SAN
ANTONIO, Aug. 7, 2023 /PRNewswire/ -- Clear Channel
Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today reported
financial results for the quarter ended June 30,
2023.
"We delivered improved consolidated revenue results during the
second quarter as compared to the prior year, excluding movements
in foreign exchange rates and European business sales, and we made
notable progress in executing on several facets of our strategic
plan," said Scott Wells, Chief
Executive Officer of Clear Channel Outdoor Holdings, Inc. "At the
heart of our strategy, we remain focused on strengthening our
digital capabilities and helping our clients plan, measure and
maximize their campaigns, which we believe is elevating our role
within the advertising ecosystem and broadening the range of
advertisers we can serve.
"As we execute that digital transformation, we have continued to
move forward in our plan to optimize our portfolio through the sale
of our business in Italy, our
agreement to sell our business in Spain and our entry into exclusive discussions
to divest our business in France.
Through these strategic actions, which follow the sale of our
business in Switzerland in March,
we believe we're improving our risk profile and elevating our
ability to drive positive cash flow. We continue our review of
strategic alternatives for our other European businesses, and we
remain focused on executing our strategic priorities in our America
and Airports segments. We also amended and extended our revolving
credit lines during the quarter, which we believe strengthens our
liquidity profile given the significant market volatility and
tightened credit availability.
"Looking ahead, we're seeing some moderation in advertising
demand and our visibility is reduced, but we remain within our
annual financial guidance ranges after adjusting for our European
business sales. We're closely monitoring business trends and are
reducing costs as appropriate. We remain committed to maintaining
ample liquidity on our balance sheet and operating in a disciplined
manner as we execute on our strategic plan."
Financial Highlights:
Financial highlights for the second quarter of 2023 as compared
to the same period of 2022, including financial highlights
excluding movements in foreign exchange rates
("FX")1:
(In
millions)
|
Three Months
Ended June 30, 2023
|
|
% Change
|
Revenue:
|
|
|
|
Consolidated
Revenue
|
$
637.2
|
|
(1.0) %
|
Excluding movements in
FX1
|
636.1
|
|
(1.1) %
|
America
Revenue
|
287.5
|
|
0.9 %
|
Airports
Revenue
|
71.0
|
|
16.3 %
|
Europe-North
Revenue
|
149.9
|
|
2.9 %
|
Excluding movements in
FX1
|
152.3
|
|
4.5 %
|
Europe-South
Revenue
|
106.4
|
|
(18.8) %
|
Excluding movements in
FX1
|
104.0
|
|
(20.6) %
|
|
|
|
|
Net
Loss:
|
|
|
|
Consolidated Net
Loss
|
$
(36.6)
|
|
(44.0) %
|
|
|
|
|
Adjusted
EBITDA1:
|
|
|
|
Adjusted
EBITDA1
|
$
146.3
|
|
(10.9) %
|
Excluding movements in
FX1
|
146.0
|
|
(11.1) %
|
America
Segment Adjusted
EBITDA2
|
129.5
|
|
(3.3) %
|
Airports
Segment Adjusted
EBITDA2
|
16.3
|
|
10.5 %
|
Europe-North
Segment Adjusted
EBITDA2
|
26.2
|
|
(5.8) %
|
Excluding movements in
FX1
|
26.5
|
|
(5.0) %
|
Europe-South
Segment Adjusted
EBITDA2
|
2.4
|
|
(85.7) %
|
Excluding movements in
FX1
|
2.3
|
|
(86.2) %
|
|
|
1
|
This is a non-GAAP
financial measure. See "Supplemental Disclosures" section herein
for more information.
|
2
|
Segment Adjusted EBITDA
is a GAAP financial measure. See "Supplemental Disclosures" section
herein for more information.
|
Update Regarding Review of Strategic
Alternatives for European Businesses:
As previously disclosed, our Board of Directors has authorized a
review of strategic alternatives for our European businesses,
including the potential disposition of certain of our lower-margin
European assets (and/or other European assets of lower priority to
our European business as a whole), while retaining, for now, our
higher-margin European assets.
On March 31, 2023, we sold our
business in Switzerland to
Goldbach Group AG for cash proceeds, net of customary closing
adjustments and cash sold, of $89.4 million. On May
31, 2023, we sold our business in Italy to a subsidiary of JCDecaux for cash
proceeds, net of customary closing adjustments and cash sold, of
$5.1 million. In May 2023, we also entered into an agreement to
sell our business in Spain to a
subsidiary of JCDecaux for cash consideration of approximately
$64.3 million. This transaction
is expected to close in 2024, upon satisfaction of regulatory
approval and other customary closing conditions. We intend to use
the anticipated net proceeds from these sales, after payment of
transaction-related fees and expenses, to improve liquidity and
increase financial flexibility of the business as permitted under
our debt agreements.
On July 17, 2023, we announced
that we have entered into exclusive discussions to sell our
business in France to Equinox
Industries. The proposed transaction is expected to be completed in
the fourth quarter of 2023, subject to an information and
consultation process with Clear Channel France's employee works
council, execution of a share purchase agreement and the
satisfaction of customary closing conditions. The transaction is
not subject to regulatory approval.
Our Board is continuing its review of strategic alternatives for
our remaining European businesses, as well as evaluating a range of
other strategic opportunities to enhance value. However, there can
be no assurance that these reviews will result in any additional
transactions or particular outcomes. Further, we have not set a
timetable for completion of these processes and may suspend them at
any time.
