SEGMENT DATA

9 Months Ended

Sep. 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 nine months ended September 30, 2018 and 2017:



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other		Corporate and other reconciling items			Eliminations			Consolidated
Three Months Ended September 30, 2018
Revenue	$	873,404	$	303,421	$	360,318	$	47,088	$	—		$	(1,466	)	$	1,582,765
Direct operating expenses	268,606		131,241		230,440		—		—			(23		)	630,264
Selling, general and administrative expenses	303,451		49,247		79,550		25,985		—			(476		)	457,757
Corporate expenses	—		—		—		—		85,160			(967		)	84,193
Depreciation and amortization	34,882		39,783		36,627		3,222		6,186			—			120,700
Impairment charges	—		—		—		—		40,922			—			40,922
Other operating expense, net	—		—		—		—		(1,637		)	—			(1,637		)
Operating income (loss)	$	266,465	$	83,150	$	13,701	$	17,881	$	(133,905	)	$	—		$	247,292
Intersegment revenues	$	23	$	1,443	$	—	$	—	$	—		$	—		$	1,466
Capital expenditures	$	17,750	$	25,826	$	21,921	$	896	$	2,555		$	—		$	68,948
Share-based compensation expense	$	—	$	—	$	—	$	—	$	3,588		$	—		$	3,588

Three Months Ended September 30, 2017
Revenue	$	859,531	$	293,807	$	350,623	$	34,452	$	—		$	(1,656	)	$	1,536,757
Direct operating expenses	265,795		130,269		227,677		—		—			—			623,741
Selling, general and administrative expenses	287,676		49,007		79,532		23,298		—			(717		)	438,796
Corporate expenses	—		—		—		—		78,906			(939		)	77,967
Depreciation and amortization	58,089		44,457		35,464		3,893		7,846			—			149,749
Impairment charges	—		—		—		—		7,631			—			7,631
Other operating income, net	—		—		—		—		(13,215		)	—			(13,215		)
Operating income (loss)	$	247,971	$	70,074	$	7,950	$	7,261	$	(107,598	)	$	—		$	225,658
Intersegment revenues	$	—	$	1,656	$	—	$	—	$	—		$	—		$	1,656
Capital expenditures	$	14,009	$	4,397	$	26,932	$	184	$	2,802		$	—		$	48,324
Share-based compensation expense	$	—	$	—	$	—	$	—	$	3,539		$	—		$	3,539



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other		Corporate and other reconciling items			Eliminations			Consolidated
Nine Months Ended September 30, 2018
Revenue	$	2,471,239	$	859,190	$	1,114,927	$	113,803	$	—		$	(5,904	)	$	4,553,255
Direct operating expenses	773,424		386,427		709,479		—		—			(70		)	1,869,260
Selling, general and administrative expenses	929,308		146,021		235,473		74,420		—			(2,988		)	1,382,234
Corporate expenses	—		—		—		—		245,399			(2,846		)	242,553
Depreciation and amortization	149,714		127,410		113,875		10,242		18,537			—			419,778
Impairment charges	—		—		—		—		40,922			—			40,922
Other operating expense, net	—		—		—		—		(5,212		)	—			(5,212		)
Operating income (loss)	$	618,793	$	199,332	$	56,100	$	29,141	$	(310,070	)	$	—		$	593,296
Intersegment revenues	$	84	$	5,820	$	—	$	—	$	—		$	—		$	5,904
Capital expenditures	$	42,211	$	50,214	$	57,487	$	1,083	$	6,574		$	—		$	157,569
Share-based compensation expense	$	—	$	—	$	—	$	—	$	8,385		$	—		$	8,385

Nine Months Ended September 30, 2017
Revenue	$	2,501,084	$	854,344	$	1,005,954	$	99,332	$	—		$	(5,444	)	$	4,455,270
Direct operating expenses	773,327		393,953		645,222		3		—			—			1,812,505
Selling, general and administrative expenses	894,669		148,824		221,773		74,519		—			(2,694		)	1,337,091
Corporate expenses	—		—		—		—		236,237			(2,750		)	233,487
Depreciation and amortization	174,946		130,127		102,711		11,097		24,769			—			443,650
Impairment charges	—		—		—		—		7,631			—			7,631
Other operating income, net	—		—		—		—		24,785			—			24,785
Operating income (loss)	$	658,142	$	181,440	$	36,248	$	13,713	$	(243,852	)	$	—		$	645,691
Intersegment revenues	$	—	$	5,444	$	—	$	—	$	—		$	—		$	5,444
Capital expenditures	$	44,353	$	46,394	$	86,206	$	551	$	7,440		$	—		$	184,944
Share-based compensation expense	$	—	$	—	$	—	$	—	$	9,020		$	—		$	9,020