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 that 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 and six months ended June 30, 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 June 30, 2017 and December 31, 2016 for condensed consolidated balance sheet data.



Net revenues:	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Bulgaria	$	20,774		$	20,455		$	36,079		$	36,314
Croatia	16,521			16,559			27,589			28,204
Czech Republic	53,371			50,919			92,845			89,527
Romania	48,570			48,929			87,514			81,299
Slovak Republic	24,624			22,540			42,964			41,602
Slovenia	18,453			16,116			30,670			27,769
Intersegment revenues ⁽¹⁾	(457		)	(312		)	(803		)	(509		)
Total net revenues	$	181,856		$	175,206		$	316,858		$	304,206


⁽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 June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Bulgaria	$	3,079		$	5,954		$	4,436		$	7,023
Croatia	5,171			4,501			6,257			5,902
Czech Republic	25,553			23,099			36,512			33,173
Romania	22,268			22,962			36,954			32,424
Slovak Republic	7,522			3,158			8,395			5,551
Slovenia	4,386			1,624			4,389			916
Elimination	39			(62		)	41			(68		)
Total operating segments	68,018			61,236			96,984			84,921
Corporate	(6,849		)	(7,604		)	(13,679		)	(14,181		)
Total OIBDA	61,169			53,632			83,305			70,740
Depreciation of property, plant and equipment	(8,293		)	(7,627		)	(16,052		)	(14,912		)
Amortization of broadcast licenses and other intangibles	(2,053		)	(2,114		)	(4,162		)	(4,174		)
Operating income	50,823			43,891			63,091			51,654
Interest expense (Note 14)	(21,973		)	(29,545		)	(45,728		)	(78,699		)
Loss on extinguishment of debt	—			(150,158		)	—			(150,158		)
Non-operating income / (expense), net (Note 15)	7,141			(167		)	9,466			1,249
Income / (loss) before tax	$	35,991		$	(135,979	)	$	26,829		$	(175,954	)



Total assets ⁽¹⁾:	June 30, 2017		December 31, 2016
Bulgaria	$	139,982	$	130,873
Croatia	60,255		49,135
Czech Republic	801,045		700,190
Romania	294,236		266,132
Slovak Republic	146,492		131,220
Slovenia	79,136		72,381
Total operating segments	1,521,146		1,349,931
Corporate	37,240		40,786
Total assets	$	1,558,386	$	1,390,717


⁽¹⁾	Segment assets exclude any intercompany balances.



Capital expenditures:	For the Six Months Ended June 30,
	2017		2016
Bulgaria	$	2,019	$	988
Croatia	862		1,080
Czech Republic	5,088		2,863
Romania	2,966		2,334
Slovak Republic	900		824
Slovenia	1,759		1,715
Total operating segments	13,594		9,804
Corporate	1,104		1,483
Total capital expenditures	$	14,698	$	11,287



Long-lived assets ⁽¹⁾:	June 30, 2017		December 31, 2016
Bulgaria	$	6,691	$	6,280
Croatia	5,926		5,832
Czech Republic	42,199		39,529
Romania	25,114		22,796
Slovak Republic	16,967		15,326
Slovenia	14,397		14,177
Total operating segments	111,294		103,940
Corporate	4,688		5,149
Total long-lived assets	$	115,982	$	109,089


⁽¹⁾	Reflects property, plant and equipment.



Consolidated revenue by type:	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
Television advertising	$	149,521	$	149,012	$	258,035	$	253,183
Carriage fees and subscriptions	25,356		19,862		46,739		39,071
Other	6,979		6,332		12,084		11,952
Total net revenues	$	181,856	$	175,206	$	316,858	$	304,206