EX-99.2
Published on February 26, 2024
Exhibit 99.2
CLEAR CHANNEL INTERNATIONAL B.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)
| (In thousands) | Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenue | $ | 198,060 | $ | 169,285 | $ | 641,292 | $ | 585,707 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Direct operating expenses(1)
|
110,715 | 95,448 | 409,415 | 371,071 | |||||||||||||||||||
Selling, general and administrative expenses(1)
|
35,731 | 27,951 | 117,171 | 108,540 | |||||||||||||||||||
Corporate expenses(1)
|
13,752 | 12,008 | 47,826 | 51,806 | |||||||||||||||||||
| Depreciation and amortization | 10,709 | 10,247 | 40,497 | 38,620 | |||||||||||||||||||
| Other operating expense (income), net | (4,027) | 1,558 | 1,653 | 2,818 | |||||||||||||||||||
| Operating income | 31,180 | 22,073 | 24,730 | 12,852 | |||||||||||||||||||
| Interest expense, net | (8,784) | (10,839) | (45,350) | (42,279) | |||||||||||||||||||
| Other income (expense), net | 10,458 | 35,549 | 17,371 | (45,987) | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 32,854 | 46,783 | (3,249) | (75,414) | |||||||||||||||||||
| Income tax expense attributable to continuing operations | (4,499) | (5,977) | (5,860) | (6,664) | |||||||||||||||||||
| Income (loss) from continuing operations | 28,355 | 40,806 | (9,109) | (82,078) | |||||||||||||||||||
Income (loss) from discontinued operations(2),(3)
|
6,288 | 3,553 | (111,523) | (33,941) | |||||||||||||||||||
| Consolidated net income (loss) | 34,643 | 44,359 | (120,632) | (116,019) | |||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | 37 | 26 | 95 | (40) | |||||||||||||||||||
| Net income (loss) attributable to the Company | $ | 34,606 | $ | 44,333 | $ | (120,727) | $ | (115,979) | |||||||||||||||
(1)Excludes depreciation and amortization.
(2)Loss from discontinued operations for the year ended December 31, 2023 includes a loss on the sale of the former business in France, partially offset by gains from the sales of the former businesses in Switzerland and Italy.
(3)The difference between income (loss) from discontinued operations reported herein and income (loss) from discontinued operations reported in the Clear Channel Outdoor Holdings, Inc. (“CCOH”) and Subsidiaries Consolidated Statements of Loss and Notes to the Consolidated Financial Statements 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 businesses.