EX-99.2
Published on November 8, 2023
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, |
|||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenue | $ | 153,982 | $ | 139,634 | $ | 443,232 | $ | 416,422 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Direct operating expenses(1)
|
98,062 | 88,906 | 298,700 | 275,623 | |||||||||||||||||||
Selling, general and administrative expenses(1)
|
27,316 | 26,147 | 81,440 | 80,589 | |||||||||||||||||||
Corporate expenses(1)
|
10,009 | 12,291 | 34,074 | 39,798 | |||||||||||||||||||
| Depreciation and amortization | 10,119 | 8,653 | 29,788 | 28,373 | |||||||||||||||||||
| Other operating expense (income), net | (118) | 189 | 5,680 | 1,260 | |||||||||||||||||||
| Operating income (loss) | 8,594 | 3,448 | (6,450) | (9,221) | |||||||||||||||||||
| Interest expense, net | (13,704) | (11,113) | (36,566) | (31,440) | |||||||||||||||||||
| Other income (expense), net | (16,276) | (37,097) | 6,913 | (81,536) | |||||||||||||||||||
| Loss from continuing operations before income taxes | (21,386) | (44,762) | (36,103) | (122,197) | |||||||||||||||||||
| Income tax expense attributable to continuing operations | (866) | (361) | (1,361) | (687) | |||||||||||||||||||
| Loss from continuing operations | (22,252) | (45,123) | (37,464) | (122,884) | |||||||||||||||||||
Loss from discontinued operations(2),(3)
|
(210,839) | (18,114) | (117,811) | (37,494) | |||||||||||||||||||
| Consolidated net loss | (233,091) | (63,237) | (155,275) | (160,378) | |||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | 25 | — | 58 | (66) | |||||||||||||||||||
| Net loss attributable to the Company | $ | (233,116) | $ | (63,237) | $ | (155,333) | $ | (160,312) | |||||||||||||||
(1)Excludes depreciation and amortization
(2)Loss from discontinued operations for the three and nine months ended September 30, 2023 includes a loss recognized upon classification of the business in France as held for sale, which was partially offset by gains from the sales of the former businesses in Switzerland and Italy during the nine months ended September 30, 2023. The remaining loss from discontinued operations reflects the net loss collectively generated by operations in France, Switzerland, Spain and Italy during the respective period.
(3)The difference between loss from discontinued operations reported herein and loss from discontinued operations reported on the Clear Channel Outdoor Holdings, Inc. (“CCOH”) and Subsidiaries Consolidated Statements of Loss for each period primarily results from CCOH expenses that are not recognized as expenses of Clear Channel International B.V. and Subsidiaries and are classified as discontinued operations of CCOH. These expenses include costs related to the strategic reviews and income tax expense attributable to the sale of these business.