Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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, $0.01 par value per share | |
Trading Symbol | CCO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding (in shares) | 482,914,158 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001334978 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 232,877 | $ 286,781 |
Accounts receivable, net | 525,629 | 619,829 |
Prepaid expenses | 59,293 | 55,371 |
Other current assets | 26,549 | 27,395 |
Current assets held for sale | 47,422 | 131,540 |
Total Current Assets | 891,770 | 1,120,916 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 509,945 | 556,312 |
Other property, plant and equipment, net | 199,833 | 231,236 |
INTANGIBLE ASSETS AND GOODWILL | ||
Goodwill | 653,713 | 650,643 |
OTHER ASSETS | ||
Operating lease right-of-use assets | 1,505,523 | 1,479,634 |
Other assets | 64,754 | 73,088 |
Other assets held for sale | 68,656 | 0 |
Total Assets | 4,839,734 | 5,086,011 |
CURRENT LIABILITIES | ||
Accounts payable | 76,503 | 101,621 |
Accrued expenses | 423,381 | 488,782 |
Current operating lease liabilities | 230,309 | 254,217 |
Accrued interest | 83,884 | 80,133 |
Deferred revenue | 87,596 | 60,408 |
Current portion of long-term debt | 29,069 | 25,218 |
Current liabilities held for sale | 34,218 | 111,161 |
Total Current Liabilities | 964,960 | 1,121,540 |
NON-CURRENT LIABILITIES | ||
Long-term debt | 5,561,919 | 5,568,799 |
Non-current operating lease liabilities | 1,313,925 | 1,277,854 |
Deferred tax liabilities, net | 244,880 | 243,668 |
Other liabilities | 133,720 | 136,956 |
Other liabilities held for sale | 25,691 | 0 |
Total Liabilities | 8,245,095 | 8,348,817 |
Commitments and Contingencies (Note 6) | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interests | 10,643 | 12,864 |
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (493,857,081 shares issued as of June 30, 2023; 483,639,206 shares issued as of December 31, 2022) | 4,939 | 4,836 |
Additional paid-in capital | 3,553,624 | 3,543,424 |
Accumulated deficit | (6,542,162) | (6,469,953) |
Accumulated other comprehensive loss | (408,916) | (335,189) |
Treasury stock (10,951,737 shares held as of June 30, 2023; 7,325,251 shares held as of December 31, 2022) | (23,489) | (18,788) |
Total Stockholders' Deficit | (3,405,361) | (3,262,806) |
Total Liabilities and Stockholders' Deficit | 4,839,734 | 5,086,011 |
Permits, net | ||
INTANGIBLE ASSETS AND GOODWILL | ||
Permits and other intangible assets, net | 697,914 | 723,061 |
Other intangible assets, net | ||
INTANGIBLE ASSETS AND GOODWILL | ||
Permits and other intangible assets, net | $ 247,626 | $ 251,121 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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) | 493,857,081 | 483,639,206 |
Treasury stock (in shares) | 10,951,737 | 7,325,251 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Income Statement [Abstract] | |||||
Revenue | $ 637,239 | $ 643,380 | $ 1,182,674 | $ 1,169,068 | |
Operating expenses: | |||||
Direct operating expenses | [1] | 346,560 | 331,325 | 691,410 | 652,527 |
Selling, general and administrative expenses | [1] | 113,183 | 118,294 | 231,379 | 227,251 |
Corporate expenses | [1] | 57,557 | 39,081 | 92,098 | 82,726 |
Depreciation and amortization | 71,138 | 60,577 | 144,101 | 120,984 | |
Impairment charges | 0 | 21,805 | 0 | 21,805 | |
Other operating (income) expense, net | (5,785) | 1,367 | (97,061) | (3,544) | |
Operating income | 54,586 | 70,931 | 120,747 | 67,319 | |
Interest expense, net | (105,242) | (86,594) | (207,995) | (169,392) | |
Other income (expense), net | 12,319 | (26,235) | 21,323 | (32,234) | |
Loss before income taxes | (38,337) | (41,898) | (65,925) | (134,307) | |
Income tax benefit (expense) | 1,758 | (23,419) | (6,076) | (20,739) | |
Consolidated net loss | (36,579) | (65,317) | (72,001) | (155,046) | |
Less amount attributable to noncontrolling interests | 718 | 347 | 208 | 486 | |
Net loss attributable to the Company | $ (37,297) | $ (65,664) | $ (72,209) | $ (155,532) | |
Net income (loss) attributable to the Company per share of common stock — basic (in dollars per share) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.33) | |
Net loss attributable to the Company per share of common stock - diluted (in dollars per share) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.33) | |
[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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net loss attributable to the Company | $ (37,297) | $ (65,664) | $ (72,209) | $ (155,532) | |
Other comprehensive (loss) income: | |||||
Foreign currency translation adjustments | (5,238) | 1,194 | (6,077) | 5,459 | |
Reclassification adjustment for realized gains from cumulative translation adjustments and pension related to sales of businesses | [1] | (31,945) | 0 | (67,648) | 0 |
Other comprehensive (loss) income | (37,183) | 1,194 | (73,725) | 5,459 | |
Comprehensive loss | (74,480) | (64,470) | (145,934) | (150,073) | |
Less amount attributable to noncontrolling interests | 0 | (11) | 2 | (17) | |
Comprehensive loss attributable to the Company | $ (74,480) | $ (64,459) | $ (145,936) | $ (150,056) | |
[1]Included in “Other operating (income) expense, net” on Consolidated Statements of Loss |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Noncontrolling Interest | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Treasury Stock | ||
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) | ||||||
Release of stock awards and exercise of stock options (in shares) | 8,406,392 | ||||||||
Release of stock awards and exercise of stock options | (10,043) | $ 84 | (84) | (10,043) | |||||
Share-based compensation | 11,590 | 11,590 | |||||||
Payments to noncontrolling interests, net | (240) | (240) | |||||||
Foreign currency translation adjustments | 5,459 | (17) | 5,476 | ||||||
Disposition of businesses | [1] | 0 | |||||||
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) | ||||||
Release of stock awards and exercise of stock options (in shares) | 7,863,806 | ||||||||
Release of stock awards and exercise of stock options | (10,031) | $ 79 | (79) | (10,031) | |||||
Share-based compensation | 6,876 | 6,876 | |||||||
Payments to noncontrolling interests, net | (41) | (41) | |||||||
Foreign currency translation adjustments | 1,194 | (11) | 1,205 | ||||||
Disposition of businesses | [1] | 0 | |||||||
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 Dec. 31, 2022 | 483,639,206 | 483,639,206 | |||||||
Beginning balance at Dec. 31, 2022 | $ (3,262,806) | $ 4,836 | 12,864 | 3,543,424 | (6,469,953) | (335,189) | (18,788) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (72,001) | 208 | (72,209) | ||||||
Release of stock awards and exercise of stock options (in shares) | 10,217,875 | ||||||||
Release of stock awards and exercise of stock options | (4,701) | $ 103 | (103) | (4,701) | |||||
Share-based compensation | 10,303 | 10,303 | |||||||
Payments to noncontrolling interests, net | (2,431) | (2,431) | |||||||
Foreign currency translation adjustments | (6,077) | 2 | (6,079) | ||||||
Disposition of businesses | $ (67,648) | [1] | (67,648) | ||||||
Ending balance (in shares) at Jun. 30, 2023 | 493,857,081 | 493,857,081 | |||||||
Ending balance at Jun. 30, 2023 | $ (3,405,361) | $ 4,939 | 10,643 | 3,553,624 | (6,542,162) | (408,916) | (23,489) | ||
Beginning balance (in shares) at Mar. 31, 2023 | 491,325,901 | ||||||||
Beginning balance at Mar. 31, 2023 | (3,333,857) | $ 4,913 | 12,452 | 3,547,471 | (6,504,865) | (371,733) | (22,095) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (36,579) | 718 | (37,297) | ||||||
Release of stock awards and exercise of stock options (in shares) | 2,531,180 | ||||||||
Release of stock awards and exercise of stock options | (1,394) | $ 26 | (26) | (1,394) | |||||
Share-based compensation | 6,179 | 6,179 | |||||||
Payments to noncontrolling interests, net | (2,527) | (2,527) | |||||||
Foreign currency translation adjustments | (5,238) | (5,238) | |||||||
Disposition of businesses | $ (31,945) | [1] | (31,945) | ||||||
Ending balance (in shares) at Jun. 30, 2023 | 493,857,081 | 493,857,081 | |||||||
Ending balance at Jun. 30, 2023 | $ (3,405,361) | $ 4,939 | $ 10,643 | $ 3,553,624 | $ (6,542,162) | $ (408,916) | $ (23,489) | ||
[1]Included in “Other operating (income) expense, net” on Consolidated Statements of Loss |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (72,001) | $ (155,046) |
Reconciling items: | ||
Depreciation, amortization and impairment charges | 144,101 | 142,789 |
Non-cash operating lease expense | 161,231 | 168,148 |
Deferred taxes | 1,411 | 17,719 |
Share-based compensation | 10,303 | 11,590 |
Net gain on disposition of businesses and/or operating assets | (109,952) | (13,710) |
Foreign exchange transaction (gain) loss | (21,684) | 34,241 |
Other reconciling items, net | 7,907 | 3,264 |
Changes in operating assets and liabilities, net of effects of dispositions: | ||
Decrease in accounts receivable | 60,685 | 45,522 |
Increase in prepaid expenses and other operating assets | (21,281) | (16,716) |
Decrease in accounts payable and accrued expenses | (60,606) | (59,058) |
