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

During the nine months ended September 30, 2013, the Company entered into a $75 million five-year senior secured revolving credit facility for working capital, to issue letters of credit and for other general corporate purposes. At September 30, 2013, there were no amounts outstanding under the revolving credit facility.

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 6.3:1 at September 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 September 30, 2013. As required by the definition of EBITDA in the CCWH Senior Notes indentures, our EBITDA for the preceding four quarters of $784 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 September 30, 2013:
 
Reconciliation of Consolidated EBITDA to Net cash provided by operating activities
 
     

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

Ended
September 30,
  2013  
EBITDA (as defined by the CCWH Senior Notes indentures) $ 784
 
Less adjustments to EBITDA (as defined by the CCWH Senior Notes indentures):

Cost incurred in connection with severance, the closure and/or consolidation of

facilities, retention charges, consulting fees, and other permitted activities
(45 )

Extraordinary, non-recurring or unusual gains or losses or expenses (as

referenced in the definition of EBITDA in the CCWH Senior Notes indentures)
(32 )
Non-cash charges (22 )
Other items (11 )

Less: Depreciation and amortization, Impairment charges, Other operating income

(expense), net, and Share-based compensation expense
  (434 )
Operating income 240
 

Plus: Depreciation and amortization, Impairment charges, Other operating income

(expense), net, and Share-based compensation expense
434
Less: Interest expense (365 )
Plus: Interest income on Due from Clear Channel Communications 54
Less: Current income tax benefit (51 )
Plus: Other income (expense), net 0
 

Adjustments to reconcile consolidated net loss to net cash provided by operating

activities (including Provision for doubtful accounts, Amortization of deferred

financing charges and note discounts, net and Other reconciling items, net
18
Change in assets and liabilities, net of assets acquired and liabilities assumed   50  
Net cash provided by operating activities $ 380  
 

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three and nine months ended September 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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