Clear Channel Outdoor (CCO) 8-K Selected Preliminary Estimated Financial Results

Exhibit 99.2

Selected Historical SupplementalNon-GAAP Measures

The following selected historical supplementalnon-GAAP measures are presented to retrospectively adjust certain supplementalnon-GAAP financial measures included in our filings with the SEC to account for the previous recast of our financial results as a result of our previously disclosed determination that our Latin America operations should no longer be reflected within our Americas segment and should be included in the results of our International segment and as a result of our correction of misstatements associated with VAT obligations in our International segment as well as other previously identified immaterial errors.

The Company defines OIBDAN as consolidated operating income adjusted toexclude non-cash compensation expenses included within corporate expenses, as well as the following line items presented in its Statement of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net. The Company uses OIBDAN, among other measures, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company’s operational strength and performance of its business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company’s management. The Company believes it helps improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that have different capital structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. OIBDAN is not necessarily a measure of the Company’s ability to fund its cash needs. As it excludes certain financial information compared with operating income, the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded.

Theother non-GAAP financial measures presented in the tables below are: revenues and OIBDAN, each excluding the effects of foreign exchange rates and the results from businesses sold. The Company presents revenues and OIBDAN, each excluding the effects of foreign exchange rates and the results from the businesses sold, because management believes that viewing certain financial results without the impact of fluctuations in foreign currency rates facilitates period to period comparisons of business performance and provides useful information to investors. A significant portion of the Company’s advertising operations are conducted in foreign markets, principally Europe, the U.K. and China, and management reviews the results from its foreign operations on a constant dollar basis. Revenues and OIBDAN, each

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excluding the effects of foreign exchange rates, are calculated by converting the current period’s amounts in local currency to U.S. dollars using average foreign exchange rates for the prior period.

During the first quarter of 2016, the Company sold nine markets in the U.S. and sold its businesses in Turkey and Australia in the second and fourth quarters of 2016, respectively. In addition, during the third quarter of 2017, the Company sold its ownership interest in a joint venture in Canada. The Company presents revenues and OIBDAN, each excluding the effects of foreign exchange rates and the results from the businesses sold, for the consolidated Company and the Company’s segments, in order to facilitate investors’ understanding of operational trends without the impact of fluctuations in foreign currency rates and without the results from the businesses that were sold, as these results will not be included in the Company’s results in current and future periods.

Sincethese non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance.

The Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) Consolidated OIBDAN and OIBDAN for each segment, to consolidated and segment operating income (loss); (ii) Consolidated and segment OIBDAN, excluding effects of foreign exchange rates and results from businesses sold, to Consolidated and segment operating income (loss); and (iii) Consolidated and segment revenues, excluding effects of foreign exchange rates and results from businesses sold, to Consolidated and segment revenues, in each case for each of the four years ended December 31, 2017, the nine months ended September 30, 2017 and 2018, the twelve months ended September 30, 2018, and the three months ended March 31, June 30 and September 30, 2017 and 2018.

The selected historical supplementalnon-GAAP measures presented below for the twelve months ended September 30, 2018 are derived by adding the historical financial information for the nine months ended September 30, 2018 to the historical financial information for the year ended December 31, 2017 and subtracting the historical financial information for the nine months ended September 30, 2017. Historical results are not necessarily indicative of the results to be expected for future periods and the interim results are not necessarily indicative of the results that may be expected for the full year.

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Reconciliation of Consolidated and Segment OIBDAN to Consolidated and Segment Operating Income (Loss)

	Years Ended December 31,											Nine Months Ended September 30,						Twelve Months Ended September 30,
(Dollars in thousands)	2014			2015		2016			2017			2017			2018			2018
												(unaudited)
Consolidated operating income	$	275,876		$	273,608	$	631,936		$	232,285		$	135,499		$	135,321		$	232,107
Excluding:Non-cash compensation expense		7,857			8,502		10,291			9,590			7,153			6,757			9,194
Excluding: Depreciation and amortization		406,243			375,962		344,124			325,991			236,880			244,232			333,343
Excluding: Impairment charges		3,530			21,631		7,274			4,159			1,591			7,772			10,340
Excluding: Other operating (income) expense, net		(7,259	)		4,824		(354,688	)		(26,391	)		(28,657	)		(1,700	)		566
Consolidated OIBDAN	$	686,247		$	684,527	$	638,937		$	545,634		$	352,466		$	392,382		$	585,550
Americas Outdoor operating income	$	290,967		$	301,806	$	279,546		$	257,014		$	181,440		$	199,332		$	274,906
Excluding: Depreciation and amortization		194,640			193,775		175,438			179,119			130,127			127,410			176,402
Americas Outdoor OIBDAN	$	485,607		$	495,581	$	454,984		$	436,133		$	311,567		$	326,742		$	451,308
International Outdoor operating income	$	116,360		$	120,168	$	128,124		$	101,777		$	36,248		$	56,100		$	121,629
Excluding: Depreciation and amortization		207,431			176,799		162,974			141,812			102,711			113,875			152,976
International Outdoor OIBDAN	$	323,791		$	296,967	$	291,098		$	243,589		$	138,959		$	169,975		$	274,605

