iHeartMedia 2001 Annual Report Download - page 48

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48
Outdoor Advertising
(In thousands)
As Reported Basis: Years Ended December 31, % Change
2000 1999 2000 v. 1999
Revenue $ 1,729,438 $ 1,253,732 38%
Divisional Operating Expenses 1,078,540 785,636 37%
EBITDA as Adjusted * $ 650,898 $ 468,096 39%
* See page 35 for cautionary disclosure
Pro Forma Basis: Years Ended December 31, % Change
2000 1999 2000 v. 1999
Revenue $ 1,830,940 $ 1,617,917 13%
Divisional Operating Expenses 1,156,528 1,068,190 8%
Reconciliation of Reported Basis to Pro Forma Basis
(In thousands)
Years Ended December 31,
2000 1999
Reported Revenue $ 1,729,438 $ 1,253,732
Acquisitions 364,185
Divestitures
Foreign Exchange adjustments 101,502 —
Pro Forma Revenue $ 1,830,940 $ 1,617,917
Reported Divisional Operating Expenses $ 1,078,540 $ 785,636
Acquisitions 282,554
Divestitures
Foreign Exchange adjustments 77,988 —
Pro Forma Divisional Operating Expenses $ 1,156,528 $ 1,068,190
Revenues and divisional operating expenses increased on a reported basis due to our 2000 and
1999 acquisitions and internal growth. Included in our fiscal year 2000 reported basis amounts are
revenues and divisional operating expenses for a twelve-month period from our acquisition of Dauphin in
July 1999 and other less significant acquisitions. In addition, revenues and divisional operating expenses
increased on a reported basis in fiscal year 2000 due to our acquisitions of Ackerley in January 2000, and
Donrey in September 2000, as well as less significant acquisitions to fill out our existing markets.
On a pro forma basis, revenues increased due to various factors. Higher rates and improved
occupancy in fiscal year 2000 as compared to fiscal year 1999 increased revenue for the entire year. In
addition, our national platform approach to selling advertising to our national customers helped increase
our overall rates, especially in our larger markets. High growth rates were primarily achieved
internationally in our United Kingdom and France markets. On a pro forma basis, divisional operating
expenses increased primarily due to incremental selling costs associated with the increase in revenue.