Segment Data

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2015 and 2014:
(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended September 30, 2015
Revenue	$	846,865	$	347,336	$	348,941	$	39,358	$	-	$	(2,986)	$	1,579,514
Direct operating expenses		253,848		149,072		223,644		3,174		-		(1,896)		627,842
Selling, general and administrative expenses		272,349		59,539		73,020		25,149		-		(1,090)		428,967
Depreciation and amortization		59,408		50,121		41,564		5,896		9,331		-		166,320
Impairment charges		-		-		-		-		21,631		-		21,631
Corporate expenses		-		-		-		-		74,542		-		74,542
Other operating income, net		-		-		-		-		6,914		-		6,914
Operating income (loss)	$	261,260	$	88,604	$	10,713	$	5,139	$	(98,590)	$	-	$	267,126
Intersegment revenues	$	-	$	347	$	-	$	2,639	$	-	$	-	$	2,986
Capital expenditures	$	13,533	$	18,557	$	28,665	$	1,444	$	5,416	$	-	$	67,615
Share-based compensation expense	$	-	$	-	$	-	$	-	$	2,991	$	-	$	2,991
Three Months Ended September 30, 2014
Revenue	$	830,509	$	350,464	$	392,330	$	61,096	$	-	$	(4,365)	$	1,630,034
Direct operating expenses		244,945		151,550		249,284		5,103		-		(2,473)		648,409
Selling, general and administrative expenses		259,283		60,994		78,619		30,245		-		(1,882)		427,259
Depreciation and amortization		59,359		51,303		47,775		8,389		9,039		-		175,865
Impairment charges		-		-		-		-		35		-		35
Corporate expenses		-		-		-		-		78,212		(10)		78,202
Other operating income, net		-		-		-		-		47,172		-		47,172
Operating income (loss)	$	266,922	$	86,617	$	16,652	$	17,359	$	(40,114)	$	-	$	347,436
Intersegment revenues	$	10	$	721	$	-	$	3,634	$	-	$	-	$	4,365
Capital expenditures	$	9,336	$	22,392	$	19,448	$	1,235	$	1,176	$	-	$	53,587
Share-based compensation expense	$	-	$	-	$	-	$	-	$	2,246	$	-	$	2,246

(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Nine Months Ended September 30, 2015
Revenue	$	2,385,367	$	984,485	$	1,049,654	$	114,860	$	-	$	(10,429)	$	4,523,937
Direct operating expenses		709,503		445,018		663,011		9,611		-		(5,517)		1,821,626
Selling, general and administrative expenses		800,221		172,522		219,689		81,798		-		(4,912)		1,269,318
Depreciation and amortization		179,721		151,574		124,961		21,173		27,738		-		505,167
Impairment charges		-		-		-		-		21,631		-		21,631
Corporate expenses		-		-		-		-		232,422		-		232,422
Other operating income, net		-		-		-		-		98,694		-		98,694
Operating income (loss)	$	695,922	$	215,371	$	41,993	$	2,278	$	(183,097)	$	-	$	772,467
Intersegment revenues	$	-	$	2,510	$	-	$	7,919	$	-	$	-	$	10,429
Capital expenditures	$	40,860	$	50,916	$	85,522	$	4,592	$	10,602	$	-	$	192,492
Share-based compensation expense	$	-	$	-	$	-	$	-	$	7,918	$	-	$	7,918
Nine Months Ended September 30, 2014
Revenue	$	2,307,193	$	985,420	$	1,173,830	$	149,818	$	-	$	(13,525)	$	4,602,736
Direct operating expenses		683,950		448,789		746,702		17,839		-		(6,313)		1,890,967
Selling, general and administrative expenses		763,308		175,811		237,023		91,883		-		(7,202)		1,260,823
Depreciation and amortization		178,914		150,862		143,995		25,763		25,264		-		524,798
Impairment charges		-		-		-		-		4,937		-		4,937
Corporate expenses		-		-		-		-		233,114		(10)		233,104
Other operating income, net		-		-		-		-		45,709		-		45,709
Operating income (loss)	$	681,021	$	209,958	$	46,110	$	14,333	$	(217,606)	$	-	$	733,816
Intersegment revenues	$	10	$	2,791	$	-	$	10,724	$	-	$	-	$	13,525
Capital expenditures	$	30,020	$	60,519	$	72,086	$	4,121	$	28,262	$	-	$	195,008
Share-based compensation expense	$	-	$	-	$	-	$	-	$	8,064	$	-	$	8,064