You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
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 fourth quarter and full year 2020 operating performance of Clear Channel Outdoor Holdings, Inc., and Clear Channel International BV.
These statements include management's expectations, beliefs, and projections about performance and represents management's current beliefs, there could 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, adjusted EBITDA, among other important information.
For that reason, we ask that you view each slide as William and Brian comments on them.
Despite the unprecedented challenges brought on by the pandemic and the sporadic nature of the global recovery, we are heartened by the progress being made with regards to development and distribution of vaccine, and we remain confident that our business will return to growth in 2021.
It's worth noting that the out-of-home industry has consistently accounted for 5% to 6% of global advertising spend, and was one of the only growing traditional mediums pre-COVID.
Our industry has proven to be very resilient coming out a previous downturn, and we fully expect this will once again be the case as we emerge from the pandemic.
Longer term, the digital out-of-home sector is projected to grow at 13% compound annual growth rate from 2022 to 2025, according to data published by MAGNA Global in December 2020.
We hope to capture a significant share of this growth, and we believe the actions we've taken during the past 12 months from strengthening our liquidity and implementing cost restructuring efforts, to the adjustments we've made to our sales approaches, to the continued expansion of our digital platform and data analytics product, put us in a stronger position to return to revenue growth as the recovery ultimately takes hold.
As we previously noted, while we continue to focus on carefully managing our expenses, we have begun to play offence.
Throughout the pandemic, we have focused on strengthening our relationships with our advertising partners, with an emphasis on collaborating more closely with them as they tap into the flexibility and immediacy of our platform.
We have increasingly utilized our RADAR tweaked solutions to help our customers understand how that target customers have changed their movement patterns.
In turn, we have still to demonstrate our ability to deliver real-time content changes depending on audience traffic, as well as weather, day-part and other relevant variables.
Overall, we are united across our organization in executing a clear strategic plan, and fully capitalizing on the fundamental strength and growth drivers of our global asset base, in order to unlock shareholder value.
There are four key components that will continue to define our success now and well into the future.
And we have continued to deliver progress across all of them.
These imperatives include, first and foremost, we are continuing to invest in our business, including secure in premier contracts and integrating the right technology to strengthen and expand the effectiveness of our assets.
We continue to grow our digital footprint and demonstrated effectiveness in dynamically targeting, influencing and delivering audiences on the move.
Complementing our digital portfolio, we've added to our data analytics capabilities and further strengthened our RADAR tweak of tools through key partnerships in both the US and Europe, and we continue to expand our integration with programmatic buying platform.
All of these investments around monetizing our portfolio by delivering the data, targeting and ease of ad placement that our customers increasingly appreciate.
We also finalized our new contract with the Port Authority of New York and New Jersey during the fourth quarter.
This venture is aimed at capturing the incredible potential of our platform and technology in a very big way as we emerged in the pandemic and audience travel begins to normalize.
Second, we are focused on maximizing revenues by doing what we do best, partnering politely with our customers to deliver compelling advertising solutions, strengthening long-term relationships and remaining agile and flexible.
In the US, we're doubling down on our client direct selling initiatives and emphasizing selling creative ideas rather than specific billable locations.
Similarly in Europe, we are working with advertisers and agencies to develop unique network solution, which exploit the flexibility of our medium.
These approaches along with the integration of RADAR's broadening suite of related data analytics tool are supporting deeper conversations with brands, who are selling the unique strength of our platform.
Third, we have remained diligent in prudently managing our cost structure and cash flow.
These initiatives have included negotiating reductions in site leases, temporary reductions in compensation and reductions in certain discretionary spending, as well as deferring capital expenditures.
We've also moved forward with the restructuring plans to reduce headcount throughout our organization.
And fourth, we are committed to maintaining ample liquidity and continuingly -- continually reviewing parts to strengthen our balance sheet over the long term.
This includes the recent refinancing of a portion of our debt through the issuance of $1 billion senior notes, which extended our maturity profile and reduced our cash interest expense going forward.
And Brian will provide more details following my remarks.
The strength of our assets and our focus on remaining agile in terms of maximizing our inventory in a difficult environment was evident in the fourth quarter as we continued to post sequential improvement in our performance.
We delivered consolidated revenue of $541 million, down 27% compared to the prior year.
Excluding China and FX, the decline would have been 25% in the fourth quarter, an improvement over the third quarter.
In Americas, we delivered results ahead of our expectations in both sequential revenue and adjusted EBITDA margin.
