| 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 three and six months ended June 30, 2015 and 2014:
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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 |
|
Consolidated |
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(in thousands) |
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Three Months Ended June 30, 2015 |
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Revenue |
$ |
1,268,382 |
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|
$ |
360,197 |
|
|
$ |
87,835 |
|
|
$ |
81,071 |
|
|
$ |
791 |
|
|
$ |
— |
|
|
$ |
(32,499 |
) |
|
$ |
1,765,777 |
|
Direct operating expenses |
1,075,507 |
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|
171,045 |
|
|
53,806 |
|
|
10,717 |
|
|
— |
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|
— |
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|
(31,976 |
) |
|
1,279,099 |
|
Selling, general and administrative expenses |
157,348 |
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|
116,741 |
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|
38,478 |
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|
13,856 |
|
|
416 |
|
|
— |
|
|
— |
|
|
326,839 |
|
Depreciation and amortization |
40,033 |
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|
35,561 |
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|
10,756 |
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|
2,225 |
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|
13 |
|
|
506 |
|
|
(523 |
) |
|
88,571 |
|
Loss (gain) on disposal of operating assets |
(55 |
) |
|
(30 |
) |
|
— |
|
|
— |
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|
— |
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9 |
|
|
— |
|
|
(76 |
) |
Corporate expenses |
— |
|
|
— |
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|
— |
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|
— |
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|
— |
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|
26,342 |
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|
— |
|
|
26,342 |
|
Acquisition transaction expenses |
1,341 |
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|
286 |
|
|
1,104 |
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|
— |
|
|
— |
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|
26 |
|
|
— |
|
|
2,757 |
|
Operating income (loss) |
$ |
(5,792 |
) |
|
$ |
36,594 |
|
|
$ |
(16,309 |
) |
|
$ |
54,273 |
|
|
$ |
362 |
|
|
$ |
(26,883 |
) |
|
$ |
— |
|
|
$ |
42,245 |
|
Intersegment revenue |
$ |
30,572 |
|
|
$ |
460 |
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$ |
1,467 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
(32,499 |
) |
|
$ |
— |
|
Three Months Ended June 30, 2014 |
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Revenue |
$ |
1,172,166 |
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|
$ |
371,000 |
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|
$ |
79,162 |
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|
$ |
70,903 |
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|
$ |
839 |
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|
$ |
— |
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|
$ |
(28,285 |
) |
|
$ |
1,665,785 |
|
Direct operating expenses |
969,991 |
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|
183,269 |
|
|
47,242 |
|
|
9,995 |
|
|
1,590 |
|
|
— |
|
|
(27,391 |
) |
|
1,184,696 |
|
Selling, general and administrative expenses |
166,890 |
|
|
111,882 |
|
|
34,029 |
|
|
12,244 |
|
|
880 |
|
|
— |
|
|
— |
|
|
325,925 |
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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 |
26,189 |
|
|
40,968 |
|
|
7,665 |
|
|
1,739 |
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|
10 |
|
|
542 |
|
|
(894 |
) |
|
76,219 |
|
Loss (gain) on disposal of operating assets |
(3,745 |
) |
|
(43 |
) |
|
1 |
|
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
(3,787 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
25,717 |
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|
— |
|
|
25,717 |
|
Acquisition transaction expenses |
456 |
|
|
58 |
|
|
(265 |
) |
|
— |
|
|
|
|
|
1,080 |
|
|
— |
|
|
1,329 |
|
Operating income (loss) |
$ |
12,385 |
