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
(UNAUDITED)

(In thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
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 amortization10,611 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 taxes5,794 4,735 (4,966)(14,717)
Income tax expense attributable to continuing operations(2,736)(1,099)(3,397)(495)
Income (loss) from continuing operations3,058 3,636 (8,363)(15,212)
Income from discontinued operations(2),(3)
9,331 9,468 9,193 93,028 
Consolidated net income12,389 13,104 830 77,816 
Less: Net income attributable to noncontrolling interests19 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.