Form: 8-K

Current report filing

August 7, 2020

Exhibit 99.2

CLEAR CHANNEL INTERNATIONAL B.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(UNAUDITED)

 

(In thousands)    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2020     2019     2020     2019  

Revenue

   $ 107,346     $ 290,436     $ 319,036     $ 534,332  

Operating expenses:

        

Direct operating expenses (excludes depreciation and amortization)

     130,896       184,846       304,492       358,754  

Selling, general and administrative expenses (excludes depreciation and amortization)

     46,426       60,750       99,557       115,955  

Corporate expenses (excludes depreciation and amortization)

     6,163       8,769       14,857       17,194  

Depreciation and amortization

     20,150       19,511       40,506       38,528  

Other operating income (expense), net

     (3,180     91       (5,520     (286
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     (99,469     16,651       (145,896     3,615  

Interest expense, net

     2,806       11,997       5,389       24,235  

Other income (expense), net

     (3,077     1,018       (20,533     (1,628
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) before income taxes

     (105,352     5,672       (171,818     (22,248

Income tax benefit (expense)

     813       (4,238     (6,628     (5,115
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net income (loss)

     (104,539     1,434       (178,446     (27,363

Less amount attributable to noncontrolling interest

     —         1       3       2  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to the Company

   $ (104,539   $ 1,433     $ (178,449   $ (27,365
  

 

 

   

 

 

   

 

 

   

 

 

 

 

1