SEGMENT DATA

The Company’s reportable segments, which it believes best reflect how the Company is currently managed, are iHM, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at estimated fair value and eliminated in consolidation. The iHM segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Americas outdoor advertising segment consists of operations primarily in the United States. The International outdoor advertising segment primarily includes operations in Europe, Asia and Latin America. The Other category includes the Company’s media representation business that is ancillary to the Company’s other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions for each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expense.

During the first quarter of 2018, the Company revised its segment reporting, as discussed in Note 1.



(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items			Eliminations			Consolidated
Year Ended December 31, 2018
Revenue	$	3,436,955	$	1,189,348	$	1,532,357	$	174,435	$	—		$	(7,315	)	$	6,325,780
Direct operating expenses	1,062,373		524,659		946,009		—		—			(93		)	2,532,948
Selling, general and administrative expenses	1,271,152		199,688		323,230		105,779		—			(3,346		)	1,896,503
Corporate expenses	—		—		—		—		341,094			(3,876		)	337,218
Depreciation and amortization	177,775		166,806		148,199		13,502		24,621			—			530,903
Impairment charges	—		—		—		—		40,922			—			40,922
Other operating expense, net	—		—		—		—		(6,768		)	—			(6,768		)
Operating income (loss)	$	925,655	$	298,195	$	114,919	$	55,154	$	(413,405	)	$	—		$	980,518
Intersegment revenues	$	160	$	7,155	$	—	$	—	$	—		$	—		$	7,315
Segment assets	$	7,356,222	$	2,782,662	$	1,568,346	$	168,498	$	393,993		$	(206	)	$	12,269,515
Capital expenditures	$	75,377	$	76,867	$	129,962	$	2,980	$	11,138		$	—		$	296,324
Share-based compensation expense	$	—	$	—	$	—	$	—	$	10,583		$	—		$	10,583
Year Ended December 31, 2017
Revenue	$	3,442,963	$	1,161,059	$	1,427,643	$	143,684	$	—		$	(6,918	)	$	6,168,431
Direct operating expenses	1,059,123		527,536		882,231		—		—			(166		)	2,468,724
Selling, general and administrative expenses	1,245,741		197,390		301,823		100,322		—			(3,054		)	1,842,222
Corporate expenses	—		—		—		—		315,596			(3,698		)	311,898
Depreciation and amortization	233,757		179,119		141,812		14,967		31,640			—			601,295
Impairment charges	—		—		—		—		10,199			—			10,199
Other operating income, net	—		—		—		—		35,704			—			35,704
Operating income (loss)	$	904,342	$	257,014	$	101,777	$	28,395	$	(321,731	)	$	—		$	969,797
Intersegment revenues	$	—	$	6,918	$	—	$	—	$	—		$	—		$	6,918
Segment assets	$	7,318,941	$	2,850,303	$	1,568,388	$	167,493	$	355,528		$	(222	)	$	12,260,431
Capital expenditures	$	58,057	$	70,936	$	150,036	$	890	$	12,047		$	—		$	291,966
Share-based compensation expense	$	—	$	—	$	—	$	—	$	12,078		$	—		$	12,078
Year Ended December 31, 2016
Revenue	$	3,403,040	$	1,187,180	$	1,492,642	$	171,593	$	—		$	(3,455	)	$	6,251,000
Direct operating expenses	975,463		528,769		889,550		1,255		—			—			2,395,037
Selling, general and administrative expenses	1,102,998		203,427		311,994		109,623		—			(1,924		)	1,726,118
Corporate expenses	—		—		—		—		342,603			(1,531		)	341,072
Depreciation and amortization	243,964		175,438		162,974		17,304		35,547			—			635,227
Impairment charges	—		—		—		—		8,000			—			8,000
Other operating income, net	—		—		—		—		353,556			—			353,556
Operating income (loss)	$	1,080,615	$	279,546	$	128,124	$	43,411	$	(32,594	)	$	—		$	1,499,102
Intersegment revenues	$	—	$	3,455	$	—	$	—	$	—		$	—		$	3,455
Segment assets	$	7,392,872	$	3,046,369	$	1,460,884	$	237,435	$	714,445		$	(216	)	$	12,851,789
Capital expenditures	$	73,221	$	78,289	$	146,900	$	2,460	$	13,847		$	—		$	314,717
Share-based compensation expense	$	—	$	—	$	—	$	—	$	13,133		$	—		$	13,133

Revenue of $1.6 billion, $1.5 billion and $1.6 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2018, 2017 and 2016, respectively. Revenue of $4.8 billion, $4.7 billion and $4.7 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2018, 2017 and 2016, respectively.

Identifiable long-lived assets of $566.1 million, $598.6 million and $540.4 million derived from the Company’s foreign operations are included in the Segment assets data above for the years ended December 31, 2018, 2017 and 2016, respectively. Identifiable long-lived assets of $1.2 billion, $1.3 billion and $1.4 billion derived from the Company’s U.S. operations are included in the Segment assets data above for the years ended December 31, 2018, 2017 and 2016, respectively.