SEGMENT DATA Our reportable segments are Concerts, Ticketing and Sponsorship &amp; Advertising. Our Concerts segment involves the promotion of live music events globally in our owned or operated venues and in rented third-party venues, the production of music festivals, the operation and management of music venues, the creation of associated content and the provision of management and other services to artists. Our Ticketing segment involves the management of our global ticketing operations, including providing ticketing software and services to clients, and consumers with a marketplace, both online and mobile, for tickets and event information, and is responsible for our primary ticketing website, www.ticketmaster.com . Our Sponsorship &amp; Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and placement of advertising such as signage, promotional programs, rich media offerings, including advertising associated with live streaming and music-related original content, and ads across our distribution network of venues, events and websites. Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords or replacements funded by insurance proceeds. We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of the segments, and therefore, total segment assets have not been presented. The following table presents the results of operations for our reportable segments for the three and nine months ended September 30, 2019 and 2018: Concerts Ticketing Sponsorship &amp; Advertising Other Corporate Eliminations Consolidated (in thousands) Three Months Ended September 30, 2019 Revenue $ 3,173,843 $ 388,458 $ 215,247 $ 791 $  $ (4,655) $ 3,773,684 Direct operating expenses 2,636,344 127,123 41,617   (4,655) 2,800,429 Selling, general and administrative expenses 355,198 157,590 29,055 704   542,547 Depreciation and amortization 71,247 39,562 11,332 145 4,020  126,306 Loss (gain) on disposal of operating assets (320) 15     (305) Corporate expenses     44,666  44,666 Operating income (loss) $ 111,374 $ 64,168 $ 133,243 $ (58) $ (48,686) $  $ 260,041 Intersegment revenue $ 2,092 $ 2,563 $  $  $  $ (4,655) $  Three Months Ended September 30, 2018 Revenue $ 3,297,257 $ 368,312 $ 171,178 $ 932 $  $ (2,433) $ 3,835,246 Direct operating expenses 2,767,949 133,050 23,191 2,599  (2,433) 2,924,356 Selling, general and administrative expenses 343,250 151,064 25,325 5,015   524,654 Depreciation and amortization 54,404 34,677 8,871 212 1,442  99,606 Loss (gain) on disposal of operating assets 10,317 2   (1)  10,318 Corporate expenses     42,093  42,093 Operating income (loss) $ 121,337 $ 49,519 $ 113,791 $ (6,894) $ (43,534) $  $ 234,219 Intersegment revenue $ 268 $ 2,165 $  $  $  $ (2,433) $  Nine Months Ended September 30, 2019 Revenue $ 7,131,491 $ 1,096,865 $ 441,862 $ 2,372 $  $ (14,069) $ 8,658,521 Direct operating expenses 5,853,380 359,502 80,634   (14,069) 6,279,447 Selling, general and administrative expenses 989,017 449,862 79,661 2,370   1,520,910 Depreciation and amortization 176,827 116,465 24,780 404 10,568  329,044 Loss (gain) on disposal of operating assets (675) 122     (553) Corporate expenses     121,909  121,909 Operating income (loss) $ 112,942 $ 170,914 $ 256,787 $ (402) $ (132,477) $  $ 407,764 Intersegment revenue $ 5,032 $ 9,037 $  $  $  $ (14,069) $  Capital expenditures $ 127,818 $ 78,414 $ 5,529 $  $ 17,374 $  $ 229,135 Concerts Ticketing Sponsorship &amp; Advertising Other Corporate Eliminations Consolidated (in thousands) Nine Months Ended September 30, 2018 Revenue $ 6,716,914 $ 1,091,880 $ 385,674 $ 2,886 $  $ (11,409) $ 8,185,945 Direct operating expenses 5,554,368 377,121 68,142 3,325  (11,409) 5,991,547 Selling, general and administrative expenses 906,360 447,997 68,534 12,812   1,435,703 Depreciation and amortization 146,458 103,299 23,613 599 3,293  277,262 Loss (gain) on disposal of operating assets 10,452 13   (1)  10,464 Corporate expenses     108,055  108,055 Operating income (loss) $ 99,276 $ 163,450 $ 225,385 $ (13,850) $ (111,347) $  $ 362,914 Intersegment revenue $ 268 $ 11,141 $  $  $  $ (11,409) $  Capital expenditures $ 88,338 $ 71,336 $ 4,241 $ 149 $ 8,839 $  $ 172,903