~~Amendment to Senior Secured Credit Facilities~~

In June 2020, the Company entered into an amendment to the Senior Secured Credit Agreement, thereby suspending the springing financial covenant through June 30, 2021 and delaying the scheduled financial covenant step-down until March 31, 2022. In May 2021, the Company entered into a second amendment to the Senior Secured Credit Agreement to, among other things, extend the suspended springing financial covenant through December 31, 2021 and further delay the scheduled financial covenant step-down until September 30, 2022. Under the Senior Secured Credit Agreement, as amended, the Company is required to maintain minimum cash on hand and availability under the Receivables-Based Credit Facility and Revolving Credit Facility of $150 million for all reporting periods through March 31, 2022.

NOTE 5 – COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies, in each case related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.

Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes, employment and benefits related claims, land use and zoning disputes, governmental fines, intellectual property claims and tax disputes.

China Investigation

NaN former employees of Clear Media Limited (“Clear Media”), a former indirect, non-wholly-owned subsidiary of the Company, ~~whose ordinary shares are listed on the Hong Kong Stock Exchange,~~ have been convicted in China of certain crimes, including the crime of misappropriation of Clear Media funds, and sentenced to imprisonment. The Company is not aware of any litigation, claim or assessment pending against the Company in relation to this investigation. Based on information known to date, the Company believes any contingent liabilities arising from potential misconduct that has been or may be identified by the investigation in China are not material to the Company’s consolidated financial statements.

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proceeding.

The Company advised both the SEC and the United States Department of Justice ("DOJ") of the investigation atof Clear Media and is cooperating to provide documents, interviews and information to ~~the~~these agencies. Subsequent to the announcement that the Company was considering a strategic review of its stake in Clear Media, in March 2020, Clear Channel Outdoor Holdings, Inc. received a subpoena from the staff of the SEC and a Grand Jury subpoena from the ~~United States~~U.S. Attorney's Office for the Eastern District of New York, both in connection with the previously disclosed investigations. On April 28, 2020, the Company tendered the shares representing its 50.91% stake in Clear Media to Ever Harmonic Global Limited ("(“Ever ~~Harmonic"~~Harmonic”), a special-purpose vehicle ~~wholly owned~~wholly-owned by a consortium of investors, which includes the chief executive officer and an executive director of Clear Media, and on May 14, 2020, the Company received the final proceeds of the sale. In connection with the sale of its shares in Clear Media, the Company entered into an Investigation and Litigation Support Agreement with Clear Media and Ever Harmonic that requires Clear Media, if requested by the SEC and/or the DOJ, to use reasonable efforts to timely provide relevant factual information to the SEC and/or the DOJ, among other obligations.

In connection with its investigation, the SEC has also requested information regarding the Company’s historical oversight of its business in Italy and the misstatements and related forensic investigation. The ~~Clear Media~~Company is cooperating to provide documents and information responsive to the SEC’s inquiries and is voluntarily sharing the documents and information with the DOJ.

The SEC and DOJ investigation could implicate the books and records, internal controls and anti-bribery provisions of the U.S. Foreign Corrupt Practices Act, which statute and regulations provide for potential monetary penalties as well as criminal and civil sanctions. ~~It is possible that monetary penalties and other sanctions could be assessed~~As previously disclosed, the Company has begun meeting with these agencies to engage in discussions about potential resolution of these matters, including potential settlement. Based on the Company in connection with this matter. The nature and amount of any monetary penalty or other sanctions cannot reasonably be estimated at this time and could be qualitatively or quantitatively materialdiscussions to ~~the Company.~~

In connection with this investigation, the SEC has also requested information regarding the Company’s historical oversight of its business in Italy and the misstatements and related forensic investigation, as described below. The Company is cooperating to provide documents and information responsive to the SEC inquiries and is voluntarily sharing the documents and information with the DOJ.

~~Italy Investigation~~

~~During the three months ended June 30, 2018,~~date, the Company ~~identified misstatements associated with VAT obligations in its business in Italy, which resulted in~~recorded an understatement of its VAT obligation of $16.9 million as of December 31, 2017. Upon identification of these misstatements, the Company undertook certain procedures, including a forensic investigation. In addition, the Company voluntarily disclosed the matter and findings to the Italian tax authorities in order to commence a discussion on the appropriate calculation of the VAT position.

In February 2021, the Company negotiated a final settlement with the Italian tax authorities to repay a substantial portion of the VAT previously applied as a credit in relation to the transactions under investigation, amounting to, at current foreign exchange rates, approximately $21.7 million, including penalties and interest. The Company had previously made payments of $8.1 million and applied VAT recoverable of $1.7 million against the outstanding balance. Duringestimated liability during the first quarter of ~~2021,~~2022 to account for a potential resolution of these matters. However, at this time, the Company ~~paid an additional $3.5 million, with~~cannot predict the ~~majority~~eventual scope, duration or outcome of these discussions, including whether a settlement will be reached, the amount of any potential monetary payments or the scope of injunctive or other relief, the results of which may be materially adverse to the Company, its financial condition and its results of operations. At this time, the Company is unable to reasonably estimate, or provide any assurance regarding, the amount of any potential loss in excess of the ~~residual~~ amount accrued relating to ~~be paid in quarterly installments over the next four years.~~this investigation.

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NOTE 6 – INCOME TAXES

Income Tax Benefit ~~(Expense)~~

The Company’s income tax benefit ~~(expense)~~ for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 consisted of the following components:


(In thousands)	(In thousands)	Three Months Ended March 31,			(In thousands)				Three Months Ended March 31,
			2021			2020				2022		2021
Current tax benefit	Current tax benefit		$	2,063		$	1,964	Current tax benefit		$	931	$	2,063
Deferred tax benefit (expense)			26,634			(17,743)
Income tax benefit (expense)			$	28,697		$	(15,779)
Deferred tax benefit								Deferred tax benefit		1,749		26,634
Income tax benefit								Income tax benefit		$	2,680	$	28,697

Table of ~~2021 was severely impacted by COVID-19. The extent to which COVID-19 will impact our results for the remainder of the year will depend on future developments, which remain uncertain.~~Contents

~~COVID-19 Update~~

As described in our ~~2020~~2021 Annual Report on Form 10-K, COVID-19 ~~has~~ had a significant adverse impact on our results of operations starting in March 2020. Due to the timing and nature of the geographic spread of COVID-19, the adverse impacts to our results of operations for the three months ended March 31, 2020 were primarily limited to our operations in China and certain markets in Europe that experienced the most concentrated outbreaks during this time. During the remainder of the year, due to the continued global spread of COVID-19, including throughout the U.S., we experienced significant adverse effects on our results of operations throughout our business, with the severity of the negative impacts on out-of-home metrics, travel patterns, consumer behavior and economic activity fluctuating based on the evolving nature of COVID-19 developments in each geographic region.

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~~During the first quarter of 2021, we continued to see revenues remain significantly below historic norms throughout our business:~~

•~~In our Americas segment, our airport display revenue was the most significantly impacted. The U.S. experienced a decrease in reported daily COVID-19 cases and improvement in mobility levels~~ during the first quarter of 2021. However, we saw positive trends in revenue for each of our segments during the remainder of 2021 as ~~compared~~the relaxation of COVID-19 restrictions and increased vaccination levels led to an increase in mobility and increased time spent out-of-home. Beginning in the fourth quarter of ~~2020.~~

•~~In Europe, an increase in reported daily cases and hospitalizations resulted in the reinstatement~~2021, we experienced a return to our pre-COVID-19 historical seasonal levels of mobility restrictions in certain countries which created significant volatility in our Europe segment booking activity, particularly in France and the United Kingdom (“U.K.”). Additionally, mobility levels remained significantly below pre-COVID-19 levels.

~~Both our Americas and Europe segments continue~~revenue. To a large extent, we continued to experience ~~customer advertising buying decisions later in~~similar levels of activity during the ~~buying cycle, which can delay bookings and may cause~~first quarter of 2022. As our operating performance ~~to vary from our current expectations. Latin America bookings continue to be severely constrained.~~

~~Since the onset~~has improved, we have ceased certain of the ~~pandemic, we have taken various measures to increase our liquidity and preserve and strengthen our financial flexibility, including aggressive~~temporary operating ~~cost and capital expenditure savings initiatives, restructuring plans to reduce headcount and other targeted liquidity measures, and we continue to consider other~~ cost savings initiatives in order to better align our operating expense base with revenues and to provide additional financial flexibility as circumstances warrant. However, the duration and severity of COVID-19 continue to evolve and remain uncertain. The extent to which COVID-19 will ultimately impact our results will depend on future developments, and the curtailed customer demand we ~~have experienced and are continuing to experience could materially adversely impact our business, results of operations and overall financial performance in future periods.~~

~~Executive Summary~~

~~The key developments in our business during the three months ended March 31, 2021 are summarized below:~~

•Consolidated revenue decreased 32.7% during the three months ended March 31, 2021 as compared to the same period of 2020. Excluding the impact from movements in foreign exchange rates, consolidated revenue decreased 34.8%. This was primarily driven by COVID-19 and its extensive impact on the global advertising market, which severely reduced our performance in both Americas and Europe, as well as the sale of our Clear Media business on April 28, 2020.