Decrease in operating lease liabilities | (174,762) | (181,735) |
Increase in accrued interest | 3,917 | 3,555 |
Increase in deferred revenue | 17,307 | 14,902 |
(Decrease) increase in other operating liabilities | (962) | 3,774 |
Net cash (used for) provided by operating activities | (54,386) | 19,239 |
Cash flows from investing activities: | ||
Capital expenditures | (75,131) | (81,108) |
Asset acquisitions | (11,584) | (24,255) |
Net proceeds from disposition of businesses and/or assets | 100,959 | 20,430 |
Other investing activities, net | (884) | (121) |
Net cash provided by (used for) investing activities | 13,360 | (85,054) |
Cash flows from financing activities: | ||
Payments on long-term debt | (10,802) | (10,658) |
Debt issuance costs | (1,034) | 0 |
Taxes paid related to net share settlement of equity awards | (4,701) | (10,043) |
Payments to noncontrolling interests, net | (2,431) | (240) |
Net cash used for financing activities | (18,968) | (20,941) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 5,040 | (8,388) |
Net decrease in cash, cash equivalents and restricted cash | (54,954) | (95,144) |
Cash, cash equivalents and restricted cash at beginning of period | 298,682 | 419,971 |
Cash, cash equivalents and restricted cash at end of period | 243,728 | 324,827 |
Supplemental disclosures: | ||
Cash paid for interest | 202,664 | 161,334 |
Cash paid for income taxes, net of refunds | $ 6,574 | $ 2,442 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation These 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. Preparation of Interim Financial Statements The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on February 28, 2023. Use of Estimates The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Presentation Changes As described in the Company’s 2022 Annual Report on Form 10-K, the Company changed segments during the fourth quarter of 2022 to reflect changes in the way the business is managed and resources are allocated by the Company’s chief operating decision maker (“CODM”). As such, the Company has revised its segment disclosures for prior periods to conform to the current period presentation. Additionally, certain prior period amounts in the Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. |
DISPOSITION
DISPOSITION | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITION | DISPOSITIONS Sale of Business in Switzerland In December 2022, Clear Channel International Limited, a wholly-owned subsidiary of the Company, entered into a definitive agreement to sell its business in Switzerland to Goldbach Group AG. As such, assets and liabilities of the Company’s business in Switzerland were presented as held for sale on the Company’s Consolidated Balance Sheet as of December 31, 2022. The conditions to closing were satisfied during the first quarter of 2023, and the sale of the Company’s business in Switzerland was completed on March 31, 2023. Upon sale, the Company recognized a gain of $96.4 million, recorded within “Other operating (income) expense, net” on the Consolidated Statement of Loss. Cash proceeds, net of customary closing adjustments and cash sold, of $89.4 million are reflected as cash from investing activities within “Net proceeds from disposition of businesses and/or assets” on the Consolidated Statement of Cash Flows. Sale of Businesses in Italy and Spain On May 30, 2023, Clear Channel International Holdings B.V. (“CCIBV”), a wholly-owned subsidiary of the Company, entered into agreements with subsidiaries of JCDecaux SE (“JCDecaux”), among other related parties, with respect to the sales of the Company’s businesses in Italy and Spain. The sale of the Company’s business in Italy closed on May 31, 2023. The Company received cash proceeds, net of customary closing adjustments and cash sold, of $5.1 million, which are reflected as cash from investing activities within “Net proceeds from disposition of businesses and/or assets” on the Consolidated Statement of Cash Flows. Upon sale, the Company recognized a gain of $11.2 million, recorded within “Other operating (income) expense, net” on the Consolidated Statement of Loss. The sale of the Company’s business in Spain is expected to close in 2024, upon satisfaction of regulatory approval and other customary closing conditions, and the Company expects to receive cash consideration of approximately $64.3 million. Assets and liabilities of the Company’s business in Spain are presented as held for sale on the Company’s Consolidated Balance Sheet as of June 30, 2023. Potential Disposition of Business in France On July 17, 2023, the Company announced that it has entered into exclusive discussions to sell its business in France to Equinox Industries. The proposed transaction is expected to be completed in the fourth quarter of 2023, subject to an information and consultation process with Clear Channel France’s employee works council, execution of a share purchase agreement and the satisfaction of customary closing conditions. The transaction is not subject to regulatory approval. Assets and Liabilities Held for Sale The Company classifies assets and liabilities of a business as held for sale when the criteria prescribed by Accounting Standards Codification (“ASC”) Paragraph 205-20-45-1E are met, most notably when sale of the business is probable within the next year (with certain exceptions) and it is unlikely there will be significant changes to the plan of sale. Assets and liabilities held for sale are recorded at the lower of their carrying value or fair value less cost to sell. As described above, assets and liabilities of the Company’s businesses in Spain and Switzerland were presented as held for sale on the Company’s Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, respectively. As such, these assets and liabilities have been excluded from relevant disclosures as of these respective dates within these Condensed Notes to the Consolidated Financial Statements. The following table presents the major categories of assets and liabilities held for sale as of June 30, 2023 and December 31, 2022: (In thousands) June 30, December 31, Assets held for sale: Cash and cash equivalents $ 293 $ 569 Accounts receivable, net 32,756 11,938 Prepaid expenses 9,176 440 Other current assets 5,197 650 Structures, net 29,751 9,115 Other property, plant and equipment, net 1,272 2,328 Goodwill — 19,825 Operating lease right-of-use assets 32,585 85,476 Other assets 5,048 1,199 Assets held for sale $ 116,078 $ 131,540 Liabilities held for sale: Accounts payable $ 3,953 $ 636 Accrued expenses 18,247 14,301 Current operating lease liabilities 10,195 29,581 Deferred revenue 1,823 4,424 Non-current operating lease liabilities 24,201 57,059 Deferred tax liabilities, net 61 — Other liabilities 1,429 5,160 Liabilities held for sale $ 59,909 $ 111,161 |
SEGMENT DATA
SEGMENT DATA | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company has four reportable segments, which it believes best reflect how the Company is currently managed: America, Airports, Europe-North and Europe-South. The Company's remaining operations in Latin America and Singapore are disclosed as “Other.” Segment Adjusted EBITDA is the profitability metric reported to the Company’s 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 segments. The following table presents the Company’s reportable segment results for the three and six months ended June 30, 2023 and 2022. As described in Note 1, the Company has revised its segment disclosures for the prior period to conform to the current period presentation. As described in Note 2, the Company sold its operations in Switzerland and Italy on March 31, 2023 and May 31, 2023, respectively. Accordingly, Europe-South segment results include these entities through their respective dates of sale. (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue America $ 287,517 $ 285,026 $ 523,566 $ 524,282 Airports 71,045 61,106 124,834 116,989 Europe-North 149,909 145,718 278,412 267,816 Europe-South 106,419 131,081 214,434 220,631 Other 22,349 20,449 41,428 39,350 Total $ 637,239 $ 643,380 $ 1,182,674 $ 1,169,068 Capital Expenditures (1) America $ 18,888 $ 23,674 $ 35,696 $ 38,474 Airports 2,559 6,550 7,310 9,562 Europe-North 4,081 5,036 11,147 11,486 Europe-South 6,314 6,438 11,365 15,061 Other 1,036 290 2,957 1,293 Corporate 3,826 3,311 6,656 5,232 Total $ 36,704 $ 45,299 $ 75,131 $ 81,108 Segment Adjusted EBITDA America $ 129,513 $ 133,977 $ 210,878 $ 234,383 Airports 16,334 14,777 22,598 24,707 Europe-North 26,234 27,859 33,406 34,833 Europe-South 2,368 16,542 (9,852) (5,265) Other 3,511 1,831 3,880 2,291 Total $ 177,960 $ 194,986 $ 260,910 $ 290,949 (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 177,960 $ 194,986 $ 260,910 $ 290,949 Less reconciling items: Corporate expenses (2) 57,557 39,081 92,098 82,726 Depreciation and amortization 71,138 60,577 144,101 120,984 Impairment charges — 21,805 — 21,805 Restructuring and other costs (3) 464 1,225 1,025 1,659 Other operating (income) expense, net (5,785) 1,367 (97,061) (3,544) Interest expense, net 105,242 86,594 207,995 169,392 Other (income) expense, net (12,319) 26,235 (21,323) 32,234 Consolidated net loss before income taxes $ (38,337) $ (41,898) $ (65,925) $ (134,307) (1) In addition to payments that occurred during the period for capital expenditures, as disclosed here and in the Consolidated Statements of Cash Flows, the Company had $14.4 million and $14.6 million of accrued capital expenditures that remained unpaid as of June 30, 2023 and 2022, respectively. (2) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including legal liabilities and related estimates), 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. (3) 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. