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Text: These statements include management's expectations, beliefs and projections about performance and represents management's current beliefs.
There can be no assurance that management's expectations, beliefs or projections will be achieved or that actual results will not differ from expectations.
During today's call, we will provide certain performance measures that do not conform to Generally Accepted Accounting Principles.
They provide a detailed breakdown of foreign exchange and non-cash compensation expense items, as well as segment revenue and adjusted EBITDA among other important information.
For that reason, we ask that you view each slide as William and Brian comment on them.
During the first quarter, we continued to execute on our strategic plan with the goal of maximizing our near-term performance while strengthening our ability to capture an increasing amount of advertising dollars as the global recovery takes hold.
Our first quarter revenue results were in line with the guidance we previously provided and for our American segment reflected a tough comparison against our strong performance in the first three months of 2020, which was only minimally impacted by COVID-19.
We delivered consolidated revenue of $371 million, down 32% compared to the prior year, excluding China and FX.
Brian will walk you through the details of our first quarter performance following my remarks.
Looking ahead, we remain encouraged by the progress being made with regard to vaccination process and the increasing levels of mobility across many of our markets as well as the positive sentiment we are hearing among advertisers.
As expected, we are now seeing our business return to year-over-year revenue growth through the balance of the year driven by the rebound in several markets.
Most important, as a result of the strategic investments we're making in our business, we believe we are now in a stronger position to drive revenue growth as global recovery gains traction.
These investments are primarily centered strengthening our ability to monetize our growing digital platform as well as our print assets and elevate our value proposition among the broader universe of advertisers.
Specifically, we continue to expand and integrate our RADAR suite of data analytics products into our portfolios while strategically increasing our presence in the programmatic space.
We continue to deliver a greater and more valuable set of actionable insights to advertisers while emphasizing selling creative ideas targeting specific audiences.
Put another way, we are broadening our discussions with clients beyond just the locations of our outdoor footprint to the value of specific audiences we reach with these assets.
The pandemic has provided us the ability to demonstrate the usefulness of our data as consumer journeys change, agencies and brands seek to reach them in a seamless manner.
As we focus on strengthening our ability to drive revenue growth, we have also remained diligent in managing our costs and cash flow.
Brian will provide an update on our cost savings initiatives.
Now, let me provide a brief update on each of our business segments beginning with Americas.
Based on the information we have, for the second quarter, we expect Americas revenues to be between $265 million and $275 million with adjusted EBITDA margin improving sequentially from the first quarter.
Entering May, we are seeing a notable uptick in bookings as advertisers become more comfortable with the prospect for more sustained opening of the economy as the vaccination rates improve.
Based on our data, we can see that audiences are increasingly out and about with the recovery unfold, but there remains some lag between emerging mobility patterns and ad purchasing.
We primarily attribute this to the fact that some key ad categories such as amusements and restaurants remain challenged due to capacity restrictions, but we believe they will pick up as the year progresses and restrictions are lifted.
Further, while our transit business is showing some improvement, it continues to lag in the recovery process, which is weighing on our performance.
Comprised primarily of airports, this business is well positioned to benefit as travel volume increases.
Looking ahead, we are continuing to see an increase in the number and value of RFPs.
Categories showing particular strengths include beverages, insurance, and business services.
An example of the big opportunity is centered on maximizing the opening of the economy is reflected in our recently announced partnership with Resorts World Las Vegas.
In conjunction with the opening of the resort this summer and the return of convention activity, we launched three full motion digital out-of-home displays offering advertisers premium visibility on the Vegas Strip.
They include the latest in cutting edge digital signage and represent one of the largest exterior LED building displays in the U.S. delivering over 135,000 square feet of digital signage.
With regard to our technology investments, we added 14 new digital billboards in the first quarter giving us a total of more than 1,400 digital billboards across the United States.
We also continue to strengthen our RADAR platform through partnerships aimed at further improving our data analytics and measuring the impact of our assets on consumer decision making.
We have strengthened our leading audience attribution solution RADAR-Proof by partnering with Kochava, the leading real-time data solutions company for omni-channel attribution and measurement.
Our innovative combined offering helps brands better understand out-of-home advertising impact on key metrics such as user engagement, website visits, and app downloads.
