(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| |||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||
(Registrant's telephone number, including area code) |
Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | ||||||
Class | Outstanding at May 6, 2024 | ||||
- - - - - - - - - - - - - - - - - - - - - - - - - - | - - - - - - - - - - - - - - - - - - - - - - - - - - | ||||
Common Stock, $0.01 par value per share |
Page Number | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II—OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Page Number | |||||
Financial Statements: | |||||
Condensed Notes to Consolidated Financial Statements: | |||||
(In thousands, except share and per share data) | March 31, 2024 | December 31, 2023 | |||||||||
(Unaudited) | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Current assets of discontinued operations | |||||||||||
Total Current Assets | |||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||
Structures, net | |||||||||||
Other property, plant and equipment, net | |||||||||||
INTANGIBLE ASSETS AND GOODWILL | |||||||||||
Permits, net | |||||||||||
Other intangible assets, net | |||||||||||
Goodwill | |||||||||||
OTHER ASSETS | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Current operating lease liabilities | |||||||||||
Accrued interest | |||||||||||
Deferred revenue | |||||||||||
Current portion of long-term debt | |||||||||||
Current liabilities of discontinued operations | |||||||||||
Total Current Liabilities | |||||||||||
NON-CURRENT LIABILITIES | |||||||||||
Long-term debt | |||||||||||
Non-current operating lease liabilities | |||||||||||
Deferred tax liabilities, net | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingencies (Note 6) | |||||||||||
STOCKHOLDERS’ DEFICIT | |||||||||||
Noncontrolling interests | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock ( | ( | ( | |||||||||
Total Stockholders' Deficit | ( | ( | |||||||||
Total Liabilities and Stockholders' Deficit | $ | $ |
Three Months Ended | |||||||||||
(In thousands, except per share data) | March 31, | ||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | $ | |||||||||
Operating expenses: | |||||||||||
Direct operating expenses(1) | |||||||||||
Selling, general and administrative expenses(1) | |||||||||||
Corporate expenses(1) | |||||||||||
Depreciation and amortization | |||||||||||
Other operating expense, net | |||||||||||
Operating income (loss) | ( | ||||||||||
Interest expense, net | ( | ( | |||||||||
Loss on extinguishment of debt | ( | ||||||||||
Other income (expense), net | ( | ||||||||||
Loss from continuing operations before income taxes | ( | ( | |||||||||
Income tax benefit (expense) attributable to continuing operations | ( | ||||||||||
Loss from continuing operations | ( | ( | |||||||||
( | |||||||||||
Consolidated net loss | ( | ( | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | ( | ||||||||||
Net loss attributable to the Company | $ | ( | $ | ( | |||||||
Net income (loss) attributable to the Company per share of common stock — Basic and Diluted: | |||||||||||
Net loss from continuing operations attributable to the Company per share of common stock | $ | ( | $ | ( | |||||||
Net income (loss) from discontinued operations attributable to the Company per share of common stock | |||||||||||
Net loss attributable to the Company per share of common stock — Basic and Diluted(2) | $ | ( | $ | ( | |||||||
Three Months Ended | |||||||||||
(In thousands) | March 31, | ||||||||||
2024 | 2023 | ||||||||||
Net loss attributable to the Company | $ | ( | $ | ( | |||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||
Reclassification adjustment for realized gains from cumulative translation adjustments and pension related to sold businesses(1) | ( | ||||||||||
Other comprehensive loss | ( | ( | |||||||||
Comprehensive loss | ( | ( | |||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | ( | ||||||||||
Comprehensive loss attributable to the Company | $ | ( | $ | ( |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Controlling Interest | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | Common Shares Issued | Non-controlling Interests | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Release of stock awards and exercise of stock options | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Payments to noncontrolling interests, net | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Controlling Interest | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | Common Shares Issued | Non-controlling Interests | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Net loss | ( | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Release of stock awards and exercise of stock options | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Payments from noncontrolling interests, net | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||
Disposal of Swiss business | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( |
(In thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net loss | $ | ( | $ | ( | |||||||
Reconciling items: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash operating lease expense | |||||||||||
Loss on extinguishment of debt and debt modification expense | |||||||||||
Deferred taxes | |||||||||||
Share-based compensation | |||||||||||
Amortization of deferred financing charges and note discounts | |||||||||||
Credit loss (reversal) expense | ( | ||||||||||
Gain on disposition of business and/or operating assets, net | ( | ( | |||||||||
Foreign exchange transaction gain | ( | ( | |||||||||
Other reconciling items, net | |||||||||||
Changes in operating assets and liabilities, net of effects of disposition: | |||||||||||
Decrease in accounts receivable | |||||||||||
Increase in prepaid expenses and other operating assets | ( | ( | |||||||||
Decrease in accounts payable and accrued expenses | ( | ( | |||||||||
Decrease in operating lease liabilities | ( | ( | |||||||||
(Decrease) increase in accrued interest | ( | ||||||||||
Increase in deferred revenue | |||||||||||
(Decrease) increase in other operating liabilities | ( | ||||||||||
Net cash (used for) provided by operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Asset acquisitions | ( | ( | |||||||||
Net proceeds from disposition of business and/or assets | |||||||||||
Other investing activities, net | ( | ( | |||||||||
Net cash (used for) provided by investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Debt issuance and modification costs | ( | ||||||||||
Taxes paid related to net share settlement of equity awards | ( | ( | |||||||||
Payments (from) to noncontrolling interests, net | ( | ||||||||||
Net cash provided by (used for) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosures: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes, net of refunds | $ | $ | |||||||||
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Assets of discontinued operations: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
Current assets of discontinued operations | $ | $ | |||||||||
Liabilities of discontinued operations: | |||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Operating lease liabilities | |||||||||||
Deferred revenue | |||||||||||
Other liabilities | |||||||||||
Current liabilities of discontinued operations | $ | $ |
Three Months Ended | |||||||||||
(In thousands) | March 31, | ||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | $ | |||||||||
Expenses: | |||||||||||
Direct operating expenses(1) | |||||||||||
Selling, general and administrative expenses(1),(2) | |||||||||||
Depreciation and amortization | |||||||||||
Other expense, net | |||||||||||
Loss from discontinued operations before gain on disposal and income taxes | ( | ( | |||||||||
Gain on disposal(3) | |||||||||||
Income tax expense attributable to discontinued operations(3) | ( | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | ( | $ | ||||||||
Three Months Ended | |||||||||||
(In thousands) | March 31, | ||||||||||
2024 | 2023 | ||||||||||
Capital expenditures(1) | $ | $ |
(In thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Revenue | |||||||||||
America | $ | $ | |||||||||
Airports | |||||||||||
Europe-North | |||||||||||
Other | |||||||||||
Total | $ | $ | |||||||||
Capital Expenditures(1) | |||||||||||
America | $ | $ | |||||||||
Airports | |||||||||||
Europe-North | |||||||||||
Other | |||||||||||
Corporate | |||||||||||
Total | $ | $ | |||||||||
Segment Adjusted EBITDA | |||||||||||
America | $ | $ | |||||||||
Airports | |||||||||||
Europe-North | |||||||||||
Other | |||||||||||
Total | $ | $ | |||||||||
Reconciliation of Segment Adjusted EBITDA to Loss From Continuing Operations Before Income Taxes | |||||||||||
Segment Adjusted EBITDA | $ | $ | |||||||||
Less reconciling items: | |||||||||||
Corporate expenses(2) | |||||||||||
Depreciation and amortization | |||||||||||
Restructuring and other costs(3) | |||||||||||
Other operating expense, net | |||||||||||
Interest expense, net | |||||||||||
Loss on extinguishment of debt | |||||||||||
Other (income) expense, net | ( | ||||||||||
Loss from continuing operations before income taxes | $ | ( | $ | ( |
(In thousands) | Revenue from contracts with customers | Total revenue | |||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||
U.S.(1) | $ | $ | $ | ||||||||||||||
Europe(2) | |||||||||||||||||
Other(3) | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||
U.S.(1) | $ | $ | $ | ||||||||||||||
Europe(2) | |||||||||||||||||
Other(3) | |||||||||||||||||
Total | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Accounts receivable, net of allowance, from contracts with customers: | |||||||||||
Beginning balance | $ | $ | |||||||||
Ending balance | |||||||||||
Deferred revenue from contracts with customers: | |||||||||||
