Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-32663 | |
Entity Registrant Name | CLEAR CHANNEL OUTDOOR HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0318078 | |
Entity Address, Address Line One | 4830 North Loop 1604 West, | |
Entity Address, Address Line Two | Suite 111 | |
Entity Address, City or Town | San Antonio, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78249 | |
City Area Code | (210) | |
Local Phone Number | 547-8800 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | CCO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding (in shares) | 476,151,123 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001334978 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 314,616 | $ 410,767 |
Accounts receivable, net | 584,831 | 643,116 |
Prepaid expenses | 55,773 | 54,180 |
Other current assets | 27,312 | 26,458 |
Total Current Assets | 982,532 | 1,134,521 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 577,524 | 622,738 |
Other property, plant and equipment, net | 199,769 | 204,508 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived permits | 707,643 | 717,666 |
Other intangible assets, net | 259,952 | 271,448 |
Goodwill | 684,361 | 698,704 |
OTHER ASSETS | ||
Operating lease right-of-use assets | 1,561,364 | 1,567,468 |
Other assets | 81,042 | 82,302 |
Total Assets | 5,054,187 | 5,299,355 |
CURRENT LIABILITIES | ||
Accounts payable | 90,397 | 108,567 |
Accrued expenses | 438,233 | 523,364 |
Current operating lease liabilities | 298,462 | 316,692 |
Accrued interest | 69,853 | 66,444 |
Deferred revenue | 98,680 | 76,712 |
Current portion of long-term debt | 21,051 | 21,165 |
Total Current Liabilities | 1,016,676 | 1,112,944 |
NON-CURRENT LIABILITIES | ||
Long-term debt | 5,575,769 | 5,583,788 |
Non-current operating lease liabilities | 1,310,405 | 1,310,917 |
Deferred tax liabilities, net | 342,410 | 324,579 |
Other long-term liabilities | 151,177 | 161,097 |
Total Liabilities | 8,396,437 | 8,493,325 |
Commitments and Contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interest | 11,289 | 11,060 |
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (482,887,254 shares issued as of June 30, 2022; 474,480,862 shares issued as of December 31, 2021) | 4,829 | 4,745 |
Additional paid-in capital | 3,533,873 | 3,522,367 |
Accumulated deficit | (6,528,881) | (6,373,349) |
Accumulated other comprehensive loss | (345,474) | (350,950) |
Treasury stock (6,759,177 shares held as of June 30, 2022; 3,671,788 shares held as of December 31, 2021) | (17,886) | (7,843) |
Total Stockholders' Deficit | (3,342,250) | (3,193,970) |
Total Liabilities and Stockholders' Deficit | $ 5,054,187 | $ 5,299,355 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 2,350,000,000 | 2,350,000,000 |
Common stock issued (in shares) | 482,887,254 | 474,480,862 |
Treasury stock (in shares) | 6,759,177 | 3,671,788 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Income Statement [Abstract] | |||||
Revenue | $ 643,380 | $ 531,082 | $ 1,169,068 | $ 901,990 | |
Operating expenses: | |||||
Direct operating expenses | [1] | 331,325 | 306,224 | 652,527 | 589,514 |
Selling, general and administrative expenses | [1] | 118,294 | 112,865 | 227,251 | 210,435 |
Corporate expenses | [1] | 39,081 | 37,728 | 82,726 | 71,770 |
Depreciation and amortization | 60,577 | 62,567 | 120,984 | 124,419 | |
Impairment charges | 21,805 | 0 | 21,805 | 118,950 | |
Other operating expense (income), net | 1,367 | (1,740) | (3,544) | (1,623) | |
Operating income (loss) | 70,931 | 13,438 | 67,319 | (211,475) | |
Interest expense, net | (86,594) | (90,242) | (169,392) | (182,935) | |
Loss on extinguishment of debt | 0 | (51,656) | 0 | (102,757) | |
Other income (expense), net | (26,235) | 3,631 | (32,234) | 10,185 | |
Loss before income taxes | (41,898) | (124,829) | (134,307) | (486,982) | |
Income tax benefit (expense) | (23,419) | 428 | (20,739) | 29,125 | |
Consolidated net loss | (65,317) | (124,401) | (155,046) | (457,857) | |
Less amount attributable to noncontrolling interest | 347 | 179 | 486 | (924) | |
Net loss attributable to the Company | $ (65,664) | $ (124,580) | $ (155,532) | $ (456,933) | |
Net loss attributable to the Company per share of common stock - basic (in dollars per share) | $ (0.14) | $ (0.27) | $ (0.33) | $ (0.98) | |
Net loss attributable to the Company per share of common stock - diluted (in dollars per share) | $ (0.14) | $ (0.27) | $ (0.33) | $ (0.98) | |
[1]Excludes depreciation and amortization |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss attributable to the Company | $ (65,664) | $ (124,580) | $ (155,532) | $ (456,933) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1,194 | 1,426 | 5,459 | (17,920) |
Reclassification adjustments | 0 | 0 | 0 | 944 |
Other comprehensive income (loss) | 1,194 | 1,426 | 5,459 | (16,976) |
Comprehensive loss | (64,470) | (123,154) | (150,073) | (473,909) |
Less amount attributable to noncontrolling interest | (11) | 3 | (17) | (7) |
Comprehensive loss attributable to the Company | $ (64,459) | $ (123,157) | $ (150,056) | $ (473,902) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Non-controlling Interest | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2020 | 468,703,164 | ||||||
Beginning balance at Dec. 31, 2020 | $ (2,782,602) | $ 4,687 | $ 10,855 | $ 3,502,991 | $ (5,939,534) | $ (358,520) | $ (3,081) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (457,857) | (924) | (456,933) | ||||
Exercise of stock options and release of stock awards (in shares) | 5,132,253 | ||||||
Exercise of stock options and release of stock awards | (3,089) | $ 51 | (50) | (3,090) | |||
Share-based compensation | 8,457 | 8,457 | |||||
Payments to noncontrolling interests | (155) | (155) | |||||
Other comprehensive income (loss) | (16,976) | (7) | (16,969) | ||||
Ending balance (in shares) at Jun. 30, 2021 | 473,835,417 | ||||||
Ending balance at Jun. 30, 2021 | (3,252,222) | $ 4,738 | 9,769 | 3,511,398 | (6,396,467) | (375,489) | (6,171) |
Beginning balance (in shares) at Mar. 31, 2021 | 469,223,507 | ||||||
Beginning balance at Mar. 31, 2021 | (3,130,626) | $ 4,692 | 9,633 | 3,506,938 | (6,271,887) | (376,912) | (3,090) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (124,401) | 179 | (124,580) | ||||
Exercise of stock options and release of stock awards (in shares) | 4,611,910 | ||||||
Exercise of stock options and release of stock awards | (3,081) | $ 46 | (46) | (3,081) | |||
Share-based compensation | 4,506 | 4,506 | |||||
Payments to noncontrolling interests | (46) | (46) | |||||
Other comprehensive income (loss) | 1,426 | 3 | 1,423 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 473,835,417 | ||||||
Ending balance at Jun. 30, 2021 | (3,252,222) | $ 4,738 | 9,769 | 3,511,398 | (6,396,467) | (375,489) | (6,171) |
Beginning balance (in shares) at Dec. 31, 2021 | 474,480,862 | ||||||
Beginning balance at Dec. 31, 2021 | (3,193,970) | $ 4,745 | 11,060 | 3,522,367 | (6,373,349) | (350,950) | (7,843) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (155,046) | 486 | (155,532) | ||||
Exercise of stock options and release of stock awards (in shares) | 8,406,392 | ||||||
Exercise of stock options and release of stock awards | (10,043) | $ 84 | (84) | (10,043) | |||
Share-based compensation | 11,590 | 11,590 | |||||
Payments to noncontrolling interests | (240) | (240) | |||||
Other comprehensive income (loss) | 5,459 | (17) | 5,476 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 482,887,254 | ||||||
Ending balance at Jun. 30, 2022 | (3,342,250) | $ 4,829 | 11,289 | 3,533,873 | (6,528,881) | (345,474) | (17,886) |
Beginning balance (in shares) at Mar. 31, 2022 | 475,023,448 | ||||||
