EX-99.2
Published on February 1, 2021
Exhibit 99.2
Segment Information
| Years Ended December 31, | Nine Months Ended September 30, |
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| (in thousands) | 2018(1) | 2019(1) | 2019 | 2020 | ||||||||||||
| Revenue |
(unaudited) | (unaudited) | ||||||||||||||
| Americas |
$ | 1,189,348 | $ | 1,273,018 | $ | 928,114 | $ | 719,202 | ||||||||
| Europe |
1,173,616 | 1,111,770 | 784,772 | 535,970 | ||||||||||||
| Other(2) |
358,741 | 299,022 | 225,692 | 58,048 | ||||||||||||
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| Total |
$ | 2,721,705 | $ | 2,683,810 | $ | 1,938,578 | $ | 1,313,220 | ||||||||
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| Capital Expenditures |
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| Americas |
$ | 76,867 | $ | 82,707 | $ | 46,484 | $ | 41,189 | ||||||||
| Europe |
63,967 | 80,535 | 59,761 | 31,489 | ||||||||||||
| Other(2) |
65,995 | 55,447 | 22,917 | 10,805 | ||||||||||||
| Corporate |
4,250 | 13,775 | 10,500 | 9,766 | ||||||||||||
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| Total |
$ | 211,079 | $ | 232,464 | $ | 139,662 | $ | 93,249 | ||||||||
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| Segment Adjusted EBITDA |
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| Americas |
$ | 467,381 | $ | 510,135 | $ | 364,367 | $ | 225,693 | ||||||||
| Europe |
150,620 | 142,590 | 77,461 | (91,071 | ) | |||||||||||
| Other(2) |
125,655 | 73,296 | 49,815 | (36,092 | ) | |||||||||||
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| Total |
$ | 743,656 | $ | 726,021 | $ | 491,643 | $ | 98,530 | ||||||||
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| Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes |
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| Segment Adjusted EBITDA |
$ | 743,656 | $ | 726,021 | $ | 491,643 | $ | 98,530 | ||||||||
| Less reconciling items: |
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| Corporate expenses(3) |
152,090 | 144,341 | 105,056 | 99,722 | ||||||||||||
| Depreciation and amortization |
318,952 | 309,324 | 231,476 | 204,372 | ||||||||||||
| Impairment changes |
7,772 | 5,300 | 5,300 | 150,400 | ||||||||||||
| Restructuring and other costs(4) |
15,537 | 15,316 | 8,926 | 11,005 | ||||||||||||
| Other operating (income) expense, net |
(2,498 | ) | (1,162 | ) | 1,632 | (58,051 | ) | |||||||||
| Interest expense, net |
387,740 | 419,518 | 329,610 | 269,435 | ||||||||||||
| Other charges(5) |
34,393 | 122,907 | 144,165 | 22,275 | ||||||||||||
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| Consolidated net loss before income taxes |
$ | (170,330 | ) | $ | (289,523 | ) | $ | (334,522 | ) | $ | (600,628 | ) | ||||
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| (1) | Segment information for the years ended December 31, 2018 and 2019 has been recast according to the two reportable business segments implemented as of January 1, 2020. See Presentation of Financial Information. |
| (2) | Other includes the Companys operations in Latin America and, for periods prior to the disposition of the Companys stake in Clear Media on April 28, 2020, China. |
| (3) | Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Companys reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. |
| (4) | The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included with the Corporate expenses line item. |
| (5) | Other charges includes Loss on extinguishment of debt, Loss on Due from iHeartCommunications, and Other (income) expense, net. |