Guidance:
Our expectations for the third quarter of 2023 are as
follows:
|
Third Quarter of 2023
|
(in
millions)
|
Low
|
|
High
|
Consolidated
Revenue1
|
$
570
|
|
$
600
|
America
|
273
|
|
283
|
Airports
|
73
|
|
78
|
Europe-North1
|
132
|
|
142
|
|
|
1
|
Excludes movements in
FX
|
We have updated our full year 2023 guidance from the guidance
previously provided in our earnings release issued on May 9, 2023 to reflect the sale of our former
business in Italy, to tighten the
high-end of the ranges provided, and to provide revenue guidance
for certain segments. Our revised full year 2023 guidance is as
follows:
|
Full Year of
2023
|
(in
millions)
|
Low
|
|
High
|
Consolidated
Revenue1
|
$
2,465
|
|
$
2,535
|
America
|
1,095
|
|
1,115
|
Airports
|
285
|
|
295
|
Europe-North1
|
590
|
|
610
|
Consolidated Net
Loss1
|
(98)
|
|
(73)
|
Adjusted
EBITDA1,2
|
522
|
|
552
|
Adjusted Funds from
Operations ("AFFO")1,2
|
62
|
|
82
|
Capital
Expenditures
|
163
|
|
183
|
|
|
1
|
Excludes movements in
FX
|
2
|
This is a non-GAAP
financial measure. See "Supplemental Disclosures" section
herein for more information.
|
Expected results and estimates may be impacted by factors
outside of the Company's control, and actual results may be
materially different from this guidance. See "Cautionary Statement
Concerning Forward-Looking Statements" herein.
Results:
Revenue:
(In
thousands)
|
Three Months
Ended
June 30,
|
|
%
Change
|
|
Six Months
Ended
June 30,
|
|
%
Change
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
America
|
$ 287,517
|
|
$ 285,026
|
|
0.9 %
|
|
$ 523,566
|
|
$ 524,282
|
|
(0.1) %
|
Airports
|
71,045
|
|
61,106
|
|
16.3 %
|
|
124,834
|
|
116,989
|
|
6.7 %
|
Europe-North
|
149,909
|
|
145,718
|
|
2.9 %
|
|
278,412
|
|
267,816
|
|
4.0 %
|
Europe-South1
|
106,419
|
|
131,081
|
|
(18.8) %
|
|
214,434
|
|
220,631
|
|
(2.8) %
|
Other
|
22,349
|
|
20,449
|
|
9.3 %
|
|
41,428
|
|
39,350
|
|
5.3 %
|
Consolidated
Revenue
|
$
637,239
|
|
$
643,380
|
|
(1.0) %
|
|
$
1,182,674
|
|
$
1,169,068
|
|
1.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding
movements in FX2:
|
|
|
|
|
|
|
|
|
|
|
|
America
|
$ 287,517
|
|
$ 285,026
|
|
0.9 %
|
|
$ 523,566
|
|
$ 524,282
|
|
(0.1) %
|
Airports
|
71,045
|
|
61,106
|
|
16.3 %
|
|
124,834
|
|
116,989
|
|
6.7 %
|
Europe-North
|
152,299
|
|
145,718
|
|
4.5 %
|
|
292,531
|
|
267,816
|
|
9.2 %
|
Europe-South
|
104,025
|
|
131,081
|
|
(20.6) %
|
|
215,953
|
|
220,631
|
|
(2.1) %
|
Other
|
21,218
|
|
20,449
|
|
3.8 %
|
|
39,846
|
|
39,350
|
|
1.3 %
|
Consolidated Revenue
excluding
movements in FX
|
$
636,104
|
|
$
643,380
|
|
(1.1) %
|
|
$
1,196,730
|
|
$
1,169,068
|
|
2.4 %
|
|
|
1
|
Revenue from our former
businesses in Switzerland and Italy was, in the aggregate,
$10.0 million and $38.2 million during the three months
ended June 30, 2023 and 2022, respectively, and
$40.0 million and $61.5 million during the six months
ended June 30, 2023 and 2022, respectively.
|
2
|
This is a non-GAAP
financial measure. See "Supplemental Disclosures" section herein
for more information.
|
Revenue for the second quarter of 2023, as compared to the same
period of 2022:
America: Revenue up 0.9%:
- Higher revenue in most markets partially offset by impact of
weakness in San Francisco/Bay Area
market
- Digital revenue up 2.4% to $98.4
million from $96.0
million
- National sales comprised 35.0% of America revenue, compared to
35.9% in the prior year
Airports: Revenue up 16.3%:
- Driven by increased demand due to recovery of air travel after
COVID-19 and timing of campaign spending
- Digital revenue up 22.5% to $42.1
million from $34.4
million
- National sales comprised 59.7% of Airports revenue, compared to
52.7% in the prior year
Europe-North: Revenue up 2.9%;
excluding movements in FX, up 4.5%:
- Driven primarily by higher street furniture revenue
- Higher revenue in most countries, most notably Belgium, the U.K. and Denmark; partially offset by lower revenue in
Sweden and Norway
- Digital revenue up 5.0% to $79.5
million from $75.7 million;
digital revenue, excluding movements in FX, up 6.2% to $80.5 million
Europe-South: Revenue down 18.8%; excluding
movements in FX, down 20.6%:
- Sales of former businesses in Switzerland and Italy resulted in an FX-adjusted decrease of
$28.4 million
- Higher revenue from Spain
related to continued recovery from COVID-19, partially offset by
lower revenue from France due to
weaker demand as a result of civil unrest and protests, as well as
billboard takedowns
Other: Revenue up 9.3%; excluding movements
in FX, up 3.8%:
- Higher advertising revenue offset by termination of public
bicycle rental program
Direct Operating and SG&A
Expenses1:
(In
thousands)
|
Three Months
Ended
June 30,
|
|
%
Change
|
|
Six Months
Ended
June 30,
|
|
%
Change
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
Direct operating and
SG&A expenses:
|
America
|
$ 158,004
|
|
$ 151,339
|
|
4.4 %
|
|
$ 312,702
|
|
$ 290,533
|
|
7.6 %
|
Airports
|
54,711
|
|
46,329
|
|
18.1 %
|
|
102,236
|
|
92,282
|
|
10.8 %
|
Europe-North
|
123,987
|
|
117,969
|
|
5.1 %
|
|
245,552
|
|
233,387
|
|
5.2 %
|
Europe-South2
|
104,203
|
|
115,364
|
|
(9.7) %
|
|
224,751
|
|
226,517
|
|
(0.8) %
|
Other
|
18,838
|
|
18,618
|
|
1.2 %
|
|
37,548
|
|
37,059
|
|
1.3 %
|
Consolidated Direct
operating and SG&A expenses3
|
$
459,743
|
|
$
449,619
|
|
2.3 %
|
|
$
922,789
|
|
$
879,778
|
|
4.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating and
SG&A expenses excluding movements in FX4:
|
America
|
$ 158,004
|
|
$ 151,339
|
|
4.4 %
|
|
$ 312,702
|
|
$ 290,533
|
|
7.6 %
|
Airports
|
54,711
|
|
46,329
|
|
18.1 %
|
|
102,236
|
|
92,282
|
|
10.8 %
|
Europe-North
|
126,133
|
|
117,969
|
|
6.9 %
|
|
258,864
|
|
233,387
|
|
10.9 %
|
Europe-South
|
101,889
|
|
115,364
|
|
(11.7) %
|
|
227,224
|
|
226,517
|
|
0.3 %
|
Other
|
18,082
|
|
18,618
|
|
(2.9) %
|
|
36,355
|
|
37,059
|
|
(1.9) %
|
Consolidated Direct
operating and SG&A expenses excluding movements in
FX
|
$
458,819
|
|
$
449,619
|
|
2.0 %
|
|
$
937,381
|
|
$
879,778
|
|
6.5 %
|
|
|
1
|
"Direct operating and
SG&A expenses" as presented throughout this earnings release
refers to the sum of direct operating expenses (excluding
depreciation and amortization) and selling, general and
administrative expenses (excluding depreciation and
amortization).
