SEGMENT DATA The Companys primary business is included in its Audio segment. Revenue and expenses earned and charged between Audio, Corporate and the Company's Audio &amp; Media Services businesses are eliminated in consolidation. The Audio segment provides media and entertainment services via broadcast and digital delivery and also includes the Companys events and national syndication businesses. The Audio &amp; Media Services business provides other audio and media services, including the Companys media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Companys businesses. Share-based payments are recorded in corporate expense. In connection with a reorganization of the Companys management structure after the Separation and emergence from the Chapter 11 Cases, the Company revised its segment reporting, as discussed in Note 1 and all prior periods have been restated to conform to this presentation. The following table presents the Company's segment results for the Successor Company for the three months ended March 31, 2020 : Successor Company (In thousands) Audio Audio &amp; Media Services Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2020 Revenue $ 722,385 $ 60,227 $  $ (1,978 ) $ 780,634 Direct operating expenses 294,787 8,203  (1,358 ) 301,632 Selling, general and administrative expenses 310,056 34,674  (589 ) 344,141 Corporate expenses   39,980 (31 ) 39,949 Depreciation and amortization 88,801 5,696 2,271  96,768 Impairment charges   1,727,857  1,727,857 Other operating expense, net   (1,066 )  (1,066 ) Operating income (loss) $ 28,741 $ 11,654 $ (1,771,174 ) $  $ (1,730,779 ) Intersegment revenues $ 167 $ 1,811 $  $  $ 1,978 Capital expenditures $ 18,602 $ 662 $ 2,400 $  $ 21,664 Share-based compensation expense $  $  $ 4,625 $  $ 4,625 The following table presents the Company's segment results for the Predecessor Company for the three months ended March 31, 2019 . The presentation of prior period amounts has been restated to conform to the presentation of the Successor period. Predecessor Company (In thousands) Audio Audio and Media Services Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2019 Revenue $ 746,216 $ 51,392 $  $ (1,811 ) $ 795,797 Direct operating expenses 276,006 7,010  (142 ) 282,874 Selling, general and administrative expenses 291,791 34,796  (1,653 ) 324,934 Corporate expenses   39,157 (16 ) 39,141 Depreciation and amortization 29,484 4,062 4,744  38,290 Impairment charges   91,382  91,382 Other operating expense, net   (27 )  (27 ) Operating income (loss) $ 148,935 $ 5,524 $ (135,310 ) $  $ 19,149 Intersegment revenues $ 187 $ 1,624 $  $  $ 1,811 Capital expenditures $ 20,040 $ 687 $ 2,226 $  $ 22,953 Share-based compensation expense $  $  $ 392 $  $ 392