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Text: On the call today are William Eccleshare, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc.; and Brian Coleman, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc., who will provide an overview of the third quarter 2021 operating performance of Clear Channel Outdoor Holdings, Inc. and Clear Channel International BV.
And Scott Wells, Chief Executive Officer of Clear Channel Outdoor Americas, will participate in the Q&A portion of the call.
These statements include management's expectations, beliefs and projections about performance and represent 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, segment revenue, adjusted EBITDA and adjusted corporate expenses, including the impact of share-based compensation and restructuring charges, among other important information.
For that reason, we ask that you view each slide as William and Brian comment on them.
We delivered very strong results during the third quarter and we entered the fourth quarter with continuing business momentum that we capitalized on the broad base recovery we are seeing across our markets.
Advertisers are returning to launch new campaigns and rebuild brand awareness.
This rebound, together with new advertisers discovering our medium for the first time, is driving growth in many of our markets ahead of 2019 revenue levels in both our digital and traditional assets.
Our consolidated revenue in the third quarter increased 33.3% over the prior year.
Excluding FX, consolidated revenue was $590 million, up 31.8% over the prior year.
America's revenue was $319 million, up 42.6%, in line with our guidance and 97% to 2019 revenue.
Europe revenue was $256 million, up 18.2%, which was slightly ahead of our guidance and 97% of 2019 revenue, both excluding FX.
As we have highlighted on past calls, we have a resilient business that has consistently demonstrated its ability to bounce back from macro disruptions.
We are clearly seeing this occur and we are very pleased with how our business is performing in the current quarter.
And it is with that confidence in our business and liquidity position that we've repaid the $130 million outstanding balance of the revolving credit facility.
Coming out of COVID, advertisers are embracing out-of-home as they recognize the enhanced capabilities we have built into our platform.
The power of our assets is only matched by our team of talented and dedicated people and the deep relationships they have maintained across the industry throughout the pandemic.
Given the expansion of our digital footprint and the related strategic investments in both data analytics and programmatic that we have made in our platform, advertisers are now utilizing an even stronger set of tools that will allow them to expand this relationship through highly creative addressable and measurable solutions.
We are meeting our customers where they are by building on the very best features of out-of-home and elevating what we can do for advertisers and their brands in a compelling manner.
And so, this is an exciting time for our business as we execute on our vision to expand our share of total advertising spend.
As we focus on delivering profitable growth, we also remain committed to reducing our overall indebtedness, strengthening our balance sheet and elevating our ability to benefit from the operating leverage in our model.
As part of this effort and as momentum builds in our business, we will continue to evaluate disposition opportunities in line with our strategic goals and in the best interest of our shareholders.
Now let me provide a brief update on each of our business segments, beginning with Americas.
Based on the information we have for the fourth quarter, we expect Americas revenue to be in the range of $360 million and $370 million, which is above the $345 million we reported in the 2019 comparable period, reflecting the strong momentum in our business as we close out the year.
In the current quarter, we are continuing to experience a notable uptick in demand with a strong volume of RFPs.
National is increasing over the prior year at a slightly faster rate than local.
Based on our current revenue bookings, all our small and most medium-sized markets are pacing above Q4 2019.
We still haven't fully rebounded in a few markets in California, including San Francisco, although LA, which is our largest market is now above 2019.
In our larger markets, in addition to LA, New York, Miami and Dallas are also exceeding 2019 levels, with Houston and Boston plays behind.
I would also highlight a promising rebound we are seeing in airports across the country.
We believe our success is distributed to our teams doing a better job of servicing our customer needs and matching them to the best asset types.
For example, our traditional sales team is now selling our airport inventory.
We should note at this point, inflation and supply chain issues are not materially impacting our business, but we are of course keeping an eye on macro trends on how they are playing out.
Our digital billboards business, which continues to lead the recovery, is central to our long-term growth strategy.
We deployed 17 new digital billboards in the third quarter, giving us a total of more than 1,500 digital billboards across the United States.
We are and we remain at the forefront in driving innovation in the out-of-home industry.