•In February, we issued $1.0 billion aggregate principal amount of 7.75% Senior Notes due 2028 (the "CCOH Senior Notes"). In March, we used the net proceeds from this issuance to redeem $940.0 million aggregate principal amount of the 9.25% Senior Notes due 2024 (the “CCWH Senior Notes”) issued by Clear Channel Worldwide Holdings, Inc. (“CCWH”).

•~~We recognized reductions of rent expense on lease and non-lease contracts due to negotiated rent abatements of $22.7 million. We also received European governmental support and wage subsidies~~implemented in response to COVID-19 and have increased our investment in our business through additional capital expenditures. However, we continue to manage our cost base, including negotiating rent abatements in some of ~~$4.7 million,~~the markets in which we operate that have been ~~recorded as reductions in compensation and rent costs.~~

•We continued to execute upon the Europe portion of our international restructuring plan to reduce headcount and incurred $1.7 million in restructuring costs pursuant to this plan during the quarter. In April, we revised the Europe portion of this plan to reflect delays in implementation and additional headcount reductions. We expect the revised plan to be substantially completemost affected by the end of the first quarter of 2023 and estimate that total charges for the Europe portion of the plan, including charges already incurred of $10.0 million, 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.COVID-19.

RESULTS OF OPERATIONS

The discussion of our results of operations is presented on both a consolidated and segment basis.

•Our operating segment profit measure is Segment Adjusted EBITDA, which is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs, which are defined as costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs. The material components of Segment Adjusted EBITDA are discussed below on both a consolidated and segment basis.

•Corporate expenses, depreciation and amortization, impairment charges, other operating income and expense, all non-operating income and expenses, and income taxes are managed on a total company basis and are, therefore, included only in our discussion of consolidated results.

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Revenue and expenses “excluding the impact of movements in foreign exchange rates” in this MD&A are presented because management believes that viewing certain financial results without the impact of fluctuations in foreign currency rates facilitates period-to-period comparisons of business performance and provides useful information to investors. Revenue and expenses “excluding the impact of movements in foreign exchange rates” are calculated by converting the current period’s revenue and expenses in local currency to U.S. dollars using average foreign exchange rates for the comparable period.

Due to seasonality and uncertainty surrounding COVID-19, as previously described in the "Overview" discussion, the results for the interim period are not indicative of expected results for the full year.

Consolidated Results of Operations

The comparison of our historical results of operations for the three months ended March 31, ~~2021~~2022 to the three months ended March 31, ~~2020~~2021 is as follows:


(In thousands)	(In thousands)	Three Months Ended March 31,			%		(In thousands)			Three Months Ended March 31,	%
			2021		2020			Change			2022		2021		Change
Revenue	Revenue		$	370,908	$	550,809		(32.7)%	Revenue		$	525,688	$	370,908	41.7%
Operating expenses:	Operating expenses:								Operating expenses:
Direct operating expenses (excludes depreciation and amortization)			283,290		350,269			(19.1)%
Selling, general and administrative expenses (excludes depreciation and amortization)			97,570		123,704			(21.1)%
Corporate expenses (excludes depreciation and amortization)			34,042		36,338			(6.3)%
Direct operating expenses(1)									Direct operating expenses(1)		321,202		283,290		13.4%
Selling, general and administrative expenses(1)									Selling, general and administrative expenses(1)		108,957		97,570		11.7%
Corporate expenses(1)									Corporate expenses(1)		43,645		34,042		28.2%
Depreciation and amortization	Depreciation and amortization		61,852		75,753			(18.4)%	Depreciation and amortization		60,407		61,852		(2.3)%
Impairment charges	Impairment charges		118,950		123,137			(3.4)%	Impairment charges		—		118,950

Other operating expense, net			117		6,021			(98.1)%
Other operating expense (income), net									Other operating expense (income), net		(4,911)		117
Operating loss	Operating loss		(224,913)		(164,413)			(36.8)%	Operating loss		(3,612)		(224,913)
Interest expense, net	Interest expense, net		(92,693)		(90,142)				Interest expense, net		(82,798)		(92,693)
Loss on extinguishment of debt	Loss on extinguishment of debt		(51,101)		—				Loss on extinguishment of debt		—		(51,101)
Other income (expense), net	Other income (expense), net		6,554		(18,889)				Other income (expense), net		(5,999)		6,554
Loss before income taxes	Loss before income taxes		(362,153)		(273,444)				Loss before income taxes		(92,409)		(362,153)
Income tax benefit (expense)			28,697		(15,779)
Income tax benefit									Income tax benefit		2,680		28,697
Consolidated net loss	Consolidated net loss		(333,456)		(289,223)				Consolidated net loss		(89,729)		(333,456)
Less amount attributable to noncontrolling interest	Less amount attributable to noncontrolling interest		(1,103)		(11,732)				Less amount attributable to noncontrolling interest		139		(1,103)
Net loss attributable to the Company	Net loss attributable to the Company		$	(332,353)	$	(277,491)			Net loss attributable to the Company		$	(89,868)	$	(332,353)

Table of ~~debt. Additionally, changes in working capital balances resulted in $84.1 million of net cash outflows. Cash paid for interest during the three months ended March 31, 2021 was $145.2 million.~~Contents

•During the three months ended March 31, 2020, consolidated net loss of $289.2 million was offset by $349.2 million of net add-backs for non-cash reconciling items, most notably depreciation, amortization and impairment charges and non-cash operating lease expense. Changes in working capital balances resulted in $158.6 million of net cash outflows. Cash paid for interest during the three months ended March 31, 2020 was $145.9 million.

~~Investing Activities~~Capital Expenditures

Net cash used for investing activities reflects our capital expenditures, which primarily relate to construction and sustaining activities for billboards, street furniture and other out-of-home advertising displays, including digital displays. We ~~had~~made the following capital expenditures during the three months ended March 31, 2022 and 2021:


(In thousands)	Three Months Ended March 31,
	2022		2021
Americas	$	17,812	$	5,725
Europe	15,205		8,050
Other	871		1,313
Corporate	1,921		2,830
Total capital expenditures	$	35,809	$	17,918

During the three months ended March 31, 2021, ~~and 2020:~~

(In thousands) Three Months Ended March 31,
2021 2020
Americas(1)
$ 5,725 $ 15,817
Europe(1)
8,050 10,095
Other(2)
1,313 6,342
Corporate 2,830 3,640
Total $ 17,918 $ 35,894

~~(1)Capital expenditures have been~~we reduced or deferred capital expenditures as part of our strategy to increase our liquidity and preserve and strengthen our financial flexibility given the adverse financial impacts and economic uncertainty resulting from COVID-19. As our operating performance has improved, we have increased our investment in our business through capital expenditures.

~~(2)Other~~As reported within the “Proceeds from disposal of assets” line on the Consolidated Statements of Cash Flows, our cash outflows for capital expenditures in the Americas during the three months ended March 31, ~~2020 included~~2022 were offset by compensation received from local governments for the ~~purchase~~condemnation and removal of ~~concession rights~~billboards in ~~China, prior to the sale of Clear Media.~~certain markets.

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Debt Service Obligations

~~Financing Activities~~

~~Net cash used for financing activities during~~During the three months ended March 31, 2022 and 2021, ~~primarily reflected a principal payment~~we paid interest of ~~$5.0~~$51.6 million and $145.2 million, respectively. The decrease was driven by timing of the semi-annual interest payments on our ~~Term Loan Facility mostly offset by $4.7 million of net cash proceeds from the issuance of~~refinanced debt — interest payments on the CCOH 7.75% Senior Notes ~~after~~Due 2028 and CCOH 7.5% Senior Notes Due 2029 (together, the ~~payment of debt issuance costs~~“new CCOH Senior Notes”) are due in the second and ~~partial redemption of~~fourth quarters, while interest payments on the refinanced CCWH Senior Notes ~~at 104.625%~~were due in the first and third quarters. We anticipate having cash interest payments of $281.5 million during the remainder of the ~~principal amount.~~year, assuming current interest rates and that we do not refinance or incur additional debt.

