PART I—FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended March 31, 2024, including the Consolidated Balance Sheets, Statements of Loss, Statements of Comprehensive Loss, Statements of Changes in Stockholders' Deficit, and Statements of Cash Flows, along with detailed condensed notes to these financial statements Consolidated Balance Sheet Summary (Unaudited) | Account | March 31, 2024 (In thousands) | December 31, 2023 (In thousands) | | :--- | :--- | :--- | | **Total Assets** | **$4,559,443** | **$4,722,475** | | Total Current Assets | $818,693 | $957,401 | | **Total Liabilities** | **$8,105,935** | **$8,173,218** | | Long-term debt | $5,651,485 | $5,631,291 | | **Total Stockholders' Deficit** | **($3,546,492)** | **($3,450,743)** | Consolidated Statement of Loss Summary (Unaudited) | Account | Three Months Ended Mar 31, 2024 (In thousands) | Three Months Ended Mar 31, 2023 (In thousands) | | :--- | :--- | :--- | | Revenue | $481,752 | $437,420 | | Operating income (loss) | $32,392 | ($9,386) | | Loss from continuing operations | ($88,663) | ($92,605) | | Consolidated net loss | ($89,083) | ($35,422) | | **Net loss attributable to the Company** | **($89,667)** | **($34,912)** | | **Net loss per share — Basic and Diluted** | **($0.19)** | **($0.07)** | [Note 2: Dispositions and Discontinued Operations](index=9&type=section&id=Note%202.%20Dispositions%20and%20Discontinued%20Operations) This note details the reclassification of the company's Europe-South segment (Switzerland, Italy, France, and Spain) to discontinued operations, with the sale of the Swiss business completed on March 31, 2023, for $84.9 million in net proceeds, resulting in a $96.4 million gain, and the sale of the Spanish business expected to close in 2024 - The company's entire Europe-South segment has been reclassified to discontinued operations following the sale of its businesses in Switzerland, Italy, and France in 2023, and the pending sale of its business in Spain[87](index=87&type=chunk)[88](index=88&type=chunk) - On March 31, 2023, the company sold its Swiss business for net cash proceeds of **$84.9 million**, recognizing a gain on sale of **$96.4 million**[98](index=98&type=chunk) Income (Loss) from Discontinued Operations (In thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $22,481 | $108,015 | | Gain on disposal | $0 | $96,350 | | **Income (loss) from discontinued operations** | **($420)** | **$57,183** | [Note 5: Long-Term Debt](index=15&type=section&id=Note%205.%20Long-Term%20Debt) This note outlines the company's long-term debt structure, which totaled $5.65 billion as of March 31, 2024, detailing significant debt refinancing activities completed in March 2024, including the issuance of $865.0 million of 7.875% Senior Secured Notes due 2030 to refinance a portion of the Term Loan Facility, and a new $375.0 million CCIBV Term Loan Facility due 2027 to redeem notes due in 2025, with the company in compliance with all debt covenants - Total long-term debt stood at **$5.65 billion** as of March 31, 2024, slightly up from **$5.63 billion** at year-end 2023[151](index=151&type=chunk) - In March 2024, the company issued **$865.0 million** in new 7.875% Senior Secured Notes due 2030 and used proceeds to prepay **$835.0 million** of its Term Loan Facility, extending the maturity of the remaining balance to 2028[151](index=151&type=chunk) - Subsidiary CCIBV entered into a new **$375.0 million** Term Loan Facility due 2027 to redeem all of its outstanding 6.625% Senior Secured Notes due 2025[151](index=151&type=chunk)[169](index=169&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides an overview of the business, key developments, and macroeconomic trends, detailing a 10.1% increase in consolidated revenue for Q1 2024, driven by strong performance across all continuing segments, and addressing the company's liquidity position, capital resources, and recent major debt refinancing transactions [Overview](index=22&type=section&id=Overview) The company derives revenue from out-of-home advertising across four segments, with Europe-South now discontinued operations, and is exploring sales of its Europe-North and Latin American businesses, having completed significant debt refinancing transactions in Q1 2024 - The company's business is organized into four reportable segments: America, Airports, Europe-North, and