|
2
|
Direct operating and
SG&A expenses from our former businesses in Switzerland and
Italy were, in the aggregate, $9.8 million and
$31.1 million during the three months ended June 30, 2023 and
2022, respectively, and $41.4 million and $59.3 million
during the six months ended June 30, 2023 and 2022,
respectively.
|
3
|
Includes restructuring
and other costs of $0.5 million and $1.2 million during
the three months ended June 30, 2023 and 2022, respectively,
and $1.0 million and $1.7 million during the six months
ended June 30, 2023 and 2022, respectively.
|
4
|
This is a non-GAAP
financial measure. See "Supplemental Disclosures" section herein
for more information.
|
Direct operating and SG&A expenses for the second
quarter of 2023, as compared to the same period of 2022:
America: Direct operating and
SG&A expenses up 4.4%:
- Site lease expense up 6.8% to $85.5
million from $80.1 million
driven by lease renewals and amendments, as well as lower rent
abatements
Airports: Direct operating and
SG&A expenses up 18.1%:
- Site lease expense up 24.7% to $42.8
million from $34.3 million
driven by lower rent abatements and higher revenue
Europe-North: Direct operating
and SG&A expenses up 5.1%; excluding movements in FX, up
6.9%:
- Higher rental costs related to additional digital displays
- Higher labor costs and electricity prices
- Site lease expense up 0.9% to $58.3
million from $57.8 million;
site lease expense, excluding movements in FX, up 3.4% to
$59.8 million driven by higher
revenue and new contracts
Europe-South: Direct operating and SG&A
expenses down 9.7%; excluding movements in FX, down 11.7%:
- Sales of former businesses in Switzerland and Italy resulted in an FX-adjusted decrease of
$21.4 million
- Direct operating and SG&A expenses up in France and Spain driven by higher site lease expense
mainly related to new contracts
Other: Direct operating and SG&A expenses
up 1.2%; excluding movements in FX, down 2.9%:
- Lower expenses related to termination of public bicycle rental
program
Corporate Expenses:
(In
thousands)
|
Three Months
Ended
June 30,
|
|
%
Change
|
|
Six Months
Ended
June 30,
|
|
%
Change
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
Corporate
expenses1
|
$
57,557
|
|
$
39,081
|
|
47.3 %
|
|
$
92,098
|
|
$
82,726
|
|
11.3 %
|
Corporate expenses
excluding movements in FX2
|
57,645
|
|
39,081
|
|
47.5 %
|
|
92,997
|
|
82,726
|
|
12.4 %
|
|
|
1
|
Includes restructuring
and other costs of $19.7 million and $1.5 million during the
three months ended June 30, 2023 and 2022, respectively, and
$19.6 million and $10.5 million during the six months ended
June 30, 2023 and 2022, respectively.
|
2
|
This is a non-GAAP
financial measure. See "Supplemental Disclosures" section herein
for more information.
|
Corporate expenses for the second quarter of 2023, as compared
to the same period of 2022, up 47.3%; excluding movements in FX, up
47.5%, driven by expense recorded for an estimated legal liability
related to the China
investigation.
Net Loss:
(In
thousands)
|
Three Months
Ended
June 30,
|
|
%
Change
|
|
Six Months
Ended
June 30,
|
|
%
Change
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
Consolidated net
loss
|
$ (36,579)
|
|
$ (65,317)
|
|
(44.0) %
|
|
$ (72,001)
|
|
$
(155,046)
|
|
(53.6) %
|
Adjusted EBITDA1:
(In
thousands)
|
Three Months
Ended
June 30,
|
|
%
Change
|
|
Six Months
Ended
June 30,
|
|
%
Change
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
Segment Adjusted
EBITDA2:
|
America
|
$ 129,513
|
|
$ 133,977
|
|
(3.3) %
|
|
$ 210,878
|
|
$ 234,383
|
|
(10.0) %
|
Airports
|
16,334
|
|
14,777
|
|
10.5 %
|
|
22,598
|
|
24,707
|
|
(8.5) %
|
Europe-North
|
26,234
|
|
27,859
|
|
(5.8) %
|
|
33,406
|
|
34,833
|
|
(4.1) %
|
Europe-South
|
2,368
|
|
16,542
|
|
(85.7) %
|
|
(9,852)
|
|
(5,265)
|
|
(87.1) %
|
Other
|
3,511
|
|
1,831
|
|
91.8 %
|
|
3,880
|
|
2,291
|
|
69.4 %
|
Total Segment Adjusted
EBITDA
|
177,960
|
|
194,986
|
|
(8.7) %
|
|
260,910
|
|
290,949
|
|
(10.3) %
|
Adjusted Corporate
expenses1
|
(31,678)
|
|
(30,727)
|
|
3.1 %
|
|
(62,150)
|
|
(60,588)
|
|
2.6 %
|
Adjusted
EBITDA1
|
$
146,282
|
|
$
164,259
|
|
(10.9) %
|
|
$
198,760
|
|
$
230,361
|
|
(13.7) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA
excluding movements in FX1:
|
America
|
$ 129,513
|
|
$ 133,977
|
|
(3.3) %
|
|
$ 210,878
|
|
$ 234,383
|
|
(10.0) %
|
Airports
|
16,334
|
|
14,777
|
|
10.5 %
|
|
22,598
|
|
24,707
|
|
(8.5) %
|
Europe-North
|
26,471
|
|
27,859
|
|
(5.0) %
|
|
34,217
|
|
34,833
|
|
(1.8) %
|
Europe-South
|
2,285
|
|
16,542
|
|
(86.2) %
|
|
(10,781)
|
|
(5,265)
|
|
(104.8) %
|
Other
|
3,136
|
|
1,831
|
|
71.3 %
|
|
3,491
|
|
2,291
|
|
52.4 %
|
Total Segment Adjusted
EBITDA
|
177,739
|
|
194,986
|
|
(8.8) %
|
|
260,403
|
|
290,949
|
|
(10.5) %
|
Adjusted Corporate
expenses excluding movements in FX1
|
(31,767)
|
|
(30,727)
|
|
3.4 %
|
|
(63,050)
|
|
(60,588)
|
|
4.1 %
|
Adjusted EBITDA
excluding movements in FX1
|
$
145,972
|
|
$
164,259
|
|
(11.1) %
|
|
$
197,353
|
|
$
230,361
|
|
(14.3) %
|
|
|
1
|
This is a non-GAAP
financial measure. See "Supplemental Disclosures" section herein
for more information.
