Clear Channel Outdoor Holdings Inc (NYSE:CCO) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET Company Participants Eileen McLaughlin - VP, IR Scott Wells - CEO, President and Director Brian Coleman - Executive VP, Treasurer and CFO Justin Cochrane - CEO, Clear Channel UK Conference Call Participants Steven Cahall - Wells Fargo Cameron McVeigh - Morgan Stanley Richard Choe - JPMorgan Lance Vitanza - Cowen Jason Kim - Goldman Sachs James Goss - Barrington Research Aaron Watts - Deutsche Bank Courtn ...

2022 Second Quarter Results August 9, 2022 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 that 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, 2022 ☐ 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 2022 Earnings Conference Call May 10, 2022 8:30 AM ET Company Participants Eileen McLaughlin - IR Scott Wells - CEO, President and Director Brian Coleman - Executive VP, Treasurer and CFO Conference Call Participants Steven Cahall - Wells Fargo Cameron McVeigh - Morgan Stanley Avi Steiner - JPMorgan Lance Vitanza - Cowen Richard Choe - JPMorgan Aaron Watts - Deutsche Bank Jim Goss - Barrington Research Operator Ladies and gentlemen, thank you for standing by. ...

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 MARCH 31, 2022 ☐ 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) Q4 2021 Earnings Conference Call February 24, 2022 8:30 AM ET Company Participants Eileen McLaughlin - VP, IR Scott Wells - CEO Brian Coleman - CFO Conference Call Participants Cameron McVeigh - Morgan Stanley Steven Cahall - Wells Fargo Avi Steiner - JPMorgan David Joyce - Barclays Jim Goss - Barrington Research Aaron Watts - Deutsche Bank Operator Welcome to Clear Channel Outdoor Holdings, Inc., 2021 Fourth Quarter and Full-Year Earnings Conference Call. My ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021, OR ☐ 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) | --- | --- | --- | --- | |------------------ ...

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Q3 2021 Earnings Conference Call November 9, 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 Cameron McVeigh - Morgan Stanley Lance Vitanza - Cowen & Company David Joyce - Barclays Jim Goss - Barrington Resea ...

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]