Beginning balance | $ | $ | |||||||||
Ending balance |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Term Loan Facility Due 2028(1) | $ | $ | |||||||||
Revolving Credit Facility Due 2026 | |||||||||||
Receivables-Based Credit Facility Due 2026 | |||||||||||
Clear Channel Outdoor Holdings | |||||||||||
Clear Channel Outdoor Holdings | |||||||||||
Clear Channel Outdoor Holdings | |||||||||||
Clear Channel Outdoor Holdings | |||||||||||
Clear Channel Outdoor Holdings | |||||||||||
Clear Channel International B.V. | |||||||||||
Clear Channel International B.V. Term Loan Facility Due 2027(2) | |||||||||||
Finance leases | |||||||||||
Original issue discount | ( | ( | |||||||||
Long-term debt fees | ( | ( | |||||||||
Total debt | |||||||||||
Less: Current portion | |||||||||||
Total long-term debt | $ | $ |
(In thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Current tax expense attributable to continuing operations | $ | ( | $ | ( | |||||||
Deferred tax benefit (expense) attributable to continuing operations | ( | ||||||||||
Income tax benefit (expense) attributable to continuing operations | $ | ( | $ |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Structures(1) | $ | $ | |||||||||
Furniture and other equipment | |||||||||||
Land, buildings and improvements | |||||||||||
Construction in progress | |||||||||||
Property, plant and equipment, gross | |||||||||||
Less: Accumulated depreciation | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Permits(1) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Transit, street furniture and other outdoor contractual rights | ( | ( | |||||||||||||||||||||
Permanent easements | |||||||||||||||||||||||
Trademarks | ( | ( | |||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | ( |
(In thousands) | America | Airports | Europe-North | Consolidated | |||||||||||||||||||
Balance as of December 31, 2023(1) | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency impact | ( | ( | |||||||||||||||||||||
Balance as of March 31, 2024 | $ | $ | $ | $ |
(In thousands, except per share data) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Numerators: | |||||||||||
Loss from continuing operations | $ | ( | $ | ( | |||||||
Less: Net income (loss) from continuing operations attributable to noncontrolling interests | ( | ||||||||||
Net loss from continuing operations attributable to the Company | ( | ( | |||||||||
( | |||||||||||
Less: Net income from discontinued operations attributable to noncontrolling interests | |||||||||||
Net income (loss) from discontinued operations attributable to the Company | ( | ||||||||||
Net loss attributable to the Company | $ | ( | $ | ( | |||||||
Denominators: | |||||||||||
Weighted average common shares outstanding – Basic | |||||||||||
Weighted average common shares outstanding – Diluted | |||||||||||
Net loss attributable to the Company per share of common stock — Basic: | |||||||||||
Net loss from continuing operations attributable to the Company per share of common stock | $ | ( | $ | ( | |||||||
Net income (loss) from discontinued operations attributable to the Company per share of common stock | |||||||||||
Net loss attributable to the Company per share of common stock — Basic(1) | $ | ( | $ | ( | |||||||
Net loss attributable to the Company per share of common stock — Diluted: | |||||||||||
Net loss from continuing operations attributable to the Company per share of common stock | $ | ( | $ | ( | |||||||
Net income (loss) from discontinued operations attributable to the Company per share of common stock | |||||||||||
Net loss attributable to the Company per share of common stock — Diluted(1) | $ | ( | $ | ( |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Cash and cash equivalents in the Balance Sheets | $ | $ | |||||||||
Cash and cash equivalents included in Current assets of discontinued operations | |||||||||||
Restricted cash included in: | |||||||||||
Other current assets | |||||||||||
Current assets of discontinued operations | |||||||||||
Other assets | |||||||||||
Total cash, cash equivalents and restricted cash in the Statements of Cash Flows | $ | $ |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Accounts receivable | $ | $ | |||||||||
Less: Allowance for credit losses | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Accrued rent | $ | $ | |||||||||
Accrued employee compensation and benefits | |||||||||||
Accrued taxes | |||||||||||
Accrued agency commissions and incentives | |||||||||||
Accrued other | |||||||||||
Total accrued expenses | $ | $ |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | $ | 481,752 | $ | 437,420 | 10.1% | ||||||||||||
Operating expenses: | |||||||||||||||||
Direct operating expenses(1) | 260,837 | 252,603 | 3.3% | ||||||||||||||
Selling, general and administrative expenses(1) | 92,668 | 89,895 | 3.1% | ||||||||||||||
Corporate expenses(1) | 40,126 | 36,180 | 10.9% | ||||||||||||||
Depreciation and amortization | 54,290 | 64,208 | (15.4)% | ||||||||||||||
Other operating expense, net | 1,439 | 3,920 | |||||||||||||||
Operating income (loss) | 32,392 | (9,386) | |||||||||||||||
Interest expense, net | (107,655) | (102,500) | |||||||||||||||
Loss on extinguishment of debt | (4,787) | — | |||||||||||||||
Other income (expense), net | (8,346) | 8,780 | |||||||||||||||
Loss from continuing operations before income taxes | (88,396) | (103,106) | |||||||||||||||
Income tax benefit (expense) attributable to continuing operations | (267) | 10,501 | |||||||||||||||
Loss from continuing operations | (88,663) | (92,605) | |||||||||||||||
Income (loss) from discontinued operations | (420) | 57,183 | |||||||||||||||
Consolidated net loss | (89,083) | (35,422) | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 584 | (510) | |||||||||||||||
Net loss attributable to the Company | $ | (89,667) | $ | (34,912) |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Digital revenue | $ | 211,796 | $ | 184,109 | 15.0% | ||||||||||||
Percent of total consolidated revenue | 44.0 | % | 42.1 | % | |||||||||||||
Digital revenue, excluding movements in foreign exchange rates | $ | 209,264 | $ | 184,109 | 13.7% |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Site lease expense | $ | 187,951 | $ | 184,360 | 1.9 | % | |||||||||||
Site lease expense, excluding movements in foreign exchange rates | 186,899 | 184,360 | 1.4 | % | |||||||||||||
Reductions of rent expense on lease and non-lease contracts from rent abatements | 4,824 | 7,273 | (33.7) | % | |||||||||||||
Restructuring and other costs | 634 | 193 | 228.5 | % |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Restructuring and other costs | $ | 190 | $ | 55 | 245.5 | % |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Share-based compensation expense(1) | $ | 5,277 | $ | 4,031 | 30.9 | % | |||||||||||
Restructuring and other costs (reversals)(2) | 2,484 | (55) | NM |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | $ | 249,777 | $ | 236,049 | 5.8% | ||||||||||||
Direct operating expenses(1) | 105,382 | 104,817 | 0.5% | ||||||||||||||
SG&A expenses(1) | 49,302 | 49,881 | (1.2)% | ||||||||||||||
Segment Adjusted EBITDA | 95,464 | 81,365 | 17.3% | ||||||||||||||
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Digital revenue | $ | 84,219 | $ | 78,018 | 7.9% | ||||||||||||
Percent of total segment revenue | 33.7 | % | 33.1 | % |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Site lease expense | $ | 82,848 | $ | 83,030 | (0.2)% | ||||||||||||
Reductions of rent expense on lease and non-lease contracts from rent abatements | 15 | 1,204 | (98.8)% |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | $ | 76,926 | $ | 53,789 | 43.0% | ||||||||||||
Direct operating expenses(1) | 49,067 | 39,651 | 23.7% | ||||||||||||||
SG&A expenses(1) | 8,873 | 7,874 | 12.7% | ||||||||||||||
Segment Adjusted EBITDA | 19,082 | 6,264 | 204.6% | ||||||||||||||
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Digital revenue | $ | 42,610 | $ | 29,578 | 44.1% | ||||||||||||
Percent of total segment revenue | 55.4 | % | 55.0 | % |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Site lease expense | $ | 44,013 | $ | 36,250 | 21.4% | ||||||||||||
Reductions of rent expense on lease and non-lease contracts from rent abatements | 4,799 | 5,507 | (12.9)% |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | $ | 139,393 | $ | 128,503 | 8.5% | ||||||||||||
Direct operating expenses(1) | 96,386 | 96,032 | 0.4% | ||||||||||||||
SG&A expenses(1) | 27,878 | 25,533 | 9.2% | ||||||||||||||
Segment Adjusted EBITDA | 14,325 | 7,172 | 99.7% | ||||||||||||||
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Digital revenue | $ | 73,497 | $ | 65,317 | 12.5% | ||||||||||||
Percent of total segment revenue | 52.7 | % | 50.8 | % | |||||||||||||
Digital revenue, excluding movements in foreign exchange rates | $ | 71,286 | $ | 65,317 | 9.1% |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Site lease expense | $ | 54,399 | $ | 56,734 | (4.1)% | ||||||||||||
Site lease expense, excluding movements in foreign exchange rates | 53,439 | 56,734 | (5.8)% | ||||||||||||||
Reductions of rent expense on lease and non-lease contracts from rent abatements | — | 479 | (100.0)% |
(In thousands) | Three Months Ended March 31, | % | |||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | $ | 15,656 | $ | 19,079 | (17.9)% | ||||||||||||
Direct operating expenses(1) | 10,002 | 12,103 | (17.4)% | ||||||||||||||
SG&A expenses(1) | 6,615 | 6,607 | 0.1% | ||||||||||||||
Segment Adjusted EBITDA | 200 | 369 | (45.8)% | ||||||||||||||
(In thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
America | $ | 8,823 | $ | 16,808 | |||||||
Airports | 1,639 | 4,751 | |||||||||
Europe-North | 9,360 | 7,066 | |||||||||
Other | 1,358 | 1,921 | |||||||||
