| 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 months ended March 31, 2017 and 2016:
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Concerts |
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Sponsorship
& Advertising |
|
Ticketing |
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Other |
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Corporate |
|
Eliminations |
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Consolidated |
|
(in thousands) |
Three Months Ended March 31, 2017 |
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|
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Revenue |
$ |
863,277 |
|
|
$ |
63,988 |
|
|
$ |
493,710 |
|
|
$ |
5,847 |
|
|
$ |
— |
|
|
$ |
(13,641 |
) |
|
$ |
1,413,181 |
|
Direct operating expenses |
664,745 |
|
|
11,574 |
|
|
261,803 |
|
|
279 |
|
|
— |
|
|
(12,901 |
) |
|
925,500 |
|
Selling, general and administrative expenses |
228,580 |
|
|
19,458 |
|
|
130,037 |
|
|
5,233 |
|
|
— |
|
|
— |
|
|
383,308 |
|
Depreciation and amortization |
46,442 |
|
|
6,510 |
|
|
47,339 |
|
|
109 |
|
|
935 |
|
|
(740 |
) |
|
100,595 |
|
Loss (gain) on disposal of operating assets |
(683 |
) |
|
— |
|
|
— |
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|
— |
|
|
24 |
|
|
— |
|
|
(659 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,803 |
|
|
— |
|
|
25,803 |
|
Operating income (loss) |
$ |
(75,807 |
) |
|
$ |
26,446 |
|
|
$ |
54,531 |
|
|
$ |
226 |
|
|
$ |
(26,762 |
) |
|
$ |
— |
|
|
$ |
(21,366 |
) |
Intersegment revenue |
$ |
10,865 |
|
|
$ |
2,776 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(13,641 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
33,642 |
|
|
$ |
505 |
|
|
$ |
25,452 |
|
|
$ |
146 |
|
|
$ |
4,122 |
|
|
$ |
— |
|
|
$ |
63,867 |
|
Three Months Ended March 31, 2016 |
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|
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|
|
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Revenue |
$ |
754,892 |
|
|
$ |
57,636 |
|
|
$ |
405,786 |
|
|
$ |
841 |
|
|
$ |
— |
|
|
$ |
(11,439 |
) |
|
$ |
1,207,716 |
|
Direct operating expenses |
575,094 |
|
|
13,514 |
|
|
206,465 |
|
|
— |
|
|
— |
|
|
(10,870 |
) |
|
784,203 |
|
Selling, general and administrative expenses |
202,480 |
|
|
13,869 |
|
|
118,262 |
|
|
2,603 |
|
|
— |
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|
— |
|
|
337,214 |
|
Depreciation and amortization |
43,927 |
|
|
4,906 |
|
|
45,749 |
|
|
20 |
|
|
922 |
|
|
(569 |
) |
|
94,955 |
|
Loss (gain) on disposal of operating assets |
(34 |
) |
|
— |
|
|
— |
|
|
— |
|
|
59 |
|
|
— |
|
|
25 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
24,609 |
|
|
— |
|
|
24,609 |
|
Operating income (loss) |
$ |
(66,575 |
) |
|
$ |
25,347 |
|
|
$ |
35,310 |
|
|
$ |
(1,782 |
) |
|
$ |
(25,590 |
) |
|
$ |
— |
|
|
$ |
(33,290 |
) |
Intersegment revenue |
$ |
10,436 |
|
|
$ |
1,003 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(11,439 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
6,172 |
|
|
$ |
318 |
|
|
$ |
16,259 |
|
|
$ |
20 |
|
|
$ |
1,757 |
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|
$ |
— |
|
|
$ |
24,526 |
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