Segment Data

9 Months Ended

Sep. 30, 2011

Segment Data

Segment Data

NOTE 9 — SEGMENT DATA

The Company's reportable operating segments, which it believes best reflect how the Company is currently managed, are Radio, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at fair value and eliminated in consolidation. The Radio segment provides media and entertainment services through broadcast and digital delivery, digital media and the operation of various radio networks. The Americas outdoor advertising segment consists of operations primarily in the United States, Canada and Latin America. The International outdoor segment primarily includes operations in Europe, Asia and Australia. The Americas outdoor and International outdoor display inventory consists primarily of billboards, street furniture displays and transit displays. The Other category includes the Company's media representation firm as well as other general support services and initiatives which are ancillary to the Company's other businesses. Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company's operating segments, as well as overall executive, administrative and support functions. Share-based compensation expense is recorded by each segment in direct operating and selling, general and administrative expenses.

The following table presents the Company's operating segment results for the three and nine months ended September 30, 2011 and 2010.

(In thousands)	Radio		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended September 30, 2011
Revenue	$	798,474	$	347,344	$	401,106	$	60,195	$	—	$	(23,767)	$	1,583,352
Direct operating expenses		231,713		152,631		255,501		7,171		—		(10,953)		636,063
Selling, general and administrative expenses		265,137		57,780		74,135		36,022		—		(12,814)		420,260
Depreciation and amortization		68,176		62,809		52,125		12,052		2,370		—		197,532
Corporate expenses		—		—		—		—		54,247		—		54,247
Other operating expense - net		—		—		—		—		(6,490)		—		(6,490)
Operating income (loss)	$	233,448	$	74,124	$	19,345	$	4,950	$	(63,107)	$	—	$	268,760
Intersegment revenues	$	7,109	$	1,084	$	—	$	15,574	$	—	$	—	$	23,767
Capital expenditures	$	15,595	$	19,177	$	41,193	$	—	$	3,464	$	—	$	79,429
Share-based compensation expense	$	1,034	$	1,903	$	792	$	—	$	2,523	$	—	$	6,252
Three Months Ended September 30, 2010
Revenue	$	743,034	$	333,269	$	361,817	$	61,849	$	—	$	(22,622)	$	1,477,347
Direct operating expenses		202,771		143,940		236,679		6,670		—		(10,962)		579,098
Selling, general and administrative expenses		240,668		51,750		63,474		38,765		—		(11,660)		382,997
Depreciation and amortization		64,657		53,139		50,694		13,139		2,450		—		184,079
Corporate expenses		—		—		—		—		80,518		—		80,518
Other operating expense - net		—		—		—		—		(29,559)		—		(29,559)
Operating income (loss)	$	234,938	$	84,440	$	10,970	$	3,275	$	(112,527)	$	—	$	221,096
Intersegment revenues	$	7,259	$	865	$	—	$	14,498	$	—	$	—	$	22,622
Capital expenditures	$	10,515	$	30,689	$	21,869	$	—	$	2,923	$	—	$	65,996
Share-based compensation expense	$	1,746	$	2,207	$	658	$	—	$	3,732	$	—	$	8,343

(In thousands)	Radio		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Nine Months Ended September 30, 2011
Revenue	$	2,219,695	$	977,433	$	1,210,439	$	170,630	$	—	$	(69,633)	$	4,508,564
Direct operating expenses		639,275		445,615		769,369		21,341		—		(35,015)		1,840,585
Selling, general and administrative expenses		749,413		167,379		230,653		110,141		—		(34,618)		1,222,968
Depreciation and amortization		201,665		166,859		156,005		38,146		8,209		—		570,884
Corporate expenses		—		—		—		—		163,080		—		163,080
Other operating income - net		—		—		—		—		13,453		—		13,453
Operating income (loss)	$	629,342	$	197,580	$	54,412	$	1,002	$	(157,836)	$	—	$	724,500
Intersegment revenues	$	23,620	$	2,772	$	—	$	43,241	$	—	$	—	$	69,633
Capital expenditures	$	45,453	$	87,875	$	78,269	$	—	$	8,283	$	—	$	219,880
Share-based compensation expense	$	3,470	$	5,745	$	2,396	$	—	$	2,670	$	—	$	14,281
Nine Months Ended September 30, 2010
Revenue	$	2,114,971	$	928,015	$	1,077,246	$	176,668	$	—	$	(65,766)	$	4,231,134
Direct operating expenses		605,425		427,546		717,843		20,578		—		(32,164)		1,739,228
Selling, general and administrative expenses		706,478		160,302		196,971		116,914		—		(33,602)		1,147,063
Depreciation and amortization		192,401		158,319		152,522		39,660		6,689		—		549,591
Corporate expenses		—		—		—		—		209,123		—		209,123
Other operating expense - net		—		—		—		—		(22,523)		—		(22,523)
Operating income (loss)	$	610,667	$	181,848	$	9,910	$	(484)	$	(238,335)	$	—	$	563,606
Intersegment revenues	$	21,056	$	2,712	$	—	$	41,998	$	—		—	$	65,766
Capital expenditures	$	21,617	$	70,615	$	68,659	$	—	$	8,514	$	—	$	169,405
Share-based compensation expense	$	5,252	$	6,553	$	1,953	$	—	$	11,209	$	—	$	24,967