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The 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 ASC Topic 842, while the Company’s remaining revenue transactions are accounted for as revenue from contracts with customers in accordance with ASC Topic 606. Disaggregation of Revenue The following table shows revenue from contracts with customers, revenue from leases and total revenue, disaggregated by geography, for the three and six months ended June 30, 2023 and 2022: (In thousands) Revenue from contracts with customers Revenue from leases Total revenue Three Months Ended June 30, 2023 U.S. (1) $ 191,691 $ 166,871 $ 358,562 Europe (2) 249,444 6,884 256,328 Other (3) 17,320 5,029 22,349 Total $ 458,455 $ 178,784 $ 637,239 Three Months Ended June 30, 2022 U.S. (1) $ 173,876 $ 172,256 $ 346,132 Europe (2) 254,745 22,054 276,799 Other (3) 15,750 4,699 20,449 Total $ 444,371 $ 199,009 $ 643,380 Six Months Ended June 30, 2023 U.S. (1) $ 336,248 $ 312,152 $ 648,400 Europe (2) 468,478 24,368 492,846 Other (3) 30,733 10,695 41,428 Total $ 835,459 $ 347,215 $ 1,182,674 Six Months Ended June 30, 2022 U.S. (1) $ 321,756 $ 319,515 $ 641,271 Europe (2) 448,845 39,602 488,447 Other (3) 29,148 10,202 39,350 Total $ 799,749 $ 369,319 $ 1,169,068 (1) U.S. revenue, which also includes revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments. (2) Europe revenue is comprised of revenue from the Company’s Europe-North and Europe-South segments. As discussed in Note 2, the Company sold its former businesses in Switzerland and Italy on March 31, 2023 and May 31, 2023, respectively. Accordingly, Europe revenue includes these businesses through their respective dates of sale. (3) Other includes the Company’s businesses in Latin America and Singapore. 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) 2023 (1) 2022 2023 (1) 2022 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 392,838 $ 390,049 $ 480,016 $ 492,706 Ending balance 382,306 433,626 382,306 433,626 Deferred revenue from contracts with customers: Beginning balance $ 54,521 $ 56,955 $ 32,369 $ 42,016 Ending balance 46,961 54,617 46,961 54,617 (1) The beginning and ending balances for the three and six months ended June 30, 2023 exclude accounts receivable and deferred revenue from contracts with customers that were held for sale as of the respective balance sheet dates. As such, the changes in the accounts receivable and deferred revenue balances from contracts with customers during these periods were largely impacted by the sale of our former business in Italy and anticipated sale of our business in Spain. During the three months ended June 30, 2023 and 2022, respectively, the Company recognized $44.1 million and $45.0 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective quarters. During the six months ended June 30, 2023 and 2022, respectively, the Company recognized $29.1 million and $35.9 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective years. The Company’s contracts with customers generally have terms of one year or less. However, as of June 30, 2023, the Company expected to recognize $108.4 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, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of June 30, 2023 and December 31, 2022 consisted of the following: (In thousands) June 30, December 31, Term Loan Facility Due 2026 (1),(2) $ 1,925,000 $ 1,935,000 Revolving Credit Facility Due 2026 (3) — — Receivables-Based Credit Facility Due 2026 (4) — — 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 (5) 37,118 36,798 Original issue discount (4,883) (5,596) Long-term debt fees (41,247) (47,185) Total debt 5,590,988 5,594,017 Less: Current portion 29,069 25,218 Total long-term debt $ 5,561,919 $ 5,568,799 (1) The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. In accordance with these terms, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility during the six months ended June 30, 2023. (2) In February 2023, the Senior Secured Credit Agreement was amended to establish Adjusted Term Secured Overnight Financing Rate (“SOFR”) as the alternate rate of interest applicable to the Company’s Term Loan Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (3) In June 2023, the Senior Secured Credit Agreement was amended to extend the maturity date of a substantial portion of the Company’s Revolving Credit Facility to August 2026, reduce the aggregate revolving credit commitments of the Revolving Credit Facility, and replace the benchmark interest rates applicable to the Revolving Credit Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (4) In June 2023, the Receivables-Based Credit Agreement was amended to extend its maturity to August 2026, increase its aggregate revolving credit commitments, and replace the benchmark interest rates. Refer to the “Amendment to Receivables-Based Credit Facility” section below for more information. (5) 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 $32.7 million at current exchange rates. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.0 billion and $4.7 billion as of June 30, 2023 and December 31, 2022, respectively. Under the fair value hierarchy established by ASC Section 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, 2023, the Company was in compliance with all covenants contained in its debt agreements. Amendments to Senior Secured Credit Facilities On February 20, 2023, the Senior Secured Credit Agreement, which governs the Company’s Term Loan Facility and Revolving Credit Facility, was amended to establish Adjusted Term SOFR (as defined therein) as the alternate rate of interest applicable to the Company’s Term Loan Facility in connection with the cessation of London Interbank Offered Rate (“LIBOR”). On June 12, 2023, the Senior Secured Credit Agreement was further amended to, among other things, reduce the aggregate revolving credit commitments of the Revolving Credit Facility from $175.0 million to $150.0 million, with the full $150.0 million of revolving credit commitments available through August 23, 2024 and $115.8 million of such revolving credit commitments extending and available through August 23, 2026, and amend the benchmark interest rate provisions to replace LIBOR with alternative reference rates. These amendments are reflected in the information below. Size and Availability The Senior Secured Credit Agreement, as amended, provides for the Term Loan Facility in an aggregate principal amount of $2,000.0 million and the Revolving Credit Facility with $150.0 million of revolving credit commitments available through August 23, 2024, reducing to $115.8 million available through August 23, 2026. Interest Rate and Fees Effective June 12, 2023, new borrowings or the continuation of existing borrowings under the Senior Secured Credit Agreement bear interest at a rate per annum equal to the amended Applicable Rate (as defined therein) plus either: (a) a base rate equal to the highest of: (1) the rate of interest in effect for such date as publicly announced from time to time by the administrative agent as its “prime rate,” (2) the Federal Funds Rate plus 0.50%, (3) 0.00%, and (4) a rate based on the Secured Overnight Financing Rate (“Term SOFR”) plus an adjustment for a one-month tenor in effect on such day plus 1.00%; or (b)(1) a term rate based on Term SOFR plus an adjustment for loans denominated in dollars, the Canadian Dollar Offered Rate (“CDOR”) for loans denominated in Canadian dollars, and the Euro Interbank Offered Rate (“EURIBOR”) for loans denominated in euros, or (2) a daily rate based on the Sterling Overnight Index Average (“SONIA”) plus an adjustment for loans denominated in pounds sterling. In addition to paying interest on outstanding principal under the Senior Secured Credit Agreement, the Company is required to pay a commitment fee to the lenders under the Senior Secured Credit Agreement in respect of the unutilized revolving commitments thereunder. The Company is also required to pay a customary letter of credit and fronting fee for each issued letter of credit. Amortization and Maturity The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. The Revolving Credit Facility also matures on August 23, 2026 in the amounts set forth above. Amendment to Receivables-Based Credit Facility On June 12, 2023, the Company entered into an amendment to the Receivables-Based Credit Agreement, which governs the Company’s Receivables-Based Credit Facility, to, among other things, extend the maturity date of the Receivables-Based Credit Facility from August 23, 2024 to