SEGMENT DATA

6 Months Ended

Jun. 30, 2018

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. The International outdoor advertising segment primarily includes operations in Europe, Asia and Latin America. 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.

The Company re-evaluated its segment reporting and determined that its Latin American operations should be managed by its International outdoor leadership team. As a result, beginning on January 1, 2018, the operations of Latin America are no longer reflected within the Company’s Americas outdoor segment and are included in the results of its International segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the International outdoor segment. The following table presents the Company's reportable segment results for the three and six months ended June 30, 2018 and 2017:



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other		Corporate and other reconciling items			Eliminations			Consolidated
Three Months Ended June 30, 2018
Revenue	$	853,267	$	299,922	$	412,058	$	38,497	$	—		$	(2,902	)	$	1,600,842
Direct operating expenses	263,752		130,313		242,623		—		—			(47		)	636,641
Selling, general and administrative expenses	304,587		47,824		77,465		23,613		—			(1,999		)	451,490
Corporate expenses	—		—		—		—		80,482			(856		)	79,626
Depreciation and amortization	56,499		43,123		38,683		3,254		6,085			—			147,644
Other operating expense, net	—		—		—		—		(289		)	—			(289		)
Operating income (loss)	$	228,429	$	78,662	$	53,287	$	11,630	$	(86,856	)	$	—		$	285,152
Intersegment revenues	$	47	$	2,855	$	—	$	—	$	—		$	—		$	2,902
Capital expenditures	$	15,384	$	11,481	$	20,294	$	147	$	2,612		$	—		$	49,918
Share-based compensation expense	$	—	$	—	$	—	$	—	$	2,113		$	—		$	2,113

Three Months Ended June 30, 2017
Revenue	$	884,380	$	300,191	$	372,128	$	35,609	$	—		$	(1,940	)	$	1,590,368
Direct operating expenses	264,201		133,033		219,715		3		—			—			616,952
Selling, general and administrative expenses	298,842		49,439		76,459		23,580		—			(1,030		)	447,290
Corporate expenses	—		—		—		—		78,068			(910		)	77,158
Depreciation and amortization	58,820		42,854		34,095		3,835		8,191			—			147,795
Other operating income, net	—		—		—		—		6,916			—			6,916
Operating income (loss)	$	262,517	$	74,865	$	41,859	$	8,191	$	(79,343	)	$	—		$	308,089
Intersegment revenues	$	—	$	1,940	$	—	$	—	$	—		$	—		$	1,940
Capital expenditures	$	17,107	$	25,817	$	36,934	$	304	$	5,431		$	—		$	85,593
Share-based compensation expense	$	—	$	—	$	—	$	—	$	2,422		$	—		$	2,422



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other		Corporate and other reconciling items			Eliminations			Consolidated
Six Months Ended June 30, 2018
Revenue	$	1,597,835	$	555,769	$	754,922	$	66,715	$	—		$	(4,438	)	$	2,970,803
Direct operating expenses	504,818		255,186		479,352		—		—			(47		)	1,239,309
Selling, general and administrative expenses	625,857		96,774		155,923		48,435		—			(2,512		)	924,477
Corporate expenses	—		—		—		—		160,239			(1,879		)	158,360
Depreciation and amortization	114,832		87,627		77,248		7,020		12,351			—			299,078
Other operating expense, net	—		—		—		—		(3,575		)	—			(3,575		)
Operating income (loss)	$	352,328	$	116,182	$	42,399	$	11,260	$	(176,165	)	$	—		$	346,004
Intersegment revenues	$	61	$	4,377	$	—	$	—	$	—		$	—		$	4,438
Capital expenditures	$	24,461	$	24,388	$	35,566	$	187	$	4,019		$	—		$	88,621
Share-based compensation expense	$	—	$	—	$	—	$	—	$	4,797		$	—		$	4,797

Six Months Ended June 30, 2017
Revenue	$	1,641,553	$	560,537	$	656,508	$	64,880	$	—		$	(3,788	)	$	2,919,690
Direct operating expenses	507,532		263,684		418,722		3		—			—			1,189,941
Selling, general and administrative expenses	606,993		99,817		141,855		51,221		—			(1,977		)	897,909
Corporate expenses	—		—		—		—		157,331			(1,811		)	155,520
Depreciation and amortization	116,857		85,670		67,247		7,204		16,923			—			293,901
Other operating income, net	—		—		—		—		38,000			—			38,000
Operating income (loss)	$	410,171	$	111,366	$	28,684	$	6,452	$	(136,254	)	$	—		$	420,419
Intersegment revenues	$	—	$	3,788	$	—	$	—	$	—		$	—		$	3,788
Capital expenditures	$	30,344	$	39,405	$	59,274	$	367	$	7,230		$	—		$	136,620
Share-based compensation expense	$	—	$	—	$	—	$	—	$	5,481		$	—		$	5,481