Europe-South. The Europe-South segment is now classified as discontinued operations[7](index=7&type=chunk)[14](index=14&type=chunk) - Processes to sell the businesses comprising the Europe-North segment and operations in Latin America have been initiated[15](index=15&type=chunk) - In March 2024, the company completed major debt transactions, including issuing **$865.0 million** in new notes to prepay its Term Loan Facility and refinancing its CCIBV Senior Secured Notes with a new **$375.0 million** term loan facility[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) For Q1 2024, consolidated revenue from continuing operations increased 10.1% to $481.8 million, resulting in operating income of $32.4 million, a significant improvement from the prior-year period's operating loss, with all continuing segments showing revenue growth Consolidated Results of Continuing Operations (In thousands) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $481,752 | $437,420 | 10.1% | | Operating income (loss) | $32,392 | ($9,386) | N/A | | Loss from continuing operations | ($88,663) | ($92,605) | N/A | - Consolidated revenue increased by **$44.3 million** (**10.1%**), or **9.3%** excluding foreign exchange impacts, driven by increased demand and deployment of digital displays[35](index=35&type=chunk) Segment Adjusted EBITDA (In thousands) | Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | America | $95,464 | $81,365 | 17.3% | | Airports | $19,082 | $6,264 | 204.6% | | Europe-North | $14,325 | $7,172 | 99.7% | | **Total Segment Adjusted EBITDA** | **$129,071** | **$95,170** | **35.6%** | [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary cash needs are for working capital, capital expenditures, and debt service, with $193.2 million cash on hand as of March 31, 2024, and management believing current funds are sufficient for at least the next 12 months, supplemented by available credit facilities - As of March 31, 2024, the company had **$193.2 million** of cash on its balance sheet, with **$59.3 million** held by foreign subsidiaries[142](index=142&type=chunk) Capital Expenditures (In thousands) | Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Continuing operations | $24,035 | $33,376 | | Discontinued operations | $2,169 | $5,051 | | **Total capital expenditures** | **$26,204** | **$38,427** | Available Credit Facilities (as of March 31, 2024) | Facility | Borrowing Limit (in millions) | Excess Availability (in millions) | | :--- | :--- | :--- | | Revolving Credit Facility | $150.0 | $106.8 | | Receivables-Based Credit Facility | $138.1 | $89.2 | | **Total** | **$288.1** | **$196.1** | [Quantitative and Qualitative Disclosures About Market Risk](index=34&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 exchange rates, interest rates, and inflation, noting reduced interest rate sensitivity after March 2024 debt transactions and efforts to mitigate inflation impacts - The company is exposed to foreign currency risk from its operations in Europe, Singapore, and Latin America. A **10%** change in the U.S. dollar value would impact Europe-North Segment Adjusted EBITDA by approximately **$1.4 million**[164](index=164&type=chunk)[177](index=177&type=chunk) - Interest rate risk has been reduced, with variable rate debt accounting for only **9%** of total debt at March 31, 2024, down from **22%** at year-end 2023. A **100 basis point** increase in SOFR would increase quarterly interest expense by an estimated **$1.3 million**[178](index=178&type=chunk) - Inflation remains a risk, affecting costs for electricity, labor, and materials. The company aims to mitigate this by increasing advertising rates[179](index=179&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of March 31, 2024, the company's Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective at a reasonable assurance level, 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 March 31, 2024[180](index=180&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[180](index=180&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the ordinary course of business, for which it has accrued estimates for probable costs where the amount can be reasonably estimated, with further details in Note 6 of the Condensed Consolidated Financial Statements - The company is involved in legal proceedings in the ordinary course of business, including commercial disputes, employment claims, and land use disputes[203](index=203&type=chunk) - An estimate of probable costs has been accrued for claims where loss is probable and the amount can be reasonably estimated[203](index=203&type=chunk) [Risk Factors](index=36&type=page&id=Item%201A.