Q2 2024 Clear Channel Outdoor Holdings Inc Earnings Call Transcript
Key Points
- Clear Channel Outdoor Holdings Inc (CCO) reported a 5.2% increase in consolidated revenue for Q2 2024, reaching $559 million.
- The company's digital billboard platform now reaches over 70% of US adults monthly in served markets, enhancing its value proposition to advertisers.
- The airports segment saw a 21.4% increase in revenue, driven by strong demand and new advertising customers.
- Europe-North delivered a 10.1% increase in revenue, with notable strength in Sweden and the UK.
- Clear Channel Outdoor Holdings Inc (CCO) has modestly increased its full-year consolidated revenue, adjusted EBITDA, and AFFO guidance due to strong performance in airports and Europe-North.
- The company's Q2 results came in at the low end of guidance due to softness in the national marketplace, particularly in the medical services and media entertainment verticals.
- Loss from continuing operations was $48 million, higher than the prior year due to impairment charges related to the company's Latin America businesses.
- Adjusted EBITDA was roughly flat with the prior year, indicating limited growth in profitability.
- AFFO declined by 12.2% from the prior year, reflecting challenges in cash flow generation.
- Direct operating and SG&A expenses increased by 3.4% in the America segment, driven by higher compensation costs and credit loss expenses.
Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel Outdoor Holdings 2024 second-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I will now turn the conference over to your host, Eileen McLaughlin, Vice President, Investor Relations. Please go ahead.
Good morning and thank you for joining our call. On the call today are Scott Wells, our CEO; and David Sailer, our CFO. They will provide an overview of the 2024 second-quarter operating performance of Clear Channel Outdoor Holdings, Inc., and Clear Channel International B.V.
We recommend you download the 2024 second quarter earnings presentation located in the financial information section of our Investor website and review the presentation during this call. After an introduction and a review of our results, weâll open the line for questions, and Justin Cochrane, CEO of Clear Channel UK and Europe, will join Scott and Dave
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