SEGMENT DATA

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

During the first quarter of 2016, the Company revised its segment reporting as discussed in Note 1. The following table presents the Company's reportable segment results for the three and nine months ended September 30, 2016 and 2015:



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other			Corporate and other reconciling items			Eliminations			Consolidated
Three Months Ended September 30, 2016
Revenue	$	857,099	$	322,997	$	350,060	$	41,414		$	—		$	(1,152	)	$	1,570,418
Direct operating expenses	229,668		142,989		223,097		(178		)	—			—			595,576
Selling, general and administrative expenses	268,612		54,500		71,664		27,466			—			(542		)	421,700
Corporate expenses	—		—		—		—			87,389			(610		)	86,779
Depreciation and amortization	60,691		47,242		37,018		4,483			9,019			—			158,453
Impairment charges	—		—		—		—			8,000			—			8,000
Other operating expense, net	—		—		—		—			(505		)	—			(505		)
Operating income (loss)	$	298,128	$	78,266	$	18,281	$	9,643		$	(104,913	)	$	—		$	299,405
Intersegment revenues	$	—	$	1,152	$	—	$	—		$	—		$	—		$	1,152
Capital expenditures	$	23,238	$	19,114	$	30,803	$	582		$	3,596		$	—		$	77,333
Share-based compensation expense	$	—	$	—	$	—	$	—		$	3,431		$	—		$	3,431

Three Months Ended September 30, 2015
Revenue	$	846,865	$	347,336	$	348,941	$	36,719		$	—		$	(347	)	$	1,579,514
Direct operating expenses	253,848		149,072		223,644		586			—			—			627,150
Selling, general and administrative expenses	272,065		59,539		73,020		25,149			—			(347		)	429,426
Corporate expenses	—		—		—		—			74,775			—			74,775
Depreciation and amortization	59,402		50,121		41,564		4,370			10,863			—			166,320
Impairment charges	—		—		—		—			21,631			—			21,631
Other operating income, net	—		—		—		—			6,914			—			6,914
Operating income (loss)	$	261,550	$	88,604	$	10,713	$	6,614		$	(100,355	)	$	—		$	267,126
Intersegment revenues	$	—	$	347	$	—	$	—		$	—		$	—		$	347
Capital expenditures	$	14,426	$	18,557	$	28,665	$	551		$	5,416		$	—		$	67,615
Share-based compensation expense	$	—	$	—	$	—	$	—		$	2,991		$	—		$	2,991



(In thousands)	iHM		Americas Outdoor		International Outdoor		Other		Corporate and other reconciling items			Eliminations			Consolidated
Nine Months Ended September 30, 2016
Revenue	$	2,463,899	$	931,058	$	1,044,866	$	114,663	$	—		$	(2,031	)	$	4,552,455
Direct operating expenses	704,097		421,039		654,802		1,255		—			—			1,781,193
Selling, general and administrative expenses	812,344		167,660		220,872		82,394		—			(1,421		)	1,281,849
Corporate expenses	—		—		—		—		252,918			(610		)	252,308
Depreciation and amortization	182,506		140,883		113,075		12,809		26,780			—			476,053
Impairment charges	—		—		—		—		8,000			—			8,000
Other operating income, net	—		—		—		—		219,768			—			219,768
Operating income (loss)	$	764,952	$	201,476	$	56,117	$	18,205	$	(67,930	)	$	—		$	972,820
Intersegment revenues	$	—	$	2,031	$	—	$	—	$	—		$	—		$	2,031
Capital expenditures	$	46,303	$	47,808	$	97,487	$	1,758	$	7,682		$	—		$	201,038
Share-based compensation expense	$	—	$	—	$	—	$	—	$	10,310		$	—		$	10,310

Nine Months Ended September 30, 2015
Revenue	$	2,385,367	$	984,485	$	1,049,654	$	106,941	$	—		$	(2,510	)	$	4,523,937
Direct operating expenses	709,503		445,018		663,011		2,473		—			—			1,820,005
Selling, general and administrative expenses	799,370		172,522		219,689		81,798		—			(2,510		)	1,270,869
Corporate expenses	—		—		—		—		232,492			—			232,492
Depreciation and amortization	179,703		151,574		124,961		16,842		32,087			—			505,167
Impairment charges	—		—		—		—		21,631			—			21,631
Other operating income, net	—		—		—		—		98,694			—			98,694
Operating income (loss)	$	696,791	$	215,371	$	41,993	$	5,828	$	(187,516	)	$	—		$	772,467
Intersegment revenues	$	—	$	2,510	$	—	$	—	$	—		$	—		$	2,510
Capital expenditures	$	44,106	$	50,916	$	85,522	$	1,346	$	10,602		$	—		$	192,492
Share-based compensation expense	$	—	$	—	$	—	$	—	$	7,918		$	—		$	7,918