• Focused on higher-margin U.S. market • Revenue: Up 0.5%, or $1.5 million ◦ Site lease expense up 46.4% to $65 million from $44 million driven by higher revenue Clear Channel International B.V. Statements of Loss | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Clear Channel Outdoor (CCO) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this outdoor advertising company would post a loss of $0.09 per share when it actually produced a loss of $0.12, delivering a surprise of -33.33%.Over the last four qua ...

SAN ANTONIO, Feb. 26, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") announced today that it will offer, subject to market and customary conditions, $865,000,000 aggregate principal amount of Senior Secured Notes due 2030 (the "Notes") in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Notes will be guaranteed on a senior secured basis by certain of the Company's wholly owned domestic subsidia ...

SAN ANTONIO, Feb. 26, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today reported financial results for the quarter and year ended December 31, 2023. "Our fourth quarter consolidated revenue of $632.1 million increased 12.4%, or 10.8% excluding movements in foreign exchange rates, reflecting improving business trends and solid execution from our operating team. The Airports and Europe-North segments both performed very strongly, while the America segment returned to ...

Airports revenue increased $55.2 million, or 21.5%, during 2023 compared to 2022 and $96.1 million, or 59.9%, during 2022 compared to 2021. During 2021, Airports revenue was adversely affected by COVID-19 as U.S. airport traffic was still well below pre-pandemic levels. As the travel industry continued to recover, with U.S. airport traffic increasing in 2022 and returning to pre-pandemic levels in 2023, demand for airport advertising also increased. 41 Table of Contents Airports revenue has benefited from o ...

Revenue Performance - Consolidated revenue for Q4 2023 was $632.1 million, a 12.4% increase year-over-year, and a 10.8% increase excluding foreign exchange movements[1]. - Airports segment revenue increased by 44.3% to $111.2 million, driven by strong national sales which comprised 58.9% of Airports revenue[6]. - Europe-North segment revenue rose by 17.8% to $191.8 million, with a 13.4% increase when excluding foreign exchange movements[11]. - The company expects consolidated revenue for full year 2024 to be between $2.2 billion and $2.26 billion, reflecting a 3% to 6% increase from the prior year[4]. - CCIBV revenue increased by 17.0% to $198.1 million in Q4 2023 from $169.3 million in Q4 2022, with a 12.6% increase excluding FX impacts[25]. Adjusted EBITDA and Income - Adjusted EBITDA for Q4 2023 was $190.0 million, a 9.2% increase year-over-year, with Airports segment Adjusted EBITDA up 42.7%[11]. - Total Segment Adjusted EBITDA for the three months ended December 31, 2023, was $226,520, representing an 8.9% increase from $208,096 in the prior year[38]. - Adjusted EBITDA for the year ended December 31, 2023, was $535,216, a decrease of 1.8% compared to $544,861 in 2022[38]. - Operating income for Q4 2023 was $124.3 million, up from $102.2 million in Q4 2022[28]. - Income from continuing operations for Q4 2023 was $25.4 million, a decrease of 76.2% compared to $106.5 million in Q4 2022[20]. Digital Revenue and Infrastructure - Digital revenue in the America segment increased by 57.9% to $73.1 million, indicating strong demand and deployment of additional digital displays[16]. - Digital revenue rose by 2.4% to $114.0 million in Q4 2023 from $111.3 million in Q4 2022, driven by increased demand and investment in digital infrastructure[33]. - Total number of digital displays increased by 55 in Q4 2023, bringing the total to 325,924 displays[24]. - The company has expanded its digital billboard and display offerings, enhancing its advertising platform capabilities[82]. Expenses and Cost Management - Direct operating and SG&A expenses for the Airports segment increased by 44.8%, primarily due to higher revenue and site lease expenses[8]. - Direct operating and SG&A expenses for Q4 2023 were $407.8 million, a 15.0% increase from $354.5 million in Q4 2022[35]. - Corporate expenses for the three months ended December 31, 2023, were $42,897, an increase of 11.3% from $38,529 in the same period of 2022[36]. - Restructuring and other costs for the year ended December 31, 2023, amounted to $21.3 million, compared to $10.0 million in 2022[36]. - Restructuring and other costs for the year ended December 31, 2023, amounted to $21,337,000, compared to $9,963,000 in 2022, indicating an increase of over 114%[57]. Debt and Cash Flow - Total debt as of December 31, 2023, was $5,631,903, compared to $5,561,901 as of December 31, 2022[51]. - Net debt increased to $5,380,251 as of December 31, 2023, from $5,279,669 in the previous year[51]. - Cash on the balance sheet as of December 31, 2023, was $251.7 million, including $84.3 million held outside the U.S.[27]. - The Company experienced a net cash decrease of $38,141,000 for the year ended December 31, 2023, highlighting cash flow challenges[66]. - The company had cash and cash equivalents of $251.652 million as of December 31, 2023, down from $282.232 million as of December 31, 2022[83]. Future Outlook - The out-of-home industry is forecasted to deliver healthy growth in 2024, with optimism regarding the improving climate in major markets[1]. - The company anticipates reduced revenue in Singapore in 2024 due to the loss of a contract that terminated on December 31, 2023[25]. - The Company expects a loss from continuing operations guidance for the full year of 2024 to be between $131 million and $101 million[84]. - The Company anticipates cash interest payment obligations of approximately $448 million in 2024, reflecting an increase due to the timing of interest payments on newly issued notes[66]. Corporate Actions and Engagement - The company is in the process of selling its Europe-North segment and Latin American businesses to optimize its cost structure and focus on higher-margin U.S. markets[14]. - The Company will host a conference call on February 26, 2024, to discuss these results, indicating ongoing engagement with investors[62]. - The company paid $10.0 million of the outstanding principal on the Term Loan Facility during the six months ended June 30, 2023[70]. - On August 22, 2023, the company issued $750.0 million aggregate principal amount of 9.000% Senior Secured Notes due 2028 and used $665.0 million of the net proceeds to prepay outstanding principal on the Term Loan Facility[70].

SAN ANTONIO, Feb. 21, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") will release 2023 fourth quarter results before the market opens on Monday, February 26, 2024, by 7:00 a.m. and will host a conference call to discuss the results at 8:30 a.m. Eastern Time.  This is a change from the February 27th date announced on January 29, 2024. The conference call numbers remain the same and are 866-424-2432 (United States callers) or +1 215-268-9862 (international callers).  A l ...

SAN ANTONIO, Feb. 15, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc., (NYSE:CCO) announced today that Brian Coleman, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc., and David Sailer, Chief Financial Officer of Clear Channel Outdoor Americas, are scheduled to present at J.P. Morgan's 2024 Global High Yield & Leveraged Finance Conference on Tuesday, February 27, 2024, at 5:15 p.m., Eastern Time. The live audio webcast, as well as the replay, will be available on Clear Channel Outdo ...

Enters into Cooperation Agreement with Legion Partners Agrees to Appoint a New Independent Director with Industry Experience SAN ANTONIO, Feb. 1, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced the appointment of Ted White to its Board of Directors (the "Board") as part of the Company's Cooperation Agreement with Legion Partners Asset Management, LLC (together with its affiliates, "Legion"). Mr. White will immediately join the Board and will stand for e ...

SAN ANTONIO, Jan. 29, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") will release 2023 fourth quarter results before the market opens on Tuesday, February 27, 2023 by 7:00 a.m. and will host a conference call to discuss the results at 8:30 a.m. Eastern Time. The conference call number is 866-424-2432 (United States callers) or +1 215-268-9862 (international callers). A live audio webcast of the conference call will be available on the "Events & Presentations" section o ...