v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company identifies a business as an operating segment if (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
In the third quarter of 2025, the Company revised its operating segments to align with how the CODM manages the business, and, as a result, the Company has determined it has one reportable segment. The segment is evaluated regularly on a consolidated basis by the Company’s CODM in assessing performance and allocating resources. The Company’s CODM uses adjusted operating profit (loss) to allocate resources during the annual budgeting and forecasting process and to assess the Company’s performance. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is presented below, along with a reconciliation to income before taxes. Asset information is not a measure of performance used by the Company’s CODM. Accordingly, we have not disclosed asset information.
The following table presents segment information with respect to the Company’s single operating segment for the first quarters ended March 31, 2026, and March 31, 2025:
For the Quarters Ended
(In thousands)March 31, 2026
March 31, 2025(1)
Revenues
Subscription$516,871 $464,257 
Advertising126,824 108,076 
Affiliate, licensing and other68,541 63,577 
Total revenues$712,236 $635,910 
Less:
Cost of revenue (excluding depreciation and amortization)$362,936 $334,637 
Sales and marketing77,263 65,959 
Product development70,193 66,539 
Adjusted general and administrative(2)
83,906 76,077 
Total adjusted operating profit$117,938 $92,698 
Less:
Other components of net periodic benefit costs3,582 4,638 
Depreciation and amortization20,563 21,378 
Severance1,379 2,607 
Multiemployer pension plan withdrawal costs1,167 1,229 
Generative AI Litigation Costs4,212 4,397 
Multiemployer pension plan liability adjustment— 4,453 
Add:
Interest income and other, net11,283 9,972 
Income before income taxes$98,318 $63,968 
(1)Prior periods presented have been recast to conform to the current presentation. See Note 1 for additional information.
(2)Excludes severance and multiemployer pension plan withdrawal costs.