| 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, 2016 and 2015:
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Concerts |
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Sponsorship
& Advertising |
|
Ticketing |
|
Artist
Nation |
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Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Three Months Ended September 30, 2016 |
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Revenue |
$ |
2,497,136 |
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|
$ |
136,087 |
|
|
$ |
456,443 |
|
|
$ |
150,823 |
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|
$ |
2,138 |
|
|
$ |
— |
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|
$ |
(72,211 |
) |
|
$ |
3,170,416 |
|
Direct operating expenses |
2,160,233 |
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|
15,510 |
|
|
231,979 |
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|
91,550 |
|
|
149 |
|
|
— |
|
|
(71,418 |
) |
|
2,428,003 |
|
Selling, general and administrative expenses |
216,255 |
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|
20,667 |
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|
124,007 |
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|
49,383 |
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|
4,100 |
|
|
— |
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|
— |
|
|
414,412 |
|
Depreciation and amortization |
34,002 |
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|
4,448 |
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|
47,113 |
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|
18,187 |
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|
1,153 |
|
|
752 |
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(793 |
) |
|
104,862 |
|
Loss (gain) on disposal of operating assets |
176 |
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|
— |
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|
13 |
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|
65 |
|
|
— |
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|
(1 |
) |
|
— |
|
|
253 |
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Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Artist
Nation |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
31,600 |
|
|
— |
|
|
31,600 |
|
Operating income (loss) |
$ |
86,470 |
|
|
$ |
95,462 |
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|
$ |
53,331 |
|
|
$ |
(8,362 |
) |
|
$ |
(3,264 |
) |
|
$ |
(32,351 |
) |
|
$ |
— |
|
|
$ |
191,286 |
|
Intersegment revenue |
$ |
66,139 |
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$ |
— |
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$ |
4,415 |
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|
$ |
1,657 |
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$ |
— |
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$ |
— |
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|
$ |
(72,211 |
) |
|
$ |
— |
|
Three Months Ended September 30, 2015 |
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Revenue |
$ |
1,991,909 |
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$ |
126,576 |
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|
$ |
426,177 |
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|
$ |
136,675 |
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$ |
793 |
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|
$ |
— |
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|
$ |
(59,213 |
) |
|
$ |
2,622,917 |
|
Direct operating expenses |
1,722,880 |
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|
16,978 |
|
|
210,022 |
|
|
83,171 |
|
|
— |
|
|
— |
|
|
(58,729 |
) |
|
1,974,322 |
|
Selling, general and administrative expenses |
188,063 |
|
|
14,190 |
|
|
120,429 |
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|
42,138 |
|
|
400 |
|
|
— |
|
|
— |
|
|
365,220 |
|
Depreciation and amortization |
36,075 |
|
|
2,525 |
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|
46,533 |
|
|
13,152 |
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|
12 |
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|
1,241 |
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(484 |
) |
|
99,054 |
|
Loss (gain) on disposal of operating assets |
250 |
|
|
— |
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|
188 |
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|
187 |
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|
— |
|
|
— |
|
|
— |
|
|
625 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
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|
— |
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|
30,186 |
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|
— |
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|
30,186 |
|
Operating income (loss) |
$ |
44,641 |
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|
$ |
92,883 |
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|
$ |
49,005 |
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|
$ |
(1,973 |
) |
|
$ |
381 |
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|
$ |
(31,427 |
) |
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$ |
— |
|
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$ |
153,510 |
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Intersegment revenue |
$ |
50,635 |
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$ |
— |
|
|
$ |
7,921 |
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$ |
657 |
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$ |
— |
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|
$ |
— |
|
|
$ |
(59,213 |
) |
|
$ |
