SEGMENT DATA

6 Months Ended

Jun. 30, 2019

The Company’s primary business is included in its Audio segment. Revenue and expenses earned and charged between Audio, Corporate and the Company's Audio & Media Services businesses are eliminated in consolidation. The Audio segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Audio & Media Services business provides other audio and media services, including the Company’s media representation business and its provider of scheduling and broadcast software. Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in corporate expense.

In conjunction with the Separation and the Reorganization, the Company revised its segment reporting, as discussed in Note 1.

The following table presents the Company's segment results for the Successor Company for the Period from May 2, 2019 through June 30, 2019:



Successor Company
(In thousands)	Audio		Audio & Media Services		Corporate and other reconciling items			Eliminations			Consolidated
Period from May 2, 2019 through June 30, 2019
Revenue	$	596,230	$	40,537	$	—		$	(1,121	)	$	635,646
Direct operating expenses	179,471		4,872		—			(52		)	184,291
Selling, general and administrative expenses	206,006		22,195		—			(1,061		)	227,140
Corporate expenses	—		—		34,398			(8		)	34,390
Depreciation and amortization	54,577		3,619		1,187			—			59,383
Other operating expense, net	—		—		3,246			—			3,246
Operating income (loss)	$	156,176	$	9,851	$	(32,339	)	$	—		$	133,688
Intersegment revenues	$	112	$	1,009	$	—		$	—		$	1,121
Capital expenditures	$	13,554	$	830	$	3,051		$	—		$	17,435
Share-based compensation expense	$	—	$	—	$	3,039		$	—		$	3,039



Predecessor Company
(In thousands)	Audio		Audio and Media Services		Corporate and other reconciling items			Eliminations			Consolidated
Period from April 1, 2019 through May 1, 2019
Revenue	$	260,461	$	17,970	$	—		$	(757	)	$	277,674
Direct operating expenses	90,254		2,549		—			(222		)	92,581
Selling, general and administrative expenses	93,880		10,203		—			(531		)	103,552
Corporate expenses					18,983			(4		)	18,979
Depreciation and amortization	11,682		1,204		1,658			—			14,544
Other operating expense, net	—		—		(127		)	—			(127		)
Operating income (loss)	$	64,645	$	4,014	$	(20,768	)	$	—		$	47,891
Intersegment revenues	$	56	$	701	$	—		$	—		$	757
Capital expenditures	$	11,136	$	577	$	1,530		$	—		$	13,243
Share-based compensation expense	$	—	$	—	$	105		$	—		$	105

Three Months Ended June 30, 2018
Revenue	$	831,948	$	61,417	$	—		$	(1,601	)	$	891,764
Direct operating expenses	256,861		6,930		—			(39		)	263,752
Selling, general and administrative expenses	298,644		31,118		—			(1,562		)	328,200
Corporate expenses	—		—		52,478			—			52,478
Depreciation and amortization	55,245		4,508		5,124			—			64,877
Other operating expense, net	—		—		(1,218		)	—			(1,218		)
Operating income (loss)	$	221,198	$	18,861	$	(58,820	)	$	—		$	181,239
Intersegment revenues	$	—	$	1,601	$	—		$	—		$	1,601
Capital expenditures	$	14,877	$	654	$	1,744		$	—		$	17,275
Share-based compensation expense	$	—	$	—	$	594		$	—		$	594

Period from January 1, 2019 through May 1, 2019
Revenue	$	1,006,677	$	69,362	$	—		$	(2,568	)	$	1,073,471
Direct operating expenses	350,501		9,559		—			(364		)	359,696
Selling, general and administrative expenses	396,032		42,497		—			(2,184		)	436,345
Corporate expenses					66,040			(20		)	66,020
Depreciation and amortization	40,982		5,266		6,586			—			52,834
Impairment charges	—		—		91,382			—			91,382
Other operating expense, net	—		—		(154		)	—			(154		)
Operating income (loss)	$	219,162	$	12,040	$	(164,162	)	$	—		$	67,040
Intersegment revenues	$	243	$	2,325	$	—		$	—		$	2,568
Capital expenditures	$	31,177	$	1,263	$	3,757		$	—		$	36,197
Share-based compensation expense	$	—	$	—	$	498		$	—		$	498

Six Months Ended June 30, 2018
Revenue	$	1,557,050	$	110,759	$	—		$	(3,273	)	$	1,664,536
Direct operating expenses	490,802		14,108		—			(92		)	504,818
Selling, general and administrative expenses	614,561		62,898		—			(3,167		)	674,292
Corporate expenses	—		—		105,390			(14		)	105,376
Depreciation and amortization	112,294		9,558		10,399			—			132,251
Other operating income, net	—		—		(4,450		)	—			(4,450		)
Operating income (loss)	$	339,393	$	24,195	$	(120,239	)	$	—		$	243,349
Intersegment revenues	$	—	$	3,273	$	—		$	—		$	3,273
Capital expenditures	$	23,878	$	770	$	2,658		$	—		$	27,306
Share-based compensation expense	$	—	$	—	$	1,172		$	—		$	1,172