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  Title	Clear Channel Outdoor Holdings, Inc. Reports Results for the Third Quarter of 2024
  ID	3801606
  External ID	7263410107
  Author	Unknown
  Published Date	Oct. 31, 2024, 5:41 a.m.
  Summary	SAN ANTONIO, Oct. 31, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today reported financial results for the quarter ended September 30, 2024. "Our third quarte
  Tags	press-release
  URL	https://newsblaze.com/pr-newswire/?rkey=20241031ny44940&filter=12684
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  Content ID	2079087
  Key	fe3ad065-5620-498d-b500-bf1a587ae15e
  Content	SAN ANTONIO, Oct. 31, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today reported financial results for the quarter ended September 30, 2024. "Our third quarter consolidated revenue of $559 million increased 6.1%, or 5.7% excluding movements in foreign exchange rates, with growth across all of our business segments," said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. "Our America segment delivered a revenue increase of 5.0% during the period, reflecting improved national advertising sales and growth across all regions. "We continue to pursue a range of initiatives aimed at leveraging our technology investments and enhanced sales teams to maximize our performance in the U.S. Utilizing our digital expertise and RADAR data analytics resources, we are making inroads into verticals that have traditionally not relied on out-of-home to reach their target audiences. We have also secured, effective November 1, 2024, a large 15-year contract for roadside advertising assets controlled by the New York MTA. These initiatives have broadened our revenue base as we pursue growth opportunities. "Our business is performing well, and we remain on track to deliver on our full year 2024 consolidated financial guidance. We are committed to executing our strategic plan, including continuing the sales processes related to our international businesses. Our ultimate goals include organically growing cash flow and reducing leverage on our balance sheet." Financial Highlights: Financial highlights for the third quarter of 2024 as compared to the same period of 2023, including financial highlights excluding movements in foreign exchange rates ("FX") 1 : (In millions) Three Months Ended September 30, 2024 % Change Revenue: Consolidated Revenue 2 $ 559.0 6.1 % Excluding movements in FX 1,2 556.7 5.7 % America Revenue 292.8 5.0 % Airports Revenue 82.3 9.0 % Europe-North Revenue 166.4 11.4 % Excluding movements in FX 1 162.2 8.6 % Net Loss: Loss from Continuing Operations (31.5) (38.3) % Adjusted EBITDA 1 : Adjusted EBITDA 1,2 142.8 2.6 % Excluding movements in FX 1,2 141.9 1.9 % America Segment Adjusted EBITDA 3 128.4 5.8 % Airports Segment Adjusted EBITDA 3 16.9 9.0 % Europe-North Segment Adjusted EBITDA 3 28.3 (0.5) % Excluding movements in FX 1 27.2 (4.5) % 1 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information. 2 Financial highlights exclude results of discontinued operations. See "Supplemental Disclosures" section herein for more information. 3 Segment Adjusted EBITDA is a GAAP financial measure. See "Supplemental Disclosures" section herein for more information. Guidance: Our expectations for the fourth quarter of 2024 are as follows: Fourth Quarter of 2024 % change from prior year (in millions) Low High Low High Consolidated Revenue 1,2 $ 628 $ 653 (1) % 3 % America 308 318 3 % 7 % Airports 111 116 — % 4 % Europe-North 1 185 195 (4) % 2 % 1 Excludes movements in FX 2 Excludes results of discontinued operations We have updated our full year 2024 guidance from the guidance previously provided in our earnings release issued on August 7, 2024, as follows: Full Year of 2024 % change from prior year (in millions) Low High Low High Consolidated Revenue 1,2 $ 2,222$ 2,247 4 % 6 % America 1,141 1,151 4 % 5 % Airports 356 361 14 % 16 % Europe-North 1 648 658 5 % 6 % Loss from Continuing Operations 1 (165) (150) 5 % (5) % Adjusted EBITDA 1,2,3 560 580 5 % 8 % AFFO 1,2,3 90 105 8 % 26 % Capital Expenditures 2 130 140 (10) % (3) % 1 Excludes movements in FX 2 Excludes results of discontinued