~~Net cash provided by financing activities~~Additionally, during each of the three months ended March 31, ~~2020 primarily reflected~~2022 and 2021, we made $5.0 million of principal payments on the ~~cautionary draw~~Term Loan Facility in accordance with the terms of ~~$150.0~~the Senior Secured Credit Agreement and expect to make additional principal payments totaling $15.0 million ~~under our Revolving Credit Facility to enhance liquidity and preserve financial flexibility~~ during the ~~economic downturn resulting from COVID-19, partially offset by a principal payment~~remainder of ~~$5.0 million~~the year.

Please refer to Note 4 to our Condensed Consolidated Financial Statements located in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details on our ~~Term Loan Facility.~~

~~Anticipated Cash Requirements~~outstanding long-term debt. As of March 31, 2022, we were in compliance with all of the covenants contained in our debt agreements.

Sources of Capital and Liquidity

Our primary sources of liquidity are cash on hand, cash flow from operations and our credit facilities. Additionally, in February 2021, we issued $1.0 billion aggregate principal amount of CCOH Senior Notes and used the net proceeds to redeem $940.0 million aggregate principal amount of our CCWH Senior Notes in March 2021.Cash On Hand

As of March 31, ~~2021,~~2022, we had ~~$642.2~~$431.9 million of cash on our balance sheet, including ~~$293.8~~$179.1 million of cash held outside the U.S. by our ~~foreign~~ subsidiaries. Excess cash from our foreign operations may be transferred to our operations in the U.S. if needed to fund operations in the U.S., subject to the foreseeable cash needs of our foreign operations and restrictions in the indenture governing the CCIBV Senior Secured Notes. We could presently repatriate excess cash with minimal U.S. tax consequences, as calculated for tax law purposes, and dividend distributions from our international subsidiaries may be exempt from U.S. federal income tax.

Additionally, as of March 31, 2021, we had excess availability of $24.8 million under our Receivables-Based Credit Facility and $1.8 million under our Revolving Credit Facility, subject to limitations in the indenture governing the CCWH Senior Notes.

~~Uses of Capital and Liquidity~~

~~Our primary uses of liquidity are for working capital used to fund the operations of the business, capital expenditures and debt service obligations.~~

COVID-19's extensive impact on the global advertising market has had a significant negative impact on our results of operations in both our Americas and Europe segments. In response, we have taken a number of measures to increase our liquidity and preserve and strengthen our financial flexibility, including renegotiating contracts with landlords and municipalities, reducing compensation costs, obtaining European governmental support and wage subsidies, reducing discretionary expenses, and deferring capital expenditures and site lease payments.Cash Flow from Operations

We ~~continue to execute on the Europe portion of our international restructuring plan to reduce headcount and incurred approximately $1.7 million in related charges~~have historically generated positive net cash flow from operations. However, we used net cash for operating activities during the ~~three months ended March 31, 2021. In April 2021,~~periods in which we ~~revised the Europe portion of this restructuring plan to reflect delays~~were negatively impacted by COVID-19 as cash paid for interest in implementation and additional headcount reductions. As revised, we estimate that total charges for the Europe portion of the plan, including $10.0 million of charges already incurred, will be in a range of approximately $51 million to $56 million, all of which is expected to result inthese periods exceeded other net cash expenditures. We expect the revised plan to be substantially complete by the end of the first quarter of 2023 and to result in pre-tax annual cost savings in excess of $28 million. However, actual final charges pursuant to these plans may be materially differentinflows from ~~our estimates, and there is no guarantee that we will achieve the cost savings that we expect.~~operations. During the three months ended March 31, ~~2021,~~2022, we ~~made~~returned to positive operating cash ~~expenditures~~flows as strong cash collections from customers, driven by improvements in revenue, exceeded aggregate cash payments to vendors, lessors, employees and lenders.

•During the three months ended March 31, 2022, net cash provided by operating activities was $49.5 million. Higher cash collections from customers more than offset increased cash payments driven by higher site lease, employee compensation and other costs. Additionally, cash paid for interest of ~~$2.8~~$51.6 million ~~related~~was significantly lower than interest paid during the first quarter of the prior year due to the ~~Europe portion~~timing of our international restructuring plan. In addition, we made cash expenditures of $1.1 million related to our restructuring plan to reduce headcount in our Americas segment, which was completed during the fourth quarter of 2020, and $0.7 million related to costs incurred in conjunction with these plans related to Corporate operations. Refer to Note 9 to our Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information on our restructuring plans.interest payments, as previously described.

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•During the three months ended March 31, 2021, net cash used for operating activities was $124.3 million, driven by cash paid for interest of $145.2 million. Although cash collections from customers exceeded cash payments to vendors (including site lease costs) and our employees, the net inflow was lower than usual due to the adverse impact of COVID-19 on sales and collections, which was only partially mitigated by reduced expenditures related to operating cost savings initiatives and working capital optimization, particularly around site lease costs.

Credit Facilities

We have access to a Revolving Credit Facility and Receivables-Based Credit Facility, both of which include sub-facilities for letters of credit and short-term borrowings and are scheduled to mature on August 23, 2024. The table below presents our borrowings and excess availability under our credit facilities as of March 31, 2022:


(in millions)	Revolving Credit Facility		Receivables-Based Credit Facility		Total Credit Facilities
Borrowing limit(1)	$	175.0	$	125.0	$	300.0
Borrowings outstanding	—		—		—
Letters of credit outstanding	43.2		40.9		84.1
Excess availability	$	131.8	$	84.1	$	215.9

(1)The borrowing limit of the Receivables-Based Credit Facility is equal to the lesser of $125.0 million and the borrowing base, which is calculated based on our accounts receivable balance each period in accordance with our Receivables-Based Credit Agreement.

Debt Activity

In February 2021, we ~~spent $145.2~~issued $1.0 billion aggregate principal amount of CCOH 7.75% Senior Notes Due 2028 and, in March 2021, used the net proceeds therefrom to redeem $940.0 million of ~~cash to pay interest on our debt.~~the CCWH Senior Notes at 104.625% of their principal amount. We ~~anticipate having approximately $215.8 million of cash interest payment obligations during the remainder of 2021 and $334.0 million of cash interest payment obligations in 2022, assuming we do~~did not ~~refinance or incur additional debt. Additionally,~~enter into any significant debt transactions during the three months ended March 31, ~~2021,~~2022.

In April 2022, we ~~made a $5.0~~extended the maturity date of our €30.0 million state-guaranteed loan to June 29, 2027, with quarterly principal ~~payment on~~repayments of €1.875M due beginning in September 2023. The interest rate for periods after June 2022 is currently being negotiated with the ~~Term Loan Facility~~lender, and ~~expect to make additional principal payments~~the annual cost of ~~$15.0 million on~~ the ~~Term Loan Facility during~~state guarantee will be 1.0% for the next two years and 2.0% for the remainder of ~~2021. Our next material debt maturity is~~the loan term.

Debt Covenants

In accordance with the amendments to our Senior Secured Credit Agreement made in ~~2024 when the remaining balance~~2020 and 2021, we were required to maintain minimum liquidity of ~~$961.5~~$150 million, ~~of CCWH Senior Notes~~including cash on hand and ~~the outstanding balance~~availability under ~~the~~our Receivables-Based Credit Facility and Revolving Credit Facility, ~~are due; however, at our option, we may redeem a portion~~through delivery of ~~our outstanding debt prior to maturity~~the March 31, 2022 springing financial covenant calculation. We were in ~~accordance~~compliance with ~~the terms of our debt agreements. Refer to Note 4 to our Condensed Consolidated Financial Statements included in Item 1 of Part I of~~ this ~~Quarterly Report on Form 10-Q for additional details on our debt outstanding~~covenant as of March 31, ~~2021.~~2022.

~~Trends and Uncertainties~~

We believe that our cash on hand and additional availability under our credit facilities, combined with cash flows from operations and our continued savings initiatives, will enable us to meet our working capital, capital expenditure, debt service, restructuring and other funding requirements for at leastAdditionally, the next 12 months. However, our anticipated results are subject to significant uncertainty and may be affected by events beyond our control, including prevailing economic, financial and industry conditions. Our ability to meet our funding requirements depends on the impacts from these uncertainties, including the impacts related to COVID-19, our future operating performance, our cash flow from operations, and our ability to manage our liquidity and obtain supplemental liquidity, if necessary. Additional factors may emerge that could cause our expectations to change. If we are unable to generate sufficient cash through our operations or obtain sources of supplemental liquidity, we could face substantial liquidity problems, which could have a material adverse effect on our financial condition and on our ability to meet our obligations. We may take further cost-cutting measures beyond those discussed above to generate short-term liquidity in the event of an unanticipated need for cash. In addition, we regularly consider, and enter into discussions with our lenders related to, potential financing alternatives, which may include supplemental liquidity through issuances of secured or unsecured debt or other capital-raising transactions.

