| 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, 2013, 2012 and 2011:
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Concerts |
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Ticketing |
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Artist
Nation |
|
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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2013 |
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|
|
|
|
|
|
|
Revenue |
$ |
4,517,191 |
|
|
$ |
1,407,817 |
|
|
$ |
352,947 |
|
|
$ |
284,692 |
|
|
$ |
3,164 |
|
|
$ |
— |
|
|
$ |
(87,264 |
) |
|
$ |
6,478,547 |
|
Direct operating expenses |
3,829,991 |
|
|
672,221 |
|
|
218,113 |
|
|
45,021 |
|
|
380 |
|
|
— |
|
|
(85,219 |
) |
|
4,680,507 |
|
Selling, general and administrative expenses |
632,614 |
|
|
442,788 |
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|
103,304 |
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|
45,618 |
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|
2,568 |
|
|
— |
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|
— |
|
|
1,226,892 |
|
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 |
|
|
2,611 |
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|
(2,045 |
) |
|
368,923 |
|
(Gain) loss on disposal of operating assets |
(38,927 |
) |
|
(4 |
) |
|
665 |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
(38,259 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
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|
94,385 |
|
|
— |
|
|
94,385 |
|
Acquisition transaction expenses |
723 |
|
|
245 |
|
|
3 |
|
|
64 |
|
|
— |
|
|
5,404 |
|
|
— |
|
|
6,439 |
|
Operating income (loss) |
$ |
(39,596 |
) |
|
$ |
101,766 |
|
|
$ |
(11,751 |
) |
|
$ |
191,638 |
|
|
$ |
3 |
|
|
$ |
(102,400 |
) |
|
$ |
— |
|
|
$ |
139,660 |
|
Intersegment revenue |
$ |
77,050 |
|
|
$ |
2,295 |
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|
$ |
7,919 |
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|
$ |
— |
|
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$ |
— |
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|
$ |
— |
|
|
$ |
(87,264 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
23,526 |
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|
$ |
89,539 |
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|
$ |
1,497 |
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|
$ |
1,424 |
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|
$ |
— |
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|
$ |
391 |
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$ |
— |
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$ |
116,377 |
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2012 |
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Revenue |
$ |
3,870,371 |
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|
$ |
1,374,049 |
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|
$ |
399,940 |
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|
$ |
247,921 |
|
|
$ |
2,997 |
|
|
$ |
— |
|
|
$ |
(76,231 |
) |
|
$ |
5,819,047 |
|
Direct operating expenses |
3,274,951 |
|
|
651,055 |
|
|
263,896 |
|
|
34,738 |
|
|
816 |
|
|
— |
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|
(74,179 |
) |
|
4,151,277 |
|
Selling, general and administrative expenses |
569,570 |
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|
434,310 |
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|
99,786 |
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|
38,198 |
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|
1,768 |
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|
— |
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|
— |
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|
1,143,632 |
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Concerts |
|
Ticketing |
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
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(in thousands) |
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Depreciation and amortization |
145,552 |
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|
165,947 |
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|
115,696 |
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|
1,187 |
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|
398 |
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|
2,829 |
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|
(2,052 |
) |
|
429,557 |
|
(Gain) loss on disposal of operating assets |
(453 |
) |
|
(225 |
) |
|
(42 |
) |
|
— |
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|
206 |
|
|
— |
|
|
— |
|
|
(514 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
113,364 |
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|
— |
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|
113,364 |
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Acquisition transaction expenses |
847 |
|
|
153 |
|
|
1,163 |
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|
— |
|
|
— |
|
|
1,207 |
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|
— |
|
|
3,370 |
|
Operating income (loss) |
$ |
(120,096 |
) |
|
$ |
122,809 |
|
|
$ |
(80,559 |
) |
|
$ |
173,798 |
|
|
$ |
(191 |
) |
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$ |
(117,400 |
) |
|
$ |
— |
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|
$ |
(21,639 |
) |
Intersegment revenue |
$ |
65,559 |
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|
$ |
2,771 |
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$ |
7,901 |
