| 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 nine months ended September 30, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Ticketing |
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Three Months Ended September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,991,909 |
|
|
$ |
426,177 |
|
|
$ |
136,675 |
|
|
$ |
126,576 |
|
|
$ |
793 |
|
|
$ |
— |
|
|
$ |
(59,213 |
) |
|
$ |
2,622,917 |
|
Direct operating expenses |
1,722,880 |
|
|
210,022 |
|
|
83,171 |
|
|
16,978 |
|
|
— |
|
|
— |
|
|
(58,729 |
) |
|
1,974,322 |
|
Selling, general and administrative expenses |
185,729 |
|
|
119,842 |
|
|
41,814 |
|
|
14,190 |
|
|
400 |
|
|
— |
|
|
— |
|
|
361,975 |
|
Depreciation and amortization |
36,075 |
|
|
46,533 |
|
|
13,152 |
|
|
2,525 |
|
|
12 |
|
|
1,241 |
|
|
(484 |
) |
|
99,054 |
|
Loss (gain) on disposal of operating assets |
250 |
|
|
188 |
|
|
187 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
625 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,988 |
|
|
— |
|
|
29,988 |
|
Acquisition transaction expenses |
2,334 |
|
|
587 |
|
|
324 |
|
|
— |
|
|
— |
|
|
198 |
|
|
— |
|
|
3,443 |
|
Operating income (loss) |
$ |
44,641 |
|
|
$ |
49,005 |
|
|
$ |
(1,973 |
) |
|
$ |
92,883 |
|
|
$ |
381 |
|
|
$ |
(31,427 |
) |
|
$ |
— |
|
|
$ |
153,510 |
|
Intersegment revenue |
$ |
52,522 |
|
|
$ |
690 |
|
|
$ |
6,001 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(59,213 |
) |
|
$ |
— |
|
Three Months Ended September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,925,462 |
|
|
$ |
386,131 |
|
|
$ |
130,935 |
|
|
$ |
114,614 |
|
|
$ |
792 |
|
|
$ |
— |
|
|
$ |
(55,926 |
) |
|
$ |
2,502,008 |
|
Direct operating expenses |
1,658,028 |
|
|
187,548 |
|
|
75,642 |
|
|
13,534 |
|
|
(2,473 |
) |
|
— |
|
|
(55,760 |
) |
|
1,876,519 |
|
Selling, general and administrative expenses |
186,415 |
|
|
113,483 |
|
|
35,400 |
|
|
13,098 |
|
|
1,280 |
|
|
— |
|
|
— |
|
|
349,676 |
|
Depreciation and amortization |
30,155 |
|
|
55,521 |
|
|
10,498 |
|
|
1,264 |
|
|
11 |
|
|
642 |
|
|
(166 |
) |
|
97,925 |
|
Loss (gain) on disposal of operating assets |
(112 |
) |
|
(1,584 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,696 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26,647 |
|
|
— |
|
|
26,647 |
|
Acquisition transaction expenses |
1,109 |
|
|
695 |
|
|
247 |
|
|
— |
|
|
— |
|
|
282 |
|
|
— |
|
|
2,333 |
|
Operating income (loss) |
$ |
49,867 |
|
|
$ |
30,468 |
|
|
$ |
9,148 |
|
|
$ |
86,718 |
|
|
$ |
1,974 |
|
|
$ |
(27,571 |
) |
|
$ |
— |
|
|
$ |
150,604 |
|
Intersegment revenue |
$ |
48,737 |
|
|
$ |
690 |
|
|
$ |
6,499 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(55,926 |
) |
|
$ |
— |
|
Nine Months Ended September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,883,525 |
|
|
$ |
1,162,004 |
|
|
$ |
302,455 |
