iHeartMedia 2003 Annual Report Download - page 42
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The decrease in depreciation and amortization for the year ended December 31, 2002 as compared to 2001 relates primarily to our adoption
of Statement 142. In accordance with Statement 142, we no longer amortize goodwill.
Live Entertainment
Revenue decreased $30.3 million for the year ended December 31, 2002 as compared to 2001. Revenue for the year ended December 31,
2002 was adversely impacted by a decline in ticket sales, partially due to lower attendance levels as compared to the prior year resulting from
the lingering effects of September 11th. Also, the revenue and attendance impact from current year top grossing acts like The Rolling Stones,
Paul McCartney, Billy Joel and Elton John, and Cher was less than events last year, which included U2, Madonna, Backstreet Boys, *NSYNC
and George Strait.
However, these declines were partially offset by increases in concessions and sponsorships as well as the strengthening of our international
functional currencies against the U.S. dollar. Additionally, we saw a slight increase in season seats and local sponsorship dollars at our
amphitheater events as compared to 2001.
Divisional operating expenses decreased $37.5 million for the year ended December 31, 2002 as compared to 2001. This decline is
associated with the decline in revenue and cost reductions.
The decrease in depreciation and amortization for the year ended December 31, 2002 as compared to 2001 relates primarily to our adoption
of Statement 142. In accordance with Statement 142, we no longer amortize goodwill.
Segment Reconciliations of Operating Income (Loss)
LIQUIDITY AND CAPITAL RESOURCES
Cash Flow
Operating Activities:
Net cash flow from operating activities of $1.7 billion for the year ended December 31, 2003 principally reflects net income of $1.1 billion
plus depreciation and amortization of $671.3 million. Net cash flow from operating activities also reflects increases in accounts receivables,
accounts payable and other accrued expenses and income taxes. Net cash flow from operating activities of $1.7 billion for the year ended
December 31, 2002
42
(In thousands)
Years Ended December 31,
% Change
2002 2001 2002 v. 2001
Revenue $2,447,302 $2,477,640 (1%)
Divisional operating expenses 2,289,654 2,327,109 (2%)
Depreciation and amortization 61,518 290,047 (79%)
Operating income (loss) $ 96,130 $ (139,516)
(In thousands)
Years Ended December 31,
2002 2001
Radio Broadcasting $1,432,763 $(281,525)
Outdoor Advertising 168,656 (32,148)
Live Entertainment 96,130 (139,516)
Other 70,704 3,887
Corporate (202,531)(214,392)
Consolidated Operating Income (Loss) $1,565,722 $(663,694)