CCO - Earnings call transcript Q1 2019 | Clear Channel Outdoor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the 2019 First Quarter Earnings Conference Call for Clear Channel Outdoor Holdings, Inc. At this time, all participant lines are in a listen-only mode. Later there will be an opportunity for your questions. Instructions will be given at that time.

conference recorded. this reminder, a is being As I'll Eileen McLaughlin, the conference your host over to Vice now turn President, Investor Relations. ahead. go Please

Eileen McLaughlin

Good joining for first thank Outdoor And XXXX call. quarter Clear Holdings earnings morning. Channel you

call Coleman, Vice Brian the Officer, Treasurer. Senior today Chief President Bressler, On Financial Rich and and are

Clear of Channel on questions note able of up for In International quarter a B.V. overview Americas Channel be After an International, any Please the the are the Clear iHeartMedia's Scott introduction addition, and call. and operating of operations questions. CEO, that review and Wells, We'll not answer Channel Eccleshare, Clear open Chairman an we or the on first will XXXX quarter, its Clear performance William we'll to provide Inc., process. Holdings CEO, and Channel Outdoor Outdoor line bankruptcy

remind also the Before can the from expectations, beliefs management's that everyone this we Pacing achieved, conference press be differ projections include will beliefs, management's releases and not beliefs. like our statements Please about filings represent contained review I'd actual includes statements that expectations, management's statements. no and assurance current begin, These to or call. the forward-looking and with call be performance results will or of will earnings during that data risk projections be expectations. mentioned in SEC. There

the comparable actual in pacing at reflects the booked orders rate end date specific period not it versus familiar data, the those the of you the with period. growth not For at a and revenue date of reflect prior may

integral call these measures our as non-cash expense to Please a which Investors revenues, GAAP of slide Generally can on Accepted They call. website, found on the our the other well are section provide results www.clearchanneloutdoor.com. that measures exchange certain with as presentation as conference our schedules to our earnings we be earnings detailed presentation, and our our earnings compensation of basis Accounting that conform and call, www.clearchanneloutdoor.com, reported provided items, note today's OIBDAN During provide releases earnings available of segment not performance are will and Principles. and conference on information. website, press part that non-GAAP breakdown We among release important income, reconcile and operating a do foreign

reason, that, today, that the no as that information view that we comments longer it. I management's to ask call to turn of April For at Also, this call time and XXXX, now speaks you on Rich XXth, With will may the note the as be each replay. of only Rich provided use on please Bressler. slide accurate over

Richard Bressler

Good XXXX Eileen. earnings Channel Thanks you, Clear quarter for first Thank Outdoor's joining call. everybody. morning,

update about Before I I iHeartMedia' of restructuring Clear process separation want on the the and Channel company's results, Outdoor. speak to

emerge for Xst. expects recently SEC. S-X filed seen, the opportunities have the both may XX company's ahead about and been I of reorganization has on The to an Bob iHeartMedia are registration with excited May iHeartMedia. you As plan Chapter from approved and statement

has on call the diligently of out-of-home host for Board well Directors, incoming they has new And with been along will Clear As the iHeartMedia executive to in team an the Meanwhile, previous process the positioned prepare team industry. in with place, separation. capitalize are strength the the of restructuring the earnings been completed. we until conference to not Outdoor Channel quarters, for working

when part of course, happens, Channel longer no Outdoor. I be will separation Clear Of the

thank be Americas I'd Eccleshare, like CEO my company It company's CEO to CFO, separation, is as today last everyone been Brian as results. Coleman, Clear also Channel is privilege and, Holdings. organization has their So, commitment for serve their post of you call. leadership to CFO, is as the Scott believe lead know, and happy continued CEO, a The benefit Wells, also today's know; growth market and innovation. many has a Outdoor And will leader. William's work joined I'm and who at to a quarter by team hard strong their today's company Chairman to very company. William of to the my of On and and on are the continuity call, Thanks established for you International the Clear who, his be excellence. Channel on as I will the of currently and efforts, path Clear great Channel to Outdoor presenting itself talented

telecom, leaders this of on detail team page Board Please can and guidance of which to highlights. the four of advertising, move for financial review will media, the technology service. a new We first more quarter. Additionally, turn in top have Directors, now quarter some the to the includes to

and X.X%, SG&A results and prior our growth year. I'll refer depreciation amortization. revenue I'll Adjusted compared was also our for adjusted adjusted with to expenses. Americas consolidated consolidated flat. adjusted $X.X consolidated direct Americas a growth as to about in During million, adjusting talk X.X% the this International business XX.X% In discussion, in OIBDAN, loss revenues our The of to Americas. results the our was Consolidated GAAP expenses We I'll believe OIBDAN comparability improvement improves declined and increased exchange. operating operating in as Adjusted first up foreign $XX.X with and and million refer results results prior the the as quarter, these is to million. revenue our growth to to was revenue to segment. in due lower $XXX.X year. income

to will slide I more on X, the Americas discuss results in Moving detail.

