SEGMENT DATA

3 Months Ended

Mar. 31, 2019

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 following table presents the Company's reportable segment results for the three months ended March 31, 2019 and 2018:



(In thousands)	iHM		Americas Outdoor		International Outdoor			Other			Corporate and other reconciling items			Eliminations			Consolidated
Three Months Ended March 31, 2019
Revenue	$	765,810	$	272,722	$	314,394		$	30,190		$	—		$	(1,217	)	$	1,381,899
Direct operating expenses	267,114		130,519		217,308			1			—			(23		)	614,919
Selling, general and administrative expenses	307,729		51,636		71,330			25,251			—			(223		)	455,723
Corporate expenses	—		—		—			—			75,671			(971		)	74,700
Depreciation and amortization	30,417		39,496		34,581			2,945			5,927			—			113,366
Impairment charges	—		—		—			—			91,382			—			91,382
Other operating expense, net	—		—		—			—			(3,549		)	—			(3,549		)
Operating income (loss)	$	160,550	$	51,071	$	(8,825	)	$	1,993		$	(176,529	)	$	—		$	28,260
Intersegment revenues	$	226	$	991	$	—		$	—		$	—		$	—		$	1,217
Capital expenditures	$	20,690	$	11,408	$	14,819		$	37		$	4,172		$	—		$	51,126
Share-based compensation expense	$	—	$	—	$	—		$	—		$	2,227		$	—		$	2,227

Three Months Ended March 31, 2018
Revenue	$	744,568	$	255,847	$	342,551		$	28,218		$	—		$	(1,536	)	$	1,369,648
Direct operating expenses	241,066		124,873		236,416			—			—			—			602,355
Selling, general and administrative expenses	321,270		48,950		78,458			24,822			—			(513		)	472,987
Corporate expenses	—		—		—			—			79,757			(1,023		)	78,734
Depreciation and amortization	58,333		44,504		38,565			3,766			6,266			—			151,434
Impairment charges	—		—		—			—			—			—			—
Other operating expense, net	—		—		—			—			(3,286		)	—			(3,286		)
Operating income (loss)	$	123,899	$	37,520	$	(10,888	)	$	(370	)	$	(89,309	)	$	—		$	60,852
Intersegment revenues	$	14	$	1,522	$	—		$	—		$	—		$	—		$	1,536
Capital expenditures	$	9,077	$	12,907	$	15,272		$	40		$	1,407		$	—		$	38,703
Share-based compensation expense	$	—	$	—	$	—		$	—		$	2,684		$	—		$	2,684

(In thousands)

Three Months Ended March 31, 2019

Revenue

Direct operating expenses

Selling, general and administrative expenses

Corporate expenses

Depreciation and amortization

Impairment charges

Other operating expense, net

Operating income (loss)

Intersegment revenues

Capital expenditures

Share-based compensation expense

Three Months Ended March 31, 2018