operations 3 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: Results provided herein exclude amounts related to discontinued operations for all periods presented. Revenue: (In thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2024 2023 2024 2023 Revenue: America $ 292,821$ 278,760 5.0 % $ 832,805$ 802,326 3.8 % Airports 82,331 75,558 9.0 % 245,476 200,392 22.5 % Europe-North 166,361 149,366 11.4 % 470,489 427,778 10.0 % Other 17,475 23,102 (24.4) % 50,511 64,530 (21.7) % Consolidated Revenue$ 558,988$ 526,786 6.1 % $ 1,599,281$ 1,495,026 7.0 % Revenue excluding movements in FX 1 : America $ 292,821$ 278,760 5.0 % $ 832,805$ 802,326 3.8 % Airports 82,331 75,558 9.0 % 245,476 200,392 22.5 % Europe-North 162,209 149,366 8.6 % 463,374 427,778 8.3 % Other 19,299 23,102 (16.5) % 52,624 64,530 (18.5) % Consolidated Revenue excluding movements in FX$ 556,660$ 526,786 5.7 % $ 1,594,279$ 1,495,026 6.6 % 1 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information. Revenue for the third quarter of 2024, as compared to the same period of 2023: America : Revenue up 5.0%: Airports : Revenue up 9.0%: Europe-North : Revenue up 11.4%; excluding movements in FX, up 8.6%: Other: Revenue down 24.4%; excluding movements in FX, down 16.5%: Direct Operating and SG&A Expenses 1 : (In thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2024 2023 2024 2023 Direct operating and SG&A expenses: America $ 164,553 $ 157,456 4.5 % $ 482,571 $ 470,158 2.6 % Airports 65,406 60,038 8.9 % 190,485 162,274 17.4 % Europe-North 138,679 121,154 14.5 % 394,942 366,706 7.7 % Other 15,808 19,812 (20.2) % 50,475 57,360 (12.0) % Consolidated Direct operating and SG&A expenses 2 $ 384,446 $ 358,460 7.2 % $ 1,118,473 $ 1,056,498 5.9 % Direct operating and SG&A expenses excluding movements in FX 3 : America $ 164,553 $ 157,456 4.5 % $ 482,571 $ 470,158 2.6 % Airports 65,406 60,038 8.9 % 190,485 162,274 17.4 % Europe-North 135,663 121,154 12.0 % 389,426 366,706 6.2 % Other 17,394 19,812 (12.2) % 52,650 57,360 (8.2) % Consolidated Direct operating and SG&A expenses excluding movements in FX $ 383,016 $ 358,460 6.9 % $ 1,115,132 $ 1,056,498 5.5 % 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 Includes restructuring and other costs of $1.0 million and $0.3 million during the three months ended September 30, 2024 and 2023, respectively, and $2.5 million and $0.8 million during the nine months ended September 30, 2024 and 2023, respectively. 3 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information. Direct operating and SG&A expenses for the third quarter of 2024, as compared to the same period of 2023: America : Direct operating and SG&A expenses up 4.5%: Airports : Direct operating and SG&A expenses up 8.9%: Europe-North : Direct operating and SG&A expenses up 14.5%; excluding movements in FX, up 12.0%: Other: Direct operating and SG&A expenses down 20.2%; excluding movements in FX, down 12.2% Corporate Expenses: (In thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2024 2023 2024 2023 Corporate expenses 1 $ 40,948$ 34,931 17.2 % $ 125,778$ 129,427 (2.8) % Corporate expenses excluding movements in FX 2 40,925 34,931 17.2 % 125,401 129,427 (3.1) % 1 Includes restructuring and other costs of $1.4 million and $0.6 million during the three months ended September 30, 2024 and 2023, respectively, and $5.2 million and $20.2 million during the nine months ended September 30, 2024 and 2023, respectively. Restructuring and other costs for the nine months ended September 30, 2023 include an expense of $19.0 million recorded for the resolution of the investigation of the Company's former indirect, non-wholly-owned subsidiary, Clear Media Limited. 