Clear Channel Outdoor Holdings, Inc. · NYSE:CCO
Clear Channel Outdoor — Q4 2024 Earnings Presentation
28 slides from Clear Channel Outdoor's earnings presentation, Feb 24, 2025
Slide 1: Clear Channel Outdoor Holdings 2024 Fourth Quarter Results
Clear Channel Outdoor Holdings 2024 Fourth Quarter Results February 24, 2025
Slide 2: Safe harbor statement and other information
Safe harbor statement and other information Forward-Looking Statements Certain statements in this presentation 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, uncertai
Slide 3: HT ON E COPANS RD.
J HT ON E COPANS RD. CG CLEARUHANNEL ed ; OF @.. 3 yOVie Ctoniuc Se. t " . ews Directs by Tate wan Now: playing on @3Youlube | : re vi \ f -AHOLIDAY SHORT ~ aS bef ) e j / Busch Gardens. CHRISTMAS TOWN NOV.15 - JAN. 5 001997 “eed BCueanCuannes.
Slide 4: Overview
Overview 1 • Closed deals amounting to approximately $120 million Asset Sales • Announced agreement to sell Europe-North segment for $625 million • Optimistic about Spain & Brazil, given recent strong performance America 4Q Results • America segment revenue up 4.1%, delivering record revenue – in li
Slide 5: Key financial highlights
Key financial highlights 4Q 2024: 1 • Revenue : $427 million (up 2.6%) • Loss from continuing operations: $1 million 1,2 • Adjusted EBITDA : $145 million (up 2.5%) 1,2,3 • AFFO : $37 million (up 1.0%) Note: Comparisons are to the same period of 2023. 1 Excludes results of discontinued operations. 2
Slide 6: Financial results: America
Financial results: America Three Months Ended December 31, 3 (USD, in millions) 2024 2023 Variance Revenue $ 311 $ 299 4.1 % 1 Direct operating and SG&A expenses 174 163 6.5 % 2 Segment Adjusted EBITDA 137 136 0.7 % 1 Includes restructuring and other costs that are excluded from Segment Adjusted EBI
Slide 7: Financial results: Airports
Financial results: Airports Three Months Ended December 31, 3 (USD, in millions) 2024 2023 Variance Revenue $ 116 $ 111 4.3 % 1 Direct operating and SG&A expenses 83 81 2.6 % 2 Segment Adjusted EBITDA 33 30 8.9 % 1 Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA
Slide 8: Clear Channel International B.V. Statements of Income
Clear Channel International B.V. Statements of Income Three Months Ended December 31, (USD, in millions) 2024 2023 Revenue $ 224 $ 260 Operating expenses: (1) Direct operating expenses 123 148 (1) Selling, general and administrative expenses 35 45 (1) Corporate expenses 13 14 Depreciation and amorti
Slide 9: 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 December 31, (USD, in millions) 2024 2023 $ Change America $ 28 $ 24 $ 4 Airports 6 10 (4) Other — — — Corporate 2 2
Slide 10: Capital structure and select balance sheet metrics
Capital structure and select balance sheet metrics (USD, in millions) December 31, 2024 September 30, 2024 $ Change (1) Cash and Cash Equivalents $ 164 $ 202 $ (38) (2) Availability under Credit Facilities 181 175 7 (3) Liquidity $ 346 $ 377 $ (31) (4) Debt $ 5,662 $ 5,657 $ 4 Weighted Average Cost
Slide 11: Guidance
Guidance Guidance as of % change from prior February 24, 2025 year (USD, in millions) Low High Low High 1Q 2025: 1 Consolidated Revenue $ 329 $ 344 1% 5% America 252 262 1 % 5 % Airports 77 82 — % 7 % Full year 2025: 1 Consolidated Revenue $ 1,562 $ 1,607 4% 7% America 1,190 1,220 4 % 7 % Airports 3
Slide 12: Appendix
Appendix 12
Slide 13: Announcements
Announcements Airports The Airports segment announced a five-year contract renewal with Signature Aviation, the world’s largest network of private aviation terminals. CCO will continue to revolutionize advertising programs across more than 100 private aviation terminals in the U.S. The Airports segm
Slide 14: Environmental and social initiatives
Environmental and social initiatives America The America segment and the United Service Organizations worked on a national digital out-of- home media campaign encouraging public support for U.S. military service members and their families during the November holidays. 14
