EX-99.2 3 exhibit992-ccibvfinancials.htm EX-99.2 Document

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,
2023202220232022
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 amortization10,709 10,247 40,497 38,620 
Other operating expense (income), net(4,027)1,558 1,653 2,818 
Operating income31,180 22,073 24,730 12,852 
Interest expense, net(8,784)(10,839)(45,350)(42,279)
Other income (expense), net10,458 35,549 17,371 (45,987)
Income (loss) from continuing operations before income taxes32,854 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 operations28,355 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 interests37 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.