| 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, 2018, 2017 and 2016:
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Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
2018 |
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|
|
|
|
|
|
|
|
|
Revenue |
$ |
8,770,031 |
|
|
$ |
503,968 |
|
|
$ |
1,529,566 |
|
|
$ |
3,724 |
|
|
$ |
— |
|
|
$ |
(19,489 |
) |
|
$ |
10,787,800 |
|
Direct operating expenses |
7,340,757 |
|
|
92,494 |
|
|
549,265 |
|
|
4,905 |
|
|
— |
|
|
(19,489 |
) |
|
7,967,932 |
|
Selling, general and administrative expenses |
1,248,346 |
|
|
97,540 |
|
|
634,829 |
|
|
16,313 |
|
|
— |
|
|
— |
|
|
1,997,028 |
|
Depreciation and amortization |
206,772 |
|
|
30,779 |
|
|
143,551 |
|
|
817 |
|
|
4,610 |
|
|
— |
|
|
386,529 |
|
Loss (gain) on disposal of operating assets |
10,361 |
|
|
2 |
|
|
7 |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
10,369 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
153,406 |
|
|
— |
|
|
153,406 |
|
Operating income (loss) |
$ |
(36,205 |
) |
|
$ |
283,153 |
|
|
$ |
201,914 |
|
|
$ |
(18,311 |
) |
|
$ |
(158,015 |
) |
|
$ |
— |
|
|
$ |
272,536 |
|
Intersegment revenue |
$ |
5,193 |
|
|
$ |
— |
|
|
$ |
14,296 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(19,489 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
129,129 |
|
|
$ |
7,541 |
|
|
$ |
110,202 |
|
|
$ |
169 |
|
|
$ |
15,273 |
|
|
$ |
— |
|
|
$ |
262,314 |
|
2017 |
|
|
|
|
|
|
|
|
|
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Revenue |
$ |
7,892,076 |
|
|
$ |
445,148 |
|
|
$ |
1,346,510 |
|
|
$ |
21,012 |
|
|
$ |
— |
|
|
$ |
(17,524 |
) |
|
$ |
9,687,222 |
|
Direct operating expenses |
6,641,071 |
|
|
78,725 |
|
|
460,881 |
|
|
18,746 |
|
|
— |
|
|
(17,525 |
) |
|
7,181,898 |
|
Selling, general and administrative expenses |
1,119,335 |
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|
87,268 |
|
|
681,948 |
|
|
19,172 |
|
|
— |
|
|
— |
|
|
1,907,723 |
|
Depreciation and amortization |
226,315 |
|
|
27,669 |
|
|
112,727 |
|
|
432 |
|
|
5,057 |
|
|
1 |
|
|
372,201 |
|
Loss (gain) on disposal of operating assets |
(1,056 |
) |
|
— |
|
|
49 |
|
|
— |
|
|
38 |
|
|
— |
|
|
(969 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
134,972 |
|
|
— |
|
|
134,972 |
|
Operating income (loss) |
$ |
(93,589 |
) |
|
$ |
251,486 |
|
|
$ |
90,905 |
|
|
$ |
(17,338 |
) |
|
$ |
(140,067 |
) |
|
$ |
— |
|
|
$ |
91,397 |
|
Intersegment revenue |
$ |
1,061 |
|
|
$ |
— |
|
|
$ |
16,463 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(17,524 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
109,801 |
|
|
$ |
6,701 |
|
|
$ |
105,317 |
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|
$ |
149 |
|
|
$ |
25,926 |
|
|
$ |
— |
|
|
$ |
247,894 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
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Revenue |
$ |
6,283,521 |
|
|
$ |
377,618 |
|
|
$ |
1,166,029 |
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|
$ |
7,978 |
|
|
$ |
— |
|
|
$ |
(8,810 |
) |
|
$ |
7,826,336 |
|
Direct operating expenses |
5,202,097 |
|
|
60,218 |
|
|
382,690 |
|
|
2,902 |
|
|
— |
|
|
(8,730 |
) |
|
5,639,177 |
|
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|
|
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|
|
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|
|
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|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Selling, general and administrative expenses |
950,060 |
|
|
71,089 |
|
|
510,490 |
|
|
16,811 |
|
|
— |
|
|
— |
|
|
1,548,450 |
|
Depreciation and amortization |
194,715 |
|
|
18,206 |
|
|
98,290 |
|
|
2,940 |
|
|
4,433 |
|
|
— |
|
|
318,584 |
|
Loss (gain) on disposal of operating assets |
(61 |
) |
|
— |
|
|
68 |
|
|
— |
|
|
117 |
|
|
— |
|
|
124 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
125,141 |
|
|
(80 |
) |
|
125,061 |
|
Operating income (loss) |
$ |
(63,290 |
) |
|
$ |
228,105 |
|
|
$ |
174,491 |
|
|
$ |
(14,675 |
) |
|
$ |
(129,691 |
) |
|
$ |
— |
|
|
$ |
194,940 |
|
Intersegment revenue |
$ |
202 |
|
|
$ |
— |
|
|
$ |
8,528 |
|
|
$ |
80 |
|
|
$ |
— |
|
|
$ |
(8,810 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
87,306 |
|
|
$ |
2,161 |
|
|
$ |
91,285 |
|
|
$ |
1,028 |
|
|
$ |
7,824 |
|
|
$ |
— |
|
|
$ |
189,604 |
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| 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:
|
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Total Foreign Operations |
|
Total Domestic Operations |
|
Consolidated Total |
|
(in thousands) |
2018 |
|
|
|
|
|
Revenue |
$ |
3,661,222 |
|
|
$ |
7,126,578 |
|
|
$ |
10,787,800 |
|
Long-lived assets |
$ |
199,299 |
|
|
$ |
747,294 |
|
|
$ |
946,593 |
|
2017 |
|
|
|
|
|
Revenue |
$ |
3,408,661 |
|
|
$ |
6,278,561 |
|
|
$ |
9,687,222 |
|
Long-lived assets |
$ |
201,724 |
|
|
$ |
684,212 |
|
|
$ |
885,936 |
|
2016 |
|
|
|
|
|
Revenue |
$ |
2,436,033 |
|
|
$ |
5,390,303 |
|
|
$ |
7,826,336 |
|
Long-lived assets |
$ |
174,160 |
|
|
$ |
577,376 |
|
|
$ |
751,536 |
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|