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Segment Data
 6 Months Ended
Jun. 30, 2011
Segment Data  
Segment Data

NOTE 9 — SEGMENT DATA

The Company's reportable operating segments, which it believes best reflect how the Company is currently managed, are Radio broadcasting, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at fair value and eliminated in consolidation. The Radio broadcasting segment also operates various radio networks. The Americas outdoor advertising segment consists of operations primarily in the United States, Canada and Latin America. The International outdoor segment primarily includes operations in Europe, Asia and Australia. The Americas outdoor and International outdoor display inventory consists primarily of billboards, street furniture displays and transit displays. The Other category includes the Company's media representation firm as well as other general support services and initiatives which are ancillary to the Company's other businesses. Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company's operating segments, as well as overall executive, administrative and support functions. Share-based compensation expense is recorded by each segment in direct operating and selling, general and administrative expenses.

The following table presents the Company's operating segment results for the three and six months ended June 30, 2011 and 2010.

 

(In thousands)   Radio
Broadcasting		     Americas
Outdoor
Advertising		     International
Outdoor
Advertising		     Other     Corporate
and other
reconciling
items		     Eliminations     Consolidated  

Three Months Ended June 30, 2011

 

        

Revenue

   $ 780,876      $ 340,775      $ 448,433      $ 59,172      $ —      $ (24,870 )    $ 1,604,386   

Direct operating expenses

     215,454        149,493        265,979        24,355        —        (12,941 )      642,340   

Selling, general and administrative expenses

     257,627        55,232        87,705        19,476        —        (11,929 )      408,111   

Depreciation and amortization

     69,033        52,964        52,636        12,809        2,199        —        189,641   

Corporate expenses

     —        —        —        —        56,486        —        56,486   

Other operating income - net

     —        —        —        —        3,229        —        3,229   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

   $ 238,762      $ 83,086      $ 42,113      $ 2,532      $ (55,456 )    $ —      $ 311,037   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Intersegment revenues

   $ 9,131      $ 745      $ —      $ 14,994      $ —      $ —      $ 24,870   

Capital expenditures

   $ 13,851      $ 36,297      $ 23,116      $ —      $ 3,219      $ —      $ 76,483   

Share-based compensation expense

   $ 882      $ 1,674      $ 701      $ —      $ 2,481      $ —      $ 5,738   

Three Months Ended June 30, 2010

 

          

Revenue

   $ 748,738      $ 323,769      $ 377,638      $ 62,773      $ —      $ (22,909 )    $ 1,490,009   

Direct operating expenses

     198,894        144,298        241,586        27,213        —        (11,075 )      600,916   

Selling, general and administrative expenses

     238,713        64,075        66,617        19,066        —        (11,834 )      376,637   

Depreciation and amortization

     63,812        55,729        49,570        12,925        2,142        —        184,178   

Corporate expenses

     —        —        —        —        64,109        —        64,109   

Other operating income - net

     —        —        —        —        3,264        —        3,264   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

   $ 247,319      $ 59,667      $ 19,865      $ 3,569      $ (62,987 )    $ —      $ 267,433   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Intersegment revenues

   $ 7,143      $ 790      $ —      $ 14,976      $ —      $ —      $ 22,909   

Capital expenditures

   $ 6,513      $ 15,221      $ 22,172      $ —      $ 4,179      $ —      $ 48,085   

Share-based compensation expense

   $ 1,757      $ 2,316      $ 692      $ —      $ 3,744      $ —      $ 8,509   

Six Months Ended June 30, 2011

 

          

Revenue

   $ 1,421,221      $ 630,089      $ 809,333      $ 110,435      $ —      $ (45,866 )    $ 2,925,212   

Direct operating expenses

     407,562        292,984        513,868        48,243        —        (24,062 )      1,238,595   

Selling, general and administrative expenses

     484,276        109,599        156,518        40,046        —        (21,804 )      768,635   

Depreciation and amortization

     133,489        104,050        103,880        26,094        5,839        —        373,352   

Corporate expenses

     —        —        —        —        108,833        —        108,833   

Other operating income - net

     —        —        —        —        19,943        —        19,943   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

   $ 395,894      $ 123,456      $ 35,067      $ (3,948 )    $ (94,729 )    $ —      $ 455,740   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Intersegment revenues

   $ 16,511      $ 1,688      $ —      $ 27,667      $ —      $ —      $ 45,866   

Capital expenditures

   $ 29,858      $ 68,698      $ 37,076      $ —      $ 4,820      $ —      $ 140,452   

Share-based compensation expense

   $ 2,436      $ 3,842      $ 1,604      $ —      $ 147      $ —      $ 8,029   
(In thousands)    Radio
Broadcasting		      Americas
Outdoor
Advertising		      International
Outdoor
Advertising		     Other     Corporate
and other
reconciling
items		     Eliminations     Consolidated  

Six Months Ended June 30, 2010

 

           

Revenue

    $ 1,371,937       $ 594,746       $ 715,429      $ 114,819      $ —      $ (43,144 )    $ 2,753,787   

Direct operating expenses

      402,654         283,606         481,164        52,041        —        (21,202 )      1,198,263   

Selling, general and administrative expenses

      465,810         108,552         133,497        40,016        —        (21,942 )      725,933   

Depreciation and amortization

      127,744         105,180         101,828        26,521        4,239        —        365,512   

Corporate expenses

      —         —         —        —        128,605        —        128,605   

Other operating income - net

      —         —         —        —        7,036        —        7,036   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

    $ 375,729       $ 97,408       $ (1,060 )    $ (3,759 )    $ (125,808 )    $ —      $ 342,510   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Intersegment revenues

    $ 13,797       $ 1,847       $ —      $ 27,500      $ —      $ —      $ 43,144   

Capital expenditures

    $ 11,102       $ 39,926       $ 46,790      $ —      $ 5,591      $ —      $ 103,409   

Share-based compensation expense

    $ 3,506       $ 4,346       $ 1,295      $ —      $ 7,477      $ —      $ 16,624