Clear Channel Outdoor Holdings, Inc. Reports Results for the Second Quarter of 2024
SAN ANTONIO, Aug. 7, 2024 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today reported financial results for the quarter ended June 30, 2024.
“We delivered second quarter consolidated revenue of $559 million, an increase of 5.2%, or 5.4% excluding movements in foreign exchange rates, with growth in our America, Airports and Europe-North segments,” said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Our performance reflects healthy demand from advertisers across the majority of our markets, with notable strength in our Airports and Europe-North segments. We also benefited from solid execution across a range of ongoing initiatives aimed at broadening our revenue base.
“In our America segment, we believe advertisers are increasingly recognizing the value of our digital billboard platform, now reaching over 70% of U.S. adults monthly in our served markets, as well as our data analytics capabilities, which enable us to target particular audiences and effectively measure advertisers’ campaigns. Supporting our technology investments, we’re also continuing to strategically expand our sales team, primarily at the local level. These efforts have elevated our presence in key verticals and strengthened our ability to monetize our inventory, offsetting some of the industry-wide softness in the national business.
“Looking ahead, we have modestly increased our full year 2024 consolidated revenue, Adjusted EBITDA and AFFO guidance given the strength in Airports and Europe-North. We remain focused on delivering on our strategic roadmap, including enhancing profitability, focusing on our higher-margin U.S. assets, continuing the Europe-North and Latin American sales processes and strengthening our balance sheet.”
Financial Highlights:
Financial highlights for the second 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 | % Change | |
Revenue: | |||
Consolidated Revenue2 | $ 558.5 | 5.2 % | |
Excluding movements in FX1,2 | 559.6 | 5.4 % | |
America Revenue | 290.2 | 0.9 % | |
Airports Revenue | 86.2 | 21.4 % | |
Europe-North Revenue | 164.7 | 9.9 % | |
Excluding movements in FX1 | 165.1 | 10.1 % | |
Net Loss: | |||
Loss from Continuing Operations | (48.3) | 24.5 % | |
Adjusted EBITDA1: | |||
Adjusted EBITDA1,2 | 142.9 | (0.1) % | |
Excluding movements in FX1,2 | 142.9 | (0.1) % | |
America Segment Adjusted EBITDA3 | 127.0 | (2.0) % | |
Airports Segment Adjusted EBITDA3 | 19.1 | 16.8 % | |
Europe-North Segment Adjusted EBITDA3 | 32.6 | 24.5 % | |
Excluding movements in FX1 | 32.7 | 24.7 % |
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 third quarter of 2024 are as follows:
Third Quarter of 2024 | % change from prior year | ||||||
(in millions) | Low | High | Low | High | |||
Consolidated Revenue1,2 | $ 542 | $ 567 | 3 % | 8 % | |||
America | 287 | 297 | 3 % | 7 % | |||
Airports | 79 | 84 | 5 % | 11 % | |||
Europe-North1 | 157 | 167 | 5 % | 12 % | |||
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 May 9, 2024, as follows:
Full Year of 2024 | % change from prior year | ||||||
(in millions) | Low | High | Low | High | |||
Consolidated Revenue1,2 | $ 2,215 | $ 2,275 | 4 % | 7 % | |||
America | 1,135 | 1,165 | 3 % | 6 % | |||
Airports | 350 | 365 | 12 % | 17 % | |||
Europe-North1 | 653 | 668 | 5 % | 8 % | |||
Loss from Continuing Operations1 | (160) | (135) | 2 % | (14) % | |||
Adjusted EBITDA1,2,3 | 560 | 590 | 5 % | 10 % | |||
AFFO1,2,3 | 90 | 110 | 8 % | 33 % | |||
Capital Expenditures2 | 130 | 150 | (10) % | 4 % | |||
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.
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