%20Risk%20Factors) This section states that information regarding the company's risk factors is disclosed in Item 1A of its 2023 Annual Report on Form 10-K - For details on risk factors, the report refers to the company's 2023 Annual Report on Form 10-K[184](index=184&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, the company purchased 40,862 shares of its common stock, tendered by employees to satisfy tax withholding obligations related to the vesting of restricted stock units, and not part of a publicly announced repurchase plan Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2024 | 40,862 | $1.66 | | February 2024 | 0 | N/A | | March 2024 | 0 | N/A | | **Total** | **40,862** | **$1.66** | - The share purchases were made to satisfy employee tax withholding obligations in connection with vested restricted stock units[195](index=195&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) The company reports that none of its directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended March 31, 2024 - No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024[196](index=196&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including key debt agreements related to the March 2024 refinancing transactions and certifications from the CEO and CFO as required by the Sarbanes-Oxley Act - Key exhibits filed include debt agreements related to the March 2024 refinancing transactions and officer certifications[198](index=198&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported strong Q1 2024 financial performance with significant revenue and Adjusted EBITDA growth, reflecting improving market demand [Q1 2024 Key Metrics](index=1&type=section&id=Q1%202024%20Key%20Metrics) Consolidated revenue grew 10.1% to $481.8 million, with Adjusted EBITDA up 53.6% to $96.7 million, reflecting strong demand - CEO Scott Wells noted that the positive trends from late last year continued into the first quarter, with improving demand from advertisers across all regions and key verticals in the America business segment[47](index=47&type=chunk) Q1 2024 Financial Highlights (vs. Q1 2023) | Metric | Q1 2024 (in millions) | % Change | % Change (ex-FX) | | :--- | :--- | :--- | :--- | | **Consolidated Revenue** | $481.8 | 10.1% | 9.3% | | America Revenue | $249.8 | 5.8% | 5.8% | | Airports Revenue | $76.9 | 43.0% | 43.0% | | Europe-North Revenue | $139.4 | 8.5% | 5.9% | | **Loss from Continuing Operations** | $(88.7) | (4.3)% | N/A | | **Adjusted EBITDA** | $96.7 | 53.6% | 53.0% | [Business Performance](index=3&type=section&id=Business%20Performance) The company's Q1 2024 performance was marked by strong revenue growth across key segments and disciplined expense management [Revenue Analysis](index=3&type=section&id=Revenue%20Analysis) Consolidated revenue increased 10.1% to $481.8 million, driven by strong growth in Airports, America, and Europe-North segments Revenue by Segment (Q1 2024 vs Q1 2023) | Segment | Revenue (in thousands) | % Change | | :--- | :--- | :--- | | America | $249,777 | 5.8% | | Airports | $76,926 | 43.0% | | Europe-North | $139,393 | 8.5% | | Other | $15,656 | (17.9)% | | **Consolidated Revenue** | **$481,752** | **10.1%** | - Key revenue drivers included: - **America:** Increased demand, digital deployments, and growth in both print and digital revenue. Digital revenue grew **7.9% to $84.2 million**[57](index=57&type=chunk)[4](index=4&type=chunk) - **Airports:** Strong demand across the portfolio, with digital revenue up **44.1% to $42.6 million**[57](index=57&type=chunk)[4](index=4&type=chunk) - **Europe-North:** Higher demand and digital deployments in the U.K., Sweden, and Belgium. Digital revenue grew **12.5% to $73.5 million**[57](index=57&type=chunk)[4](index=4&type=chunk) [Operating and SG&A Expenses](index=4&type=section&id=Operating%20and%20SG%26A%20Expenses) Consolidated operating and SG&A expenses rose 3.2% to $353.5 million, with Airports seeing the largest increase due to revenue-linked costs Direct Operating and SG&A Expenses by Segment (Q1 2024 vs Q1 2023) | Segment | Expenses (in thousands) | % Change | | :--- | :--- | :--- | | America | $154,684 | 0.0% | | Airports | $57,940 | 21.9% | | Europe-North | $124,264 | 2.2% | | Other | $16,617 | (11.2)% | | **Consolidated Expenses** | **$353,505** | **3.2%** | - Key expense drivers included: - **America:** Higher compensation costs were offset by lower credit loss expense and a **0.2% decrease** in site lease expense[65](index=65&type=chunk) - **Airports:** Site lease expense increased **21.4% to $44.0 million**, driven by higher revenue[65](index=65&type=chunk) - **Europe-North:** Site lease expense decreased **4.1% (5.8% ex-FX)** due to a contract loss in Norway, offset by higher compensation costs[65](index=65&type=chunk) [Adjusted EBITDA and Corporate Expenses](index=5&type=section&id=Adjusted%20EBITDA%20and%20Corporate%20Expenses) Adjusted EBITDA surged 53.6% to $96.7 million, driven by strong segment performance, despite a 10.9% rise in corporate expenses Segment Adjusted EBITDA (Q1 2024 vs Q1 2023) | Segment (in thousands) | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | America | $95,464 | $81,365 | 17.3% | | Airports | $19,082 | $6,264 | 204.6% | | Europe-North | $14,325 | $7,172 | 99.7% | | **Total Segment Adjusted EBITDA** | **$129,071** | **$95,170** | **35.6%** | | Adjusted Corporate expenses | $(32,365) | $(32,204) | 0.5% | | **Adjusted EBITDA** | **$96,706** | **$62,966** | **53.6%** | - Corporate expenses increased **10.9% to $40.1 million**, driven by higher employee compensation (including share-based) and restructuring costs[72](index=72&type=chunk)[66](index=66&type=chunk) [Markets and Displays](index=6&type=section&id=Markets%20and%20Displays) As of March 31, 2024, the company operated over 310,000 displays in 19 countries, with a net addition of 200 displays in Q1 - The company has a presence in **83 Designated Market Areas (DMAs)** in the U.S., including **43 of the top 50 markets**[75](index=75&type=chunk) Display Count as of March 31, 2024 | Segment | Net Change in Q1 | Digital Displays | Printed Displays | Total Displays | | :--- | :--- | :--- | :--- | :--- | | America | 28 | 2,465 | 47,079 | 49,544 | | Airports | (16) | 2,437 | 10,337 | 12,774 | | Europe-North | 348 | 15,604 | 227,370 | 242,974 | | Other | (160) | 1,063 | 3,851 | 4,914 | | **Total** | **200** | **21,569** | **288,637** | **310,206** | [Financial Position and Liquidity](index=2&type=section&id=Financial%20Position%20and%20Liquidity) The company undertook significant debt refinancing in Q1 2024, maintaining a substantial debt load while managing cash flow and capital expenditures [Debt Activity](index=2&type=section&id=Debt%20Activity) The company executed significant debt refinancing in March 2024, issuing $865.0 million in new notes and a $375.0 million term loan, extending maturities - The company issued **$865.0 million of 7.875% Senior Secured Notes Due 2030** and used proceeds to prepay **$835.0 million** of its Term Loan Facility, subsequently refinancing the remaining balance and extending the maturity to 2028[51](index=51&type=chunk)[97](index=97&type=chunk) - Subsidiary CCIBV entered into a new **$375.0 million Term Loan Facility due 2027** to redeem all of its outstanding **6.625% Senior Secured Notes due 2025**[51](index=51&type=chunk)[97](index=97&type=chunk) Total Debt Breakdown (in thousands) | Debt Instrument | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Term Loan Facility Due 2028 | $425,000 | $1,260,000 | | CCOH 5.125% Senior Secured Notes Due 2027 | $1,250,000 | $1,250,000 | | CCOH 9.000% Senior Secured Notes Due 2028 | $750,000 | $750,000 | | CCOH 7.875% Senior Secured Notes Due 2030 | $865,000 | — | | CCOH 7.750% Senior Notes Due 2028 | $995,000 | $995,000 | | CCOH 7.500% Senior Notes Due 2029 | $1,040,000 | $1,040,000 | | CCIBV 6.625% Senior Secured Notes Due 2025 | — | $375,000 | | CCIBV Term Loan Facility Due 2027 | $375,000 | — | | **Total debt** | **$5,652,102** | **$5,631,903** | | Less: Cash and cash equivalents | $(193,236) | $(251,652) | | **Net debt** | **$5,458,866** | **$5,380,251** | [Liquidity and Cash Flow](index=6&type=section&id=Liquidity%20and%20Cash%20Flow) The company ended Q1 2024 with $193.2 million in cash, with net cash used in operations and investing, and reduced capital expenditures Consolidated Cash Flow Summary (Q1 2024, in thousands) | Cash Flow Item | Amount | | :--- | :--- | | Net cash used