Quarter Ended
March 31

Quarter Ended
June 30

Quarter Ended
September 30

Quarter Ended
December 31

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenue

$

666,705

$

681,506

$

680,763

$

879,268

Cost of sales (exclusive of depreciation shown separately below)

418,706

421,474

424,468

555,400

Gross margin

247,999

260,032

256,295

323,868

Selling and marketing expense

136,453

153,556

139,066

166,836

General and administrative expense

53,966

51,074

52,222

54,693

Production and programming expense

14,880

13,867

13,630

16,674

Amortization of non-cash marketing

—

450

3,992

—

Amortization of intangibles

4,085

2,701

2,197

3,698

Depreciation

8,468

8,621

8,760

8,514

Operating income

30,147

29,763

36,428

73,453

Other income (expense):

Interest income

69

120

36

27

Other expense

(108

)

(148

)

—

—

Total other (expense) income, net

(39

)

(28

)

36

27

Earnings from continuing operations before income taxes

30,108

29,735

36,464

73,480

Income tax provision

(11,456

)

(11,315

)

(13,874

)

(27,909

)

Earnings from continuing operations

18,652

18,420

22,590

45,571

Gain (loss) on sale of discontinued operations, net of tax

—

34,795

(4,223

)

—

(Loss) income from discontinued operations, net of tax

(1,566

)

21,391

(1,711

)

10,885

Net income

$

17,086

$

74,606

$

16,656

$

56,456

Non-cash compensation expense is included in the following line items in the combined statements of operations:

Cost of sales

$

231

$

249

$

190

$

267

Selling and marketing expense

253

272

209

291

General and administrative expense

2,549

2,698

2,073

2,869

Production and programming expense

2

2

3

2

Total non-cash compensation expense

$

3,035

$

3,221

$

2,475

$

3,429

Quarter Ended
March 31

Six Months
Ended
June 30

Nine Months
Ended
September 30

Year Ended
December 31

(unaudited)

(unaudited)

(unaudited)

(audited)

Revenue

$

666,705

$

1,348,211

$

2,028,974

$

2,908,242

Cost of sales (exclusive of depreciation shown separately below)

418,706

840,180

1,264,648

1,820,048

Gross margin

247,999

508,031

764,326

1,088,194

Selling and marketing expense

136,453

290,009

429,075

595,911

General and administrative expense

53,966

105,040

157,262

211,955

Production and programming expense

14,880

28,747

42,377

59,051

Amortization of non-cash marketing

—

450

4,442

4,442

Amortization of intangibles

4,085

6,786

8,983

12,681

Depreciation

8,468

17,089

25,849

34,363

Operating income

30,147

59,910

96,338

169,791

Other income (expense):

Interest income

69

189

225

252

Other expense

(108

)

(256

)

(256

)

(256

)

Total other expense, net

(39

)

(67

)

(31

)

(4

)

Earnings from continuing operations before income taxes

30,108

59,843

96,307

169,787

Income tax provision

(11,456

)

(22,771

)

(36,645

)

(64,554

)

Earnings from continuing operations

18,652

37,072

59,662

105,233

Gain on sale of discontinued operations, net of tax

—

34,795

30,572

30,572

(Loss) income from discontinued operations, net of tax

(1,566

)

19,825

18,114

28,999

Net income

$

17,086

$

91,692

$

108,348

$

164,804

Non-cash compensation expense is included in the following line items in the combined statements of operations:

Cost of sales

$

231

$

480

$

670

$

937

Selling and marketing expense

253

525

734

1,025

General and administrative expense

2,549

5,247

7,320

10,189

Production and programming expense

2

4

7

9

Total non-cash compensation expense

$

3,035

$

6,256

$

8,731

$

12,160

Quarter Ended
March 31

Quarter Ended
June 30

Quarter Ended
September 30

Quarter Ended
December 31

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenue

$

665,587

$

682,349

$

671,753

$

858,265

Cost of sales (exclusive of depreciation shown separately below)

410,741

410,870

413,563

530,029

Gross margin

254,846

271,479

258,190

328,236

Selling and marketing expense

131,771

148,890

135,761

168,575

General and administrative expense

44,222

45,192

45,936

50,911

Production and programming expense

14,547

13,971

13,783

14,499

Amortization of intangibles

15,355

8,557

5,156

5,156

Depreciation

10,281

9,816

8,830

8,346

Operating income

38,670

45,053

48,724

80,749

Other income (expense):

Interest income

148

148

104

186

Other expense

(163

)

(310

)

(253

)

(314

)

Total other expense, net

(15

)

(162

)

(149

)

(128

)

Earnings from continuing operations before income taxes

38,655

44,891

48,575

80,621

Income tax provision

(14,392

)

(16,715

)

(18,086

)

(30,017

)

Earnings from continuing operations

24,263

28,176

30,489

50,604

Income (loss) from discontinued operations, net of tax

469

(7,934

)

(3,963

)

713

Net income

$

24,732

$

20,242

$

26,526

$

51,317

Non-cash compensation expense is included in the following line items in the combined statements of operations:

Cost of sales

$

109

$

302

$

107

$

237

Selling and marketing expense

410

330

117

260

General and administrative expense

2,692

3,311

1,252

2,612

Production and programming expense

—

3

1

3

Total non-cash compensation expense

$

3,211

$

3,946

$

1,477

$

3,112

Quarter Ended
March 31

Six Months Ended
June 30

Nine Months
Ended
September 30

Year Ended
December 31

(unaudited)

(unaudited)

(unaudited)

(audited)

Revenue

$

665,587

$

1,347,936

$

2,019,689

$

2,877,954

Cost of sales (exclusive of depreciation shown separately below)

410,741

821,611

1,235,174

1,765,203

Gross margin

254,846

526,325

784,515

1,112,751

Selling and marketing expense

131,771

280,661

416,422

584,997

General and administrative expense

44,222

89,414

135,350

186,261

Production and programming expense

14,547

28,518

42,301

56,800

Amortization of intangibles

15,355

23,912

29,068

34,224

Depreciation

10,281

20,097

28,927

37,273

Operating income

38,670

83,723

132,447

213,196

Other income (expense):

Interest income

148

296

400

586

Other expense

(163

)

(473

)

(726

)

(1,040

)

Total other expense, net

(15

)

(177

)

(326

)

(454

)

Earnings from continuing operations before income taxes

38,655

83,546

132,121

212,742

Income tax provision

(14,392

)

(31,107

)

(49,193

)

(79,210

)

Earnings from continuing operations

24,263

52,439

82,928

133,532

Income (loss) from discontinued operations, net of tax

469

(7,465

)

(11,428

)

(10,715

)

Net income

$

24,732

$

44,974

$

71,500

$

122,817

Non-cash compensation expense is included in the following line items in the combined statements of operations:

Cost of sales

$

109

$

411

$

518

$

755

Selling and marketing expense

410

740

857

1,117

General and administrative expense

2,692

6,003

7,255

9,867

Production and programming expense

—

3

4

7

Total non-cash compensation expense

$

3,211

$

7,157

$

8,634

$

11,746