Financial Performance - Q3 2021 - Revenue reached $596 million, a 333% increase compared to Q3 2020[7] - Adjusted for FX, revenue increased by 318%[7] - Net loss significantly improved to $41 million, compared to a $136 million loss in Q3 2020[7] - Adjusted EBITDA was $136 million, a substantial increase from $31 million in Q3 2020[7] Adjusted for FX, Adjusted EBITDA was $135 million[7] Americas Segment - Revenue increased by 426%, or $95 million, reaching $319 million[8, 9, 10] - Digital revenue surged by 684% to $115 million, up from $68 million[9] - Digital revenue from billboards, street furniture, and spectaculars rose by 595% to $91 million from $57 million[9, 12] - Airport display revenue increased by 887% to $43 million from $23 million[9, 10] - Segment Adjusted EBITDA increased by 967%, or $68 million, reaching $139 million[8] Europe Segment - Adjusted revenue increased by 182%, or $39 million, reaching $256 million[13, 14] - Digital revenue increased by 448% to $93 million from $64 million[14] Adjusted for FX, digital revenue increased by 393% to $89 million[14] - Segment Adjusted EBITDA increased significantly by 4690%, or $38 million, reaching $30 million[13] Other Segments - Adjusted revenue increased by 1082%, or $7 million, reaching $14 million[15, 16]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-32663 CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 88-0318078 | --- | - ...

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Q2 2021 Earnings Conference Call July 29, 2021 8:30 AM ET Company Participants Eileen McLaughlin - Vice President, Investor Relations William Eccleshare - Chief Executive Officer Brian Coleman - Chief Financial Officer Scott Wells - Chief Executive Officer, Clear Channel Outdoor Americas Conference Call Participants Steven Cahall - Wells Fargo Lance Vitanza - Cowen Jim Goss - Barrington Research Operator Ladies and gentlemen, thank you for standing by. Welcome ...

2021 Second Quarter Results July 29, 2021 Clear Channel Outdoor Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clear Channel Outdoor Holdings, Inc. to be materially different from any future r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-32663 CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 88-0318078 | --- | --- | ...

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Q1 2021 Earnings Conference Call May 10, 2021 8:30 AM ET Company Participants Eileen McLaughlin - VP, IR William Eccleshare - CEO Brian Coleman - CFO Scott Wells - CEO, Clear Channel Outdoor Americas Conference Call Participants Steven Cahall - Wells Fargo Ben Swinburne - Morgan Stanley Lance Vitanza - Cowen Stephan Bisson - Wolfe Research David Joyce - Barclays Avi Steiner - JPMorgan Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cle ...

2021 First Quarter Results May 10, 2021 Clear Channel Outdoor Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clear Channel Outdoor Holdings, Inc. to be materially different from any future res ...

