Net Cash Provided by (Used for) Operating Activities (USD, thousands)

Net Cash Used for Investing Activities (USD, thousands)

Net Cash Used for Financing Activities (USD, thousands)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (USD, thousands)

Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (USD, thousands)

Cash Paid for Interest (USD, thousands)

Cash Paid for Income Taxes, Net of Refunds (USD, thousands)

20344988de87b4258dc94d1c31c454a752864eec0e7edefc6302a233f5b89d15

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

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

Revenue (USD, thousands)

Direct Operating Expenses (USD, thousands)

Selling, General and Administrative Expenses (USD, thousands)

Corporate Expenses (USD, thousands)

Depreciation and Amortization (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)

98438e8b3d18428920d6338a3e6b43cbce683f432caa913e819003c3d66534a7

Cash and cash equivalents (USD, thousands)

Total Current Assets (USD, thousands)

Total Assets (USD, thousands)

Total Stockholders' Deficit (USD, thousands)

c2aee7f9849cbc74776d2d65d41791d7cca359220f6f1d099cc7899634711da2

5a2701d59f99e5d89142f12478bfa70468a777b091aac36975b5f2dd00001046

df578733ac69ec6f38ca62283567286c585b654b7b0777e08b5b2d7ca5b423c2

da2fc1405dd31b567b3b6f1bbcabcc31c5f0f8a3823bc7c36acb4c8c9d91dcfe

d23ef72223fe48d433a3202053ba8c00939aceb513cecdb5089f816ec9962c40

U.S.

- America

- Airports

Europe

- Europe-North

- United Kingdom

- Other Europe-North

- Europe-South

Other

Singapore

Total Revenue

7f84be7b595708109a04be89826d0981f879b4218783d4486f252b9d37e4e5c2

Clear Channel Outdoor Holdings (CCO)

Financials