Beginning balance at Mar. 31, 2022 | (3,274,931) | $ 4,750 | 10,994 | 3,527,076 | (6,463,217) | (346,679) | (7,855) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (65,317) | 347 | (65,664) | ||||
Exercise of stock options and release of stock awards (in shares) | 7,863,806 | ||||||
Exercise of stock options and release of stock awards | (10,031) | $ 79 | (79) | (10,031) | |||
Share-based compensation | 6,876 | 6,876 | |||||
Payments to noncontrolling interests | (41) | (41) | |||||
Other comprehensive income (loss) | 1,194 | (11) | 1,205 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 482,887,254 | ||||||
Ending balance at Jun. 30, 2022 | $ (3,342,250) | $ 4,829 | $ 11,289 | $ 3,533,873 | $ (6,528,881) | $ (345,474) | $ (17,886) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (155,046) | $ (457,857) |
Reconciling items: | ||
Depreciation, amortization and impairment charges | 142,789 | 243,369 |
Non-cash operating lease expense | 168,148 | 185,284 |
Loss on extinguishment of debt | 0 | 102,757 |
Deferred taxes | 17,719 | (28,104) |
Gain on disposal of operating and other assets, net | (13,710) | (2,051) |
Foreign exchange transaction loss (gain) | 34,241 | (8,685) |
Other reconciling items, net | 14,854 | 6,836 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable | 45,522 | (578) |
Increase in prepaid expenses and other operating assets | (16,716) | (7,600) |
Decrease in accounts payable and accrued expenses | (59,058) | (31,592) |
Decrease in operating lease liabilities | (181,735) | (202,948) |
Increase (decrease) in accrued interest | 3,555 | (35,284) |
Increase in deferred revenue | 14,902 | 5,482 |
Increase (decrease) in other operating liabilities | 3,774 | (1,273) |
Net cash provided by (used for) operating activities | 19,239 | (232,244) |
Cash flows from investing activities: | ||
Capital expenditures | (81,108) | (49,766) |
Asset acquisitions | (24,255) | (1,510) |
Proceeds from disposal of assets | 20,430 | 3,640 |
Other investing activities, net | (121) | 524 |
Net cash used for investing activities | (85,054) | (47,112) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 0 | 2,085,570 |
Payments on long-term debt | (10,658) | (2,000,276) |
Debt issuance costs | 0 | (24,417) |
Taxes paid related to net share settlement of equity awards | (10,043) | (3,090) |
Other financing activities, net | (240) | (155) |
Net cash provided by (used for) financing activities | (20,941) | 57,632 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (8,388) | (44) |
Net decrease in cash, cash equivalents and restricted cash | (95,144) | (221,768) |
Cash, cash equivalents and restricted cash at beginning of period | 419,971 | 795,061 |
Cash, cash equivalents and restricted cash at end of period | 324,827 | 573,293 |
Supplemental disclosures: | ||
Cash paid for interest | 161,334 | 211,982 |
Cash paid for income taxes, net of refunds | $ 2,442 | $ 1,732 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Preparation of Interim Financial Statements The consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022. Use of Estimates The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived assets and indefinite-lived intangible assets; operating lease right-of-use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; defined-benefit plan obligations; the allowance for credit losses; assessment of lease and non-lease contract expenses; measurement of compensation cost for bonus and other compensation plans; and litigation accruals. Asset Acquisitions During the six months ended June 30, 2022, the Company completed several acquisitions of out-of-home advertising assets, which included digital billboard structures, land, indefinite-lived permits and permanent easements, for total cash consideration of $24.3 million. New Accounting Pronouncements Not Yet Adopted Reference Rate Reform For the last several years, there has been an ongoing effort amongst regulators, standard setters, financial institutions and other market participants to replace interbank offered rates, including the London Interbank Offered Rate (“LIBOR”), with alternative reference rates. In the United States (“U.S.”), the Alternative Reference Rates Committee has formally recommended forward-looking Secured Overnight Financing Rate term rates as the replacement for USD LIBOR, while various other risk-free rates have been selected to replace LIBOR for other currencies. After December 31, 2021, the ICE Benchmark Administration, LIBOR’s administrator, ceased publication of certain LIBOR rates, and the remaining USD LIBOR rates will be published through June 30, 2023. The Company will continue to work with the administrative agents of its Senior Secured Credit Facilities and Receivables-Based Credit Facility to agree on replacement rates but does not expect the replacement of LIBOR to result in a material impact on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , in order to ease the potential burden of accounting for reference rate reform initiatives. The update provides temporary optional expedients and exceptions for applying GAAP contract modification accounting to contracts and other transactions affected by reference rate reform if certain criteria are met and may be applied through December 31, 2022. The Company is assessing whether it will use these optional expedients and exceptions but does not expect adoption of this guidance to have a material impact on the Company’s consolidated financial statements or disclosures. The Company will continue to monitor and assess regulatory developments during the transition period. |
SEGMENT DATA
SEGMENT DATA | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company has two reportable segments, which it believes best reflect how the Company is currently managed: Americas and Europe. The Americas segment consists of operations primarily in the U.S., and the Europe segment consists of operations in Europe and Singapore. The Company’s remaining operating segment, Latin America, does not meet the quantitative threshold to qualify as a reportable segment and is disclosed as “Other” herein. Each segment provides out-of-home advertising services in its respective geographic region using various digital and traditional display types, consisting primarily of billboards, street furniture displays and transit displays. Segment Adjusted EBITDA is the profitability metric reported to the Company’s Chief Operating Decision Maker (“CODM”) for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA 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. Segment information for total assets is not presented as this information is not used by the Company’s CODM in measuring segment performance or allocating resources between the Company’s segments. The following table presents the Company’s reportable segment results for the three and six months ended June 30, 2022 and 2021: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue Americas $ 346,132 $ 271,620 $ 641,271 $ 483,504 Europe 280,347 247,124 497,419 396,648 Other 16,901 12,338 30,378 21,838 Total $ 643,380 $ 531,082 $ 1,169,068 $ 901,990 Capital Expenditures Americas $ 30,224 $ 18,406 $ 48,036 $ 24,131 Europe 11,529 9,256 26,734 17,306 Other 235 907 1,106 2,220 Corporate 3,311 3,279 5,232 6,109 Total $ 45,299 $ 31,848 $ 81,108 $ 49,766 Segment Adjusted EBITDA Americas $ 148,754 $ 127,221 $ 259,090 $ 191,441 Europe 44,522 1,744 30,768 (65,885) Other 1,710 (921) 1,091 (4,746) Total $ 194,986 $ 128,044 $ 290,949 $ 120,810 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 194,986 $ 128,044 $ 290,949 $ 120,810 Less reconciling items: Corporate expenses (1) 39,081 37,728 82,726 71,770 Depreciation and amortization 60,577 62,567 120,984 124,419 Impairment charges 21,805 — 21,805 118,950 Restructuring and other costs (2) 1,225 16,051 1,659 18,769 Other operating expense (income), net 1,367 (1,740) (3,544) (1,623) Interest expense, net 86,594 90,242 169,392 182,935 Other reconciling items (3) 26,235 48,025 32,234 92,572 Consolidated net loss before income taxes $ (41,898) $ (124,829) $ (134,307) $ (486,982) (1) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (2) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item. (3) Other reconciling items includes Loss on extinguishment of debt and Other income (expense), net. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUEThe Company generates revenue primarily from the sale of advertising space on printed and digital out-of-home advertising displays. Certain of these revenue transactions are considered leases for accounting purposes as the contracts convey to customers the right to control the use of the Company’s advertising displays for a period of time. The Company accounts for revenue from leases in accordance with the lease accounting guidance under Accounting Standards Codification (“ASC”) Topic 842. All remaining revenue transactions are accounted for as revenue from contracts with customers under ASC Topic 606. Disaggregation of Revenue The following table shows revenue from contracts with customers, revenue from leases and total revenue, disaggregated by segment, for the three and six months ended June 30, 2022 and 2021: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended June 30, 2022 Americas (1) $ 173,876 $ 172,256 $ 346,132 Europe 257,000 23,347 280,347 Other 13,495 3,406 16,901 Total $ 444,371 $ 199,009 $ 643,380 Three Months Ended June 30, 2021 Americas (1) $ 121,904 $ 149,716 $ 271,620 Europe 218,177 28,947 247,124 Other 10,225 2,113 12,338 Total $ 350,306 $ 180,776 $ 531,082 Six Months Ended June 30, 2022 Americas (1) $ 321,756 $ 319,515 $ 641,271 Europe 453,882 43,537 497,419 Other 24,111 6,267 30,378 Total $ 799,749 $ 369,319 $ 1,169,068 Six Months Ended June 30, 2021 Americas (1) $ 215,972 $ 267,532 $ 483,504 Europe 349,855 46,793 396,648 Other 17,855 3,983 21,838 Total $ 583,682 $ 318,308 $ 901,990 (1) Americas total revenue for the three months ended June 30, 2022 and 2021 includes revenue from transit displays of $65.1 million and $27.0 million, respectively, including revenue from airport displays of $61.1 million and $24.6 million, respectively. Americas total revenue for the six months ended June 30, 2022 and 2021 includes revenue from transit displays of $124.1 million and $48.4 million, respectively, including revenue from airport displays of $117.0 million and $44.1 million, respectively. Revenue from Contracts with Customers The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 390,049 $ 243,689 $ 492,706 $ 349,799 Ending balance $ 433,626 $ 346,306 $ 433,626 $ 346,306 Deferred revenue from contracts with customers: Beginning balance $ 56,955 $ 46,773 $ 42,016 $ 37,712 Ending balance $ 54,617 $ 50,067 $ 54,617 $ 50,067 During the three months ended June 30, 2022 and 2021, respectively, the Company recognized $45.0 million and $36.8 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective quarter. During the six months ended June 30, 2022 and 2021, respectively, the Company recognized $35.9 million and $34.5 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective year. The Company’s contracts with customers generally have terms of one year or less. However, as of June 30, 2022, the Company expects to recognize $89.8 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of greater than one year, with the majority of this amount to be recognized over the next five years. |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of June 30, 2022 and December 31, 2021 consisted of the following: (In thousands) June 30, December 31, Term Loan Facility (1) $ 1,945,000 $ 1,955,000 Revolving Credit Facility — — Receivables-Based Credit Facility — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 1,000,000 1,000,000 Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029 1,050,000 1,050,000 Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 375,000 375,000 Other debt (2) 35,270 39,006 Original issue discount (6,294) (6,976) Long-term debt fees (52,156) (57,077) Total debt 5,596,820 5,604,953 Less: Current portion 21,051 21,165 Total long-term debt $ 5,575,769 $ 5,583,788 (1) During the six months ended June 30, 2022, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility in accordance with the terms of the senior secured credit agreement (the "Senior Secured Credit Agreement") governing the Senior Secured Credit Facilities, which consist of the Term Loan Facility and the Revolving Credit Facility. (2) Other debt includes finance leases and various borrowings utilized for general operating purposes, including a state-guaranteed loan with a third-party lender of €30.0 million, or approximately $31.4 million at current exchange rates. In April 2022, as permitted under the terms of the loan agreement, the Company elected to extend the loan’s maturity date to June 29, 2027, with quarterly principal repayments of €1.875 million due beginning in September 2023. This loan did not originally bear interest, but effective June 29, 2022, the annual interest rate is 0.7%. Additionally, in June 2022, the Company paid a fee relating to the state guarantee equal to 0.5% of the outstanding amount of the loan. Effective June 29, 2022, the annual cost of the state guarantee will be 1.0% of the outstanding loan amount through June 29, 2024 and 2.0% of the outstanding loan amount for the remainder of the loan term. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.7 billion and $5.9 billion as of June 30, 2022 and December 31, 2021, respectively. Under the fair value hierarchy established by ASC 820-10-35, the inputs used to determine the market value of the Company’s debt are classified as Level 1. As of June 30, 2022, the Company was in compliance with all covenants contained in its debt agreements. Letters of Credit, Surety Bonds and Guarantees As of June 30, 2022, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $131.8 million of remaining excess availability. Additionally, as of June 30, 2022, the Company had $43.5 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $81.5 million of excess availability. As of June 30, 2022, the Company had $84.9 million and $27.7 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $8.8 million of cash collateral. These letters of credit, surety bonds and bank guarantees relate to various operational matters, including insurance, bid, concession and performance bonds, as well as other items. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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 Two former employees of Clear Media Limited (“Clear Media”), a former indirect, non-wholly-owned subsidiary of the Company, 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 proceeding. The Company advised both the SEC and the U.S. Department of Justice (the "DOJ") of the investigation of Clear Media and is cooperating to provide documents, interviews and information to 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 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”), a special-purpose vehicle 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 required 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. The Litigation Support Agreement expired in March 2022. 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 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. As previously disclosed, the Company is meeting with these agencies to engage in discussions about potential resolution of these matters, including potential settlement. Based on the discussions to date, the Company recorded an estimated liability during the first quarter of 2022 to account for a potential resolution of these matters. However, at this time, the Company cannot predict the 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 amount accrued relating to this investigation. