| Results of Operations Related to Reportable Segments of the Entity |
The following table presents the results of operations for the Company’s reportable segments for the three and nine months ended September 30, 2018 and 2017:
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Concerts |
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Sponsorship
& Advertising |
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Ticketing |
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Other |
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Corporate |
|
Eliminations |
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Consolidated |
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(in thousands) |
Three Months Ended September 30, 2018 |
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Revenue |
$ |
3,297,257 |
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|
$ |
171,178 |
|
|
$ |
368,312 |
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|
$ |
932 |
|
|
$ |
— |
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|
$ |
(2,433 |
) |
|
$ |
3,835,246 |
|
Direct operating expenses |
2,767,949 |
|
|
23,191 |
|
|
133,050 |
|
|
2,599 |
|
|
— |
|
|
(2,433 |
) |
|
2,924,356 |
|
Selling, general and administrative expenses |
343,250 |
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|
25,325 |
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|
151,064 |
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|
5,015 |
|
|
— |
|
|
— |
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|
524,654 |
|
Depreciation and amortization |
54,404 |
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|
8,871 |
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|
34,677 |
|
|
212 |
|
|
1,442 |
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|
— |
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|
99,606 |
|
Loss (gain) on disposal of operating assets |
10,317 |
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|
— |
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2 |
|
|
— |
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(1 |
) |
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— |
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|
10,318 |
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Corporate expenses |
— |
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|
— |
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|
— |
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— |
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|
42,093 |
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|
— |
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|
42,093 |
|
Operating income (loss) |
$ |
121,337 |
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|
$ |
113,791 |
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|
$ |
49,519 |
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|
$ |
(6,894 |
) |
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$ |
(43,534 |
) |
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$ |
— |
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|
$ |
234,219 |
|
Intersegment revenue |
$ |
268 |
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$ |
— |
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$ |
2,165 |
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$ |
— |
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$ |
— |
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$ |
(2,433 |
) |
|
$ |
— |
|
Three Months Ended September 30, 2017 |
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Revenue |
$ |
2,939,387 |
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|
$ |
157,981 |
|
|
$ |
340,273 |
|
|
$ |
6,545 |
|
|
$ |
— |
|
|
$ |
(3,878 |
) |
|
$ |
3,440,308 |
|
Direct operating expenses |
2,497,234 |
|
|
23,371 |
|
|
112,737 |
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|
4,477 |
|
|
— |
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(3,879 |
) |
|
2,633,940 |
|
Selling, general and administrative expenses |
305,494 |
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|
21,320 |
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|
144,622 |
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|
4,428 |
|
|
— |
|
|
— |
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|
475,864 |
|
Depreciation and amortization |
52,344 |
|
|
6,601 |
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|
28,805 |
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|
115 |
|
|
1,362 |
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|
1 |
|
|
89,228 |
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Loss (gain) on disposal of operating assets |
(21 |
) |
|
— |
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|
58 |
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— |
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|
— |
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|
— |
|
|
37 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
39,892 |
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|
— |
|
|
39,892 |
|
Operating income (loss) |
$ |
84,336 |
|
|
$ |
106,689 |
|
|
$ |
54,051 |
|
|
$ |
(2,475 |
) |
|
$ |
(41,254 |
) |
|
$ |
— |
|
|
$ |
201,347 |
|
Intersegment revenue |
$ |
592 |
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$ |
— |
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$ |
3,286 |
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$ |
— |
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$ |
— |
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$ |
(3,878 |
) |
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$ |
— |
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Concerts |
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Sponsorship
& Advertising |
|
Ticketing |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Nine Months Ended September 30, 2018 |
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Revenue |
$ |
6,716,914 |
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|
$ |
385,674 |
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|
$ |
1,091,880 |
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|
$ |
2,886 |
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|
$ |
— |
|
|
$ |
(11,409 |
) |
|
$ |
8,185,945 |
|
Direct operating expenses |
5,554,368 |
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|
68,142 |
|
|
377,121 |
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|
3,325 |
|
|
— |
|
|
(11,409 |
) |
|
5,991,547 |
|
Selling, general and administrative expenses |
906,360 |
|
|
68,534 |
|
|
447,997 |
|
|
12,812 |
|
|
— |
|
|
— |
|
|
1,435,703 |
|
Depreciation and amortization |
146,458 |
|
|
23,613 |
|
|
103,299 |
|
|
599 |
|
|
3,293 |
|
|
— |
|
|
277,262 |
|
Loss (gain) on disposal of operating assets |
10,452 |
|
|
— |
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|
13 |
|
|
— |
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|
(1 |
) |
|
— |
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|
10,464 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
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|
— |
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|
108,055 |
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|
— |
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|
108,055 |
|
Operating income (loss) |
$ |
99,276 |
|
|
$ |
225,385 |
|
|
$ |
163,450 |
|
|
$ |
(13,850 |
) |
|
$ |
(111,347 |
) |
|
$ |
— |
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|
$ |
362,914 |
|
Intersegment revenue |
$ |
268 |
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|
$ |
— |
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$ |
11,141 |
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$ |
— |
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$ |
— |
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$ |
(11,409 |
) |
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$ |
— |
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Capital expenditures |
$ |
88,338 |
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|
$ |
4,241 |
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$ |
71,336 |
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$ |
149 |
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$ |
8,839 |
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$ |
— |
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$ |
172,903 |
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Nine Months Ended September 30, 2017 |
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Revenue |
$ |
6,052,515 |
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$ |
346,532 |
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$ |
964,292 |
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$ |
13,259 |
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$ |
— |
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$ |
(9,826 |
) |
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$ |
7,366,772 |
|
Direct operating expenses |
5,057,567 |
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|
60,516 |
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|
317,656 |
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|
5,759 |
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|
— |
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|
(9,826 |
) |
|
5,431,672 |
|
Selling, general and administrative expenses |
804,562 |
|
|
62,989 |
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|
411,336 |
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|
14,670 |
|
|
— |
|
|
— |
|
|
1,293,557 |
|
Depreciation and amortization |
144,917 |
|
|
19,512 |
|
|
82,907 |
|
|
327 |
|
|
3,262 |
|
|
— |
|
|
250,925 |
|
Loss (gain) on disposal of operating assets |
(609 |
) |
|
— |
|
|
65 |
|
|
— |
|
|
37 |
|
|
— |
|
|
(507 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
97,711 |
|
|
— |
|
|
97,711 |
|
Operating income (loss) |
$ |
46,078 |
|
|
$ |
203,515 |
|
|
$ |
152,328 |
|
|
$ |
(7,497 |
) |
|
$ |
(101,010 |
) |
|
$ |
— |
|
|
$ |
293,414 |
|
Intersegment revenue |
$ |
693 |
|
|
$ |
— |
|
|
$ |
9,133 |
|
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$ |
— |
|
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$ |
— |
|
|
$ |
(9,826 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
83,612 |
|
|
$ |
4,753 |
|
|
$ |
69,667 |
|
|
$ |
66 |
|
|
$ |
26,195 |
|
|
$ |
— |
|
|
$ |
184,293 |
|
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