	Three Months Ended March 31,						Three Months Ended June 30,						Three Months Ended September 30,
(Dollars in thousands)	2017			2018			2017			2018			2017		2018
	(unaudited)
Consolidated operating income (loss)	$	19,704		$	(9,848	)	$	87,653		$	93,989		$	28,142	$	51,180
Excluding:Non-cash compensation expense		2,359			2,106			1,900			1,519			2,894		3,132
Excluding: Depreciation and amortization		77,494			84,060			78,290			82,767			81,096		77,405
Excluding: Impairment charges		—			—			—			—			1,591		7,772
Excluding: Other operating (income) expense, net		(32,611	)		54			(7,829	)		(929	)		11,783		(825	)
Consolidated OIBDAN	$	66,946		$	76,372		$	160,014		$	177,346		$	125,506	$	138,664
Americas Outdoor operating income	$	36,501		$	37,520		$	74,865		$	78,662		$	70,074	$	83,150
Excluding: Depreciation and amortization		42,816			44,504			42,854			43,123			44,457		39,783
Americas Outdoor OIBDAN	$	79,317		$	82,024		$	117,719		$	121,785		$	114,531	$	122,933
International Outdoor operating income	$	(13,342	)	$	(10,888	)	$	41,640		$	53,287		$	7,950	$	13,701
Excluding: Depreciation and amortization		33,152			38,565			34,095			38,683			35,464		36,627
International Outdoor OIBDAN	$	19,810		$	27,677		$	75,735		$	91,970		$	43,414	$	50,328

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Reconciliation of Consolidated and Segment OIBDAN, excluding effects of foreign exchange rates and results from businesses sold to, Consolidated and Segment Operating Income (Loss)

	Years Ended December 31,												Nine Months Ended September 30,						Twelve Months Ended September 30,
(Dollars in thousands)	2014			2015			2016			2017			2017			2018			2018
													(unaudited)
Consolidated operating income	$	275,876		$	273,608		$	631,936		$	232,285		$	135,499		$	135,321		$	232,107
Excluding: Revenue, direct operating and SG&A expenses from businesses sold		(95,031	)		(81,262	)		(27,138	)		(95	)		(95	)		—			—
Excluding: Effects of foreign exchange(1)		—			25,444			7,985			(3,325	)		—			(3,407	)		(8,627	)
Excluding:Non-cash compensation expense		7,857			8,502			10,291			9,590			7,153			6,757			9,194
Excluding: Depreciation and amortization		406,243			375,962			344,124			325,991			236,880			244,232			333,343
Excluding: Impairment charges		3,530			21,631			7,274			4,159			1,591			7,772			10,340
Excluding: Other operating (income) expense, net		(7,259	)		4,824			(354,688	)		(26,391	)		(28,657	)		(1,700	)		566
Consolidated OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold	$	591,216		$	628,709		$	619,784		$	542,214		$	352,371		$	388,975		$	576,923
Americas Outdoor operating income	$	290,967		$	301,806		$	279,546		$	257,014		$	181,440		$	199,332		$	274,906
Excluding: Revenue, direct operating and SG&A expenses from business sold		(56,018	)		(51,025	)		(2,311	)		(95	)		(95	)		—			—
Excluding: Effects of foreign exchange(1)		—			48			13			67			—			(2	)		(2	)
Excluding: Depreciation and amortization		194,640			193,775			175,438			179,119			130,127			127,410			176,402
Americas Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold	$	429,589		$	444,604		$	452,686		$	436,105		$	311,472		$	326,740		$	451,306
International Outdoor operating income	$	116,360		$	120,168		$	128,124		$	101,777		$	36,248		$	56,100		$	121,629
Excluding: Revenue, direct operating and SG&A expenses from businesses sold		(39,013	)		(30,237	)		(24,827	)		—			—			—			—
Excluding: Effects of foreign exchange(1)		—			28,907			12,094			(1,961	)		—			(4,773	)		(9,993	)
Excluding: Depreciation and amortization		207,431			176,799			162,974			141,812			102,711			113,875			152,976
International Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold	$	284,778		$	295,637		$	278,365		$	241,628		$	138,959		$	165,202		$	264,612

(1) The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies.