Corporate | 2,855 | 2,830 | |||||||||
Capital expenditures for continuing operations | 24,035 | 33,376 | |||||||||
Capital expenditures for discontinued operations(1) | 2,169 | 5,051 | |||||||||
Total capital expenditures(2),(3) | $ | 26,204 | $ | 38,427 |
(in millions) | Revolving Credit Facility | Receivables-Based Credit Facility | Total Credit Facilities(3) | ||||||||||||||
Borrowing limit(1) | $ | 150.0 | $ | 138.1 | $ | 288.1 | |||||||||||
Borrowings outstanding | — | — | — | ||||||||||||||
Letters of credit outstanding(2) | 43.2 | 48.9 | 92.0 | ||||||||||||||
Excess availability(3) | $ | 106.8 | $ | 89.2 | $ | 196.1 |
(In millions) | March 31, 2024 | ||||
Term Loan Facility | $ | 425.0 | |||
Revolving Credit Facility | — | ||||
Receivables-Based Credit Facility | — | ||||
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 | 1,250.0 | ||||
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028 | 750.0 | ||||
Clear Channel Outdoor Holdings 7.875% Senior Secured Notes Due 2030 | 865.0 | ||||
Finance leases | 4.1 | ||||
Less: Cash and cash equivalents | (193.2) | ||||
First lien debt(1) | $ | 3,100.9 |
Four Quarters Ended | |||||
(In millions) | March 31, 2024 | ||||
EBITDA (as defined by the Senior Secured Credit Agreement) | $ | 576.5 | |||
Depreciation and amortization, impairment charges and share-based compensation | (253.5) | ||||
Unusual or nonrecurring gain, loss, charge or expense and any charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance expense or one-time compensation charges(1) | (26.1) | ||||
Other items(2) | (18.3) | ||||
Operating income from continuing operations(3) | 278.7 | ||||
Interest expense, net; loss on extinguishment of debt, net; other expense, net; and income tax benefit attributable to continuing operations | (431.8) | ||||
Loss from discontinued operations | (209.3) | ||||
Adjustments to reconcile consolidated net loss to net cash used for operating activities: | |||||
Reconciling items for non-cash and non-operating activity(4) | 735.8 | ||||
Changes in operating assets and liabilities | (387.8) | ||||
Net cash used for operating activities(3) | $ | (14.5) |
Period | Total number of shares purchased(1) | Average price paid per share(1) | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | |||||||||||||||||||
January 1 through January 31 | 40,862 | $ | 1.66 | — | — | ||||||||||||||||||
February 1 through February 29 | — | — | — | ||||||||||||||||||||
March 1 through March 31 | — | — | — | ||||||||||||||||||||
Total | 40,862 | $ | 1.66 | — | — |
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. | ||||||||
May 9, 2024 | /s/ JASON A. DILGER | |||||||
Jason A. Dilger | ||||||||
Chief Accounting Officer |
/s/ Scott R. Wells | ||
Scott R. Wells | ||
Chief Executive Officer |
/s/ David Sailer | ||
David Sailer | ||
Chief Financial Officer |
By: | /s/ Scott R. Wells | ||||
Name: | Scott R. Wells | ||||
Title: | Chief Executive Officer |
By: | /s/ David Sailer | ||||
Name: | David Sailer | ||||
Title: | Chief Financial Officer |
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 2,350,000,000 | 2,350,000,000 |
Common stock issued (in shares) | 494,764,888 | 494,061,048 |
Treasury stock (in shares) | 11,044,759 | 11,003,897 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Statement of Comprehensive Income [Abstract] | ||||
Net loss attributable to the Company | $ (89,667) | $ (34,912) | ||
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (11,796) | (3,680) | ||
Reclassification adjustment for realized gains from cumulative translation adjustments and pension related to sales of businesses | [1] | 0 | (32,862) | |
Other comprehensive loss | (11,796) | (36,542) | ||
Comprehensive loss | (101,463) | (71,454) | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (5) | 2 | ||
Comprehensive loss attributable to the Company | $ (101,458) | $ (71,456) | ||
|
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) $ in Thousands |
Total |
Common Stock |
Non-controlling Interests |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Treasury Stock |
|||
---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2022 | 483,639,206 | |||||||||
Beginning balance at Dec. 31, 2022 | $ (3,262,806) | $ 4,836 | $ 12,864 | $ 3,543,424 | $ (6,469,953) | $ (335,189) | $ (18,788) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (35,422) | (510) | (34,912) | |||||||
Release of stock awards and exercise of stock options (in shares) | 7,686,695 | |||||||||
Release of stock awards and exercise of stock options | (3,307) | $ 77 | (77) | (3,307) | ||||||
Share-based compensation | 4,124 | 4,124 | ||||||||
Payments to noncontrolling interests, net | 96 | 96 | ||||||||
Foreign currency translation adjustments | (3,680) | 2 | (3,682) | |||||||
Disposition of businesses | (32,862) | [1] | (32,862) | |||||||
Ending balance (in shares) at Mar. 31, 2023 | 491,325,901 | |||||||||
Ending balance at Mar. 31, 2023 | $ (3,333,857) | $ 4,913 | 12,452 | 3,547,471 | (6,504,865) | (371,733) | (22,095) | |||
Beginning balance (in shares) at Dec. 31, 2023 | 494,061,048 | 494,061,048 | ||||||||
Beginning balance at Dec. 31, 2023 | $ (3,450,743) | $ 4,941 | 12,298 | 3,563,807 | (6,780,875) | (227,344) | (23,570) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (89,083) | 584 | (89,667) | |||||||
Release of stock awards and exercise of stock options (in shares) | 703,840 | |||||||||
Release of stock awards and exercise of stock options | (68) | $ 7 | (7) | (68) | ||||||
Share-based compensation | 5,299 | 5,299 | ||||||||
Payments to noncontrolling interests, net | (101) | (101) | ||||||||
Foreign currency translation adjustments | (11,796) | (5) | (11,791) | |||||||
Disposition of businesses | [1] | $ 0 | ||||||||
Ending balance (in shares) at Mar. 31, 2024 | 494,764,888 | 494,764,888 | ||||||||
Ending balance at Mar. 31, 2024 | $ (3,546,492) | $ 4,948 | $ 12,776 | $ 3,569,099 | $ (6,870,542) | $ (239,135) | $ (23,638) | |||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash flows from operating activities: | ||
Consolidated net loss | $ (89,083) | $ (35,422) |
Reconciling items: | ||
Depreciation and amortization | 54,290 | 72,963 |
Non-cash operating lease expense | 66,222 | 85,152 |
Loss on extinguishment of debt and debt modification expense | 16,610 | 0 |
Deferred taxes | 66 | 5,412 |
Share-based compensation | 5,299 | 4,124 |
Amortization of deferred financing charges and note discounts | 2,902 | 2,887 |
Credit loss (reversal) expense | (1,074) | 2,729 |
Gain on disposition of business and/or operating assets, net | (4,905) | (96,749) |
Foreign exchange transaction gain | (3,793) | (9,137) |
Other reconciling items, net | 5 | 278 |
Changes in operating assets and liabilities, net of effects of disposition: | ||
Decrease in accounts receivable | 90,210 | 110,532 |
Increase in prepaid expenses and other operating assets | (3,621) | (31,266) |
Decrease in accounts payable and accrued expenses | (74,916) | (63,904) |
Decrease in operating lease liabilities | (79,134) | (93,357) |
(Decrease) increase in accrued interest | (19,383) | 29,711 |
Increase in deferred revenue | 9,271 | 23,599 |
(Decrease) increase in other operating liabilities | (3,784) | 3,356 |
Net cash (used for) provided by operating activities | (34,818) | 10,908 |
Cash flows from investing activities: | ||
Capital expenditures | (26,204) | (38,427) |
Asset acquisitions | (8,637) | (5,675) |
Net proceeds from disposition of business and/or assets | 7,658 | 93,523 |
Other investing activities, net | (148) | (320) |
Net cash (used for) provided by investing activities | (27,331) | 49,101 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 1,657,000 | 0 |
Payments on long-term debt | (1,635,164) | (5,501) |
Debt issuance and modification costs | (16,388) | 0 |
Taxes paid related to net share settlement of equity awards | (68) | (3,307) |
Payments to noncontrolling interests, net | (101) | |
Proceeds from noncontrolling interests, net | 96 | |
Net cash provided by (used for) financing activities | 5,279 | (8,712) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (760) | 1,079 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (57,630) | 52,376 |
Cash, cash equivalents and restricted cash at beginning of period | 260,541 | 298,682 |
Cash, cash equivalents and restricted cash at end of period | 202,911 | 351,058 |
Supplemental disclosures: | ||
Cash paid for interest | 127,140 | 72,320 |
Cash paid for income taxes, net of refunds | $ 6,075 | $ 2,122 |
BASIS OF PRESENTATION |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation These consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Preparation of Interim Financial Statements The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 26, 2024. Use of Estimates The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Discontinued Operations As described in the Company’s 2023 Annual Report on Form 10-K, during the third quarter of 2023, the Company’s plan to sell the businesses comprising its Europe-South segment met the criteria to be reported as discontinued operations. In accordance with GAAP, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets, and results of discontinued operations are reported as a separate component of Consolidated net loss in the Consolidated Statements of Loss, for all periods presented, resulting in changes to the presentation of certain prior period amounts. Cash flows from discontinued operations are not reported separately in the Consolidated Statements of Cash Flows. Refer to Note 2 for additional discussion of discontinued operations. All other notes to these consolidated financial statements present the results of continuing operations and exclude amounts related to discontinued operations for all periods presented.
