Segment Information

6 Months Ended

Jun. 30, 2019

We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other.

The following tables set forth our financial performance by segment.



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2019		2018		2019		2018
Revenues:
U.S. Media	$	419.6	$	367.2	$	758.0	$	677.1
Other	40.3		34.5		73.6		62.5
Total revenues	$	459.9	$	401.7	$	831.6	$	739.6

We present Operating income before Depreciation, Amortization, Net gain (loss) on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2019			2018			2019			2018
Net income (loss)	$	50.3		$	(5.2	)	$	56.4		$	3.9
Provision for income taxes	6.2			8.1			5.2			1.4
Equity in earnings of investee companies, net of tax	(1.7		)	(1.2		)	(2.5		)	(2.0		)
Interest expense, net	33.9			31.0			66.6			61.0
Other (income) expense, net	—			0.2			(0.1		)	0.3
Operating income	88.7			32.9			125.6			64.6
Restructuring charges	—			0.2			0.3			1.3
Net (gain) loss on dispositions	0.4			(2.7		)	(1.1		)	(2.9		)
Impairment charge	—			42.9			—			42.9
Depreciation and amortization	49.0			46.3			94.8			89.9
Stock-based compensation	5.5			5.6			10.8			10.6
Total Adjusted OIBDA	$	143.6		$	125.2		$	230.4		$	206.4

Adjusted OIBDA:
U.S. Media	$	145.8		$	131.2		$	240.4		$	220.1
Other	8.8			4.2			10.0			3.4
Corporate	(11.0		)	(10.2		)	(20.0		)	(17.1		)
Total Adjusted OIBDA	$	143.6		$	125.2		$	230.4		$	206.4



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2019			2018			2019			2018
Operating income (loss):
U.S. Media	$	101.9		$	93.8		$	157.4		$	144.4
Other	3.3			(45.1		)	(0.7		)	(52.1		)
Corporate	(16.5		)	(15.8		)	(31.1		)	(27.7		)
Total operating income	$	88.7		$	32.9		$	125.6		$	64.6

Net (gain) loss on dispositions:
U.S. Media	$	0.2		$	(2.7	)	$	(1.3	)	$	(2.9	)
Other	0.2			—			0.2			—
Total (gain) loss on dispositions	$	0.4		$	(2.7	)	$	(1.1	)	$	(2.9	)

Impairment charge:
Other	$	—		$	42.9		$	—		$	42.9
Total impairment charge	$	—		$	42.9		$	—		$	42.9

Depreciation and amortization:
U.S. Media	$	43.7		$	40.1		$	84.3		$	78.1
Other	5.3			6.2			10.5			11.8
Total depreciation and amortization	$	49.0		$	46.3		$	94.8		$	89.9

Capital expenditures:
U.S. Media	$	21.0		$	25.6		$	38.3		$	40.0
Other	0.5			4.0			1.3			6.4
Total capital expenditures	$	21.5		$	29.6		$	39.6		$	46.4



	As of
(in millions)	June 30, 2019		December 31, 2018
Assets:
U.S. Media	$	4,937.7	$	3,610.0
Other	291.1		202.5
Corporate	436.2		16.2
Total assets	$	5,665.0	$	3,828.7