SAN ANTONIO, May 9, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) (the "Company") today reported financial results for the quarter ended March 31, 2024. "We delivered first quarter consolidated revenue of $482 million, an increase of 10.1%, or 9.3% excluding movements in foreign exchange rates, reflecting record first quarter results in our America, Airports and Europe-North segments excluding sold markets and movements in foreign exchange rates," said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. "The trends we saw late last year largely continued into the first quarter, including improving demand among advertisers in all regions and key verticals in our America business segment. "We are executing on our strategic plan, which is aimed at enhancing the profitability of our business, focusing on our higher-margin U.S. markets and investing in our technology and sales resources to elevate our ability to serve a broader range of advertisers. We believe that our first quarter results indicate that we are effectively pursuing business across a greater number of channels. "We continue to actively manage and strengthen our balance sheet as evidenced by our recent successful refinancing activities that extended our 2025 and 2026 maturities and created flexibility supporting the M&A process in Europe. We are positive about the trends we are seeing in our business and remain on track in delivering growth this year." Financial Highlights: Financial highlights for the first quarter of 2024 as compared to the same period of 2023, including financial highlights excluding movements in foreign exchange rates ("FX")1: (In millions) Three Months EndedMarch 31, 2024 % Change Revenue: Consolidated Revenue2 $                         481.8 10.1 % Excluding movements in FX1,2 478.1 9.3 % America Revenue 249.8 5.8 % Airports Revenue 76.9 43.0 % Europe-North Revenue 139.4 8.5 % Excluding movements in FX1 136.1 5.9 % Net Loss: Loss from Continuing Operations (88.7) (4.3) % Adjusted EBITDA1: Adjusted EBITDA1,2 96.7 53.6 % Excluding movements in FX1,2 96.3 53.0 % America Segment Adjusted EBITDA3 95.5 17.3 % Airports Segment Adjusted EBITDA3 19.1 204.6 % Europe-North Segment Adjusted EBITDA3 14.3 99.7 % Excluding movements in FX1 13.8 92.5 %   1 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information. 2 Financial highlights exclude results of discontinued operations. See "Supplemental Disclosures" section herein for more information. 3 Segment Adjusted EBITDA is a GAAP financial measure. See "Supplemental Disclosures" section herein for more information.   Debt Activity: On March 18, 2024, we issued $865.0 million aggregate principal amount of 7.875% Senior Secured Notes Due 2030 (the "CCOH 7.875% Senior Secured Notes") and used a portion of the proceeds therefrom to prepay $835.0 million of borrowings outstanding under our Term Loan Facility. At the same time, we amended our Senior Secured Credit Agreement to, among other things, refinance the $425.0 million remaining principal balance on the Term Loan Facility and to extend its maturity date from 2026 to 2028, subject to certain conditions. On March 22, 2024, our indirect wholly-owned subsidiary, Clear Channel International B.V. ("CCIBV"), entered into a credit agreement comprising two tranches of term loans (the "CCIBV Term Loan Facility") totaling an aggregate principal amount of $375.0 million, which mature in 2027, and used the proceeds therefrom to redeem all of the outstanding CCIBV 6.625% Senior Secured Notes Due 2025 (the "CCIBV Senior Secured Notes"). Please refer to the "Liquidity and Financial Position" section of this earnings release for additional details. Guidance: Our expectations for the second quarter of 2024 are as follows: Second Quarter of 2024 % change from prior year (in millions) Low High Low High Consolidated Revenue1,2 $               547 $               572 3 % 8 % America 290 300 1 % 4 % Airports 82 87 15 % 22 % Europe-North1 155 165 3 % 10 %   1 Excludes movements in FX 2 Excludes results of discontinued operations   Our expectations for the full year of 2024 have not changed from the guidance we provided in our earnings release issued on February 26, 2024, except for loss from continuing operations and Adjusted Funds from Operations ("AFFO"). Our updated expectations for the full year of 2024 are as follows: Full Year of 2024 % change from prior year (in millions) Low High Low High Consolidated Revenue1,2 $           2,200 $           2,260 3 % 6 % America 1,135 1,165 3 % 6 % Airports 345 360 11 % 16 % Europe-North1 635 655 2 % 6 % Loss from Continuing Operations1 (150) (120) (5) % (24) % Adjusted EBITDA1,2,3 550 585 3 % 9 % AFFO1,2,3 80 105 (4) % 26 % Capital Expenditures2 130 150 (10) % 4 %   1 Excludes movements in FX 2 Excludes results of discontinued operations 3 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information.   