SEGMENT REPORTING

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

Segment Information

The Company manages its business geographically in two operating segments, with the primary areas of measurement and decision-making being North America, which includes the U.S. and Canada, and International, which primarily includes Europe, Asia-Pacific and Latin America. Management relies on an internal management reporting process that provides revenue and operating segment EBITDA. Management believes that operating segment EBITDA is an appropriate measure for evaluating the operational performance of the Company’s operating segments. EBITDA is used by management to internally measure operating and management performance, and to evaluate the performance of the business. However, this measure should be considered in addition to, not as a substitute for or superior to, income from operations or other measures of financial performance prepared in accordance with GAAP.

Summarized EBITDA information by operating segment consists of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
North America	$	104,614	$	138,527	$	201,270	$	294,489
International	595		1,481		1,787		3,949
Total EBITDA	$	105,209	$	140,008	$	203,057	$	298,438

The reconciliation of net income to EBITDA consists of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	100,520	$	83,473	$	187,651	$	172,791
Amortization of acquired intangible assets in cost of revenues	7,536		7,937		14,600		15,035
Amortization of acquired intangible assets in operating expenses	10,440		14,878		21,057		30,970
Depreciation and other amortization	8,087		7,010		16,033		13,975
Interest (income) expense, net	(51,911)		3,399		(95,459)		11,117
Other income, net	(609)		(1,343)		(1,190)		(2,207)
Income tax expense	31,146		24,654		60,365		56,757
EBITDA	$	105,209	$	140,008	$	203,057	$	298,438

Summarized information by operating segment consists of the following (in thousands):

	June 30, 2023		December 31, 2022
Property and equipment, net:
North America	$	356,058	$	320,209
International	3,397		1,041
Total property and equipment, net	$	359,455	$	321,250
Goodwill:
North America	$	2,149,247	$	2,149,247
International	171,958		165,512
Total goodwill	$	2,321,205	$	2,314,759
Assets:
North America	$	8,418,083	$	8,146,239
International	273,591		256,231
Total assets	$	8,691,674	$	8,402,470
Liabilities:
North America	$	1,529,531	$	1,486,237
International	61,071		46,112
Total liabilities	$	1,590,602	$	1,532,349