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three and six months ended June 30, 2022 and 2021 consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Current tax benefit (expense) $ (3,951) $ (1,042) $ (3,020) $ 1,021 Deferred tax benefit (expense) (19,468) 1,470 (17,719) 28,104 Income tax benefit (expense) $ (23,419) $ 428 $ (20,739) $ 29,125 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2022 and December 31, 2021: (In thousands) June 30, December 31, Structures $ 2,315,653 $ 2,356,245 Furniture and other equipment 244,306 251,084 Land, buildings and improvements 148,638 146,064 Construction in progress 51,938 54,361 Property, plant and equipment, gross 2,760,535 2,807,754 Less: Accumulated depreciation (1,983,242) (1,980,508) Property, plant and equipment, net $ 777,293 $ 827,246 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of June 30, 2022 and December 31, 2021: (In thousands) June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 707,643 $ — $ 717,666 $ — Transit, street furniture and other outdoor contractual rights 428,623 (385,904) 446,976 (397,778) Permanent easements 160,273 — 161,079 — Trademarks 83,569 (26,725) 83,569 (22,560) Other 1,213 (1,097) 1,307 (1,145) Total intangible assets $ 1,381,321 $ (413,726) $ 1,410,597 $ (421,483) The Company performs its annual impairment test for indefinite-lived intangible assets as of July 1 of each year and more frequently as events or changes in circumstances warrant, as described in the Company's 2021 Annual Report on Form 10-K. Due to rising interest rates and inflation, the Company tested certain of its indefinite-lived permits for impairment during the second quarter of 2022, resulting in an impairment charge of $21.8 million during the three and six months ended June 30, 2022. The Company also tested its indefinite-lived permits for impairment during the first quarter of 2021 due to an increase in the discount rate, resulting in an impairment charge of $119.0 million during the six months ended June 30, 2021. Goodwill The following table presents changes in the goodwill balance for the Company’s segments during the six months ended June 30, 2022: (In thousands) Americas Europe Other Consolidated Balance as of December 31, 2021 (1) $ 507,819 $ 190,885 $ — $ 698,704 Foreign currency — (14,343) — (14,343) Balance as of June 30, 2022 $ 507,819 $ 176,542 $ — $ 684,361 (1) The balance at December 31, 2021 is net of cumulative impairments of $2.6 billion, $191.4 million and $90.4 million for Americas, Europe and Other, respectively. |
COST-SAVINGS INITIATIVES
COST-SAVINGS INITIATIVES | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
COST-SAVINGS INITIATIVES | COST-SAVINGS INITIATIVES Restructuring Plan to Reduce Headcount During 2020, the Company committed to a restructuring plan to reduce headcount in its Europe segment, upon which it continued to execute through the fourth quarter of 2021 when the impacted employees were terminated. During the first quarter of 2022, it was determined that actual costs would be less than previously estimated due to former employees no longer being eligible for severance upon finding alternative employment in accordance with the terms of the restructuring plan, resulting in a net reversal of costs during the period. Remaining costs associated with this restructuring plan are not expected to be significant. The following table presents net costs incurred (reversed) in the Company’s Europe segment in connection with this restructuring plan during the three and six months ended June 30, 2022 and 2021 and since the plan was initiated: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Total to date 2022 2021 2022 2021 June 30, Costs incurred (reversed) in Europe segment, net: Direct operating expenses (1) $ 196 $ 8,850 $ (153) $ 9,135 $ 16,544 Selling, general and administrative expenses (1) 416 6,696 533 8,076 22,995 Total charges, net $ 612 $ 15,546 $ 380 $ 17,211 $ 39,539 (1) Costs are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA. Additionally, the Company recognized corporate costs related to this restructuring plan of $0.2 million and $1.1 million during the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2022, the Company reversed $0.5 million of these costs. As of June 30, 2022, the total liability related to this restructuring plan was $12.6 million, which the Company expects to pay this year, although payments may be made through the end of the second quarter of 2023 in accordance with the terms of the restructuring plan. The following table presents changes in this liability balance during the six months ended June 30, 2022: (In thousands) Europe Corporate Total Liability balance as of December 31, 2021 $ 23,860 $ 456 $ 24,316 Costs incurred (reversed), net (1) 380 (456) (76) Costs paid or otherwise settled (11,621) — (11,621) Liability balance as of June 30, 2022 $ 12,619 $ — $ 12,619 (1) Substantially all costs related to this restructuring plan were severance benefits and related costs. Other Restructuring Costs In addition, the Company has incurred restructuring costs associated with various other cost-savings initiatives outside of the aforementioned restructuring plan, primarily related to one-time termination benefits, including corporate costs of $1.3 million and $0.1 million during the three months ended June 30, 2022 and 2021, respectively, and $2.2 million and $1.5 million during the six months ended June 30, 2022 and 2021, respectively. The Company also incurred additional restructuring costs in Europe of $0.1 million and $0.3 million during the three and six months ended June 30, 2022, respectively. As of June 30, 2022, the total remaining liability related to these other cost-savings initiatives was approximately $2.5 million and is expected to be paid through the first half of 2023. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
NET LOSS PER SHARE | NET LOSS PER SHARE The following table presents the computation of net loss per share for the three and six months ended June 30, 2022 and 2021: (In thousands, except per share data) Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Net loss attributable to the Company – common shares $ (65,664) $ (124,580) $ (155,532) $ (456,933) Denominator: Weighted average common shares outstanding – basic 475,125 468,847 472,859 467,364 Weighted average common shares outstanding – diluted 475,125 468,847 472,859 467,364 Net loss attributable to the Company per share of common stock: Basic $ (0.14) $ (0.27) $ (0.33) $ (0.98) Diluted $ (0.14) $ (0.27) $ (0.33) $ (0.98) Outstanding equity awards of 23.7 million and 22.6 million shares for the three months ended June 30, 2022 and 2021, respectively, and 25.7 million and 24.3 million for the six months ended June 30, 2022 and 2021, respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
OTHER INFORMATION
