v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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 net income and adjusted operating profit to allocate resources during the annual budgeting and forecasting process and to assess the Company’s performance. Refer to our Consolidated Statements of Operations for net income and significant segment expenses. 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 income 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 second quarters and six months ended June 30, 2026, and June 30, 2025:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2026
June 30, 2025(1)
June 30, 2026
June 30, 2025(1)
Revenues
Subscription$537,880 $481,420 $1,054,751 $945,677 
Advertising149,123 133,974 275,947 242,050 
Affiliate, licensing and other75,452 70,479 143,993 134,056 
Total revenues$762,455 $685,873 $1,474,691 $1,321,783 
Less:
Cost of revenue (excluding depreciation and amortization)$367,841 $338,779 $730,777 $673,416 
Sales and marketing85,509 69,165 162,772 135,124 
Product development70,350 63,940 140,543 130,479 
Adjusted general and administrative(2)
83,457 80,214 167,363 156,291 
Total adjusted operating profit$155,298 $133,775 $273,236 $226,473 
Less:
Other components of net periodic benefit costs3,637 4,639 7,219 9,277 
Depreciation and amortization21,123 21,396 41,686 42,774 
Severance1,172 1,000 2,551 3,607 
Multiemployer pension plan withdrawal costs1,138 1,338 2,305 2,567 
Generative AI Litigation Costs4,628 3,490 8,840 7,887 
Multiemployer pension plan liability adjustments9,219 — 9,219 4,453 
Add:
Interest income and other, net10,834 9,752 22,117 19,724 
Income before income taxes$125,215 $111,664 $223,533 $175,632 
(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.