2 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information. Corporate expenses for the third quarter of 2024, as compared to the same period of 2023, up 17.2%: Loss from Continuing Operations: (In thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2024 2023 2024 2023 Loss from continuing operations$ (31,543)$ (51,082) (38.3) % $ (168,519)$ (182,493) (7.7) % Adjusted EBITDA 1 : (In thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2024 2023 2024 2023 Segment Adjusted EBITDA 2 : America $ 128,372$ 121,335 5.8 % $ 350,816$ 332,213 5.6 % Airports 16,925 15,522 9.0 % 55,089 38,120 44.5 % Europe-North 28,314 28,444 (0.5) % 75,288 61,850 21.7 % Other 1,950 3,290 (40.7) % 2,156 7,170 (69.9) % Total Segment Adjusted EBITDA 175,561 168,591 4.1 % 483,349 439,353 10.0 % Adjusted Corporate expenses 1 (32,787) (29,375) 11.6 % (100,949) (94,124) 7.3 % Adjusted EBITDA 1 $ 142,774$ 139,216 2.6 % $ 382,400$ 345,229 10.8 % Segment Adjusted EBITDA excluding movements in FX 1 : America $ 128,372$ 121,335 5.8 % $ 350,816$ 332,213 5.6 % Airports 16,925 15,522 9.0 % 55,089 38,120 44.5 % Europe-North 27,152 28,444 (4.5) % 73,674 61,850 19.1 % Other 2,182 3,290 (33.7) % 2,102 7,170 (70.7) % Total Segment Adjusted EBITDA 174,631 168,591 3.6 % 481,681 439,353 9.6 % Adjusted Corporate expenses excluding movements in FX 1 (32,765) (29,375) 11.5 % (100,599) (94,124) 6.9 % Adjusted EBITDA excluding movements in FX 1 $ 141,866$ 139,216 1.9 % $ 381,082$ 345,229 10.4 % 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. AFFO 1 : (In thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2024 2023 2024 2023 AFFO 1,2 $ 26,850$ 24,612 9.1 % $ 35,864$ 9,807 NM AFFO excluding movements in FX 1,2 25,968 24,612 5.5 % 34,482 9,807 NM 1 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information. 2 Percentage changes that are so large as to not be meaningful have been designated as "NM." Capital Expenditures: (In thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2024 2023 2024 2023 America $ 13,406$ 16,148 (17.0) % $ 35,679$ 51,844 (31.2) % Airports 3,188 3,072 3.8 % 6,634 10,382 (36.1) % Europe-North 9,707 7,851 23.6 % 23,835 18,998 25.5 % Other 1,123 1,577 (28.8) % 3,217 4,534 (29.0) % Corporate 3,101 4,022 (22.9) % 8,029 10,678 (24.8) % Consolidated capital expenditures$ 30,525$ 32,670 (6.6) % $ 77,394$ 96,436 (19.7) % Markets and Displays: As of September 30, 2024, we operated more than 311,000 print and digital out-of-home advertising displays in 19 countries as part of our continuing operations, with the majority of our revenue generated by operations in the U.S. and Europe. As of September 30, 2024, we had presence in 81 Designated Market Areas ("DMAs") in the U.S., including 43 of the top 50 U.S. markets, and in 12 countries throughout Europe, excluding markets that are considered discontinued operations. Number of digital displays added (removed), net, in third quarter Total number of displays as of September 30, 2024 Digital Printed Total America 1 : Billboards 2 18 1,897 32,995 34,892 Other displays 3 (2) 609 13,781 14,390 Airports 4 108 2,650 10,513 13,163 Europe-North 534 16,659 227,321 243,980 Other 55 1,132 3,930 5,062 Total displays 713 22,947 288,540 311,487 1 As of September 30, 2024, our America segment had presence in 28 U.S. DMAs. 2 Billboards includes bulletins, posters, spectaculars and wallscapes. 3 Other displays includes street furniture and transit displays. 4 As of September 30, 2024, our Airports segment had displays across nearly 200 commercial and private airports in the U.S. and the Caribbean. Clear Channel International B.V. Clear Channel International B.V. ("CCIBV"), an indirect wholly-owned subsidiary of the Company and the borrower under the CCIBV Term Loan Facility, includes the operations of our Europe-North and Europe-South segments and, prior to September 17, 2024, also included Singapore, which is included in "Other." The financial results of Singapore have historically been immaterial to the results of CCIBV, and revenue and expenses for the Singapore business were further reduced in the first quarter of 2024 due to the loss of a contract. On September 17, 2024, CCIBV sold its equity interest in the Singapore business to another indirect foreign wholly-owned subsidiary of the Company. As the current and former businesses in the Europe-South segment are considered discontinued operations, results of these businesses are reported as a separate component of Consolidated net income (loss) in the CCIBV Consolidated Statements of Income (Loss) for all periods presented and are excluded from the discussion below. CCIBV results from continuing operations for the third