OTHER INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION Restricted Cash The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows: (In thousands) June 30, December 31, Cash and cash equivalents in the Balance Sheet $ 314,616 $ 410,767 Restricted cash included in: Other current assets 1,637 1,685 Other assets 8,574 7,519 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 324,827 $ 419,971 Accounts Receivable and Allowance for Credit Losses The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets: (In thousands) June 30, December 31, Accounts receivable $ 606,397 $ 666,888 Less: Allowance for credit losses (21,566) (23,772) Accounts receivable, net $ 584,831 $ 643,116 Credit loss expense (reversal) related to accounts receivable was $0.5 million and $(2.3) million during the three months ended June 30, 2022 and 2021, respectively, and $0.8 million and $(3.0) million during the six months ended June 30, 2022 and 2021, respectively. Other Comprehensive Income (Loss) There were no significant changes in deferred income tax liabilities resulting from adjustments to other comprehensive income (loss) during the three and six months ended June 30, 2022 and 2021. Share-Based Compensation On May 4, 2022, the Compensation Committee of the Company’s Board of Directors approved grants of 5.2 million restricted stock units (“RSUs”) and 1.8 million performance stock units (“PSUs”) to certain of its employees. • The RSUs generally vest in three equal annual installments on each of April 1, 2023, April 1, 2024 and April 1, 2025, provided that the recipient is still employed by, or providing services to, the Company on each such vesting date. • The PSUs will vest and become earned based on the achievement of the Company’s total shareholder return relative to the Company’s peer group (the “Relative TSR”) over a performance period commencing on April 1, 2022 and ending on March 31, 2025 (the “Performance Period”). If the Company achieves Relative TSR at the 90 th percentile or higher, the PSUs will be earned at 150% of the target number of shares; if the Company achieves Relative TSR at the 60 th percentile, the PSUs will be earned at 100% of the target number of shares; if the Company achieves Relative TSR at the 30 th percentile, the PSUs will be earned at 50% of the target number of shares; and if the Company achieves Relative TSR below the 30 th percentile, no PSUs will be earned. To the extent Relative TSR is between achievement levels, the portion of the PSUs that is earned will be determined using straight-line interpolation. Notwithstanding the foregoing, to the extent the Company’s absolute total shareholder return over the Performance Period is less than 0%, the maximum payout shall not be greater than 100% of the target number of shares. The PSUs are considered market-condition awards pursuant to ASC Topic 260, Earnings Per Share . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Preparation of Interim Financial Statements | Preparation of Interim Financial Statements The consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022. |
Use of Estimates | Use of Estimates The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived assets and indefinite-lived intangible assets; operating lease right-of-use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; defined-benefit plan obligations; the allowance for credit losses; assessment of lease and non-lease contract expenses; measurement of compensation cost for bonus and other compensation plans; and litigation accruals. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted Reference Rate Reform For the last several years, there has been an ongoing effort amongst regulators, standard setters, financial institutions and other market participants to replace interbank offered rates, including the London Interbank Offered Rate (“LIBOR”), with alternative reference rates. In the United States (“U.S.”), the Alternative Reference Rates Committee has formally recommended forward-looking Secured Overnight Financing Rate term rates as the replacement for USD LIBOR, while various other risk-free rates have been selected to replace LIBOR for other currencies. After December 31, 2021, the ICE Benchmark Administration, LIBOR’s administrator, ceased publication of certain LIBOR rates, and the remaining USD LIBOR rates will be published through June 30, 2023. The Company will continue to work with the administrative agents of its Senior Secured Credit Facilities and Receivables-Based Credit Facility to agree on replacement rates but does not expect the replacement of LIBOR to result in a material impact on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , in order to ease the potential burden of accounting for reference rate reform initiatives. The update provides temporary optional expedients and exceptions for applying GAAP contract modification accounting to contracts and other transactions affected by reference rate reform if certain criteria are met and may be applied through December 31, 2022. The Company is assessing whether it will use these optional expedients and exceptions but does not expect adoption of this guidance to have a material impact on the Company’s consolidated financial statements or disclosures. The Company will continue to monitor and assess regulatory developments during the transition period. ASU 2021-10 In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities about Government Assistance , which requires disclosures that increase the transparency of certain transactions with governments. The amendments in this ASU are effective for annual periods beginning after December 15, 2021 and may be applied prospectively or retrospectively. The Company does not expect to be materially impacted by the implementation of this ASU. |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Results | The following table presents the Company’s reportable segment results for the three and six months ended June 30, 2022 and 2021: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue Americas $ 346,132 $ 271,620 $ 641,271 $ 483,504 Europe 280,347 247,124 497,419 396,648 Other 16,901 12,338 30,378 21,838 Total $ 643,380 $ 531,082 $ 1,169,068 $ 901,990 Capital Expenditures Americas $ 30,224 $ 18,406 $ 48,036 $ 24,131 Europe 11,529 9,256 26,734 17,306 Other 235 907 1,106 2,220 Corporate 3,311 3,279 5,232 6,109 Total $ 45,299 $ 31,848 $ 81,108 $ 49,766 Segment Adjusted EBITDA Americas $ 148,754 $ 127,221 $ 259,090 $ 191,441 Europe 44,522 1,744 30,768 (65,885) Other 1,710 (921) 1,091 (4,746) Total $ 194,986 $ 128,044 $ 290,949 $ 120,810 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 194,986 $ 128,044 $ 290,949 $ 120,810 Less reconciling items: Corporate expenses (1) 39,081 37,728 82,726 71,770 Depreciation and amortization 60,577 62,567 120,984 124,419 Impairment charges 21,805 — 21,805 118,950 Restructuring and other costs (2) 1,225 16,051 1,659 18,769 Other operating expense (income), net 1,367 (1,740) (3,544) (1,623) Interest expense, net 86,594 90,242 169,392 182,935 Other reconciling items (3) 26,235 48,025 32,234 92,572 Consolidated net loss before income taxes $ (41,898) $ (124,829) $ (134,307) $ (486,982) (1) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (2) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item. (3) Other reconciling items includes Loss on extinguishment of debt and Other income (expense), net. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table shows revenue from contracts with customers, revenue from leases and total revenue, disaggregated by segment, for the three and six months ended June 30, 2022 and 2021: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended June 30, 2022 Americas (1) $ 173,876 $ 172,256 $ 346,132 Europe 257,000 23,347 280,347 Other 13,495 3,406 16,901 Total $ 444,371 $ 199,009 $ 643,380 Three Months Ended June 30, 2021 Americas (1) $ 121,904 $ 149,716 $ 271,620 Europe 218,177 28,947 247,124 Other 10,225 2,113 12,338 Total $ 350,306 $ 180,776 $ 531,082 Six Months Ended June 30, 2022 Americas (1) $ 321,756 $ 319,515 $ 641,271 Europe 453,882 43,537 497,419 Other 24,111 6,267 30,378 Total $ 799,749 $ 369,319 $ 1,169,068 Six Months Ended June 30, 2021 Americas (1) $ 215,972 $ 267,532 $ 483,504 Europe 349,855 46,793 396,648 Other 17,855 3,983 21,838 Total $ 583,682 $ 318,308 $ 901,990 (1) Americas total revenue for the three months ended June 30, 2022 and 2021 includes revenue from transit displays of $65.1 million and $27.0 million, respectively, including revenue from airport displays of $61.1 million and $24.6 million, respectively. Americas total revenue for the six months ended June 30, 2022 and 2021 includes revenue from transit displays of $124.1 million and $48.4 million, respectively, including revenue from airport displays of $117.0 million and $44.1 million, respectively. |