the Operating growth $XXX.X all major markets to During this up across million. from be both XXXX our expenses and in continued large driven X.X%, deployments X.X%, variable new by part expenses due higher primarily the to was well. margins site X.X%. revenue in XX.X%. is of increased national compensation, and channels including up revenues. continues were amortization. up across XX.X% rebounded strong we in mix. in growth fourth to quarter the up Direct US. higher the momentum saw up with due higher and Digital Local commissions. to quarter, expenses, organic. first and lease in OIBDAN as was The first up the Expenses due depreciation increased were quarter, increase revenue to SGA operating X.X% revenue revenue and from income Airports again lower were and increased was and This quarter.

Our of second last XXXX of quarter pacing up for the X.X% as was week.

Rome revenue quarter, in contracts, loss most Adjusting The to is Turning the foreign million. decline business. for notably reported our $XXX.X X%. slide the both revenue with deliver in Italy, of down to X X.X% conclusion contract. In bike generated revenue of And to inventory international exchange, declined for Barcelona the in the revenue first due primarily And was by growth, where market were Airport the digital Sweden to our strong and continues UK, our contract and and France flat. markets, up. was China not was largest conditions. double-digit renewed, new

year's The to down related $X.X low in continues OIBDAN to million. of to prior Expenses last stated an contracts. and expenses direct with lower countries be expenses compared Adjusted first with in we China, the loss loss decline. of offset last flat for as resulting of the down $XX.X operating were lease Italy, Adjusted expenses Pacing the $XX.X with revenue, the XXXX site quarter there was improvement expenses was including million in The second new quarter, advertisers in becoming As to declined million to their site uncertainty conservative softness expenses prior direct was of SG&A partially attributed quarter operating of decrease in X.X%, the market, by both lease is X.X%. over X.X% contributing year. spend. economic certain week. advertising with

Before slides, to to CCIBV's on I'd we the few of rest on go the comments make results. like a

operating million million in for of to of $XX.X from adjusted a $XX.X the $XXX.X basis, $X.X XXXX. the prior slide consolidated revenue first For quarter. revenue million in compared to of CCIBV first $XX $XX.X quarter, during the quarter X. CCIBV's totaled an million expenditures same an year. decrease first the March operating million CCIBV's quarter ended reported the the Please XXst. quarter decreased totaled million, On Capital turn in loss loss

Our conversion boards deployment primarily Americas, the furniture including in for in transit, of the capital of street digital International. in expenditures were digital and displays

equivalents X. $XXX.X the March US million XXst, Outdoor's by includes The and outside held slide subsidiaries. our million cash to balance $XXX.X of as Clear XXXX. Channel of turn consolidated cash Now, totaled

issued the X.X% was year As to the Series used to We mentioned over on billion, redemption. an of to interest Due in to subordinated of and senior we The for payments principal our offering the $X.X senior to And B billion the $XXX.X outstanding refinanced debt of is aggregate quarter. weighted average first A the than XXXX. related were and was due $X.XXX February. higher this notes and subordinated amount fees slightly expenses quarter, Series interest refinancing, last X.XX% and of XXXX, year. million. cost prior the in XXXX on the debt notes total we from our up February pay earnings these redeem our This in the in cash payments call, due timing prior during the notes due proceeds debt

senior Our was times. leverage ratio leverage consolidated X.X with at times, X.X

XXXX in paid million. approximately to for cash $XXX expect We be interest

today's it thank has the to firsthand see world. digital Since more rise to I than of you been want morning. years fit being to ago, I the evolved questions, remarkable has taking industry us into joined it for this Before five as company again the with outdoor

both this and a quarter direct global, of result performance, consumer-focused Our is years, transformation recent in strategy. our

and digital leveraging across culture drive the technologies innovation a accelerate to of organization. are growth We digital

Clear initiatives. is the bright believe iHeartMedia, Outdoor. these approach Channel to future for we We excellent Outdoor company the from Channel position Clear As continue separation in is

take Channel questions open operations like on today you William iHeart's be Clear available questions bankruptcy that Scott first to now. and about would and remind to Brian the able we for process. questions I Channel answer course, operations, are well. the Operator, are not with question of and line as here I'll we any I questions Before us and Outdoor's to the can on Clear answer for Outdoor,

Operator

first the Please question with J.P. Avi [Operator Morgan. ahead. line from of is Steiner Instructions]. And the go

Avi Steiner

morning. couple good I and a you Thank have here.

