| 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, 2015, 2014 and 2013:
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Concerts |
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Ticketing |
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Artist
Nation |
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Sponsorship
& Advertising |
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Other |
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Corporate |
|
Eliminations |
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Consolidated |
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(in thousands) |
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2015 |
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Revenue |
$ |
4,964,991 |
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|
$ |
1,639,564 |
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|
$ |
434,201 |
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|
$ |
333,726 |
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|
$ |
3,176 |
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|
$ |
— |
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|
$ |
(129,927 |
) |
|
$ |
7,245,731 |
|
Direct operating expenses |
4,220,963 |
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|
808,697 |
|
|
245,781 |
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|
47,760 |
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|
1,068 |
|
|
— |
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|
(127,796 |
) |
|
5,196,473 |
|
Selling, general and administrative expenses |
690,381 |
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|
487,495 |
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|
160,176 |
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|
57,681 |
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|
2,175 |
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|
— |
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|
— |
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|
1,397,908 |
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Depreciation and amortization |
146,795 |
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|
184,129 |
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|
54,980 |
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|
9,932 |
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|
46 |
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|
3,490 |
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(2,131 |
) |
|
397,241 |
|
Loss on disposal of operating assets |
430 |
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|
26 |
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|
215 |
|
|
— |
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|
— |
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|
174 |
|
|
— |
|
|
845 |
|
Corporate expenses |
— |
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|
— |
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|
— |
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|
— |
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|
— |
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|
107,794 |
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|
— |
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|
107,794 |
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Acquisition transaction expenses |
11,727 |
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|
988 |
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|
1,232 |
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|
— |
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|
— |
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|
151 |
|
|
— |
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|
14,098 |
|
Operating income (loss) |
$ |
(105,305 |
) |
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$ |
158,229 |
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$ |
(28,183 |
) |
|
$ |
218,353 |
|
|
$ |
(113 |
) |
|
$ |
(111,609 |
) |
|
$ |
— |
|
|
$ |
131,372 |
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Intersegment revenue |
$ |
113,391 |
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$ |
1,150 |
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$ |
15,386 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(129,927 |
) |
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$ |
— |
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Capital expenditures |
$ |
40,053 |
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$ |
93,323 |
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$ |
1,924 |
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$ |
4,836 |
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$ |
— |
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$ |
5,011 |
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$ |
— |
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$ |
145,147 |
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2014 |
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Revenue |
$ |
4,726,877 |
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$ |
1,557,254 |
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$ |
389,437 |
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$ |
300,279 |
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|
$ |
3,171 |
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|
$ |
— |
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|
$ |
(110,054 |
) |
|
$ |
6,866,964 |
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Concerts |
|
Ticketing |
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other |
|
Corporate |
|
Eliminations |
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Consolidated |
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(in thousands) |
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Direct operating expenses |
4,016,540 |
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|
763,280 |
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|
212,302 |
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|
37,973 |
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(2,174 |
) |
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— |
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|
(107,952 |
) |
|
4,919,969 |
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Selling, general and administrative expenses |
666,475 |
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|
471,982 |
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|
138,066 |
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|
50,292 |
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|
3,345 |
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|
— |
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|
— |
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|
1,330,160 |
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Depreciation and amortization |
115,088 |
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|
204,901 |
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|
43,343 |
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|
4,281 |
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|
40 |
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|
2,592 |
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(2,102 |
) |
|
368,143 |
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Goodwill impairment |
117,013 |
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|
— |
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|
17,948 |
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— |
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— |
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— |
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|
— |
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|
134,961 |
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Loss (gain) on disposal of operating assets |
(2,954 |
) |
|
(1,583 |
) |
|
34 |
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|
— |
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(29 |
) |
|
38 |
|
|
— |
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(4,494 |
) |
Corporate expenses |
— |
|
|
— |
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|
— |
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|
— |
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|
— |
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|
101,000 |
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|
— |
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|
101,000 |
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Acquisition transaction expenses |
