20. SEGMENT DATA

We manage our business on a geographical basis, with five operating segments: Bulgaria, 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. We do not rely on any single major customer or group of major customers. 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. From January 1, 2018, stock-based compensation and certain operating costs incurred on behalf of our segments at the corporate level have been allocated to our segments for purposes of evaluating their performance. Prior period information has been recast to conform to the current period presentation.

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, 2018, 2017 and 2016 for consolidated statements of operations and comprehensive income / loss data and consolidated statements of cash flow data; and as at December 31, 2018 and 2017 for consolidated balance sheet data.



Net revenues:	For The Year Ended December 31,
	2018			2017			2016
Bulgaria	$	84,593		$	77,341		$	72,651
Czech Republic	233,991			209,041			190,372
Romania	201,505			191,244			172,951
Slovak Republic	106,834			97,721			90,549
Slovenia	79,587			68,696			56,912
Intersegment revenues ⁽¹⁾	(2,604		)	(1,175		)	(429		)
Total net revenues	$	703,906		$	642,868		$	583,006


⁽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,
	2018			2017			2016
Bulgaria	$	21,620		$	16,241		$	12,004
Czech Republic	94,576			82,652			76,466
Romania	85,737			73,418			61,394
Slovak Republic	27,941			23,845			15,598
Slovenia	22,516			14,263			4,674
Elimination	34			(3		)	25
Total operating segments	252,424			210,416			170,161
Corporate	(29,750		)	(30,649		)	(28,614		)
Total OIBDA	222,674			179,767			141,547
Depreciation of property, plant and equipment	(32,933		)	(31,261		)	(27,529		)
Amortization of broadcast licenses and other intangibles	(9,002		)	(8,592		)	(8,270		)
Other items ⁽¹⁾	(3,152		)	—			—
Operating income	177,587			139,914			105,748
Interest expense (Note 15)	(49,106		)	(83,188		)	(126,378		)
Loss on extinguishment of debt	(415		)	(101		)	(150,158		)
Other non-operating (expense) / income, net (Note 16)	(3,173		)	16,942			(2,252		)
Income / (loss) before tax	$	124,893		$	73,567		$	(173,040	)


⁽¹⁾	Other items consists solely of expense related to the accelerated vesting of RSUs with performance conditions in accordance with the terms of the corresponding award agreement following the completion of sale of the Company's Croatian operations on such date. See Note 17, "Stock-based Compensation".



Total assets: ⁽¹⁾	December 31, 2018		December 31, 2017
Bulgaria	$	142,165	$	155,885
Czech Republic	771,286		842,716
Romania	297,937		307,286
Slovak Republic	146,252		149,866
Slovenia	89,440		88,158
Total operating segments	1,447,080		1,543,911
Corporate	41,281		24,451
Assets held for sale	—		59,693
Total assets	$	1,488,361	$	1,628,055


⁽¹⁾	Segment assets exclude any intercompany balances.



Capital Expenditures:	For The Year Ended December 31,
	2018		2017		2016
Bulgaria	$	4,222	$	4,584	$	3,304
Czech Republic	9,012		10,449		8,043
Romania	4,767		6,639		6,863
Slovak Republic	1,601		1,963		1,693
Slovenia	4,200		3,171		4,128
Total operating segments	23,802		26,806		24,031
Corporate	781		1,309		2,705
Total capital expenditures	$	24,583	$	28,115	$	26,736



Long-lived assets: ⁽¹⁾	December 31, 2018		December 31, 2017
Bulgaria	$	10,627	$	7,863
Czech Republic	39,314		46,146
Romania	33,368		28,515
Slovak Republic	16,376		17,450
Slovenia	15,955		15,701
Total operating segments	115,640		115,675
Corporate	1,964		3,674
Total long-lived assets	$	117,604	$	119,349


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

Revenues from contracts with customers comprised the following:



Consolidated revenue by type:	For The Year Ended December 31,
	2018		2017		2016
Television advertising	$	562,450	$	523,516	$	483,504
Carriage fees and subscriptions	113,746		95,823		76,045
Other	27,710		23,529		23,457
Total net revenues	$	703,906	$	642,868	$	583,006

Management reviews the performance of our operations based on the above revenue types as well as on a geographic basis as described above. Management does not review other disaggregations of revenues from contracts with customers.