EX-99.2
Published on February 24, 2025
Exhibit 99.2
CLEAR CHANNEL INTERNATIONAL B.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)(1)
(UNAUDITED)
| (In thousands) | Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenue | $ | 224,213 | $ | 259,818 | $ | 771,757 | $ | 1,003,164 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Direct operating expenses(2)
|
122,927 | 147,996 | 489,977 | 694,073 | |||||||||||||||||||
Selling, general and administrative expenses(2)
|
34,691 | 44,705 | 132,765 | 197,708 | |||||||||||||||||||
Corporate expenses(2)
|
12,505 | 13,762 | 43,460 | 45,799 | |||||||||||||||||||
| Depreciation and amortization | 10,946 | 11,486 | 43,616 | 57,013 | |||||||||||||||||||
| Other operating expense, net | 680 | 3,500 | 764 | 93,668 | |||||||||||||||||||
| Operating income (loss) | 42,464 | 38,369 | 61,175 | (85,097) | |||||||||||||||||||
| Interest expense, net | (2,862) | (9,618) | (8,860) | (46,386) | |||||||||||||||||||
Loss on extinguishment of debt |
— | — | (2,394) | — | |||||||||||||||||||
| Other income (expense), net | (11,961) | 10,421 | (10,044) | 17,541 | |||||||||||||||||||
| Income (loss) before income taxes | 27,641 | 39,172 | 39,877 | (113,942) | |||||||||||||||||||
| Income tax expense | (2,371) | (4,529) | (6,465) | (6,690) | |||||||||||||||||||
| Consolidated net income (loss) | 25,270 | 34,643 | 33,412 | (120,632) | |||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 32 | 37 | 102 | 95 | |||||||||||||||||||
| Net income (loss) attributable to the Company | $ | 25,238 | $ | 34,606 | $ | 33,310 | $ | (120,727) | |||||||||||||||
(1)In 2023, Clear Channel International B.V. (“CCIBV”) sold its businesses in Switzerland, Italy and France on March 31, May 31 and October 31, respectively. On September 17, 2024, CCIBV sold its equity interest in the Singapore business to another indirect foreign wholly-owned subsidiary of Clear Channel Outdoor Holdings, Inc. The financial results of the Singapore business have historically been immaterial to CCIBV’s overall results.
(2)Excludes depreciation and amortization.