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$ |
— |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
(76,231 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
24,149 |
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|
$ |
92,072 |
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|
$ |
601 |
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|
$ |
5,147 |
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$ |
4 |
|
|
$ |
1,244 |
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$ |
— |
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$ |
123,217 |
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2011 |
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Revenue |
$ |
3,506,188 |
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$ |
1,319,343 |
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$ |
393,129 |
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$ |
230,791 |
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$ |
3,487 |
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|
$ |
— |
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$ |
(68,940 |
) |
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$ |
5,383,998 |
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Direct operating expenses |
2,946,410 |
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|
618,382 |
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|
260,884 |
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|
33,682 |
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|
(1,839 |
) |
|
— |
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(68,031 |
) |
|
3,789,488 |
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Selling, general and administrative expenses |
535,500 |
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|
428,364 |
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|
113,199 |
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|
32,787 |
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|
2,119 |
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|
— |
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|
— |
|
|
1,111,969 |
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Depreciation and amortization |
132,441 |
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|
158,071 |
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|
50,412 |
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|
483 |
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|
54 |
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|
2,466 |
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|
(909 |
) |
|
343,018 |
|
(Gain) loss on disposal of operating assets |
(880 |
) |
|
(96 |
) |
|
1,264 |
|
|
— |
|
|
689 |
|
|
1 |
|
|
— |
|
|
978 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
112,157 |
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|
— |
|
|
112,157 |
|
Acquisition transaction expenses |
(2,286 |
) |
|
1,314 |
|
|
(7,758 |
) |
|
— |
|
|
— |
|
|
16,781 |
|
|
— |
|
|
8,051 |
|
Operating income (loss) |
$ |
(104,997 |
) |
|
$ |
113,308 |
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|
$ |
(24,872 |
) |
|
$ |
163,839 |
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$ |
2,464 |
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$ |
(131,405 |
) |
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$ |
— |
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$ |
18,337 |
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Intersegment revenue |
$ |
58,866 |
|
|
$ |
1,452 |
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$ |
8,622 |
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$ |
— |
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$ |
— |
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|
$ |
— |
|
|
$ |
(68,940 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
21,436 |
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$ |
78,122 |
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|
$ |
4,916 |
|
|
$ |
4,094 |
|
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$ |
— |
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|
$ |
3,476 |
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$ |
— |
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|
$ |
112,044 |
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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 |
|
Other Foreign Operations |
|
Total Foreign Operations |
|
Total Domestic Operations |
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Consolidated Total |
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(in thousands) |
2013 |
|
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|
|
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Revenue |
|
$ |
729,316 |
|
|
$ |
1,786,445 |
|
|
$ |
2,515,761 |
|
|
$ |
3,962,786 |
|
|
$ |
6,478,547 |
|
Long-lived assets |
|
$ |
76,607 |
|
|
$ |
116,859 |
|
|
$ |
193,466 |
|
|
$ |
513,334 |
|
|
$ |
706,800 |
|
|
|
|
|
|
|
|
|
|
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|
2012 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
711,989 |
|
|
$ |
1,368,768 |
|
|
$ |
2,080,757 |
|
|
$ |
3,738,290 |
|
|
$ |
5,819,047 |
|
Long-lived assets |
|
$ |
87,790 |
|
|
$ |
102,706 |
|
|
$ |
190,496 |
|
|
$ |
531,290 |
|
|
$ |
721,786 |
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
686,982 |
|
|
$ |
1,387,295 |
|
|
$ |
2,074,277 |
|
|
$ |
3,309,721 |
|
|
$ |
5,383,998 |
|
Long-lived assets |
|
$ |
85,614 |
|
|
$ |
99,459 |
|
|
$ |
185,073 |
|
|
$ |
535,063 |
|
|
$ |
720,136 |
|
|