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DISPOSITIONS AND DISCONTINUED OPERATIONS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISPOSITIONS AND DISCONTINUED OPERATIONS | DISPOSITIONS AND DISCONTINUED OPERATIONS On March 31, 2023, the Company sold its former business in Switzerland for cash proceeds of $84.9 million (net of direct costs to transact the sale and cash sold), reflected within “Net proceeds from disposition of business and/or assets” in the investing activities of the Consolidated Statement of Cash Flows, and recognized a gain on sale of $96.4 million, included within “ ” on the Consolidated Statement of Loss. Subsequently, in May 2023, the Company entered into an agreement to sell its business in Spain and, in May 2023 and October 2023, respectively, sold its former businesses in Italy and France. The Company’s businesses in these countries, together with its former business in Switzerland, comprised the Company’s entire Europe-South segment. The Company concluded that, in aggregate, the sales of these businesses met the criteria for discontinued operations presentation in the third quarter of 2023. As a result, each of these businesses has been reclassified to discontinued operations in these financial statements for all periods presented. Assets and Liabilities of Discontinued Operations As previously described, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for all periods presented. At March 31, 2024 and December 31, 2023, these balances consisted of assets and liabilities of the Company’s business in Spain, which are all classified as current as the sale of this business is expected to close in 2024, upon receipt of regulatory approval and satisfaction of other customary closing conditions. The following table presents a reconciliation of the carrying amounts of the major classes of these assets and liabilities to the current assets and liabilities of discontinued operations as presented on the Company’s Consolidated Balance Sheets:
Letters of Credit, Surety Bonds and Guarantees A portion of the Company’s letters of credit and guarantees outstanding at March 31, 2024 related to discontinued operations, as follows: •Related to the former business in France, the Company has a $20.2 million letter of credit. In connection with the sale of this business, and pursuant to the related share purchase agreement, the Company’s former French business and/or the buyer will either replace, or procure a counter-guarantee of, the Company’s payment obligation under the letter of credit. Additionally, the Company retains an indemnity of $15.7 million related to a surety bond held by the former business in France. The Company has been indemnified by the former French business for this amount and will be released from any remaining obligation by March 2025. •Related to the business in Spain, the Company had a $6.5 million of letter of credit and $8.5 million of bank guarantees outstanding at March 31, 2024, a portion of which was supported by $0.7 million of cash collateral. These will remain obligations of the Company until the sale of this business closes or, if sooner, their expiration date. Loss from Discontinued Operations Discontinued operations for the three months ended March 31, 2024 consists of results from the Company’s business in Spain, whereas discontinued operations for the three months ended March 31, 2023 consists of results from the Company’s business in Spain and former businesses in Switzerland, Italy and France. The following table provides details about the major classes of line items constituting “ ” as presented on the Company’s Consolidated Statements of Loss:
(1)Excludes depreciation and amortization (2)Certain costs that were historically allocated to the Company’s Europe-South segment and reported within selling, general and administrative expenses on the Consolidated Statement of Loss have been deemed to be costs of continuing operations and are now reported within corporate expenses on the Consolidated Statement of Loss. As such, $1.9 million of such costs for the three months ended March 31, 2023 have been reclassified to conform to the current period presentation. (3)The gain on disposal and most of the income tax expense attributable to discontinued operations for the three months ended March 31, 2023 was driven by the sale of the Company’s former business in Switzerland. Capital Expenditures of Discontinued Operations The following table presents the capital expenditures for discontinued operations for the three months ended March 31, 2024 and 2023:
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $1.0 million and $5.6 million of accrued capital expenditures related to discontinued operations that remained unpaid as of March 31, 2024 and 2023, respectively.
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SEGMENT DATA |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA | SEGMENT DATA The Company has four reportable segments, which it believes best reflect how the Company is currently managed: America, Airports, Europe-North and Europe-South. The Company's remaining operations in Latin America and Singapore are disclosed as “Other.” As described in Note 2, the Company’s Europe-South segment met the criteria to be reported as discontinued operations during the third quarter of 2023. As such, results of this segment are excluded from the table below, which only reflects continuing operations, for all periods presented. Segment Adjusted EBITDA is the profitability metric reported to the Company’s chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs, which are defined as costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs. Segment information for total assets is not presented as this information is not used by the Company’s CODM in measuring segment performance or allocating resources between segments. The following table presents the Company’s reportable segment results for continuing operations for the three months ended March 31, 2024 and 2023:
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $9.4 million and $12.4 million of accrued capital expenditures related to continuing operations that remained unpaid as of March 31, 2024 and 2023, respectively. (2)Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including legal liabilities and related estimates), finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (3)The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item.
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REVENUE |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE | REVENUE The Company generates revenue primarily from the sale of advertising on printed and digital out-of-home advertising displays. Certain of these revenue transactions are considered leases for accounting purposes as the contracts convey to customers the right to control the use of the Company’s advertising displays for a period of time. The Company accounts for revenue from leases in accordance with Accounting Standards Codification (“ASC”) Topic 842, while the Company’s remaining revenue transactions are accounted for as revenue from contracts with customers in accordance with ASC Topic 606. Disaggregation of Revenue The following table shows revenue from contracts with customers, revenue from leases and total revenue from continuing operations, disaggregated by geography, for the three months ended March 31, 2024 and 2023:
(1)U.S. revenue, which also includes an immaterial amount of revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments. (2)Europe revenue is comprised of revenue from the Company’s Europe-North segment. (3)Other includes the Company’s businesses in Latin America and Singapore. Revenue from Contracts with Customers The following table shows the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers:
During the three months ended March 31, 2024 and 2023, respectively, the Company recognized $17.9 million and $19.5 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective years. The Company’s contracts with customers generally have terms of one year or less. As of March 31, 2024, the Company expected to recognize $103.6 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of greater than one year, with the majority of this amount to be recognized over the next five years.
