Form: 8-K

Current report filing

November 9, 2020

Exhibit 99.2

CLEAR CHANNEL INTERNATIONAL B.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF LOSS

(UNAUDITED)

 

(In thousands)    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2020     2019     2020     2019  

Revenue

   $  216,934     $  250,440     $ 535,970     $  784,772  

Operating expenses:

        

Direct operating expenses (excludes depreciation and amortization)

     172,049       180,891       476,541       539,645  

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

     56,469       57,353       156,026       173,308  

Corporate expenses (excludes depreciation and amortization)

     648       8,747       15,505       25,941  

Depreciation and amortization

     21,385       19,910       61,891       58,438  

Other operating income (expense), net

     (4,002     212       (9,522     (74
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

     (37,619     (16,249     (183,515     (12,634

Interest expense, net

     4,720       7,053       10,109       31,288  

Loss on extinguishment of debt

     —         10,961       —         10,961  

Other income (expense), net

     11,877       (8,880     (8,656     (10,508
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (30,462     (43,143     (202,280     (65,391

Income tax benefit (expense)

     1,845       3,325       (4,783     (1,790
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net loss

     (28,617     (39,818     (207,063     (67,181

Less amount attributable to noncontrolling interest

     1       —         4       2  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to the Company

   $ (28,618   $ (39,818   $ (207,067   $ (67,183