how you given to on iHeart's date, expense outside close we CCO's think a us, separate company color of separation of ownership? are to give base First, maybe more how the could as

Brian Coleman

separation. think changes expense material Brian. the expect base shouldn't It's look, Well, Avi. I you the in Sure, related to company's

of be to lot standup iHeart arrangements by one-time to with because was could business the run the on at structure -- done iHeart. incurred be We it that A will an the Outdoor. costs There than we services will is that behalf kind separation. work are goal post the working more of post certain But, on largely, that done or need was to corporate up be work stand-up, the that by were to, replicated to of stand under our some Outdoor TSA. was transition will basis replicated to respect ongoing under efficiently organization

lot Now, get you there's what for. but up at, And a and of it be we're we're you're for, what you actually get what know done. running, and work looking until that's that's for, what never budgeting we're staffing planning that's stood to it

stand-up than to beginning, some wouldn't is see increase So, with the there's opportunity costs those and, expenses. material hopefully, other respect in hope any some our you

Avi Steiner

the management's Great. into Post-separation, business a some clear maybe just whether hard beyond made the comments And to it's run and the to there from expense plan Thanks. a frame that XXX-day the or that? priorities of forward, working around something base, apart continuing it's is going is you've the team top way separation.

William Eccleshare

technology question. that. And post-separation. investments our I for should that in take the had think And strategy We in for continue. a terms business a I'll of we've expect the dramatic beyond very feel digital strategy thank in clear Okay. change don't or you in that. sudden absolutely will and you

fully-focused, some think on us the it's we have little areas investment. in going been more pure-play as a I able perhaps a of outdoor enable to business, to concentrate than to past

enough I growth and whole And last you've team recently. the the organic demonstrated, over management than business continue that have opportunities can in true tech-fueled business. say more that think that differentiators I years, have drive the over believes has absolutely we to the to would value-creating delivering outdoor be become few the we transformation seen

So, a very I feel we which think will clear strategy continue we post-separation. that have

Avi Steiner

and on talking forward Rich, it side. CCO you time Very But thank question, much everyone for end to radio my can, the all I ask given the thank question. appreciate will question. the And you to if to opportunity questions. far, separation those do and made comments. line again, And comments on set to And board and I looking and have a clear the so I the the last before of the the all been that there? get perhaps reducing of you have think time management does maybe leverage for sight how the this

Scott Wells

Avi. Thanks,

is, beginning to the and was partial addressing to And statement I top structure, think back I'll from that I that a reducing making go leverage, incoming that. priority. capital response including have Board a the the the

to So, we've work at management that what the incoming a incoming to going looking that's be with on opportunities board, continued with exist, the focus. knowing

is do the current It's to or the board the to feel current at incoming kit, But management the the a are in aren't. mentioned the some incoming not portfolio some leverage what of Those least Now, bit, in management, is discuss be at perhaps cost have and tools tools little is we William initiatives, plans corporate there Board not And those we leveraging talked we'll of we about, digitization and operational. want They and exist opportunities. And speak, I as priority. to and fixed address have, those we look a number automation yet it assets. is efficiencies. us had so the implementing programmatic overhead in things. what of opportunities.

by So, before, equity things on our an at talked a the underlying they're instrument? We've opportunity such all a particularly there of portfolio is operational opportunity sales, asset and opportunities. asset an strategic or things sheet look of issue underpinned array business lower Is think us I have subordinated and, transformational to acquisitions, are potentially we strong rates? kind at to purchases, Then for opportunity that tuck-in the and roadshow some notes, there optimization an our balance Is equity-linked toolkit refinance to opportunities. of course, need or there there's opportunity. all forward gives tools in and to that these disposal. the

Avi Steiner

it Thank leave everyone, will you, the that. time. for I at

Scott Wells

Thank you.

Richard Bressler

Thanks, Avi.

Operator

Aaron of go go Next, Deutsche line Bank. to the with ahead. Please we Watts

Aaron Watts

look miss Rich, know going right? pacings on. Hi, have you're everyone. me Thanks forward pacings you for audio I for to but having guidance to giving Outdoor, to

Richard Bressler

up tearing am that. as you said I

Aaron Watts

and wanted and XQ Is a again outlook the I Is Latest the of on it from the what's Really than on today industry you in we've what away different ask years? main initiatives Just it to driving some strong Yeah. in this past? sustainable What's specific share-shifting in is other best question is seen your of broad the performance first drivers curious it. media? why pushing? specifically. you the Americas. local think you're thoughts for growth

