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SEGMENT DATA

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA

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 (Katz Media) and its provider of scheduling and broadcast software (RCS).  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 connection with a reorganization of the Company’s management structure after the Separation and emergence from the Chapter 11 Cases, the Company revised its segment reporting, as discussed in Note 1 and all prior periods have been restated to conform to this presentation.

The following table presents the Company's segment results for the Successor Company for the three months ended March 31, 2020:

Successor Company
(In thousands)	Audio				Audio & Media Services				Corporate and other reconciling items				Eliminations				Consolidated
Three Months Ended March 31, 2020
Revenue	$	722,385			$	60,227			$	—			$	(1,978	)		$	780,634
Direct operating expenses	294,787				8,203				—				(1,358		)		301,632
Selling, general and administrative expenses	310,056				34,674				—				(589		)		344,141
Corporate expenses	—				—				39,980				(31		)		39,949
Depreciation and amortization	88,801				5,696				2,271				—				96,768
Impairment charges	—				—				1,727,857				—				1,727,857
Other operating expense, net	—				—				(1,066		)		—				(1,066		)
Operating income (loss)	$	28,741			$	11,654			$	(1,771,174	)		$	—			$	(1,730,779	)
Intersegment revenues	$	167			$	1,811			$	—			$	—			$	1,978
Capital expenditures	$	18,602			$	662			$	2,400			$	—			$	21,664
Share-based compensation expense	$	—			$	—			$	4,625			$	—			$	4,625

The following table presents the Company's segment results for the Predecessor Company for the three months ended March 31, 2019. The presentation of prior period amounts has been restated to conform to the presentation of the Successor period.

Predecessor Company
(In thousands)	Audio				Audio and Media Services				Corporate and other reconciling items				Eliminations				Consolidated
Three Months Ended March 31, 2019
Revenue	$	746,216			$	51,392			$	—			$	(1,811	)		$	795,797
Direct operating expenses	276,006				7,010				—				(142		)		282,874
Selling, general and administrative expenses	291,791				34,796				—				(1,653		)		324,934
Corporate expenses	—				—				39,157				(16		)		39,141
Depreciation and amortization	29,484				4,062				4,744				—				38,290
Impairment charges	—				—				91,382				—				91,382
Other operating expense, net	—				—				(27		)		—				(27		)
Operating income (loss)	$	148,935			$	5,524			$	(135,310	)		$	—			$	19,149
Intersegment revenues	$	187			$	1,624			$	—			$	—			$	1,811
Capital expenditures	$	20,040			$	687			$	2,226			$	—			$	22,953
Share-based compensation expense	$	—			$	—			$	392			$	—			$	392

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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