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LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of March 31, 2024 and December 31, 2023 consisted of the following:
(1)On March 18, 2024, the Company issued $865.0 million aggregate principal amount of 7.875% Senior Secured Notes Due 2030 (the “CCOH 7.875% Senior Secured Notes”) and used a portion of the proceeds therefrom to prepay $835.0 million of borrowings outstanding under the Term Loan Facility. At the same time, the Company amended its Senior Secured Credit Agreement to, among other things, refinance the $425.0 million remaining principal balance on the Term Loan Facility and to extend its maturity date from 2026 to 2028, subject to certain conditions. The new refinanced term loans were issued at a 1% discount, and the Company used the proceeds therefrom, along with the remaining proceeds from the CCOH 7.875% Senior Secured Notes issuance and cash on hand, to pay off the original term loans, $14.9 million of accrued interest on the prepaid and refinanced Term Loan principal, and $12.5 million of fees and expenses related to these transactions. At March 31, 2024, the Company accrued an additional $2.7 million of unpaid fees and expenses related to these transactions. (2)On March 22, 2024, the Company’s indirect wholly-owned subsidiary, Clear Channel International B.V. (“CCIBV”), entered into a credit agreement comprising two tranches of term loans (the “CCIBV Term Loan Facility”) totaling an aggregate principal amount of $375.0 million, which was issued at a 1% discount. The Company used the proceeds therefrom, along with cash on hand, to redeem all of the outstanding $375.0 million aggregate principal amount of 6.625% Senior Secured Notes Due 2025 (the “CCIBV Senior Secured Notes”) and to pay $11.8 million of accrued interest related thereto and $3.9 million of related transaction fees and expenses. At March 31, 2024, the Company accrued an additional $1.9 million of unpaid fees and expenses related to this transaction. As a result of this redemption, CCIBV and the guarantors of the CCIBV Senior Secured Notes have been released from their remaining obligations under the indenture governing such notes, and such indenture has ceased to be of further effect. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.4 billion and $5.3 billion as of March 31, 2024 and December 31, 2023, respectively. Under the fair value hierarchy established by ASC Section 820-10-35, the inputs used to determine the market value of the Company’s debt are classified as Level 1. As of March 31, 2024, the Company was in compliance with all covenants contained in its debt agreements. Amendment to Senior Secured Credit Facilities On March 18, 2024, the Senior Secured Credit Agreement, which governs the Company’s Term Loan Facility and Revolving Credit Facility, was amended to, among other things: extend the maturity date of the Term Loan Facility to August 23, 2028, subject to certain conditions; increase the Applicable Rate (as defined therein) for the Term Loan Facility by 50 basis points; and provide for a prepayment penalty in certain circumstances. These amendments are reflected in the information below. Maturity The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans. In August 2023, the Company made a prepayment that satisfied the remaining quarterly payment obligations, and the remaining balance is payable on August 23, 2028, subject to certain conditions. Prepayments The Senior Secured Credit Agreement, as amended, provides for a prepayment penalty of 1.00% for certain prepayments of or amendments to the Term Loan Facility effected on or prior to September 18, 2024. Thereafter, the Company may voluntarily repay outstanding term loans under the Senior Secured Credit Facilities without penalty. CCOH 7.875% Senior Secured Notes Due 2030 On March 18, 2024, the Company completed the sale of $865.0 million in aggregate principal amount of the CCOH 7.875% Senior Secured Notes. The CCOH 7.875% Senior Secured Notes were issued pursuant to an indenture, dated as of March 18, 2024 (the “CCOH 7.875% Senior Secured Notes Indenture”), among the Company, the subsidiaries of the Company acting as guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee and as collateral agent. The CCOH 7.875% Senior Secured Notes mature on April 1, 2030 and bear interest at a rate of 7.875% per annum. Interest on the CCOH 7.875% Senior Secured Notes is payable to the holders thereof semi-annually on April 1 and October 1 of each year, beginning on October 1, 2024. Guarantees and Security The CCOH 7.875% Senior Secured Notes are guaranteed fully and unconditionally on a senior secured basis by certain of the Company’s wholly-owned existing and future domestic subsidiaries. The CCOH 7.875% Senior Secured Notes and the guarantees thereof are secured on a first-priority basis by security interests in all of the Company’s and the guarantors’ assets securing the Senior Secured Credit Facilities, subject to certain exceptions, on a pari passu basis with the liens on such assets (other than the assets securing the Company’s Receivables-Based Credit Facility), and on a second-priority basis by security interests in all of the Company’s and the guarantors’ assets securing the Company’s Receivables-Based Credit Facility on a first-priority basis, in each case, other than any excluded assets and subject to intercreditor agreements. The CCOH 7.875% Senior Secured Notes and the guarantees are general senior secured obligations of the Company and the guarantors thereof and rank pari passu in right of payment with the Company’s and the guarantors’ existing and future senior indebtedness. Redemptions The Company may redeem all or a portion of the CCOH 7.875% Senior Secured Notes at the redemption prices set forth in the CCOH 7.875% Senior Secured Notes Indenture. Certain Covenants The CCOH 7.875% Senior Secured Notes Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to, among other things: incur or guarantee additional debt or issue certain preferred stock; redeem, purchase or retire subordinated debt; make certain investments; create restrictions on the payment of dividends or other amounts from the Company’s restricted subsidiaries that are not guarantors of the debt; enter into certain transactions with affiliates; merge or consolidate with another person or sell or otherwise dispose of all or substantially all of the Company’s assets; sell certain assets, including capital stock of the Company’s subsidiaries; designate the Company’s subsidiaries as unrestricted subsidiaries; pay dividends, redeem or repurchase capital stock or make other restricted payments; and incur certain liens. CCIBV Term Loan Facility Due 2027 On March 22, 2024 (the “Closing Date”), CCIBV entered into a credit agreement (the “CCIBV Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and J.P. Morgan SE, as lead arranger and bookrunner. The CCIBV Credit Agreement governs the CCIBV Term Loan Facility and the term loans incurred thereunder. Size and Availability The CCIBV Term Loan Facility is comprised of two tranches of term loans totaling an aggregate principal amount of $375.0 million: (1) a “fixed rate” tranche of term loans in an aggregate principal amount of $300.0 million (the “Fixed Rate Term Loan Tranche”); and (2) a “floating rate” tranche of term loans in an aggregate principal amount of $75.0 million (the “Floating Rate Term Loan Tranche”). Interest Rate The CCIBV Term Loan Facility bears interest: (1) at a fixed rate of 7.5% per annum, payable semi-annually in arrears on April 1 and October 1 of each year for the Fixed Rate Term Loan Tranche and (2) at a floating rate equal to the benchmark rate “Term SOFR” plus 2.25% per annum (subject to a floor rate of 5.25% per annum), payable at one-, three- or six- month intervals, effective April 1, 2024 for the Floating Rate Term Loan Tranche. Amortization and Maturity The CCIBV Term Loan Facility matures on April 1, 2027 and has no scheduled amortization payments prior to this date. Prepayments The CCIBV Credit Agreement requires CCIBV to make certain mandatory prepayments, subject to certain requirements and exceptions, and permits CCIBV to make voluntary prepayments at its discretion. The Fixed Rate Term Loan Tranche and the Floating Rate Term Loan Tranche will participate in any voluntary or mandatory repayments or prepayments on a pro rata basis. Guarantees and Security The CCIBV Term Loan Facility will be guaranteed by certain of CCIBV’s existing and future subsidiaries no later than 120 days from the Closing Date, subject to extension as permitted in accordance with the CCIBV Credit Agreement. The Company will not guarantee or otherwise assume any liability under the CCIBV Term Loan Facility. The CCIBV Term Loan Facility and certain of the guarantees (the “Secured Guarantees”) will be secured, no later than 120 days from the Closing Date, subject to extension as permitted in accordance with the CCIBV Credit Agreement, by security interests in, and pledges over, certain assets and property (including, without limitation, capital stock, material bank accounts and intercompany receivables) of or in CCIBV and its guarantors (the “Security Interests”), in each case subject to certain agreed security principles, permitted liens and other customary exceptions and qualifications. The CCIBV Term Loan Facility is a senior secured obligation that ranks, in right of payment, pari passu to all unsubordinated indebtedness of CCIBV and senior to all subordinated indebtedness of CCIBV and ranks, in right of security, senior to all unsecured and junior lien indebtedness of CCIBV to the extent of the value of the assets that constitute collateral after giving effect to the Security Interests and the Secured Guarantees. The guarantees that are not Secured Guarantees are unsecured senior obligations that rank, in right of payment, pari passu to all unsubordinated indebtedness of the guarantors and senior to all subordinated indebtedness of the guarantors and rank, in right of security, junior to all secured indebtedness of the guarantors to the extent of the value of the assets securing such indebtedness and pari passu to all unsecured indebtedness of the guarantors. Certain Covenants The CCIBV Credit Agreement contains covenants that limit CCIBV’s ability and the ability of its restricted subsidiaries to, among other things (but subject to certain exceptions): pay dividends, redeem stock or make other distributions or investments; incur additional debt or issue certain preferred stock; transfer or sell assets; create liens on assets; engage in certain transactions with affiliates; create restrictions on dividends or other payments by the restricted subsidiaries; and merge, consolidate or effect other fundamental changes CCIBV’s assets. Letters of Credit, Surety Bonds and Guarantees The Company has letters of credit, surety bonds and bank guarantees related to various operational matters, including insurance, bid, concession and performance bonds, as well as other items. As of March 31, 2024, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $106.8 million of remaining excess availability, and $48.9 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $89.2 million of excess availability. Additionally, as of March 31, 2024, the Company had $41.5 million and $25.1 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $4.8 million of cash collateral. A portion of these letters of credit and guarantees at March 31, 2024 related to discontinued operations that were sold or held for sale as of this date. Please refer to Note 2 for additional information.