Our performance in Europe reflected the impact of the increased mobility restriction as government thought to contain the second wave of the virus.
These results were also ahead of our expectations as we work diligently to adjust our selling approaches and maximize our asset in an unprecedented and volatile climate.
Similar to the third quarter, we saw promising signs regarding the resilience of our platform in select markets, particularly in the UK where our business significantly outperformed the roadside market.
We believe this reflects both the premium locations of our roadside inventory, as well as the success of our digital screens which generated close to 70% of our fourth quarter revenue in the UK.
These results, as well as our progress in continuing to drive operating efficiencies are certainly encouraging given the pandemic related circumstances we have faced globally.
I'd like to call out all of our employees for their outstanding commitment to our mission and their contributions to our business during this extraordinary operating period.
We truly have a first rate talented team laying the groundwork to deliver improved results this year and beyond.
Our people have adjusted brilliantly to new ways of working and their productivity and commitment through the crisis have been outstanding.
There are many steps they are taking to further strengthen our operations while adjusting our approach to serving our clients during the pandemic will pay dividends well into the future.
Looking ahead, we will be facing a very tough comparable first quarter given our strong performance in the first three months of 2020, and the continued impact of COVID 19.
This is also traditionally our smallest quarter in terms of revenue.
Based on the information we have as of today, we expect Americas segment revenue to be down in the high 20 percentage range as compared to the prior year.
The recent mobility restrictions in European countries, following mutations of the virus have continued to cause significant volatility in our European segment booking activity.
Due to this, for the first quarter of 2021, with the Europe segment revenue to be down in the mid 30% range, as compared to prior year.
Latin American bookings continue to be severely constrained as the pandemics' impact continues in all four of our markets in the region.
Turning to our fourth quarter performance.
In the Americas segment, while year-over-year revenue was down 25%, we continue to show a sequential improvement, which was better than expected.
Local continues to show recovery and we're seeing national rebounding, it is not only the number of sales RFPs increasing, but we're also seeing an increase in the size of those RFPs, which is certainly a good sign.
As a reminder, in 2019 National revenue was up 9%.
We've begun to gain traction with the large agencies and brands on the ability of the out-of-home medium to deliver results.
They were however the first to pullback as the pandemic hit.
So we're now beginning to rebuild interest with them, which bodes well as we exit the pandemic.
In the US, programmatic purchasing grew encouraging the year-over-year during the fourth quarter, although off a small base.
And we believe programmatic could grow substantially over time.
We've built a robust set of SSP partners and a rich network of more than 20 DSPs, providing avenues to sell our inventory alongside other digital media.
Our early entry into programmatic relative to the rest of the out-of-home industry positions us well as we work to introduce our platform and capabilities to a greater number of brands across the larger media buying universe.
Europe's fourth quarter revenue, adjusted for foreign exchange, was down 23%.
While our performance was ahead of our internal expectations due to the second wave of COVID and associated travel restrictions, specifically in our largest market, France, we did not deliver sequential improvement.
During the quarter, we continued to benefit from our strategic focus on roadside locations, which accounted for about two-thirds of our total European revenue and are far less affected by COVID-19 driven restriction than the transit environment which has historically accounted for just over 10% of our European revenues.
Similar to the Americas, one encouraging outcome of the pandemic is that in Europe, we have witnessed increased opportunities to demonstrate the flexibility, immediacy and creativity of our platform from multiple standpoint, including messaging context, contract flexibility and the ability to use mobile data to better target specific audiences.
Moving on now to our outlook for the Americas business.
As I mentioned, we expect the Americas to be down in the high 20 percentage range as compared to the prior year.
This is slightly weaker than the fourth quarter, due in part to the tough comps of 2020, as well as increased pressure on airports.
As a reminder, in last year's first quarter, Americas segment revenue was up 8.5% on 2019.
We are heartened by the increased audience movement with trends that we're seeing.
Our data is showing that travel has actually remained close to normal with some weeks even exceeding the same week in the prior year.
So audiences are back on the highways and we have no doubt advertisers will ultimately come back to the market.
The encouraging news is that, similar to the fourth quarter, we are continuing to see an improvement in the volume and the size of RFPs, and it appears that advertisers are getting more confident and starting to plan for the future in a more structured manner.
The beverage vertical continues to improve with the restaurant up versus prior year.
But it's also clear that advertisers are continuing to delay decision making and booking campaign later reducing our visibility.
