| 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, 2017 and 2016:
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Concerts |
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Sponsorship
& Advertising |
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Ticketing |
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Other |
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Corporate |
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Eliminations |
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Consolidated |
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(in thousands) |
Three Months Ended September 30, 2017 |
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Revenue |
$ |
2,939,387 |
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|
$ |
157,981 |
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|
$ |
532,285 |
|
|
$ |
6,545 |
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|
$ |
— |
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|
$ |
(76,780 |
) |
|
$ |
3,559,418 |
|
Direct operating expenses |
2,497,234 |
|
|
23,371 |
|
|
283,236 |
|
|
4,477 |
|
|
— |
|
|
(75,392 |
) |
|
2,732,926 |
|
Selling, general and administrative expenses |
305,494 |
|
|
21,320 |
|
|
144,622 |
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|
4,428 |
|
|
— |
|
|
— |
|
|
475,864 |
|
Depreciation and amortization |
52,344 |
|
|
6,601 |
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|
50,318 |
|
|
115 |
|
|
1,362 |
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|
(1,388 |
) |
|
109,352 |
|
Loss (gain) on disposal of operating assets |
(21 |
) |
|
— |
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|
58 |
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|
— |
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— |
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|
— |
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|
37 |
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Corporate expenses |
— |
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|
— |
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|
— |
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|
— |
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|
39,892 |
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|
— |
|
|
39,892 |
|
Operating income (loss) |
$ |
84,336 |
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|
$ |
106,689 |
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|
$ |
54,051 |
|
|
$ |
(2,475 |
) |
|
$ |
(41,254 |
) |
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$ |
— |
|
|
$ |
201,347 |
|
Intersegment revenue |
$ |
73,494 |
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|
$ |
— |
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$ |
3,286 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
(76,780 |
) |
|
$ |
— |
|
Three Months Ended September 30, 2016 |
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|
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Revenue |
$ |
2,644,151 |
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|
$ |
136,087 |
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|
$ |
456,443 |
|
|
$ |
2,138 |
|
|
$ |
— |
|
|
$ |
(68,403 |
) |
|
$ |
3,170,416 |
|
Direct operating expenses |
2,247,976 |
|
|
15,510 |
|
|
231,979 |
|
|
149 |
|
|
— |
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(67,611 |
) |
|
2,428,003 |
|
Selling, general and administrative expenses |
265,638 |
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|
20,667 |
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|
124,007 |
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|
4,100 |
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|
— |
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|
— |
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|
414,412 |
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Depreciation and amortization |
52,188 |
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|
4,448 |
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|
47,113 |
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|
1,153 |
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|
752 |
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|
(792 |
) |
|
104,862 |
|
Loss (gain) on disposal of operating assets |
241 |
|
|
— |
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13 |
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— |
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|
(1 |
) |
|
— |
|
|
253 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
31,600 |
|
|
— |
|
|
31,600 |
|
Operating income (loss) |
$ |
78,108 |
|
|
$ |
95,462 |
|
|
$ |
53,331 |
|
|
$ |
(3,264 |
) |
|
$ |
(32,351 |
) |
|
$ |
— |
|
|
$ |
191,286 |
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Intersegment revenue |
$ |
64,676 |
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$ |
— |
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$ |
3,727 |
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$ |
— |
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|
$ |
— |
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|
$ |
(68,403 |
) |
|
$ |
— |
|
Nine Months Ended September 30, 2017 |
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Revenue |
$ |
6,052,515 |
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|
$ |
346,532 |
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|
$ |
1,510,574 |
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|
$ |
13,259 |
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|
$ |
— |
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|
$ |
(131,588 |
) |
|
$ |
7,791,292 |
|
Direct operating expenses |
5,057,567 |
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|
60,516 |
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|
805,964 |
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|
5,759 |
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— |
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(128,506 |
) |
|
5,801,300 |
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Selling, general and administrative expenses |
804,562 |
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|
62,989 |
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|
411,336 |
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|
14,670 |
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|
— |
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|
— |
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|
1,293,557 |
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Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Depreciation and amortization |
144,917 |
|
|
19,512 |
|
|
140,881 |
|
|
327 |
|
|
3,262 |
|
|
(3,082 |
) |
|
305,817 |
|
Loss (gain) on disposal of operating assets |
(609 |
) |
|
— |
|
|
65 |
|
|
— |
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|
37 |
|
|
— |
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|
(507 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
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|
— |
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|
97,711 |
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|
— |
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|
97,711 |
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Operating income (loss) |
$ |
46,078 |
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|
$ |
203,515 |
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|
$ |
152,328 |
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|
$ |
(7,497 |
) |
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$ |
(101,010 |
) |
|
$ |
— |
|
|
$ |
293,414 |
|
Intersegment revenue |
$ |
122,455 |
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$ |
— |
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|
$ |
9,133 |
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$ |
— |
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|
$ |
— |
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|
$ |
(131,588 |
) |
|
$ |
— |
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Capital expenditures |
$ |
83,612 |
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$ |
4,753 |
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$ |
69,667 |
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|
$ |
66 |
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|
$ |
26,195 |
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$ |
— |
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|
$ |
184,293 |
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Nine Months Ended September 30, 2016 |
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Revenue |
$ |
5,080,877 |
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$ |
288,923 |
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$ |
1,305,577 |
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$ |
4,485 |
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$ |
— |
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$ |
(122,472 |
) |
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$ |
6,557,390 |
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Direct operating expenses |
4,219,599 |
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|
44,711 |
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|
673,990 |
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|
149 |
|
|
— |
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(120,555 |
) |
|
4,817,894 |
|
Selling, general and administrative expenses |
701,093 |
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|
50,540 |
|
|
363,336 |
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|
11,483 |
|
|
— |
|
|
— |
|
|
1,126,452 |
|
Depreciation and amortization |
146,013 |
|
|
13,777 |
|
|
132,789 |
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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 |
(162 |
) |
|
— |
|
|
44 |
|
|
— |
|
|
117 |
|
|
— |
|
|
(1 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
85,649 |
|
|
— |
|
|
85,649 |
|
Operating income (loss) |
$ |
14,334 |
|
|
$ |
179,895 |
|
|
$ |
135,418 |
|
|
$ |
(9,200 |
) |
|
$ |
(88,292 |
) |
|
$ |
— |
|
|
$ |
232,155 |
|
Intersegment revenue |
$ |
115,762 |
|
|
$ |
— |
|
|
$ |
6,710 |
|
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$ |
— |
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|
$ |
— |
|
|
$ |
(122,472 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
51,353 |
|
|
$ |
1,318 |
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|
$ |
64,513 |
|
|
$ |
777 |
|
|
$ |
5,454 |
|
|
$ |
— |
|
|
$ |
123,415 |
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