iHeartMedia 2002 Annual Report Download - page 33

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Fiscal Year 2002 Compared to Fiscal Year 2001
Consolidated
(In thousands)
Consolidated Revenue and Divisional O
p
eratin
g
Ex
p
enses
Years Ended December 31
,
%Chan
g
e
2002 2001 2002 v. 2001
R
e
p
orted Basis:
Revenue $ 8,421,055 $ 7,970,003 6%
Divisional Operating Expenses 6,052,761 5,866,706 3%
Corporate Expenses 176,370 187,434 (6%)
EBITDA as Adjusted * 2,191,924 1,915,863 14%
Reconciliation to net income (loss):
Non-cash compensation expense 5,436 17,077
Depreciation and amortization 620,766 2,562,480
Interest expense 432,786 560,077
Gain (loss) on sale of assets related to mergers 3,991 (213,706)
Gain (loss) on marketable securities (3,096)25,820
Equity in earnings of nonconsolidated affiliates 26,928 10,393
Other income (expense) –ne
t
57,430 152,267
Income tax benefit (expense) (493,366) 104,971
Income (loss) before cumulative effect of a change in accounting principle 724,823 (1,144,026)
Cumulative effect of a change in accounting principle, net of tax of
$4,324,446 (16,778,526)
—
Net income (loss) $(16,053,703) $(1,144,026)
Other Data:
Cash Flow from Operating Activities $1,747,694 $609,587
Cash Flow from Investing Activities $ (627,227) $ 90,274
Cash Flow from Financing Activities $(1,105,125) $ (741,955)
* See page 30 for cautionary disclosure
Pro Forma Basis:
Revenue $ 8,347,627 $ 8,214,668 2%
Divisional Operating Expenses 5,989,319 6,072,836 (1%)
Reconciliation of Re
p
orted Basis to Pro Forma Basis
Reported Revenue $8,421,055 $7,970,003
Acquisitions
—
292,621
Divestitures
—
(47,956)
Foreign Exchange adjustments (73,428)
—
Pro Forma Revenue $8,347,627 $8,214,668
Reported Divisional Operating Expenses $ 6,052,761 $ 5,866,706
Acquisitions
—
238,908
Divestitures
—
(32,778)
Foreign Exchange adjustments (63,442)
—
Pro Forma Divisional Operating Expenses $ 5,989,319 $ 6,072,836