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Clear Channel Outdoor Holdings, Inc. (CCO) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Clear Channel Outdoor Holdings, Inc.

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CIK: 1334978 Ticker: CCO

Exhibit 99.1

 

LOGO

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. REPORTS

RESULTS FOR 2018 FOURTH QUARTER AND FULL YEAR

 

 

San Antonio, TX, March 5, 2019 – Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial results for the fourth quarter and year ended December 31, 2018.

“Throughout 2018 favorable trends in the out-of-home sector, especially in the U.S., have combined with our strategic initiatives to deliver growth across our businesses,” said Bob Pittman, Executive Chairman and Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Our commitment to creating smarter out-of-home advertising solutions by expanding our innovative assets, providing data-backed insights and empowering our sales teams are generating superior results for our advertising partners. We believe these strategic investments will provide Clear Channel Outdoor’s experienced new Board of Directors and strong leadership team with the foundation for future growth and success when it becomes a standalone public company.”

“We are pleased to report consolidated revenue, operating income, and adjusted OIBDAN increased for the full year, including the fourth quarter,” said Rich Bressler, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc. “We believe the steps we have taken to strengthen Clear Channel Outdoor’s operations through the investments in our strategic initiatives and our financial discipline led to the strong results this year and the recent successful refinancing of the $2.2 billion of Senior Subordinated Notes.”

Key Financial Highlights

The Company’s key financial highlights for the fourth quarter of 2018 include:

 

  •  

Consolidated revenue increased 2.6%. Consolidated revenue increased 5.0% after adjusting for a $17.3 million impact from movements in foreign exchange rates.

 

  •  

Americas revenues increased $23.4 million, or 7.6%.

 

  •  

International revenues decreased $4.3 million, or 1.0%. Revenues increased $13.0 million, or 3.1%, after adjusting for a $17.3 million impact from movements in foreign exchange rates.

 

  •  

Operating income increased 20.4% to $116.5 million resulting from revenue growth in our Americas business.

 

  •  

OIBDAN decreased 0.5%. OIBDAN increased 1.4%, excluding the impact from movements in foreign exchange rates.

The Company’s key financial highlights for 2018 include:

 

•  

Consolidated revenue increased 5.1%. Consolidated revenue increased 4.5%, after adjusting for a $30.5 million impact from movements in foreign exchange rates and the $13.7 million impact of the sale of our business in Canada in the third quarter of 2017.

 

  •  

Americas outdoor revenues increased $28.3 million, or 2.4%. Revenues increased $42.0 million, or 3.7%, after adjusting for a $13.7 million impact from the sale of Canada in the third quarter of 2017.

 

  •  

International outdoor revenues increased $104.7 million, or 7.3%. Revenues increased $74.2 million, or 5.2%, after adjusting for a $30.5 million impact from movements in foreign exchange rates.

 

•  

Operating income increased 8.4% to $251.8 million.

 