quarter of 2024 as compared to the same period of 2023 are as follows: Liquidity and Financial Position: Cash and Cash Equivalents: As of September 30, 2024, we had $201.1 million of cash on our balance sheet, including $56.0 million of cash held outside the U.S. by our subsidiaries (excluding cash held by our business in Spain, which is a discontinued operation). The following table summarizes our cash flows for the nine months ended September 30, 2024 on a consolidated basis, including both continuing and discontinued operations: (In thousands) Nine Months Ended September 30, 2024 Net cash provided by operating activities $ 50,480 Net cash used for investing activities 1 (92,230) Net cash used for financing activities (7,542) Effect of exchange rate changes on cash, cash equivalents and restricted cash (750) Net decrease in cash, cash equivalents and restricted cash $ (50,042) Cash paid for interest $ 297,118 Cash paid for income taxes, net of refunds $ 11,349 1 Includes capital expenditures for discontinued operations of $7.9 million. Debt: We anticipate having cash interest payment obligations of approximately $137 million during the remainder of 2024, including the first semi-annual interest payment on the 7.875% Senior Secured Notes Due 2030 (the "CCOH 7.875% Senior Secured Notes"), which was paid in October, and $420 million in 2025, assuming that we do not refinance or incur additional debt. Our next debt maturities are in 2027 when the $1.25 billion aggregate principal amount of 5.125% Senior Secured Notes Due 2027 and the $375.0 million principal amount outstanding under the CCIBV Term Loan Facility become due. 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 September 30,Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 558,988$ 526,786$ 1,599,281$ 1,495,026 Operating expenses: Direct operating expenses 1 284,601 271,377 827,063 790,206 Selling, general and administrative expenses 1 99,845 87,083 291,410 266,292 Corporate expenses 1 40,948 34,931 125,778 129,427 Depreciation and amortization 57,582 57,699 165,755 186,409 Impairment charges 2 — — 18,073 — Other operating expense, net 3,684 6,179 9,745 10,122 Operating income 72,328 69,517 161,457 112,570 Interest expense, net (106,995) (107,391) (322,060) (314,624) Gain (loss) on extinguishment of debt — 3,817 (4,787) 3,817 Other income (expense), net 3 (676) (17,269) (9,120) 3,722 Loss from continuing operations before income taxes (35,343) (51,326) (174,510) (194,515) Income tax benefit attributable to continuing operations 3,800 244 5,991 12,022 Loss from continuing operations (31,543) (51,082) (168,519) (182,493) Income (loss) from discontinued operations 4 (13) (211,736) 9,246 (152,326) Consolidated net loss (31,556) (262,818) (159,273) (334,819) Less: Net income attributable to noncontrolling interests 984 672 2,104 880 Net loss attributable to the Company$ (32,540)$ (263,490)$ (161,377)$ (335,699) 1 Excludes depreciation and amortization. 2 Impairment charges for the nine months ended September 30, 2024 relate to the impairment of long-lived assets in certain of the Company's Latin American businesses. 3 Other income (expense), net, includes debt modification expense of $12.0 million for the nine months ended September 30, 2024 and $4.4 million for the three and nine months ended September 30, 2023 related to the debt transactions the Company completed in March 2024 and August 2023, respectively. 4 Income (loss) from discontinued operations for the three and nine months ended September 30, 2024 reflects the net income (loss) generated during these periods by operations in Spain. Loss from discontinued operations for the three and nine months ended September 30, 2023 reflects a loss of $200.6 million recognized upon classification of our former business in France as held for sale, which, during the nine months ended September 30, 2023, was partially offset by gains of $96.4 million and $11.2 million from the sales of our former businesses in Switzerland and Italy, respectively. The remaining loss from discontinued operations for the three and nine months ended September 30, 2023 reflects the net loss generated by operations of our