Clear Channel Outdoor Holdings, Inc. to Sell Investment in Clear Media Limited for US$253 Million
Non-GAAP Financial Measures
The Company’s first lien leverage ratio, pro forma for the sale of our investment in Clear Media and the draw down on the revolving credit facility of $150 million that occurred on March 25, 2020, presented in this press release is calculated by dividing the Company’s pro forma first lien debt, by the Company’s EBITDA (as defined by the New Senior Secured Credit Agreement) for the four quarters ended December 31, 2019. The following table presents the Company’s pro forma first lien debt for the four quarters ended December 31, 2019:
(In millions) | Four Quarters December 31, |
Term Loan Facility | $ 1,995.0 |
Clear Channel Outdoor Holdings 5.125% Senior Notes Due 2027 | 1,250.0 |
Revolving Credit Facility | 150.0 |
Other debt | 4.2 |
Less: Cash and cash equivalents, pro forma | (733.6) |
Pro forma first lien debt | $ 2,665.6 |
The following table reflects a reconciliation of EBITDA (as defined by the New Senior Secured Credit Agreement) to operating income and net cash provided by operating activities for the four quarters ended December 31, 2019.
Four Quarters | ||
(In millions) | December 31, 2019 | |
EBITDA (as defined by the New Senior Secured Credit Agreement and pro forma for the sale of our investment in Clear Media) | $ | 546.9 |
Less adjustments to EBITDA (as defined by the New Senior Secured Credit Agreement): | ||
Charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance expense or one-time compensation charges | (13.0)
| |
Other items | 2.5 | |
Clear Media EBITDA pro forma adjustment(1) | 52.9
| |
Less: Depreciation and amortization, Impairment charges, Share-based compensation and Interest income | (336.4) | |
Operating income | 252.9 | |
Plus: Depreciation and amortization, Impairment charges, Loss (gain) on disposal of operating and | 328.5 | |
Less: Interest expense, net | (418.2) | |
Less: Interest expense on Due from iHeartCommunications, net | (1.3) | |
Less: Current income tax expense | (48.2) | |
Less: Other expense, net | (15.4) | |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including | 13.6 | |
Change in operating assets and liabilities, net | 102.6 | |
Net cash provided by operating activities | $ | 214.5 |
(1) | The Clear Media EBITDA pro forma adjustment in the table above reflects approximately $1 million of restructuring and other expenses that is excluded from the Clear Media Adjusted EBITDA contribution of $54 million included in the Company’s results set forth above. |
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO[2]) is one of the world’s largest outdoor advertising companies with a diverse portfolio of approximately 460,000 print and digital displays in 32 countries across Asia, Europe, Latin America and North America, reaching millions of people monthly. A growing digital platform includes more than 15,000 digital displays in international markets and more than 1,700 digital displays (excluding airports), including more than 1,400 digital billboards, in the U.S.