|
|
$ |
34,866 |
|
|
$ |
(9,510 |
) |
|
$ |
46,925 |
|
|
$ |
(1,641 |
) |
|
$ |
(27,339 |
) |
|
$ |
— |
|
|
$ |
55,686 |
|
Intersegment revenue |
$ |
25,604 |
|
|
$ |
187 |
|
|
$ |
2,494 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(28,285 |
) |
|
$ |
— |
|
Six Months Ended June 30, 2015 |
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Revenue |
$ |
1,891,616 |
|
|
$ |
735,827 |
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$ |
165,780 |
|
|
$ |
133,168 |
|
|
$ |
1,584 |
|
|
$ |
— |
|
|
$ |
(41,886 |
) |
|
$ |
2,886,089 |
|
Direct operating expenses |
1,561,479 |
|
|
356,737 |
|
|
100,636 |
|
|
21,345 |
|
|
1,068 |
|
|
— |
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|
(40,877 |
) |
|
2,000,388 |
|
Selling, general and administrative expenses |
308,338 |
|
|
229,154 |
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|
75,692 |
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|
26,950 |
|
|
1,250 |
|
|
— |
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|
— |
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|
641,384 |
|
Depreciation and amortization |
69,214 |
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|
78,857 |
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|
20,791 |
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|
4,213 |
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24 |
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|
1,022 |
|
|
(1,009 |
) |
|
173,112 |
|
Loss (gain) on disposal of operating assets |
171 |
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|
(179 |
) |
|
— |
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|
— |
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|
— |
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(29 |
) |
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— |
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|
(37 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50,702 |
|
|
— |
|
|
50,702 |
|
Acquisition transaction expenses |
775 |
|
|
433 |
|
|
1,110 |
|
|
— |
|
|
— |
|
|
(88 |
) |
|
— |
|
|
2,230 |
|
Operating income (loss) |
$ |
(48,361 |
) |
|
$ |
70,825 |
|
|
$ |
(32,449 |
) |
|
$ |
80,660 |
|
|
$ |
(758 |
) |
|
$ |
(51,607 |
) |
|
$ |
— |
|
|
$ |
18,310 |
|
Intersegment revenue |
$ |
39,311 |
|
|
$ |
460 |
|
|
$ |
2,115 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(41,886 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
18,880 |
|
|
$ |
42,117 |
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|
$ |
868 |
|
|
$ |
1,721 |
|
|
$ |
(13 |
) |
|
$ |
438 |
|
|
$ |
— |
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|
$ |
64,011 |
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|
Concerts |
|
Ticketing |
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
(in thousands) |
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Six Months Ended June 30, 2014 |
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Revenue |
$ |
1,834,656 |
|
|
$ |
725,461 |
|
|
$ |
151,718 |
|
|
$ |
116,291 |
|
|
$ |
1,585 |
|
|
$ |
— |
|
|
$ |
(36,610 |
) |
|
$ |
2,793,101 |
|
Direct operating expenses |
1,487,146 |
|
|
355,860 |
|
|
89,318 |
|
|
18,059 |
|
|
681 |
|
|
— |
|
|
(35,217 |
) |
|
1,915,847 |
|
Selling, general and administrative expenses |
316,806 |
|
|
225,902 |
|
|
59,822 |
|
|
24,165 |
|
|
1,635 |
|
|
— |
|
|
— |
|
|
628,330 |
|
Depreciation and amortization |
54,709 |
|
|
86,951 |
|
|
15,436 |
|
|
1,943 |
|
|
20 |
|
|
1,141 |
|
|
(1,393 |
) |
|
158,807 |
|
Loss (gain) on disposal of operating assets |
(3,235 |
) |
|
(117 |
) |
|
34 |
|
|
— |
|
|
— |
|
|
37 |
|
|
— |
|
|
(3,281 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
46,891 |
|
|
— |
|
|
46,891 |
|
Acquisition transaction expenses |
783 |
|
|
63 |
|
|
188 |
|
|
— |
|
|
— |
|
|
2,095 |
|
|
— |
|
|
3,129 |
|
Operating income (loss) |
$ |
(21,553 |
) |
|
$ |
56,802 |
|
|
$ |
(13,080 |
) |
|
$ |
72,124 |
|
|
$ |
(751 |
) |
|
$ |
(50,164 |
) |
|
$ |
— |
|
|
$ |
43,378 |
|
Intersegment revenue |
$ |
33,034 |
|
|
$ |
460 |
|
|
$ |
3,116 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(36,610 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
18,306 |
|
|
$ |
37,438 |
|
|
$ |
943 |
|
|
$ |
449 |
|
|
$ |
— |
|
|
$ |
5,271 |
|
|
$ |
— |
|
|
$ |
62,407 |
|
|