We've built a dynamic platform that delivers mass broadcast level reach, along with the sophisticated insights similar to the digital display platforms with the ability to target consumers on the move.
Our RADAR solutions continue scaling up and opening new opportunities, including with major CPG brands.
Recently, we were able to match individual consumer behaviors using our RADARProof attribution tool with household purchase data from an ID resolution partner, LiveRamp.
In the CPG world, this advancement matters as households, rathan than individuals, often are the decision makers in this product category.
So we can now measure the household impact of exposure to our out-of-home advertising.
For example, in separate campaigns for a snack brand, a sports beverage and new packaged food brand, we delivered household sales insights about the consumers buying these products and how out-of-home attracts new customers to these brands.
RADARProof also demonstrates the ability of out-of-home exposure tin increase the lifetime value of repeat brand purchases, a key metric for consumer packaged goods brands.
Further, through our strategic expansion into the programmatic space, we continue to see a notable uptick in brands experimenting with programmatic and we are positioned to participate in this opportunity.
For instance, these innovations are evident in our recent campaign for Twitch and Mediahub Global to promote their second annual streamable gaming event.
The campaign won best use of programmatic with digital out-of-home this year as part of Adweek's Annual Media Plan of the Year Awards.
Our commitment to technology in improving the buying process and enhancing our ability to demonstrate attribution are key drivers of performance in our Americas business.
And I believe Scott and his exceptional leadership team should be proud of their work in delivering such a strong performance as the business emerges from the pandemic.
Turning to our business in Europe, based on the information we have today, we expect fourth quarter segment revenue to be between $335 million and $350 million, which is in line with Europe's top-line performance in the fourth quarter of 2019 of $349 million.
All amounts exclude movements in FX.
Similar to the US, in Europe, we are demonstrating the resilience of our platform and its ability to rapidly return to growth.
As we've noted in the past, about two-thirds of our European revenue comes from roadside assets.
This has benefited our performance in the current environment, given that we have limited exposures in the transit sector, which has of course seen a greater impact from COVID.
This is most evident in the UK where we have continued to deliver revenue ahead of 2019.
For the last six months, UK revenue has been ahead of 2019, led by the strength of our street furniture footprint and from the benefits of both new contracts and further development and investment in digital roadside inventory.
Overall, we are continuing to benefit from pent-up demand across Europe, although orders are still coming in later than pre-COVID.
Based on current trends, our pipeline across CPG and retail, our largest verticals, is looking strong with fashion and beauty also looking healthy.
Our digital expansion is also a central part of our growth strategy in Europe.
We added 314 digital screens in the third quarter for a total of over 16,900 screens now live, including digital screens in the UK, Italy and Ireland.
And we are further elevating the value proposition of our digital footprint through the roll out of our RADAR suite of solutions, which is now gaining traction in all of our major European markets.
For example, in Spain, we are now able to target campaigns based on online behavior in addition to physical store visits and we are having significant success using the tool in the auto category where brands are able to efficiently target likely car buyers.
In addition, we recently completed the launch of our programmatic offering, LaunchPAD in Italy.
And we are now executing on our programmatic strategy across the Europe, allowing brands to connect at the right time with consumers through multiple touch points, planned real-time digital out-of-home campaigns and control exactly when, where and at what times the ads are deployed.
We are also continuing to selectively pursue contract tenders that meet our strategic objectives in multiple markets.
In Sweden, we won a seven-year contract to operate the advertising related to a public buy program in the center of Stockholm, consisting of 350 static and digital panels in prime locations, further strengthening our footprint across the city.
So in summary, we are executing at a high level across every facet of our strategic plan.
The recovery continues to gain momentum and we are seeing good progress in our business in the current quarter.
Coming out of the pandemic, we are well positioned to maximize our performance as we leverage our digital expansion and the investments we are making in our data analytics and programmatic resources, which is broadening the universe of advertisers we can pursue and strengthening our growth profile.