This is the kind of compelling data that is enabling us to demonstrate the power of our platform in influencing consumers on the move.
We're also continuing to make notable progress in the programmatic space.
Revenue from programmatic increased year-over-year in the first quarter will be although off a small base.
Through integration with multiple SSPs, our digital out-of-home ad units are increasingly accessible to digital buyers via the same buyside platform that they utilize to spend their considerable digital budget.
And while it's still early in our programmatic expansion, the progress we're making bodes well for the future.
Turning to our business in Europe, based on the information we have today, we expect second quarter segment revenues to be between $200 million and $220 million, excluding the impact of foreign exchange.
As in the Americas, the pace of recovery varies across Europe, driven by differing rates of vaccination and variants in attitudes to the virus in different parts of the continent, but some of our European markets are picking up momentum in terms of opening up, we're also continuing to see volatility with activity differing from country to country.
In our largest market France, the French government introduces additional mobility restrictions at the end of March, following an increase in virus cases and concerns over new variants, delaying the onset of the recovery to the middle of the second quarter.
Restrictions have started to ease with all schools now open and non-essential retail due to reopen on May 19th.
Meanwhile, we are continuing to see promising signs in some of our other markets, particularly in the U.K., our second largest market, where the Phase 3 opening is well under way supported by a countrywide vaccination rate exceeding 50%.
Over the last six weeks, our U.K. business generated bookings ahead of the comparable period in 2019 as we benefit from pent-up demand among advertisers.
Our U.K. business continued to benefit from the premium locations of our roadside inventory as well as a wide spread scale and audience reach of our digital network.
I'm proud to also note that our U.K. team was recently awarded Commercial Team of the Year at the coveted Campaign Media Awards.
The judges recognized Clear Channel's outstanding performance linked to proactive programs focused on supporting advertisers through the unprecedented challenges presented by the pandemic.
Looking at the rest of Europe, other countries that are progressing well in terms of opening up include Switzerland and Spain.
As with the U.K., we're seeing advertising spend recovering in these markets as inflation rates drop and restrictions are eased.
The overall sentiment among European advertisers is very positive reflecting pent-up demand and the need to get in front of consumers.
As with the rebound we started to see in the third quarter of last year, following the easing of restrictions, which proved to be temporary, we believe the ad market will rebound again as restrictions are waived weighed in additional markets in the months ahead.
Our digital footprint continues to expand in Europe.
We added 355 digital displays in the first quarter for a total of over 16,500 screens now live.
Supporting these assets, our RADAR roll out continues to receive positive customer traction in Spain and the U.K. We're also testing radar in Sweden ahead of our launch in the current quarter with additional launches on track thereafter in France and Belgium.
We're continuing to roll out our programmatic offering in Europe.
We recently launched a branded programmatic proposition called Clear Channel LaunchPAD, which will serve as a customer gateway connecting our premium digital out-of-home inventory to SSPs and digital buying platforms, bringing out-of-home into the omni-channel buying ecosystem.
Clear Channel LaunchPAD is now live in the U.K., Switzerland, Spain, Finland and The Netherlands with plans under way to introduce it across France, Italy, Belgium and Scandinavia.
Similar to the Americas, our programmatic platform in Europe will build over time, simplifying the buying process and providing us with an important avenue to leverage our scale and technology to target new advertising partners.
So in summary, we remain committed to executing on our strategy to expand the revenue potential of our global portfolio and optimize our ability to take full advantage of the economic recovery.
We're now seeing a return to year-on-year revenue growth in the second quarter with indicators pointing to continued improvement in advertiser demand as the year progresses.
As William mentioned, as expected, the quarter has been challenging due to the impact of COVID-19 on our business as well as tough comparisons against our strong Q1 2020 performance in Americas.
However, we are beginning to see a rebound in many of our key markets.
We aren't back to 2019 levels, but it's certainly nice to see the improvement.
We are also continuing to work on reducing costs and addressing our capital structure while investing in our business so that we are in a stronger position as our business begins to benefit from the improving economic environment.
Before discussing our results, I want to remind everyone that during our GAAP results discussions, I'll also talk about results adjusted for foreign exchange, a non-GAAP measure.
We believe this provides greater compatibility when evaluating our performance.