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COMMITMENTS AND CONTINGENCIES |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes, employment and benefits related claims, land use and zoning disputes, governmental fines, intellectual property claims, personal injury claims and tax disputes.
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INCOME TAXES |
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INCOME TAXES | INCOME TAXES Income Tax Benefit (Expense) Attributable to Continuing Operations The Company’s income tax benefit (expense) attributable to continuing operations for the three months ended March 31, 2024 and 2023 consisted of the following components:
The effective tax rates for continuing operations for the three months ended March 31, 2024 and 2023 were (0.3)% and 10.2%, respectively. These rates were primarily impacted by the valuation allowance recorded against current period deferred tax assets resulting from losses and interest expense carryforwards in the U.S. and certain foreign jurisdictions due to uncertainty regarding the Company’s ability to realize those assets in future periods.
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PROPERTY, PLANT AND EQUIPMENT |
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PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The Company’s property, plant and equipment consisted of the following classes of assets as of March 31, 2024 and December 31, 2023:
(1)During the three months ended March 31, 2024, the Company acquired digital billboard structures of $1.1 million as part of asset acquisitions.
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INTANGIBLE ASSETS AND GOODWILL |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of March 31, 2024 and December 31, 2023:
(1)During the three months ended March 31, 2024, the Company acquired permits of $7.7 million as part of asset acquisitions. The acquired permits have amortization periods ranging from 22 to 28 years. Goodwill The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the three months ended March 31, 2024:
(1)The balance at December 31, 2023 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North and $90.4 million for Other, which has been fully impaired.
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NET LOSS PER SHARE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET LOSS PER SHARE | NET LOSS PER SHARE The following table presents the computation of net loss per share for the three months ended March 31, 2024 and 2023:
(1)Due to rounding, the total may not equal the sum of the line items in the table above. Outstanding equity awards of 28.4 million and 19.2 million shares for the three months ended March 31, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.
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OTHER INFORMATION |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INFORMATION | OTHER INFORMATION Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows:
Accounts Receivable The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets:
Credit loss expense (reversal) related to accounts receivable of continuing operations was $(1.2) million and $2.7 million during the three months ended March 31, 2024 and 2023, respectively. Accrued Expenses The following table discloses the components of “Accrued expenses” as reported in the Consolidated Balance Sheets:
Other Income (Expense), Net During the three months ended March 31, 2024, other expense, net, included $11.8 million of debt modification expense related to the debt transactions the Company completed in March 2024, further described in Note 5. During the three months ended March 31, 2024 and 2023, the Company recognized net foreign currency transaction gains related to continuing operations of $3.8 million and $8.8 million, respectively. Other Comprehensive Loss There were no significant changes in deferred income tax liabilities resulting from adjustments to other comprehensive loss during the three months ended March 31, 2024 and 2023.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net loss attributable to the Company | $ (89,667) | $ (34,912) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Preparation of Interim Financial Statements | These consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Preparation of Interim Financial Statements The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 26, 2024.
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Use of Estimates | The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
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Discontinued Operations | the Company’s plan to sell the businesses comprising its Europe-South segment met the criteria to be reported as discontinued operations. In accordance with GAAP, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets, and results of discontinued operations are reported as a separate component of Consolidated net loss in the Consolidated Statements of Loss, for all periods presented, resulting in changes to the presentation of certain prior period amounts. Cash flows from discontinued operations are not reported separately in the Consolidated Statements of Cash Flows. |
DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale and Operations Reflected in Discontinued Operations | The following table presents a reconciliation of the carrying amounts of the major classes of these assets and liabilities to the current assets and liabilities of discontinued operations as presented on the Company’s Consolidated Balance Sheets:
The following table provides details about the major classes of line items constituting “ ” as presented on the Company’s Consolidated Statements of Loss:
(1)Excludes depreciation and amortization (2)Certain costs that were historically allocated to the Company’s Europe-South segment and reported within selling, general and administrative expenses on the Consolidated Statement of Loss have been deemed to be costs of continuing operations and are now reported within corporate expenses on the Consolidated Statement of Loss. As such, $1.9 million of such costs for the three months ended March 31, 2023 have been reclassified to conform to the current period presentation. (3)The gain on disposal and most of the income tax expense attributable to discontinued operations for the three months ended March 31, 2023 was driven by the sale of the Company’s former business in Switzerland. The following table presents the capital expenditures for discontinued operations for the three months ended March 31, 2024 and 2023:
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $1.0 million and $5.6 million of accrued capital expenditures related to discontinued operations that remained unpaid as of March 31, 2024 and 2023, respectively.
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SEGMENT DATA (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reportable Segment Results | The following table presents the Company’s reportable segment results for continuing operations for the three months ended March 31, 2024 and 2023:
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $9.4 million and $12.4 million of accrued capital expenditures related to continuing operations that remained unpaid as of March 31, 2024 and 2023, respectively. (2)Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including legal liabilities and related estimates), finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (3)The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item.
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REVENUE (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table shows revenue from contracts with customers, revenue from leases and total revenue from continuing operations, disaggregated by geography, for the three months ended March 31, 2024 and 2023:
(1)U.S. revenue, which also includes an immaterial amount of revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments. (2)Europe revenue is comprised of revenue from the Company’s Europe-North segment. (3)Other includes the Company’s businesses in Latin America and Singapore.
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Schedule of Contract with Customer | The following table shows the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers:
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LONG-TERM DEBT (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of March 31, 2024 and December 31, 2023 consisted of the following:
(1)On March 18, 2024, the Company issued $865.0 million aggregate principal amount of 7.875% Senior Secured Notes Due 2030 (the “CCOH 7.875% Senior Secured Notes”) and used a portion of the proceeds therefrom to prepay $835.0 million of borrowings outstanding under the Term Loan Facility. At the same time, the Company amended its Senior Secured Credit Agreement to, among other things, refinance the $425.0 million remaining principal balance on the Term Loan Facility and to extend its maturity date from 2026 to 2028, subject to certain conditions. The new refinanced term loans were issued at a 1% discount, and the Company used the proceeds therefrom, along with the remaining proceeds from the CCOH 7.875% Senior Secured Notes issuance and cash on hand, to pay off the original term loans, $14.9 million of accrued interest on the prepaid and refinanced Term Loan principal, and $12.5 million of fees and expenses related to these transactions. At March 31, 2024, the Company accrued an additional $2.7 million of unpaid fees and expenses related to these transactions. (2)On March 22, 2024, the Company’s indirect wholly-owned subsidiary, Clear Channel International B.V. (“CCIBV”), entered into a credit agreement comprising two tranches of term loans (the “CCIBV Term Loan Facility”) totaling an aggregate principal amount of $375.0 million, which was issued at a 1% discount. The Company used the proceeds therefrom, along with cash on hand, to redeem all of the outstanding $375.0 million aggregate principal amount of 6.625% Senior Secured Notes Due 2025 (the “CCIBV Senior Secured Notes”) and to pay $11.8 million of accrued interest related thereto and $3.9 million of related transaction fees and expenses. At March 31, 2024, the Company accrued an additional $1.9 million of unpaid fees and expenses related to this transaction. As a result of this redemption, CCIBV and the guarantors of the CCIBV Senior Secured Notes have been released from their remaining obligations under the indenture governing such notes, and such indenture has ceased to be of further effect.
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INCOME TAXES (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Benefit (Expense) | The Company’s income tax benefit (expense) attributable to continuing operations for the three months ended March 31, 2024 and 2023 consisted of the following components:
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of March 31, 2024 and December 31, 2023:
(1)During the three months ended March 31, 2024, the Company acquired digital billboard structures of $1.1 million as part of asset acquisitions.
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INTANGIBLE ASSETS AND GOODWILL (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of March 31, 2024 and December 31, 2023:
(1)During the three months ended March 31, 2024, the Company acquired permits of $7.7 million as part of asset acquisitions. The acquired permits have amortization periods ranging from 22 to 28 years.
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Schedule of Goodwill | The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the three months ended March 31, 2024:
(1)The balance at December 31, 2023 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North and $90.4 million for Other, which has been fully impaired.