August 23, 2026, increase the aggregate revolving credit commitments from $125.0 million to $175.0 million, and amend the benchmark interest rate provisions to replace LIBOR with alternative reference rates. These amendments are reflected in the information below. Size and Availability The Receivables-Based Credit Agreement provides for an asset-based revolving credit facility, with amounts available from time to time (including in respect of letters of credit) equal to the lesser of (a) the borrowing base, which equals 85.0% of the eligible accounts receivable of the borrower and the subsidiary borrowers, subject to customary eligibility criteria minus any reserves, and (b) the aggregate revolving credit commitments, which is $175.0 million. Interest Rate and Fees Effective June 12, 2023, new borrowings or the continuation of existing borrowings under the Receivables-Based Credit Agreement bear interest at a rate per annum equal to an amended Applicable Rate (defined therein) plus either: (a) a base rate equal to the highest of: (1) the rate of interest in effect for such date as publicly announced from time to time by the administrative agent as its “prime rate,” (2) the Federal Funds Rate plus 0.50%, (3) 0.00%, and (4) Term SOFR plus an adjustment for a one-month tenor in effect on such day plus 1.00%; or (b)(1) a term rate based on Term SOFR plus an adjustment for loans denominated in dollars, the CDOR rate for loans denominated in Canadian dollars, and the EURIBOR rate for loans denominated in euros, or (2) a daily rate based on the SONIA plus an adjustment for loans denominated in pounds sterling. In addition to paying interest on outstanding principal under the Receivables-Based Credit Agreement, the Company is required to pay a commitment fee to the lenders under the Receivables-Based Credit Agreement in respect of the unutilized revolving commitments thereunder. The Company is also required to pay a customary letter of credit and fronting fee for each issued letter of credit. Maturity Borrowings under the Receivables-Based Credit Agreement mature, and lending commitments thereunder terminate, on August 23, 2026. Letters of Credit, Surety Bonds and Guarantees As of June 30, 2023, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $106.8 million of remaining excess availability, and $43.1 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $116.2 million of excess availability. Additionally, as of June 30, 2023, the Company had $79.2 million and $30.9 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $8.5 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, 2023 | |
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 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 Prior to the Company’s separation from iHeartCommunications, Inc. in 2019, two former employees of Clear Media Limited (“Clear Media”), a former indirect, non-wholly-owned subsidiary of the Company, were convicted in China of certain crimes, including the crime of misappropriation of Clear Media funds, and sentenced to imprisonment after a police investigation. 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. Subsequent to the announcement that the Company was considering a strategic review of its stake in Clear Media, in March 2020, the Company 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 in connection with the investigation of Clear Media. In May 2020, the Company finalized the sale of its 50.91% stake in Clear Media. As previously disclosed, the Company has been engaging with the SEC and the DOJ regarding the potential resolution of these matters and, during the first quarter of 2022, recorded an estimated liability related to such matters. The Company has now reached an agreement in principle, on a neither admit nor deny basis, with the SEC to settle the claims against the Company. If a definitive order is finalized and approved by the SEC under the currently preliminary terms, the Company expects to pay approximately $26.1 million to settle the claims. Based on these developments, the Company recorded an incremental liability of $19.0 million for the second quarter of 2023 related to the potential settlement of this matter to equal the amount of the expected payment. There can be no assurance that the Company’s efforts to reach a final resolution with the SEC and the DOJ will be successful or that the preliminary terms, including the accrued estimate of liability, will not change significantly. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022 consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Current tax expense $ (2,243) $ (3,951) $ (4,665) $ (3,020) Deferred tax benefit (expense) 4,001 (19,468) (1,411) (17,719) Income tax benefit (expense) $ 1,758 $ (23,419) $ (6,076) $ (20,739) The effective tax rates for the three and six months ended June 30, 2023 were 4.6% and (9.2)%, respectively, compared to (55.9)% and (15.4)% for the three and six months ended June 30, 2022, respectively. The effective tax rates for each period were impacted by the valuation allowance recorded against current period deferred tax assets resulting from losses and interest expense carryforwards in the U.S. and certain foreign jurisdictions due to uncertainty regarding the Company’s ability to realize those assets in future periods. Additionally, the effective tax rate for the six months ended June 30, 2023 was largely impacted by the sale of the Company’s former business in Switzerland. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022: (In thousands) June 30, December 31, Structures (1) $ 2,183,075 $ 2,317,552 Furniture and other equipment 249,655 244,154 Land, buildings and improvements (1) 151,506 154,439 Construction in progress 45,485 80,567 Property, plant and equipment, gross 2,629,721 2,796,712 Less: Accumulated depreciation (1,919,943) (2,009,164) Property, plant and equipment, net (2) $ 709,778 $ 787,548 (1) During the six months ended June 30, 2023, the Company acquired billboard structures and land of $1.0 million and $0.1 million, respectively, as part of asset acquisitions. (2) The decrease in property, plant and equipment, net, during the six months ended June 30, 2023 was largely driven by the sale of our former business in Italy and anticipated sale of our business in Spain, which, in the aggregate, had a balance of $50.1 million at December 31, 2022. |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022: (In thousands) June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Permits (1) $ 746,126 $ (48,212) $ 739,119 $ (16,058) Transit, street furniture and other outdoor contractual rights 401,110 (366,570) 420,838 (383,184) Permanent easements (1) 164,508 — 160,688 — Trademarks 83,569 (35,052) 83,569 (30,889) Other 1,293 (1,232) 1,302 (1,203) Total intangible assets $ 1,396,606 $ (451,066) $ 1,405,516 $ (431,334) (1) During the six months ended June 30, 2023, the Company acquired permits and permanent easements of $7.0 million and $3.8 million, respectively, as part of asset acquisitions. The acquired permits have amortization periods of 11 and 16 years. 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 2022 Annual Report on Form 10-K. Due to rising interest rates and inflation in 2022, the Company tested certain of its then-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. There were no indicators of impairment as of June 30, 2023. Goodwill The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the six months ended June 30, 2023: (In thousands) America Airports Europe-North Consolidated Balance as of December 31, 2022 (1) $ 482,937 $ 24,882 $ 142,824 $ 650,643 Foreign currency impact — — 3,070 3,070 Balance as of June 30, 2023 $ 482,937 $ 24,882 $ 145,894 $ 653,713 (1) The balance at December 31, 2022 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North, $128.9 million for Europe-South and $90.4 million for Other. |
COST-SAVINGS INITIATIVES
COST-SAVINGS INITIATIVES | 6 Months Ended |
Jun. 30, 2023 | |
