Cash and cash equivalents (USD, thousands)

Total Current Assets (USD, thousands)

Total Assets (USD, thousands)

Total Stockholders' Deficit (USD, thousands)

c2aee7f9849cbc74776d2d65d41791d7cca359220f6f1d099cc7899634711da2

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

U.S.

- America

- Airports

Europe

- Europe-North

- United Kingdom

- Other Europe-North

- Europe-South

Other

Singapore

Total Revenue

7f84be7b595708109a04be89826d0981f879b4218783d4486f252b9d37e4e5c2

d23ef72223fe48d433a3202053ba8c00939aceb513cecdb5089f816ec9962c40

Clear Channel Outdoor Holdings Inc (CCO)

Financials