|
2
|
Segment Adjusted EBITDA
is a GAAP financial measure. See "Supplemental Disclosures" section
herein for more information.
|
AFFO1:
(In
thousands)
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2023
|
|
2023
|
AFFO1
|
$
30,564
|
|
$
(26,261)
|
AFFO excluding
movements in FX1
|
30,515
|
|
(27,667)
|
|
|
1
|
This is a non-GAAP
financial measure. See "Supplemental Disclosures" section herein
for more information.
|
Capital Expenditures:
(In
thousands)
|
Three Months
Ended
June 30,
|
|
%
Change
|
|
Six Months
Ended
June 30,
|
|
%
Change
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
America
|
$
18,888
|
|
$
23,674
|
|
(20.2) %
|
|
$
35,696
|
|
$
38,474
|
|
(7.2) %
|
Airports
|
2,559
|
|
6,550
|
|
(60.9) %
|
|
7,310
|
|
9,562
|
|
(23.6) %
|
Europe-North
|
4,081
|
|
5,036
|
|
(19.0) %
|
|
11,147
|
|
11,486
|
|
(3.0) %
|
Europe-South
|
6,314
|
|
6,438
|
|
(1.9) %
|
|
11,365
|
|
15,061
|
|
(24.5) %
|
Other
|
1,036
|
|
290
|
|
257.2 %
|
|
2,957
|
|
1,293
|
|
128.7 %
|
Corporate
|
3,826
|
|
3,311
|
|
15.6 %
|
|
6,656
|
|
5,232
|
|
27.2 %
|
Consolidated
capital expenditures
|
$
36,704
|
|
$
45,299
|
|
(19.0) %
|
|
$
75,131
|
|
$
81,108
|
|
(7.4) %
|
Markets and Displays:
As of June 30, 2023, we operated more than 470,000 print
and digital out-of-home advertising displays in 21 countries, with
the majority of our revenue generated by operations in the U.S. and
Europe. As of June 30, 2023,
we had presence in 80 Designated Market Areas ("DMAs") in the U.S.,
including 43 of the top 50 U.S. markets, and in 14 countries
throughout Europe.
|
Number of digital
displays added
(removed), net, in
second quarter
|
|
Total number of
displays as of June 30, 2023
|
|
|
Digital
|
|
Printed
|
|
Total
|
America1:
|
|
|
|
|
|
|
|
Billboards2
|
51
|
|
1,765
|
|
34,486
|
|
36,251
|
Other
displays3
|
—
|
|
584
|
|
19,193
|
|
19,777
|
Airports4
|
(104)
|
|
2,426
|
|
9,892
|
|
12,318
|
Europe-North
|
275
|
|
14,531
|
|
248,247
|
|
262,778
|
Europe-South5
|
(774)
|
|
4,421
|
|
129,771
|
|
134,192
|
Other
|
82
|
|
1,167
|
|
5,426
|
|
6,593
|
Total
displays
|
(470)
|
|
24,894
|
|
447,015
|
|
471,909
|
|
|
1
|
As of June 30,
2023, our America segment had presence in 27 U.S.
markets.
|
2
|
Billboards includes
bulletins, posters, spectaculars and wallscapes.
|
3
|
Other displays includes
street furniture and transit displays.
|
4
|
As of June 30,
2023, our Airports segment had displays across nearly 200
commercial and private airports in the U.S. and the Caribbean. The
decrease in Airports digital displays during the second quarter was
largely due to the replacement of multi-face video walls with
single video walls in certain national airports.
|
5
|
The decrease in
Europe-South digital displays during the second quarter was driven
by the sale of our former business in Italy.
|
Clear Channel International
B.V.
Clear Channel International B.V. ("CCIBV"), an indirect
wholly-owned subsidiary of the Company and the issuer of our 6.625%
Senior Secured Notes due 2025 (the "CCIBV Senior Secured Notes"),
includes the operations of our Europe-North and Europe-South
segments, as well as Singapore,
which, following the changes to our reporting segments in the
fourth quarter of 2022, is included in "Other." The financial
results of Singapore are
immaterial to the results of CCIBV.
CCIBV results for the second quarter of 2023 as compared to the
same period of 2022 are as follows:
- CCIBV revenue decreased 6.8% to $261.3
million from $280.3 million.
Excluding the $0.1 million impact of
movements in FX, CCIBV revenue decreased 6.9% driven by the sales
of our former businesses in Switzerland and Italy, which resulted in an FX-adjusted
decrease of $28.4 million. This
was partially offset by higher revenue from many of our remaining
European businesses, as described in the above "Results" section of
this Earnings Release. Singapore
represented less than 2% of CCIBV revenue for the three months
ended June 30, 2023.
- CCIBV operating income was $12.7
million compared to $15.6
million in the same period of 2022.
