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TheStreet Open House

Clear Channel Outdoor Holdings, Inc. Reports Results For 2013 Second Quarter

Liquidity and Financial Position

For the six months ended June 30, 2013, cash flow provided by operating activities was $104 million, cash flow used for investing activities totaled $72 million, cash flow used for financing activities was $192 million, and the effect of exchange rate changes on cash was $4 million, for a net decrease in cash of $163 million.

Capital expenditures for the six months ended June 30, 2013 totaled approximately $80 million compared to $131 million for the same period in 2012.

Consolidated leverage ratio, defined as total debt divided by EBITDA (as defined by the Clear Channel Worldwide Holdings (“CCWH”) Senior Notes indentures) for the preceding four quarters was 6.2:1 at June 30, 2013, and senior leverage ratio, defined as senior debt divided by EBITDA (as defined by the CCWH Senior Notes indentures) for the preceding four quarters was 3.5:1 at June 30, 2013. As required by the definition of EBITDA in the CCWH Senior Notes indentures, our EBITDA for the preceding four quarters of $796 million is calculated as operating income (loss) before depreciation, amortization, impairment charges and other operating income (expense), net, plus share-based compensation, and is further adjusted for the following: (i) costs incurred in connection with severance, the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities; (ii) extraordinary, non-recurring or unusual gains or losses or expenses; (iii) non-cash charges; and (iv) various other items.

The following table reflects a reconciliation of EBITDA (as defined by the CCWH Senior Notes indentures) to operating income and net cash provided by operating activities for the four quarters ended June 30, 2013:

   
(In Millions) Note: numbers may not sum due to rounding

Four QuartersEnded

June 30,
2013
EBITDA (as defined by the CCWH Senior Notes indentures) $ 796
 
Less adjustments to EBITDA (as defined by the CCWH Senior Notes indentures):

Cost incurred in connection with severance, the closure and/or consolidation offacilities, retention charges, consulting fees, and other permitted activities

(46 )

Extraordinary, non-recurring or unusual gains or losses or expenses (asreferenced in the definition of EBITDA in the CCWH Senior Notes indentures)

(28 )
Non-cash charges (28 )
Other items (10 )

Less: Depreciation and amortization, Impairment charges, Other operating income(expense), net, and Share-based compensation expense

  (402 )
Operating income 283
 

Plus: Depreciation and amortization, Impairment charges, Other operating income(expense), net, and Share-based compensation expense

402
Less: Interest expense (379 )
Plus: Interest income on Due from Clear Channel Communications 56
Less: Current income tax benefit (70 )
Plus: Other income (expense), net 1
 

Adjustments to reconcile consolidated net loss to net cash provided by operatingactivities (including Provision for doubtful accounts, Amortization of deferredfinancing charges and note discounts, net and Other reconciling items, net)

18
Change in assets and liabilities, net of assets acquired and liabilities assumed   (12 )
Net cash provided by operating activities $ 299  
 

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three and six months ended June 30, 2013 and 2012. The Company defines OIBDAN as consolidated net income (loss) adjusted to exclude non-cash compensation expenses and the following line items presented in its Statement of Operations: Income tax benefit (expense); Other income (expense) - net; Equity in earnings (loss) of nonconsolidated affiliates; Gain (loss) on marketable securities; Interest expense; Other operating income (expense) – net; D&A and Impairment charges.

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