U.S.

- America

- Airports

Europe

- Europe-North

- United Kingdom

- Other Europe-North

- Europe-South

Other

Total Revenue

38f7e974e591534198c64a9852566f047cbf96892d92954569c4377757c5c80d

62445b2eac15c8de095e6057934b7fedeecdab47b14049588901561c736d59ec

Revenue (USD, thousands)

Direct Operating Expenses (USD, thousands)

Selling, General and Administrative Expenses (USD, thousands)

Corporate Expenses (USD, thousands)

Depreciation and Amortization (USD, thousands)

Impairment Charges (USD, thousands)

Other Operating Expense, Net (USD, thousands)

Operating Income (USD, thousands)

Interest Expense, Net (USD, thousands)

Gain (Loss) on Extinguishment of Debt (USD, thousands)

Other Income (Expense), Net (USD, thousands)

Loss from Continuing Operations Before Income Taxes (USD, thousands)

Income Tax Benefit Attributable to Continuing Operations (USD, thousands)

Loss from Continuing Operations (USD, thousands)

Income (Loss) from Discontinued Operations (USD, thousands)

Consolidated Net Loss (USD, thousands)

Less: Net Income Attributable to Noncontrolling Interests (USD, thousands)

Net Loss Attributable to the Company (USD, thousands)

Segment Adjusted EBITDA (USD, thousands)

Restructuring and Other Costs (USD, thousands)

f35dcec21253d3f93163d3a842f71dce3ace89b0a91afba43a14e45581cd0466

bfa4dbd31db7bdcd51f363f05d6703d6d62a751ba2b4811ceeae7fe3bfc11892

The decline in cash and cash equivalents for Q1 2024 was mainly due to significantly higher cash interest payments. Specifically, the company experienced **$127 million** in cash interest payments, which included an extra **$48 million** attributed to timing adjustments related to refinancing transactions and the first semiannual interest payment on the CCOH 9% Senior Secured Notes. This resulted in an overall decrease of **$58 million** in Q1 2024.  **[CCO_3387870_3]** 

Why did cash and cash equivalents drop in Q1 2024?

The surge in the **current portion of long-term debt** in Q1 2024 was driven by a series of **March 2024 debt transactions**. Specifically, the company issued **$865 million of 7.875% Senior Secured Notes Due 2030**, using a portion of the proceeds to **prepay $835 million** of borrowings under the Term Loan Facility. Additionally, the remaining **$425 million Term Loan Facility** was refinanced, with its maturity extended from 2026 to 2028, which resulted in part of this debt being reclassified to the current portion. Finally, the **$375 million CCIBV Term Loan Facility** was used to redeem the outstanding **$375 million of 6.625% Senior Secured Notes Due 2025**, contributing further to the reclassification of debt to the current portion.  **[0001334978-24-000012_cco-20240331.htm:12]** **[20240509NY09692:5]** **[0001334978-24-000012_cco-20240331.htm:22]** 

What drove the surge in the current portion of long-term debt in Q1 2024?

The decline in Total Assets in Q1 2024 was driven by several key factors. **Cash and Cash Equivalents** dropped sharply due to significant cash outflows from operating, investing, and financing activities. **Accounts Receivable, Net** also declined, likely as a result of collections or lower revenue recognition. Additionally, **Net Property, Plant, and Equipment** decreased because depreciation exceeded new capital expenditures, while **Intangible Assets and Goodwill** saw a slight reduction from amortization or impairments. Further declines in **Other Current Assets** (possibly due to the utilization of prepaid expenses or similar short-term assets) and in **Assets of Discontinued Operations** (reflecting adjustments related to divestitures) all contributed to the overall reduction in total assets.  **[0001334978-24-000012_cco-20240331.htm:3]** 

What factors contributed to the decline in Total Assets in Q1 2024?

518bb414ae03b9e8cb1045281e7d5756f81f07f352ebd078f79748a796c5424b

The documents do not provide a definitive explanation for a sequential (quarter‐to‐quarter) revenue drop in Q3 2023 despite the Q3 figure (312,352,000 USD  **[0001334978-23-000031_cco-20230930.htm:4]** ) being significantly lower than Q2 (637,239,000 USD  **[0001334978-23-000020_cco-20230630.htm:4]** ). The only detailed commentary describes the year‑over‑year changes in Q3 2023—including increased revenue in the Airports and Europe‑North segments, growth in digital revenue, and a decline in the Americas segment—without explaining the sharp drop compared to Q2.  **[0001334978-23-000020_cco-20230630.htm:4]** **[0001334978-23-000031_cco-20230930.htm:4]** 

What drove the sharp revenue drop in Q3 2023?

The **rebound in operating income** in Q4 2023 was driven by **multiple factors**. The company experienced **robust revenue growth**, with consolidated revenue increasing by **12.4%** to **$632.1 million**, which was largely fueled by strong performance in the **Airports** and **Europe-North segments** as well as improved trends in the **Americas segment**.  **[CCO_3375045_3]** **[0001334978-24-000004_exhibit991-ccohearningsrel.htm:0]** **[0001334978-24-000006_cco-20231231.htm:140]**  Additionally, the **Airports segment** saw impressive gains, with revenue growing by **44.3%** to **$111.2 million** due to increased demand and investments in digital infrastructure. The company also benefited from effective **cost management**, including lower property taxes following a legal settlement and reduced maintenance costs. Finally, strong **digital revenue growth**, particularly evident in the Airports segment with a rise of **57.9%**, further supported the improvement in operating income.  **[CCO_3375045_3]** **[0001334978-24-000004_exhibit991-ccohearningsrel.htm:0]** **[0001334978-24-000006_cco-20231231.htm:140]** 

What factors contributed to the rebound in operating income in Q4 2023?

The full-year revenue decline in FY 2023 was primarily driven by a **slight decline of 0.4% in the America segment** due to weakness in the San Francisco/Bay Area market and challenges in the Media/Entertainment vertical, despite growth in other segments such as Airports and Europe-North.  **[0001334978-24-000006_cco-20231231.htm:66]** 

Why did full-year revenue decline in FY 2023?

The drop was primarily driven by **weaker performance in the Other Segment**, which experienced a **45.8% decline**, dropping to **$200 thousand** in Q1 2024.  **[20240509NY09692:3]** 

What caused the drop in segment adjusted EBITDA in Q1 2024?

The dramatic turnaround in Q4 2023 was driven by several key factors. **Revenue increased by 12.4% to $632.1 million**, helping to improve overall financial performance. Additionally, **Adjusted EBITDA grew by 9.2% to $190 million**, reflecting better operational performance and cost management. Notably, there were **no impairment charges** in Q4 2023 compared to **$21.8 million** in Q4 2022, which significantly reduced the losses. The company also benefited from a **foreign exchange gain of $2.7 million** versus a **loss of $23.2 million** in the previous quarter, and income from discontinued operations turned positive at **$617 thousand** compared to a loss of **$7,058 thousand**. These combined factors led to the substantial improvement in the consolidated net loss for Q4 2023.  **[CCO_3375045_3]** **[0001334978-24-000004_exhibit991-ccohearningsrel.htm:0]** **[0001334978-24-000006_cco-20231231.htm:140]** **[0001334978-24-000004_exhibit991-ccohearningsrel.htm:14]** 

How did the consolidated net loss turn around so dramatically in Q4 2023?

1c496e727c06f8d1f381282b781090a24196aca87fc99e9e0ec556362aa8bc91

Clear Channel Outdoor Holdings Inc (CCO)

Financials