| 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, 2014, 2013 and 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Ticketing |
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,726,877 |
|
|
$ |
1,557,254 |
|
|
$ |
389,437 |
|
|
$ |
300,279 |
|
|
$ |
3,171 |
|
|
$ |
— |
|
|
$ |
(110,054 |
) |
|
$ |
6,866,964 |
|
Direct operating expenses |
4,016,540 |
|
|
763,280 |
|
|
212,302 |
|
|
37,973 |
|
|
(2,174 |
) |
|
— |
|
|
(107,952 |
) |
|
4,919,969 |
|
Selling, general and administrative expenses |
666,475 |
|
|
471,982 |
|
|
138,066 |
|
|
50,292 |
|
|
3,345 |
|
|
— |
|
|
— |
|
|
1,330,160 |
|
Depreciation and amortization |
115,088 |
|
|
204,901 |
|
|
43,343 |
|
|
4,281 |
|
|
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 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
101,000 |
|
|
— |
|
|
101,000 |
|
Acquisition transaction expenses |
5,171 |
|
|
1,381 |
|
|
566 |
|
|
— |
|
|
38 |
|
|
2,905 |
|
|
— |
|
|
10,061 |
|
Operating income (loss) |
$ |
(190,456 |
) |
|
$ |
117,293 |
|
|
$ |
(22,822 |
) |
|
$ |
207,733 |
|
|
$ |
1,951 |
|
|
$ |
(106,535 |
) |
|
$ |
— |
|
|
$ |
7,164 |
|
Intersegment revenue |
$ |
97,642 |
|
|
$ |
1,150 |
|
|
$ |
11,262 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(110,054 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
35,006 |
|
|
$ |
89,990 |
|
|
$ |
1,892 |
|
|
$ |
1,834 |
|
|
$ |
6 |
|
|
$ |
9,490 |
|
|
$ |
— |
|
|
$ |
138,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Ticketing |
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
103,304 |
|
|
45,618 |
|
|
2,568 |
|
|
— |
|
|
— |
|
|
1,226,892 |
|
Depreciation and amortization |
132,386 |
|
|
190,801 |
|
|
42,613 |
|
|
2,351 |
|
|
206 |
|
|
2,611 |
|
|
(2,045 |
) |
|
368,923 |
|
Loss (gain) on disposal of operating assets |
(38,927 |
) |
|
(4 |
) |
|
665 |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
(38,259 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
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 |
|
|
$ |
7,919 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(87,264 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
45,925 |
|
|
$ |
90,132 |
|
|
$ |
2,255 |
|
|
$ |
1,424 |
|
|
$ |
— |
|
|
$ |
1,303 |
|
|
$ |
— |
|
|
$ |
141,039 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,870,371 |
|
|
$ |
1,374,049 |
|
|
$ |
399,940 |
|
|
$ |
247,921 |
|
|
$ |
2,997 |
|
|
$ |
— |
|
|
$ |
(76,231 |
) |
|
$ |
5,819,047 |
|
Direct operating expenses |
3,274,951 |
|
|
651,055 |
|
|
263,896 |
|
|
34,738 |
|
|
816 |
|
|
— |
|
|
(74,179 |
) |
|
4,151,277 |
|
Selling, general and administrative expenses |
569,570 |
|
|
434,310 |
|
|
99,786 |
|
|
38,198 |
|
|
1,768 |
|
|
— |
|
|
— |
|
|
1,143,632 |
|
Depreciation and amortization |
145,552 |
|
|
165,947 |
|
|
115,696 |
|
|
1,187 |
|
|
398 |
|
|
2,829 |
|
|
(2,052 |
) |
|
429,557 |
|
Loss (gain) on disposal of operating assets |
(453 |
) |
|
(225 |
) |
|
(42 |
) |
|
— |
|
|
206 |
|
|
— |
|
|
— |
|
|
(514 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
113,364 |
|
|
— |
|
|
113,364 |
|
Acquisition transaction expenses |
847 |
|
|
153 |
|
|
1,163 |
|
|
— |
|
|
— |
|
|
1,207 |
|
|
— |
|
|
3,370 |
|
Operating income (loss) |
$ |
(120,096 |
) |
|
$ |
122,809 |
|
|
$ |
(80,559 |
) |
|
$ |
173,798 |
|
|
$ |
(191 |
) |
|
$ |
(117,400 |
) |
|
$ |
— |
|
|
$ |
(21,639 |
) |
Intersegment revenue |
$ |
65,559 |
|
|
$ |
2,771 |
|
|
$ |
7,901 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(76,231 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
24,634 |
|
|
$ |
92,651 |
|
|
$ |
601 |
|
|
$ |
5,147 |
|
|
$ |
4 |
|
|
$ |
1,336 |
|
|
$ |
— |
|
|
$ |
124,373 |
|
|
| 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) |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
691,849 |
|
|
$ |
1,349,912 |
|
|
$ |
2,041,761 |
|
|
$ |
3,777,286 |
|
|
$ |
5,819,047 |
|
Long-lived assets |
|
$ |
87,790 |
|
|
$ |
102,706 |
|
|
$ |
190,496 |
|
|
$ |
531,290 |
|
|
$ |
721,786 |
|
|