Clear Channel Outdoor Holdings, Inc. · NYSE:CCO
Clear Channel Outdoor — Q1 2025 Earnings Presentation
25 slides from Clear Channel Outdoor's earnings presentation, May 1, 2025
Slide 1: Clear Channel Outdoor Holdings 2025 First Quarter Results
Clear Channel Outdoor Holdings 2025 First Quarter Results May 1, 2025
Slide 2: Safe harbor statement and other information
Safe harbor statement and other information Forward-Looking Statements Certain statements in this presentation are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and o
Slide 3: oh
oh
Slide 4: U.S. strategy on track
U.S. strategy on track De-risked portfolio and • U.S. out-of-home market historically resilient reduced expenses • Reduced ~$37 million in annualized interest expense • Reduced ~$35 million of annual corporate expenses We delivered • Closed sales of businesses in Europe-North, Mexico, Chile and Peru
Slide 5: Key financial highlights
Key financial highlights 1Q 2025: 1 • Revenue : $334 million (up 2.2%) • Loss from continuing operations: $55 million (down 20.1%) 1,2 • Adjusted EBITDA : $79 million (down 12.5%) 1,2,3 • AFFO : $(23) million (down 78.4%) Note: Comparisons are to the same period of 2024. 1 Excludes results of discon
Slide 6: Financial results: America
Financial results: America Three Months Ended March 31, 3 (USD, in millions) 2025 2024 Variance Revenue $ 254 $ 250 1.8 % 1 Direct operating and SG&A expenses 166 155 7.5 % 2 Segment Adjusted EBITDA 88 95 (8.0)% 1 Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.
Slide 7: Financial results: Airports
Financial results: Airports Three Months Ended March 31, 3 (USD, in millions) 2025 2024 Variance Revenue $ 80 $ 77 4.0 % 1 Direct operating and SG&A expenses 66 58 13.3 % 2 Segment Adjusted EBITDA 14 19 (25.0)% 1 Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.
Slide 8: Capital expenditures
Capital expenditures Capital expenditures primarily relate to the construction and maintenance of our out-of-home advertising displays, including digital displays. Three Months Ended March 31, (USD, in millions) 2025 2024 $ Change America $ 10 $ 9 $ 1 Airports 2 2 1 Other — — — Corporate 1 1 — 1 Tot
Slide 9: Capital structure and select balance sheet metrics
Capital structure and select balance sheet metrics (USD, in millions) March 31, 2025 December 31, 2024 $ Change (1) Cash and Cash Equivalents $ 401 $ 164 $ 237 (2) Availability under Credit Facilities 166 181 (15) (3) Liquidity $ 568 $ 346 $ 222 (4) Debt $ 5,293 $ 5,662 $ (368) Weighted Average Cost
Slide 10: Guidance
Guidance Guidance as of % change from prior May 1, 2025 year (USD, in millions) Low High Low High 2Q 2025: 1 Consolidated Revenue $ 393 $ 408 4% 8% America 302 312 4 % 8 % Airports 91 96 6 % 11 % Full year 2025: 1 Consolidated Revenue $ 1,562 $ 1,607 4% 7% America 1,190 1,220 4 % 7 % Airports 372 38
Slide 11: Appendix
Appendix 11
Slide 12: Announcements
Announcements Airports The Airports segment was awarded a 10-year partnership extension with Huntsville-Madison County Airport Authority, continuing a 35-year partnership. 12
Slide 13: Environmental and social initiatives
Environmental and social initiatives America The America segment celebrated Black History Month with a month-long digital out-of-home campaign honoring and reflecting on Black history. The America segment activated a national digital out-of-home campaign with Big Brothers Big Sisters of America that
Slide 14: Sales of international businesses
Sales of international businesses (USD, in millions) Amount Close Date Closed deals: Switzerland $ 94 March 31, 2023 Italy 16 May 31, 2023 1 France (10) October 31, 2023 Mexico, Peru and Chile 20 February 5, 2025 Europe-North 625 March 31, 2025 Total $ 745 1 Amount for France includes cash delivered
Slide 15: Rent abatements
