EX-99.2
Published on May 9, 2024
Exhibit 99.2
CLEAR CHANNEL INTERNATIONAL B.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)
| (In thousands) | Three Months Ended March 31, |
||||||||||
| 2024 | 2023 | ||||||||||
| Revenue | $ | 139,531 | $ | 134,383 | |||||||
| Operating expenses: | |||||||||||
Direct operating expenses(1)
|
96,991 | 99,652 | |||||||||
Selling, general and administrative expenses(1)
|
28,975 | 26,695 | |||||||||
Corporate expenses(1)
|
9,419 | 12,695 | |||||||||
| Depreciation and amortization | 11,354 | 9,703 | |||||||||
| Other operating expense (income), net | (686) | 3,766 | |||||||||
| Operating loss | (6,522) | (18,128) | |||||||||
| Interest expense, net | (1,099) | (11,736) | |||||||||
Loss on extinguishment of debt |
(2,394) | — | |||||||||
| Other income (expense), net | (745) | 10,412 | |||||||||
| Loss from continuing operations before income taxes | (10,760) | (19,452) | |||||||||
| Income tax benefit (expense) attributable to continuing operations | (661) | 604 | |||||||||
| Loss from continuing operations | (11,421) | (18,848) | |||||||||
Income (loss) from discontinued operations(2),(3)
|
(138) | 83,560 | |||||||||
| Consolidated net income (loss) | (11,559) | 64,712 | |||||||||
| Less: Net income attributable to noncontrolling interests | 26 | 23 | |||||||||
| Net income (loss) attributable to the Company | $ | (11,585) | $ | 64,689 | |||||||
(1)Excludes depreciation and amortization.
(2)Loss from discontinued operations for the three months ended March 31, 2024 reflects the net loss generated during the period by operations in Spain. Income from discontinued operations for the three months ended March 31, 2023 includes a gain from the sale of the former business in Switzerland, partially offset by the net loss collectively generated during the period by operations in France, Italy, Spain and Switzerland.
(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 sales processes and, for the three months ended March 31, 2023, income tax expense attributable to the sale of the former business in Switzerland.