for operating activities | $(34,818) | | Net cash used for investing activities | $(27,331) | | Net cash provided by financing activities | $5,279 | | **Net decrease in cash** | **$(57,630)** | Capital Expenditures by Segment (Q1 2024 vs Q1 2023, in thousands) | Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | America | $8,823 | $16,808 | (47.5)% | | Airports | $1,639 | $4,751 | (65.5)% | | Europe-North | $9,360 | $7,066 | 32.5% | | **Consolidated** | **$24,035** | **$33,376** | **(28.0)%** | [Balance Sheet](index=9&type=section&id=Balance%20Sheet) As of March 31, 2024, total assets were $4.56 billion, a decrease from year-end 2023, with total long-term debt at $5.65 billion Selected Balance Sheet Data (in thousands) | Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $193,236 | $251,652 | | Total current assets | $818,693 | $957,401 | | Total assets | $4,559,443 | $4,722,475 | | Long-term debt | $5,652,102 | $5,631,903 | | Stockholders' deficit | $(3,546,492) | $(3,450,743) | [Future Outlook](index=2&type=section&id=Future%20Outlook) The company provided Q2 and full-year 2024 guidance, projecting continued revenue growth and updated profitability targets [Q2 and Full Year 2024 Guidance](index=2&type=section&id=Q2%20and%20Full%20Year%202024%20Guidance) The company forecasts Q2 2024 consolidated revenue of $547-$572 million and maintains full-year guidance for revenue and Adjusted EBITDA Q2 2024 Guidance (in millions, ex-FX) | Segment | Low | High | % Change (Low) | % Change (High) | | :--- | :--- | :--- | :--- | :--- | | Consolidated Revenue | $547 | $572 | 3% | 8% | | America | $290 | $300 | 1% | 4% | | Airports | $82 | $87 | 15% | 22% | | Europe-North | $155 | $165 | 3% | 10% | Full Year 2024 Guidance (in millions, ex-FX) | Metric | Low | High | % Change (Low) | % Change (High) | | :--- | :--- | :--- | :--- | :--- | | Consolidated Revenue | $2,200 | $2,260 | 3% | 6% | | Loss from Continuing Operations | $(150) | $(120) | (5)% | (24)% | | Adjusted EBITDA | $550 | $585 | 3% | 9% | | AFFO | $80 | $105 | (4)% | 26% | | Capital Expenditures | $130 | $150 | (10)% | 4% | [Supplemental Disclosures](index=10&type=section&id=Supplemental%20Disclosures) This section details the company's use of non-GAAP financial measures and provides comprehensive reconciliations to GAAP results [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA, FFO, and AFFO to provide a clearer view of operating performance and comparability - Adjusted EBITDA is defined as income from continuing operations, adjusted for taxes, non-operating expenses (like interest), depreciation, amortization, share-based compensation, and restructuring costs[18](index=18&type=chunk) - FFO is calculated per the Nareit definition (net income excluding real estate depreciation and gains/losses on sale). AFFO further adjusts FFO for items like maintenance capex, straight-line rent, non-real estate depreciation, and share-based compensation[18](index=18&type=chunk) - The company believes these non-GAAP measures are useful for investors as they align with management's performance view and are common in the out-of-home advertising industry, allowing for better comparability[18](index=18&type=chunk)[40](index=40&type=chunk) [Non-GAAP Reconciliations](index=11&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of GAAP measures to non-GAAP counterparts for historical results and future guidance [Reconciliation of Loss from Continuing Operations to Adjusted EBITDA](index=11&type=section&id=Reconciliation%20to%20Adjusted%20EBITDA) Q1 2024 loss from continuing operations of ($88.7) million was reconciled to Adjusted EBITDA of $96.7 million through various adjustments Reconciliation to Adjusted EBITDA (Q1 2024 vs Q1 2023, in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Loss from continuing operations** | **$(88,663)** | **$(92,605)** | | Income tax (benefit) expense | $267 | $(10,501) | | Other (income) expense, net | $8,346 | $(8,780) | | Loss on extinguishment of debt | $4,787 | — | | Interest expense, net | $107,655 | $102,500 | | Depreciation and amortization | $54,290 | $64,208 | | Share-based compensation | $5,277 | $4,031 | | Restructuring and other costs | $3,308 | $193 | | Other operating expense, net | $1,439 | $3,920 | | **Adjusted EBITDA** | **$96,706** | **$62,966** | [Reconciliation of Consolidated Net Loss to FFO and