EX-99.2
Published on August 7, 2024
Exhibit 99.2
CLEAR CHANNEL INTERNATIONAL B.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| (In thousands) | Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenue | $ | 164,790 | $ | 154,867 | $ | 304,321 | $ | 289,250 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Direct operating expenses(1)
|
104,348 | 100,986 | 201,339 | 200,638 | |||||||||||||||||||
Selling, general and administrative expenses(1)
|
28,772 | 27,429 | 57,747 | 54,124 | |||||||||||||||||||
Corporate expenses(1)
|
11,124 | 11,370 | 20,543 | 24,065 | |||||||||||||||||||
| Depreciation and amortization | 10,611 | 9,966 | 21,965 | 19,669 | |||||||||||||||||||
| Other operating expense (income), net | (344) | 2,032 | (1,030) | 5,798 | |||||||||||||||||||
| Operating income (loss) | 10,279 | 3,084 | 3,757 | (15,044) | |||||||||||||||||||
| Interest expense, net | (2,517) | (11,126) | (3,616) | (22,862) | |||||||||||||||||||
Loss on extinguishment of debt |
— | — | (2,394) | — | |||||||||||||||||||
| Other income (expense), net | (1,968) | 12,777 | (2,713) | 23,189 | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 5,794 | 4,735 | (4,966) | (14,717) | |||||||||||||||||||
| Income tax expense attributable to continuing operations | (2,736) | (1,099) | (3,397) | (495) | |||||||||||||||||||
| Income (loss) from continuing operations | 3,058 | 3,636 | (8,363) | (15,212) | |||||||||||||||||||
Income from discontinued operations(2),(3)
|
9,331 | 9,468 | 9,193 | 93,028 | |||||||||||||||||||
| Consolidated net income | 12,389 | 13,104 | 830 | 77,816 | |||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 19 | 10 | 45 | 33 | |||||||||||||||||||
| Net income attributable to the Company | $ | 12,370 | $ | 13,094 | $ | 785 | $ | 77,783 | |||||||||||||||
(1)Excludes depreciation and amortization.
(2)Income from discontinued operations for the three and six months ended June 30, 2024 reflects the net income generated during these periods by operations in Spain. Income from discontinued operations for the three months ended June 30, 2023 includes a gain from the sale of the former business in Italy, partially offset by the net loss collectively generated during the period by operations in Italy (through its sale date), France and Spain. Income from discontinued operations for the six months ended June 30, 2023 includes gains from the sales of the former businesses in Switzerland and Italy, partially offset by the net loss collectively generated during the period by operations in Switzerland and Italy (through their sale dates) and in France and Spain.
(3)The difference between income from discontinued operations reported herein and income 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 six months ended June 30, 2023, income tax expense attributable to the sale of the former business in Switzerland.