[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** |

Financial Data and Key Metrics Changes - Consolidated revenue increased 68.6% to $531 million in Q2 2021, with a 63.4% increase when adjusted for foreign exchange and China [19] - Consolidated net loss was $124 million, an improvement from a net loss of $143 million in Q2 2020 [19] - Consolidated adjusted EBITDA was $97 million, significantly up from negative $63 million in Q2 2020 [19] Business Line Data and Key Metrics Changes - Americas segment revenue was $272 million, up 36% year-over-year, with digital revenue increasing 73.8% to $85 million [20] - Europe segment revenue was $247 million, or $224 million when adjusted for foreign exchange, up 108.8% compared to the prior year [22] - Digital revenue in Europe surged 159.6%, driven by strong performance in the UK [22] Market Data and Key Metrics Changes - In the Americas, revenue reached about 90% of 2019 levels by June 2021, with a steady monthly improvement throughout Q2 [9] - Europe is expected to achieve third-quarter segment revenue between $245 million and $255 million, approximately 95% of 2019 levels [14] - Airports and major cities like LA and New York are showing strong recovery, particularly in key verticals such as theatrical and retail [12] Company Strategy and Development Direction - The company is focused on investing in technology to enhance its out-of-home platform and improve profitability [6] - A succession plan is being implemented, with Scott Wells set to take over as CEO, indicating a strategic shift in leadership [7] - The company aims to de-lever its balance sheet while maximizing shareholder value through strategic M&A activities [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery, noting that advertisers are returning and demand is increasing [10] - The company is experiencing a healthy rebound, with expectations of revenue guidance for the second half of the year being revised to about 95% of 2019 levels [30] - Management remains cautious about potential risks from COVID-19 variants but is confident in the ongoing recovery [43] Other Important Information - The company achieved $35 million in rent abatements in Q2 2021 due to successful negotiations [28] - Cash and cash equivalents totaled $564 million as of June 30, 2021, with total debt at $5.7 billion [27] - Capital expenditures in Q2 amounted to $32 million, reflecting increased investment in the Americas business [26] Q&A Session Summary Question: What is the outlook for the Americas Q3 guide and the recovery of street furniture and airport segments? - Management indicated that Q3 is expected to be close to 2019 levels, with some segments like airports and street furniture lagging behind [34][36] Question: What margins are expected in Europe as revenues recover? - Management refrained from providing specific margin guidance but emphasized ongoing cost management efforts [35][37] Question: What is the current M&A environment and potential strategic transactions? - The M&A environment is becoming more active, with management focused on higher-margin assets for potential transactions [40][42] Question: How does the Delta variant impact recovery expectations? - Management expressed cautious optimism, noting that vaccination rates and government responses are key factors in maintaining recovery momentum [43] Question: What are the expectations for domestic margins and digital revenue growth? - Management aims for sustainable margins above 40% as recovery continues, with digital revenue showing significant growth due to its premium nature [46][49]

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)

Financial Data and Key Metrics Changes - Consolidated revenue decreased by 27.4% to $541 million in Q4 2020, with an adjusted decline of 29.3% when accounting for foreign exchange [63] - Consolidated net loss for Q4 was $33 million compared to a net income of $32 million in Q4 2019 [64] - Full year consolidated revenue decreased by 30.9% to $1.9 billion, with a consolidated net loss of $600 million compared to $362 million in 2019 [65] Business Line Data and Key Metrics Changes - Americas segment revenue was $258 million in Q4, down 25.3% from $345 million in the previous year, but showed sequential improvement [68] - Europe segment revenue was $268 million, down 17.9%, with a decline of 23% when adjusted for foreign exchange [72] - Latin America revenue was $15 million, down $11 million compared to the same period last year due to COVID-19 impacts [79] Market Data and Key Metrics Changes - In the U.K., digital screens generated close to 70% of fourth quarter revenue, indicating strong performance in select markets [23] - The Americas segment saw a sequential improvement in local and national revenue, with local down 24% and national down 27% [70] - European performance was impacted by increased mobility restrictions, particularly in France, but seven of the top ten markets showed sequential revenue improvements [73] Company Strategy and Development Direction - The company is focused on strengthening liquidity, managing costs, and investing in technology to enhance digital capabilities and data analytics [10][20] - A new contract with the Port Authority of New York and New Jersey was finalized, aimed at capturing advertising potential as audience travel normalizes [16] - The company is committed to maintaining ample liquidity and has refinanced a portion of its debt to improve its maturity profile and reduce cash interest expenses [20][89] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovery in 2021, citing the resilience of the out-of-home industry and the expected growth in digital advertising [8][10] - The company anticipates a tough first quarter due to strong performance in Q1 2020 and ongoing COVID-19 impacts, expecting Americas segment revenue to decline in the high 20% range [26][92] - Management noted that visibility into future quarters is impacted by delayed decision-making from advertisers, but there are positive signs of recovery in audience movement [35][48] Other Important Information - The company achieved $28 million in rent abatements in Q4, totaling $78 million year-to-date, as part of cost management initiatives [103][87] - Capital expenditures totaled $31 million in Q4, a decline of $62 million compared to the prior year, reflecting liquidity preservation efforts [81] - The company has a cash and cash equivalents balance of $785 million as of December 31, 2020, with total debt at $5.6 billion [83] Q&A Session Summary Question: Digital sales and programmatic trends - Management noted strong digital performance in Europe, particularly in the U.K., where digital revenue accounted for 70% of Q4 revenue, while the U.S. saw a mixed picture with improved programmatic sales [98][100] Question: Margins and fixed site lease savings - Management indicated that some rent abatements achieved will continue, but deferred rent expenses will need to be paid as revenues return [102][103] Question: Trends in Q1 and cash flow - Management highlighted that Q1 comparisons are challenging due to strong performance in Q1 2020, with expectations of sequential improvement in Q2 as the market recovers [109][112]

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 ...

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, 2020, 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) | --- | --- | --- | --- | |------------------ ...