Core Insights - Clear Channel Outdoor Americas (CCOA) has appointed Eric Hamme as president of its Chicago market, which is the third-largest media market in the U.S. [1][2] - Hamme brings over 19 years of experience in advertising and sales, focusing on customer-centric strategies that drive revenue [2][4] - CCOA aims to enhance its out-of-home (OOH) advertising strategies and build long-term relationships with clients and stakeholders in Chicago [3][4] Company Overview - CCOA's OOH media footprint reaches 92% of the DMA 18+ population weekly in Chicago [3] - The company operates a diverse portfolio of roadside and transit assets, including significant advertising contracts at Chicago Midway International Airport and Chicago O'Hare International Airport, which see monthly passenger counts of 1.8 million and 6.7 million, respectively [3][4] - CCOA is committed to investing in growth strategies that propel the OOH industry forward, leveraging technology and data to enhance advertising effectiveness [3][7] Leadership Background - Eric Hamme has been with CCOA for over seven years, previously serving as local sales manager for Milwaukee and rising to vice president of sales [4][5] - His extensive career includes roles in radio, TV, and digital advertising at various companies, showcasing a strong background in sales and business operations [5][6] - Hamme's educational background includes degrees in journalism and communications from the University of Wisconsin [6]

Company Overview - Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is a leader in the out-of-home advertising industry, focusing on innovation and expanding its advertising platform [2] - The company enhances its offerings through the growth of digital billboards and displays, as well as the integration of data analytics and programmatic capabilities [2] - Clear Channel connects advertisers with millions of consumers each month by leveraging its diverse portfolio of assets [2] Upcoming Events - David Sailer, the Chief Financial Officer of Clear Channel Outdoor Holdings, is scheduled to present at Deutsche Bank's 33rd Annual Media, Internet & Telecom Conference on March 11, 2025, at 1:00 p.m. Eastern Time [1] - The presentation will be available via live audio webcast and replay on the company's investor website [1]

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Q4 2024 Earnings Conference Call February 24, 2025 8:30 AM ET Company Participants Eileen McLaughlin - Vice President, Investor Relations Scott Wells - Chief Executive Officer David Sailer - Chief Financial Officer Conference Call Participants Cameron McVeigh - Morgan Stanley Daniel Osley - Wells Fargo Jonnathan Navarrete - TD Cowen Avi Steiner - JPMorgan Patrick Sholl - Barrington Research Eileen McLaughlin Ladies and gentlemen, thank you for standing by. Wel ...

Clear Channel Outdoor Holdings 2024 Fourth Quarter Results February 24, 2025 Safe harbor statement and other information Forward-Looking Statements 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. and its ...