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NET LOSS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Loss Per Share | The following table presents the computation of net loss per share for the three months ended March 31, 2024 and 2023:
(1)Due to rounding, the total may not equal the sum of the line items in the table above.
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OTHER INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash and Cash Equivalents | The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows:
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Schedule of Accounts Receivable and Allowance for Credit Losses | The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets:
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Schedule of Accrued Expenses | The following table discloses the components of “Accrued expenses” as reported in the Consolidated Balance Sheets:
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DISPOSITIONS AND DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (loss) from discontinued operations | Income (loss) from discontinued operations |
Disposed of by Sale | Goldbach Group AG | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain on sale of Swiss business | $ 96.4 | |
Switzerland | Disposed of by Sale | Goldbach Group AG | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from divestiture of businesses, net | $ 84.9 |
DISPOSITIONS AND DISCONTINUED OPERATIONS - Major Classes of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Assets of discontinued operations: | ||
Cash and cash equivalents | $ 654 | $ 651 |
Discontinued Operations, Disposed of by Sale | ||
Assets of discontinued operations: | ||
Cash and cash equivalents | 654 | 651 |
Accounts receivable, net | 28,964 | 39,920 |
Prepaid expenses and other current assets | 20,380 | 12,668 |
Property, plant and equipment, net | 38,244 | 37,492 |
Operating lease right-of-use assets | 35,496 | 35,609 |
Other assets | 4,757 | 4,973 |
Current assets of discontinued operations | 128,495 | 131,313 |
Liabilities of discontinued operations: | ||
Accounts payable and accrued expenses | 25,696 | 29,046 |
Operating lease liabilities | 36,830 | 37,117 |
Deferred revenue | 818 | 1,074 |
Other liabilities | 1,541 | 1,541 |
Current liabilities of discontinued operations | $ 64,885 | $ 68,778 |
DISPOSITIONS AND DISCONTINUED OPERATIONS - Letters of Credit, Surety Bonds and Guarantees (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Bank Guarantees | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations | $ 25.1 |
France | Discontinued Operations, Held-for-Sale | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Letters of credit outstanding | 20.2 |
Guarantor obligations, indemnified amount | 15.7 |
Spain | Discontinued Operations, Held-for-Sale | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Letters of credit outstanding | 6.5 |
Guarantee obligations, collateral, cash | 0.7 |
Spain | Discontinued Operations, Held-for-Sale | Bank Guarantees | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations | $ 8.5 |
DISPOSITIONS AND DISCONTINUED OPERATIONS - Loss from Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | $ 22,481 | $ 108,015 |
Expenses: | ||
Direct operating expenses | 19,533 | 92,247 |
Selling, general and administrative expenses | 3,068 | 26,427 |
Depreciation and amortization | 0 | 8,755 |
Other expense, net | 300 | 1,418 |
Loss from discontinued operations before gain on disposal and income taxes | (420) | (20,832) |
Gain on disposal | 0 | 96,350 |
Income tax expense attributable to discontinued operations | 0 | (18,335) |
Income (loss) from discontinued operations, net of income taxes | $ (420) | 57,183 |
Europe-South | ||
Expenses: | ||
Selling, general and administrative expenses | $ 1,900 |
DISPOSITIONS AND DISCONTINUED OPERATIONS - Capital Expenditures of Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Capital expenditures | $ 2,169 | $ 5,051 |
Accrued capital expenditures | 9,400 | 12,400 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accrued capital expenditures | $ 1,000 | $ 5,600 |
SEGMENT DATA - Schedule of Reportable Segment Results (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
USD ($)
segment
|
Mar. 31, 2023
USD ($)
|
|||
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 4 | |||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 481,752 | $ 437,420 | ||
Capital Expenditures | 24,035 | 33,376 | ||
Segment Adjusted EBITDA | 129,071 | 95,170 | ||
Corporate expenses | [1] | 40,126 | 36,180 | |
Depreciation and amortization | 54,290 | 64,208 | ||
Restructuring and other costs | 824 | 248 | ||
Other operating expense, net | 1,439 | 3,920 | ||
Interest expense, net | 107,655 | 102,500 | ||
Loss on extinguishment of debt | 4,787 | 0 | ||
Other (income) expense, net | 8,346 | (8,780) | ||
Loss from continuing operations before income taxes | (88,396) | (103,106) | ||
Accrued capital expenditures | 9,400 | 12,400 | ||
Operating segments | America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 249,777 | 236,049 | ||
Capital Expenditures | 8,823 | 16,808 | ||
Segment Adjusted EBITDA | 95,464 | 81,365 | ||
Operating segments | Airports | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 76,926 | 53,789 | ||
Capital Expenditures | 1,639 | 4,751 | ||
Segment Adjusted EBITDA | 19,082 | 6,264 | ||
Operating segments | Europe-North | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 139,393 | 128,503 | ||
Capital Expenditures | 9,360 | 7,066 | ||
Segment Adjusted EBITDA | 14,325 | 7,172 | ||
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 15,656 | 19,079 | ||
Capital Expenditures | 1,358 | 1,921 | ||
Segment Adjusted EBITDA | 200 | 369 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures | 2,855 | 2,830 | ||
Corporate expenses | $ 40,126 | $ 36,180 | ||
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REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 334,120 | $ 284,421 |
Revenue from leases | $ 147,632 | $ 152,999 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | Revenue |
Revenue | $ 481,752 | $ 437,420 |
U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 184,432 | 144,557 |
Revenue from leases | 142,271 | 145,281 |
Revenue | 326,703 | 289,838 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 136,768 | 126,451 |
Revenue from leases | 2,625 | 2,052 |
Revenue | 139,393 | 128,503 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 12,920 | 13,413 |
Revenue from leases | 2,736 | 5,666 |
Revenue | $ 15,656 | $ 19,079 |
REVENUE - Schedule of Contract with Customer (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Accounts receivable, net of allowance, from contracts with customers: | |||
Beginning balance | $ 361,039 | $ 271,225 | $ 317,560 |
Ending balance | 305,159 | 361,039 | 271,225 |
Deferred revenue from contracts with customers: | |||
Beginning balance | 25,613 | 40,484 | 23,596 |
Ending balance | $ 38,283 | $ 25,613 | $ 40,484 |
REVENUE - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract liabilities, revenue recognized | $ 17.9 | $ 19.5 |
Revenue, remaining performance obligation | $ 103.6 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, period | 5 years |
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) $ in Thousands |
Mar. 22, 2024
USD ($)
tranche
|
Mar. 18, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Total debt | $ 5,652,102 | $ 5,631,903 | ||
Original issue discount | (9,060) | (2,690) | ||
Long-term debt fees | (42,931) | (39,609) | ||
Less: Current portion | 617 | 612 | ||
Total long-term debt | 5,651,485 | 5,631,291 | ||
Nunber of tranches | tranche | 2 | |||
New Term Loan Facility | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 425,000 | 425,000 | 1,260,000 | |
Costs incurred on debt transactions | 12,500 | |||
Unpaid fees and expenses | 2,700 | |||
Revolving Credit Facility Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 0 | 0 | ||
Receivables-Based Credit Facility Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 0 | 0 | ||
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,250,000 | 1,250,000 | ||
Stated interest rate (as a percent) | 5.125% | |||
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028 | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 750,000 | 750,000 | ||
Stated interest rate (as a percent) | 9.00% | |||
Clear Channel Outdoor Holdings 7.875% Senior Secured Notes Due 2030 | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 865,000 | 0 | ||
Principal amount | $ 865,000 | |||
Stated interest rate (as a percent) | 7.875% | 7.875% | ||
Debt instrument discount percentage | 1.00% | |||
Repayments of long-term debt, accrued interest | $ 14,900 | |||
Clear Channel Outdoor Holdings 7.750% Senior Notes Due 2028 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 995,000 | 995,000 | ||
Stated interest rate (as a percent) | 7.75% | |||
Clear Channel Outdoor Holdings 7.500% Senior Notes Due 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,040,000 | 1,040,000 | ||
Stated interest rate (as a percent) | 7.50% | |||
Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | 375,000 | ||
Stated interest rate (as a percent) | 6.625% | 6.625% | ||
Repayments of long-term debt, accrued interest | $ 11,800 | |||
Costs incurred on debt transactions | $ 3,900 | |||
Unpaid fees and expenses | $ 1,900 | |||
