| 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 years ending December 31, 2016, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Artist Nation |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
5,874,089 |
|
|
$ |
377,618 |
|
|
$ |
1,827,930 |
|
|
$ |
421,706 |
|
|
$ |
7,978 |
|
|
$ |
— |
|
|
$ |
(154,387 |
) |
|
$ |
8,354,934 |
|
Direct operating expenses |
4,981,816 |
|
|
60,218 |
|
|
956,956 |
|
|
232,555 |
|
|
2,902 |
|
|
— |
|
|
(151,739 |
) |
|
6,082,708 |
|
Selling, general and administrative expenses |
766,881 |
|
|
71,089 |
|
|
510,490 |
|
|
183,179 |
|
|
16,811 |
|
|
— |
|
|
— |
|
|
1,548,450 |
|
Depreciation and amortization |
137,605 |
|
|
18,206 |
|
|
185,925 |
|
|
57,110 |
|
|
2,940 |
|
|
4,433 |
|
|
(2,568 |
) |
|
403,651 |
|
Loss (gain) on disposal of operating assets |
(81 |
) |
|
— |
|
|
68 |
|
|
20 |
|
|
— |
|
|
117 |
|
|
— |
|
|
124 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
125,141 |
|
|
(80 |
) |
|
125,061 |
|
Operating income (loss) |
$ |
(12,132 |
) |
|
$ |
228,105 |
|
|
$ |
174,491 |
|
|
$ |
(51,158 |
) |
|
$ |
(14,675 |
) |
|
$ |
(129,691 |
) |
|
$ |
— |
|
|
$ |
194,940 |
|
Intersegment revenue |
$ |
142,240 |
|
|
$ |
— |
|
|
$ |
1,150 |
|
|
$ |
10,997 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(154,387 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
85,958 |
|
|
$ |
2,161 |
|
|
$ |
91,285 |
|
|
$ |
1,348 |
|
|
$ |
1,028 |
|
|
$ |
7,824 |
|
|
$ |
— |
|
|
$ |
189,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Artist Nation |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,964,991 |
|
|
$ |
333,726 |
|
|
$ |
1,639,564 |
|
|
$ |
434,201 |
|
|
$ |
3,176 |
|
|
$ |
— |
|
|
$ |
(129,927 |
) |
|
$ |
7,245,731 |
|
Direct operating expenses |
4,220,963 |
|
|
47,760 |
|
|
808,697 |
|
|
245,781 |
|
|
1,068 |
|
|
— |
|
|
(127,796 |
) |
|
5,196,473 |
|
Selling, general and administrative expenses |
702,108 |
|
|
57,681 |
|
|
488,483 |
|
|
161,408 |
|
|
2,175 |
|
|
— |
|
|
— |
|
|
1,411,855 |
|
Depreciation and amortization |
146,795 |
|
|
9,932 |
|
|
184,129 |
|
|
54,980 |
|
|
46 |
|
|
3,490 |
|
|
(2,131 |
) |
|
397,241 |
|
Loss on disposal of operating assets |
430 |
|
|
— |
|
|
26 |
|
|
215 |
|
|
— |
|
|
174 |
|
|
— |
|
|
845 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
107,945 |
|
|
— |
|
|
107,945 |
|
Operating income (loss) |
$ |
(105,305 |
) |
|
$ |
218,353 |
|
|
$ |
158,229 |
|
|
$ |
(28,183 |
) |
|
$ |
(113 |
) |
|
$ |
(111,609 |
) |
|
$ |
— |
|
|
$ |
131,372 |
|
Intersegment revenue |
$ |
113,391 |
|
|
$ |
— |
|
|
$ |
1,150 |
|
|
$ |
15,386 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(129,927 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
40,053 |
|
|
$ |
4,836 |
|
|
$ |
93,323 |
|
|
$ |
1,924 |
|
|
$ |
— |
|
|
$ |
5,011 |
|
|
$ |
— |
|
|
$ |
145,147 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,726,877 |
|
|
$ |
300,279 |
|
|
$ |
1,557,254 |
|
|
$ |
389,437 |
|
|
$ |
3,171 |
|
|
$ |
— |
|
|
$ |
(110,054 |
) |
|
$ |
6,866,964 |
|
Direct operating expenses |
4,016,540 |
|
|
37,973 |
|
|
763,280 |
|
|
212,302 |
|
|
(2,174 |
) |
|
— |
|
|
(107,952 |
) |
|
4,919,969 |
|
Selling, general and administrative expenses |
671,646 |
|
|
50,292 |
|
|
473,363 |
|
|
138,632 |
|
|
3,383 |
|
|
— |
|
|
— |
|
|
1,337,316 |
|
Depreciation and amortization |
115,088 |
|
|
4,281 |
|
|
204,901 |
|
|
43,343 |
|
|
40 |
|
|
2,592 |
|
|
(2,102 |
) |
|
368,143 |
|
Goodwill impairment |
117,013 |
|
|
— |
|
|
— |
|
|
17,948 |
|
|
— |
|
|
— |
|
|
— |
|
|
134,961 |
|
Loss (gain) on disposal of operating assets |
(2,954 |
) |
|
— |
|
|
(1,583 |
) |
|
34 |
|
|
(29 |
) |
|
38 |
|
|
— |
|
|
(4,494 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
103,905 |
|
|
— |
|
|
103,905 |
|
Operating income (loss) |
$ |
(190,456 |
) |
|
$ |
207,733 |
|
|
$ |
117,293 |
|
|
$ |
(22,822 |
) |
|
$ |
1,951 |
|
|
$ |
(106,535 |
) |
|
$ |
— |
|
|
$ |
7,164 |
|
Intersegment revenue |
$ |
97,642 |
|
|
$ |
— |
|
|
$ |
1,150 |
|
|
$ |
11,262 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(110,054 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
35,006 |
|
|
$ |
1,834 |
|
|
$ |
89,990 |
|
|
$ |
1,892 |
|
|
$ |
6 |
|
|
$ |
9,490 |
|
|
$ |
— |
|
|
$ |
138,218 |
|
|
| Schedule of Revenue and Long-Lived Assets, by Geographical Areas |
The following table provides revenue and long-lived assets for the Company’s foreign operations included in the consolidated financial statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom Operations |
|
Other Foreign Operations |
|
Total Foreign Operations |
|
Total Domestic Operations |
|
Consolidated Total |
|
|
(in thousands) |
2016 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
683,457 |
|
|
$ |
1,882,590 |
|
|
$ |
2,566,047 |
|
|
$ |
5,788,887 |
|
|
$ |
8,354,934 |
|
Long-lived assets |
|
$ |
69,380 |
|
|
$ |
104,780 |
|
|
$ |
174,160 |
|
|
$ |
577,376 |
|
|
$ |
751,536 |
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
672,802 |
|
|
$ |
1,534,629 |
|
|
$ |
2,207,431 |
|
|
$ |
5,038,300 |
|
|
$ |
7,245,731 |
|
Long-lived assets |
|
$ |
74,517 |
|
|
$ |
126,194 |
|
|
$ |
200,711 |
|
|
$ |
530,571 |
|
|
$ |
731,282 |
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
772,445 |
|
|
$ |
1,591,643 |
|
|
$ |
2,364,088 |
|
|
$ |
4,502,876 |
|
|
$ |
6,866,964 |
|
Long-lived assets |
|
$ |
71,269 |
|
|
$ |
105,937 |
|
|
$ |
177,206 |
|
|
$ |
518,131 |
|
|
$ |
695,337 |
|
|