Europe-South segment (through the sale date of each business) during the respective period and income tax expense driven by the sale of these businesses. Weighted Average Shares Outstanding (In thousands) Three Months Ended September 30,Nine Months Ended September 30, 2024 2023 2024 2023 Weighted average common shares outstanding – Basic and Diluted 488,947 482,945 487,155 481,289 TABLE 2 - Selected Balance Sheet Information: (In thousands) September 30, 2024 December 31, 2023 Cash and cash equivalents $ 201,111$ 251,652 Total current assets 1 906,164 957,401 Property, plant and equipment, net 638,680 666,344 Total assets 1 4,644,526 4,722,475 Current liabilities (excluding current portion of long-term debt) 2 903,792 883,116 Long-term debt (including current portion of long-term debt) 5,657,391 5,631,903 Stockholders' deficit (3,598,242) (3,450,743) 1 Total current assets and total assets include assets of discontinued operations of $134.8 million and $131.3 million as of September 30, 2024 and December 31, 2023, respectively. 2 Current liabilities includes liabilities of discontinued operations of $74.0 million and $68.8 million as of September 30, 2024 and December 31, 2023, respectively. TABLE 3 - Total Debt: (In thousands) Maturity September 30, 2024 December 31, 2023 Debt: Receivables-Based Credit Facility 1 August 2026 $ —$ — Revolving Credit Facility 2 August 2026 — — Term Loan Facility 3 August 2028 425,000 1,260,000 Clear Channel Outdoor Holdings 5.125% Senior Secured Notes August 2027 1,250,000 1,250,000 Clear Channel Outdoor Holdings 9.000% Senior Secured NotesSeptember 2028 750,000 750,000 Clear Channel Outdoor Holdings 7.875% Senior Secured Notes 3 April 2030 865,000 — Clear Channel Outdoor Holdings 7.750% Senior Notes April 2028 995,000 995,000 Clear Channel Outdoor Holdings 7.500% Senior Notes June 2029 1,040,000 1,040,000 Clear Channel International B.V. 6.625% Senior Secured Notes 4 August 2025 — 375,000 Clear Channel International B.V. Term Loan Facility 4 April 2027 375,000 — Finance leases 3,870 4,202 Original issue discount (7,856) (2,690) Long-term debt fees (38,623) (39,609) Total debt 5,657,391 5,631,903 Less: Cash and cash equivalents (201,111) (251,652) Net debt $ 5,456,280$ 5,380,251 1 As of September 30, 2024, we had $54.9 million of letters of credit outstanding and $101.9 million of excess availability under the Receivables-Based Credit Facility. 2 Effective August 23, 2024, the borrowing limit of the Revolving Credit Facility decreased from $150.0 million to $115.8 million, in accordance with the terms of the Senior Secured Credit Agreement. As of September 30, 2024, we had $43.2 million of letters of credit outstanding and $72.6 million of excess availability under the Revolving Credit Facility. 3 In March 2024, we issued $865.0 million aggregate principal amount of CCOH 7.875% Senior Secured Notes and used a portion of the proceeds therefrom to prepay $835.0 million of borrowings outstanding under our Term Loan Facility. At the same time, we amended our Senior Secured Credit Agreement to, among other things, refinance the $425.0 million remaining principal balance on the Term Loan Facility and to extend its maturity date from 2026 to 2028, subject to certain conditions. 4 In March 2024, CCIBV entered into the CCIBV Term Loan Facility, totaling an aggregate principal amount of $375.0 million, and used the proceeds therefrom to redeem all of the outstanding $375.0 million aggregate principal amount of CCIBV Senior Secured Notes. 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 Spain, and prior to their sales on March 31, 2023, May 31, 2023 and October 31, 2023, respectively, also consisted of operations in Switzerland, Italy and France. The Company's remaining operations in Latin America and Singapore are disclosed as "Other." The Company's Europe-South segment met the criteria to be reported as discontinued operations during the third quarter of 2023. As such, results of this segment are excluded from this earnings release, which only reflects continuing operations, for all periods presented. 