We're continuing to leverage our RADAR platform, an expanded portfolio of partner tool to adjust to evolving travel patent to maximize our inventory for our customers, and this is helping to strengthen our relationships and demonstrate the unique attributes of our platform.
Turning to a review of the Americas technology initiatives and new contracts.
During the quarter we continued to invest in the right technology, including increasing our digital footprint, strengthening our data analytic capabilities and expanding in the programmatic space.
We added seventeen new digital billboards in the fourth quarter for a total of 74 new digital billboards in 2020, 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 directly addressing our customers' needs.
We entered into a partnership with Bombora, a leading provider of B2B intent data.
An out-of-home industry first, we are integrating Bombora data with RADAR viewed audience insights, demographics, and location targeting.
So advertisers can now understand how each of our display impacts more than 100 B2B audience segment, making targeting the B2B customer more accessible and measurable.
Our partnership with Bambora followed the recent addition, the partnerships with Tremor Video and Geopath, which we've also added to the integrated suite of solutions we deliver through RADAR.
As an example of the benefits of our technology investment, we leveraged our billable presence in Florida and our RADAR-Connect mobile retargeting capabilities to deliver a campaign for Game Day vodka.
The brand reported that the campaign was responsible for 65% of website traffic and achieved a take through rate that was twice the industry average.
As repeated case studies have shown, combining billboard ads with mobile is far more effective than just using one or the other.
The success was such that Game Day Vodka was subsequently selected as an official committee sponsor by the Tampa Bay Super Bowl Host Committee.
This relationship is a very powerful example of RADAR-Connect's ability to take our out-of-home footprint to another level through smart targeting of the right audiences at the right time.
As I noted, we are continuing to expand in the programmatic space.
Our programmatic platform introduces ease and efficiency to the out-of-home sales process by enabling marketers to buy our out-of-home inventory in audience based packages, giving them a level of flexibility closest to the online platforms relative to other traditional ad medium.
As I've noticed -- as I've noted on previous calls, it's my firm belief that if you make something easier to buy, you inevitably grow your business and our growth in programmatic presence would certainly ensure that we continue to capture advertising dollars from other media and grow our share of the pie.
Finally, we are off to a good start with our Port Authority contracts.
We have the inventory up and running on our platform and have begun selling at it.
As we noted last quarter, the 12 year deal is the largest airport advertising contracts in the US, panning JFK, LaGuardia in Europe, and Stewart Airports.
With the addition of these tremendous airport assets, brands will have the unique ability to execute campaigns that reach a vast array of consumers as they drive local site throughout a vast metro area.
Despite the short-term challenges related to pandemic, we remain confident in the growth potential of these contracts.
Looking ahead in Europe where we're seeing a range of performances within our markets due to the resurgence of COVID 19 cases, new variants in the virus and related government restrictions, particularly in France and the UK.
As I noted earlier, we expect Europe revenues to be down in the mid 30 percentage range as compared to 2020.
Visibility into the remainder of the quarter continued to be impacted as some advertisers pause their activity pending greater clarity on the pace of the vaccination and timing of market reopening.
In addition, advertisers are making buying decisions later in the buying cycle which can delay bookings and impact our visibility.
Having said that, it is important to note that the impact of current government restrictions remains well below impact that we saw in March and April of last year.
And longer term, as we've continued to emphasize, the resilience of the business is clear and when audiences returned to the streets, our out-of-home business will rebound soundly.
At this point, we believe restrictions across our European market will begin to lift the spring, and we're working closely with our advertisers to develop campaign targeting audiences as they return.
For example, in the UK, where the roadmap to lifting lockdowns was reviewed earlier this week, the expected rebound is being marketed as a renaissance moment, highlighting why out-of-home is better positioned than ever to help brands reach and engage audiences as they emerge from their restrictive stay at home orders.
Turning now to our European technology investments, we continue to make progress in utilizing smart data to help advertisers plan and adjust their campaigns.
Our sales team has integrated the RADAR technology in Spain and the UK, and advertiser interest has been very positive, particularly as we demonstrate the agility of our platform in using aggregated anonymous data to target audiences, as they return to the street.
In Spain, we recently launched RADAR driven campaign, centered on driving consumer interest for Disney Plus and CaixaBank.
The Disney Plus campaign is for the many theories one division and targeted in 18 to 45-year-old demographics with interest in comic, cinema and video games.
And the CaixaBank campaign was for their Young ID products and targeted 14 to 30-year-old with interest in music, museums and other cultural locations in Barcelona.