Our significant interest payment obligations reduce our financial flexibility, make us more vulnerable to changes in operating performance and economic downturns generally, reduce our liquidity over time and could negatively affect our ability to obtain additional financing in the future. In the future, we may need to obtain additional financing from banks or other lenders, through public offerings or private placements of debt or equity, through strategic relationships or other arrangements, or from a combination of these sources. There can be no assurance that financing alternatives will be available in sufficient amounts or on terms acceptable to us in the future due to market conditions, our financial condition, our liquidity constraints, our lack of history operating as a company independent from iHeartCommunications or other factors, many of which are beyond our control, and even if financing alternatives are available to us, we may not find them suitable or at reasonable interest rates. In addition, the terms of our existing or future debt agreements may restrict us from securing financing on terms that are available to us at that time or at all.

We frequently evaluate strategic opportunities both within and outside our existing lines of business, and we expect from time to time to dispose of certain businesses and may pursue acquisitions. These dispositions or acquisitions could be material. Specifically, as we continue to focus on operational efficiencies that drive greater margin and cash flow, we will continue to review and consider opportunities to unlock shareholder value, which may include, among other things, potential asset or operational divestitures intended to deleverage and increase free cash flow. We have in the past and may from time to time in the future consider strategic transactions, including, among other things, the sale of one or more of our markets or businesses.

~~Debt Covenants~~

~~The~~ Senior Secured Credit Agreement contains a springing financial covenant, applicable solely to the Revolving Credit Facility if the balance of the Revolving Credit Facility is greater than $0 and undrawn letters of credit exceed $10 million, that ~~generally~~ requires compliance with a first lien ~~net~~ leverage ratio of 7.60 to 1.00, with a step-down to 7.10 to 1.00 ~~originally~~ scheduled to commence ~~with~~ the last day of the fiscal quarter ending ~~June~~September 30, ~~2021. In June 2020, we amended~~2022. Our first lien leverage ratio, which is calculated by dividing first lien debt by EBITDA (as defined by the Senior Secured Credit ~~Agreement~~Agreement) (“EBITDA”) for the preceding four quarters, was 5.38 to ~~suspend the springing financial covenant~~1.00 as of March 31, 2022. First lien debt and EBITDA are presented herein because they are material components of the ~~Revolving Credit Facility from the third quarter of 2020 through the second quarter of 2021 and delay the timing of the financial covenant step-down~~calculation of the first lien ~~net~~ leverage ratio until the first quarter of 2022. In May 2021, we entered into a second amendment to the Senior Secured Credit Agreement to, among other things, extend the suspended springing financial covenant through the fourth quarter of 2021 and further delay the scheduled financial covenant step-down until the third quarter of 2022. We are required to maintain minimum liquidity of $150 million, including cash on hand and availability under our Receivables-Based Credit Facility and Revolving Credit Facility, through delivery of the March 31, 2022 springing financial covenant calculation and agreed not to make voluntary restricted payments with certain exceptions. We were in compliance with the minimum liquidity covenant as of March 31, 2021.ratio.

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~~In addition, each~~First Lien Debt

The following table presents a calculation of our first lien debt agreements includes negative covenants that, subject to significant exceptions, limit our ability and the ability of our restricted subsidiaries to, among other things, incur or guarantee additional indebtedness or issue certain preferred stock; incur certain liens; engage in mergers, consolidations, liquidations and dissolutions; sell certain assets, including capital stock of our subsidiaries; pay dividends and distributions or repurchase capital stock; make certain investments, loans, or advances; redeem, purchase or retire subordinated debt; engage in certain transactions with affiliates; enter into agreements which limit our ability and the ability of our restricted subsidiaries to incur restrictions on the ability to make distributions; and amend or waive organizational documents. As of March 31, 2021, we were in compliance with the covenants contained in our financing agreements.

~~Guarantor Subsidiaries~~

The Company and certain of the Company’s direct and indirect wholly-owned domestic subsidiaries (the “Obligor Group”) fully and unconditionally guarantee, on a joint and several basis, the CCWH Senior Notes, which have been registered under the Securities Act. The following summary financial information of the Obligor Group, which includes the parent guarantor, the issuer and the subsidiary guarantors, is provided in conformity with the SEC’s Regulation S-X Rule 13-01:

(In thousands) Three months ended March 31, 2021 Year ended December 31, 2020
Results of Operations Data:
Revenue $ 211,072 $ 972,783
Operating loss (116,872) (92,976)
Net loss attributable to the Obligor Group (228,433) (232,568)

As of As of
(In thousands) March 31, 2021 December 31, 2020
Select Asset and Liability Data:
Cash and cash equivalents $ 348,427 $ 438,151
Other current assets 202,052 215,987
Property, plant and equipment, net 546,211 574,127
Notes receivable from related-party non-guarantors 283,249 293,095
Other assets(1)
2,499,690 2,624,745
Current liabilities (excluding current portion of long-term debt) 346,669 395,426
Long-term debt (including current portion of long-term debt) 5,256,313 5,202,909
Notes payable to related-party non-guarantors 115,083 122,295
Other non-current liabilities 1,289,757 1,329,030

~~(1)~~ ~~Investments in non-guarantor subsidiaries have been excluded from the presentation of Other assets. Other assets primarily consists of goodwill, intangible assets and right-of-use assets.~~

As of March 31, 2021, CCWH had $961.5 million of CCWH Senior Notes outstanding. The CCWH Senior Notes are guaranteed, jointly and severally, irrevocably and unconditionally, on an unsecured senior basis, by CCOH and certain of CCOH’s existing and future subsidiaries (the “Guarantors”). Not all of CCOH’s subsidiaries guarantee the CCWH Senior Notes. The subsidiaries of CCOH that do not guarantee the CCWH Senior Notes (the “Non-Guarantor Subsidiaries”) include all foreign subsidiaries of CCOH, all non-wholly-owned subsidiaries of CCOH, certain domestic subsidiaries and all immaterial subsidiaries. The CCWH Senior Notes are structurally subordinated to all existing and future obligations of the Non-Guarantor Subsidiaries, and the claims of creditors of the Non-Guarantor Subsidiaries, including trade creditors, will have priority as to the assets of these subsidiaries. In the event of a bankruptcy, liquidation or reorganization of any of the Non-Guarantor Subsidiaries, holders of their indebtedness and their trade and other creditors will generally be entitled to payment of their claims from the assets of those subsidiaries before any assets are made available for distribution to CCWH and, in turn, to its creditors.

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~~In addition,~~ as of March 31, ~~2021, CCWH guaranteed $1,250.0 million principal amount~~2022:


(In millions)	March 31, 2022
Term Loan Facility	$	1,950.0
Revolving Credit Facility	—
Receivables-Based Credit Facility	—
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027	1,250.0
Other debt	4.0
Less: Cash and cash equivalents	(431.9)
First lien debt(1)	$	2,772.1

(1)Due to rounding, the total may not equal the sum of ~~CCOH~~the line items in the table above.

EBITDA

As required by the definition of “EBITDA” in the Senior Secured ~~Notes, $1.0 billion~~Credit Agreement, our EBITDA for the preceding four quarters of ~~CCOH Senior Notes, $1,970.0~~$514.8 million is calculated as operating income (loss) before depreciation and amortization, impairment charges and share-based compensation, further adjusted for the following: (i) interest income; (ii) charges, expenses or reserves in respect of ~~borrowings under~~any restructuring, relocation, redundancy or severance expense or one-time compensation charges; (iii) certain adjustments for pro forma "run rate" cost savings, operating expense reductions and other synergies related to acquisitions, dispositions and other specified transactions or related to restructuring initiatives, cost savings initiatives, entry into new contracts or other initiatives; and (iv) various other items.

The following table reflects a reconciliation of EBITDA to operating income and net cash provided by operating activities for the ~~Term Loan Facility, $130.0 million of borrowings and $43.2 million of letters of credit under~~four quarters ended March 31, 2022:


	Four Quarters Ended
(In millions)	March 31, 2022
EBITDA (as defined by the Senior Secured Credit Agreement)	$	514.8
Depreciation and amortization, impairment charges, share-based compensation and interest income	(273.6)
Charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance expense or one-time compensation charges	(38.0)
Other items	2.0
Operating income(1)	205.1
Interest expense, net; loss on extinguishment of debt; other expense, net and income tax benefit	(394.5)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Reconciling items for non-cash and non-operating activity(2)	688.2
Changes in operating assets and liabilities	(458.5)
Net cash provided by operating activities(1)	$	40.3

(1)Due to rounding, the ~~Revolving Credit Facility and $60.6 million of letters of credit under~~total may not equal the ~~Receivables-Based Credit Facility. All~~sum of the ~~subsidiaries~~line items in the table above.