Revenue and Growth - Consolidated revenue increased by $71.0 million, or 5.0%, in 2024 compared to 2023, reaching $1,505,230, driven by higher demand and continued investment in digital infrastructure [188]. - Digital revenue for 2024 was $622,251, representing 41.3% of total consolidated revenue, up from 40.6% in 2023 [192]. - America revenue increased by $42.7 million, or 3.9%, in 2024 compared to 2023, driven by increased demand for printed and digital billboards [212]. - Digital revenue in America increased by 7.0% from 2023, reaching $415.1 million in 2024, accounting for 36.3% of total segment revenue [214]. - Airports segment experienced revenue growth in 2024, driven by increased demand and record-breaking daily passenger volumes through U.S. airports [179]. - Airports revenue increased by $49.9 million, or 16.0%, in 2024 compared to 2023, supported by strong advertising demand and investments in digital media infrastructure [220]. - Airports digital revenue reached $207.2 million in 2024, representing 57.3% of total segment revenue [221]. - Total revenue for 2024 was $1,505,230, an increase of 4.9% compared to $1,434,186 in 2023 [314]. Expenses and Losses - Consolidated direct operating expenses increased by $20.2 million, or 3.1%, in 2024, primarily due to higher site lease expenses and increased production costs [194]. - Consolidated selling, general and administrative expenses increased to $252,907 in 2024, up from $235,470 in 2023 [188]. - Consolidated SG&A expenses increased by $17.4 million, or 7.4%, in 2024 compared to 2023, primarily due to higher employee compensation costs [197]. - The company reported a consolidated net loss of $175,878 in 2024, compared to a net loss of $308,816 in 2023 [188]. - Loss from discontinued operations was $52.1 million in 2024, compared to $149.4 million in 2023 and $105.3 million in 2022 [226]. - Interest expense, net, increased by $3.5 million in 2024 compared to 2023, due to higher average interest rates on the Term Loan Facility [207]. - The company incurred interest expense of $401,541 in 2024, slightly up from $398,050 in 2023 [314]. Cash Flow and Liquidity - In 2024, net cash provided by operating activities was $79.7 million, an increase of $48.5 million compared to 2023 [251][252]. - The company had cash, cash equivalents, and restricted cash of $172,072 thousand at the end of 2024, down from $260,541 thousand at the end of 2023 [318]. - As of December 31, 2024, the company had $164.3 million in cash and cash equivalents, including $54.6 million from discontinued operations [249]. - The company received net cash proceeds of $13.7 million from asset dispositions in 2024 [254]. - In 2023, net cash proceeds from business and asset dispositions totaled $59.8 million, including $84.9 million from the sale of the former Switzerland business [255]. Strategic Transactions and Divestitures - The company completed the sale of its businesses in Switzerland, Italy, and France in 2023, using net proceeds to improve liquidity and financial flexibility [173]. - The company expects to close the sale of its Europe-North segment to Bauer Radio Limited for $625 million in 2025, with proceeds used to repay outstanding debt [175]. - The company classified its Europe-South segment as discontinued operations in 2023, with ongoing sales processes for remaining European and Latin American businesses [170]. - The company anticipates gross cash proceeds of $625.0 million from the sale of its Europe-North segment businesses, expected to close in 2025 [257]. Assets and Liabilities - Current assets increased to $1,659,044 in 2024 from $957,401 in 2023, marking a growth of 73.3% [313]. - Total liabilities rose to $8,444,046 in 2024, compared to $8,173,218 in 2023, indicating an increase of 3.3% [313]. - The company’s accumulated deficit increased to $(6,960,129) in 2024 from $(6,780,875) in 2023 [313]. - Total stockholders' deficit was $(3,639,783) in 2024, compared to $(3,450,743) in 2023, reflecting a deterioration of 5.5% [313]. Impairments and Goodwill - In 2024, an impairment charge of $18.1 million was recognized for long-lived assets in discontinued operations, primarily related to the Brazil business, which also incurred a $44.4 million loss classified as held for sale [277]. - No impairments were recognized on goodwill in 2024, with a fair value assessment based on a discounted cash flow approach and a discount rate of 10.0% for continuing operations [280][281]. - The goodwill balance of $143.9 million for the Europe-North reporting unit is included in current assets of discontinued operations as of December 31, 2024 [308]. Capital Expenditures - Capital expenditures for continuing operations in 2024 totaled $80.7 million, down from $101.5 million in 2023 and $110.2 million in 2022 [241]. - Capital expenditures for 2024 were $142,395 thousand, a decrease from $166,594 thousand in 2023 [318]. Economic and Market Conditions - The company is closely monitoring macroeconomic uncertainties, including inflation and interest rates, which have impacted operations in recent years [180]. - The company has taken steps to manage inflation impacts by increasing advertising rates for out-of-home displays, although the precise impact on margins remains uncertain [297].

