{"id":816553,"date":"2025-02-24T06:24:09","date_gmt":"2025-02-24T11:24:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/clear-channel-outdoor-holdings-inc-reports-results-for-the-fourth-quarter-and-full-year-of-2024\/"},"modified":"2025-02-24T06:24:09","modified_gmt":"2025-02-24T11:24:09","slug":"clear-channel-outdoor-holdings-inc-reports-results-for-the-fourth-quarter-and-full-year-of-2024","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/clear-channel-outdoor-holdings-inc-reports-results-for-the-fourth-quarter-and-full-year-of-2024\/","title":{"rendered":"Clear Channel Outdoor Holdings, Inc. Reports Results for the Fourth Quarter and Full Year of 2024"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n SAN ANTONIO<\/span>
\n <\/span>, Feb. 24, 2025<\/span><\/span> \/PRNewswire\/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today reported financial results for the quarter\u00a0and year ended December\u00a031, 2024.<\/p>\n

“With the announced agreement to sell our Europe-North segment as well as the sale of our businesses in Mexico<\/span>, Chile<\/span> and Peru<\/span>, we continue to execute on our plan to focus on our higher margin U.S. markets,” said Scott Wells<\/span>, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “We are following a path aimed at enhancing our ability to drive organic cash flow with the ultimate goal of reducing leverage on our balance sheet. These steps are good progress as we continue to reduce risk and create optionality through our U.S. focus.<\/p>\n

“During the fourth quarter, our America segment delivered record revenue of $310.7 million<\/span>, representing an increase of 4.1%, driven by strength in digital and local sales. Airports continued to perform well with fourth quarter revenue increasing 4.3% to $116.0 million<\/span>, a record against a robust performance in the prior year comparable period. On a consolidated basis, we delivered revenue of $426.7 million<\/span> during the fourth quarter, representing an increase of 2.6%, which reflects the loss of a contract in Singapore<\/span>. AFFO exceeded discretionary capex for both the quarter and the year, and we expect further expansion in 2025.<\/p>\n

“In the year ahead, our roadmap for growth remains centered on continuing to innovate and modernize our platform, including expanding our digital footprint, further leveraging our data and analytics capabilities and strategically growing our sales force. We believe these efforts are making our products easier to plan, buy and measure, elevating our place in the digital advertising ecosystem and expanding the overall pool of advertisers we can serve.”<\/p>\n

\n
\n Financial Highlights:<\/i>
\n <\/b>\n <\/p>\n

Financial highlights for the fourth quarter of 2024 as compared to the same period of 2023:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n (In millions)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Three Months Ended
December 31, 2024<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenue:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Consolidated Revenue1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 426.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n America Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 310.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Airports Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 116.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net Loss:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss from Continuing Operations2<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n (1.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Adjusted EBITDA3<\/sup><\/span>:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA1,3<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 144.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n America Segment Adjusted EBITDA4<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 137.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Airports Segment Adjusted EBITDA4<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 32.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n
\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n Financial highlights exclude results of discontinued operations. See “Supplemental Disclosures<\/u>” section herein for more information.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n

\n Percentage changes that are so large as to not be meaningful have been designated as “NM.”<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted EBITDA is a non-GAAP financial measure. See “Supplemental Disclosures<\/u>” section herein for more information.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 4<\/span>\n <\/p>\n<\/td>\n

\n

\n Segment Adjusted EBITDA is a GAAP financial measure. See “Supplemental Disclosures<\/u>” section herein for more information.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n
\n International Sales Processes:<\/i>
\n <\/b>\n <\/p>\n

On January 8, 2025<\/span>, we entered into a definitive agreement to sell the businesses in our Europe-North segment to Bauer Radio Limited, a subsidiary of Bauer Media Group, for a purchase price of $625 million<\/span>, subject to certain customary adjustments. The transaction is expected to close in 2025, upon satisfaction of regulatory approvals. We will use the anticipated net proceeds from the sale, after payment of transaction-related fees and expenses, to prepay in full the outstanding CCIBV term loans in the principal amount of $375 million<\/span>, plus any accrued interest. We expect to use the remaining net proceeds primarily to repay additional debt and\/or for other purposes permitted under the agreements governing the remainder of our indebtedness.<\/p>\n