5,171 |
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|
1,381 |
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|
566 |
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|
— |
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|
38 |
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|
2,905 |
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|
— |
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|
10,061 |
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Operating income (loss) |
$ |
(190,456 |
) |
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$ |
117,293 |
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$ |
(22,822 |
) |
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$ |
207,733 |
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$ |
1,951 |
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$ |
(106,535 |
) |
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$ |
— |
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$ |
7,164 |
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Intersegment revenue |
$ |
97,642 |
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$ |
1,150 |
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$ |
11,262 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(110,054 |
) |
|
$ |
— |
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Capital expenditures |
$ |
35,006 |
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$ |
89,990 |
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$ |
1,892 |
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$ |
1,834 |
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$ |
6 |
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$ |
9,490 |
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$ |
— |
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$ |
138,218 |
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2013 |
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Revenue |
$ |
4,517,191 |
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$ |
1,407,817 |
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$ |
352,947 |
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$ |
284,692 |
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$ |
3,164 |
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$ |
— |
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$ |
(87,264 |
) |
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$ |
6,478,547 |
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Direct operating expenses |
3,829,991 |
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|
672,221 |
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|
218,113 |
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|
45,021 |
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|
380 |
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— |
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(85,219 |
) |
|
4,680,507 |
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Selling, general and administrative expenses |
632,614 |
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|
442,788 |
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|
103,304 |
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|
45,618 |
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|
2,568 |
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— |
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|
— |
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|
1,226,892 |
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Depreciation and amortization |
132,386 |
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|
190,801 |
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|
42,613 |
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|
2,351 |
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|
206 |
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|
2,611 |
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(2,045 |
) |
|
368,923 |
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Loss (gain) on disposal of operating assets |
(38,927 |
) |
|
(4 |
) |
|
665 |
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|
— |
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|
7 |
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|
— |
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|
— |
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|
(38,259 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
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|
— |
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|
94,385 |
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|
— |
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|
94,385 |
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Acquisition transaction expenses |
723 |
|
|
245 |
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|
3 |
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|
64 |
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|
— |
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|
5,404 |
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|
— |
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|
6,439 |
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Operating income (loss) |
$ |
(39,596 |
) |
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$ |
101,766 |
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$ |
(11,751 |
) |
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$ |
191,638 |
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$ |
3 |
|
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$ |
(102,400 |
) |
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$ |
— |
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$ |
139,660 |
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Intersegment revenue |
$ |
77,050 |
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$ |
2,295 |
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$ |
7,919 |
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$ |
— |
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$ |
— |
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|
$ |
— |
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|
$ |
(87,264 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
45,925 |
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$ |
90,132 |
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|
$ |
2,255 |
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|
$ |
1,424 |
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$ |
— |
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$ |
1,303 |
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$ |
— |
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|
$ |
141,039 |
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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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United Kingdom Operations |
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Other Foreign Operations |
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Total Foreign Operations |
|
Total Domestic Operations |
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Consolidated Total |
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(in thousands) |
2015 |
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|
|
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Revenue |
|
$ |
672,802 |
|
|
$ |
1,534,629 |
|
|
$ |
2,207,431 |
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|
$ |
5,038,300 |
|
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$ |
7,245,731 |
|
Long-lived assets |
|
$ |
74,517 |
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|
$ |
126,194 |
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|
$ |
200,711 |
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|
$ |
530,571 |
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$ |
731,282 |
|
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|
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|
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|
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2014 |
|
|
|
|
|
|
|
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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 |
|
|
|
|
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|
|
|
|
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2013 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
716,982 |
|
|
$ |
1,773,088 |
|
|
$ |
2,490,070 |
|
|
$ |
3,988,477 |
|
|
$ |
6,478,547 |
|
Long-lived assets |
|
$ |
76,607 |
|
|
$ |
116,859 |
|
|
$ |
193,466 |
|
|
$ |
513,334 |
|
|
$ |
706,800 |
|
|