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 business, which was executed through the fourth quarter of 2021 when the impacted employees were terminated. Since then, any additional costs incurred, or in some cases reversed, related to residual restructuring activity in the Company’s Europe-South segment. As of June 30, 2023, the Company had incurred cumulative costs of $37.4 million in its Europe-South segment in connection with this restructuring plan. Substantially all costs have been severance benefits and related costs, and remaining costs associated with this restructuring plan are not expected to be significant. As of June 30, 2023, the remaining liability related to this restructuring plan was $4.1 million. The Company expects most of this balance to be settled by the end of 2023. The following table presents changes in this liability balance during the six months ended June 30, 2023: (In thousands) Europe-South Liability balance as of December 31, 2022 $ 7,203 Costs incurred, net (1) 178 Costs paid or otherwise settled (3,383) Foreign currency impact 137 Liability balance as of June 30, 2023 $ 4,135 (1) Costs are reported in “Direct operating expenses” and “Selling, general and administrative expenses” on the Consolidated Statements of Loss. They are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022: (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to the Company – common shares $ (37,297) $ (65,664) $ (72,209) $ (155,532) Denominator: Weighted average common shares outstanding – basic 482,373 475,125 480,448 472,859 Weighted average common shares outstanding – diluted 482,373 475,125 480,448 472,859 Net loss attributable to the Company per share of common stock: Basic $ (0.08) $ (0.14) $ (0.15) $ (0.33) Diluted $ (0.08) $ (0.14) $ (0.15) $ (0.33) Outstanding equity awards of 20.5 million and 23.7 million shares for the three months ended June 30, 2023 and 2022, respectively, and 19.8 million and 25.7 million shares for the six months ended June 30, 2023 and 2022, 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, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION Reconciliation of Cash, Cash Equivalents and 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 Sheets $ 232,877 $ 286,781 Cash and cash equivalents included in Current assets held for sale 293 569 Restricted cash included in: Other current assets 1,919 2,763 Current assets held for sale 897 512 Other assets 7,742 8,057 Total cash, cash equivalents and restricted cash in the Statements of Cash Flows $ 243,728 $ 298,682 Accounts Receivable 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 $ 545,103 $ 642,390 Less: Allowance for credit losses (19,474) (22,561) Accounts receivable, net (1) $ 525,629 $ 619,829 (1) The decrease in accounts receivable, net, during the six months ended June 30, 2023 was largely driven by the sale of our former business in Italy and anticipated sale of our business in Spain, which, in the aggregate, had a balance of $62.9 million at December 31, 2022. Credit loss expense (reversal) related to accounts receivable was $(1.0) million and $0.5 million during the three months ended June 30, 2023 and 2022, respectively, and $1.7 million and $0.8 million during the six months ended June 30, 2023 and 2022, respectively. Accrued Expenses The following table discloses the components of “Accrued expenses” as of June 30, 2023 and December 31, 2022: (In thousands) June 30, December 31, Accrued rent $ 154,461 $ 159,591 Accrued employee compensation and benefits 57,568 109,594 Accrued taxes 47,221 52,587 Accrued other 164,131 167,010 Total accrued expenses (1) $ 423,381 $ 488,782 (1) The decrease in total accrued expenses during the six months ended June 30, 2023 was largely driven by the sale of our former business in Italy and anticipated sale of our business in Spain, which, in the aggregate, had a balance of $33.6 million at December 31, 2022. Share-Based Compensation On May 2, 2023, the Compensation Committee of the Company’s Board of Directors (the “Board”) approved grants of 15.0 million restricted stock units (“RSUs”) and 3.4 million performance stock units (“PSUs”) to certain of its employees. • The RSUs generally vest in three equal annual installments on each of April 1, 2024, April 1, 2025 and April 1, 2026, provided that the recipient is still employed by, or providing services to, the Company on each such vesting date. • The PSUs 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, 2023 and ending on March 31, 2026 (the “Performance Period”). If the Company achieves Relative TSR at the 75 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 50 th percentile, the PSUs will be earned at 100% of the target number of shares; if the Company achieves Relative TSR at the 25 th percentile, the PSUs will be earned at 50% of the target number of shares; and if the Company achieves Relative TSR below the 25 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 . Other Income (Expense), Net During the three and six months ended June 30, 2023, the Company recognized foreign currency transaction gains of $12.5 million and $21.7 million, respectively. During the three and six months ended June 30, 2022, the Company recognized foreign currency transaction losses of $27.6 million and $34.2 million, respectively. Other Comprehensive (Loss) Income There were no significant changes in deferred income tax liabilities resulting from adjustments to other comprehensive (loss) income during the three and six months ended June 30, 2023 and 2022. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net loss attributable to the Company | $ (37,297) | $ (65,664) | $ (72,209) | $ (155,532) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Preparation of Interim Financial Statements | These 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. Preparation of Interim Financial Statements The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on February 28, 2023. |
Use of Estimates | The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Presentation Changes | As described in the Company’s 2022 Annual Report on Form 10-K, the Company changed segments during the fourth quarter of 2022 to reflect changes in the way the business is managed and resources are allocated by the Company’s chief operating decision maker (“CODM”). As such, the Company has revised its segment disclosures for prior periods to conform to the current period presentation. Additionally, certain prior period amounts in the Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. |
DISPOSITION (Tables)
DISPOSITION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale and Operations Reflected in Discontinued Operations | The following table presents the major categories of assets and liabilities held for sale as of June 30, 2023 and December 31, 2022: (In thousands) June 30, December 31, Assets held for sale: Cash and cash equivalents $ 293 $ 569 Accounts receivable, net 32,756 11,938 Prepaid expenses 9,176 440 Other current assets 5,197 650 Structures, net 29,751 9,115 Other property, plant and equipment, net 1,272 2,328 Goodwill — 19,825 Operating lease right-of-use assets 32,585 85,476 Other assets 5,048 1,199 Assets held for sale $ 116,078 $ 131,540 Liabilities held for sale: Accounts payable $ 3,953 $ 636 Accrued expenses 18,247 14,301 Current operating lease liabilities 10,195 29,581 Deferred revenue 1,823 4,424 Non-current operating lease liabilities 24,201 57,059 Deferred tax liabilities, net 61 — Other liabilities 1,429 5,160 Liabilities held for sale $ 59,909 $ 111,161 |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022. As described in Note 1, the Company has revised its segment disclosures for the prior period to conform to the current period presentation. As described in Note 2, the Company sold its operations in Switzerland and Italy on March 31, 2023 and May 31, 2023, respectively. Accordingly, Europe-South segment results include these entities through their respective dates of sale. (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue America $ 287,517 $ 285,026 $ 523,566 $ 524,282 Airports 71,045 61,106 124,834 116,989 Europe-North 149,909 145,718 278,412 267,816 Europe-South 106,419 131,081 214,434 220,631 Other 22,349 20,449 41,428 39,350 Total $ 637,239 $ 643,380 $ 1,182,674 $ 1,169,068 Capital Expenditures (1) America $ 18,888 $ 23,674 $ 35,696 $ 38,474 Airports 2,559 6,550 7,310 9,562 Europe-North 4,081 5,036 11,147 11,486 Europe-South 6,314 6,438 11,365 15,061 Other 1,036 290 2,957 1,293 Corporate 3,826 3,311 6,656 5,232 Total $ 36,704 $ 45,299 $ 75,131 $ 81,108 Segment Adjusted EBITDA America $ 129,513 $ 133,977 $ 210,878 $ 234,383 Airports 16,334 14,777 22,598 24,707 Europe-North 26,234 27,859 33,406 34,833 Europe-South 2,368 16,542 (9,852) (5,265) Other 3,511 1,831 3,880 2,291 Total $ 177,960 $ 194,986 $ 260,910 $ 290,949 (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 177,960 $ 194,986 $ 260,910 $ 290,949 Less reconciling items: Corporate expenses (2) 57,557 39,081 92,098 82,726 Depreciation and amortization 71,138 60,577 144,101 120,984 Impairment charges — 21,805 — 21,805 Restructuring and other costs (3) 464 1,225 1,025 1,659 Other operating (income) expense, net (5,785) 1,367 (97,061) (3,544) Interest expense, net 105,242 86,594 207,995 169,392 Other (income) expense, net (12,319) 26,235 (21,323) 32,234 Consolidated net loss before income taxes $ (38,337) $ (41,898) $ (65,925) $ (134,307) (1) In addition to payments that occurred during the period for capital expenditures, as disclosed here and in the Consolidated Statements of Cash Flows, the Company had $14.4 million and $14.6 million of accrued capital expenditures that remained unpaid as of June 30, 2023 and 2022, respectively. (2) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including legal liabilities and related estimates), 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. (3) 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. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table shows revenue from contracts with customers, revenue from leases and total revenue, disaggregated by geography, for the three and six months ended June 30, 2023 and 2022: (In thousands) Revenue from contracts with customers Revenue from leases Total revenue Three Months Ended June 30, 2023 U.S. (1) $ 191,691 $ 166,871 $ 358,562 Europe (2) 249,444 6,884 256,328 Other (3) 17,320 5,029 22,349 Total $ 458,455 $ 178,784 $ 637,239 Three Months Ended June 30, 2022 U.S. (1) $ 173,876 $ 172,256 $ 346,132 Europe (2) 254,745 22,054 276,799 Other (3) 15,750 4,699 20,449 Total $ 444,371 $ 199,009 $ 643,380 Six Months Ended June 30, 2023 U.S. (1) $ 336,248 $ 312,152 $ 648,400 Europe (2) 468,478 24,368 492,846 Other (3) 30,733 10,695 41,428 Total $ 835,459 $ 347,215 $ 1,182,674 Six Months Ended June 30, 2022 U.S. (1) $ 321,756 $ 319,515 $ 641,271 Europe (2) 448,845 39,602 488,447 Other (3) 29,148 10,202 39,350 Total $ 799,749 $ 369,319 $ 1,169,068 (1) U.S. revenue, which also includes revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments. (2) Europe revenue is comprised of revenue from the Company’s Europe-North and Europe-South segments. As discussed in Note 2, the Company sold its former businesses in Switzerland and Italy on March 31, 2023 and May 31, 2023, respectively. Accordingly, Europe revenue includes these businesses through their respective dates of sale. (3) Other includes the Company’s businesses in Latin America and Singapore. |