Liquidity and Financial
Position:
Cash and Cash Equivalents:
As of June 30, 2023, we had $232.9
million of cash on our balance sheet, including $140.9 million of cash held outside the U.S.
(excludes cash held by our business in Spain, which is held for sale).
(In
thousands)
|
Six months
ended
June 30,
|
|
2023
|
Net cash used for
operating activities
|
$
(54,386)
|
Net cash provided by
investing activities1
|
13,360
|
Net cash used for
financing activities
|
(18,968)
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
5,040
|
Net decrease in cash,
cash equivalents and restricted cash
|
$
(54,954)
|
|
|
Cash paid for
interest
|
$
202,664
|
Cash paid for income
taxes, net of refunds
|
$
6,574
|
|
|
1
|
Includes $94.4 million
of proceeds, net of customary closing adjustments and cash sold,
from the sales of our former businesses in Switzerland and
Italy.
|
Debt:
During the six months ended June 30, 2023, we made
$10.0 million of principal
payments on our Term Loan Facility and will make additional
principal payments on this debt totaling $10.0 million during the remainder of the
year. Additionally, €3.75 million of principal on the
state-guaranteed loan held by one of our non-guarantor European
subsidiaries will become due during the second half of the year.
Our next material debt maturity is in 2025 when the $375.0 million aggregate principal amount of
the CCIBV Senior Secured Notes is due. However, at our option, we
may redeem or repay a portion of our outstanding debt prior to
maturity in accordance with the terms of our debt agreements.
We anticipate having cash interest payment obligations of
$213.8 million during the
remainder of 2023 and $420.7 million in 2024, assuming that we do
not refinance or incur additional debt.
Please refer to Table 3 in this earnings release for additional
detail regarding our outstanding debt balance.
TABLE 1 -
Financial Highlights of Clear Channel Outdoor Holdings, Inc. and
its Subsidiaries:
|
|
|
|
|
(In
thousands)
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
$
637,239
|
|
$
643,380
|
|
$
1,182,674
|
|
$
1,169,068
|
Operating
expenses:
|
|
|
|
|
|
|
|
Direct operating
expenses1
|
346,560
|
|
331,325
|
|
691,410
|
|
652,527
|
Selling, general and
administrative expenses1
|
113,183
|
|
118,294
|
|
231,379
|
|
227,251
|
Corporate
expenses1
|
57,557
|
|
39,081
|
|
92,098
|
|
82,726
|
Depreciation and
amortization
|
71,138
|
|
60,577
|
|
144,101
|
|
120,984
|
Impairment
charges
|
—
|
|
21,805
|
|
—
|
|
21,805
|
Other operating
(income) expense, net2
|
(5,785)
|
|
1,367
|
|
(97,061)
|
|
(3,544)
|
Operating
income
|
54,586
|
|
70,931
|
|
120,747
|
|
67,319
|
Interest expense,
net
|
(105,242)
|
|
(86,594)
|
|
(207,995)
|
|
(169,392)
|
Other income (expense),
net
|
12,319
|
|
(26,235)
|
|
21,323
|
|
(32,234)
|
Loss before income
taxes
|
(38,337)
|
|
(41,898)
|
|
(65,925)
|
|
(134,307)
|
Income tax benefit
(expense)
|
1,758
|
|
(23,419)
|
|
(6,076)
|
|
(20,739)
|
Consolidated net
loss
|
(36,579)
|
|
(65,317)
|
|
(72,001)
|
|
(155,046)
|
Less amount
attributable to noncontrolling interest
|
718
|
|
347
|
|
208
|
|
486
|
Net loss
attributable to the Company
|
$
(37,297)
|
|
$
(65,664)
|
|
$
(72,209)
|
|
$
(155,532)
|
|
|
1
|
Excludes depreciation
and amortization.
|
2
|
Other operating income,
net, includes a gain of $11.2 million from sale of our former
business in Italy during the three and six months ended
June 30, 2023 and a gain of $96.4 million from the sale
of our former business in Switzerland during the six months ended
June 30, 2023.
|
Weighted Average
Shares Outstanding
|
|
(In
thousands)
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Weighted average common
shares outstanding –
basic and diluted
|
482,373
|
|
475,125
|
|
480,448
|
|
472,859
|
TABLE 2 -
Selected Balance Sheet Information:
|
|
|
|
|
(In
thousands)
|
June 30,
2023
|
|
December 31,
2022
|
Cash and cash
equivalents
|
$
232,877
|
|
$
286,781
|
Total current
assets
|
891,770
|
|
1,120,916
|
Net property, plant and
equipment
|
709,778
|
|
787,548
|
Total assets
|
4,839,734
|
|
5,086,011
|
Current liabilities
(excluding current portion of long-term debt)
|
935,891
|
|
1,096,322
|
Long-term debt
(including current portion of long-term debt)
|
5,590,988
|
|
5,594,017
|
Stockholders'
deficit
|
(3,405,361)
|
|
(3,262,806)
|
TABLE 3 - Total
Debt:
|
|
(In
thousands)
|
June 30,
2023
|
|
December 31,
2022
|
Debt:
|
|
|
|
Term Loan Facility Due
20261
|
$
1,925,000
|
|
$
1,935,000
|
Revolving Credit
Facility Due 20262
|
—
|
|
—
|
Receivables-Based
Credit Facility Due 20263
|
—
|
|
—
|
Clear Channel Outdoor
Holdings 5.125% Senior Secured Notes Due 2027
|
1,250,000
|
|
1,250,000
|
Clear Channel Outdoor
Holdings 7.75% Senior Notes Due 2028
|
1,000,000
|
|
1,000,000
|
Clear Channel Outdoor
Holdings 7.5% Senior Notes Due 2029
|
1,050,000
|
|
1,050,000
|
Clear Channel
International B.V. 6.625% Senior Secured Notes Due 2025
|
375,000
|
|
375,000
|
Other
debt4
|
37,118
|
|
36,798
|
Original issue
discount
|
(4,883)
|
|
(5,596)
|
Long-term debt
fees
|
(41,247)
|
|
(47,185)
|
Total
debt5
|
5,590,988
|
|
5,594,017
|
Less: Cash and
cash equivalents6
|
(233,170)
|
|
(287,350)
|
Net debt
|
$
5,357,818
|
|
$
5,306,667
|
|
|
1
|
The term loans under
the Term Loan Facility amortize in equal quarterly installments in
an aggregate annual amount equal to 1.00% of the original principal
amount of such term loans, with the balance being payable on August
23, 2026.
