| 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, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Sponsorship
& Advertising |
|
Ticketing |
|
Other |
|
Corporate |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Three Months Ended March 31, 2018 |
|
|
|
|
|
|
|
|
Revenue |
$ |
1,038,921 |
|
|
$ |
74,558 |
|
|
$ |
372,373 |
|
|
$ |
777 |
|
|
$ |
— |
|
|
$ |
(4,245 |
) |
|
$ |
1,482,384 |
|
Direct operating expenses |
796,165 |
|
|
15,751 |
|
|
124,284 |
|
|
129 |
|
|
— |
|
|
(4,245 |
) |
|
932,084 |
|
Selling, general and administrative expenses |
261,091 |
|
|
20,095 |
|
|
149,583 |
|
|
3,842 |
|
|
— |
|
|
— |
|
|
434,611 |
|
Depreciation and amortization |
45,535 |
|
|
7,610 |
|
|
33,633 |
|
|
209 |
|
|
884 |
|
|
— |
|
|
87,871 |
|
Loss on disposal of operating assets |
21 |
|
|
— |
|
|
17 |
|
|
— |
|
|
— |
|
|
— |
|
|
38 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
33,810 |
|
|
— |
|
|
33,810 |
|
Operating income (loss) |
$ |
(63,891 |
) |
|
$ |
31,102 |
|
|
$ |
64,856 |
|
|
$ |
(3,403 |
) |
|
$ |
(34,694 |
) |
|
$ |
— |
|
|
$ |
(6,030 |
) |
Intersegment revenue |
$ |
249 |
|
|
$ |
— |
|
|
$ |
3,996 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(4,245 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
19,613 |
|
|
$ |
382 |
|
|
$ |
20,305 |
|
|
$ |
12 |
|
|
$ |
854 |
|
|
$ |
— |
|
|
$ |
41,166 |
|
Three Months Ended March 31, 2017 |
|
|
|
|
|
|
|
|
Revenue |
$ |
863,277 |
|
|
$ |
63,988 |
|
|
$ |
312,838 |
|
|
$ |
5,847 |
|
|
$ |
— |
|
|
$ |
(3,071 |
) |
|
$ |
1,242,879 |
|
Direct operating expenses |
664,745 |
|
|
11,574 |
|
|
101,733 |
|
|
279 |
|
|
— |
|
|
(3,070 |
) |
|
775,261 |
|
Selling, general and administrative expenses |
228,580 |
|
|
19,458 |
|
|
130,037 |
|
|
5,233 |
|
|
— |
|
|
— |
|
|
383,308 |
|
Depreciation and amortization |
46,442 |
|
|
6,510 |
|
|
26,537 |
|
|
109 |
|
|
935 |
|
|
(1 |
) |
|
80,532 |
|
Loss (gain) on disposal of operating assets |
(683 |
) |
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
— |
|
|
(659 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,803 |
|
|
— |
|
|
25,803 |
|
Operating income (loss) |
$ |
(75,807 |
) |
|
$ |
26,446 |
|
|
$ |
54,531 |
|
|
$ |
226 |
|
|
$ |
(26,762 |
) |
|
$ |
— |
|
|
$ |
(21,366 |
) |
Intersegment revenue |
$ |
389 |
|
|
$ |
— |
|
|
$ |
2,682 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(3,071 |
) |
|
$ |
— |
|
Capital expenditures |
$ |
33,642 |
|
|
$ |
505 |
|
|
$ |
25,452 |
|
|
$ |
146 |
|
|
$ |
4,122 |
|
|
$ |
— |
|
|
$ |
63,867 |
|
|