|
|
$ |
259,744 |
|
|
$ |
2,377 |
|
|
$ |
— |
|
|
$ |
(101,099 |
) |
|
$ |
5,509,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Ticketing |
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Direct operating expenses |
3,284,359 |
|
|
566,759 |
|
|
183,807 |
|
|
38,323 |
|
|
1,068 |
|
|
— |
|
|
(99,606 |
) |
|
3,974,710 |
|
Selling, general and administrative expenses |
494,067 |
|
|
348,996 |
|
|
117,506 |
|
|
41,140 |
|
|
1,650 |
|
|
— |
|
|
— |
|
|
1,003,359 |
|
Depreciation and amortization |
105,289 |
|
|
125,390 |
|
|
33,943 |
|
|
6,738 |
|
|
36 |
|
|
2,263 |
|
|
(1,493 |
) |
|
272,166 |
|
Loss (gain) on disposal of operating assets |
421 |
|
|
9 |
|
|
187 |
|
|
— |
|
|
— |
|
|
(29 |
) |
|
— |
|
|
588 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
80,690 |
|
|
— |
|
|
80,690 |
|
Acquisition transaction expenses |
3,109 |
|
|
1,020 |
|
|
1,434 |
|
|
— |
|
|
— |
|
|
110 |
|
|
— |
|
|
5,673 |
|
Operating income (loss) |
$ |
(3,720 |
) |
|
$ |
119,830 |
|
|
$ |
(34,422 |
) |
|
$ |
173,543 |
|
|
$ |
(377 |
) |
|
$ |
(83,034 |
) |
|
$ |
— |
|
|
$ |
171,820 |
|
Intersegment revenue |
$ |
91,834 |
|
|
$ |
1,150 |
|
|
$ |
8,115 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(101,099 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
27,055 |
|
|
$ |
60,413 |
|
|
$ |
1,538 |
|
|
$ |
4,138 |
|
|
$ |
(13 |
) |
|
$ |
1,715 |
|
|
$ |
— |
|
|
$ |
94,846 |
|
Nine Months Ended September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,760,118 |
|
|
$ |
1,111,592 |
|
|
$ |
282,653 |
|
|
$ |
230,905 |
|
|
$ |
2,377 |
|
|
$ |
— |
|
|
$ |
(92,536 |
) |
|
$ |
5,295,109 |
|
Direct operating expenses |
3,145,174 |
|
|
543,408 |
|
|
164,960 |
|
|
31,593 |
|
|
(1,792 |
) |
|
— |
|
|
(90,977 |
) |
|
3,792,366 |
|
Selling, general and administrative expenses |
503,221 |
|
|
339,385 |
|
|
95,222 |
|
|
37,263 |
|
|
2,915 |
|
|
— |
|
|
— |
|
|
978,006 |
|
Depreciation and amortization |
84,864 |
|
|
142,472 |
|
|
25,934 |
|
|
3,207 |
|
|
31 |
|
|
1,783 |
|
|
(1,559 |
) |
|
256,732 |
|
Loss (gain) on disposal of operating assets |
(3,347 |
) |
|
(1,701 |
) |
|
34 |
|
|
— |
|
|
— |
|
|
37 |
|
|
— |
|
|
(4,977 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
73,538 |
|
|
— |
|
|
73,538 |
|
Acquisition transaction expenses |
1,892 |
|
|
758 |
|
|
435 |
|
|
— |
|
|
— |
|
|
2,377 |
|
|
— |
|
|
5,462 |
|
Operating income (loss) |
$ |
28,314 |
|
|
$ |
87,270 |
|
|
$ |
(3,932 |
) |
|
$ |
158,842 |
|
|
$ |
1,223 |
|
|
$ |
(77,735 |
) |
|
$ |
— |
|
|
$ |
193,982 |
|
Intersegment revenue |
$ |
81,771 |
|
|
$ |
1,150 |
|
|
$ |
9,615 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(92,536 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
24,647 |
|
|
$ |
59,791 |
|
|
$ |
1,503 |
|
|
$ |
579 |
|
|
$ |
6 |
|
|
$ |
5,464 |
|
|
$ |
— |
|
|
$ |
91,990 |
|
|