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    Avi Steiner • JPMorgan Chase & Co.

    Avi Steiner's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership

    Avi Steiner's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership • Q2 2025

    Question

    Avi Steiner from JPMorgan Chase & Co. asked for context on the 90% of Q3 revenue under contract, questioning if this figure was typical and if it suggested potential upside. He also inquired about the new 'In-Flight Insights' attribution tool and the company's balance sheet strategy, including plans for unsecured notes and the minimum comfortable cash balance.

    Answer

    CEO Scott Wells explained that having 90% of revenue under contract is typical for this point in the quarter and is already factored into the guidance. He described 'In-Flight Insights' as a proprietary tool that gives CCO a competitive edge, while noting the industry collaborates on broader measurement standards. CFO David Sailer added that the company would use free cash flow, asset sale proceeds, and excess cash to address debt, stating a comfortable minimum cash balance is in the $50 to $75 million range.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership • Q1 2025

    Question

    Avi Steiner of JPMorgan Chase & Co. posed several questions regarding how the company's more digital asset base might perform in a downturn, the expected cadence of site lease expenses and margins, the rationale behind recent debt repurchases, and the nature of interest from potential strategic counterparties.

    Answer

    CEO Scott Wells noted that while untested in a traditional downturn, the digital portfolio saw a faster recovery during COVID and is not currently showing weakness. CFO David Sailer explained that Airport segment margins will normalize around 20% without prior rent abatements, while the MTA contract will temporarily impact America's margins. Sailer also stated that debt agreements provided an 18-month reinvestment window, allowing them to repurchase bonds offering the best yield. Wells confirmed strong interest from potential strategic partners but stated it was too early to provide details.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership • Q4 2024

    Question

    Avi Steiner of JPMorgan Chase & Co. asked for the implied corporate expense guidance for 2025 and whether there was potential for further reductions as the company simplifies its structure. He also asked how management plans to tackle the balance sheet while simultaneously investing in the core U.S. business.

    Answer

    CFO David Sailer estimated 2025 corporate expense in the mid-$30 million range, with more significant savings expected in 2026 post-divestitures. CEO Scott Wells addressed the balance sheet strategy, stating that with divestitures nearing completion, the company will focus its energy on innovation, creative partnerships, and using excess proceeds to accelerate AFFO growth and reduce interest expense, aiming to transition to a 'high functioning public LBO' model.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership • Q3 2024

    Question

    Avi Steiner from JPMorgan Chase & Co. asked about the company's capital allocation strategy regarding debt reduction, the drivers behind the implied Q4 EBITDA decline in the full-year guidance, and whether the stalled Spain asset sale prompts a strategic pivot for the European business, such as a spin-off.

    Answer

    CFO David Sailer confirmed that as free cash flow generation improves, paying down debt is a top priority, and they would evaluate opportunities based on bond pricing. Sailer and CEO Scott Wells attributed the Q4 outlook to tough comps in Europe-North, some softness in the U.K., and costs from new contract ramps. Regarding Europe, Wells reaffirmed the company's commitment to a sale process, stating he is not yet at a point to consider alternative structures like a spin-off, emphasizing the strong performance of the European teams despite market turmoil.

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    Avi Steiner's questions to E W Scripps Co (SSP) leadership

    Avi Steiner's questions to E W Scripps Co (SSP) leadership • Q1 2025

    Question

    Avi Steiner asked if the cost discipline from Scripps Networks could be applied to the Local Media segment and questioned how potential FCC deregulation could impact the ION network and negotiations with virtual MVPDs (vMVPDs).

    Answer

    CEO Adam Symson explained that significant cost-saving levers have already been pulled in Local Media, with future efficiencies likely coming from technology like AI and potential market consolidation. He stated that regulatory changes could allow Scripps to acquire more ION stations, improving margins by reducing lease expenses. Symson also expressed optimism that regulatory relief, particularly regarding vMVPDs, would provide greater operating leverage for direct negotiations, leading to better compensation and carriage for independent stations.

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    Avi Steiner's questions to Tegna Inc (TGNA) leadership

    Avi Steiner's questions to Tegna Inc (TGNA) leadership • Q1 2025

    Question

    Avi Steiner asked about the extent to which TEGNA would increase leverage for an M&A deal and how the company thinks about synergy opportunities. He also asked for their view on how industry ownership might evolve, such as through the creation of 'super groups' versus station swaps.

    Answer

    CEO Mike Steib explained that a key driver of value in consolidation is the reduction of redundant back-office and support costs, which would allow for rapid deleveraging even if a deal required taking on debt. He stated that whether the industry evolves through large deals or swaps will depend on the players, prices, and motivations that emerge post-deregulation, and TEGNA's role will be determined once that landscape is clearer.

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