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Clear Channel Outdoor Holdings, Inc. (CCO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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CCO Quarterly Reports

Clear Channel Outdoor Holdings, Inc.

CIK: 1334978 Ticker: CCO

Exhibit 99.1

 

LOGO

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. REPORTS

RESULTS FOR 2020 FIRST QUARTER

 

 

San Antonio, TX, May 6, 2020 – Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (“the Company”) today reported financial results for the quarter ended March 31, 2020.

“Like so many businesses across the world, we have found ourselves operating in an unprecedented environment, and our Q1 earnings were significantly impacted by the COVID-19 pandemic,” said William Eccleshare, Worldwide Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Whilst we can’t predict the full economic consequences of this global issue, our priority as a business remains the same as it always has been: to take care of our people and our customers and protect our business for the long-term.

“A robust strategy has been deployed across our markets to increase liquidity, preserve our financial flexibility and support the continuity of our platform and operations, including significant cost savings initiatives. We believe these decisive actions will help mitigate the impact of COVID-19, but we expect our Q2 revenues and Adjusted EBITDA will still be affected.

“A key pillar of our business strategy is to explore opportunistic transactions that help strengthen our balance sheet. Following a strategic review of our investment in China, in April we tendered our 51 percent stake in the Clear Media business to a consortium called Ever Harmonic for approximately $253 million, and expect to receive net proceeds of approximately $220 million. This significant cash injection is expected to further improve our liquidity position and increase our financial flexibility.

“We believe the Clear Media deal will show that in spite of current market conditions, the out-of-home sector and our distinct media offer remains powerful. Q1 saw another strong performance from our Americas segment, with top-line revenue growth of 8.5% and Segment Adjusted EBITDA up an exceptional 18.5%. Our continued investment in our digital strategy has unlocked growth in key cities across the world. Whilst brand communications strategies are being reshaped, in this time of critical need our media inventory has facilitated messages of support to hospitals, first responders, delivery professionals and food service workers and has been used by local governments to encourage people to stay at home.

“As we move forward, we’re confident that our focus and execution of our digital transformation plan will position us to continue to grow out-of-home’s share of total media spend and drive sustainable, profitable long-term value for our shareholders. I’d like to reiterate my thanks to our global workforce for their remarkable resilience, flexibility and teamwork. Their support is critical to ensure we emerge in the best possible position to help our clients and communities navigate the future.”

Financial Highlights:

Financial highlights for the first quarter of 2020, as compared to the same period of 2019:

Americas:

 

   

Revenue up 8.5% year-over-year to $295.8 million.

 

   

Segment Adjusted EBITDA1 up 18.5% year-over-year to $108.0 million.

Europe & Other:

 

   

Revenue down 18.9% year-over-year to $255.0 million.

 

   

Segment Adjusted EBITDA1 down $57.0 million year-over-year to $(29.3) million.

 

   

Revenue, excluding movements in foreign exchange rates (“FX”), down 16.1% year-over-year to $263.8 million.

 

   

Segment Adjusted EBITDA1, excluding movements in FX, down $57.8 million year-over-year to $(30.1) million.

 

1

See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for an explanation of this financial measure.


The following information was filed by Clear Channel Outdoor Holdings, Inc. (CCO) on Wednesday, May 6, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Deficit
Consolidated Statements Of Comprehensive Loss
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Held For Sale
Held For Sale (Details)
Held For Sale (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Benefit (Expense) (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill - Schedule Of Goodwill (Details)
Intangible Assets And Goodwill - Schedule Of Intangible Assets (Details)
Intangible Assets And Goodwill (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Letters Of Credit, Surety Bonds And Guarantees (Details)
Long-Term Debt - Schedule Of Long-Term Debt Outstanding (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Computation Of Loss Per Share (Details)
Other Information
Other Information - Narrative (Details)
Other Information - Schedule Of Restricted Cash (Details)
Other Information Other Information (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue
Revenue (Tables)
Revenue - Narrative (Details)
Revenue - Revenue By Segment And Geographical Area (Details)
Revenue - Schedule Of Contract Assets And Liabilities (Details)
Segment Data
Segment Data (Details)
Segment Data (Tables)

Material Contracts, Statements, Certifications & more

Clear Channel Outdoor Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CCO
CIK: 1334978
Form Type: 10-Q Quarterly Report
Accession Number: 0001334978-20-000007
Submitted to the SEC: Wed May 06 2020 6:19:09 AM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Advertising

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