EX-99.2 4 ccoh8k2017ex992sfdata.htm EXHIBIT 99.2 Exhibit


Exhibit 99.2
PART II
ITEM 6.  SELECTED FINANCIAL DATA
The following tables set forth our selected historical consolidated financial and other data as of the dates and for the periods indicated. The selected historical financial data are derived from our audited consolidated financial statements. Certain prior period amounts have been reclassified to conform to the 2017 presentation.  Historical results are not necessarily indicative of the results to be expected for future periods.  Acquisitions and dispositions impact the comparability of the historical consolidated financial data reflected in this schedule of Selected Financial Data.
The selected historical consolidated financial and other data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes thereto located within Item 8 of Part II of this Annual Report on Form 10-K.
(In thousands, except per share data)
For the Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Results of Operations Data:
 
 
 
 
 
 
 
 
 
Revenue
$
2,588,702

 
$
2,679,822

 
$
2,806,204

 
$
2,961,107

 
$
2,946,647

Operating expenses:
 
 
 
 
 
 
 
 
 
Direct operating expenses (excludes depreciation and amortization)
1,409,767

 
1,418,319

 
1,485,835

 
1,600,602

 
1,594,650

Selling, general and administrative expenses (excludes depreciation and amortization)
499,213

 
515,421

 
527,821

 
551,107

 
546,645

Corporate expenses (excludes depreciation and amortization)
143,678

 
117,436

 
116,523

 
131,008

 
124,483

Depreciation and amortization
325,991

 
344,124

 
375,962

 
406,243

 
403,170

Impairment charges (1)
4,159

 
7,274

 
21,631

 
3,530

 
13,150

Other operating income (expense), net
26,391

 
354,688

 
(4,824
)
 
7,259

 
22,979

Operating income
232,285

 
631,936

 
273,608

 
275,876

 
287,528

Interest expense, net
379,701

 
375,029

 
355,917

 
353,563

 
353,069

Interest income on Due from iHeartCommunications
68,871

 
50,309

 
61,439

 
60,179

 
54,210

Loss on Due from iHeartCommunications
(855,648
)
 

 

 

 

Gain (loss) on investments, net
(1,045
)
 
531

 

 

 
(18
)
Equity in earnings (loss) of nonconsolidated affiliates
(990
)
 
(1,689
)
 
(289
)
 
3,789

 
(2,092
)
Other income (expense), net
29,800

 
(70,682
)
 
12,387

 
15,185

 
1,016

Income (loss) before income taxes
(906,428
)
 
235,376

 
(8,772
)
 
1,466

 
(12,425
)
Income tax benefit (expense)
280,218

 
(77,499
)
 
(49,943
)
 
8,967

 
(14,543
)
Consolidated net income (loss)
(626,210
)
 
157,877

 
(58,715
)
 
10,433

 
(26,968
)
Less amount attributable to noncontrolling interest
18,138

 
22,807

 
24,629

 
26,864

 
23,651

Net income (loss) attributable to the Company
$
(644,348
)
 
$
135,070

 
$
(83,344
)
 
$
(16,431
)
 
$
(50,619
)
(1)
We recorded non-cash impairment charges of $4.2 million, $7.3 million, $21.6 million, $3.5 million and $13.2 million during 2017, 2016, 2015, 2014 and 2013, respectively. Our impairment charges are discussed more fully in Item 8 of Part II of this Annual Report on Form 10-K.





Net income (loss) attributable to the Company per common share:
 
 
 
 
 
 
 
 
 
Basic
$
(1.78
)
 
$
0.37

 
$
(0.23
)
 
$
(0.05
)
 
$
(0.14
)
Weighted average common shares
361,141

 
360,294

 
359,508

 
358,565

 
357,662

 
 
 
 
 
 
 
 
 
 
Diluted
$
(1.78
)
 
$
0.37

 
$
(0.23
)
 
$
(0.05
)
 
$
(0.14
)
Weighted average common shares
361,141

 
361,612

 
359,508

 
358,565

 
357,662

(In thousands)
As of December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Balance Sheet Data:
 
 
 
 
 
 
 
 
 
Current assets
$
974,172

 
$
1,330,977

 
$
1,556,884

 
$
1,038,411

 
$
1,199,106

Property, plant and equipment, net
1,395,029

 
1,412,833

 
1,627,986

 
1,905,651

 
2,081,098

Total assets
4,670,782

 
5,708,370

 
6,295,975

 
6,279,011

 
6,670,032

Current liabilities
657,512

 
641,718

 
920,613

 
723,472

 
776,047

Long-term debt, net of current maturities
5,266,153

 
5,110,020

 
5,106,513

 
4,880,526

 
4,861,357

Stockholders’ equity (deficit)
(1,858,294
)
 
(947,312
)
 
(578,637
)
 
(162,594
)
 
144,043