(2)Includes depreciation, amortization and impairment charges; non-cash operating lease expense; loss on extinguishment of ~~CCOH that guarantee the CCWH Senior Notes are guarantors~~debt; deferred taxes; gain on disposal of ~~this indebtedness. The CCWH Senior Notes and the guarantee of each Guarantor of the CCWH Senior Notes rank~~ ~~pari passu~~ in right of payment with the CCOH Senior Notes and are effectively subordinated to the CCOH Senior Secured Notes, the Term Loan Facility, the Revolving Credit Facility and the Receivables-Based Credit Facility, to the extent of the value of the assets securing such indebtedness.

The obligations of each Guarantor under its guarantee are limited as necessary to prevent such guarantee from constituting a fraudulent conveyance under applicable law. If a guarantee were to be rendered voidable, it could be subordinated by a court to all other indebtedness (including guaranteesoperating and other ~~contingent liabilities)~~assets; foreign exchange transaction loss; share-based compensation; amortization of ~~the Guarantor,~~deferred financing charges and ~~depending on the amount of such indebtedness, a Guarantor’s liability on its guarantee could be reduced to zero. Each guarantee by a Guarantor provides by its terms that it shall be automatically~~note discounts; credit loss expense and unconditionally released and discharged upon: (1) any sale, exchange or transfer (by merger or otherwise) of the Guarantor in a manner in compliance with the applicable provisions of the indenture governing the CCWH Senior Notes; (2) the designation of any restricted subsidiary that is a Guarantor as an unrestricted subsidiary; (3) CCWH exercising legal defeasance or covenant defeasance in accordance with the relevant provisions of the indenture governing the CCWH Senior Notes; or (4) a Guarantor ceasing to be a restricted subsidiary as a result of a transaction or designation permitted under the indenture governing the CCWH Senior Notes.

~~CCWH is a holding company with no significant operations or material assets~~ other than the direct and indirect equity interests in its subsidiaries. CCWH derives all of its operating income from its subsidiaries. As a result, its cash flow and the ability to service its indebtedness, including the CCWH Senior Notes, depends on the performance of its subsidiaries and the ability of those entities to distribute funds to it.reconciling items.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported ~~amount~~amounts of revenue and expenses during the reporting period. ~~On an ongoing basis, we evaluate our estimates that are based on historical experience and on various other assumptions that are believed~~There have been no material changes to ~~be reasonable under~~ the circumstances. The results of these evaluations form the basis for making judgments about the carrying values of assets and liabilities and the reported amount of revenue and expenses that are not readily apparent from other sources. Because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such difference could be material. Management believes that certain accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. These critical accounting estimates, management's judgments and assumptions and the effect if actual results differ from these assumptions ~~are~~ described ~~under~~in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” inof our ~~2020~~2021 Annual Report on Form 10-K.

We perform impairment tests for indefinite-lived intangible assets at least annually, as of July 1 of each year, and more frequently as events or changes in circumstances warrant. During the first quarter of 2021, we performed an impairment test on our indefinite-lived billboard permits due to changes in our estimates and assumptions, specifically an increase in the discount rate, as described below.

~~Impairment Tests~~

~~Indefinite-lived Intangible Assets~~

Indefinite-lived intangible assets, such as our billboard permits, are reviewed at least annually for possible impairment and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable using the direct valuation method as prescribed in ASC 805-20-S99. Under the direct valuation method, the estimated fair value of the indefinite-lived intangible assets is calculated at the market level as prescribed by ASC 350-30-35, and it is assumed that rather than acquiring indefinite-lived intangible assets as a part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase that are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model to calculate the value that is directly attributable to the indefinite-lived intangible assets. Our key assumptions using the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry-normalized information representing an average asset within a market.

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Due to an increase in the discount rate, we tested our indefinite-lived billboard permits for impairment as of March 31, 2021, resulting in an impairment charge of $119.0 million across several markets in our Americas segment. The impairment was primarily driven by an increase in the discount rate and reductions in projected cash flows related to the expected negative financial statement impacts from COVID-19. In determining the fair value of our billboard permits as of March 31, 2021, the following key assumptions were used:

•Industry revenue growth forecasts used for the initial four-year period, which varied by market, started with the trailing twelve month forecast period ending March 31, 2022, and annual revenue growth on average of 4.9% was assumed from year two to year four, factoring in recovery from the impacts related to COVID-19;

•~~Revenue growth beyond the initial four-year period was assumed to be 3.0%;~~

•~~Revenue was grown over a build-up period, reaching maturity by the second year;~~

•~~Operating margins gradually climb to the industry average margin (as high as 47.4%, depending on market size) by the third year; and~~

•~~Discount rate was assumed to be 10.5%.~~

While we believe we have made reasonable estimates and utilized appropriate assumptions to calculate the fair value of our indefinite-lived intangible assets, it is possible that a material change could occur. If future results are not consistent with our assumptions and estimates, we may be exposed to impairment charges in the future. As of March 31, 2021, markets with billboard permit fair values exceeding carrying amounts by 30% or less represented $124.1 million of the total fair value of billboard permits. These permits had fair values exceeding carrying amounts by $22.4 million in total. The fair value of billboard permits impaired during the three months ended March 31, 2021 was $191.9 million.

The following table shows the decrease in the fair value of our indefinite-lived intangible assets as of March 31, 2021 that would result from decreases of 100 basis points in our discrete and terminal period revenue growth rate and profit margin assumptions and an increase of 100 basis points in our discount rate assumption:

(In thousands) Revenue growth rate Profit margin Discount rate
Decrease in fair value of:
(100 basis point decrease)1
(100 basis point decrease)2
(100 basis point increase)3
Billboard permits $ (323,500) $ (88,400) $ (331,900)

~~1, 2, 3~~ ~~The change in each assumption as of March 31, 2021 would result in additional impairment of $74.9 million, $18.4 million and $77.8 million, respectively.~~

NEW ACCOUNTING PRONOUNCEMENTS

For a description of the expected impact of ~~newly issued~~newly-issued but not yet adopted accounting pronouncements on our financial position and results of operations, please refer to Note 1 to our Condensed Consolidated Financial Statements located in Item 1 of Part I of this Quarterly Report on Form 10-Q.

~~Cautionary Statement Concerning Forward-Looking Statements~~CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This report contains various forward-looking statements ~~which~~that represent our expectations or beliefs concerning future events, including, without limitation, our future operating and financial performance, ~~our restructuring plans,~~ our ability to comply with the covenants in the agreements governing our indebtedness and the availability of capital and the terms thereof. Statements expressing expectations and projections with respect to future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a safe harbor for forward-looking statements made by us or on our behalf. We caution that these forward-looking statements involve a number of risks and uncertainties and are subject to many variables that could impact our future performance. These statements are made on the basis of management’s views and assumptions, as of the time the statements are made, regarding future events and performance. There can be no assurance, however, that management’s expectations will necessarily come to pass. Actual future events and performance may differ materially from the expectations reflected in our forward-looking statements. We do not intend, nor do we undertake any duty, to update any forward-looking statements.

A wide range of factors could materially affect future developments and performance, including, but not limited to:

•the continued impact of the COVID-19 pandemic on our operations and on general economic conditions;

• the war in Ukraine and the associated global effects; risks associated with weak or uncertain global economic conditions and their impact on the level of expenditures on advertising;

•our ability to service our debt obligations and to fund our operations and capital expenditures;

~~Table of Contents~~

•the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings;

•industry conditions, including competition;

•our ability to obtain and renew key contracts with municipalities, transit authorities and private landlords;

•technological changes and innovations;

•shifts in population and other demographics;

• supply chain shortages; heightened levels of economic inflation and rising interest rates; fluctuations in operating costs;

•changes in labor conditions and management;

•regulations and consumer concerns regarding privacy and data protection;

•a breach of our information security measures;

•legislative or regulatory requirements;

•restrictions on out-of-home advertising of certain products;

• the impact of the strategic review of our European business, including a possible sale thereof; our ability to execute restructuring plans;

•the impact of future dispositions, acquisitions and other strategic transactions;

•third-party claims of intellectual property infringement, misappropriation or other violation against us or our suppliers;

• the risk that indemnities from iHeartMedia will not be sufficient to insure us against the full amount of certain liabilities; risks of doing business in foreign countries;

•fluctuations in exchange rates and currency values;

•~~effects of Brexit on our business;~~

•volatility of our stock price;

•the effect of analyst or credit ratings downgrades;

•our ability to continue to comply with the applicable listing standards of the New York Stock ~~Exchange (“NYSE”);~~

•Exchange; the ability of our subsidiaries to dividend or distribute funds to us in order for us to repay our debts;

•the restrictions contained in the agreements governing our indebtedness limiting our flexibility in operating our business;

•~~uncertainty relating to~~ the ~~LIBOR calculation process and potential~~ phasing out of LIBOR;

•the risk that our historical financial information is not necessarily representative of the results we would have achieved as an independent public company and may not be a reliable indicator of future results;

•~~the risk that indemnities from iHeartMedia will not be sufficient to insure us against the full amount of certain liabilities;~~

•our dependence on our management team and other key individuals; continued scrutiny and

• changing expectations from investors, lenders, customers, government regulators and other stakeholders; and certain other factors set forth in our other filings with the SEC.

