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 broad cast and digital delivery and also includes the Company’s events and national syndication business es . The Americas outdoor advertising segment consists of operations pri marily in the United States, Canada and Latin America . The International outdoor adv ertising segment primarily incl udes operations in Europe, Asia and Australia . The Other category includes the Com pany’s media representation business as well as other general support services and init i atives that are ancillary to the Company’s other busi nesses. 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 f unctions. 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 six months ended June 30, 2015 and 2014: (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2015 Revenue $ 840,701 $ 341,286 $ 381,533 $ 40,040 $ - $ (3,701) $ 1,599,859 Direct operating expenses 241,826 149,712 222,630 3,039 - (1,942) 615,265 Selling, general and administrative expenses 266,523 57,346 75,176 26,877 - (1,759) 424,163 Depreciation and amortization 59,571 51,113 40,956 7,611 9,143 - 168,394 Corporate expenses - - - - 80,592 - 80,592 Other operating income, net - - - - 100,754 - 100,754 Operating income $ 272,781 $ 83,115 $ 42,771 $ 2,513 $ 11,019 $ - $ 412,199 Intersegment revenues $ - $ 1,062 $ - $ 2,639 $ - $ - $ 3,701 Capital expenditures $ 15,414 $ 15,664 $ 31,752 $ 2,097 $ 3,495 $ - $ 68,422 Share-based compensation expense $ - $ - $ - $ - $ 2,403 $ - $ 2,403 Three Months Ended June 30, 2014 Revenue $ 806,337 $ 344,346 $ 436,859 $ 47,227 $ - $ (4,615) $ 1,630,154 Direct operating expenses 227,059 153,875 259,269 6,348 - (1,681) 644,870 Selling, general and administrative expenses 250,681 58,448 81,823 30,910 - (2,934) 418,928 Depreciation and amortization 59,230 49,848 47,889 8,655 8,440 - 174,062 Impairment charges - - - - 4,902 - 4,902 Corporate expenses - - - - 82,197 - 82,197 Other operating expense, net - - - - (1,628) - (1,628) Operating income (loss) $ 269,367 $ 82,175 $ 47,878 $ 1,314 $ (97,167) $ - $ 303,567 Intersegment revenues $ - $ 1,094 $ - $ 3,521 $ - $ - $ 4,615 Capital expenditures $ 10,392 $ 21,683 $ 31,776 $ 1,079 $ 9,083 $ - $ 74,013 Share-based compensation expense $ - $ - $ - $ - $ 2,782 $ - $ 2,782 (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Six Months Ended June 30, 2015 Revenue $ 1,538,502 $ 637,149 $ 700,713 $ 75,502 $ - $ (7,443) $ 2,944,423 Direct operating expenses 455,655 295,946 439,367 6,437 - (3,621) 1,193,784 Selling, general and administrative expenses 527,872 112,983 146,669 56,649 - (3,822) 840,351 Depreciation and amortization 120,313 101,453 83,397 15,277 18,407 - 338,847 Corporate expenses - - - - 157,880 - 157,880 Other operating expense, net - - - - 91,780 - 91,780 Operating income (loss) $ 434,662 $ 126,767 $ 31,280 $ (2,861) $ (84,507) $ - $ 505,341 Intersegment revenues $ - $ 2,163 $ - $ 5,280 $ - $ - $ 7,443 Capital expenditures $ 27,327 $ 32,359 $ 56,857 $ 3,148 $ 5,186 $ - $ 124,877 Share-based compensation expense $ - $ - $ - $ - $ 4,927 $ - $ 4,927 Six Months Ended June 30, 2014 Revenue $ 1,476,684 $ 634,956 $ 781,500 $ 88,722 $ - $ (9,160) $ 2,972,702 Direct operating expenses 439,005 297,239 497,418 12,736 - (3,840) 1,242,558 Selling, general and administrative expenses 504,025 114,817 158,404 61,638 - (5,320) 833,564 Depreciation and amortization 119,555 99,559 96,220 17,374 16,225 - 348,933 Impairment charges - - - - 4,902 - 4,902 Corporate expenses - - - - 154,902 - 154,902 Other operating income, net - - - - (1,463) - (1,463) Operating income (loss) $ 414,099 $ 123,341 $ 29,458 $ (3,026) $ (177,492) $ - $ 386,380 Intersegment revenues $ - $ 2,070 $ - $ 7,090 $ - $ - $ 9,160 Capital expenditures $ 20,684 $ 38,127 $ 52,638 $ 2,886 $ 27,086 $ - $ 141,421 Share-based compensation expense $ - $ - $ - $ - $ 5,818 $ - $ 5,818 |