Clear Channel Outdoor reports Q3 2023 revenue of $517 million, up 2.7%
Wednesday, November 8, 2023
SAN ANTONIO, Nov. 8, 2023 — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today reported financial results for the quarter ended September 30, 2023.
“We delivered third quarter consolidated revenue of $517 million, up 2.7%, excluding movements in foreign exchange rates, within our guidance after excluding our Europe-South segment, which is now reflected as discontinued operations in our financial statements,” said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Business trends are improving domestically, and we believe we’ll see better performance in the U.S. in the fourth quarter.
“Our Board of Directors and management team are focused on deleveraging over the near-to-medium term by continuing to execute on our operating plan to organically grow Adjusted EBITDA and improve free cash flow, including expanding categories of advertisers in out-of-home, optimizing our deployment of capital, and reducing corporate expenses, while methodically working to monetize our European assets and streamline our focus on our higher-margin markets.
“With the recently completed sale of our business in France, we have made significant progress on improving our portfolio this year, selling or agreeing to sell all of the businesses in our Europe-South segment. In addition, we have commenced a process to sell our Europe-North segment, and potential buyers are reviewing preliminary information. We have also initiated a strategic review of our businesses in Latin America.
“We believe these actions provide us the roadmap to achieve meaningfully lower leverage multiples over the next few years, which in turn should enable us to generate stronger free cash flow to support further deleveraging and unlock shareholder value.”
Financial Highlights:
Financial highlights for the third quarter of 2023 as compared to the same period of 2022, including financial highlights excluding movements in foreign exchange rates (“FX”)1:
|
(In millions) |
Three Months Ended |
% Change |
|
|
Revenue: |
|||
|
Consolidated Revenue2 |
$ 526.8 |
4.7 % |
|
|
Excluding movements in FX1,2 |
517.0 |
2.7 % |
|
|
America Revenue |
278.8 |
(1.9) % |
|
|
Airports Revenue |
75.6 |
21.2 % |
|
|
Europe-North Revenue |
149.4 |
10.2 % |
|
|
Excluding movements in FX1 |
141.6 |
4.5 % |
|
|
Net Loss: |
|||
|
Loss from Continuing Operations |
(51.1) |
171.7 % |
|
|
Adjusted EBITDA1: |
|||
|
Adjusted EBITDA1,2 |
139.2 |
0.9 % |
|
|
Excluding movements in FX1,2 |
137.3 |
(0.5) % |
|
|
America Segment Adjusted EBITDA3 |
121.3 |
(6.4) % |
|
|
Airports Segment Adjusted EBITDA3 |
15.5 |
3.1 % |
|
|
Europe-North Segment Adjusted EBITDA3 |
28.4 |
17.5 % |
|
|
Excluding movements in FX1 |
26.4 |
9.2 % |
|
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 “Dispositions and Discontinued Operations” section herein for more information. |
|
3 |
Segment Adjusted EBITDA is a GAAP financial measure. See “Supplemental Disclosures” section herein for more information. |
View the full press release here