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, Canada and Latin America. The International outdoor advertising segment primarily includes operations in Europe, Asia and Australia. The Other category includes the Company’s media representation business as well as other general support services and initiatives that are 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 2016, the Company revised its segment reporting as discussed in Note 1. The following table presents the Company's reportable segment results for the three and six months ended June 30, 2016 and 2015:



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other		Corporate and other reconciling items			Eliminations			Consolidated
Three Months Ended June 30, 2016
Revenue	$	867,914	$	325,533	$	386,613	$	39,066	$	—		$	(594	)	$	1,618,532
Direct operating expenses	250,367		140,038		226,023		818		—			—			617,246
Selling, general and administrative expenses	271,719		57,831		77,736		27,889		—			(594		)	434,581
Corporate expenses	—		—		—		—		87,650			—			87,650
Depreciation and amortization	62,998		47,525		38,177		4,710		8,734			—			162,144
Other operating expense, net	—		—		—		—		(64,190		)	—			(64,190		)
Operating income (loss)	$	282,830	$	80,139	$	44,677	$	5,649	$	(160,574	)	$	—		$	252,721
Intersegment revenues	$	—	$	594	$	—	$	—	$	—		$	—		$	594
Capital expenditures	$	14,275	$	17,402	$	31,771	$	1,111	$	2,367		$	—		$	66,926
Share-based compensation expense	$	—	$	—	$	—	$	—	$	3,785		$	—		$	3,785

Three Months Ended June 30, 2015
Revenue	$	840,701	$	341,286	$	381,533	$	37,401	$	—		$	(1,062	)	$	1,599,859
Direct operating expenses	241,826		149,712		222,630		995		—			—			615,163
Selling, general and administrative expenses	266,225		57,346		75,176		26,877		—			(1,062		)	424,562
Corporate expenses	—		—		—		—		80,295			—			80,295
Depreciation and amortization	59,566		51,113		40,956		6,149		10,610			—			168,394
Other operating income, net	—		—		—		—		100,754			—			100,754
Operating income	$	273,084	$	83,115	$	42,771	$	3,380	$	9,849		$	—		$	412,199
Intersegment revenues	$	—	$	1,062	$	—	$	—	$	—		$	—		$	1,062
Capital expenditures	$	16,862	$	15,664	$	31,752	$	649	$	3,495		$	—		$	68,422
Share-based compensation expense	$	—	$	—	$	—	$	—	$	2,403		$	—		$	2,403



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other			Corporate and other reconciling items			Eliminations			Consolidated
Six Months Ended June 30, 2016
Revenue	$	1,606,800	$	608,061	$	694,806	$	73,249		$	—		$	(879	)	$	2,982,037
Direct operating expenses	474,429		278,050		431,705		1,433			—			—			1,185,617
Selling, general and administrative expenses	543,732		113,160		149,208		54,928			—			(879		)	860,149
Corporate expenses	—		—		—		—			165,529			—			165,529
Depreciation and amortization	121,815		93,641		76,057		8,326			17,761			—			317,600
Other operating income, net	—		—		—		—			220,273			—			220,273
Operating income	$	466,824	$	123,210	$	37,836	$	8,562		$	36,983		$	—		$	673,415
Intersegment revenues	$	—	$	879	$	—	$	—		$	—		$	—		$	879
Capital expenditures	$	23,065	$	28,694	$	66,684	$	1,176		$	4,086		$	—		$	123,705
Share-based compensation expense	$	—	$	—	$	—	$	—		$	6,879		$	—		$	6,879

Six Months Ended June 30, 2015
Revenue	$	1,538,502	$	637,149	$	700,713	$	70,222		$	—		$	(2,163	)	$	2,944,423
Direct operating expenses	455,655		295,946		439,367		1,887			—			—			1,192,855
Selling, general and administrative expenses	527,305		112,983		146,669		56,649			—			(2,163		)	841,443
Corporate expenses	—		—		—		—			157,717			—			157,717
Depreciation and amortization	120,301		101,453		83,397		12,472			21,224			—			338,847
Other operating income, net	—		—		—		—			91,780			—			91,780
Operating income (loss)	$	435,241	$	126,767	$	31,280	$	(786	)	$	(87,161	)	$	—		$	505,341
Intersegment revenues	$	—	$	2,163	$	—	$	—		$	—		$	—		$	2,163
Capital expenditures	$	29,680	$	32,359	$	56,857	$	795		$	5,186		$	—		$	124,877
Share-based compensation expense	$	—	$	—	$	—	$	—		$	4,927		$	—		$	4,927