EXHIBIT 99.2
Published on December 21, 2018
Exhibit 99.2
PART II
ITEM 6. SELECTED FINANCIAL DATA
The following tables set forth our selected historical consolidated financial and other data as of the dates and for the periods indicated. The selected historical financial data are derived from our audited consolidated financial statements. Certain prior period amounts have been reclassified to conform to the 2017 presentation. Historical results are not necessarily indicative of the results to be expected for future periods. Acquisitions and dispositions impact the comparability of the historical consolidated financial data reflected in this schedule of Selected Financial Data.
The selected historical consolidated financial and other data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes thereto located within Item 8 of Part II of this Annual Report on Form 10-K.
(In thousands, except per share data) |
For the Years Ended December 31, |
||||||||||||||||||
2017 |
2016 |
2015 |
2014 |
2013 |
|||||||||||||||
Results of Operations Data: |
|||||||||||||||||||
Revenue |
$ |
2,588,702 |
$ |
2,679,822 |
$ |
2,806,204 |
$ |
2,961,107 |
$ |
2,946,647 |
|||||||||
Operating expenses: |
|||||||||||||||||||
Direct operating expenses (excludes depreciation and amortization) |
1,409,767 |
1,418,319 |
1,485,835 |
1,600,602 |
1,594,650 |
||||||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) |
499,213 |
515,421 |
527,821 |
551,107 |
546,645 |
||||||||||||||
Corporate expenses (excludes depreciation and amortization) |
143,678 |
117,436 |
116,523 |
131,008 |
124,483 |
||||||||||||||
Depreciation and amortization |
325,991 |
344,124 |
375,962 |
406,243 |
403,170 |
||||||||||||||
Impairment charges (1)
|
4,159 |
7,274 |
21,631 |
3,530 |
13,150 |
||||||||||||||
Other operating income (expense), net |
26,391 |
354,688 |
(4,824 |
) |
7,259 |
22,979 |
|||||||||||||
Operating income |
232,285 |
631,936 |
273,608 |
275,876 |
287,528 |
||||||||||||||
Interest expense, net |
379,701 |
375,029 |
355,917 |
353,563 |
353,069 |
||||||||||||||
Interest income on Due from iHeartCommunications |
68,871 |
50,309 |
61,439 |
60,179 |
54,210 |
||||||||||||||
Loss on Due from iHeartCommunications |
(855,648 |
) |
— |
— |
— |
— |
|||||||||||||
Gain (loss) on investments, net |
(1,045 |
) |
531 |
— |
— |
(18 |
) |
||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates |
(990 |
) |
(1,689 |
) |
(289 |
) |
3,789 |
(2,092 |
) |
||||||||||
Other income (expense), net |
29,800 |
(70,682 |
) |
12,387 |
15,185 |
1,016 |
|||||||||||||
Income (loss) before income taxes |
(906,428 |
) |
235,376 |
(8,772 |
) |
1,466 |
(12,425 |
) |
|||||||||||
Income tax benefit (expense) |
280,218 |
(77,499 |
) |
(49,943 |
) |
8,967 |
(14,543 |
) |
|||||||||||
Consolidated net income (loss) |
(626,210 |
) |
157,877 |
(58,715 |
) |
10,433 |
(26,968 |
) |
|||||||||||
Less amount attributable to noncontrolling interest |
18,138 |
22,807 |
24,629 |
26,864 |
23,651 |
||||||||||||||
Net income (loss) attributable to the Company |
$ |
(644,348 |
) |
$ |
135,070 |
$ |
(83,344 |
) |
$ |
(16,431 |
) |
$ |
(50,619 |
) |
|||||
(1) |
We recorded non-cash impairment charges of $4.2 million, $7.3 million, $21.6 million, $3.5 million and $13.2 million during 2017, 2016, 2015, 2014 and 2013, respectively. Our impairment charges are discussed more fully in Item 8 of Part II of this Annual Report on Form 10-K.
|
Net income (loss) attributable to the Company per common share: |
|||||||||||||||||||
Basic |
$ |
(1.78 |
) |
$ |
0.37 |
$ |
(0.23 |
) |
$ |
(0.05 |
) |
$ |
(0.14 |
) |
|||||
Weighted average common shares |
361,141 |
360,294 |
359,508 |
358,565 |
357,662 |
||||||||||||||
Diluted |
$ |
(1.78 |
) |
$ |
0.37 |
$ |
(0.23 |
) |
$ |
(0.05 |
) |
$ |
(0.14 |
) |
|||||
Weighted average common shares |
361,141 |
361,612 |
359,508 |
358,565 |
357,662 |
||||||||||||||
(In thousands) |
As of December 31, |
||||||||||||||||||
2017 |
2016 |
2015 |
2014 |
2013 |
|||||||||||||||
Balance Sheet Data: |
|||||||||||||||||||
Current assets |
$ |
974,172 |
$ |
1,330,977 |
$ |
1,556,884 |
$ |
1,038,411 |
$ |
1,199,106 |
|||||||||
Property, plant and equipment, net |
1,395,029 |
1,412,833 |
1,627,986 |
1,905,651 |
2,081,098 |
||||||||||||||
Total assets |
4,670,782 |
5,708,370 |
6,295,975 |
6,279,011 |
6,670,032 |
||||||||||||||
Current liabilities |
657,512 |
641,718 |
920,613 |
723,472 |
776,047 |
||||||||||||||
Long-term debt, net of current maturities |
5,266,153 |
5,110,020 |
5,106,513 |
4,880,526 |
4,861,357 |
||||||||||||||
Stockholders’ equity (deficit) |
(1,858,294 |
) |
(947,312 |
) |
(578,637 |
) |
(162,594 |
) |
144,043 |
||||||||||