Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

v3.19.1
SEGMENT DATA
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
SEGMENT DATA
SEGMENT DATA
Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising. Our Concerts segment involves the promotion of live music events globally in our owned or operated venues and in rented third-party venues, the production of music festivals, the operation and management of music venues, the creation of associated content and the provision of management and other services to artists. Our Ticketing segment involves the management of our global ticketing operations, including providing ticketing software and services to clients, and consumers with a marketplace, both online and mobile, for tickets and event information, and is responsible for our primary ticketing website, www.ticketmaster.com. Our Sponsorship & Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and placement of advertising such as signage, promotional programs, rich media offerings, including advertising associated with live streaming and music-related original content, and ads across our distribution network of venues, events and websites.
Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords or replacements funded by insurance proceeds.
We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of the segments, and therefore, total segment assets have not been presented.
The following table presents the results of operations for our reportable segments for the three months ended March 31, 2019 and 2018:
 
Concerts
 
Ticketing
 
Sponsorship
& Advertising
 
Other
 
Corporate
 
Eliminations
 
Consolidated
 
(in thousands)
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
Revenue
$
1,318,117

 
$
337,642

 
$
75,078

 
$
791

 
$

 
$
(3,800
)
 
$
1,727,828

Direct operating expenses
1,030,269

 
111,749

 
13,386

 

 

 
(3,800
)
 
1,151,604

Selling, general and administrative expenses
295,765

 
145,890

 
22,437

 
774

 

 

 
464,866

Depreciation and amortization
51,361

 
37,390

 
7,074

 
121

 
2,966

 

 
98,912

Gain on disposal of operating assets
(145
)
 
(2
)
 

 

 

 

 
(147
)
Corporate expenses

 

 

 

 
36,456

 

 
36,456

Operating income (loss)
$
(59,133
)
 
$
42,615

 
$
32,181

 
$
(104
)
 
$
(39,422
)
 
$

 
$
(23,863
)
Intersegment revenue
$
809

 
$
2,991

 
$

 
$

 
$

 
$
(3,800
)
 
$

Capital expenditures
$
33,593

 
$
23,655

 
$
1,185

 
$

 
$
4,333

 
$

 
$
62,766

Three Months Ended March 31, 2018
 
 
 
 
 
 
 
Revenue
$
1,038,921

 
$
372,373

 
$
74,558

 
$
777

 
$

 
$
(4,245
)
 
$
1,482,384

Direct operating expenses
796,165

 
124,284

 
15,751

 
129

 

 
(4,245
)
 
932,084

Selling, general and administrative expenses
261,091

 
149,583

 
20,095

 
3,842

 

 

 
434,611

Depreciation and amortization
45,535

 
33,633

 
7,610

 
209

 
884

 

 
87,871

Loss on disposal of operating assets
21

 
17

 

 

 

 

 
38

Corporate expenses

 

 

 

 
33,810

 

 
33,810

Operating income (loss)
$
(63,891
)
 
$
64,856

 
$
31,102

 
$
(3,403
)
 
$
(34,694
)
 
$

 
$
(6,030
)
Intersegment revenue
$
249

 
$
3,996

 
$

 
$

 
$

 
$
(4,245
)
 
$

Capital expenditures
$
19,613

 
$
20,305

 
$
382

 
$
12

 
$
854

 
$

 
$
41,166