Slide 15: Sales of international businesses
Sales of international businesses 1 (USD, in millions) Amount Close Date Closed deals: Switzerland $ 94 March 31, 2023 Italy 16 May 31, 2023 2 France (10) October 31, 2023 Mexico, Peru and Chile 20 February 5, 2025 Total $ 120 Signed agreements: Europe-North $ 625 1 Represents gross proceeds from sa
Slide 16: Revenue by Segment
Revenue by Segment Three Months Ended Year Ended December 31, December 31, 1 1 (USD, in millions) 2024 2023 Variance 2024 2023 Variance Revenue: America $ 311 $ 299 4.1 % $ 1,144 $ 1,101 3.9 % Airports 116 111 4.3 % 361 312 16.0 % America and Airports 427 410 4.1 % 1,505 1,412 6.6 % Other — 6 (100.0
Slide 17: Rent abatements
Rent abatements 2024 2023 (USD, in millions) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total 1,2 Consolidated $ 4.8 $ 0.8 $ 0.3 4.4 $ 10.3 $ 6.7 $ 6.6 $ 4.2 $ 7.3 $ 24.9 America — — — — 0.1 1.2 2.1 1.6 1.6 6.4 Airports 4.8 0.8 0.2 4.4 10.3 5.5 4.5 2.7 5.8 18.5 1 Represents reductions of rent expense on lease an
Slide 18: 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 19: Segment operating results
Segment operating results Three Months Ended (In thousands) December 31, 2024 2023 Variance Revenue America $ 310,705 $ 298,520 4.1 % Airports 116,012 111,213 4.3 % Other 2 6,281 (100.0) % Consolidated Revenue $ 426,719 $ 416,014 2.6 % 1 Direct Operating and SG&A Expenses (Excluding Depreciation and
Slide 20: Segment quarterly operating results
Segment quarterly operating results Three Months Ended Three Months Ended Three Months Ended Three Months Ended (In thousands) March 31, June 30, September 30, December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Revenue America $ 249,777 $ 236,049 $ 290,207 $ 287,517 $ 292,821 $ 278,760 $ 310,705 $
Slide 21: Reconciliation of quarterly Income (loss) from continuing operations to Adjusted EBITDA
Reconciliation of quarterly Income (loss) from continuing operations to Adjusted EBITDA Three Months Ended Three Months Ended Three Months Ended Three Months Ended (in thousands) March 31, June 30, September 30, December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Income (loss) from continuing opera
Slide 22: Reconciliation of quarterly Corporate expenses to Adjusted Corporate expenses
Reconciliation of quarterly Corporate expenses to Adjusted Corporate expenses Three Months Ended Three Months Ended Three Months Ended Three Months Ended (in thousands) March 31, June 30, September 30, December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Corporate expenses $ (29,874) $ (24,768) $ (3
Slide 23: 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) December 31, 2024 2023 Consolidated net income (loss) $ (16,605) $ 26,003 Depreciation and amortization of real estate 47,348 48,738 1 Net loss on disposition of real estate (excludes condemnation proc
Slide 24: 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 $ (105) $ (95) Adjustments: Income tax expense attributable to continuing operations 5 5 Other income, net (2) (2) 1 Interest expense, net 397 400 O
Slide 25: 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 $ (105) $ (95) Depreciation and amortization of real estate 150 150 Net gain on disposition of real estate (excludes condemnation proceeds) (1) (1) Adjustment
Slide 26: Calculation of First Lien Net Leverage Ratio
Calculation of First Lien Net Leverage Ratio First Lien Net Leverage Ratio: 1 • 6.60x as of December 31, 2024 (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 D
Slide 27: 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 December 31, (In millions) 2024 EBITDA (as defined in the Senior Secured Credit Agreement) $ 482.7 Depreciation, amortization, impairment charges and share-b
Slide 28: 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 — Q4 2024 Earnings Presentation on 6ix