As William mentioned, we continued to see a strong rebound in our business as reflected in our third quarter results and outlook for the fourth quarter and we continue to manage our cost base, including negotiating rent abatements in some of the markets most affected by COVID-19, as well as strengthening our capital structure.
Moving on to the results on Slide 4.
In the third quarter, consolidated revenue increased 33.3% to $596 million.
Excluding FX, revenue was up 31.8%.
Consolidated net loss in the third quarter was $41 million compared to a consolidated net loss of $136 million in the prior year.
Adjusted EBITDA was $136 million in the third quarter, representing a substantial improvement over the prior year, which was $31 million.
Excluding FX, adjusted EBITDA was $135 million in the third quarter.
The Americas segment revenue was $319 million in the third quarter, up 42.6% compared to the prior year and in line with the guidance we previously provided in July.
Revenue was up across all of our products, most notably print billboards, digital billboards and airport displays.
Digital revenue rebounded strongly and was up 68.4% to $115 million.
National local continue to improve with both up 43%.
Direct operating and SG&A expenses were up 15.8%.
The increase is due in part to a 15.3% increase in site lease expense, driven by higher revenue combined with higher compensation cost driven by improvements in our operating performance.
This was partially offset by lower credit loss expense related to our recovery from COVID-19.
Segment-adjusted EBITDA was $139 million in the third quarter, up 96.7% compared to the prior year with segment-adjusted EBITDA margin of 43.6%, above our guidance in Q3 2019 results due to temporary savings, including site lease savings primarily related to airports as well as lower spending and a reduction in the credit loss expense.
This slide breaks out our Americas revenue into billboard and other and transit.
Billboard and other, which primarily includes revenue from billboards, street furniture, spectaculars and wallscapes, was up 37.6%.
Transit was up 82.7%, with airport display revenue up 88.7% to $43 million in the third quarter.
Airport revenue was helped by the return of airline passenger traffic and the new Port Authority of New York and New Jersey advertising and sponsorship contracts.
Digital revenue rebounded strongly in Q3 and was up 59.5% to $91 million and now accounts for 33.4% of total billboard and other revenue.
Non-digital revenue was up 28.7%.
Please note that as I comment on the percentage change from the prior year, all percentages are excluding movements in foreign exchange.
Europe revenue was $263 million in the third quarter.
Excluding movements in foreign exchange, revenue was $256 million, up 18.2% compared to the prior year, ahead of the guidance we provided in our second quarter earnings call.
As you may remember, in Q3 2020, restrictions were lifted and the business bounced back quickly, which created tougher comps than in the second quarter.
Revenue in the third quarter was up across most of our products, primarily street furniture and retail displays and in most countries.
Digital revenue was up 39.3% to $89 million, excluding FX, a strong performance driven in large part by the rebound in the UK.
Direct operating and SG&A expenses were up 6.4% compared to the third quarter of last year.
The increase was largely driven by a $13 million increase in cost related to our restructuring plan to reduce headcount.
As a reminder, costs related to our restructuring plan are not included in adjusted EBITDA.
Site lease expense declined 3.7% to $99 million, excluding FX, driven by negotiated rent abatements.
Segment adjusted EBITDA was $30 million excluding movements in foreign exchange in the third quarter as compared to negative $8 million in the prior year.
Moving on to CCIBV.
Our Europe segment consists of the businesses operated by CCIBV and its consolidated subsidiaries.
Accordingly, the revenue for our Europe segment is the same as the revenue for CCIBV.
Europe segment adjusted EBITDA, the segment profitability metric reported in our financial statements does not include an allocation of CCIBV's corporate expense that are deducted from CCIBV's operating income and adjusted EBITDA.
CCIBV revenue increased $46 million during the third quarter of 2021 compared to the same period of 2020 to $263 million.
After adjusting for a $6 million impact from movements in foreign exchange rates, CCIBV revenue increased $39 million.
CCIBV operating loss was $26 million in the third quarter of 2021 compared to $38 million in the same period of 2020.
Let's move to Slide 9 and a quick review of other, which includes Latin America.
