertising844,986 105,668 — 950,654 
Consolidated revenues, net$2,580,616 $511,317 $(14,325)$3,077,608 
Operating income (loss)$617,875 $37,167 $(165,120)$489,922 
Share-based compensation expenses22,077 3,627 22,221 47,925 
Depreciation and amortization48,025 19,807 26,049 93,881 
Impairment and other charges143,000 16,610 — 159,610 
Restructuring and other related charges2,516 6,083 1,779 10,378 
Cloud computing amortization— — 2,406 2,406 
Majority-owned equity investees AOI11,948 — — 11,948 
Adjusted operating income$845,441 $83,294 $(112,665)$816,070 
Capital expenditures$9,635 $6,009 $26,928 $42,572 
Subscription revenues in the Domestic Operations segment include revenues related to the Company's streaming services of approximately $565.6 million, $501.9 million and $370.8 million for the years ended December 31, 2023, 2022 and 2021 respectively.
Corporate overhead costs not allocated to the segments include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.
Inter-segment eliminations are primarily licensing revenues recognized between the Domestic Operations and International and Other segments.
(In thousands)Years Ended December 31,
202320222021
Inter-segment revenues
Domestic Operations$(8,786)$(17,643)$(10,584)
International and Other(400)(3,479)(3,741)
$(9,186)$(21,122)$(14,325)
One customer within the Domestic Operations segment accounted for approximately 13% and 10% of consolidated revenues, net for the years ended December 31, 2023 and 2022, respectively. For the year ended December 31, 2021, no customer accounted for more than 10% of consolidated revenues, net.
The table below summarizes revenue based on customer location:
Years Ended December 31,
(In thousands)202320222021
Revenue
United States$2,210,253 $2,574,504 $2,462,210 
Europe329,093 354,492 432,682 
Other172,531 167,549 182,716 
$2,711,877 $3,096,545 $3,077,608 
The table below summarizes property and equipment based on asset location:
Years Ended December 31,
(In thousands)20232022
Property and equipment, net
United States$146,314 $187,833 
Europe11,850 12,520 
Other1,073 1,681 
$159,237 $202,034