Additionally, we have expanded our disclosure to include more detail on Americas' revenue including breaking out transit revenue.
We've also added disclosure on site lease expenses in both the Americas and Europe segments.
Moving on to the results on Slide 4.
In the first quarter, consolidated revenue decreased to 32.7% to $371 million.
Adjusting for foreign exchange revenue was down 34.8%.
If you exclude China and adjust for foreign exchange, the decline in revenue was 31.7%.
These results were in line with expectations.
Consolidated net loss in the first quarter was $333 million compared to a consolidated net loss of $289 million in Q1 of 2020.
Consolidated adjusted EBITDA was negative $33 million in Q1 of 2021 as compared to consolidated adjusted EBITDA of $51 million in Q1 of 2020.
Excluding FX, consolidated adjusted EBITDA was negative $27 million in Q1 of 2021.
The Americas segment revenue was $212 million in the first quarter of 2021, down 28.4% compared to the prior year with a decline in revenue across all of our products.
National was down approximately 33% and local down approximately 25%.
Revenue continues to be under pressure as a result of the impact of COVID-19, but also the decline was a bit higher than Q4 2020 due to the tougher year-over-year comparisons.
As I noted earlier, the Americas team delivered an exceptional quarter in Q1 of 2020 with 8.5% revenue growth over the prior year.
Direct operating and SG&A expenses were down 21.1% due in part to lower site lease expenses, which declined 22.6% to $83 million related to lower revenue and renegotiated fixed site lease expense.
Additionally, compensation costs declined due to cost savings initiatives and lower revenue.
Segment adjusted EBITDA was $64 million down 40.5% compared to the first quarter of last year with an adjusting EBITDA margin of approximately 30%.
As I just noted, we are now breaking out our transit revenue which is primarily comprised of our airports business.
Transit was down 61.5% and airports decreased 62.4% to $20 million.
Our billboard and other was down 20.7%.
Rent continues to be a bit more resilient than digital and was down 19.1% with digital down 24.2% in the first quarter of 2020.
And on to Slide 8, within transit, print declined 52.5% and digital was down 72.8%.
As a reminder, the first quarter is proportionally the smallest quarter of the year given the seasonally low level of revenue.
Europe revenue of $150 million was down 29.4% and excluding foreign exchange, revenue was down 35.2% in the first quarter.
As expected, the extension of mobility restrictions continued to delay the rebound with the largest revenue reductions occurring in France, U.K., Sweden, and Spain.
Digital revenue was down 38.9%, excluding the impact of foreign exchange.
Adjusted direct operating and SG&A expense were down 11.6% compared to the first quarter of last year, excluding the impact of foreign exchange, both direct operating expenses and SG&A expenses decreased in most countries in which we operate with the largest decrease occurring in France and U.K. and Sweden.
The largest drivers of the decline in direct operating expenses was lower site lease expense has declined 10% to $93 million after adjusting for foreign exchange.
The decline was driven by lower revenue and renegotiated site lease expense.
Additionally, SG&A expense was down due to lower compensation attributed to lower revenue, operating cost savings initiatives, and government support and wage subsidies.
Segment adjusted EBITDA was negative $62 [Phonetic] million after adjusting for foreign exchange.
This compared to negative $14 million in Q1 of 2020.
Our Europe segment consists of the businesses operated by CCI B.V. and its consolidated subsidiaries.
Accordingly, the revenue for our Europe segment is the same as the revenue for CCI B.V. Europe segment adjusted EBITDA the segment profitability metric reported in our financial statements does not include an allocation of CCI B.V.'s corporate expenses are deducted from CCI B.V.'s operating income and adjusted EBITDA.
As discussed above, Europe and CCI B.V. revenue decreased $62 million during the first quarter of 2021 compared to the same period of 2020 to $150 million.
After adjusting for a $12 million impact from movement in foreign exchange rates, Europe and CCI B.V. revenue decreased $75 million.
CCI B.V. operating loss was $100 million in the first quarter of 2021 compared to $46 million in the same period of 2020.
Let's move on to Slide 10, and a quick review of other which includes Latin America.
As a reminder the prior year results include Clear Media, which was divested in April of 2020.
Latin American revenue was $10 million in the first quarter, down $9 million compared to the same period last year due the impact of COVID-19.