Financial Performance - Consolidated revenue for Q4 2024 was $426.7 million, a 2.6% increase compared to Q4 2023, driven by a 4.1% increase in America segment revenue to $310.7 million[5][7][16] - Airports segment revenue reached $116.0 million in Q4 2024, up 4.3% year-over-year, contributing to a record performance[5][7][16] - Adjusted EBITDA for Q4 2024 was $144.8 million, reflecting a 2.5% increase from the previous year, with America segment adjusted EBITDA at $137.2 million, a 0.7% increase[7][20] - The company reported a net loss from continuing operations of $1.1 million in Q4 2024, compared to a profit of $431,000 in Q4 2023, indicating a significant decline[20] - Total revenue for Q4 2024 was $426.7 million, compared to $416.0 million in Q4 2023, with annual revenue reaching $1.5 billion, up from $1.4 billion[35] - Consolidated net income for the year ended December 31, 2024, was a loss of $175.878 million, compared to a loss of $308.816 million in 2023[56] Future Guidance - The company expects consolidated revenue for Q1 2025 to be between $329 million and $344 million, representing a 1% to 5% increase from the prior year[14] - Full year 2025 consolidated revenue guidance is set between $1.562 billion and $1.607 billion, reflecting a 4% to 7% increase year-over-year[14] - The company expects a loss from continuing operations in 2025 to range between $105 million and $95 million[57] - Adjusted EBITDA guidance for 2025 is projected to be between $490 million and $505 million[57] - FFO from continuing operations for 2025 is expected to be between $37 million and $47 million[58] Asset and Liability Management - Cash and cash equivalents as of December 31, 2024, totaled $164.3 million, including $54.6 million from discontinued operations[30] - The next scheduled debt maturity is in April 2027, with a principal amount of $375 million for the CCIBV Term Loan Facility, which is expected to be prepaid using proceeds from the sale of the Europe-North businesses[32] - Long-term debt slightly increased to $5,660,305 in 2024 from $5,630,294 in 2023, reflecting a marginal growth[43] - Net debt as of December 31, 2024, was $5,550,598, compared to $5,458,518 in 2023, indicating an increase in leverage[43] - The company plans to prepay the full $375 million principal of the CCIBV Term Loan Facility using proceeds from the sale of the Europe-North businesses expected to complete in 2025[46] Operational Highlights - Digital revenue increased by 7.6% to $122.7 million in Q4 2024, driven by new deployments and increased demand[17] - The company operated over 61,800 advertising displays in the U.S. as of December 31, 2024, with a presence in 81 Designated Market Areas, including 43 of the top 50 U.S. markets[23] - The company is focusing on expanding its digital billboard and display capabilities, integrating data analytics and programmatic capabilities[61] Expenses and Cost Management - Direct operating and SG&A expenses for Q4 2024 rose by 2.8% to $256.977 million, with America segment expenses increasing by 6.5%[18] - Corporate expenses for the year ended December 31, 2024, were $(126,904), slightly down from $(129,248) in 2023, indicating cost control efforts[54] Dispositions and Sales - The company completed the sale of its businesses in Mexico, Peru, and Chile for $20 million, with an additional potential earn-out of $1.25 million[10] - A definitive agreement was reached to sell the Europe-North segment for $625 million, expected to close in 2025, with proceeds aimed at debt repayment[9] - Revenue for CCIBV in Q4 2024 decreased by 13.7% to $224.2 million from $259.8 million in Q4 2023, primarily due to the sale of the business in France[28] - The company reported a net loss on the disposition of real estate of $44.4 million related to the classification of the Brazil business as held for sale[56] Conference and Communication - The company will host a conference call on February 24, 2025, to discuss these results[60]

Core Viewpoint - Clear Channel Outdoor Holdings, Inc. is focusing on enhancing its U.S. operations by divesting from lower-margin international segments, aiming to improve cash flow and reduce leverage on its balance sheet [2][6][9]. Financial Performance - For Q4 2024, consolidated revenue reached $426.7 million, a 2.6% increase from Q4 2023, with the America segment generating $310.7 million, up 4.1% [3][13]. - Airports revenue also saw a 4.3% increase, totaling $116.0 million [3][14]. - Adjusted EBITDA for Q4 2024 was $144.8 million, reflecting a 2.5% increase year-over-year [4][21]. Strategic Initiatives - The company has entered into agreements to sell its Europe-North segment for $625 million and has completed the sale of its businesses in Mexico, Peru, and Chile for $20 million, with additional earn-out potential [6][7]. - The proceeds from these sales will be used to reduce debt, specifically to prepay $375 million of outstanding term loans [6][33]. Future Guidance - For Q1 2025, the company expects consolidated revenue between $329 million and $344 million, representing a 1% to 5% increase from the prior year [10]. - For the full year 2025, consolidated revenue is projected to be between $1.562 billion and $1.607 billion, indicating a 4% to 7% growth [10]. Operational Metrics - As of December 31, 2024, the company operated over 61,800 advertising displays in the U.S., with a presence in 81 Designated Market Areas [25][26]. - Digital revenue increased by 7.6% to $122.7 million, driven by new contracts and strong demand [16][22]. Debt and Liquidity - As of December 31, 2024, the company had $164.3 million in cash and cash equivalents, with total debt amounting to $5.66 billion [30][42]. - The company anticipates cash interest payments of approximately $422 million in 2025, with plans to reduce this through debt prepayments from sale proceeds [33][34].