We're also rolling out a programmatic offering in Europe, similar to the Americas, our programmatic offering will build over time, simplifying the buying process, providing us with additional revenue stream and a growing avenue to leverage our scale and technology to target new advertising partners.
Our digital footprint continues to expand in Europe.
We added 545 digital displays in the fourth quarter and 1,244 in 2020 for a total of over 16,000 screens now live.
Overall, we have a broad asset base in Europe, which is enabling us to develop and market scale digital networks with a focus on road side, which can be sold flexibly by time of day and day of week.
This aligns well with rising advertiser expectations regarding our scale and the strength of our technology in targeting the right audiences on the move.
I should also note that we recently secured several key contracts in Europe, including winning the bid to renew the rain contract, covering bus shelters, pull banners and stopping points across the city and we've secured a renewal in Spain for the Madrid outskirts on January 1st of this year.
As you would expect, the past year was not particularly active for big tenders given COVID and several were pushed out to this year.
Nevertheless, we were successful in securing these major contracts.
So, in summary, we are intently focused on executing on our strategy, which is centered on strengthening our technology with the aim of fully monetizing our digital board and expanding our customer base.
Notwithstanding the challenges we have faced, the pandemic has also presented us with a number of opportunities to demonstrate the flexibility and immediacy of our platform with a broad range of advertisers as we look to deepen our relationships and accelerate our digital conversion.
It remains early in the recovery and as our market gradually open up, we will continue to take steps to preserve our liquidity, including balancing the need to defer capital expenditures, and reduce costs while still investing in strengthening our platform.
Overall, we believe we remain in a strong position to capitalize as audience ability increases, given the steps we have taken and continue to take throughout the global crisis.
As William mentioned, the past year was challenging, but we moved quickly to address our cost base, strengthen our liquidity and improve our financial flexibility.
As we look to build a stronger company, we have also continued to make strategic investments in critical areas aimed at strengthening and expanding the effectiveness of our assets, while also refining our sales approach.
Taking together these initiatives and our improved cost structure place us in a solid position to benefit as the worldwide economy recovers.
Moving on to the results on Slide 4.
Before discussing our results, I want to remind everyone that during our GAAP results discussions, I'll also talk about our results adjusted for foreign exchange, which is a non-GAAP measure.
We believe this provides greater comparability when evaluating our performance.
Additionally, as you know, we tendered our shares in Clear Media in April of last year, and therefore our Q4 results in 2020 do not include Clear Media.
However, our results in Q4 and full year 2019 did include Clear Media's results.
In the fourth quarter, consolidated revenue decreased 27.4% to $541 million.
Adjusting for foreign exchange, revenue was down 29.3%.
If you exclude China and adjust for currency, the decline in revenue was 24.5%.
The finish was better than our internal expectations due to stronger-than-expected performance in United States and certain markets in Europe.
As William mentioned, this was sequentially better than the third quarter.
Consolidated net loss in the fourth quarter was $33 million compared to net income of $32 million in the fourth quarter of 2019.
Consolidated adjusted EBITDA was $101 million, down 51.1%.
Excluding FX, consolidated adjusted EBITDA was down 52.1% compared to the fourth quarter of 2019.
For the full year consolidated revenue decreased 30.9% to $1.9 billion, excluding foreign currency exchange impact, consolidated revenue for 2020 declined 31.4%.
Consolidated net loss for the full year was $600 million compared to $362 million in 2019.
And consolidated adjusted EBITDA for 2020 was $120 million, down 80.8% compared to 2019.
Excluding FX, adjusted EBITDA was down 82% for the full year.
These are certainly not the results we anticipated delivering when we started 2020.
But we do believe the team did an exceptional job responding to the pandemic and taking the necessary steps to adapt to the dynamics in the marketplace.
Normally during the fourth quarter earnings call I review both the fourth quarter and full year results for each of our business segments.
But this year for efficiency, I will focus only on the fourth quarter.
The Americas segment revenue was $258 million in the fourth quarter, down 25.3% compared to $345 million last year.
As William noted, this marked further sequential improvement compared to the previous two quarters.
Total digital revenue which accounted for 32% of total revenue was down 29.6%.
Digital revenue from billboards and street furniture was down 15.4%.
Digital revenue as compared to the prior year improved sequentially over the third quarter, which was down 34.8% and print continues to perform a bit better than digital due to our [indecipherable] inventory.
