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)(1)
(UNAUDITED)

(In thousands)Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
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 amortization10,946 11,486 43,616 57,013 
Other operating expense, net680 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 taxes27,641 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 interests32 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.