18. SEGMENT DATA

We manage our business on a geographical basis, with six operating segments: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia, which are also our reportable segments and our main operating countries. These segments reflect how CME Ltd.’s operating performance is evaluated by our chief operating decision makers, who we have identified as our co-Chief Executive Officers; how operations are managed by segment managers; and the structure of our internal financial reporting.

Our segments generate revenues primarily from the sale of advertising and sponsorship on our channels. This is supplemented by revenues from cable and satellite television service providers to carry our channels on their platforms and from revenues through the sale of distribution rights to third parties. Intersegment revenues and profits have been eliminated in consolidation.

We evaluate our consolidated results and the performance of our segments based on net revenues and OIBDA (as defined below). We believe OIBDA is useful to investors because it provides a meaningful representation of our performance as it excludes certain items that either do not impact our cash flows or the operating results of our operations. OIBDA is also used as a component in determining management bonuses.

OIBDA includes amortization and impairment of program rights and is calculated as operating income / loss before depreciation, amortization of intangible assets, impairments of assets and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance. Stock-based compensation and certain other items are not allocated to our segments for purposes of evaluating their performance and therefore are not included in their respective OIBDA.

Below are tables showing our net revenues, OIBDA, total assets, capital expenditures and long-lived assets for our continuing operations by segment for the three months ended March 31, 2017 and 2016 for condensed consolidated statements of operations and comprehensive income / loss data and condensed consolidated statements of cash flow data; and as at March 31, 2017 and December 31, 2016 for condensed consolidated balance sheet data.



Net revenues:	For the Three Months Ended March 31,
	2017			2016
Bulgaria	$	15,305		$	15,859
Croatia	11,068			11,645
Czech Republic	39,474			38,608
Romania	38,944			32,370
Slovak Republic	18,340			19,062
Slovenia	12,217			11,653
Intersegment revenues ⁽¹⁾	(346		)	(197		)
Total net revenues	$	135,002		$	129,000


⁽¹⁾	Reflects revenues earned from the sale of content to our other segments. All other revenues are third party revenues.



OIBDA and reconciliation of OIBDA to condensed consolidated statements of operations and comprehensive income / loss:	For the Three Months Ended March 31,
	2017			2016
Bulgaria	$	1,357		$	1,069
Croatia	1,086			1,401
Czech Republic	10,959			10,074
Romania	14,686			9,462
Slovak Republic	873			2,393
Slovenia	3			(708		)
Elimination	2			(6		)
Total operating segments	28,966			23,685
Corporate	(6,830		)	(6,577		)
Total OIBDA	22,136			17,108
Depreciation of property, plant and equipment	(7,759		)	(7,285		)
Amortization of broadcast licenses and other intangibles	(2,109		)	(2,060		)
Operating income	12,268			7,763
Interest expense (Note 14)	(23,755		)	(49,154		)
Non-operating income, net (Note 15)	2,325			1,416
Loss before tax	$	(9,162	)	$	(39,975	)



Total assets ⁽¹⁾:	March 31, 2017		December 31, 2016
Bulgaria	$	134,424	$	130,873
Croatia	51,771		49,135
Czech Republic	718,841		700,190
Romania	279,157		266,132
Slovak Republic	131,790		131,220
Slovenia	71,784		72,381
Total operating segments	1,387,767		1,349,931
Corporate	32,513		40,786
Total assets	$	1,420,280	$	1,390,717


⁽¹⁾	Segment assets exclude any intercompany balances.



Capital expenditures:	For the Three Months Ended March 31,
	2017		2016
Bulgaria	$	133	$	182
Croatia	555		277
Czech Republic	3,198		1,551
Romania	1,709		1,729
Slovak Republic	465		533
Slovenia	1,071		1,260
Total operating segments	7,131		5,532
Corporate	576		544
Total capital expenditures	$	7,707	$	6,076



Long-lived assets ⁽¹⁾:	March 31, 2017		December 31, 2016
Bulgaria	$	6,152	$	6,280
Croatia	5,825		5,832
Czech Republic	39,056		39,529
Romania	24,111		22,796
Slovak Republic	15,230		15,326
Slovenia	13,819		14,177
Total operating segments	104,193		103,940
Corporate	4,784		5,149
Total long-lived assets	$	108,977	$	109,089


⁽¹⁾	Reflects property, plant and equipment.



Consolidated revenue by type:	For the Three Months Ended March 31,
	2017		2016
Television advertising	$	108,514	$	104,171
Carriage fees and subscriptions	21,383		19,209
Other	5,105		5,620
Total net revenues	$	135,002	$	129,000