On February 5, 2025<\/span>, we completed the sale of our businesses in Mexico<\/span>, Peru<\/span> and Chile<\/span> to Global Media US LLC in a simultaneous sign-and-close transaction. We received $20 million<\/span> in cash at closing and are eligible to receive an additional $1.25 million<\/span> earn-out, with the consideration subject to further customary adjustments. We intend to use the net proceeds from the sale to improve our liquidity position.<\/p>\n

The sales process for our remaining Latin American business in Brazil<\/span> is ongoing. While we cannot guarantee the completion of a transaction, we currently expect a sale to occur within the next year, subject to the satisfaction of regulatory approvals and other closing conditions, if applicable. We have also resumed the sales process and marketing efforts for our business in Spain<\/span>.<\/p>\n

As of December 31, 2024<\/span>, we have classified our Europe-North segment and Latin American businesses as discontinued operations. Our Europe-South segment, including the business in Spain<\/span>, was classified as discontinued operations in 2023. Unless otherwise noted, the discussion in this earnings release focuses on continuing operations and excludes discontinued operations.<\/p>\n

\n
\n Guidance:<\/i>
\n <\/b>\n <\/p>\n

Our expectations for the first quarter\u00a0and full year of 2025 are as follows:<\/p>\n

\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n First<\/b>
\n \u00a0Quarter of 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n % change from prior year<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (in millions)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Low<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n High<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Low<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n High<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated Revenue1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 329<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 344<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n America<\/span>\n <\/p>\n<\/td>\n

\n

\n 252<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 262<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Airports<\/span>\n <\/p>\n<\/td>\n

\n

\n 77<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 82<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n
\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n Excludes results of discontinued operations<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Full Year of 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n % change from prior year<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (in millions)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Low<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n High<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Low<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n High<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated Revenue1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,562<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,607<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n America<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,190<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,220<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Airports<\/span>\n <\/p>\n<\/td>\n

\n

\n 372<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 387<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss from Continuing Operations2<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n (105)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (95)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (23)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA1,3<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 490<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 505<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n AFFO1,2,3<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 73<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 83<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Capital Expenditures1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n
\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n Excludes results of discontinued operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n

\n Guidance for loss from continuing operations and AFFO excludes interest on the CCIBV Term Loan Facility. Due to uncertainty, the potential impact of reduced interest expense from any potential anticipated repayment of debt with the proceeds of the international sales processes is not reflected in this guidance.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3<\/span>\n <\/p>\n<\/td>\n

\n

\n This is a non-GAAP financial measure. See “Supplemental Disclosures<\/u>” section herein for more information.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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<\/u>” herein.<\/p>\n

\u00a0<\/p>\n

\n
\n Results:<\/i>
\n <\/b>\n <\/p>\n

\n Revenue:<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n
\n

\n
\n (In thousands)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Three Months Ended<\/span>\n <\/p>\n

\n December 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n

\n Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Year Ended<\/span>\n <\/p>\n

\n December 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n

\n Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2024<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2023<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2024<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2023<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Revenue:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n America<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 310,705<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 298,520<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 1,143,510<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 1,100,846<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Airports<\/span>\n <\/p>\n<\/td>\n

\n

\n 116,012<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 111,213<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 361,488<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 311,605<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other<\/span>\n <\/p>\n<\/td>\n

\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,281<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (100.0)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 232<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21,735<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (98.9)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Consolidated Revenue<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 426,719<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 416,014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2.6\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0 1,505,230<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0 1,434,186<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.0\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Revenue for the fourth quarter of 2024, as compared to the same period of 2023:<\/p>\n

\n
\n America<\/i>
\n <\/b>
\n
\n :<\/i>
\n <\/b>\u00a0Revenue up 4.1%:<\/p>\n