Schedule of Contract with Customer | 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) 2023 (1) 2022 2023 (1) 2022 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 392,838 $ 390,049 $ 480,016 $ 492,706 Ending balance 382,306 433,626 382,306 433,626 Deferred revenue from contracts with customers: Beginning balance $ 54,521 $ 56,955 $ 32,369 $ 42,016 Ending balance 46,961 54,617 46,961 54,617 (1) The beginning and ending balances for the three and six months ended June 30, 2023 exclude accounts receivable and deferred revenue from contracts with customers that were held for sale as of the respective balance sheet dates. As such, the changes in the accounts receivable and deferred revenue balances from contracts with customers during these periods were largely impacted by the sale of our former business in Italy and anticipated sale of our business in Spain. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of June 30, 2023 and December 31, 2022 consisted of the following: (In thousands) June 30, December 31, Term Loan Facility Due 2026 (1),(2) $ 1,925,000 $ 1,935,000 Revolving Credit Facility Due 2026 (3) — — Receivables-Based Credit Facility Due 2026 (4) — — 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 (5) 37,118 36,798 Original issue discount (4,883) (5,596) Long-term debt fees (41,247) (47,185) Total debt 5,590,988 5,594,017 Less: Current portion 29,069 25,218 Total long-term debt $ 5,561,919 $ 5,568,799 (1) The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. In accordance with these terms, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility during the six months ended June 30, 2023. (2) In February 2023, the Senior Secured Credit Agreement was amended to establish Adjusted Term Secured Overnight Financing Rate (“SOFR”) as the alternate rate of interest applicable to the Company’s Term Loan Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (3) In June 2023, the Senior Secured Credit Agreement was amended to extend the maturity date of a substantial portion of the Company’s Revolving Credit Facility to August 2026, reduce the aggregate revolving credit commitments of the Revolving Credit Facility, and replace the benchmark interest rates applicable to the Revolving Credit Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (4) In June 2023, the Receivables-Based Credit Agreement was amended to extend its maturity to August 2026, increase its aggregate revolving credit commitments, and replace the benchmark interest rates. Refer to the “Amendment to Receivables-Based Credit Facility” section below for more information. (5) 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 $32.7 million at current exchange rates. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022 consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Current tax expense $ (2,243) $ (3,951) $ (4,665) $ (3,020) Deferred tax benefit (expense) 4,001 (19,468) (1,411) (17,719) Income tax benefit (expense) $ 1,758 $ (23,419) $ (6,076) $ (20,739) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022: (In thousands) June 30, December 31, Structures (1) $ 2,183,075 $ 2,317,552 Furniture and other equipment 249,655 244,154 Land, buildings and improvements (1) 151,506 154,439 Construction in progress 45,485 80,567 Property, plant and equipment, gross 2,629,721 2,796,712 Less: Accumulated depreciation (1,919,943) (2,009,164) Property, plant and equipment, net (2) $ 709,778 $ 787,548 (1) During the six months ended June 30, 2023, the Company acquired billboard structures and land of $1.0 million and $0.1 million, respectively, as part of asset acquisitions. (2) The decrease in property, plant and equipment, net, during the six months ended June 30, 2023 was largely driven by the sale of our former business in Italy and anticipated sale of our business in Spain, which, in the aggregate, had a balance of $50.1 million at December 31, 2022. |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022: (In thousands) June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Permits (1) $ 746,126 $ (48,212) $ 739,119 $ (16,058) Transit, street furniture and other outdoor contractual rights 401,110 (366,570) 420,838 (383,184) Permanent easements (1) 164,508 — 160,688 — Trademarks 83,569 (35,052) 83,569 (30,889) Other 1,293 (1,232) 1,302 (1,203) Total intangible assets $ 1,396,606 $ (451,066) $ 1,405,516 $ (431,334) (1) During the six months ended June 30, 2023, the Company acquired permits and permanent easements of $7.0 million and $3.8 million, respectively, as part of asset acquisitions. The acquired permits have amortization periods of 11 and 16 years. |
Schedule of Goodwill | The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the six months ended June 30, 2023: (In thousands) America Airports Europe-North Consolidated Balance as of December 31, 2022 (1) $ 482,937 $ 24,882 $ 142,824 $ 650,643 Foreign currency impact — — 3,070 3,070 Balance as of June 30, 2023 $ 482,937 $ 24,882 $ 145,894 $ 653,713 (1) The balance at December 31, 2022 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North, $128.9 million for Europe-South and $90.4 million for Other. |
COST-SAVINGS INITIATIVES (Table
COST-SAVINGS INITIATIVES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table presents changes in this liability balance during the six months ended June 30, 2023: (In thousands) Europe-South Liability balance as of December 31, 2022 $ 7,203 Costs incurred, net (1) 178 Costs paid or otherwise settled (3,383) Foreign currency impact 137 Liability balance as of June 30, 2023 $ 4,135 (1) Costs are reported in “Direct operating expenses” and “Selling, general and administrative expenses” on the Consolidated Statements of Loss. They are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA. |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of 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, 2023 and 2022: (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to the Company – common shares $ (37,297) $ (65,664) $ (72,209) $ (155,532) Denominator: Weighted average common shares outstanding – basic 482,373 475,125 480,448 472,859 Weighted average common shares outstanding – diluted 482,373 475,125 480,448 472,859 Net loss attributable to the Company per share of common stock: Basic $ (0.08) $ (0.14) $ (0.15) $ (0.33) Diluted $ (0.08) $ (0.14) $ (0.15) $ (0.33) |
OTHER INFORMATION (Tables)
OTHER INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 Sheets $ 232,877 $ 286,781 Cash and cash equivalents included in Current assets held for sale 293 569 Restricted cash included in: Other current assets 1,919 2,763 Current assets held for sale 897 512 Other assets 7,742 8,057 Total cash, cash equivalents and restricted cash in the Statements of Cash Flows $ 243,728 $ 298,682 |
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 $ 545,103 $ 642,390 Less: Allowance for credit losses (19,474) (22,561) Accounts receivable, net (1) $ 525,629 $ 619,829 (1) The decrease in accounts receivable, net, during the six months ended June 30, 2023 was largely driven by the sale of our former business in Italy and anticipated sale of our business in Spain, which, in the aggregate, had a balance of $62.9 million at December 31, 2022. |
Schedule of Accrued Expenses | The following table discloses the components of “Accrued expenses” as of June 30, 2023 and December 31, 2022: (In thousands) June 30, December 31, Accrued rent $ 154,461 $ 159,591 Accrued employee compensation and benefits 57,568 109,594 Accrued taxes 47,221 52,587 Accrued other 164,131 167,010 Total accrued expenses (1) $ 423,381 $ 488,782 (1) The decrease in total accrued expenses during the six months ended June 30, 2023 was largely driven by the sale of our former business in Italy and anticipated sale of our business in Spain, which, in the aggregate, had a balance of $33.6 million at December 31, 2022. |
DISPOSITION - Narrrative (Detai
