| 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, 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 |
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(in thousands) |
Three Months Ended June 30, 2017 |
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|
|
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Revenue |
$ |
2,249,851 |
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|
$ |
124,563 |
|
|
$ |
484,579 |
|
|
$ |
867 |
|
|
$ |
— |
|
|
$ |
(41,167 |
) |
|
$ |
2,818,693 |
|
Direct operating expenses |
1,895,588 |
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|
25,571 |
|
|
260,925 |
|
|
1,003 |
|
|
— |
|
|
(40,213 |
) |
|
2,142,874 |
|
Selling, general and administrative expenses |
270,488 |
|
|
22,211 |
|
|
136,677 |
|
|
5,009 |
|
|
— |
|
|
— |
|
|
434,385 |
|
Depreciation and amortization |
46,131 |
|
|
6,401 |
|
|
43,224 |
|
|
103 |
|
|
965 |
|
|
(954 |
) |
|
95,870 |
|
Loss on disposal of operating assets |
95 |
|
|
— |
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|
7 |
|
|
— |
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|
13 |
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|
— |
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|
115 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
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|
32,016 |
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|
— |
|
|
32,016 |
|
Operating income (loss) |
$ |
37,549 |
|
|
$ |
70,380 |
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|
$ |
43,746 |
|
|
$ |
(5,248 |
) |
|
$ |
(32,994 |
) |
|
$ |
— |
|
|
$ |
113,433 |
|
Intersegment revenue |
$ |
38,002 |
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|
$ |
— |
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|
$ |
3,165 |
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$ |
— |
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|
$ |
— |
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|
$ |
(41,167 |
) |
|
$ |
— |
|
Three Months Ended June 30, 2016 |
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Revenue |
$ |
1,681,834 |
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|
$ |
95,200 |
|
|
$ |
443,348 |
|
|
$ |
1,506 |
|
|
$ |
— |
|
|
$ |
(42,630 |
) |
|
$ |
2,179,258 |
|
Direct operating expenses |
1,396,530 |
|
|
15,687 |
|
|
235,546 |
|
|
— |
|
|
— |
|
|
(42,075 |
) |
|
1,605,688 |
|
Selling, general and administrative expenses |
232,975 |
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|
16,004 |
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|
121,067 |
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|
4,780 |
|
|
— |
|
|
— |
|
|
374,826 |
|
Depreciation and amortization |
49,897 |
|
|
4,423 |
|
|
39,927 |
|
|
880 |
|
|
852 |
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|
(555 |
) |
|
95,424 |
|
Loss (gain) on disposal of operating assets |
(369 |
) |
|
— |
|
|
31 |
|
|
— |
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|
59 |
|
|
— |
|
|
(279 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,440 |
|
|
— |
|
|
29,440 |
|
Operating income (loss) |
$ |
2,801 |
|
|
$ |
59,086 |
|
|
$ |
46,777 |
|
|
$ |
(4,154 |
) |
|
$ |
(30,351 |
) |
|
$ |
— |
|
|
$ |
74,159 |
|
Intersegment revenue |
$ |
40,765 |
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|
$ |
— |
|
|
$ |
1,865 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
(42,630 |
) |
|
$ |
— |
|
Six Months Ended June 30, 2017 |
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Revenue |
$ |
3,113,128 |
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|
$ |
188,551 |
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|
$ |
978,289 |
|
|
$ |
6,714 |
|
|
$ |
— |
|
|
$ |
(54,808 |
) |
|
$ |
4,231,874 |
|
Direct operating expenses |
2,560,333 |
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|
37,145 |
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|
522,728 |
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|
1,282 |
|
|
— |
|
|
(53,114 |
) |
|
3,068,374 |
|
Selling, general and administrative expenses |
499,068 |
|
|
41,669 |
|
|
266,714 |
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|
10,242 |
|
|
— |
|
|
— |
|
|
817,693 |
|
Depreciation and amortization |
92,573 |
|
|
12,911 |
|
|
90,563 |
|
|
212 |
|
|
1,900 |
|
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(1,694 |
) |
|
196,465 |
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Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Loss (gain) on disposal of operating assets |
(588 |
) |
|
— |
|
|
7 |
|
|
— |
|
|
37 |
|
|
— |
|
|
(544 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
57,819 |
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|
— |
|
|
57,819 |
|
Operating income (loss) |
$ |
(38,258 |
) |
|
$ |
96,826 |
|
|
$ |
98,277 |
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|
$ |
(5,022 |
) |
|
$ |
(59,756 |
) |
|
$ |
— |
|
|
$ |
92,067 |
|
Intersegment revenue |
$ |
48,961 |
|
|
$ |
— |
|
|
$ |
5,847 |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
(54,808 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
55,006 |
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|
$ |
3,161 |
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|
$ |
51,068 |
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|
$ |
65 |
|
|
$ |
16,753 |
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$ |
— |
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|
$ |
126,053 |
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Six Months Ended June 30, 2016 |
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Revenue |
$ |
2,436,726 |
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$ |
152,836 |
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$ |
849,134 |
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$ |
2,347 |
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$ |
— |
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$ |
(54,069 |
) |
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$ |
3,386,974 |
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Direct operating expenses |
1,971,624 |
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|
29,201 |
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|
442,011 |
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|
— |
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|
— |
|
|
(52,945 |
) |
|
2,389,891 |
|
Selling, general and administrative expenses |
435,455 |
|
|
29,873 |
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|
239,329 |
|
|
7,383 |
|
|
— |
|
|
— |
|
|
712,040 |
|
Depreciation and amortization |
93,824 |
|
|
9,329 |
|
|
85,676 |
|
|
900 |
|
|
1,774 |
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|
(1,124 |
) |
|
190,379 |
|
Loss (gain) on disposal of operating assets |
(403 |
) |
|
— |
|
|
31 |
|
|
— |
|
|
118 |
|
|
— |
|
|
(254 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
54,049 |
|
|
— |
|
|
54,049 |
|
Operating income (loss) |
$ |
(63,774 |
) |
|
$ |
84,433 |
|
|
$ |
82,087 |
|
|
$ |
(5,936 |
) |
|
$ |
(55,941 |
) |
|
$ |
— |
|
|
$ |
40,869 |
|
Intersegment revenue |
$ |
51,086 |
|
|
$ |
— |
|
|
$ |
2,983 |
|
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$ |
— |
|
|
$ |
— |
|
|
$ |
(54,069 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
30,747 |
|
|
$ |
962 |
|
|
$ |
40,892 |
|
|
$ |
460 |
|
|
$ |
4,133 |
|
|
$ |
— |
|
|
$ |
77,194 |
|
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