iHeartMedia 2000 Annual Report Download - page 41

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41
Radio Broadcasting
(In thousands)
Reported Basis: Years Ended December 31, % Change
1999 1998 1999 v. 1998
Net Revenue $1,230,754
$474,936
159%
Operating Expenses 731,062
284,798
157%
EBITDA $ 499,692
$190,138
163%
The majority of the increase in net revenue and operating expenses was due to the acquisitions of
Jacor in May 1999 and Dame Media in July 1999. Net revenue also increased due to increased
advertising rates associated with improved ratings within our radio stations.
Outdoor Advertising
(In thousands)
Reported Basis: Years Ended December 31, % Change
1999 1998 1999 v. 1998
Net Revenue $1,253,732
$709,189
77%
Operating Expenses 785,636
395,127
99%
EBITDA $ 468,096
$314,062
49%
The majority of the increase in net revenue and operating expenses was due to the inclusion of a
full year’ s operating results of Universal, acquired in April 1998 and More Group, acquired in July 1998
and the inclusion of the partial year’ s operating results of Dauphin, which was acquired in July 1999. In
addition, increased occupancy and advertising rates were achieved in 1999.
LIQUIDITY AND CAPITAL RESOURCES
We expect to fund anticipated cash requirements (including acquisitions, anticipated capital
expenditures, share repurchases, payments of principal and interest on outstanding indebtedness and
commitments) with cash flows from operations and various externally generated funds.
Sources of Capital
As of December 31, 2000 and 1999 we had the following debt outstanding:
(In millions) December 31,
2000 1999
Credit facilities – domestic $ 3,203.8 $ 1,227.6
Credit facility – international 118.3 120.4
Senior convertible notes 1,575.0 1,575.0
Liquid Yield Option Notes 497.1 490.8
Long-term bonds 5,153.6 1,171.4
Other borrowings 117.0 47.8
Total $ 10,664.8 $ 4,633.0
We had $196.8 million in unrestricted cash and cash equivalents on hand at December 31, 2000.