Summary of Contract with Customer, Asset and Liability | The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 390,049 $ 243,689 $ 492,706 $ 349,799 Ending balance $ 433,626 $ 346,306 $ 433,626 $ 346,306 Deferred revenue from contracts with customers: Beginning balance $ 56,955 $ 46,773 $ 42,016 $ 37,712 Ending balance $ 54,617 $ 50,067 $ 54,617 $ 50,067 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of June 30, 2022 and December 31, 2021 consisted of the following: (In thousands) June 30, December 31, Term Loan Facility (1) $ 1,945,000 $ 1,955,000 Revolving Credit Facility — — Receivables-Based Credit Facility — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 1,000,000 1,000,000 Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029 1,050,000 1,050,000 Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 375,000 375,000 Other debt (2) 35,270 39,006 Original issue discount (6,294) (6,976) Long-term debt fees (52,156) (57,077) Total debt 5,596,820 5,604,953 Less: Current portion 21,051 21,165 Total long-term debt $ 5,575,769 $ 5,583,788 (1) During the six months ended June 30, 2022, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility in accordance with the terms of the senior secured credit agreement (the "Senior Secured Credit Agreement") governing the Senior Secured Credit Facilities, which consist of the Term Loan Facility and the Revolving Credit Facility. (2) Other debt includes finance leases and various borrowings utilized for general operating purposes, including a state-guaranteed loan with a third-party lender of €30.0 million, or approximately $31.4 million at current exchange rates. In April 2022, as permitted under the terms of the loan agreement, the Company elected to extend the loan’s maturity date to June 29, 2027, with quarterly principal repayments of €1.875 million due beginning in September 2023. This loan did not originally bear interest, but effective June 29, 2022, the annual interest rate is 0.7%. Additionally, in June 2022, the Company paid a fee relating to the state guarantee equal to 0.5% of the outstanding amount of the loan. Effective June 29, 2022, the annual cost of the state guarantee will be 1.0% of the outstanding loan amount through June 29, 2024 and 2.0% of the outstanding loan amount for the remainder of the loan term. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit (Expense) | The Company’s income tax benefit (expense) for the three and six months ended June 30, 2022 and 2021 consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Current tax benefit (expense) $ (3,951) $ (1,042) $ (3,020) $ 1,021 Deferred tax benefit (expense) (19,468) 1,470 (17,719) 28,104 Income tax benefit (expense) $ (23,419) $ 428 $ (20,739) $ 29,125 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2022 and December 31, 2021: (In thousands) June 30, December 31, Structures $ 2,315,653 $ 2,356,245 Furniture and other equipment 244,306 251,084 Land, buildings and improvements 148,638 146,064 Construction in progress 51,938 54,361 Property, plant and equipment, gross 2,760,535 2,807,754 Less: Accumulated depreciation (1,983,242) (1,980,508) Property, plant and equipment, net $ 777,293 $ 827,246 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of June 30, 2022 and December 31, 2021: (In thousands) June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 707,643 $ — $ 717,666 $ — Transit, street furniture and other outdoor contractual rights 428,623 (385,904) 446,976 (397,778) Permanent easements 160,273 — 161,079 — Trademarks 83,569 (26,725) 83,569 (22,560) Other 1,213 (1,097) 1,307 (1,145) Total intangible assets $ 1,381,321 $ (413,726) $ 1,410,597 $ (421,483) |
Schedule of Goodwill | The following table presents changes in the goodwill balance for the Company’s segments during the six months ended June 30, 2022: (In thousands) Americas Europe Other Consolidated Balance as of December 31, 2021 (1) $ 507,819 $ 190,885 $ — $ 698,704 Foreign currency — (14,343) — (14,343) Balance as of June 30, 2022 $ 507,819 $ 176,542 $ — $ 684,361 (1) The balance at December 31, 2021 is net of cumulative impairments of $2.6 billion, $191.4 million and $90.4 million for Americas, Europe and Other, respectively. |
COST-SAVINGS INITIATIVES (Table
COST-SAVINGS INITIATIVES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table presents net costs incurred (reversed) in the Company’s Europe segment in connection with this restructuring plan during the three and six months ended June 30, 2022 and 2021 and since the plan was initiated: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Total to date 2022 2021 2022 2021 June 30, Costs incurred (reversed) in Europe segment, net: Direct operating expenses (1) $ 196 $ 8,850 $ (153) $ 9,135 $ 16,544 Selling, general and administrative expenses (1) 416 6,696 533 8,076 22,995 Total charges, net $ 612 $ 15,546 $ 380 $ 17,211 $ 39,539 (1) Costs are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA. |
Schedule of Restructuring Reserve by Type of Cost | The following table presents changes in this liability balance during the six months ended June 30, 2022: (In thousands) Europe Corporate Total Liability balance as of December 31, 2021 $ 23,860 $ 456 $ 24,316 Costs incurred (reversed), net (1) 380 (456) (76) Costs paid or otherwise settled (11,621) — (11,621) Liability balance as of June 30, 2022 $ 12,619 $ — $ 12,619 (1) Substantially all costs related to this restructuring plan were severance benefits and related costs. |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Computation of Earnings Per Share | The following table presents the computation of net loss per share for the three and six months ended June 30, 2022 and 2021: (In thousands, except per share data) Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Net loss attributable to the Company – common shares $ (65,664) $ (124,580) $ (155,532) $ (456,933) Denominator: Weighted average common shares outstanding – basic 475,125 468,847 472,859 467,364 Weighted average common shares outstanding – diluted 475,125 468,847 472,859 467,364 Net loss attributable to the Company per share of common stock: Basic $ (0.14) $ (0.27) $ (0.33) $ (0.98) Diluted $ (0.14) $ (0.27) $ (0.33) $ (0.98) |
OTHER INFORMATION (Tables)
OTHER INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows: (In thousands) June 30, December 31, Cash and cash equivalents in the Balance Sheet $ 314,616 $ 410,767 Restricted cash included in: Other current assets 1,637 1,685 Other assets 8,574 7,519 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 324,827 $ 419,971 |
Schedule of Accounts Receivable and Allowance for Credit Losses | The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets: (In thousands) June 30, December 31, Accounts receivable $ 606,397 $ 666,888 Less: Allowance for credit losses (21,566) (23,772) Accounts receivable, net $ 584,831 $ 643,116 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Payments for asset acquisitions | $ 24,255 | $ 1,510 |
SEGMENT DATA (Details)
SEGMENT DATA (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | ||
Segment Reporting [Abstract] | ||||||
Number of reportable segments | segment | 2 | |||||
Segment Reporting Information [Line Items] | ||||||
Revenue | $ 643,380 | $ 531,082 | $ 1,169,068 | $ 901,990 | ||