— |
|
Nine Months Ended September 30, 2016 |
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Revenue |
$ |
4,775,970 |
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|
$ |
288,923 |
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|
$ |
1,305,577 |
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$ |
312,608 |
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|
$ |
4,485 |
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|
$ |
— |
|
|
$ |
(130,173 |
) |
|
$ |
6,557,390 |
|
Direct operating expenses |
4,047,664 |
|
|
44,711 |
|
|
673,990 |
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|
179,636 |
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|
149 |
|
|
— |
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(128,256 |
) |
|
4,817,894 |
|
Selling, general and administrative expenses |
571,252 |
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|
50,540 |
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|
363,336 |
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|
129,841 |
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|
11,483 |
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|
— |
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|
— |
|
|
1,126,452 |
|
Depreciation and amortization |
101,122 |
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|
13,777 |
|
|
132,789 |
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|
44,891 |
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|
2,053 |
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|
2,526 |
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|
(1,917 |
) |
|
295,241 |
|
Loss (gain) on disposal of operating assets |
(182 |
) |
|
— |
|
|
44 |
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|
20 |
|
|
— |
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|
117 |
|
|
— |
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|
(1 |
) |
Corporate expenses |
— |
|
|
— |
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|
— |
|
|
— |
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|
— |
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|
85,649 |
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|
— |
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|
85,649 |
|
Operating income (loss) |
$ |
56,114 |
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|
$ |
179,895 |
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$ |
135,418 |
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$ |
(41,780 |
) |
|
$ |
(9,200 |
) |
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$ |
(88,292 |
) |
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$ |
— |
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$ |
232,155 |
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Intersegment revenue |
$ |
119,027 |
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$ |
— |
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$ |
8,552 |
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$ |
2,594 |
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$ |
— |
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$ |
— |
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|
$ |
(130,173 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
50,294 |
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|
$ |
1,318 |
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|
$ |
64,513 |
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|
$ |
1,059 |
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$ |
777 |
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$ |
5,454 |
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|
$ |
— |
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$ |
123,415 |
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|
|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Artist
Nation |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Nine Months Ended September 30, 2015 |
|
|
|
|
|
|
|
|
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Revenue |
$ |
3,883,525 |
|
|
$ |
259,744 |
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|
$ |
1,162,004 |
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|
$ |
302,455 |
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$ |
2,377 |
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|
$ |
— |
|
|
$ |
(101,099 |
) |
|
$ |
5,509,006 |
|
Direct operating expenses |
3,284,359 |
|
|
38,323 |
|
|
566,759 |
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|
183,807 |
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|
1,068 |
|
|
— |
|
|
(99,606 |
) |
|
3,974,710 |
|
Selling, general and administrative expenses |
497,176 |
|
|
41,140 |
|
|
350,016 |
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|
118,940 |
|
|
1,650 |
|
|
— |
|
|
— |
|
|
1,008,922 |
|
Depreciation and amortization |
105,289 |
|
|
6,738 |
|
|
125,390 |
|
|
33,943 |
|
|
36 |
|
|
2,263 |
|
|
(1,493 |
) |
|
272,166 |
|
Loss (gain) on disposal of operating assets |
421 |
|
|
— |
|
|
9 |
|
|
187 |
|
|
— |
|
|
(29 |
) |
|
— |
|
|
588 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
80,800 |
|
|
— |
|
|
80,800 |
|
Operating income (loss) |
$ |
(3,720 |
) |
|
$ |
173,543 |
|
|
$ |
119,830 |
|
|
$ |
(34,422 |
) |
|
$ |
(377 |
) |
|
$ |
(83,034 |
) |
|
$ |
— |
|
|
$ |
171,820 |
|
Intersegment revenue |
$ |
90,410 |
|
|
$ |
— |
|
|
$ |
9,499 |
|
|
$ |
1,190 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(101,099 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
27,042 |
|
|
$ |
4,138 |
|
|
$ |
60,413 |
|
|
$ |
1,538 |
|
|
$ |
— |
|
|
$ |
1,715 |
|
|
$ |
— |
|
|
$ |
94,846 |
|
|