Rent abatements 2025 2024 (USD, in millions) Q1 Q1 Q2 Q3 Q4 1 Airports $ 0.3 $ 4.8 $ 0.8 $ 0.2 $ 4.4 1 Represents reductions of rent expense on lease and non-lease contracts from rent abatements, which are not expected to continue in future periods. 15
Slide 16: Non-GAAP financial information
Non-GAAP financial information In order to provide a more comprehensive understanding of the information used by the Company's management team in financial and operational decision making, the Company supplements its GAAP consolidated financial statements with certain non-GAAP financial performance
Slide 17: Segment operating results
Segment operating results (In thousands) Three Months Ended March 31, 2025 2024 Variance Revenue America $ 254,193 $ 249,777 1.8 % Airports 79,983 76,926 4.0 % Other 4 137 Consolidated Revenue $ 334,180 $ 326,840 2.2 % 1 Direct Operating and SG&A Expenses (Excluding Depreciation and Amortization) Am
Slide 18: Reconciliation of Loss from continuing operations to Adjusted EBITDA
Reconciliation of Loss from continuing operations to Adjusted EBITDA Three Months Ended (in thousands) March 31, 2025 2024 Loss from continuing operations $ (55,302) $ (69,224) Adjustments: Income tax expense attributable to continuing operations 1,180 172 Other (income) expense, net (249) 8,849 Los
Slide 19: Reconciliation of Corporate expenses to Adjusted Corporate expenses
Reconciliation of Corporate expenses to Adjusted Corporate expenses Three Months Ended (in thousands) March 31, 2025 2024 Corporate expenses $ (19,780) $ (29,874) Share-based compensation 5,424 4,594 1 Restructuring and other costs (reversals) (8,381) 1,758 Adjusted Corporate expenses $ (22,737) $ (
Slide 20: Reconciliation of Consolidated net income (loss) to FFO and AFFO
Reconciliation of Consolidated net income (loss) to FFO and AFFO Three Months Ended (in thousands) March 31, 2025 2024 Consolidated net income (loss) $ 63,213 $ (89,083) Depreciation and amortization of real estate 38,394 46,806 1 Net gain on disposition of real estate (excludes condemnation proceed
Slide 21: Reconciliation of Loss from continuing operations guidance to Adjusted EBITDA guidance
Reconciliation of Loss from continuing operations guidance to Adjusted EBITDA guidance (in millions) FY 2025 Low High 1 Loss from continuing operations $ (70) $ (60) Adjustments: Income tax expense attributable to continuing operations 2 2 Other income, net (2) (2) 1 Gain on extinguishment of debt (
Slide 22: Reconciliation of Loss from continuing operations guidance to AFFO guidance
Reconciliation of Loss from continuing operations guidance to AFFO guidance (in millions) FY 2025 Low High 1 Loss from continuing operations $ (70) $ (60) Depreciation and amortization of real estate 155 155 Net gain on disposition of real estate (excludes condemnation proceeds) (1) (1) Adjustment f
Slide 23: Calculation of First Lien Net Leverage Ratio
Calculation of First Lien Net Leverage Ratio First Lien Net Leverage Ratio: 1 • 6.14x as of March 31, 2025 (below covenant threshold of 7.1x) • Calculated by dividing first lien net debt by EBITDA (as defined in the Senior Secured Credit Agreement) for the preceding four quarters First Lien Net Debt
Slide 24: Reconciliation of Bank EBITDA to Operating income and Net cash from operating activities
Reconciliation of Bank EBITDA to Operating income from continuing operations and Net cash provided by operating activities Four Quarters Ended March 31, (In millions) 2025 EBITDA (as defined in the Senior Secured Credit Agreement) $ 472.0 Depreciation and amortization, impairment charges and share-b
Slide 25: About Clear Channel Outdoor Holdings, Inc.
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 bill
Clear Channel Outdoor Holdings — Q1 2025 Earnings Presentation on 6ix