|
2
|
In June 2023, the
Senior Secured Credit Agreement was amended, extending the maturity
date of the Revolving Credit Facility to August 2026 and reducing
the aggregate revolving credit commitments of the Revolving Credit
Facility to $150.0 million. The full $150.0 million will
be available through August 23, 2024, and $115.8 million will
be available through August 23, 2026. As of June 30,
2023, we had $43.2 million of letters of credit outstanding
and $106.8 million of excess availability under the Revolving
Credit Facility.
|
3
|
In June 2023, the
Receivables-Based Credit Agreement was amended, extending its
maturity to August 2026 and increasing its aggregate revolving
credit commitments to $175.0 million. (The borrowing
limit of the Receivables-Based Credit Facility is equal to the
lesser of $175.0 million and the borrowing base, which is
calculated based on our accounts receivable balance each period in
accordance with our Receivables-Based Credit Agreement.) As of
June 30, 2023, we had $43.1 million of letters of credit
outstanding and $116.2 million of excess availability under the
Receivables-Based Credit Facility.
|
4
|
Other debt includes
finance leases and a state-guaranteed loan of €30.0 million,
or approximately $32.7 million at current exchange
rates.
|
5
|
The current portion of
total debt was $29.1 million and $25.2 million as of June 30,
2023 and December 31, 2022, respectively.
|
6
|
Includes cash and cash
equivalents held for sale as of the respective balance sheet date,
including cash and cash equivalents of our business in Spain at
June 30, 2023 and cash and cash equivalents of our former
business in Switzerland at December 31, 2022.
|
Supplemental
Disclosures:
Reportable Segments and Segment Adjusted EBITDA
The Company has four reportable segments, which it believes best
reflect how the Company is currently managed: America, which
consists of the Company's U.S. operations excluding airports;
Airports, which includes revenue from U.S. and Caribbean airports; Europe-North, which
consists of operations in the U.K., the Nordics and several other
countries throughout northern and central Europe; and Europe-South, which consists of
operations in France and
Spain, and prior to their sales on
March 31, 2023 and May 31, 2023, respectively, Switzerland and Italy. The Company's remaining operations in
Latin America and Singapore are disclosed as "Other."
Segment Adjusted EBITDA is the profitability metric reported to
the Company's chief operating decision maker for purposes of making
decisions about allocation of resources to, and assessing
performance of, each reportable segment. Segment Adjusted EBITDA is
a GAAP financial measure that is calculated as Revenue less Direct
operating expenses and SG&A expenses, excluding restructuring
and other costs. Restructuring and other costs include costs
associated with cost savings initiatives such as severance,
consulting and termination costs and other special costs.
Non-GAAP Financial Information
This earnings release includes information that does not conform
to U.S. generally accepted accounting principles ("GAAP"),
including Adjusted EBITDA, Adjusted Corporate expenses, Funds From
Operations ("FFO") and Adjusted Funds From Operations ("AFFO"). The
Company presents this information because the Company believes
these non-GAAP measures help investors better understand the
Company's operating performance as compared to other out-of-home
advertisers, and these metrics are widely used by such companies in
practice. Please refer to the reconciliation of non-GAAP financial
measures to their most directly comparable GAAP financial measures
below.
The Company defines, and uses, these non-GAAP financial measures
as follows:
- Adjusted EBITDA is defined as consolidated net income (loss),
plus: income tax expense (benefit); all non-operating expenses
(income), including other expense (income) and interest expense,
net; other operating expense (income), net; depreciation,
amortization and impairment charges; share-based compensation
expense included within corporate expenses; and restructuring and
other costs included within operating expenses. Restructuring and
other costs include costs associated with cost savings initiatives
such as severance, consulting and termination costs and other
special costs.
The Company uses Adjusted EBITDA as one of the primary measures for
the planning and forecasting of future periods, as well as for
measuring performance for compensation of Company executives and
other members of Company management. The Company believes Adjusted
EBITDA is useful for investors because it allows investors to view
performance in a manner similar to the method used by Company
management and helps improve investors' ability to understand the
Company's operating performance, making it easier to compare the
Company's results with other companies that have different capital
structures or tax rates. In addition, the Company believes Adjusted
EBITDA is among the primary measures used externally by the
Company's investors, analysts and peers in its industry for
purposes of valuation and comparing the operating performance of
the Company to other companies in its industry.
- As part of the calculation of Adjusted EBITDA, the Company also
presents the non-GAAP financial measure of "Adjusted Corporate
expenses," which the Company defines as corporate expenses
excluding share-based compensation expense and restructuring and
other costs.
- The Company uses the National Association of Real Estate
Investment Trusts ("Nareit") definition of FFO, which is
consolidated net income (loss) before: depreciation, amortization
and impairment of real estate; gains or losses from the disposition
of real estate; and adjustments to eliminate unconsolidated
affiliates and noncontrolling interest. The Company defines AFFO as
FFO before: maintenance capital expenditures; straight-line rent
effects; depreciation, amortization and impairment of non-real
estate; amortization of deferred financing costs and discounts;
share-based compensation expense; deferred taxes; restructuring and
other costs; transaction costs; foreign exchange transaction gain
or loss; non-service related pension costs or benefits; and other
items, including adjustment for unconsolidated affiliates and
noncontrolling interest and nonrecurring infrequent or unusual
gains or losses.
The Company is not a Real Estate Investment Trust ("REIT").