[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 Q3 and nine months ended September 30, 2021, detail the company's financial position, results, and cash flows [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheet as of September 30, 2021, shows decreased total assets and widened stockholders' deficit, while total liabilities increased slightly Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $1,220,376 | $1,334,760 | | **Total Assets** | **$5,365,338** | **$5,755,273** | | **Total Current Liabilities** | $1,109,574 | $1,090,206 | | **Long-term Debt** | $5,716,742 | $5,550,890 | | **Total Liabilities** | **$8,653,162** | **$8,537,875** | | **Total Stockholders' Deficit** | **($3,287,824)** | **($2,782,602)** | [Consolidated Statements of Loss](index=5&type=section&id=Consolidated%20Statements%20of%20Loss) For Q3 2021, revenue increased significantly, leading to operating income and a narrowed net loss, with similar improvements for the nine-month period Consolidated Statement of Loss Highlights (in thousands) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $596,416 | $447,505 | $1,498,406 | $1,313,220 | | **Operating Income (Loss)** | $48,567 | ($75,913) | ($162,908) | ($308,918) | | **Consolidated Net Loss** | ($40,788) | ($135,844) | ($498,645) | ($567,670) | | **Net Loss per Share (Basic & Diluted)** | ($0.09) | ($0.29) | ($1.06) | ($1.19) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used for operating activities increased for the nine months ended September 30, 2021, while investing activities shifted to a net use, and financing activities provided less cash Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash used for operating activities** | ($154,273) | ($115,434) | | **Net cash provided by (used for) investing activities** | ($79,439) | $124,262 | | **Net cash provided by financing activities** | $50,292 | $444,973 | | **Net increase (decrease) in cash** | ($186,227) | $440,494 | [Condensed Notes to Consolidated Financial Statements](index=10&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes provide information on accounting policies, financial results, COVID-19 impacts, segment performance, and debt activities - The company recognized rent expense reductions of **$21.6 million** in Q3 2021 and **$78.9 million** in the first nine months of 2021 due to negotiated rent abatements related to COVID-19[30](index=30&type=chunk) - In Q1 2021, the company recognized an impairment charge of **$119.0 million** on its indefinite-lived permits due to an increase in the discount rate and negative financial impacts from COVID-19[66](index=66&type=chunk) - The company is executing a restructuring plan in Europe, expected to be complete by Q1 2023, with estimated total charges of **$51 million to $56 million**. As of September 30, 2021, **$41.9 million** of charges had been incurred[70](index=70&type=chunk) Segment Revenue and Adjusted EBITDA (in thousands) | Metric | Segment | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | Americas | $319,020 | $223,715 | $802,524 | $719,202 | | | Europe | $262,568 | $216,934 | $659,216 | $535,970 | | **Segment Adjusted EBITDA** | Americas | $139,086 | $70,716 | $330,527 | $225,693 | | | Europe | $31,271 | ($8,141) | ($34,614) | ($91,071) | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting revenue recovery, liquidity, capital resources, and critical accounting estimates, including significant debt refinancing and cost-saving initiatives [Results of Operations](index=24&type=section&id=Results%20of%20Operations) The company experienced strong year-over-year recovery in Q3 2021, with consolidated revenue increasing significantly due to rebounding advertising markets in both Americas and Europe segments - Consolidated revenue for Q3 2021 increased **33.3%** year-over-year to **$596.4 million**, reflecting recovery from COVID-19 impacts as lockdowns were lifted and mobility increased[94](index=94&type=chunk)[95](index=95&type=chunk) - Americas revenue grew **42.6%** in Q3 2021, driven by strong performance in print and digital billboards and an **88.7%** increase in airport display revenue[109](index=109&type=chunk)[110](index=110&type=chunk) - Europe revenue increased **21.0%** in Q3 2021 (**18.2%** excluding currency effects), led by the U.K., as increased vaccination levels and eased restrictions boosted mobility and advertising demand[116](index=116&type=chunk)[117](index=117&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2021, the company maintained $600.0 million in cash and undertook significant debt refinancing to extend maturities, ensuring sufficient liquidity for the next 12 months - As of September 30, 2021, the company had **$600.0 million** of cash on its balance sheet and excess availability of **$64.4 million** under its Receivables-Based Credit Facility and **$1.8 million** under its Revolving Credit Facility[136](index=136&type=chunk) - In 2021, the company issued a total of **$2.05 billion** in new senior notes to redeem all of its outstanding **9.25% CCWH Senior Notes due 2024**, extending its debt maturity profile[88](index=88&type=chunk)[89](index=89&type=chunk)[136](index=136&type=chunk) - The company anticipates cash interest payments of approximately **$123.2 million** for the remainder of 2021 and **$318.9 million** in 2022[139](index=139&type=chunk) [Critical Accounting Estimates](index=35&type=section&id=Critical%20Accounting%20Estimates) This section details key assumptions for impairment tests of indefinite-lived intangible assets and goodwill, noting a $119.0 million impairment charge for billboard permits in Q1 2021 but no additional impairment in the annual test - An impairment test on indefinite-lived billboard permits as of March 31, 2021 resulted in a **$119.0 million** charge, primarily driven by an increase in the discount rate to **10.5%** and revised cash flow projections due to COVID-19[145](index=145&type=chunk)[146](index=146&type=chunk) - The annual impairment test for goodwill as of July 1, 2021, did not result in any impairment. The fair value of reporting units was determined using discount rates ranging from **9.5% to 12.0%** and a perpetual growth rate of **3.0%**[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency exchange rates, interest rates, and inflation due to international operations and variable-rate debt - A hypothetical **10%** increase in the U.S. dollar's value would have decreased the company's net loss by **$2.6 million** for Q3 2021[158](index=158&type=chunk) - As of September 30, 2021, **36%** of the company's long-term debt bore interest at floating rates. A **50%** increase in LIBOR would have increased interest expense by an estimated **$0.4 million** for Q3 2021[159](index=159&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2021, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2021[163](index=163&type=chunk) [PART II—OTHER INFORMATION](index=40&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 5 for details on material pending legal proceedings, including investigations related to a former subsidiary in China and a tax settlement in Italy - The company is cooperating with the SEC and DOJ regarding an investigation at its former Clear Media subsidiary in China, which could implicate the U.S. Foreign Corrupt Practices Act[61](index=61&type=chunk) - In February 2021, the company negotiated a final settlement with Italian tax authorities to repay approximately **$21.7 million** in VAT, penalties, and interest related to misstatements identified in its Italian business[62](index=62&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) While no material changes to risk factors occurred since the 2020 Annual Report, an updated risk highlights the ongoing negative effects of the COVID-19 pandemic, including uncertainty and potential inflationary pressures - The company updated its risk factor related to the COVID-19 pandemic, noting that while revenues have increased with higher mobility, the duration and severity of the pandemic's effects remain **uncertain** and could continue to materially impact financial performance[167](index=167&type=chunk) - A new risk mentioned is the potential for heightened economic inflation resulting from easing COVID-19 lockdowns, which could lead to **higher costs** for wages and equipment that may not be fully offset by advertising rate increases[167](index=167&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports common stock repurchases during Q3 2021, primarily from employees tendering shares to satisfy tax withholding obligations related to restricted share vesting Common Stock Purchases (Q3 2021) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2021 | 14,002 | $1.61 | | August 2021 | 2,409 | $1.88 | | September 2021 | 594,109 | $2.45 | | **Total** | **610,520** | **$2.43** |