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: 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 loss from continuing operations 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 Loss from Continuing Operations to Adjusted EBITDA Three Months Ended September 30,Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Loss from continuing operations$ (31,543)$ (51,082)$ (168,519)$ (182,493) Adjustments: Income tax benefit attributable to continuing operations (3,800) (244) (5,991) (12,022) Other (income) expense, net 676 17,269 9,120 (3,722) (Gain) loss on extinguishment of debt — (3,817) 4,787 (3,817) Interest expense, net 106,995 107,391 322,060 314,624 Other operating expense, net 3,684 6,179 9,745 10,122 Impairment charges — — 18,073 — Depreciation and amortization 57,582 57,699 165,755 186,409 Share-based compensation 6,810 4,987 19,612 15,134 Restructuring and other costs 1 2,370 834 7,758 20,994 Adjusted EBITDA $ 142,774$ 139,216$ 382,400$ 345,229 1 Restructuring and other costs for the nine months ended September 30, 2023 include an expense of $19.0 million recorded for the resolution of the investigation of the Company's former indirect, non-wholly-owned subsidiary, Clear Media Limited. Reconciliation of Corporate Expenses to Adjusted Corporate Expenses Three Months Ended September 30,Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Corporate expenses $ (40,948)$ (34,931)$ (125,778)$ (129,427) Share-based compensation 6,810 4,987 19,612 15,134 Restructuring and other costs 1 1,351 569 5,217 20,169 Adjusted Corporate expenses$ (32,787)$ (29,375)$ (100,949)$ (94,124) 1 Restructuring and other costs for the nine months ended September 30, 2023 include an expense of $19.0 million recorded for the resolution of the investigation of the Company's former indirect, non-wholly-owned subsidiary, Clear Media Limited. Reconciliation of Consolidated Net Loss to FFO and AFFO Three Months Ended September 30,Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Consolidated net loss $ (31,556)$ (262,818)$ (159,273)$ (334,819) Depreciation and amortization of real estate 50,754 50,352 144,069 177,986 Net loss (gain) on disposition of real estate (excludes condemnation proceeds) 1 1,085 202,572 (2,573) 98,093 Impairment of real estate 2 — — 16,808 — Adjustment for unconsolidated affiliates and non-controlling interests (1,328) (819) (3,601) (1,991) Funds From Operations (FFO) 18,955 (10,713) (4,570) (60,731) Less: FFO from discontinued operations 40 (10,337) 9,427 (47,672) FFO from continuing operations 18,915 (376) (13,997) (13,059) Capital expenditures–maintenance (8,449) (10,638) (24,829) (32,867) Straight-line rent effect (2,540) 1,902 (5,446) 4,113 Depreciation and amortization of non-real estate 6,828 7,574 21,686 22,085 Impairment of non-real estate 2 — — 1,265 — Loss or gain on extinguishment of debt and debt modification expense, net — 551 16,785 551 Amortization of deferred financing costs and note discounts 2,877 2,994 8,715 8,788 Share-based compensation 6,810 4,987 19,612 15,134 Deferred taxes (6,307) (3,074) (12,102) (18,464) Restructuring and other costs 3 2,370 834 7,758 20,994 Transaction costs 3,909 5,311 15,776 6,707 Foreign exchange transaction loss (gain) (267) 13,735 (4,293) (7,445) Other items 2,704 812 4,934 3,270 Adjusted Funds From Operations (AFFO)$ 26,850$ 24,612$ 35,864$ 9,807 1 Net loss on disposition of real estate for the three and nine months ended September 30, 2023 includes a loss of $200.6 million recognized upon classification of our former business in France as held for sale. During the nine months ended September 30, 2023, this was partially offset by gains of $96.4 million and $11.2 million from the sales of our former businesses in Switzerland and Italy, respectively. 2 Impairment charges for the nine months ended September 30, 2024 relate to the impairment of long-lived assets in certain of the Company's Latin American businesses. 