However, the Company competes directly with REITs that present the
non-GAAP measures of FFO and AFFO and, accordingly, believes that
presenting such measures will be helpful to investors in evaluating
the Company's operations with the same terms used by the Company's
direct competitors. The Company calculates FFO in accordance with
the definition adopted by Nareit. Nareit does not restrict
presentation of non-GAAP measures traditionally presented by REITs
by entities that are not REITs. In addition, the Company believes
FFO and AFFO are already among the primary measures used externally
by the Company's investors, analysts and competitors in its
industry for purposes of valuation and comparing the operating
performance of the Company to other companies in its industry. The
Company does not use, and you should not use, FFO and AFFO as an
indication of the Company's ability to fund its cash needs or pay
dividends or make other distributions. Because the Company is not a
REIT, the Company does not have an obligation to pay dividends or
make distributions to stockholders and does not intend to pay
dividends for the foreseeable future. Moreover, the presentation of
these measures should not be construed as an indication that the
Company is currently in a position to convert into a REIT.
A significant portion of the Company's advertising operations is
conducted in foreign markets, principally Europe, and Company management reviews the
results from its foreign operations on a constant dollar basis. The
Company presents the GAAP measures of revenue, direct operating and
SG&A expenses, corporate expenses and Segment Adjusted EBITDA,
as well as the non-GAAP financial measures of Adjusted EBITDA,
Adjusted Corporate expenses, FFO and AFFO, excluding movements in
foreign exchange rates because Company management believes that
viewing certain financial results without the impact of
fluctuations in foreign currency rates facilitates period-to-period
comparisons of business performance and provides useful information
to investors. These measures, which exclude the effects of foreign
exchange rates, are calculated by converting the current period's
amounts in local currency to U.S. dollars using average monthly
foreign exchange rates for the same period of the prior year.
Since these non-GAAP financial measures are not calculated in
accordance with GAAP, they should not be considered in isolation
of, or as a substitute for, the most directly comparable GAAP
financial measures as an indicator of operating performance or, in
the case of Adjusted EBITDA, FFO and AFFO, the Company's ability to
fund its cash needs. In addition, these measures may not be
comparable to similar measures provided by other companies. See
reconciliations of consolidated net loss to Adjusted EBITDA,
corporate expenses to Adjusted Corporate expenses and consolidated
net loss to FFO and AFFO in the tables set forth below. This
data should be read in conjunction with the Company's most recent
Annual Report on Form 10-K, Form 10-Qs and Form 8-Ks, which are
available on the Investor Relations page of the Company's website
at investor.clearchannel.com.
Reconciliation of
Consolidated Net Loss to Adjusted EBITDA
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(in
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Consolidated net
loss
|
$
(36,579)
|
|
$
(65,317)
|
|
$
(72,001)
|
|
$
(155,046)
|
Adjustments:
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
(1,758)
|
|
23,419
|
|
6,076
|
|
20,739
|
Other (income)
expense, net
|
(12,319)
|
|
26,235
|
|
(21,323)
|
|
32,234
|
Interest expense,
net
|
105,242
|
|
86,594
|
|
207,995
|
|
169,392
|
Other operating
(income) expense, net
|
(5,785)
|
|
1,367
|
|
(97,061)
|
|
(3,544)
|
Impairment
charges
|
—
|
|
21,805
|
|
—
|
|
21,805
|
Depreciation and
amortization
|
71,138
|
|
60,577
|
|
144,101
|
|
120,984
|
Share-based
compensation
|
6,179
|
|
6,876
|
|
10,303
|
|
11,590
|
Restructuring and
other costs
|
20,164
|
|
2,703
|
|
20,670
|
|
12,207
|
Adjusted
EBITDA
|
$
146,282
|
|
$
164,259
|
|
$
198,760
|
|
$
230,361
|
Reconciliation of
Corporate Expenses to Adjusted Corporate
Expenses
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(in
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Corporate
expenses
|
$
(57,557)
|
|
$
(39,081)
|
|
$
(92,098)
|
|
$
(82,726)
|
Share-based
compensation
|
6,179
|
|
6,876
|
|
10,303
|
|
11,590
|
Restructuring and
other costs
|
19,700
|
|
1,478
|
|
19,645
|
|
10,548
|
Adjusted Corporate
expenses
|
$
(31,678)
|
|
$
(30,727)
|
|
$
(62,150)
|
|
$
(60,588)
|
Reconciliation of
Consolidated Net Loss
to FFO and AFFO
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(in
thousands)
|
2023
|
|
2023
|
Consolidated net
loss
|
$
(36,579)
|
|
$
(72,001)
|
Depreciation and
amortization of real estate
|
62,880
|
|
127,634
|
Net gain on
disposition of real estate (excludes condemnation
proceeds)1
|
(10,248)
|
|
(104,479)
|
Adjustment for
unconsolidated affiliates and non-controlling interest
|
(1,301)
|
|
(1,172)
|
Funds From
Operations (FFO)
|
$
14,752
|
|
$
(50,018)
|
Capital
expenditures–maintenance
|
(14,684)
|
|
(25,041)
|
Straight-line rent
effect
|
1,580
|
|
2,915
|
Depreciation and
amortization of non-real estate
|
8,258
|
|
16,467
|
Amortization of
deferred financing costs and discounts
|
2,907
|
|
5,794
|
Share-based
compensation
|
6,179
|
|
10,303
|
Deferred
taxes
|
(4,001)
|
|
1,411
|
Restructuring and
other costs
|
20,164
|
|
20,670
|
Transaction
costs
|
6,024
|
|
10,312
|
Foreign exchange
transaction gain
|
(12,547)
|
|
(21,684)
|
Other items
|
1,932
|
|
2,610
|
Adjusted Funds From
Operations (AFFO)
|
$
30,564
|
|
$
(26,261)
|
|
|
1
|
Net gain on disposition
of real estate includes a gain of $11.2 million from sale of
our former business in Italy during the three and six months ended
June 30, 2023 and a gain of $96.4 million from the sale
of our former business in Switzerland during the six months ended
June 30, 2023.