National was down 27% and accounted for 37% of total revenue, with local down slightly less at 24%, accounting for 63% of revenue.
Both national and local improved over the third quarter.
Our top-performing categories in the quarter included business services, our largest category, as well as beverages.
Regionally, we are still seeing strength in our small markets and weakness in the largest cities.
Direct operating and SG&A expenses were down 16.8%, due in part to lower site lease expenses related to lower revenue and renegotiated fixed-site lease expense, as well as lower compensation costs from lower revenue and operating cost savings initiatives.
Adjusted EBITDA was $94 million, down 34 -- 35.4% compared to the fourth quarter of last year with an adjusted EBITDA margin of 36.5%.
Europe revenue of $268 million was down 17.9% and excluded -- excluding foreign exchange, revenue was down 23% in the fourth quarter.
This was a bit weaker than the performance in the third quarter as the stricter lockdowns in key European countries, including France impacted our results.
However, our results for the quarter finished ahead of our expectations, which speaks to the execution of our team, as well as the strength of our assets.
The level of restrictions varied by country, with seven of our top 10 European markets posting sequential revenue improvements in the quarter, with the majority showing topline declines, less than half of what we saw at the outset of the pandemic and last year's second quarter.
Digital accounted for 34% of total revenue and was down 18.8% excluding the impact of foreign exchange.
Adjusted direct operating and SG&A expenses were down 17% compared to the fourth quarter of last year, excluding the impact of foreign exchange.
The decline was driven primarily by lower direct operating expenses in large part due to our success in renegotiating fixed lease expenses.
Additionally, SG&A expense was down slightly due to lower compensation due to lower revenue, operating cost savings initiatives and government support and wage subsidies.
And adjusted EBITDA was $35 million, down 46.9% from $65 million in the year ago period, excluding the impact of foreign exchange.
This was driven by lower revenues in the period.
In August, as you know, we issued senior secured notes through our indirect wholly owned subsidiary, Clear Channel International BV, which we refer to as CCIBV.
Net proceeds from the note offering provides incremental liquidity for our operations.
Our European segment consists of the business is operated by CCIBV and its consolidated subsidiaries.
Accordingly, the revenue for our Europe segment is the revenue for CCIBV.
Europe segment adjusted EBITDA does not include an allocation of CCIBV's corporate expenses, are deducted from CCIBV's operating income and adjusted EBITDA.
As discussed above, Europe and CCIBV revenue decreased $59 million during the fourth quarter of 2020 compared to the same period of 2019 of $268 million.
After adjusting for $16.5 million impact from movements in foreign exchange rates, Europe and CCIBV revenue decreased $75 million during the fourth quarter of 2020 compared to the same period of 2019.
CCIBV operating income was $0.8 million in the fourth quarter of 2020 compared to operating income of $38 million in the same period of 2019.
Now let's move to Slide 7 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 $15 million in the fourth quarter, down $11 million compared to the same period last year.
Revenue was down due to widespread impact of COVID 19.
Direct operating expense and SG&A from our Latin American business were $15 million, down $4 million compared to the fourth quarter in the prior year due in part to lower revenue, as well as cost savings initiatives.
Latin America adjusted EBITDA was $1 million, down $6 million compared to the fourth quarter in the prior year due to the impact on revenue from COVID 19, partially offset by cost savings initiatives.
Now moving to Slide 8, and review of capital expenditures.
CapEx totaled $31 million in the fourth quarter, a decline of $62 million compared to the prior year period as we continued to focus on preserving liquidity, given the current operating conditions.
CapEx was also lower due to the sale of Clear Media, which as I mentioned, occurred in April of 2020, although fourth quarter CapEx did include a small amount related to the port authority contract.
For the full year, total CapEx was $124 million, down $108 million compared to the full year 2019.
Again the reduced CapEx for the full year was primarily due to our liquidity preservation measures and the divestiture of Clear Media.
Now on to Slide 9.
Clear Channel Outdoor's consolidated cash and cash equivalents totaled $785 million as of December 31st, 2020.
Our debt was $5.6 billion, an increase of just over $500 million during the year as a result of our drawing on the cash flow revolver at the end of March and issuing the CCIBV notes in August.
Cash paid for interest on debt was $22 million during the fourth quarter and $324 million during the full year ended December 31st, 2020.
This was in line with our expectation and up slightly compared to the prior year due to the timing of interest payments, which was partially offset by lower interest rates.
Our weighted average cost of debt was reduced from 6.8% in 2019 to 6.1% in 2020.
