Segment Data

3 Months Ended

Mar. 31, 2016

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 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 months ended March 31, 2016 and 2015:
(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended March 31, 2016
Revenue	$	738,886	$	282,528	$	308,193	$	34,183	$	-	$	(285)	$	1,363,505
Direct operating expenses		224,062		138,012		205,682		615		-		-		568,371
Selling, general and administrative expenses		272,013		55,329		71,472		27,039		-		(285)		425,568
Depreciation and amortization		58,817		46,116		37,880		3,616		9,027		-		155,456
Corporate expenses		-		-		-		-		77,879		-		77,879
Other operating income, net		-		-		-		-		284,463		-		284,463
Operating income (loss)	$	183,994	$	43,071	$	(6,841)	$	2,913	$	197,557	$	-	$	420,694
Intersegment revenues	$	-	$	285	$	-	$	-	$	-	$	-	$	285
Capital expenditures	$	8,790	$	11,292	$	34,913	$	65	$	1,719	$	-	$	56,779
Share-based compensation expense	$	-	$	-	$	-	$	-	$	3,094	$	-	$	3,094
Three Months Ended March 31, 2015
Revenue	$	697,801	$	295,863	$	319,180	$	32,821	$	-	$	(1,101)	$	1,344,564
Direct operating expenses		213,829		146,234		216,737		892		-		-		577,692
Selling, general and administrative expenses		261,080		55,637		71,493		29,772		-		(1,101)		416,881
Depreciation and amortization		60,735		50,340		42,441		6,323		10,614		-		170,453
Corporate expenses		-		-		-		-		77,422		-		77,422
Other operating expense, net		-		-		-		-		(8,974)		-		(8,974)
Operating income (loss)	$	162,157	$	43,652	$	(11,491)	$	(4,166)	$	(97,010)	$	-	$	93,142
Intersegment revenues	$	-	$	1,101	$	-	$	-	$	-	$	-	$	1,101
Capital expenditures	$	12,818	$	16,695	$	25,105	$	146	$	1,691	$	-	$	56,455
Share-based compensation expense	$	-	$	-	$	-	$	-	$	2,524	$	-	$	2,524