NOTE 9 – SEGMENT DATA

The Company's reportable segments, which it believes best reflect how the Company is currently managed, are CCME, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at fair value and eliminated in consolidation. The CCME segment provides media and entertainment services via broadcast and digital delivery and also includes the Company's national syndication business. The Americas outdoor advertising segment consists of operations primarily in the United States and Canada. The International outdoor segment primarily includes operations in Europe, Asia and Latin America. The Americas outdoor and International outdoor display inventory consists primarily of billboards, street furniture displays and transit displays. The Other category includes the Company's media representation firm as well as other general support services and initiatives which are ancillary to the Company's other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company's operating segments, as well as overall executive, administrative and support functions. Share-based payments are recorded by each segment in direct operating and selling, general and administrative expenses.

During the first quarter of 2012, the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company's reportable segment results for the three months ended March 31, 2012 and 2011.


(In thousands)	CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended March 31, 2012
Revenue	$	671,510	$	280,151	$	371,132	$	51,698	$	—	$	(13,768)	$	1,360,723
Direct operating expenses		216,379		144,410		249,643		6,539		—		(2,537)		614,434
Selling, general and administrative expenses		240,973		52,579		100,570		40,737		—		(11,231)		423,628
Depreciation and amortization		67,056		42,958		49,035		12,853		3,464		—		175,366
Corporate expenses		—		—		—		—		69,198		—		69,198
Other operating income - net		—		—		—		—		3,124		—		3,124

Operating income (loss)	$	147,102	$	40,204	$	(28,116)	$	(8,431)	$	(69,538)	$	—	$	81,221

Intersegment revenues	$	—	$	770	$	—	$	12,998	$	—	$	—	$	13,768
Capital expenditures	$	10,953	$	28,328	$	27,662	$	2,388	$	3,316	$	—	$	72,647
Share-based compensation expense	$	1,214	$	1,932	$	1,209	$	—	$	2,542	$	—	$	6,897

Three Months Ended March 31, 2011
Revenue	$	632,965	$	269,701	$	380,513	$	51,263	$	—	$	(13,616)	$	1,320,826
Direct operating expenses		189,244		135,950		255,430		7,186		—		(3,741)		584,069
Selling, general and administrative expenses		222,133		49,558		73,622		37,272		—		(9,875)		372,710
Depreciation and amortization		64,456		48,622		53,708		13,285		3,640		—		183,711
Corporate expenses		—		—		—		—		52,347		—		52,347
Other operating income - net		—		—		—		—		16,714		—		16,714

Operating income (loss)	$	157,132	$	35,571	$	(2,247)	$	(6,480)	$	(39,273)	$	—	$	144,703

Intersegment revenues	$	—	$	943	$	—	$	12,673	$	—	$	—	$	13,616
Capital expenditures	$	13,947	$	31,240	$	15,121	$	2,060	$	1,601	$	—	$	63,969
Share-based compensation expense	$	1,554	$	2,168	$	903	$	—	$	(2,334)	$	—	$	2,291