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	Three Months Ended March 31,						Three Months Ended June 30,						Three Months Ended September 30,
(Dollars in thousands)	2017			2018			2017			2018			2017			2018
	(unaudited)
Consolidated operating income (loss)	$	19,704		$	(9,848	)	$	87,653		$	93,989		$	28,142		$	51,180
Excluding: Revenue, direct operating and SG&A expenses from businesses sold		768			—			(685	)		—			(177	)		—
Excluding: Effects of foreign exchange(1)		—			(1,158	)		—			(3,893	)		—			1,642
Excluding:Non-cash compensation expense		2,359			2,106			1,900			1,519			2,894			3,132
Excluding: Depreciation and amortization		77,494			84,060			78,290			82,767			81,096			77,405
Excluding: Impairment charges		—			—			—			—			1,591			7,772
Excluding: Other operating (income) expense, net		(32,611	)		54			(7,829	)		(929	)		11,783			(825	)
Consolidated OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold	$	67,714		$	75,214		$	159,329		$	173,453		$	125,329		$	140,306
Americas Outdoor operating income	$	36,501		$	37,520		$	74,865		$	78,662		$	70,074		$	83,150
Excluding: Revenue, direct operating and SG&A expenses from business sold		768			—			(685	)		—			(177	)		—
Excluding: Effects of foreign exchange(1)		—			—			—			(1	)		—			(1	)
Excluding: Depreciation and amortization		42,816			44,504			42,854			43,123			44,457			39,783
Americas Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold	$	80,085		$	82,024		$	117,034		$	121,784		$	114,354		$	122,932
International Outdoor operating income	$	(13,342	)	$	(10,888	)	$	41,640		$	53,287		$	7,950		$	13,701
Excluding: Revenue, direct operating and SG&A expenses from businesses sold		—			—			—			—			—			—
Excluding: Effects of foreign exchange(1)		—			(1,974	)		—			(4,475	)		—			1,674
Excluding: Depreciation and amortization		33,152			38,565			34,095			38,683			35,464			36,627
International Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold	$	19,810		$	25,703		$	75,735		$	87,495		$	43,414		$	52,002

(1) The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies.

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Reconciliation of Consolidated and Segment Revenues, excluding effects of foreign exchange rates and results from businesses sold, to Consolidated and Segment Revenues

	Years Ended December 31,												Nine Months Ended September 30,						Twelve Months Ended September 30,
(Dollars in thousands)	2014			2015			2016			2017			2017			2018			2018
													(unaudited)
Consolidated revenue	$	2,961,107		$	2,806,204		$	2,679,822		$	2,588,702		$	1,860,298		$	1,974,117		$	2,702,521
Excluding: Revenue from businesses sold		(317,549	)		(283,843	)		(152,678	)		(13,680	)		(13,680	)		—			—
Excluding: Effects of foreign exchange(1)		—			200,396			52,603			(8,610	)		—			(47,866	)		(74,532	)
Consolidated revenue excluding effects of foreign exchange and businesses sold	$	2,643,558		$	2,722,757		$	2,579,747		$	2,566,412		$	1,846,618		$	1,926,251		$	2,627,989
Americas revenue		1,253,190			1,265,267			1,187,180			1,161,059			854,344			859,190		$	1,165,905
Excluding: Revenue from businesses sold		(154,911	)		(140,152	)		(31,638	)		(13,680	)		(13,680	)		—			—
Excluding: Effects of foreign exchange(1)		—			528			104			28			—			3			3
Americas revenue excluding effects of foreign exchange and businesses sold	$	1,098,279		$	1,125,643		$	1,155,646		$	1,147,407		$	840,664		$	859,193		$	1,165,908
International revenue		1,707,917			1,540,937			1,492,642			1,427,643			1,005,954			1,114,927		$	1,536,616
Excluding: Revenue from businesses sold		(162,638	)		(143,692	)		(121,040	)		—			—			—			—
Excluding: Effects of foreign exchange(1)		—			199,868			52,499			(8,638	)		—			(47,869	)		(74,535	)
International revenue excluding effects of foreign exchange and businesses sold	$	1,545,279		$	1,597,113		$	1,424,101		$	1,419,005		$	1,005,954		$	1,067,058		$	1,462,081

(1) The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies.

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	Three Months Ended March 31,						Three Months Ended June 30,						Three Months Ended September 30,
(Dollars in thousands)	2017			2018			2017			2018			2017			2018
	(unaudited)
Consolidated revenue	$	544,280		$	598,398		$	671,588		$	711,980		$	644,430		$	663,739
Excluding: Revenue from businesses sold		(4,670	)		—			(6,412	)		—			(2,597	)		—
Excluding: Effects of foreign exchange(1)		—			(34,778	)		—			(22,488	)		—			9,399
Consolidated revenue excluding effects of foreign exchange and businesses sold	$	539,610		$	563,620		$	665,176		$	689,492		$	641,833		$	673,138
Americas revenue		260,346			255,847			300,191			299,922			293,807			303,421
Excluding: Revenue from businesses sold		(4,670	)		—			(6,412	)		—			(2,597	)		—
Excluding: Effects of foreign exchange(1)		—			—			—			2			—			1
Americas revenue excluding effects of foreign exchange and businesses sold	$	255,676		$	255,847		$	293,779		$	299,924		$	291,210		$	303,422
International revenue		283,934			342,551			371,397			412,058			350,623			360,318
Excluding: Revenue from businesses sold		—			—			—			—			—			—
Excluding: Effects of foreign exchange(1)		—			(34,778	)		—			(22,490	)		—			9,398
International revenue excluding effects of foreign exchange and businesses sold	$	283,934		$	307,773		$	371,397		$	389,568		$	350,623		$	369,716

(1) The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies.

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