Segment Data

3 Months Ended

Mar. 31, 2015

Segment Data

NOTE 8 – 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 2015, 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, 2015 and 2014.
(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended March 31, 2015
Revenue	$	697,801	$	295,863	$	319,180	$	35,462	$	-	$	(3,742)	$	1,344,564
Direct operating expenses		213,829		146,234		216,737		3,398		-		(1,679)		578,519
Selling, general and administrative expenses		261,349		55,637		71,493		29,772		-		(2,063)		416,188
Depreciation and amortization		60,742		50,340		42,441		7,666		9,264		-		170,453
Corporate expenses		-		-		-		-		77,288		-		77,288
Other operating expense, net		-		-		-		-		(8,974)		-		(8,974)
Operating income (loss)	$	161,881	$	43,652	$	(11,491)	$	(5,374)	$	(95,526)	$	-	$	93,142
Intersegment revenues	$	-	$	1,101	$	-	$	2,641	$	-	$	-	$	3,742
Capital expenditures	$	11,913	$	16,695	$	25,105	$	1,051	$	1,691	$	-	$	56,455
Share-based compensation expense	$	-	$	-	$	-	$	-	$	2,524	$	-	$	2,524
Three Months Ended March 31, 2014
Revenue	$	670,347	$	290,610	$	344,641	$	41,495	$	-	$	(4,545)	$	1,342,548
Direct operating expenses		211,946		143,364		238,149		6,388		-		(2,159)		597,688
Selling, general and administrative expenses		253,345		56,368		76,581		30,728		-		(2,386)		414,636
Depreciation and amortization		60,324		49,712		48,331		8,719		7,785		-		174,871
Corporate expenses		-		-		-		-		72,705		-		72,705
Other operating income, net		-		-		-		-		165		-		165
Operating income (loss)	$	144,732	$	41,166	$	(18,420)	$	(4,340)	$	(80,325)	$	-	$	82,813
Intersegment revenues	$	-	$	976	$	-	$	3,569	$	-	$	-	$	4,545
Capital expenditures	$	10,292	$	16,444	$	20,862	$	1,807	$	18,003	$	-	$	67,408
Share-based compensation expense	$	-	$	-	$	-	$	-	$	3,036	$	-	$	3,036