Expected results and estimates may be impacted by factors outside of the Company's control, and actual results may be materially different from this guidance. See "Cautionary Statement Concerning Forward-Looking Statements" herein. Results: Results provided herein exclude amounts related to discontinued operations for all periods presented. Revenue: (In thousands) Three Months Ended March 31, % Change 2024 2023 Revenue: America $      249,777 $      236,049 5.8 % Airports 76,926 53,789 43.0 % Europe-North 139,393 128,503 8.5 % Other 15,656 19,079 (17.9) % Consolidated Revenue $      481,752 $      437,420 10.1 % Revenue excluding movements in FX1: America $      249,777 $      236,049 5.8 % Airports 76,926 53,789 43.0 % Europe-North 136,086 128,503 5.9 % Other 15,266 19,079 (20.0) % Consolidated Revenue excluding movements in FX $      478,055 $      437,420 9.3 %   1 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information.   Revenue for the first quarter of 2024, as compared to the same period of 2023: America: Revenue up 5.8%: Revenue up in all regions Higher billboards revenue driven by increased demand and digital deployments; growth in both print and digital Digital revenue up 7.9% to $84.2 million from $78.0 million National sales comprised 34.5% of America revenue, compared to 33.1% in the prior year Airports: Revenue up 43.0%: Strong demand across portfolio Digital revenue up 44.1% to $42.6 million from $29.6 million National sales comprised 55.2% of Airports revenue, compared to 60.1% in the prior year Europe-North: Revenue up 8.5%; excluding movements in FX, up 5.9%: Higher revenue in the U.K., Sweden and Belgium, mainly due to increased demand and digital deployments; partially offset by loss of transit contract in Norway Digital revenue up 12.5% to $73.5 million from $65.3 million; digital revenue, excluding movements in FX, up 9.1% to $71.3 million Other: Revenue down 17.9%; excluding movements in FX, down 20.0%: Loss of contract in Singapore; partially offset by higher revenue in Latin America Direct Operating and SG&A Expenses1: (In thousands) Three Months Ended March 31, % Change 2024 2023 Direct operating and SG&A expenses: America $      154,684 $      154,698 — % Airports 57,940 47,525 21.9 % Europe-North 124,264 121,565 2.2 % Other 16,617 18,710 (11.2) % Consolidated Direct operating and SG&A expenses2 $      353,505 $      342,498 3.2 % Direct operating and SG&A expenses excluding movements in FX3: America $      154,684 $      154,698 — % Airports 57,940 47,525 21.9 % Europe-North 121,488 121,565 (0.1) % Other 16,404 18,710 (12.3) % Consolidated Direct operating and SG&A expenses excluding movements in FX $      350,516 $      342,498 2.3 %   1 "Direct operating and SG&A expenses" as presented throughout this earnings release refers to the sum of direct operating expenses (excluding depreciation and amortization) and selling, general and administrative expenses (excluding depreciation and amortization) 2 Includes restructuring and other costs of $0.8 million and $0.2 million during the three months ended March 31, 2024 and 2023, respectively 3 This is a non-GAAP financial measure. See "Supplemental Disclosures" section herein for more information Direct operating and SG&A expenses for the first quarter of 2024, as compared to the same period of 2023: America: Direct operating and SG&A expenses flat: Higher compensation costs largely driven by increased headcount and pay increases Offset by lower credit loss expense driven by improved collections and specific reserves recorded in the prior year Site lease expense down 0.2% to $82.8 million from $83.0 million driven by the renegotiation of an existing contract Airports: Direct operating and SG&A expenses up 21.9%: Site lease expense up 21.4% to $44.0 million from $36.3 million driven by higher revenue Higher compensation costs largely driven by higher sales commissions Europe-North: Direct operating and SG&A expenses up 2.2%; excluding movements in FX, down 0.1%: Site lease expense down 4.1% to $54.4 million from $56.7 million; site lease expense, excluding movements in FX, down 5.8% to $53.4 million driven by contract loss in Norway Offset by higher compensation costs Other: Direct operating and SG&A expenses down 11.2%; excluding movements in FX, down 12.3%: Lower costs driven by loss of contract in Singapore Partially offset by higher site lease expense in Latin America Corporate Expenses1: (In thousands) Three Months Ended March 31, % Change 2024 2023 Corporate expenses2 $        40,126 $        36,180 10.9 % Corporate expenses excluding movements in FX3 39,791 36,180 10.0 %   1 Certain costs that were historically allocated to the Company's Europe-South segment and reported within SG&A expenses, totaling $1.9 million during the three months ended March 31, 2023, ...