Capital Expenditures | 45,299 | 31,848 | 81,108 | 49,766 | ||
Segment Adjusted EBITDA | 194,986 | 128,044 | 290,949 | 120,810 | ||
Corporate expenses | [1] | 39,081 | 37,728 | 82,726 | 71,770 | |
Depreciation and amortization | 60,577 | 62,567 | 120,984 | 124,419 | ||
Impairment charges | 21,805 | 0 | 21,805 | 118,950 | ||
Restructuring and other costs | 1,225 | 16,051 | 1,659 | 18,769 | ||
Other operating expense (income), net | 1,367 | (1,740) | (3,544) | (1,623) | ||
Interest expense, net | 86,594 | 90,242 | 169,392 | 182,935 | ||
Other reconciling items | 26,235 | 48,025 | 32,234 | 92,572 | ||
Consolidated net loss before income taxes | (41,898) | (124,829) | (134,307) | (486,982) | ||
Americas | ||||||
Segment Reporting Information [Line Items] | ||||||
Impairment charges | 21,800 | $ 119,000 | 21,800 | |||
Operating segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 643,380 | 531,082 | 1,169,068 | 901,990 | ||
Segment Adjusted EBITDA | 194,986 | 128,044 | 290,949 | 120,810 | ||
Operating segments | Americas | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 346,132 | 271,620 | 641,271 | 483,504 | ||
Capital Expenditures | 30,224 | 18,406 | 48,036 | 24,131 | ||
Segment Adjusted EBITDA | 148,754 | 127,221 | 259,090 | 191,441 | ||
Operating segments | Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 280,347 | 247,124 | 497,419 | 396,648 | ||
Capital Expenditures | 11,529 | 9,256 | 26,734 | 17,306 | ||
Segment Adjusted EBITDA | 44,522 | 1,744 | 30,768 | (65,885) | ||
Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 16,901 | 12,338 | 30,378 | 21,838 | ||
Capital Expenditures | 235 | 907 | 1,106 | 2,220 | ||
Segment Adjusted EBITDA | 1,710 | (921) | 1,091 | (4,746) | ||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital Expenditures | 3,311 | 3,279 | 5,232 | 6,109 | ||
Corporate expenses | $ 39,081 | $ 37,728 | $ 82,726 | $ 71,770 | ||
[1]Excludes depreciation and amortization |
REVENUE - Revenue by Segment an
REVENUE - Revenue by Segment and Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | $ 444,371 | $ 350,306 | $ 799,749 | $ 583,682 |
Revenue from leases | 199,009 | 180,776 | 369,319 | 318,308 |
Revenue | 643,380 | 531,082 | 1,169,068 | 901,990 |
Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 643,380 | 531,082 | 1,169,068 | 901,990 |
Other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 13,495 | 10,225 | 24,111 | 17,855 |
Revenue from leases | 3,406 | 2,113 | 6,267 | 3,983 |
Revenue | 16,901 | 12,338 | 30,378 | 21,838 |
Americas | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 173,876 | 121,904 | 321,756 | 215,972 |
Revenue from leases | 172,256 | 149,716 | 319,515 | 267,532 |
Revenue | 346,132 | 271,620 | 641,271 | 483,504 |
Europe | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 257,000 | 218,177 | 453,882 | 349,855 |
Revenue from leases | 23,347 | 28,947 | 43,537 | 46,793 |
Revenue | 280,347 | 247,124 | 497,419 | 396,648 |
Transit Displays | Americas | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 65,100 | 27,000 | 124,100 | 48,400 |
Airport Displays | Americas | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | $ 61,100 | $ 24,600 | $ 117,000 | $ 44,100 |
REVENUE - Schedule of Contract
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Accounts receivable, net of allowance, from contracts with customers: | |||||
Beginning balance | $ 390,049 | $ 492,706 | $ 346,306 | $ 243,689 | $ 349,799 |
Ending balance | 433,626 | 390,049 | 492,706 | 346,306 | 243,689 |
Deferred revenue from contracts with customers: | |||||
Beginning balance | 56,955 | 42,016 | 50,067 | 46,773 | 37,712 |
Ending balance | $ 54,617 | $ 56,955 | $ 42,016 | $ 50,067 | $ 46,773 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract liabilities, revenue recognized | $ 45 | $ 36.8 | $ 35.9 | $ 34.5 |
Revenue, remaining performance obligation | $ 89.8 | $ 89.8 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, remaining performance obligation, period | 5 years | 5 years |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) $ in Thousands, € in Millions | 1 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 29, 2022 | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Total debt | $ 5,596,820 | $ 5,604,953 | |||
Original issue discount | (6,294) | (6,976) | |||
Long-term debt fees | (52,156) | (57,077) | |||
Less: Current portion | 21,051 | 21,165 | |||
Total long-term debt | $ 5,575,769 | 5,583,788 | |||
State guarantee, fee, COVID-19, year one (as a percent) | 0.50% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 0 | 0 | |||
Receivables-Based Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 0 | |||
State Guaranteed Loan | Europe | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 0.70% | ||||
Unsecured loan received, COVID-19 | 31,400 | € 30 | |||
Principal repayments | $ 1,875 | ||||
State guarantee, fee, years one and two (as a percent) | 1% | ||||
State guarantee, fee, after year two (as a percent) | 2% | ||||
Secured Debt | Term loan facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 1,945,000 | 1,955,000 | |||
Payments of debt | 10,000 | ||||
Secured Debt | Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 1,250,000 | 1,250,000 | |||
Stated interest rate (as a percent) | 5.125% | ||||
Secured Debt | Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 375,000 | 375,000 | |||
Stated interest rate (as a percent) | 6.625% | ||||
Senior Notes | Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 1,000,000 | 1,000,000 | |||
Stated interest rate (as a percent) | 7.75% | ||||
Senior Notes | Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 1,050,000 | 1,050,000 | |||
Stated interest rate (as a percent) | 7.50% | ||||
Unsecured Debt | Other debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 35,270 | $ 39,006 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Surety bonds | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 84.9 | |
Bank Guarantees | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 27.7 | |
Bank guarantees backed by cash collateral | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 8.8 | |
Revolving Credit Facility | ||
Guarantor Obligations [Line Items] | ||
Letters of credit outstanding | 43.2 | |
Excess borrowing capacity | 131.8 | |
Receivables-Based Credit Facility | Revolving Credit Facility | Line of Credit | ||
Guarantor Obligations [Line Items] | ||
Letters of credit outstanding | 43.5 | |
Excess borrowing capacity | 81.5 | |
Level 1 | ||
Guarantor Obligations [Line Items] | ||
Aggregate market value of debt | $ 4,700 | $ 5,900 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - employee | 6 Months Ended | |
Jun. 30, 2022 | Apr. 28, 2020 | |
Income Tax Examination [Line Items] | ||
Number of employees convicted | 2 | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Clear Media Limited | ||
Income Tax Examination [Line Items] | ||
Ownership percentage sold | 50.91% |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Current tax benefit (expense) | $ (3,951) | $ (1,042) | $ (3,020) | $ 1,021 |
Deferred tax benefit (expense) | (19,468) | 1,470 | (17,719) | 28,104 |
Income tax benefit (expense) | $ (23,419) | $ 428 | $ (20,739) | $ 29,125 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (as a percent) | (55.90%) | 0.30% | (15.40%) | 6% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,760,535 | $ 2,807,754 |
Less: Accumulated depreciation | (1,983,242) | (1,980,508) |
Property, plant and equipment, net | 777,293 | 827,246 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,315,653 | 2,356,245 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 244,306 | 251,084 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 148,638 | 146,064 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 51,938 | $ 54,361 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-lived permits | $ 707,643 | $ 707,643 | $ 717,666 | |||
