| 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, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Artist
Nation |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Three Months Ended June 30, 2016 |
|
|
|
|
|
|
|
|
Revenue |
$ |
1,597,756 |
|
|
$ |
95,200 |
|
|
$ |
443,348 |
|
|
$ |
86,720 |
|
|
$ |
1,506 |
|
|
$ |
— |
|
|
$ |
(45,272 |
) |
|
$ |
2,179,258 |
|
Direct operating expenses |
1,350,297 |
|
|
15,687 |
|
|
235,546 |
|
|
48,875 |
|
|
— |
|
|
— |
|
|
(44,717 |
) |
|
1,605,688 |
|
Selling, general and administrative expenses |
193,357 |
|
|
16,004 |
|
|
121,067 |
|
|
39,618 |
|
|
4,780 |
|
|
— |
|
|
— |
|
|
374,826 |
|
Depreciation and amortization |
35,673 |
|
|
4,423 |
|
|
39,927 |
|
|
14,224 |
|
|
880 |
|
|
852 |
|
|
(555 |
) |
|
95,424 |
|
Loss (gain) on disposal of operating assets |
(324 |
) |
|
— |
|
|
31 |
|
|
(45 |
) |
|
— |
|
|
59 |
|
|
— |
|
|
(279 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,440 |
|
|
— |
|
|
29,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Artist
Nation |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Operating income (loss) |
$ |
18,753 |
|
|
$ |
59,086 |
|
|
$ |
46,777 |
|
|
$ |
(15,952 |
) |
|
$ |
(4,154 |
) |
|
$ |
(30,351 |
) |
|
$ |
— |
|
|
$ |
74,159 |
|
Intersegment revenue |
$ |
43,070 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,202 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(45,272 |
) |
|
$ |
— |
|
Three Months Ended June 30, 2015 |
|
|
|
|
|
|
|
|
Revenue |
$ |
1,268,382 |
|
|
$ |
81,071 |
|
|
$ |
360,197 |
|
|
$ |
87,835 |
|
|
$ |
791 |
|
|
$ |
— |
|
|
$ |
(32,499 |
) |
|
$ |
1,765,777 |
|
Direct operating expenses |
1,075,507 |
|
|
10,717 |
|
|
171,045 |
|
|
53,806 |
|
|
— |
|
|
— |
|
|
(31,976 |
) |
|
1,279,099 |
|
Selling, general and administrative expenses |
158,689 |
|
|
13,856 |
|
|
117,027 |
|
|
39,582 |
|
|
416 |
|
|
— |
|
|
— |
|
|
329,570 |
|
Depreciation and amortization |
40,033 |
|
|
2,225 |
|
|
35,561 |
|
|
10,756 |
|
|
13 |
|
|
506 |
|
|
(523 |
) |
|
88,571 |
|
Loss (gain) on disposal of operating assets |
(55 |
) |
|
— |
|
|
(30 |
) |
|
— |
|
|
— |
|
|
9 |
|
|
— |
|
|
(76 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26,368 |
|
|
— |
|
|
26,368 |
|
Operating income (loss) |
$ |
(5,792 |
) |
|
$ |
54,273 |
|
|
$ |
36,594 |
|
|
$ |
(16,309 |
) |
|
$ |
362 |
|
|
$ |
(26,883 |
) |
|
$ |
— |
|
|
$ |
42,245 |
|
Intersegment revenue |
$ |
30,572 |
|
|
$ |
— |
|
|
$ |
460 |
|
|
$ |
1,467 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(32,499 |
) |
|
$ |
— |
|
Six Months Ended June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,278,834 |
|
|
$ |
152,836 |
|
|
$ |
849,134 |
|
|
$ |
161,785 |
|
|
$ |
2,347 |
|
|
$ |
— |
|
|
$ |
(57,962 |
) |
|
$ |
3,386,974 |
|
Direct operating expenses |
1,887,431 |
|
|
29,201 |
|
|
442,011 |
|
|
88,086 |
|
|
— |
|
|
— |
|
|
(56,838 |
) |
|
2,389,891 |
|
Selling, general and administrative expenses |
354,997 |
|
|
29,873 |
|
|
239,329 |
|
|
80,458 |
|
|
7,383 |
|
|
— |
|
|
— |
|
|
712,040 |
|
Depreciation and amortization |
67,120 |
|
|
9,329 |
|
|
85,676 |
|
|
26,704 |
|
|
900 |
|
|
1,774 |
|
|
(1,124 |
) |
|
190,379 |
|
Loss (gain) on disposal of operating assets |
(358 |
) |
|
— |
|
|
31 |
|
|
(45 |
) |
|
— |
|
|
118 |
|
|
— |
|
|
(254 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
54,049 |
|
|
— |
|
|
54,049 |
|
Operating income (loss) |
$ |
(30,356 |
) |
|
$ |
84,433 |
|
|
$ |
82,087 |
|
|
$ |
(33,418 |
) |
|
$ |
(5,936 |
) |
|
$ |
(55,941 |
) |
|
$ |
— |
|
|
$ |
40,869 |
|
Intersegment revenue |
$ |
54,517 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,445 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(57,962 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
29,958 |
|
|
$ |
962 |
|
|
$ |
40,892 |
|
|
$ |
789 |
|
|
$ |
460 |
|
|
$ |
4,133 |
|
|
$ |
— |
|
|
$ |
77,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Artist
Nation |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Six Months Ended June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,891,616 |
|
|
$ |
133,168 |
|
|
$ |
735,827 |
|
|
$ |
165,780 |
|
|
$ |
1,584 |
|
|
$ |
— |
|
|
$ |
(41,886 |
) |
|
$ |
2,886,089 |
|
Direct operating expenses |
1,561,479 |
|
|
21,345 |
|
|
356,737 |
|
|
100,636 |
|
|
1,068 |
|
|
— |
|
|
(40,877 |
) |
|
2,000,388 |
|
Selling, general and administrative expenses |
309,113 |
|
|
26,950 |
|
|
229,587 |
|
|
76,802 |
|
|
1,250 |
|
|
— |
|
|
— |
|
|
643,702 |
|
Depreciation and amortization |
69,214 |
|
|
4,213 |
|
|
78,857 |
|
|
20,791 |
|
|
24 |
|
|
1,022 |
|
|
(1,009 |
) |
|
173,112 |
|
Loss (gain) on disposal of operating assets |
171 |
|
|
— |
|
|
(179 |
) |
|
— |
|
|
— |
|
|
(29 |
) |
|
— |
|
|
(37 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50,614 |
|
|
— |
|
|
50,614 |
|
Operating income (loss) |
$ |
(48,361 |
) |
|
$ |
80,660 |
|
|
$ |
70,825 |
|
|
$ |
(32,449 |
) |
|
$ |
(758 |
) |
|
$ |
(51,607 |
) |
|
$ |
— |
|
|
$ |
18,310 |
|
Intersegment revenue |
$ |
39,311 |
|
|
$ |
— |
|
|
$ |
460 |
|
|
$ |
2,115 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(41,886 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
18,867 |
|
|
$ |
1,721 |
|
|
$ |
42,117 |
|
|
$ |
868 |
|
|
$ |
— |
|
|
$ |
438 |
|
|
$ |
— |
|
|
$ |
64,011 |
|
|