Note, this is the first quarter that the prior year results do not include our China business.
Latin America revenue was $15 million.
Excluding movements in foreign exchange rates, it was $!
4 million in the third quarter, up $7 million compared to the same period last year.
Direct operating expense and SG&A from our Latin American business were $14 million, up $1 million compared to the third quarter in the prior year.
Latin America adjusted EBITDA rounded to zero in the third quarter.
Now, moving to Slide 10 and a review of capital expenditures.
Capital expenditures totaled $33 million in the third quarter, an increase of approximately $6 million compared to the prior year period as we ramped up our investment in our Americas business.
Now onto Slide 11.
Clear Channel Outdoors' consolidated cash and cash equivalents totaled $600 million as of September 30, 2021.
Our debt was $5.7 billion, up $166 million, due in large part to the refinancing of the CCWH senior notes in February and in June.
Cash paid for interest on debt was $52 million during the third quarter and $264 million year-to-date.
Our weighted average cost of debt was 5.5% as of September 30, 2021, 60 basis points lower than the prior year.
Additionally, as William mentioned, given our improved outlook for both our business and liquidity position, we repaid the $130 million outstanding balance under the company's revolving credit facility with cash on hand on October 26, resulting in a corresponding increase in excess availability under such revolving credit facility.
Finishing with our guidance on Slide 12.
Again, as William noted, for the fourth quarter of 2021, Americas segment revenue is expected to be in the range of between $360 million and $370 million, which is above the $345 million reported in Q4 2019.
Segment-adjusted EBITDA margin is expected to return to close to Q4 2019 levels of $42.3%.
Q4's adjusted EBITDA margin is expected to benefit from the top-line improvement, but also from one-time items including site lease savings and temporary cost savings.
Our Europe segment revenue is expected to be in the range of between $335 million and $350 million, which is in line with Europe's revenue in Q4 2019 of $349 million.
Both the guidance and Q4 2019 consolidated revenue are based on 2020 exchange rates and exclude China.
Our consolidated Q4 revenue guidance is $715 million to $740 million, which is in line with or better than our Q4 2019 consolidated revenue of $717 million.
As noted above, guidance in Q4 2019 consolidated revenue are based on 2020 exchange rates and exclude China.
Additionally, we expect cash interest payments of $123 million in the fourth quarter of 2021 and $319 million in 2022.
We expect consolidated capital expenditures to be in the $150 million to $160 million range in 2021.
Lastly, we are once again increasing our guidance for liquidity as of December 31, 2021, including unrestricted cash and availability under the company's credit facilities.
We expect liquidity of approximately $525 million to $575 million, a $50 million increase from the guidance provided in July.
This is reflective of our improved performance and our businesses.
The guidance also includes a near-term acquisition pipeline of approximately $20 million to $25 million that we could potentially close by year end that represents small selective tuck-in billboard acquisitions in the Americas.
Please keep in mind that liquidity could vary based on timing of cash receipts and/or payments at year-end.
That concludes my remarks.
As I make the transition into the new role of Executive Vice Chairman at the close of the year, and Scott moves to take over as CEO, I am confident that we will continue to build on the momentum we're seeing in our business.
We are leading the digital transformation of our industry, innovating our platform and strengthening our ability to serve a large universe of appetizers.
We're coming out of COVID with a stronger and more dynamic platform supported by an energized worldwide team focused on growth and execution.
As we continue to invest in our technology, while carefully managing our costs, we remain focused on driving profitable growth and evaluating all avenues to delever our balance sheet, including dispositions.
It's been a pleasure to have met so many of you and have to engaged in conversations with you regarding our industry, our company and the direction of the global advertising market.
You remain of course in very good hands with Scott and the management team as they continue to execute on our plan to fully surface the growth potential and intrinsic value of our assets.
And now, let me turn over the call to the operator for the Q&A session.

user
clear channel outdoor holdings q3 revenue rose 33.3% to $596.4 million.
q3 revenue rose 33.3% to $596.4 million .
sees q4 revenue $715 million to $740 million.

assistant