Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

Segments

Prior to the third quarter of 2021, the Company operated its business and reported its results through a single reportable segment. As a result of the launch of the Company’s wagering business, the Company began to operate its business and report its results through two operating and reportable segments: streaming and wagering.

Operating segments are components of the Company for which separate discrete financial information is available to and evaluated regularly by the CODM, who is the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM assesses a combination of metrics such as revenue and adjusted operating expenses to evaluate the performance of each operating and reportable segment.

The following tables set forth our financial performance by reportable segment for the three and six months ended June 30, 2022 (in thousands). Comparable information is not presented because the wagering business had not commenced operations during the three and six months ended June 30, 2021.

	Three Months Ended June 30, 2022
	Streaming		Wagering		Total
Revenue	$	222,072	$	(182)	$	221,890
Adjusted operating expenses
Subscriber related expenses	218,864		—		218,864
Broadcasting and transmission	17,157		—		17,157
Sales and marketing	23,826		2,711		26,537
Technology and development	15,381		2,637		18,018
General administrative	16,953		3,476		20,429
Depreciation and amortization	8,410		109		8,519
Impairment of goodwill	—		10,682		10,682
Total adjusted operating expenses	$	300,591	$	19,615	$	320,206
Stock-based compensation					$	14,209
Other expense					$	4,104
Loss before income taxes	$	(78,519)	$	(19,797)	$	(116,629)
Total Assets	$	1,296,311	$	65,644	1,361,955
Total Goodwill	$	616,277	$	—	616,277

	Six Months Ended June 30, 2022
	Streaming		Wagering		Total
Revenue	$	464,392	$	(483)	$	463,909
Adjusted operating expenses
Subscriber related expenses	$	464,485	$	—	464,485
Broadcasting and transmission	$	37,454	$	—	37,454
Sales and marketing	$	57,644	$	6,199	63,843
Technology and development	$	31,647	$	5,111	36,758
General administrative	$	37,445	$	7,369	44,814
Depreciation and amortization	$	19,766	$	215	19,981
Impairment of goodwill	—		10,682		$	10,682
Total adjusted operating expenses	$	648,441	$	29,576	$	678,017
Stock-based compensation					$	33,658
Other expense					$	10,083
Loss before income taxes	$	(184,049)	$	(30,059)	$	(257,849)
Total Assets	$	1,296,311	$	65,644	1,361,955
Total Goodwill	$	616,277	$	—	616,277

The following tables set forth our financial performance by geographical location (in thousands):

	Total Revenue				Total Assets
	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022		June 30, 2022
United States	$	214,775	$	451,248	$	1,205,433
Rest of world	7,115		12,661		156,522
Total	$	221,890	$	463,909	$	1,361,955