Clear Channel Outdoor(CCO) - 2024 Q4 - Annual Results

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]