20. SEGMENT DATA

We manage our business on a geographical basis, with four operating segments: Bulgaria, the Czech Republic, Romania and the Slovak Republic, 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 years ended December 31, 2017, 2016 and 2015 for consolidated statements of operations and comprehensive income / loss data and consolidated statements of cash flow data; and as at December 31, 2017 and 2016 for consolidated balance sheet data.



Net revenues:	For The Year Ended December 31,
	2017			2016			2015
Bulgaria	$	77,341		$	72,651		$	73,090
Czech Republic	209,041			190,372			182,636
Romania	191,244			172,951			157,578
Slovak Republic	97,721			90,549			84,434
Intersegment revenues ⁽¹⁾	(1,135		)	(349		)	(1,543		)
Total net revenues	$	574,212		$	526,174		$	496,195


⁽¹⁾	Reflects revenues earned from the sale of content to other country segments in CME Ltd. All other revenues are third party revenues.



OIBDA:	For The Year Ended December 31,
	2017			2016			2015
Bulgaria	$	16,841		$	12,242		$	15,479
Czech Republic	83,600			77,018			71,697
Romania	74,435			62,016			41,176
Slovak Republic	24,742			15,947			10,585
Elimination	(8		)	5			26
Total operating segments	199,610			167,228			138,963
Corporate	(34,078		)	(30,320		)	(29,521		)
Total OIBDA	165,532			136,908			109,442
Depreciation of property, plant and equipment	(26,991		)	(23,106		)	(21,327		)
Amortization of intangibles	(8,592		)	(8,270		)	(12,050		)
Other items ⁽¹⁾	—			—			11,982
Operating income	129,949			105,532			88,047
Interest expense (Note 15)	(70,633		)	(111,389		)	(151,767		)
Loss on extinguishment of debt (Note 5)	(101		)	(150,158		)	—
Other non-operating income / (expense), net (Note 16)	16,321			(2,074		)	(23,609		)
Income / (loss) before tax	$	75,536		$	(158,089	)	$	(87,329	)


⁽¹⁾	Other items consists solely of the charges related to tax audits of our Romanian operations, which were accrued in the fourth quarter of 2014 and fully released in the third quarter of 2015.



Total assets: ⁽¹⁾	December 31, 2017		December 31, 2016
Bulgaria	$	155,885	$	130,873
Czech Republic	842,716		700,190
Romania	307,286		266,132
Slovak Republic	149,866		131,220
Total operating segments	1,455,753		1,228,415
Corporate	24,146		40,786
Assets held for sale	148,156		121,516
Total assets	$	1,628,055	$	1,390,717


⁽¹⁾	Segment assets exclude any intercompany balances.



Capital Expenditures:	For The Year Ended December 31,
	2017		2016		2015
Bulgaria	$	4,584	$	3,304	$	3,517
Czech Republic	10,449		8,043		10,982
Romania	6,639		6,863		5,794
Slovak Republic	1,963		1,693		2,921
Total operating segments	23,635		19,903		23,214
Corporate	1,270		2,476		3,440
Total capital expenditures	$	24,905	$	22,379	$	26,654



Long-lived assets: ⁽¹⁾	December 31, 2017		December 31, 2016
Bulgaria	$	7,863	$	6,280
Czech Republic	46,146		39,529
Romania	28,515		22,796
Slovak Republic	17,450		15,326
Total operating segments	99,974		83,931
Corporate	3,674		5,149
Total long-lived assets	$	103,648	$	89,080


⁽¹⁾	Reflects property, plant and equipment, net.



Revenue by type:	For The Year Ended December 31,
	2017		2016		2015
Television advertising	$	471,227	$	435,096	$	409,469
Carriage fees and subscriptions	83,232		71,331		66,644
Other	19,753		19,747		20,082
Total net revenues	$	574,212	$	526,174	$	496,195

We do not rely on any single major customer or group of major customers.