DISPOSITION - Narrrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 31, 2023 | Mar. 31, 2023 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Goldbach Group AG | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (loss) on disposition of business | $ 96.4 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Goldbach Group AG | Switzerland | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from divestiture of businesses, net | $ 89.4 | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | JCDecaux SE | Italy | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (loss) on disposition of business | $ 11.2 | |
Proceeds from divestiture of businesses, net | 5.1 | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | JCDecaux SE | Spain | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal group, including discontinued operation, consideration | $ 64.3 |
DISPOSITION - Major Classes of
DISPOSITION - Major Classes of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets held for sale: | ||
Cash and cash equivalents | $ 293 | $ 569 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets held for sale: | ||
Cash and cash equivalents | 293 | 569 |
Accounts receivable, net | 32,756 | 11,938 |
Prepaid expenses | 9,176 | 440 |
Other current assets | 5,197 | 650 |
Goodwill | 0 | 19,825 |
Operating lease right-of-use assets | 32,585 | 85,476 |
Other assets | 5,048 | 1,199 |
Assets held for sale | 116,078 | 131,540 |
Liabilities held for sale: | ||
Accounts payable | 3,953 | 636 |
Accrued expenses | 18,247 | 14,301 |
Current operating lease liabilities | 10,195 | 29,581 |
Deferred revenue | 1,823 | 4,424 |
Non-current operating lease liabilities | 24,201 | 57,059 |
Deferred tax liabilities, net | 61 | 0 |
Other liabilities | 1,429 | 5,160 |
Liabilities held for sale | 59,909 | 111,161 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Structures, net | ||
Assets held for sale: | ||
Property, plant and equipment, net | 29,751 | 9,115 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Other property, plant and equipment, net | ||
Assets held for sale: | ||
Property, plant and equipment, net | $ 1,272 | $ 2,328 |
SEGMENT DATA - Schedule of Repo
SEGMENT DATA - Schedule of Reportable Segment Results (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | ||
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 4 | ||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 637,239 | $ 643,380 | $ 1,182,674 | $ 1,169,068 | |
Capital Expenditures | 36,704 | 45,299 | 75,131 | 81,108 | |
Segment Adjusted EBITDA | 177,960 | 194,986 | 260,910 | 290,949 | |
Corporate expenses | [1] | 57,557 | 39,081 | 92,098 | 82,726 |
Depreciation and amortization | 71,138 | 60,577 | 144,101 | 120,984 | |
Impairment charges | 0 | 21,805 | 0 | 21,805 | |
Restructuring and other costs | 464 | 1,225 | 1,025 | 1,659 | |
Other operating (income) expense, net | (5,785) | 1,367 | (97,061) | (3,544) | |
Interest expense, net | 105,242 | 86,594 | 207,995 | 169,392 | |
Other (income) expense, net | (12,319) | 26,235 | (21,323) | 32,234 | |
Consolidated net loss before income taxes | (38,337) | (41,898) | (65,925) | (134,307) | |
Accrued capital expenditures | 14,400 | 14,600 | |||
Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 637,239 | 643,380 | 1,182,674 | 1,169,068 | |
Segment Adjusted EBITDA | 177,960 | 194,986 | 260,910 | 290,949 | |
Operating segments | America | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 287,517 | 285,026 | 523,566 | 524,282 | |
Capital Expenditures | 18,888 | 23,674 | 35,696 | 38,474 | |
Segment Adjusted EBITDA | 129,513 | 133,977 | 210,878 | 234,383 | |
Operating segments | Airports | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 71,045 | 61,106 | 124,834 | 116,989 | |
Capital Expenditures | 2,559 | 6,550 | 7,310 | 9,562 | |
Segment Adjusted EBITDA | 16,334 | 14,777 | 22,598 | 24,707 | |
Operating segments | Europe-North | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 149,909 | 145,718 | 278,412 | 267,816 | |
Capital Expenditures | 4,081 | 5,036 | 11,147 | 11,486 | |
Segment Adjusted EBITDA | 26,234 | 27,859 | 33,406 | 34,833 | |
Operating segments | Europe-South | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 106,419 | 131,081 | 214,434 | 220,631 | |
Capital Expenditures | 6,314 | 6,438 | 11,365 | 15,061 | |
Segment Adjusted EBITDA | 2,368 | 16,542 | (9,852) | (5,265) | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 22,349 | 20,449 | 41,428 | 39,350 | |
Capital Expenditures | 1,036 | 290 | 2,957 | 1,293 | |
Segment Adjusted EBITDA | 3,511 | 1,831 | 3,880 | 2,291 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Capital Expenditures | 3,826 | 3,311 | 6,656 | 5,232 | |
Corporate expenses | $ 57,557 | $ 39,081 | $ 92,098 | $ 82,726 | |
[1]Excludes depreciation and amortization |
REVENUE - Schedule of Disaggreg
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 458,455 | $ 444,371 | $ 835,459 | $ 799,749 |
Revenue from leases | $ 178,784 | $ 199,009 | $ 347,215 | $ 369,319 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | Revenue | Revenue | Revenue |
Revenue | $ 637,239 | $ 643,380 | $ 1,182,674 | $ 1,169,068 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 191,691 | 173,876 | 336,248 | 321,756 |
Revenue from leases | 166,871 | 172,256 | 312,152 | 319,515 |
Revenue | 358,562 | 346,132 | 648,400 | 641,271 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 249,444 | 254,745 | 468,478 | 448,845 |
Revenue from leases | 6,884 | 22,054 | 24,368 | 39,602 |
Revenue | 256,328 | 276,799 | 492,846 | 488,447 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17,320 | 15,750 | 30,733 | 29,148 |
Revenue from leases | 5,029 | 4,699 | 10,695 | 10,202 |
Revenue | $ 22,349 | $ 20,449 | $ 41,428 | $ 39,350 |
REVENUE - Schedule of Contract
REVENUE - Schedule of Contract with Customer (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Accounts receivable, net of allowance, from contracts with customers: | |||||
Beginning balance | $ 392,838 | $ 480,016 | $ 433,626 | $ 390,049 | $ 492,706 |
Ending balance | 382,306 | 392,838 | 480,016 | 433,626 | 390,049 |
Deferred revenue from contracts with customers: | |||||
Beginning balance | 54,521 | 32,369 | 54,617 | 56,955 | 42,016 |
Ending balance | $ 46,961 | $ 54,521 | $ 32,369 | $ 54,617 | $ 56,955 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract liabilities, revenue recognized | $ 44.1 | $ 45 | $ 29.1 | $ 35.9 |
Revenue, remaining performance obligation | $ 108.4 | $ 108.4 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | ||||
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 | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Total debt | $ 5,590,988 | $ 5,594,017 | |
Original issue discount | (4,883) | (5,596) | |
Long-term debt fees | (41,247) | (47,185) | |
Less: Current portion | 29,069 | 25,218 | |
Total long-term debt | 5,561,919 | 5,568,799 | |
Term Loan Facility Due 2026 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,925,000 | 1,935,000 | |
Debt instrument original principal amount quarterly amortization percentage | 1% | 1% | |
Payments of debt | $ 10,000 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
Receivables-Based Credit Facility Due 2026 | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,250,000 | 1,250,000 | |
Stated interest rate (as a percent) | 5.125% | ||
Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,000,000 | 1,000,000 | |
Stated interest rate (as a percent) | 7.75% | ||
Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,050,000 | 1,050,000 | |
Stated interest rate (as a percent) | 7.50% | ||
Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ 375,000 | 375,000 | |
Stated interest rate (as a percent) | 6.625% | ||
Other debt | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ 37,118 | $ 36,798 | |
State Guaranteed Loan | Europe | |||
Debt Instrument [Line Items] | |||
Unsecured loan received, COVID-19 | $ 32,700 | € 30 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | 6 Months Ended | |||||
Jun. 12, 2023 | Jun. 30, 2023 | Aug. 24, 2024 | May 31, 2023 | Dec. 31, 2022 | Aug. 23, 2019 | |
Surety bonds | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantee obligations | $ 79,200,000 | |||||
Bank Guarantees | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantee obligations | 30,900,000 | |||||
Bank guarantees backed by cash collateral | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantee obligations | 8,500,000 | |||||
Secured Debt | ||||||
Guarantor Obligations [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0% | |||||
Secured Debt | Federal Funds Rate | ||||||
Guarantor Obligations [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||
Secured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Guarantor Obligations [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1% | |||||
Revolving Credit Facility | Line of Credit | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum borrowing capacity | $ 150,000,000 | 150,000,000 | $ 175,000,000 | |||
Revolving Credit Facility | Line of Credit | Forecast | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum borrowing capacity | $ 115,800,000 | |||||
Term Loan Facility | Secured Debt | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum borrowing capacity | $ 2,000,000,000 | |||||
Term Loan Facility Due 2026 | Secured Debt | ||||||
Guarantor Obligations [Line Items] | ||||||