Gross Carrying Amount | 1,381,321 | 1,381,321 | 1,410,597 | |||
Accumulated Amortization | (413,726) | (413,726) | (421,483) | |||
Impairment of indefinite-lived permits | 21,805 | $ 0 | 21,805 | $ 118,950 | ||
Americas | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of indefinite-lived permits | 21,800 | $ 119,000 | 21,800 | |||
Transit, street furniture and other outdoor contractual rights | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 428,623 | 428,623 | 446,976 | |||
Accumulated Amortization | (385,904) | (385,904) | (397,778) | |||
Permanent easements | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 160,273 | 160,273 | 161,079 | |||
Accumulated Amortization | 0 | 0 | 0 | |||
Trademarks | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 83,569 | 83,569 | 83,569 | |||
Accumulated Amortization | (26,725) | (26,725) | (22,560) | |||
Other | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 1,213 | 1,213 | 1,307 | |||
Accumulated Amortization | $ (1,097) | $ (1,097) | $ (1,145) |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Goodwill | ||
Beginning balance | $ 698,704 | |
Foreign currency | (14,343) | |
Ending balance | 684,361 | |
Americas | ||
Goodwill | ||
Beginning balance | 507,819 | |
Foreign currency | 0 | |
Ending balance | 507,819 | |
Goodwill, cumulative impairment | $ 2,600,000 | |
Europe | ||
Goodwill | ||
Beginning balance | 190,885 | |
Foreign currency | (14,343) | |
Ending balance | 176,542 | |
Goodwill, cumulative impairment | 191,400 | |
Other | ||
Goodwill | ||
Beginning balance | 0 | |
Foreign currency | 0 | |
Ending balance | $ 0 | |
Goodwill, cumulative impairment | $ 90,400 |
COST-SAVINGS INITIATIVES - Net
COST-SAVINGS INITIATIVES - Net Costs Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Plan to Reduce Headcount | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated total restructuring charges | $ (76) | |||
Europe | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated total restructuring charges | $ 612 | $ 15,546 | ||
Europe | Restructuring Plan to Reduce Headcount | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated total restructuring charges | 380 | $ 17,211 | ||
Restructuring costs incurred | 39,539 | 39,539 | ||
Direct operating expenses | Europe | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated total restructuring charges | 196 | 8,850 | ||
Direct operating expenses | Europe | Restructuring Plan to Reduce Headcount | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated total restructuring charges | (153) | 9,135 | ||
Restructuring costs incurred | 16,544 | 16,544 | ||
Selling, general and administrative expenses | Europe | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated total restructuring charges | 416 | $ 6,696 | ||
Selling, general and administrative expenses | Europe | Restructuring Plan to Reduce Headcount | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated total restructuring charges | 533 | $ 8,076 | ||
Restructuring costs incurred | $ 22,995 | $ 22,995 |
COST-SAVINGS INITIATIVES - Narr
COST-SAVINGS INITIATIVES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Restructuring Plan to Reduce Headcount | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges (reversals) | $ (76) | ||||
Restructuring reserve | $ 12,619 | 12,619 | $ 24,316 | ||
Other Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 2,500 | 2,500 | |||
Corporate | Restructuring Plan to Reduce Headcount | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges (reversals) | (500) | $ 200 | (456) | $ 1,100 | |
Restructuring reserve | 0 | 0 | 456 | ||
Corporate | Other Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges (reversals) | 1,300 | 100 | 2,200 | 1,500 | |
Europe | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges (reversals) | 612 | $ 15,546 | |||
Europe | Restructuring Plan to Reduce Headcount | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges (reversals) | 380 | $ 17,211 | |||
Restructuring reserve | 12,619 | 12,619 | $ 23,860 | ||
Europe | Other Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges (reversals) | $ 100 | $ 300 |
COST-SAVINGS INITIATIVES - Chan
COST-SAVINGS INITIATIVES - Change in Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Plan to Reduce Headcount | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 24,316 | |||
Costs reversed, net | (76) | |||
Costs paid or otherwise settled | (11,621) | |||
Ending balance | $ 12,619 | 12,619 | ||
Europe | ||||
Restructuring Reserve [Roll Forward] | ||||
Costs reversed, net | 612 | $ 15,546 | ||
Europe | Restructuring Plan to Reduce Headcount | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 23,860 | |||
Costs reversed, net | 380 | $ 17,211 | ||
Costs paid or otherwise settled | (11,621) | |||
Ending balance | 12,619 | 12,619 | ||
Corporate | Restructuring Plan to Reduce Headcount | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 456 | |||
Costs reversed, net | (500) | $ 200 | (456) | $ 1,100 |
Costs paid or otherwise settled | 0 | |||
Ending balance | $ 0 | $ 0 |
NET LOSS PER SHARE - Computatio
NET LOSS PER SHARE - Computation of Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net loss attributable to the Company – common shares | $ (65,664) | $ (124,580) | $ (155,532) | $ (456,933) |
Denominator: | ||||
Weighted average common shares outstanding - basic (in shares) | 475,125 | 468,847 | 472,859 | 467,364 |
Weighted average common shares outstanding - diluted (in shares) | 475,125 | 468,847 | 472,859 | 467,364 |
Net loss attributable to the Company per share of common stock: | ||||
Basic (in dollars per share) | $ (0.14) | $ (0.27) | $ (0.33) | $ (0.98) |
Diluted (in dollars per share) | $ (0.14) | $ (0.27) | $ (0.33) | $ (0.98) |
Outstanding equity awards not included in computation of diluted earnings per share (in shares) | 23,700 | 22,600 | 25,700 | 24,300 |
OTHER INFORMATION - Schedule of
OTHER INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents in the Balance Sheet | $ 314,616 | $ 410,767 | ||
Restricted cash included in: | ||||
Other current assets | 1,637 | 1,685 | ||
Other assets | 8,574 | 7,519 | ||
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ 324,827 | $ 419,971 | $ 573,293 | $ 795,061 |
OTHER INFORMATION - Schedule _2
OTHER INFORMATION - Schedule of Accounts Receivable and Allowance For Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Income and Expenses [Abstract] | ||
Accounts receivable | $ 606,397 | $ 666,888 |
Less: Allowance for credit losses | (21,566) | (23,772) |
Accounts receivable, net | $ 584,831 | $ 643,116 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) shares in Millions | 3 Months Ended | 6 Months Ended | |||
May 04, 2022 installment shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Credit loss expense (reversal) | $ | $ 500,000 | $ (2,300,000) | $ 800,000 | $ (3,000,000) | |
Increase (decrease) of pensions on deferred income tax liabilities | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (in shares) | shares | 5.2 | ||||
Number of vesting installments | installment | 3 | ||||
Performance Stock Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (in shares) | shares | 1.8 | ||||
Performance Stock Units (PSUs) | TSR at 90th percentile or higher | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 150% | ||||
Performance Stock Units (PSUs) | TSR at 60th percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 100% | ||||
Performance Stock Units (PSUs) | TSR at 30th percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 50% | ||||
Performance Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 100% | ||||
Total shareholder return percentage | 0% |