3 Restructuring and other costs for the nine months ended September 30, 2023 include an expense of $19.0 million recorded for the resolution of the investigation of the Company's former indirect, non-wholly-owned subsidiary, Clear Media Limited. Reconciliation of Loss from Continuing Operations Guidance 1 to Adjusted EBITDA Guidance 1 Full Year of 2024 (in millions) Low High Loss from continuing operations $ (165) $ (150) Adjustments: Income tax benefit attributable to continuing operations (4) (4) Other expense, net 9 10 Loss on extinguishment of debt 5 5 Interest expense, net 428 430 Other operating expense, net 13 15 Impairment charges 20 20 Depreciation and amortization 219 219 Share-based compensation 26 26 Restructuring and other costs 9 9 Adjusted EBITDA $ 560 $ 580 1 Guidance excludes movements in FX Reconciliation of Loss from Continuing Operations Guidance 1 to AFFO Guidance 1 Full Year of 2024 (in millions) Low High Loss from continuing operations $ (165) $ (150) Depreciation and amortization of real estate 189 189 Net gain on disposition of real estate (excludes condemnation proceeds) (2) (2) Impairment of real estate 19 19 Adjustment for unconsolidated affiliates and non-controlling interests (5) (5) FFO from continuing operations 36 51 Capital expenditures–maintenance (39) (42) Straight-line rent effect (8) (8) Depreciation and amortization of non-real estate 30 30 Loss on extinguishment of debt and debt modification expense 17 17 Amortization of deferred financing costs and discounts 12 12 Share-based compensation 26 26 Deferred taxes (15) (15) Restructuring and other costs 9 9 Foreign exchange transaction gain (4) (4) Other items 26 29 Adjusted Funds From Operations (AFFO) $ 90$ 105 1 Guidance excludes movements in FX. Conference Call The Company will host a conference call to discuss these results on October 31, 2024 at 8:30 a.m. Eastern Time. The conference call number is 866-424-3432 (U.S. callers) or +1 215-268-9862 (international callers). 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). A replay of the webcast will be available after the live conference call 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. 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; the benefits of the sales of our European businesses; the termination of the agreement to sell our business in Spain and the consequences thereof; expectations about certain markets; the conduct of, and expectations about, international business sales 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: continued economic uncertainty, an economic slowdown or a recession; 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; 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; our ability to obtain and renew key contracts with municipalities, transit authorities and private landlords; competition; regulations and consumer concerns regarding privacy, digital services, data protection and the use of artificial intelligence; 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, regulations and disclosure standards; the impact of the processes to sell our businesses comprising our Europe-North segment and our businesses in Latin America and any process to sell our business in Spain ; the impact of the recent dispositions or agreements to dispose of the businesses in our Europe-South segment, including the impact of the termination of the agreement to sell our business in Spain, as well as other strategic transactions or acquisitions; third-party claims of intellectual property infringement, misappropriation or other violation against us or our suppliers; risks of doing business in foreign countries; 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; 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; the effect of analyst or credit ratings downgrades; our dependence on our management team and other key individuals; continued scrutiny and changing expectations from investors, lenders, customers, government regulators, municipalities, activists and other stakeholders; and certain other factors set forth in our 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, 2023. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Clear Channel Outdoor (PRNewsfoto/Clear Channel Outdoor) Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/clear-channel-outdoor-holdings-inc-reports-results-for-the-third-quarter-of-2024-302292216.html SOURCE Clear Channel Outdoor Holdings, Inc. 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