Direct operating expense and SG&A from our Latin American business were $13 million, down $3 million compared to the first quarter in the prior year due in part to lower revenue and cost savings initiatives.
Latin America adjusted EBITDA was a negative $4 million.
Moving on to Slide 11 and a review of capital expenditures.
Capital expenditures totaled $18 million in the first quarter, a decline of $18 million compared to the prior year period as we continue to focus on preserving liquidity given the current operating conditions.
Additionally, capex was also lower in part due to the sale of Clear Media.
On to Slide 12, Clear Channel Outdoor's consolidated cash and cash equivalents totaled $642 million as of March 31st, 2021.
Our debt was $5.6 billion, up slightly due to the refinancing of the senior notes and cash paid for interest on the debt was $145 million during the first quarter.
Our weighted average cost of debt was 5.9% as of March 31st, 2021.
Moving on to Slide 13, as mentioned, we continue to focus on managing our cost base and strengthening our liquidity and financial flexibility.
In April 2021, we revised the Europe portion of the international restructuring plan, which we began in the third quarter of 2020 primarily in response to the impact of COVID-19.
We expect this plan to be substantially complete by the end of the first quarter of 2023, an estimate that total charges for the Europe portion of the international restructuring plan, including $10 million of charges already incurred will be in a range of approximately $51 million to $56 million.
Substantially all charges related to this plan were or are expected to be severance benefits and related costs.
We expect a Europe portion of the plan to result in a pre-tax annual cost savings in excess of $28 million.
Additionally, we continue to work on negotiating six site lease savings and have achieved $23 million in rent abatements in the first quarter on a consolidated basis.
Also, we received European governmental support and wage subsidies in response to COVID-19 of $5 million in the first quarter.
Moving on to our financial flexibility initiatives as previously announced, we successfully completed an offering of $1 billion of 7.75% senior notes due 2028.
We use the net proceeds from the offering to redeem $940 million of our 9.25% senior notes due 2024.
Additionally, last week, we entered into a second amendment to the senior secured credit agreement, extending the suspension of the springing financial covenant through December 31st of 2021 and further delaying the step down until September 30th of 2022.
Turning to Slide 14, and our guidance.
For the second quarter of 2021, Americas' segment revenue is expected to be in the range of $265 million to $275 million and adjusted EBITDA margin is expected to improve sequentially over the first quarter of 2021.
While our Europe segment revenue is expected to be in the range of $200 million to $220 million, excluding the impact of foreign exchange.
Additionally, we expect cash interest payments of $216 million in the last nine months of 2021 and $334 million throughout 2022.
We expect consolidated capital expenditures to be in the $155 million to $165 million range in 2021.
We are optimistic about our prospects and may look to accelerate capex spending as appropriate to the balance of the year commensurate with the slope of the recovery.
We anticipate our consolidated revenue in the second half of 2021 to reach nearly 90% of 2019 levels excluding China.
The recovery is led primarily by our Americas' billboard business and a number of countries in Europe including our U.K. roadside business.
Lastly, we expect ending liquidity for 2021, including unrestricted cash and availability under the company's revolving credit facilities to be approximately $425 million to $475 million, but that could vary based on timing of cash receipts, and our payments.
Looking ahead, we are encouraged by the pace of the vaccination process and the increasing levels of mobility that we're seeing across the majority of our footprint.
In turn interest among advertisers is returning and we are seeing booking activity exceeding 2019 in several U.S. and European markets which bodes well for the year ahead.
We remain focused on strategically investing in our technology including expanding our digital platform and further strengthening our data analytics and programmatic resources with the aim of maximizing the potential of our digital board.
As we elevate our ability to demonstrate the effectiveness of our assets in influencing consumer decision making and continuing to make our inventory easier to buy particularly among digital ad buyers, we will look to expand our revenue growth potential.
As we invest in our technology, we will also continue to take steps to carefully manage our costs and preserve our liquidity as we navigate the evolving macroeconomic climate and focus on driving profitable growth over the long-term.
And now let me turn over the call to the operator for the Q&A session.

user
for q2, expect americas revenue to be between $265 million and $275 million.
excluding impact of movements in foreign exchange rates, expect 2021 europe revenue to be $200 million-$220 million.

assistant