This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative and is not intended to be exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks arising from changes in market rates and prices, including movements in foreign currency exchange rates, interest rates and inflation.

Foreign Currency Exchange Rate Risk

We have operations in America, Europe, Singapore and Latin ~~America, and foreign~~America. Foreign operations are measured in their local ~~currencies. As~~currencies, and as a result, our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets in which we have operations. Changes in economic or political conditions in any of the foreign countries in which we operate could result in exchange rate movement, new currency or exchange controls or other currency restrictions being imposed.

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Our foreign operations reported net losses of ~~$100.5~~$51.4 million for the three months ended March 31, ~~2021.~~2022. We estimate that a 10% increase in the value of the U.S. dollar relative to foreign currencies would have decreased our net losses for the three months ended March 31, ~~2021~~2022 by ~~$10.1~~$5.1 million and that a 10% decrease in the value of the U.S. dollar relative to foreign currencies would have increased our net losses for the three months ended March 31, ~~2021~~2022 by a corresponding amount. This analysis does not consider the implications that such currency fluctuations could have on the overall economic activity that could exist in such an environment in the U.S. or ~~the~~such foreign countries or on the results of operations of these foreign entities.

Interest Rate Risk

A portion of our long-term debt bears interest at variable ~~rates;~~rates, and as a result, our financial results are affected by changes in interest rates. As of March 31, ~~2021, 37%~~2022, approximately 34% of our aggregate principal amount of long-term debt bore interest at floating rates. Assuming the current level of borrowings and a ~~50%~~100 basis point increase in LIBOR, it is estimated that our interest expense for the three months ended March 31, ~~2021~~2022 would have increased by ~~$0.6~~$4.9 million.

In connection with the phasing-out of LIBOR, we are currently working with the administrative agents under our credit agreements to finalize replacement rates. At this time, we do not expect the replacement of LIBOR to result in a material impact to our financial statements. In the event of an adverse change in interest rates, management may take actions to mitigate our exposure. However, due to the uncertainty of the actions that would be taken and their possible effects, the preceding interest rate sensitivity analysis assumes no such actions. Further, the analysis does not consider the effects of the change in the level of overall economic activity that could exist in such an environment.

Inflation Risk

Inflation is a factor in the economies in which we do business, and we continue to seek ways to mitigate its effect. Current heightened levels of inflation may result in higher costs and decreased margins and earnings. Inflation has affected our performance in terms of higher costs for wages, salaries, materials and equipment. Although the exact impact of inflation is indeterminable, we believe we have partially offset these higher costs by increasing the effective advertising rates of most of our out-of-home display faces. In addition, our site leases, which are long-term in nature, are less impacted by short-term swings in inflation.

ITEM 4. CONTROLS AND PROCEDURES

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), under the supervision and with the participation of management, including our Chief Executive Officer and ~~our~~ Chief Financial Officer, we have carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in reports that are filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and ~~our~~ Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified by the SEC. Based on that evaluation, our Chief Executive Officer and ~~our~~ Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, ~~2021~~2022 at the reasonable assurance level.

There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, ~~2021~~2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For information regarding our material pending legal proceedings, please refer to Note 5 to our Condensed Consolidated Financial Statements located in Item 1 of Part I of this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed under Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, except that the risk factor set forth under, “The COVID-19 pandemic has negatively affected and will likely continue to negatively affect our business, operating results, financial condition and prospects” is updated and replaced as follows:

~~The COVID-19 pandemic has negatively affected and will likely continue to negatively affect our business, operating results, financial condition and prospects.~~

On March 11, 2020, the COVID-19 outbreak was characterized as a pandemic by the World Health Organization. In response to the pandemic, governments around the world implemented numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, work-from-home orders and shutdowns. These measures have impacted and will continue to impact our workforce and operations, the behavior of our advertising customers and of consumers, and the operations of our suppliers. Our business, along with the global economy, has been adversely affected by these measures, which have resulted in significant reductions in time spent out of home by consumers, reductions in advertising and consumer spending, volatile economic conditions and business disruptions across markets globally.

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We have experienced and are continuing to experience significantly reduced advertising spend, which has and could continue to materially adversely impact our business, results of operations and overall financial performance in future periods and could result in future impairments. During the three months ended March 31, 2021, we continued to see mobility levels and revenues remain significantly below pre-COVID-19 levels throughout our business, including in our Americas segment, where our transit business was the most significantly impacted, and in our Europe segment, where an increase in reported daily cases and hospitalizations resulted in the reinstatement of mobility restrictions in certain countries and created significant volatility in customer booking activity. Additionally, impacts of the COVID-19 pandemic could have the effect of heightening many of the other risks described in the “Risk Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2020.

Although several COVID-19 vaccines are currently being widely administered in both the U.S. and Europe, the duration and severity of the effects of the pandemic continue to evolve and remain unknown and may be impacted by various factors, including the speed of COVID-19 vaccine programs, rates of infection from new COVID-19 variants, and actions taken throughout the world, including in our markets, to contain the coronavirus or manage its impact. The severity, magnitude and duration of COVID-19 is uncertain, evolving, hard to predict and depends on events beyond our knowledge or control. As such, we might not be able to predict or respond to all impacts on a timely basis to prevent near- or long-term adverse impacts on our business, results of operations, financial condition and cash flows, which may be material.2021.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth our purchases of shares of our common stock made during the quarter ended March 31, ~~2021:~~2022:


Period	Period	Total Number of Shares Purchased(1)	Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs	Period	Total Number of Shares Purchased(1)	Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 through January 31	January 1 through January 31	—	$	—	—	—	January 1 through January 31	—			—	—
February 1 through February 28	February 1 through February 28	4,191	$	2.03	—	—	February 1 through February 28	4,177	$	3.00	—	—
March 1 through March 31	March 1 through March 31	—	$	—	—	—	March 1 through March 31	—			—	—

Total	Total	4,191	$	2.03	—	—	Total	4,177	$	3.00	—	—


Delaware		88-0318078
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

4830 North Loop 1604 West,	Suite 111
San Antonio,	Texas	78249
(Address of principal executive offices)		(Zip Code)

(210)		547-8800
(Registrant's telephone number, including area code)


Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
Common Stock, $0.01 par value per share	CCO	New York Stock Exchange
~~Preferred Stock Purchase Rights~~		~~New York Stock Exchange~~


Class			Outstanding at May ~~6, 2021~~5, 2022
- - - - - - - - - - - - - - - - - - - - - - - - - -			- - - - - - - - - - - - - - - - - - - - - - - - - -
Common Stock, $0.01 par value per share			~~470,833,186~~475,290,559


		Page Number

PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1816
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3026
Item 4.	Controls and Procedures	3127

PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	3128
Item 1A.	Risk Factors	3128
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3228
Item 3.	Defaults Upon Senior Securities	3228
Item 4.	Mine Safety Disclosures	3228
Item 5.	Other Information	3228
Item 6.	Exhibits	3329

Signatures		3329


			Page Number
Financial Statements:
Consolidated Balance Sheets			3
Consolidated Statements of Loss			4
C ~~onsolidated~~Consolidated Statements of Comprehensive Loss			5
Consolidated Statements of Changes in Stockholders' Deficit			6
Consolidated Statements of Cash Flows			7
Condensed Notes to Consolidated Financial Statements:
Note 1. Basis of Presentation			8
Note 2. Segment Data			9
Note 3. Revenue			1110
Note 4. Long-Term Debt			1211
Note 5. Commitments and Contingencies			1312
Note 6. Income Taxes			1413
Note 7. Property, Plant and Equipment			1513
Note 8. Intangible Assets and Goodwill			1513

