EX-99.2
Published on August 7, 2023
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, |
|||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenue | $ | 261,286 | $ | 280,347 | $ | 503,684 | $ | 497,419 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Direct operating expenses(1)
|
181,320 | 180,332 | 373,219 | 359,291 | |||||||||||||||||||
Selling, general and administrative expenses(1)
|
51,298 | 56,428 | 106,294 | 108,385 | |||||||||||||||||||
Corporate expenses(1)
|
10,611 | 12,653 | 21,667 | 25,209 | |||||||||||||||||||
| Depreciation and amortization | 16,602 | 18,779 | 35,060 | 38,223 | |||||||||||||||||||
Other operating income, net(2)
|
(11,269) | (3,419) | (110,971) | (1,640) | |||||||||||||||||||
| Operating income (loss) | 12,724 | 15,574 | 78,415 | (32,049) | |||||||||||||||||||
| Interest expense, net | (11,323) | (10,111) | (22,896) | (20,132) | |||||||||||||||||||
| Other income (expense), net | 12,884 | (32,569) | 23,520 | (44,379) | |||||||||||||||||||
| Income (loss) before income taxes | 14,285 | (27,106) | 79,039 | (96,560) | |||||||||||||||||||
| Income tax expense | (1,181) | (3,669) | (1,223) | (581) | |||||||||||||||||||
| Consolidated net income (loss) | 13,104 | (30,775) | 77,816 | (97,141) | |||||||||||||||||||
| Less amount attributable to noncontrolling interest | 10 | (66) | 33 | (66) | |||||||||||||||||||
| Net income (loss) attributable to the Company | $ | 13,094 | $ | (30,709) | $ | 77,783 | $ | (97,075) | |||||||||||||||
(1)Excludes depreciation and amortization
(2)Other operating income, net, includes a gain of $11.2 million from sale of the former business in Italy during the three and six months ended June 30, 2023 and a gain of $96.4 million from the sale of the former business in Switzerland during the six months ended June 30, 2023.