Form: 8-K

Current report filing

February 1, 2021

Exhibit 99.2

Segment Information

 

     Years Ended December 31,      Nine Months Ended
September 30,
 
(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  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 2,721,705      $ 2,683,810      $ 1,938,578      $ 1,313,220  
  

 

 

    

 

 

    

 

 

    

 

 

 

Capital Expenditures

           

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  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 211,079      $ 232,464      $ 139,662      $ 93,249  
  

 

 

    

 

 

    

 

 

    

 

 

 

Segment Adjusted EBITDA

           

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
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 743,656      $ 726,021      $ 491,643      $ 98,530  
  

 

 

    

 

 

    

 

 

    

 

 

 

Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes

           

Segment Adjusted EBITDA

   $ 743,656      $ 726,021      $ 491,643      $ 98,530  

Less reconciling items:

           

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  
  

 

 

    

 

 

    

 

 

    

 

 

 

Consolidated net loss before income taxes

   $ (170,330    $ (289,523    $ (334,522    $ (600,628
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 Company’s operations in Latin America and, for periods prior to the disposition of the Company’s 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 Company’s 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.