Note 9 .9. Cost-Savings Initiatives			1614
Note 10 .10. Net Loss Per Share			1715
Note 11 .11. Other Information			1715


(In thousands, except share and per share data)	(In thousands, except share and per share data)	March 31, 2021		December 31, 2020		(In thousands, except share and per share data)	March 31, 2022		December 31, 2021
		(Unaudited)					(Unaudited)
CURRENT ASSETS	CURRENT ASSETS					CURRENT ASSETS
Cash and cash equivalents	Cash and cash equivalents	$	642,191	$	785,308	Cash and cash equivalents	$	431,877	$	410,767

Accounts receivable, net	Accounts receivable, net	358,500		468,329		Accounts receivable, net	534,911		643,116
Prepaid expenses	Prepaid expenses	55,979		49,509		Prepaid expenses	54,895		54,180
Other current assets	Other current assets	31,048		31,614		Other current assets	27,617		26,458

Total Current Assets	Total Current Assets	1,087,718		1,334,760		Total Current Assets	1,049,300		1,134,521
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT					PROPERTY, PLANT AND EQUIPMENT
Structures, net	Structures, net	650,804		688,947		Structures, net	605,879		622,738
Other property, plant and equipment, net	Other property, plant and equipment, net	189,488		199,877		Other property, plant and equipment, net	194,688		204,508
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL					INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived permits	Indefinite-lived permits	707,578		826,528		Indefinite-lived permits	714,174		717,666
Other intangible assets, net	Other intangible assets, net	289,443		292,751		Other intangible assets, net	266,120		271,448
Goodwill	Goodwill	701,050		709,637		Goodwill	694,741		698,704
OTHER ASSETS	OTHER ASSETS					OTHER ASSETS
Operating lease right-of-use assets	Operating lease right-of-use assets	1,621,693		1,632,664		Operating lease right-of-use assets	1,572,470		1,567,468
Other assets	Other assets	69,069		70,109		Other assets	83,667		82,302
Total Assets	Total Assets	$	5,316,843	$	5,755,273	Total Assets	$	5,181,039	$	5,299,355
CURRENT LIABILITIES	CURRENT LIABILITIES					CURRENT LIABILITIES
Accounts payable	Accounts payable	$	96,632	$	101,159	Accounts payable	$	96,789	$	108,567
Accrued expenses	Accrued expenses	398,048		444,492		Accrued expenses	462,760		523,364
Current operating lease liabilities	Current operating lease liabilities	347,716		343,793		Current operating lease liabilities	313,605		316,692
Accrued interest	Accrued interest	59,325		115,053		Accrued interest	95,359		66,444
Deferred revenue	Deferred revenue	86,306		64,313		Deferred revenue	103,425		76,712
Current portion of long-term debt	Current portion of long-term debt	21,353		21,396		Current portion of long-term debt	21,090		21,165

Total Current Liabilities	Total Current Liabilities	1,009,380		1,090,206		Total Current Liabilities	1,093,028		1,112,944
NON-CURRENT LIABILITIES	NON-CURRENT LIABILITIES					NON-CURRENT LIABILITIES
Long-term debt	Long-term debt	5,604,322		5,550,890		Long-term debt	5,579,813		5,583,788
Non-current operating lease liabilities	Non-current operating lease liabilities	1,309,173		1,341,759		Non-current operating lease liabilities	1,302,484		1,310,917
Deferred tax liabilities, net	Deferred tax liabilities, net	329,901		356,269		Deferred tax liabilities, net	322,846		324,579
Other long-term liabilities	Other long-term liabilities	194,693		198,751		Other long-term liabilities	157,799		161,097
Total Liabilities	Total Liabilities	8,447,469		8,537,875		Total Liabilities	8,455,970		8,493,325

Commitments and Contingencies (Note 5)	Commitments and Contingencies (Note 5)	0		0		Commitments and Contingencies (Note 5)	0		0

STOCKHOLDERS’ DEFICIT	STOCKHOLDERS’ DEFICIT					STOCKHOLDERS’ DEFICIT
Noncontrolling interest	Noncontrolling interest	9,633		10,855		Noncontrolling interest	10,994		11,060
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (469,223,507 shares issued as of March 31, 2021; 468,703,164 shares issued as of December 31, 2020)		4,692		4,687
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (475,023,448 shares issued as of March 31, 2022; 474,480,862 shares issued as of December 31, 2021)						Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (475,023,448 shares issued as of March 31, 2022; 474,480,862 shares issued as of December 31, 2021)	4,750		4,745
Additional paid-in capital	Additional paid-in capital	3,506,938		3,502,991		Additional paid-in capital	3,527,076		3,522,367
Accumulated deficit	Accumulated deficit	(6,271,887)		(5,939,534)		Accumulated deficit	(6,463,217)		(6,373,349)
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(376,912)		(358,520)		Accumulated other comprehensive loss	(346,679)		(350,950)
Treasury stock (1,364,443 shares held as of March 31, 2021; 1,360,252 shares held as of December 31, 2020)		(3,090)		(3,081)
Treasury stock (3,675,965 shares held as of March 31, 2022; 3,671,788 shares held as of December 31, 2021)						Treasury stock (3,675,965 shares held as of March 31, 2022; 3,671,788 shares held as of December 31, 2021)	(7,855)		(7,843)
Total Stockholders' Deficit	Total Stockholders' Deficit	(3,130,626)		(2,782,602)		Total Stockholders' Deficit	(3,274,931)		(3,193,970)
Total Liabilities and Stockholders' Deficit	Total Liabilities and Stockholders' Deficit	$	5,316,843	$	5,755,273	Total Liabilities and Stockholders' Deficit	$	5,181,039	$	5,299,355


(In thousands, except per share data)	(In thousands, except per share data)	Three Months Ended			(In thousands, except per share data)				Three Months Ended
		March 31,							March 31,
			2021			2020				2022		2021
Revenue	Revenue		$	370,908		$	550,809	Revenue		$	525,688	$	370,908
Operating expenses:	Operating expenses:							Operating expenses:
Direct operating expenses (excludes depreciation and amortization)			283,290			350,269
Selling, general and administrative expenses (excludes depreciation and amortization)			97,570			123,704
Corporate expenses (excludes depreciation and amortization)			34,042			36,338
Direct operating expenses(1)								Direct operating expenses(1)		321,202		283,290
Selling, general and administrative expenses(1)								Selling, general and administrative expenses(1)		108,957		97,570
Corporate expenses(1)								Corporate expenses(1)		43,645		34,042
Depreciation and amortization	Depreciation and amortization		61,852			75,753		Depreciation and amortization		60,407		61,852
Impairment charges	Impairment charges		118,950			123,137		Impairment charges		—		118,950

Other operating expense, net			117			6,021
Other operating expense (income), net								Other operating expense (income), net		(4,911)		117

Operating loss	Operating loss		(224,913)			(164,413)		Operating loss		(3,612)		(224,913)
Interest expense, net	Interest expense, net		(92,693)			(90,142)		Interest expense, net		(82,798)		(92,693)
Loss on extinguishment of debt	Loss on extinguishment of debt		(51,101)			0		Loss on extinguishment of debt		—		(51,101)
Other income (expense), net	Other income (expense), net		6,554			(18,889)		Other income (expense), net		(5,999)		6,554
Loss before income taxes	Loss before income taxes		(362,153)			(273,444)		Loss before income taxes		(92,409)		(362,153)
Income tax benefit (expense)			28,697			(15,779)
Income tax benefit								Income tax benefit		2,680		28,697
Consolidated net loss	Consolidated net loss		(333,456)			(289,223)		Consolidated net loss		(89,729)		(333,456)
Less amount attributable to noncontrolling interest	Less amount attributable to noncontrolling interest		(1,103)			(11,732)		Less amount attributable to noncontrolling interest		139		(1,103)
Net loss attributable to the Company	Net loss attributable to the Company		$	(332,353)		$	(277,491)	Net loss attributable to the Company		$	(89,868)	$	(332,353)

Net loss attributable to the Company per share of common stock — basic and diluted	Net loss attributable to the Company per share of common stock — basic and diluted		$	(0.71)		$	(0.60)	Net loss attributable to the Company per share of common stock — basic and diluted		$	(0.19)	$	(0.71)


(In thousands, except share data)
	Three Months Ended March 31, 2021
				Controlling Interest										Total
	Common Shares Issued	Non-controlling Interest		Common Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock
Balances at December 31, 2020	468,703,164	$	10,855	$	4,687	$	3,502,991	$	(5,939,534)	$	(358,520)	$	(3,081)	$	(2,782,602)