Core Viewpoint - Clear Channel Outdoor (CCO) is expected to report a significant decline in quarterly earnings and revenues, with earnings per share (EPS) projected at $0.01, an 80% decrease year-over-year, and revenues forecasted at $449 million, a 29% decline compared to the previous year [1] Earnings Projections - Analysts have maintained the consensus EPS estimate for the quarter over the last 30 days, indicating a reassessment of initial estimates [1][2] - Revisions to earnings projections are crucial for predicting investor behavior and stock price performance [2] Revenue Estimates - 'Revenue- Other' is estimated to be $24.14 million, reflecting a year-over-year decrease of 21.1% [4] - 'Revenue- Airports' is projected at $114.13 million, indicating a slight increase of 2.6% from the same quarter last year [4] - 'Geographic Revenue- Europe-North' is expected to reach $194.67 million, a 1.5% increase year-over-year [4] - 'Geographic Revenue- Americas' is forecasted at $314.56 million, showing a 5.4% increase from the prior-year quarter [5] Adjusted EBITDA Estimates - 'Adjusted EBITDA- Airports' is anticipated to be $28.53 million, down from $30.11 million in the same quarter last year [5] - 'Adjusted EBITDA- Other' is estimated at $3.75 million, compared to $7.80 million a year ago [6] - 'Adjusted EBITDA- Europe-North' is projected to be $51.02 million, slightly down from $52.45 million in the previous year [6] - 'Adjusted EBITDA- Americas' is expected to reach $140.65 million, up from $136.16 million year-over-year [6] Stock Performance - CCO shares have declined by 6.7% over the past month, contrasting with the Zacks S&P 500 composite's increase of 4.7% [7] - CCO holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [7]

Core Insights - Clear Channel Outdoor Holdings, Inc. is scheduled to present at Morgan Stanley's Technology, Media & Telecom Conference on March 4, 2025, at 2:35 p.m. Pacific Time [1] - The presentation will be available via live audio webcast and replay on the company's investor website [1] Company Overview - Clear Channel Outdoor Holdings, Inc. is a leader in the out-of-home advertising industry, focusing on innovation [2] - The company is expanding its advertising platform through digital billboards and displays, as well as integrating data analytics and programmatic capabilities [2] - By leveraging its diverse portfolio, the company connects advertisers with millions of consumers each month [2]

Core Viewpoint - Clear Channel Outdoor Holdings, Inc. has completed the sale of its businesses in Mexico, Peru, and Chile to Global Media US LLC, enhancing its focus on the American and Airports segments while improving its liquidity position [1][2][3]. Financial Summary - The company received $20 million in cash at closing, based on a $34 million Enterprise Value, and is eligible for an additional $1.25 million earn-out, subject to customary adjustments [2]. - The sale will be reported as discontinued operations in accordance with U.S. Generally Accepted Accounting Principles, affecting the presentation of prior period amounts in the financial statements [4]. Strategic Goals - The sale aligns with the company's strategic goals to optimize its portfolio and strengthen its balance sheet, as stated by the CEO [3]. - The transaction is expected to drive business growth for Global Vía Pública, leveraging their media platform for outdoor advertising campaigns [3]. Advisory and Support - Moelis & Company LLC was engaged as the financial advisor to assist with the sale process of the Latin American businesses [5]. Company Overview - Clear Channel Outdoor Holdings, Inc. is a leader in the out-of-home advertising industry, focusing on innovation through digital billboards and data analytics to enhance advertising effectiveness [6].