| Results of Operations Related to Reportable Segments of the Entity |
The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2019 and 2018:
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Concerts |
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Ticketing |
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Sponsorship
& Advertising |
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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 June 30, 2019 |
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Revenue |
$ |
2,639,531 |
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$ |
370,765 |
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$ |
151,537 |
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|
$ |
790 |
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|
$ |
— |
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|
$ |
(5,614 |
) |
|
$ |
3,157,009 |
|
Direct operating expenses |
2,186,767 |
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|
120,630 |
|
|
25,631 |
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|
— |
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|
— |
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|
(5,614 |
) |
|
2,327,414 |
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Selling, general and administrative expenses |
338,054 |
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|
146,382 |
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|
28,169 |
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|
892 |
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|
— |
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— |
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|
513,497 |
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Depreciation and amortization |
54,219 |
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|
39,513 |
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|
6,374 |
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|
138 |
|
|
3,582 |
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|
— |
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|
103,826 |
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Loss (gain) on disposal of operating assets |
(210 |
) |
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109 |
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— |
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— |
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— |
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— |
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|
(101 |
) |
Corporate expenses |
— |
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— |
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— |
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— |
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|
40,787 |
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— |
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|
40,787 |
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Operating income (loss) |
$ |
60,701 |
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|
$ |
64,131 |
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$ |
91,363 |
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|
$ |
(240 |
) |
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$ |
(44,369 |
) |
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$ |
— |
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$ |
171,586 |
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Intersegment revenue |
$ |
2,131 |
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$ |
3,483 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(5,614 |
) |
|
$ |
— |
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Three Months Ended June 30, 2018 |
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Revenue |
$ |
2,380,736 |
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$ |
351,195 |
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|
$ |
139,938 |
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|
$ |
1,177 |
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|
$ |
— |
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|
$ |
(4,731 |
) |
|
$ |
2,868,315 |
|
Direct operating expenses |
1,990,254 |
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|
119,787 |
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|
29,200 |
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|
597 |
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|
— |
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(4,731 |
) |
|
2,135,107 |
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Selling, general and administrative expenses |
302,019 |
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|
147,350 |
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|
23,114 |
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|
3,955 |
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— |
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— |
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|
476,438 |
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Depreciation and amortization |
46,519 |
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|
34,989 |
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|
7,132 |
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|
178 |
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|
967 |
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— |
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|
89,785 |
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Loss (gain) on disposal of operating assets |
114 |
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(6 |
) |
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— |
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— |
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— |
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— |
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|
108 |
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Corporate expenses |
— |
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|
— |
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|
— |
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|
— |
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|
32,152 |
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|
— |
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|
32,152 |
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Operating income (loss) |
$ |
41,830 |
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|
$ |
49,075 |
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|
$ |
80,492 |
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$ |
(3,553 |
) |
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$ |
(33,119 |
) |
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$ |
— |
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$ |
134,725 |
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Intersegment revenue |
$ |
1,111 |
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|
3,620 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(4,731 |
) |
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$ |
— |
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Six Months Ended June 30, 2019 |
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Revenue |
$ |
3,957,648 |
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$ |
708,407 |
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$ |
226,615 |
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$ |
1,581 |
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$ |
— |
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$ |
(9,414 |
) |
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$ |
4,884,837 |
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Direct operating expenses |
3,217,036 |
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|
232,379 |
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|
39,017 |
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— |
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— |
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(9,414 |
) |
|
3,479,018 |
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Selling, general and administrative expenses |
633,819 |
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|
292,272 |
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|
50,606 |
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|
1,666 |
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|
— |
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— |
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|
978,363 |
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Depreciation and amortization |
105,580 |
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|
76,903 |
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|
13,448 |
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|
259 |
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|
6,548 |
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— |
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|
202,738 |
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Loss (gain) on disposal of operating assets |
(355 |
) |
|
107 |
|
|
— |
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|
— |
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— |
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— |
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|
(248 |
) |
Corporate expenses |
— |
|
|
— |
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|
— |
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|
— |
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|
77,243 |
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|
— |
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|
77,243 |
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Operating income (loss) |
$ |
1,568 |
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|
$ |
106,746 |
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$ |
123,544 |
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$ |
(344 |
) |
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$ |
(83,791 |
) |
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$ |
— |
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$ |
147,723 |
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Intersegment revenue |
$ |
2,940 |
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$ |
6,474 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(9,414 |
) |
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$ |
— |
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Capital expenditures |
$ |
78,873 |
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$ |
48,745 |
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$ |
3,301 |
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$ |
— |
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$ |
9,231 |
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$ |
— |
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$ |
140,150 |
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Concerts |
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Ticketing |
|
Sponsorship
& Advertising |
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Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Six Months Ended June 30, 2018 |
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Revenue |
$ |
3,419,657 |
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$ |
723,568 |
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$ |
214,496 |
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$ |
1,954 |
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$ |
— |
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$ |
(8,976 |
) |
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$ |
4,350,699 |
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Direct operating expenses |
2,786,419 |
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|
244,071 |
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|
44,951 |
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|
726 |
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— |
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(8,976 |
) |
|
3,067,191 |
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Selling, general and administrative expenses |
563,110 |
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|
296,933 |
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|
43,209 |
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|
7,797 |
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— |
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— |
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|
911,049 |
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Depreciation and amortization |
92,054 |
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|
68,622 |
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|
14,742 |
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|
387 |
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|
1,851 |
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|
— |
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|
177,656 |
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Loss on disposal of operating assets |
135 |
|
|
11 |
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|
— |
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|
— |
|
|
— |
|
|
— |
|
|
146 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
65,962 |
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|
— |
|
|
65,962 |
|
Operating income (loss) |
$ |
(22,061 |
) |
|
$ |
113,931 |
|
|
$ |
111,594 |
|
|
$ |
(6,956 |
) |
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$ |
(67,813 |
) |
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$ |
— |
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$ |
128,695 |
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Intersegment revenue |
$ |
1,360 |
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$ |
7,616 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(8,976 |
) |
|
$ |
— |
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Capital expenditures |
$ |
49,488 |
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$ |
43,562 |
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$ |
1,892 |
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$ |
26 |
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$ |
2,969 |
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$ |
— |
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$ |
97,937 |
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