Segment Reporting

We have one separately reportable business segment, which is RMR LLC. In the tables below, All Other Operations includes the operations of RMR Inc., RMR Advisors and Tremont Advisors.



	Fiscal Year Ended September 30, 2018
			All Other
	RMR LLC ⁽¹⁾		Operations			Total
Revenues:
Management services	191,594		—			191,594
Incentive business management fees	155,881		—			155,881
Reimbursable payroll related and other costs	50,664		2,488			53,152
Advisory services	—		4,352			4,352
Total revenues	398,139		6,840			404,979
Expenses:
Compensation and benefits	102,736		6,027			108,763
Equity based compensation	10,793		113			10,906
Separation costs	2,463		784			3,247
Total compensation and benefits expense	115,992		6,924			122,916
General and administrative	23,397		3,752			27,149
Transaction and acquisition related costs	1,555		142			1,697
Depreciation and amortization	1,161		87			1,248
Total expenses	142,105		10,905			153,010
Operating income (loss)	256,034		(4,065		)	251,969
Interest and other income	4,170		376			4,546
Tax receivable agreement remeasurement	—		24,710			24,710
Impairment loss on TRMT	—		(4,359		)	(4,359		)
Income before income tax expense and equity in losses of investees	260,204		16,662			276,866
Income tax expense	—		(58,862		)	(58,862		)
Equity in earnings (losses) of investees	33		(611		)	(578		)
Net income (loss)	$	260,237	$	(42,811	)	$	217,426

Total Assets:	$	443,211	$	61,217		$	504,428


⁽¹⁾	Intersegment revenues of $4,002 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the consolidated financial statements.



	Fiscal Year Ended September 30, 2017
			All Other
	RMR LLC ⁽¹⁾		Operations			Total
Revenues:
Management services	$	174,887	$	—		$	174,887
Incentive business management fees	52,407		—			52,407
Reimbursable payroll related and other costs	40,279		53			40,332
Advisory services	—		4,102			4,102
Total revenues	267,573		4,155			271,728
Expenses:
Compensation and benefits	89,688		2,937			92,625
Equity based compensation	7,128		—			7,128
Total compensation and benefits expense	96,816		2,937			99,753
General and administrative	23,538		1,651			25,189
Transaction and acquisition related costs	337		8,850			9,187
Depreciation and amortization	1,415		623			2,038
Total expenses	122,106		14,061			136,167
Operating income (loss)	145,467		(9,906		)	135,561
Interest and other income	1,130		435			1,565
Income before income tax expense and equity in losses of investees	146,597		(9,471		)	137,126
Income tax expense	—		(28,251		)	(28,251		)
Equity in earnings (losses) of investees	—		(206		)	(206		)
Net income (loss)	$	146,597	$	(37,928	)	$	108,669

Total Assets:	$	308,018	$	75,701		$	383,719


⁽¹⁾	Intersegment revenues of $738 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the consolidated financial statements.



	Fiscal Year Ended September 30, 2016
				All Other
	RMR LLC ⁽¹⁾			Operations			Total
Revenues:
Management services	164,339			58			164,397
Incentive business management fees	62,263			—			62,263
Reimbursable payroll related and other costs	37,660			—			37,660
Advisory services	—			2,620			2,620
Total revenues	264,262			2,678			266,940
Expenses:
Compensation and benefits	82,306			1,113			83,419
Equity based compensation	8,566			—			8,566
Separation costs	1,358			—			1,358
Total compensation and benefits expense	92,230			1,113			93,343
General and administrative	21,712			1,451			23,163
Transaction and acquisition related costs	1,966			—			1,966
Depreciation and amortization	1,703			65			1,768
Total expenses	117,611			2,629			120,240
Operating income	146,651			49			146,700
Interest and other income	223			11			234
Income before income tax expense and equity in losses of investees	146,874			60			146,934
Income tax expense	(1		)	(24,572		)	(24,573		)
Net income (loss)	$	146,873		$	(24,512	)	$	122,361

Total Assets:	$	277,802		$	59,729		$	337,531


⁽¹⁾	Intersegment revenues of $1,806 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the consolidated financial statements.