iHeartMedia 2001 Annual Report Download - page 49

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49
Live Entertainment
(In thousands)
As Reported: Years Ended December 31, % Change
2000 1999 2000 v. 1999
Revenue $ 952,025
$ n/a
Divisional Operating Expenses 878,553 — n/a
EBITDA as Adjusted * $ 73,472 $ — n/a
* See page 35 for cautionary disclosure
Pro Forma Basis: Years Ended December 31, % Change
2000 1999 2000 v. 1999
Revenue $ 971,197 $ 851,974 14%
Divisional Operating Expenses 895,405 780,146 15%
Reconciliation of Reported Basis to Pro Forma Basis
(In thousands)
Years Ended December 31,
2000 1999
Reported Revenue $ 952,025 $
Acquisitions 851,974
Divestitures
Foreign Exchange adjustments 19,172 —
Pro Forma Revenue $ 971,197 $ 851,974
Reported Divisional Operating Expenses $ 878,553 $
Acquisitions 780,146
Divestitures
Foreign Exchange adjustments 16,852 —
Pro Forma Divisional Operating Expenses $ 895,405 $ 780,146
As we entered the live entertainment business with our acquisition of SFX in August 2000, we
did not report revenue and divisional operating expenses in 1999. On a pro forma basis, revenue
increased due to an increase in the number of events and the number of show dates in fiscal year 2000 as
compared to fiscal year 1999. Divisional operating expenses increased on a pro forma basis as numerous
contracts with less favorable terms signed by prior management were fulfilled during the five-month
period after our acquisition.