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q1 2021 detail financial performance, including a net loss and asset changes [Note 1. Basis of Presentation](index=9&type=section&id=Note%201.%20Basis%20of%20Presentation) This note outlines financial statement preparation, COVID-19 impacts, and the April 2020 Clear Media disposition - In response to COVID-19, the company has been **renegotiating contracts, applying for government aid, and reducing headcount**[29](index=29&type=chunk) - During Q1 2021, the company recognized **$22.7 million** in rent expense reductions and received **$4.7 million** in European governmental support and wage subsidies[29](index=29&type=chunk) - On April 28, 2020, the company sold its **50.91% stake** in Clear Media Limited, a subsidiary based in China[30](index=30&type=chunk) [Note 2. Segment Data](index=10&type=section&id=Note%202.%20Segment%20Data) This note details the Americas and Europe segments, with 'Other' including Latin America and former China operations, showing significant Q1 2021 declines Segment Revenue (in thousands) | Segment | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Americas | $211,884 | $295,787 | | Europe | $149,524 | $211,690 | | Other | $9,500 | $43,332 | | **Total** | **$370,908** | **$550,809** | Segment Adjusted EBITDA (in thousands) | Segment | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Americas | $64,220 | $107,958 | | Europe | $(67,629) | $(14,111) | | Other | $(3,825) | $(15,187) | | **Total** | **$(7,234)** | **$78,660** | [Note 4. Long-Term Debt](index=13&type=section&id=Note%204.%20Long-Term%20Debt) This note details the company's long-term debt structure, including a Q1 2021 new note issuance and redemption, resulting in a loss on extinguishment - On February 17, 2021, the company issued **$1.0 billion** in **7.75% Senior Notes** due **2028**[46](index=46&type=chunk)[47](index=47&type=chunk) - Net proceeds were used to redeem **$940.0 million** of the **9.25% Senior Notes** due **2024**, resulting in a **$51.1 million loss** on debt extinguishment in Q1 2021[46](index=46&type=chunk) Total Debt (in thousands) | Date | Amount | | :--- | :--- | | March 31, 2021 | $5,625,675 | | December 31, 2020 | $5,572,286 | [Note 8. Intangible Assets and Goodwill](index=16&type=section&id=Note%208.%20Intangible%20Assets%20and%20Goodwill) This note details the Q1 2021 impairment test on indefinite-lived permits, resulting in a charge due to increased discount rates and COVID-19 impacts - The company recorded an impairment charge of **$119.0 million** on indefinite-lived permits during Q1 2021[63](index=63&type=chunk) - The impairment was triggered by an **increase in the discount rate** and the **expected negative financial impacts from COVID-19**[63](index=63&type=chunk) Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2021 (In thousands) | December 31, 2020 (In thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $642,191 | $785,308 | | Total Current Assets | $1,087,718 | $1,334,760 | | Total Assets | $5,316,843 | $5,755,273 | | Total Current Liabilities | $1,009,380 | $1,090,206 | | Long-term debt | $5,604,322 | $5,550,890 | | Total Liabilities | $8,447,469 | $8,537,875 | | Total Stockholders' Deficit | $(3,130,626) | $(2,782,602) | Consolidated Statement of Loss Highlights (Unaudited) | Account | Three Months Ended March 31, 2021 (In thousands) | Three Months Ended March 31, 2020 (In thousands) | | :--- | :--- | :--- | | Revenue | $370,908 | $550,809 | | Operating loss | $(224,913) | $(164,413) | | Consolidated net loss | $(333,456) | $(289,223) | | Net loss attributable to the Company | $(332,353) | $(277,491) | | Net loss per share — basic and diluted | $(0.71) | $(0.60) | Consolidated Statement of Cash Flows Highlights (Unaudited) | Activity | Three Months Ended March 31, 2021 (In thousands) | Three Months Ended March 31, 2020 (In thousands) | | :--- | :--- | :--- | | Net cash used for operating activities | $(124,341) | $(98,621) | | Net cash used for investing activities | $(17,645) | $(35,944) | | Net cash provided by (used for) financing activities | $(920) | $144,600 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant adverse impact of COVID-19 on Q1 2021 financial results, including revenue decline, cost-saving measures, and financing activities - Consolidated revenue for Q1 2021 decreased **32.7%** to **$370.9 million**, primarily driven by the **COVID-19 pandemic's impact** on the global advertising market and the **sale of the Clear Media business**[80](index=80&type=chunk)[86](index=86&type=chunk) - The company issued **$1.0 billion** in new senior notes to redeem **$940.0 million** of higher-interest notes, extending its debt maturity profile[80](index=80&type=chunk) - Cost-saving measures in Q1 2021 included recognizing **$22.7 million** in rent abatements and receiving **$4.7 million** in European governmental support[80](index=80&type=chunk)[87](index=87&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) This section details operational performance by segment, showing significant revenue declines across Americas, Europe, and 'Other' due to reduced demand and the Clear Media sale Revenue by Segment (in thousands) | Segment | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Americas | $211,884 | $295,787 | (28.4)% | | Europe | $149,524 | $211,690 | (29.4)% | | Other | $9,500 | $43,332 | (78.1)% | - In the Americas segment, revenue from airport displays saw the largest decline, falling **62.4%** to **$19.5 million**[99](index=99&type=chunk) - Europe's revenue decline was driven by **renewed COVID-19 lockdowns and mobility restrictions**, with the largest reductions in **France, the U.K., Sweden, and Spain**[102](index=102&type=chunk) - An impairment charge of **$119.0 million** was recognized in Q1 2021 on indefinite-lived permits in the Americas segment, driven by **higher discount rates** and **reduced cash flow projections due to COVID-19**[92](index=92&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's liquidity position, including cash on hand, operating cash flow, and reduced capital expenditures, with ongoing COVID-19 uncertainty - As of March 31, 2021, the company had **$642.2 million** of cash on its balance sheet[115](index=115&type=chunk) - Capital expenditures were reduced to **$17.9 million** in Q1 2021, compared to **$35.9 million** in Q1 2020, as a measure to preserve liquidity[112](index=112&type=chunk) - The company amended its Senior Secured Credit Agreement in **May 2021** to extend the suspension of its **springing financial covenant through December 31, 2021**, providing additional financial flexibility[120](index=120&type=chunk) [Critical Accounting Estimates](index=29&type=section&id=Critical%20Accounting%20Estimates) This section details the impairment testing of indefinite-lived intangible assets, specifically billboard permits, conducted in Q1 2021 due to an increased discount rate - An impairment test on indefinite-lived billboard permits was performed in Q1 2021 due to an **increase in the discount rate**[130](index=130&type=chunk)[133](index=133&type=chunk) - Key assumptions for the valuation included a **10.5% discount rate**, average annual revenue growth of **4.9%** from year two to four, and a long-term growth rate of **3.0%**[133](index=133&type=chunk) - A **100 basis point increase** in the discount rate would result in an additional impairment of **$77.8 million**[133](index=133&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to market risks, including foreign currency fluctuations, interest rate changes, and inflation - A hypothetical **10% increase** in the U.S. dollar's value would have decreased the company's Q1 2021 net loss by **$10.1 million**[141](index=141&type=chunk) - As of March 31, 2021, **37%** of the company's long-term debt bore interest at floating rates. A **50% increase** in LIBOR would have increased Q1 2021 interest expense by an estimated **$0.6 million**[142](index=142&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2021[144](index=144&type=chunk) - There were **no material changes** in internal control over financial reporting during Q1 2021[144](index=144&type=chunk) [PART II—OTHER INFORMATION](index=32&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 5 of the financial statements for details on material pending legal proceedings, including investigations and a settled tax matter - For details on material legal proceedings, the report refers to **Note 5 of the financial statements**[146](index=146&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, emphasizing the ongoing negative impact of the COVID-19 pandemic on advertising spend, mobility, and financial performance - The risk factor for the COVID-19 pandemic has been updated to reflect its **ongoing negative effects** on business, operating results, and financial condition[147](index=147&type=chunk) - The company continues to experience **significantly reduced advertising spend and mobility levels** below pre-pandemic norms, particularly in its transit and European businesses[149](index=149&type=chunk) - The duration and severity of the pandemic's effects remain **uncertain** and depend on factors like **vaccine program speed, new COVID-19 variants, and government containment actions**[149](index=149&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) This section details the May 5, 2021, Second Amendment to the Credit Agreement, extending the suspension of the springing financial covenant and minimum liquidity requirement - On **May 5, 2021**, the company entered into a Second Amendment to its Credit Agreement[151](index=151&type=chunk) - The amendment extends the suspension of the springing financial covenant from **June 30, 2021**, to **December 31, 2021**[151](index=151&type=chunk) - The requirement to maintain minimum liquidity of **$150 million** was extended for reporting periods through **March 31, 2022**[151](index=151&type=chunk)

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Q4 2020 Earnings Conference Call February 25, 2021 8:30 AM ET Company Participants Eileen McLaughlin - Vice President, Investor Relations William Eccleshare - Chief Executive Officer Brian Coleman - Chief Financial Officer Scott Wells - Chief Executive Officer, Clear Channel Outdoor America Conference Call Participants Benjamin Swinburne - Morgan Stanley David Joyce - Barclays Bank James Goss - Barrington Research Lance Vitanza - Cowen and Company Stephan Biss ...

2020 Fourth Quarter and Full Year Results February 25, 2021 Clear Channel Outdoor Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clear Channel Outdoor Holdings, Inc. to be materially different ...