Debt instrument original principal amount quarterly amortization percentage | 1% | |||||
Receivables-Based Credit Facility | Line of Credit | Revolving Credit Facility | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum borrowing capacity | $ 125,000,000 | |||||
Debt instrument, basis spread on variable rate | 0% | |||||
Receivables-Based Credit Facility | Line of Credit | Federal Funds Rate | Revolving Credit Facility | ||||||
Guarantor Obligations [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||
Receivables-Based Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | ||||||
Guarantor Obligations [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1% | |||||
Receivables-Based Credit Facility Due 2026 | Line of Credit | Revolving Credit Facility | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum borrowing capacity | $ 175,000,000 | $ 175,000,000 | ||||
Percentage of eligible accounts receivable | 85% | |||||
Letters of credit outstanding | $ 43,100,000 | |||||
Excess borrowing capacity | 116,200,000 | |||||
Revolving Credit Facility | ||||||
Guarantor Obligations [Line Items] | ||||||
Letters of credit outstanding | 43,200,000 | |||||
Excess borrowing capacity | 106,800,000 | |||||
Level 1 | ||||||
Guarantor Obligations [Line Items] | ||||||
Aggregate market value of debt | $ 5,000,000,000 | $ 4,700,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) | Dec. 31, 2019 employee | May 31, 2020 | |
Income Tax Examination [Line Items] | |||
Number of employees convicted | employee | 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% | ||
Claim settlement | $ 26.1 | ||
Loss contingency liability | $ 19 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Current tax expense | $ (2,243) | $ (3,951) | $ (4,665) | $ (3,020) |
Deferred tax benefit (expense) | 4,001 | (19,468) | (1,411) | (17,719) |
Income tax benefit (expense) | $ 1,758 | $ (23,419) | $ (6,076) | $ (20,739) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (as a percent) | 4.60% | (55.90%) | (9.20%) | (15.40%) |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,629,721 | $ 2,796,712 |
Less: Accumulated depreciation | (1,919,943) | (2,009,164) |
Property, plant and equipment, net | 709,778 | 787,548 |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 50,100 | |
Structures, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,183,075 | 2,317,552 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 249,655 | 244,154 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 151,506 | 154,439 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45,485 | $ 80,567 |
Billboard Structures | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions of property, plant and equipment | 1,000 | |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions of property, plant and equipment | $ 100 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Accumulated Amortization | $ (451,066) | $ (451,066) | $ (431,334) | ||
Total intangible assets | 1,396,606 | 1,396,606 | 1,405,516 | ||
Impairment charges | 0 | $ 21,805 | 0 | $ 21,805 | |
Permanent Easements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount, Indefinite-lived | 164,508 | 164,508 | 160,688 | ||
Indefinite-lived intangible assets acquired | 3,800 | ||||
Permits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment charges | $ 21,800 | $ 21,800 | |||
Permits, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount, Finite-lived | 746,126 | 746,126 | 739,119 | ||
Accumulated Amortization | $ (48,212) | (48,212) | (16,058) | ||
Finite-lived intangible assets acquired | $ 7,000 | ||||
Permits, net | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life of intangibles (in years) | 11 years | 11 years | |||
Permits, net | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life of intangibles (in years) | 16 years | 16 years | |||
Transit, street furniture and other outdoor contractual rights | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount, Finite-lived | $ 401,110 | $ 401,110 | 420,838 | ||
Accumulated Amortization | (366,570) | (366,570) | (383,184) | ||
Permanent Easements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Accumulated Amortization | 0 | 0 | 0 | ||
Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount, Finite-lived | 83,569 | 83,569 | 83,569 | ||
Accumulated Amortization | (35,052) | (35,052) | (30,889) | ||
Other | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount, Finite-lived | 1,293 | 1,293 | 1,302 | ||
Accumulated Amortization | $ (1,232) | $ (1,232) | $ (1,203) |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment charges | $ 0 | $ 21,805 | $ 0 | $ 21,805 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Beginning balance | $ 650,643 | |
Foreign currency impact | 3,070 | |
Ending balance | 653,713 | |
America | ||
Goodwill | ||
Beginning balance | 482,937 | |
Foreign currency impact | 0 | |
Ending balance | 482,937 | |
Goodwill, cumulative impairment | $ 2,600,000 | |
Airports | ||
Goodwill | ||
Beginning balance | 24,882 | |
Foreign currency impact | 0 | |
Ending balance | 24,882 | |
Europe-North | ||
Goodwill | ||
Beginning balance | 142,824 | |
Foreign currency impact | 3,070 | |
Ending balance | $ 145,894 | |
Goodwill, cumulative impairment | 79,400 | |
Europe-South | ||
Goodwill | ||
Goodwill, cumulative impairment | 128,900 | |
Other | ||
Goodwill | ||
Goodwill, cumulative impairment | $ 90,400 |
COST-SAVINGS INITIATIVES - Narr
COST-SAVINGS INITIATIVES - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Europe-South | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 4,135 | $ 7,203 |
Restructuring Plan to Reduce Headcount | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 4,100 | |
Restructuring Plan to Reduce Headcount | Europe-South | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs incurred | $ 37,400 |
COST-SAVINGS INITIATIVES - Sche
COST-SAVINGS INITIATIVES - Schedule of Restructuring Reserve by Type of Cost (Details) - Europe-South $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 7,203 |
Costs incurred, net | 178 |
Costs paid or otherwise settled | (3,383) |
Foreign currency impact | 137 |
Ending balance | $ 4,135 |
NET LOSS PER SHARE - Schedule o
NET LOSS PER SHARE - Schedule of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net loss attributable to the Company – common shares | $ (37,297) | $ (65,664) | $ (72,209) | $ (155,532) |
Denominator: | ||||
Weighted average common shares outstanding - basic (in shares) | 482,373 | 475,125 | 480,448 | 472,859 |
Weighted average common shares outstanding - diluted (in shares) | 482,373 | 475,125 | 480,448 | 472,859 |
Net loss attributable to the Company per share of common stock: | ||||
Basic (in dollars per share) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.33) |
Diluted (in dollars per share) | $ (0.08) | $ (0.14) | $ (0.15) | $ (0.33) |
Outstanding equity awards not included in computation of diluted earnings per share (in shares) | 20,500 | 23,700 | 19,800 | 25,700 |
OTHER INFORMATION - Schedule of
OTHER INFORMATION - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents in the Balance Sheets | $ 232,877 | $ 286,781 | ||
Cash and cash equivalents included in Current assets held for sale | 293 | 569 | ||
Restricted cash included in: | ||||
Other current assets | 1,919 | 2,763 | ||
Current assets held for sale | 897 | 512 | ||
Other assets | 7,742 | 8,057 | ||
Total cash, cash equivalents and restricted cash in the Statements of Cash Flows | $ 243,728 | $ 298,682 | $ 324,827 | $ 419,971 |
OTHER INFORMATION - Schedule _2
OTHER INFORMATION - Schedule of Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accounts receivable | $ 545,103 | $ 642,390 | |
Less: Allowance for credit losses | (19,474) | (22,561) | |
Accounts receivable, net | 525,629 | 619,829 | |
Decrease in accounts receivable | $ (60,685) | $ (45,522) | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Decrease in accounts receivable | $ 62,900 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) shares in Millions | 3 Months Ended | 6 Months Ended | |||
May 02, 2023 installment shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Credit loss expense (reversal) | $ (1,000,000) | $ 500,000 | $ 1,700,000 | $ 800,000 | |
Foreign exchange transaction (gain) loss | $ (12,500,000) | $ 27,600,000 | $ (21,684,000) | $ 34,241,000 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income (expense), net | Other income (expense), net | Other income (expense), net | Other income (expense), net | |
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 | 15 | ||||
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 | 3.4 | ||||
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% |
OTHER INFORMATION - Schedule _3
OTHER INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued rent | $ 154,461 | $ 159,591 | |
Accrued employee compensation and benefits | 57,568 | 109,594 | |
Accrued taxes | 47,221 | 52,587 | |
Accrued other | 164,131 | 167,010 | |
Total accrued expenses | 423,381 | 488,782 | |
Decrease in accounts payable and accrued expenses | $ (60,606) | $ (59,058) | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Decrease in accounts payable and accrued expenses | $ 33,600 |