|
Reconciliation of
Consolidated Net Loss Guidance1 to Adjusted EBITDA
Guidance1
|
|
|
Full Year of
2023
|
(in
millions)
|
Low
|
|
High
|
Consolidated net
loss
|
$
(98)
|
|
$
(73)
|
Adjustments:
|
|
|
|
Income tax
expense
|
6
|
|
6
|
Other income,
net
|
(23)
|
|
(25)
|
Interest expense,
net
|
418
|
|
425
|
Other operating
income, net
|
(98)
|
|
(98)
|
Depreciation and
amortization
|
267
|
|
267
|
Share-based
compensation
|
19
|
|
19
|
Restructuring and
other costs
|
31
|
|
31
|
Adjusted
EBITDA
|
$
522
|
|
$
552
|
|
|
1
|
Guidance excludes
movements in FX
|
Reconciliation of
Consolidated Net Loss
Guidance1 to FFO and AFFO Guidance1
|
|
|
Full Year of
2023
|
(in
millions)
|
Low
|
|
High
|
Consolidated net
loss
|
$
(98)
|
|
$
(73)
|
Depreciation and
amortization of real estate
|
233
|
|
233
|
Net gain on
disposition of real estate (excludes condemnation
proceeds)2
|
(110)
|
|
(110)
|
Adjustment for
unconsolidated affiliates and non-controlling interest
|
(3)
|
|
(3)
|
Funds From
Operations (FFO)
|
$
22
|
|
$
47
|
Capital
expenditures–maintenance
|
(48)
|
|
(51)
|
Straight-line rent
effect
|
5
|
|
5
|
Depreciation and
amortization of non-real estate
|
34
|
|
34
|
Amortization of
deferred financing costs and discounts
|
12
|
|
12
|
Share-based
compensation
|
19
|
|
19
|
Deferred
taxes
|
(6)
|
|
(6)
|
Restructuring and
other costs
|
31
|
|
31
|
Foreign exchange
transaction gain
|
(23)
|
|
(25)
|
Other items
|
16
|
|
16
|
Adjusted Funds From
Operations (AFFO)
|
$
62
|
|
$
82
|
|
|
1
|
Guidance excludes
movements in FX.
|
2
|
Includes gains of
$96.4 million and $11.2 million from the sales of our
former businesses in Switzerland and Italy,
respectively.
|
Conference Call
The Company will host a conference call to discuss these results
on August 7, 2023 at 8:30 a.m. Eastern
Time. The conference call number is 1-833-470-1428 (U.S.
callers) and 1-929-526-1599 (international callers), and the access
code for both is 924865. A live audio webcast of the conference
call will be available on the "Events and Presentations" section of
the Company's investor website (investor.clearchannel.com).
Approximately two hours after the live conference call, a replay of
the webcast will be available for a period of 30 days on the
"Events and Presentations" section of the Company's investor
website.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the
forefront of driving innovation in the out-of-home advertising
industry. Our dynamic advertising platform is broadening the pool
of advertisers using our medium through the expansion of digital
billboards and displays and the integration of data analytics and
programmatic capabilities that deliver measurable campaigns that
are simpler to buy. By leveraging the scale, reach and flexibility
of our diverse portfolio of assets, we connect advertisers with
millions of consumers every month across more than 470,000 print
and digital displays in 21 countries.
For further information, please contact:
Investors:
Eileen McLaughlin
Vice President - Investor Relations
(646) 355-2399
InvestorRelations@clearchannel.com
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this earnings release 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
subsidiaries (the "Company") to be materially different from any
future results, performance, achievements, guidance, goals and/or
targets expressed or implied by such forward-looking statements.
The words "guidance," "believe," "expect," "anticipate,"
"estimate," "forecast," "goals," "targets" and similar words and
expressions are intended to identify such forward-looking
statements. In addition, any statements that refer to expectations
or other characterizations of future events or circumstances, such
as statements about our guidance, outlook, long-term forecast,
goals or targets; our business plans and strategies; our
expectations about the timing, closing, satisfaction of closing
conditions, use of proceeds and benefits of the sales of our
European businesses as well as expectations about certain markets
and strategic review processes; industry and market trends; and our
liquidity, are forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, some of which are beyond
our control and are difficult to predict.
Various risks that could cause future results to differ from
those expressed by the forward-looking statements included in this
earnings release include, but are not limited to: the delay or
failure to satisfy the conditions to divest any of our European
businesses; the impact of the continued strategic reviews of our
other European businesses and assets, including failure to realize
their benefits; our inability to complete any other transactions
with respect to our other European businesses and improve our
portfolio; the difficulty, cost and time required to implement our
strategy, including optimizing our portfolio, and the fact that we
may not realize the anticipated benefits therefrom; continued
economic uncertainty, an economic slowdown or a recession;
financial and industry conditions such as volatility in the U.S.
and global banking market; our ability to service our debt
obligations and to fund our operations, business strategy and
capital expenditures; the impact of our substantial indebtedness,
including the effect of our leverage on our financial position and
earnings; our ability to obtain and renew key contracts with
municipalities, transit authorities and private landlords;
competition; technological changes and innovations; regulations and
consumer concerns regarding privacy and data protection; a breach
of our information security measures; legislative or regulatory
requirements; restrictions on out-of-home advertising of certain
products; environmental, health, safety and land use laws and
regulations, as well as various actual and proposed environmental,
social and governance policies and regulations; the impact of
future dispositions, acquisitions and other strategic transactions;
third-party claims of intellectual property infringement,
misappropriation or other violation against us or our suppliers;
the risk that indemnities from iHeartMedia, Inc. will not be
sufficient to insure us against the full amount of certain
liabilities; risks of doing business in foreign countries,
including the impact of geopolitical events, such as the war in
Ukraine; fluctuations in exchange
rates and currency values; volatility of our stock price; the
impacts on our stock price as a result of future sales of common
stock, or the perception thereof, and dilution resulting from
additional capital raised through the sale of common stock or other
equity-linked instruments; the effect of analyst or credit ratings
downgrades; our ability to continue to comply with the applicable
listing standards of the New York Stock Exchange; the restrictions
contained in the agreements governing our indebtedness limiting our
flexibility in operating our business; our dependence on our
management team and other key individuals; continued scrutiny and
changing expectations from investors, lenders, customers,
government regulators and other stakeholders; and certain other
factors set forth in our other filings with the SEC. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date stated, or if no date
is stated, as of the date of this earnings release. Other key risks
are described in the section entitled "Item 1A. Risk Factors" of
the Company's reports filed with the SEC, including the Company's
Annual Report on Form 10-K for the year ended December 31,
2022. The Company does not undertake any obligation to publicly
update or revise any forward-looking statements because of new
information, future events or otherwise.
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SOURCE Clear Channel Outdoor Holdings, Inc.