Moving on to Slide 10.
As mentioned, we continue to focus on managing our cost base and strengthening our liquidity and financial flexibility.
In September we announced restructuring plans throughout our organizations.
In our Americas segments we completed our restructuring plans in the fourth quarter and we expect annualized pre-tax cost savings of approximately $7 million to begin in 2021.
However, our plans for Europe have been delayed due to the evolving nature of COVID 19 impacts and the complexity of executing the plans.
We now expect to substantially complete the plan by the first half of 2022.
In conjunction with and in addition to these plans, we expect an additional annualized pre-tax cost savings of approximately $5 million in our corporate operations.
Additionally, as I mentioned in my remarks on both the Americas and Europe segments, we continue to work on negotiating fixed-site lease savings and have achieved $28 million in rent abatements in the fourth quarter for a total of $78 million year-to-date.
Also, we received European government support in wage subsidies in response to COVID 19 of $1 million in the fourth quarter and $16 million year-to-date.
The duration and severity of COVID 19's impacts continue to evolve and remain unknown, as such, we will consider expanding, refining or implementing further changes to our existing restructuring plans and short-term cost savings initiatives as circumstances warrant.
Moving onto our financial flexibility initiatives, earlier this month we successfully completed an offering of $1 billion of 7.75% senior notes due 2028.
Proceeds from the offering will be used to redeem $940 million of our 9.25% senior notes due 2024, as well as to pay transaction fees and expenses including associated call premium and accrued interest.
The timing was right for this offering, giving the strength in the high-yield credit market, as well as our improving outlook.
In addition, we've de-risked our maturity profile by refinancing approximately half of our 9.25% notes which were unsecured and represent our next nearest material maturity.
Our weighted average maturity is now 5.6 years, up from 4.9 years with a run rate cash interest savings of approximately $10 million per year, due to lower coupon rate.
All-in-all, the offering speaks to the continued support the financial markets half for Clear Channel Outdoor and reflect our improving outlook, strong global assets and leading market position.
Turning to Slide 11 and our outlook for the first quarter of 2021.
As William mentioned, Americas first quarter 2021 segment revenue is expected to be down in the high 20% range as compared to the prior year.
This is slightly weaker than the fourth quarter, due in part to the tough comps.
With the first quarter of 2020 when revenue increased 8.5% over the prior year, as well as the continued impact of COVID 19.
In our Europe segment we expect revenue to be down in the mid 30% range in the first quarter, historically the first quarter of the year is the smallest quarter for revenue.
The weakness is due to the resurgence of COVID 19 cases, new variants of the virus and related government restrictions, particularly in France and the UK.
Latin America bookings continued to be severely constrained.
Additionally, we expect cash interest payments in 2021 of $362 million and $335 million in 2022.
The increase in 2021 is primarily due to the interest payments on the CCIBV notes issued in 2020, as well as various timing differences.
So, to reiterate, despite the near-term challenges we continue to face and the uncertainty regarding the pace of the worldwide recovery, we are encouraged by the resilience of our business and the fact that infection rates are in decline in the majority of our markets, which together with the vaccination programs gathered pace is leading to a real sense of optimism.
Our national and local businesses in the US continue to recover.
And in Europe we are confident that the restrictions of starting to lift and our pipeline is strengthening.
As we exit the first quarter and the environment continues to improve, we remain committed to executing against our growth strategy and delivering year-on-year growth in 2021.
We believe are focused on working closely with our customers to give them real time audience insight they need, including our effort to expand our technology initiatives spanning our digital platform, data analytics capabilities and programmatic capability put us in an even stronger position to return to revenue growth and benefit from our operating leverage as the recovery takes hold in the second quarter and beyond.
We are now a stronger and more efficient company in the way that we operate, both in terms of the unique value proposition we deliver and the manner in which we run our business.
Our people have shown that creativity and commitment and we are poised to maximize the opportunities ahead.
I look forward to providing updates regarding our progress in the months ahead.

user
for q1 of 2021, we expect americas segment revenue to be down high 20 percentage points.
for q1 of 2021, we expect europe segment revenue to be down mid 30 percentage points.
both our americas and europe segments are experiencing customer advertising buying decisions later in buying cycle.
latin america bookings continue to be severely constrained.
will consider expanding or implementing further cost savings initiatives throughout 2021 as circumstances warrant.
qtrly consolidated revenue $541.4 million, down 27.4%.

assistant