1

The following information was filed by Clear Channel Outdoor Holdings, Inc. (CCO) on Tuesday, March 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Clear Channel Outdoor Holdings, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts - Allowance For Doubtful Accounts (Details)
Schedule Ii Valuation And Qualifying Accounts - Deferred Tax Asset Valuation Allowance (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Deficit
Consolidated Statements Of Changes In Stockholders' Deficit (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Asset Retirement Obligation
Asset Retirement Obligation (Details)
Asset Retirement Obligation (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Employee Stock And Savings Plans
Employee Stock And Savings Plans (Details)
Guarantor Subsidiaries
Guarantor Subsidiaries (Tables)
Guarantor Subsidiaries - Schedule Of Guarantor Obligations, Balance Sheet (Details)
Guarantor Subsidiaries - Schedule Of Guarantor Obligations, Cash Flow (Details)
Guarantor Subsidiaries - Schedule Of Guarantor Obligations, Income Statement (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Details)
Income Taxes - Reconciliation Of Income Tax Computed At The U.S. Federal Statutory Rates To Income Tax Benefit (Details)
Income Taxes - Schedule Of Income (Loss) Before Income Taxes (Details)
Income Taxes - Significant Components Of Deferred Tax Liabilities And Assets (Details)
Income Taxes - Significant Components Of The Provision For Income Tax Benefit (Expense) (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Narrative) (Details)
Long-Term Debt - Clear Channel International B.V. Senior Notes (Narrative) (Details)
Long-Term Debt - Other Debt (Narrative) (Details)
Long-Term Debt - Receivables Based Credit Facility Due 2023 (Narrative) (Details)
Long-Term Debt - Schedule Of Future Maturities Of Long-Term Debt (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Schedule Of Senior Notes (Details)
Long-Term Debt - Surety Bonds, Letters Of Credit And Guarantees (Narrative) (Detail)
Other Information
Other Information (Tables)
Other Information - Additional Information (Details)
Other Information - Components Of Accumulated Other Comprehensive Loss, Net Of Tax (Details)
Other Information - Components Of Other Assets (Details)
Other Information - Components Of Other Current Assets (Details)
Other Information - Components Of Other Income (Expense) (Details)
Other Information - Components Of Other Long-Term Liabilities (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill
Property, Plant And Equipment, Intangible Assets And Goodwill (Tables)
Property, Plant And Equipment, Intangible Assets And Goodwill - Annual Impairment Test To Billboard Permits (Narrative) (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill - Annual Impairment Test To Goodwill (Narrative) (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill - Indefinite-Lived Intangible Assets (Narrative) (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill - Other Intangible Assets (Narrative) (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill - Schedule Of Changes In Carrying Amount Of Goodwill (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill - Schedule Of Estimated Amortization Expense (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill - Schedule Of Gross Carrying Amount And Accumulated Amortization Of Other Intangible Assets (Details)
Property, Plant And Equipment, Intangible Assets And Goodwill - Schedule Of Property, Plant And Equipment (Details)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Details)
Quarterly Results Of Operations (Unaudited) (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenues
Revenues (Tables)
Revenues - Narrative (Details)
Revenues - Revenue By Segment And Geographic Region (Details)
Revenues - Revenue From Leases (Details)
Revenues - Schedule Of Contract Assets And Liabilities (Details)
Segment Data
Segment Data (Tables)
Segment Data - Narrative (Details)
Segment Data - Schedule Of Reportable Segment Results (Details)
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables)
Stockholders' Equity (Deficit) - Computation Of Earnings (Loss) Per Share (Details)
Stockholders' Equity (Deficit) - Restricted Stock Awards (Narrative) (Details)
Stockholders' Equity (Deficit) - Schedule Assumptions Used To Calculate Fair Value Of Options (Details)
Stockholders' Equity (Deficit) - Schedule Of Changes In Stockholders' Equity (Detail)
Stockholders' Equity (Deficit) - Share-Based Compensation Cost (Narrative) (Details)
Stockholders' Equity (Deficit) - Stock Options (Narrative) (Details)
Stockholders' Equity (Deficit) - Summary Of Restricted Stock And Restricted Stock Units Outstanding And Activity (Details)
Stockholders' Equity (Deficit) - Summary Of Stock Options Outstanding And Stock Option Activity (Details)
Stockholders' Equity (Deficit) - Summary Of Unvested Options And Changes (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Advertising Expense (Narrative) (Details)
Summary Of Significant Accounting Policies - Goodwill (Narrative) (Details)
Summary Of Significant Accounting Policies - Land Leases And Other Structure Leases (Narrative) (Details)
Summary Of Significant Accounting Policies - Nature Of Business (Narrative) (Details)
Summary Of Significant Accounting Policies - Other Investments (Narrative) (Details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment (Narrative) (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Narrative) (Details)
Summary Of Significant Accounting Policies - Schedule Of Barter And Trade Revenues And Expenses (Details)
Ticker: CCO
CIK: 1334978
Form Type: 10-K Annual Report
Accession Number: 0001334978-19-000005
Submitted to the SEC: Tue Mar 05 2019 11:07:11 AM EST
Accepted by the SEC: Tue Mar 05 2019
Period: Monday, December 31, 2018
Industry: Advertising

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