Clear Channel International B.V. Term Loan Facility Due 2027 | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | 375,000 | 0 | ||
Debt instrument discount percentage | 1.00% | |||
Other Debt | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 4,093 | $ 4,202 | ||
Term Loan Facility | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Payments of debt | $ 835,000 |
LONG-TERM DEBT - Narrative (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 18, 2024 |
Mar. 31, 2024 |
Mar. 22, 2024 |
Dec. 31, 2023 |
|
Surety bonds | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee obligations | $ 41,500,000 | |||
Bank Guarantees | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee obligations | 25,100,000 | |||
Bank Guarantees Backed by Cash Collateral | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee obligations | $ 4,800,000 | |||
Term Loan Facility | ||||
Guarantor Obligations [Line Items] | ||||
Prepayment penalty percentage | 1.00% | |||
Term Loan Facility | Revolving Credit Facility | ||||
Guarantor Obligations [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
Term Loan Facility | Secured Debt | ||||
Guarantor Obligations [Line Items] | ||||
Debt instrument original principal amount quarterly amortization percentage | 1.00% | |||
Clear Channel Outdoor Holdings 7.875% Senior Secured Notes Due 2030 | Secured Debt | ||||
Guarantor Obligations [Line Items] | ||||
Stated interest rate (as a percent) | 7.875% | 7.875% | ||
Principal amount | $ 865,000,000 | |||
Receivables-Based Credit Facility Due 2026 | Line of Credit | Revolving Credit Facility | ||||
Guarantor Obligations [Line Items] | ||||
Letters of credit outstanding | $ 48,900,000 | |||
Excess borrowing capacity | $ 89,200,000 | |||
Clear Channel International B.V. Term Loan Facility Due 2027 | Secured Debt | ||||
Guarantor Obligations [Line Items] | ||||
Maximum borrowing capacity | $ 375,000,000 | |||
Fixed Rate | Secured Debt | ||||
Guarantor Obligations [Line Items] | ||||
Maximum borrowing capacity | 300,000,000 | |||
Fixed Rate | Secured Debt | Federal Funds Rate | ||||
Guarantor Obligations [Line Items] | ||||
Stated interest rate (as a percent) | 7.50% | |||
Floating Rate | Secured Debt | ||||
Guarantor Obligations [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Floating Rate | Secured Debt | SOFR | ||||
Guarantor Obligations [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.25% | |||
Floating Rate | Secured Debt | SOFR Floor Rate | ||||
Guarantor Obligations [Line Items] | ||||
Debt instrument, floor rate | 5.25% | |||
Revolving Credit Facility | ||||
Guarantor Obligations [Line Items] | ||||
Letters of credit outstanding | $ 43,200,000 | |||
Excess borrowing capacity | 106,800,000 | |||
Level 1 | ||||
Guarantor Obligations [Line Items] | ||||
Aggregate market value of debt | $ 5,400,000,000 | $ 5,300,000,000 |
INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Current tax expense attributable to continuing operations | $ (201) | $ (888) |
Deferred tax benefit (expense) attributable to continuing operations | (66) | 11,389 |
Income tax benefit (expense) attributable to continuing operations | $ (267) | $ 10,501 |
INCOME TAXES - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as a percent) | (0.30%) | 10.20% |
PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,548,094 | $ 2,587,386 |
Less: Accumulated depreciation | (1,900,801) | (1,921,042) |
Property, plant and equipment, net | 647,293 | 666,344 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,131,175 | 2,157,237 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 229,287 | 229,514 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 142,570 | 143,300 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45,062 | $ 57,335 |
Billboard Structures | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions of property, plant and equipment | $ 1,100 |
INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (462,946) | $ (446,104) |
Total intangible assets | 1,355,504 | 1,350,978 |
Permanent easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, indefinite-lived | 163,283 | 163,293 |
Permits, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 753,692 | 746,126 |
Accumulated Amortization | (96,609) | (80,439) |
Finite-lived intangible assets acquired | $ 7,700 | |
Permits, net | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life of intangibles (in years) | 22 years | |
Permits, net | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life of intangibles (in years) | 28 years | |
Transit, street furniture and other outdoor contractual rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | $ 354,015 | 356,883 |
Accumulated Amortization | (324,109) | (325,357) |
Permanent easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | 0 | 0 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 83,569 | 83,569 |
Accumulated Amortization | (41,294) | (39,214) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 945 | 1,107 |
Accumulated Amortization | $ (934) | $ (1,094) |
INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Goodwill | ||
Beginning balance | $ 656,563 | |
Foreign currency impact | (3,355) | |
Ending balance | 653,208 | |
America | ||
Goodwill | ||
Beginning balance | 482,937 | |
Foreign currency impact | 0 | |
Ending balance | 482,937 | |
Goodwill, cumulative impairment | $ 2,600,000 | |
Airports | ||
Goodwill | ||
Beginning balance | 24,882 | |
Foreign currency impact | 0 | |
Ending balance | 24,882 | |
Europe-North | ||
Goodwill | ||
Beginning balance | 148,744 | |
Foreign currency impact | (3,355) | |
Ending balance | $ 145,389 | |
Goodwill, cumulative impairment | 79,400 | |
Other | ||
Goodwill | ||
Goodwill, cumulative impairment | $ 90,400 |
NET LOSS PER SHARE - Schedule of Net Loss Per Shareare (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Numerators: | ||||
Loss from continuing operations | $ (88,663) | $ (92,605) | ||
Less: Net income (loss) from continuing operations attributable to noncontrolling interests | 558 | (533) | ||
Net loss from continuing operations attributable to the Company | (89,221) | (92,072) | ||
Income (loss) from discontinued operations | (420) | 57,183 | ||
Less: Net income from discontinued operations attributable to noncontrolling interests | 26 | 23 | ||
Net income (loss) from discontinued operations attributable to the Company | (446) | 57,160 | ||
Net loss attributable to the Company | $ (89,667) | $ (34,912) | ||
Denominators: | ||||
Weighted average common shares outstanding - Basic (in shares) | 483,720 | 478,501 | ||
Weighted average common shares outstanding - Diluted (in shares) | 483,720 | 478,501 | ||
Net loss attributable to the Company per share of common stock — Basic: | ||||
Net loss from continuing operations attributable to the Company per share of common stock - Basic (in dollars per share) | $ (0.18) | $ (0.19) | ||
Net loss from discontinued operations attributable to the Company per share of common stock - Basic (in dollars per share) | 0 | 0.12 | ||
Net loss attributable to the Company per share of common stock — basic (in dollars per share) | [1] | (0.19) | (0.07) | |
Net loss attributable to the Company per share of common stock — Diluted: | ||||
Net loss from continuing operations attributable to the Company per share of common stock - Diluted (in dollars per share) | (0.18) | (0.19) | ||
Net income (loss) from discontinued operations attributable to the Company per share of common stock - Diluted (in dollars per share) | 0 | 0.12 | ||
Net loss attributable to the Company per share of common stock — diluted (in dollars per share) | [1] | $ (0.19) | $ (0.07) | |
Outstanding equity awards not included in computation of diluted earnings per share (in shares) | 28,400 | 19,200 | ||
|
OTHER INFORMATION - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents in the Balance Sheets | $ 193,236 | $ 251,652 | ||
Cash and cash equivalents included in Current assets of discontinued operations | 654 | 651 | ||
Restricted cash included in: | ||||
Total cash, cash equivalents and restricted cash in the Statements of Cash Flows | 202,911 | 260,541 | $ 351,058 | $ 298,682 |
Continuing Operations | ||||
Restricted cash included in: | ||||
Other current assets | 3,955 | 3,051 | ||
Other assets | 4,263 | 4,463 | ||
Discontinued Operations | ||||
Restricted cash included in: | ||||
Other current assets | $ 803 | $ 724 |
OTHER INFORMATION - Schedule of Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Other Income and Expenses [Abstract] | |||
Accounts receivable | $ 438,518 | $ 514,891 | |
Less: Allowance for credit losses | (12,559) | (15,080) | |
Accounts receivable, net | 425,959 | $ 499,811 | |
Credit loss expense (reversal) | $ (1,200) | $ 2,700 |
OTHER INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Other Income and Expenses [Abstract] | ||
Accrued rent | $ 88,246 | $ 114,489 |
Accrued employee compensation and benefits | 45,643 | 73,422 |
Accrued taxes | 36,107 | 51,209 |
Accrued agency commissions and incentives | 35,975 | 42,736 |
Accrued other | 103,327 | 103,764 |
Total accrued expenses | $ 309,298 | $ 385,620 |
OTHER INFORMATION - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Equity [Abstract] | ||
Other expenses | $ 11,800,000 | |
Foreign currency transaction gain | 3,800,000 | $ 8,800,000 |
Increase (decrease) of pensions on deferred income tax liabilities | $ 0 | $ 0 |
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