Net loss		(1,103)		—		—		(332,353)		—		—		(333,456)
Exercise of stock options and release of stock awards	520,343	—		5		(4)		—		—		(9)		(8)
Share-based compensation		0		—		3,951		—		—		—		3,951

Payments to noncontrolling interests		(109)		—		—		—		—		—		(109)


Other comprehensive loss		(10)		—		—		—		(18,392)		—		(18,402)

Balances at March 31, 2021	469,223,507	$	9,633	$	4,692	$	3,506,938	$	(6,271,887)	$	(376,912)	$	(3,090)	$	(3,130,626)


(In thousands, except share data)
	Three Months Ended March 31, 2020
				Controlling Interest										Total
	Common Shares Issued	Non-controlling Interest		Common Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock
Balances at December 31, 2019	466,744,939	$	152,814	$	4,667	$	3,489,593	$	(5,349,611)	$	(349,552)	$	(2,617)	$	(2,054,706)
Adoption of ASU 2016-13, Credit Losses		—		—		—		(7,181)		—		—		(7,181)
Net loss		(11,732)		—		—		(277,491)		—		—		(289,223)
Exercise of stock options and release of stock awards	169,203	—		2		38		—		—		286		326
Share-based compensation		42		—		3,735		—		—		—		3,777

Payments to noncontrolling interests		(118)		—		—		—		—		—		(118)

Other comprehensive loss		(2,251)		—		—		—		(14,170)		—		(16,421)
Other		—		—		3		—		—		—		3
Balances at March 31, 2020	466,914,142	$	138,755	$	4,669	$	3,493,369	$	(5,634,283)	$	(363,722)	$	(2,331)	$	(2,363,543)


	Three Months Ended March 31, 2022
				Controlling Interest										Total
(In thousands, except share data)	Common Shares Issued	Non-controlling Interest		Common Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock
Balances at December 31, 2021	474,480,862	$	11,060	$	4,745	$	3,522,367	$	(6,373,349)	$	(350,950)	$	(7,843)	$	(3,193,970)

Net income (loss)		139		—		—		(89,868)		—		—		(89,729)
Exercise of stock options and release of stock awards	542,586	—		5		(5)		—		—		(12)		(12)
Share-based compensation		—		—		4,714		—		—		—		4,714

Payments to noncontrolling interests		(199)		—		—		—		—		—		(199)


Other comprehensive income (loss)		(6)		—		—		—		4,271		—		4,265

Balances at March 31, 2022	475,023,448	$	10,994	$	4,750	$	3,527,076	$	(6,463,217)	$	(346,679)	$	(7,855)	$	(3,274,931)


(In thousands)	(In thousands)	Revenue from contracts with customers		Revenue from leases		Total Revenue		(In thousands)	Revenue from contracts with customers		Revenue from leases		Total Revenue
Three Months Ended March 31, 2021

Three Months Ended March 31, 2022								Three Months Ended March 31, 2022
Americas(1)	Americas(1)	$	94,068	$	117,816	$	211,884	Americas(1)	$	147,880	$	147,259	$	295,139
Europe	Europe	131,678		17,846		149,524		Europe	196,882		20,190		217,072

Other(2)		7,630		1,870		9,500
Other								Other	10,616		2,861		13,477
Total	Total	$	233,376	$	137,532	$	370,908	Total	$	355,378	$	170,310	$	525,688

Three Months Ended March 31, 2020
Three Months Ended March 31, 2021								Three Months Ended March 31, 2021
Americas(1)	Americas(1)	$	163,278	$	132,509	$	295,787	Americas(1)	$	94,068	$	117,816	$	211,884
Europe	Europe	187,190		24,500		211,690		Europe	131,678		17,846		149,524

Other(2)		39,276		4,056		43,332
Other								Other	7,630		1,870		9,500
Total	Total	$	389,744	$	161,065	$	550,809	Total	$	233,376	$	137,532	$	370,908


(In thousands)	(In thousands)	March 31, 2021				December 31, 2020				(In thousands)	March 31, 2022				December 31, 2021
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-lived permits	Indefinite-lived permits	$	707,578	$	—	$	826,528	$	—	Indefinite-lived permits	$	714,174	$	—	$	717,666	$	—
Transit, street furniture and other outdoor contractual rights	Transit, street furniture and other outdoor contractual rights	453,305		(394,722)		458,316		(398,186)		Transit, street furniture and other outdoor contractual rights	442,925		(396,170)		446,976		(397,778)
Permanent easements	Permanent easements	163,258		0		162,900		0		Permanent easements	160,288		—		161,079		—
Trademarks	Trademarks	83,569		(16,312)		83,569		(14,229)		Trademarks	83,569		(24,642)		83,569		(22,560)
Other	Other	2,030		(1,685)		2,072		(1,691)		Other	1,398		(1,248)		1,307		(1,145)
Total intangible assets	Total intangible assets	$	1,409,740	$	(412,719)	$	1,533,385	$	(414,106)	Total intangible assets	$	1,402,354	$	(422,060)	$	1,410,597	$	(421,483)


(In thousands)	Three Months Ended March 31,			Total to date
		2022		2021		March 31, 2022
Costs incurred (reversed) in Europe segment, net:
Direct operating expenses(1)		$	(349)	$	285	$	16,348
Selling, general and administrative expenses(1)		117		1,380		22,579
Total charges (reversals), net		$	(232)	$	1,665	$	38,927


(In thousands)	Three months ended March 31, 2021		Year ended December 31, 2020
Results of Operations Data:
Revenue	$	211,072	$	972,783
Operating loss	(116,872)		(92,976)
Net loss attributable to the Obligor Group	(228,433)		(232,568)


	As of		As of
(In thousands)	March 31, 2021		December 31, 2020
Select Asset and Liability Data:
Cash and cash equivalents	$	348,427	$	438,151
Other current assets	202,052		215,987
Property, plant and equipment, net	546,211		574,127
Notes receivable from related-party non-guarantors	283,249		293,095
Other assets(1)	2,499,690		2,624,745
Current liabilities (excluding current portion of long-term debt)	346,669		395,426
Long-term debt (including current portion of long-term debt)	5,256,313		5,202,909
Notes payable to related-party non-guarantors	115,083		122,295
Other non-current liabilities	1,289,757		1,329,030


(In thousands)	Revenue growth rate		Profit margin		Discount rate
Decrease in fair value of:	(100 basis point decrease)1		(100 basis point decrease)2		(100 basis point increase)3
Billboard permits	$	(323,500)	$	(88,400)	$	(331,900)


Exhibit Number						Description
~~4.1~~10.1						~~Indenture~~Amended and Restated Employment Agreement, dated as of ~~February 17, 2021~~January 20 ,~~among~~ 2022, by and between Clear Channel Outdoor Holdings, Inc. ~~as the Issuer~~, ~~each of~~ ~~the guarantors party thereto~~, and ~~U.S. Bank National Association~~ as T ~~rustee, governing the 7.750% Senior Notes due 2028(incorporated by reference to Exhibit 4.1 to~~ Cl e ~~ar Channel~~ ~~Outdoor~~ ~~Holdings, Inc.~~’s ~~Current Report on Form 8-K filed on~~ ~~February 17, 2021~~).
~~4.2~~						~~Form of 7.750% Senior Notes due 2028~~Jason A. Dilger (incorporated by reference to Exhibit ~~A to Exhibit 4.1~~10.1 to Clear Channel Outdoor Holdings, Inc.’s Current Report on Form 8-K filed on ~~February 17, 2021)~~
10.1*						~~Second Amendment to Credit Agreement, dated as of May 5, 2021, among the Company, the other loan parties thereto and Deutsche Bank AG New York Branch, as administrative agent~~
~~10.2~~						Clear Channel Outdoor Holdings, Inc. 2012 Second Amended and Restated Equity Incentive Plan (incorporated by reference to Appendix A to the Clear Channel Outdoor Holdings, Inc. definitive proxy statement on Schedule 14A for its 2021 Annual Meeting of Stockholders filed on March 17, 2021).
22						~~List of Subsidiary Guarantors~~January 2 ~~(incorporated by refere~~1 ~~nce to Exhibit 22 to~~ ~~Clear Channel Outdoor Holdings, Inc.~~’~~s Annual Report on Form 10-K filed on February 25, 2021)~~, 2022).
31.1*						Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*						XBRL Instance Document.
101.SCH*						XBRL Taxonomy Extension Schema Document.
101.CAL*						XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*						XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*						XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as inline XBRL).


						CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

May 10, ~~2021~~2022						/s/ JASON A. DILGER
						Jason A. Dilger
						Chief Accounting Officer