AFFO](index=12&type=section&id=Reconciliation%20to%20FFO%20and%20AFFO) Q1 2024 consolidated net loss of ($89.1) million was reconciled to FFO of ($48.7) million and AFFO of ($16.3) million Reconciliation to FFO and AFFO (Q1 2024 vs Q1 2023, in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Consolidated net loss** | **$(89,083)** | **$(35,422)** | | Real estate depreciation & amortization | $46,806 | $64,754 | | Gain on disposition of real estate | $(5,588) | $(94,231) | | **FFO** | **$(49,063)** | **$(64,770)** | | FFO from discontinued operations | $(335) | $(34,204) | | **FFO from continuing operations** | **$(48,728)** | **$(30,566)** | | *Multiple adjustments...* | ... | ... | | **AFFO** | **$(16,324)** | **$(43,660)** | [Reconciliation of Full Year 2024 Guidance](index=13&type=section&id=Reconciliation%20of%20Guidance) The company provides reconciliation for its full-year 2024 guidance, translating forecasted loss to Adjusted EBITDA and AFFO Reconciliation of FY2024 Guidance: Loss to Adjusted EBITDA (in millions) | Line Item | Low | High | | :--- | :--- | :--- | | **Loss from continuing operations** | **$(150)** | **$(120)** | | Interest expense, net | $424 | $429 | | Depreciation and amortization | $215 | $215 | | Share-based compensation | $24 | $24 | | Other adjustments... | ... | ... | | **Adjusted EBITDA** | **$550** | **$585** | Reconciliation of FY2024 Guidance: Loss to AFFO (in millions) | Line Item | Low | High | | :--- | :--- | :--- | | **Loss from continuing operations** | **$(150)** | **$(120)** | | FFO from continuing operations | $27 | $57 | | Maintenance capital expenditures | $(42) | $(47) | | Other adjustments... | ... | ... | | **Adjusted Funds From Operations (AFFO)** | **$80** | **$105** | [Other Information](index=13&type=section&id=Other%20Information) This section provides a company overview, contact details, and important disclosures regarding forward-looking statements and associated risks [Company Overview and Contacts](index=13&type=section&id=Company%20Overview%20and%20Contacts) Clear Channel Outdoor is a leading out-of-home advertising company, with contact information and conference call details provided - The company's strategy focuses on driving innovation through the expansion of digital billboards, data analytics, and programmatic capabilities to deliver measurable campaigns[3](index=3&type=chunk) - A conference call to discuss the results was scheduled for May 9, 2024, at 8:30 a.m. Eastern Time[23](index=23&type=chunk) [Forward-Looking Statements](index=14&type=section&id=Forward-Looking%20Statements) This section provides a cautionary statement on forward-looking statements, outlining risks that could impact actual results - Forward-looking statements are identified by words like "guidance," "believe," "expect," and refer to future events, business plans, and financial targets[46](index=46&type=chunk) - Major risks include continued economic uncertainty, ability to service debt, competition, regulations regarding privacy and data protection, and risks related to the sale of international businesses[46](index=46&type=chunk)

The upcoming report from Clear Channel Outdoor (CCO) is expected to reveal quarterly loss of $0.18 per share, indicating an increase of 21.7% compared to the year-ago period. Analysts forecast revenues of $480.69 million, representing a decrease of 11.9% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announces ...

SAN ANTONIO, April 8, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") will release 2024 first quarter results before the market opens on Thursday, May 9, 2024, 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 866-424-3432 (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 of the C ...

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Q4 2023 Earnings Conference Call February 26, 2024 8:30 AM ET Company Participants Eileen McLaughlin - VP, IR Scott Wells - CEO Brian Coleman - EVP and CFO Dave Sailer - CFO, Americas Conference Call Participants Cameron McVeigh - Morgan Stanley Steven Cahall - Wells Fargo Aaron Watts - Deutsche Bank Richard Choe - JPMorgan Jim Goss - Barrington Research Operator Ladies and gentlemen, thank you for standing by. Welcome to the Clear Channel Outdoor Holdings, In ...

• 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 ...

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].