Clear Channel Outdoor Holdings, Inc. · NYSE:CCO
Clear Channel Outdoor — Q2 2025 Earnings Presentation
20 slides from Clear Channel Outdoor's earnings presentation, Aug 5, 2025
Slide 1: Clear Channel Outdoor Holdings 2025 Second Quarter Results
Clear Channel Outdoor Holdings 2025 Second Quarter Results August 5, 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: * WEWAVENGERS
* WEWAVENGERS
Slide 4: Overview
Overview Recent balance sheet • Extended cash flow revolver and ABL facilities to 2030 initiatives • Refinanced ~40% of our debt maturities to 2031 and 2033 • Continued to repurchase debt Consolidated 2Q • Consolidated revenue up 7.0% 1 Results • Adjusted EBITDA up 7.7% America 2Q Results • America
Slide 5: Key financial highlights
Key financial highlights 2Q 2025: • Consolidated Revenue: $403 million (up 7.0%) • Income from Continuing Operations: $6 million 1 • Adjusted EBITDA : $129 million (up 7.7%) 1,2 • AFFO : $28 million (up 75.9%) Note: Comparisons are to the same period of 2024. 1 Non-GAAP financial measure; see Append
Slide 6: Financial results: America
Financial results: America Three Months Ended June 30, 3 (USD, in millions) 2025 2024 Variance Revenue $ 303 $ 290 4.4 % 1 Direct operating and SG&A expenses 176 163 7.5 % 2 Segment Adjusted EBITDA 128 127 0.5 % 1 Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.
Slide 7: Financial results: Airports
Financial results: Airports Three Months Ended June 30, 3 (USD, in millions) 2025 2024 Variance Revenue $ 100 $ 86 15.6 % 1 Direct operating and SG&A expenses 75 67 12.2 % 2 Segment Adjusted EBITDA 24 19 27.6 % 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 June 30, (USD, in millions) 2025 2024 $ Change America $ 9 $ 13 $ (5) Airports 3 2 1 Other — — — Corporate 1 1 — 1 To
Slide 9: Capital structure and select balance sheet metrics
Capital structure and select balance sheet metrics (USD, in millions) June 30, 2025 March 31, 2025 $ Change (1) Cash and Cash Equivalents $ 139 $ 396 $ (257) (2) Availability under Credit Facilities 212 166 46 (3) Liquidity $ 351 $ 562 $ (212) (4) Debt $ 5,067 $ 5,293 $ (226) Weighted Average Cost o
Slide 10: Guidance
Guidance Guidance as of % change from prior August 5, 2025 year (USD, in millions) Low High Low High 3Q 2025: Consolidated Revenue $ 395 $ 410 5% 9% America 303 313 3 % 7 % Airports 92 97 12 % 18 % Full year 2025: Consolidated Revenue $ 1,570 $ 1,600 4% 6% America 1,180 1,200 3 % 5 % Airports 390 40
Slide 11: Appendix
Appendix 11
Slide 12: Environmental and social initiatives
Environmental and social initiatives Clear Channel Outdoor continued to advance public safety, health and education through partnerships with nonprofit organizations and local governments: • Raising Awareness for Missing Children: We launched a National Missing Children's Day campaign in partnership
Slide 13: Operating results
Operating results (In thousands) Three Months Ended June 30, 2025 2024 Variance Revenue: America $ 303,111 $ 290,207 4.4 % Airports 99,685 86,219 15.6 % Other 12 57 Consolidated Revenue $ 402,808 $ 376,483 7.0 % 1 Direct Operating and SG&A Expenses : America $ 175,510 $ 163,334 7.5 % Airports 75,338
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 Rent abatements reflect reductions in rent expense on lease and non-lease contracts. These amounts are not expected to recur in future periods. (USD, in millions) Q1 Q2 Q3 Q4 2025 $ 0.3 $ 1.1 2024 $ 4.8 $ 0.8 $ 0.3 $ 4.4 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: Reconciliation of Income (loss) from continuing operations to Adjusted EBITDA
Reconciliation of Income (loss) from continuing operations to Adjusted EBITDA Three Months Ended (in thousands) June 30, 2025 2024 Income (loss) from continuing operations $ 6,331 $ (25,414) Adjustments: Income tax (benefit) expense attributable to continuing operations 4,526 (5,827) Other income, n
Slide 18: Reconciliation of Corporate expenses to Adjusted Corporate expenses
Reconciliation of Corporate expenses to Adjusted Corporate expenses Three Months Ended (in thousands) June 30, 2025 2024 Corporate expenses $ 31,123 $ 34,047 Less reconciling items: Share-based compensation 7,359 6,666 Restructuring and other costs 755 1,062 Adjusted Corporate expenses $ 23,009 $ 26
Slide 19: 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) June 30, 2025 2024 Consolidated net income (loss) $ 10,649 $ (38,634) Depreciation and amortization of real estate 38,739 46,509 Net loss on disposition of real estate (excludes condemnation proceeds)
Slide 20: 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
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