Scott Wells

a It's think those proving industry, Scott are, now, crack this Clear Aaron. last a moment for medium. on advertisers right digitization there's time, Channel, And the things here. in When are of you that are building This trends in I been for initiatives I'll lot lot the not outlook going works. of at driven portfolios. there this of of the Hi, group. business, terms benefit over the just at And take and on market the our and a strong the enjoying our it's case that look but a at additional years discussion of the that's for by several the very is seeing broadly. the inventory are medium that we particularly

we're the is a all stuff market So, happening position. good that doing against

to quarters, I other initiatives these think at we've this come you're seeing many get point, traction. of the is starting several and part it about been that probably years been that talking it's last our together

we attribution. of were tools you're mover right portfolio. direct-to-client in seeing planning We early the early an programmatic. outreach those a we And an suite now. building contributed so, making of were to digitization each have that to around mover Clear aggressive initiatives of specific were and Channel Outdoor, growth were early We the materially very one about terms and in mover in And of an

So, executing good would it's very a well simple the market that. and be we're to answer

Richard Bressler

It's – one that, to some even just the Clear think add help in Channel overall Rich. I'd an might US. with which Outdoor comment And context maybe above I

we viewership fragmented think, P&G's distracted in and you digital is challenges – the expensive are that they safety things, terms challenges One faced I what the and of and it about there, as client with of by viewership way, today yesterday that television declining and out of facing to that's the the everything from the and medium you've viewership traditional and again, by comments. over-targeting, thought terms with saw know industry saw industry the in their all else earnings, with I you being to – think everything a it yesterday again and P&G

had has their bottom public mix into business and into the in reallocation talking both and profit media of a outdoor business money and the years. on eight terms last mix Pritchard about three, their Marc line. they And I in very of the some saving months, think this media four over been of total highest radio dollars shift, the

you're So, we're from or this mix of I side, side the would models. overall say, outdoor people's on whether the radio shift all view in benefiting

Aaron Watts

you Spain, to a certainly through drag weren't a business, theme out that, of be anything contracts as to on long we whether just Italy snapshot the the call XQ? or results slowdown renewed but those dilutive international contracts focus that the are on to side positive now, side a And going how question, pacings margins? into international accretive a related as somewhat look of there. in can you and recognizing on remind right more the on other My that were That's maybe those comment XXXX? us And the you'd are overall international for on maybe look

William Eccleshare

And for metric. International at I a true for Thank look the you Yeah. has the in now. a if position used are particularly pacings right in that. phrase is think to that past, Well, Rich time repeat often you moment Okay. just that

Clear QX assume and, about overall moment, Media, some talked about subsidiary International the pacing update think China joint flat be there revenue, is would which effect which soft at will have venture, showing the talked from in pacing I on weakness seen an number. to You it QX, they our the is trading that having fair revenue though China

the it's say us think, that which strong some markets of the across the safe to Europe, Sweden are I division France, UK, we have across in major for and pretty particularly business. performances, European

a about a even think particularly, the performance. all Spain, Rome run pacing those XXXX. markets, was which contract want and suppose I I also other indicator perhaps for pacing market a Spain, Airport of Italy Airport bike more So, through we on in-house – by the will very booking should taken the increasingly in that's non-advertising renew, situation. the and and the that, final Italy, question the contract, the comparatives in us. And it's chose not which to data, In I than to that was contract, Barcelona back I is been Rome could Authority. it's probably for add say non-strategic, this of best China, late On your not case is

So, for a have case neither and non-strategic contracts that cases, would in will impact they were in we forward us material were – felt they these not our both going margin. on

Aaron Watts

Great. Appreciate time. Thank the you.

Operator

to go we Wolfe with Next Research. Bisson Please ahead. Stephan line of the go

Stephan Bisson

Good morning.

questions couple me. from a Just

XXXX? how out want any boards do First, to digital have plans in you you'd many on put

William Eccleshare

of and the had rollout continue that specific I we think with point kind at all that of say, we plans the guidance is, we we giving will have will on have rollout rates we've in and continue kind that that the with I had. past the would without

the markets. don't in programs, see US the change in I rollout material in either or the So, international any digital

Stephan Bisson

things through there tech it Is a in their Americas bit in past, is are of being because kind labeled are as pacings maybe one big in the digging well local other? or the Great. as Apple has OUTFRONT US And just and than versus then categories more national a as of media, consumers high like more? type. I stronger the they particular that know, coming pacings strong, so to

Scott Wells

US take a are with no and now right Business strong There's in There's strong. call It's enjoying and, and those are the of urban more really one. Banking that here is strong. the that that. things out. has again. services categories entertainment I'll services that technology footprints Scott us couple particularly, Yes. financial of question I'd been of benefits really very

really product From printed new right We well. category a dramatically. very That's right You're organic a quarter. good really had perspective, as a in now. as are well at obviously, developments. base balance, not good were had now that and strength and of both we category a pretty airports, any strong categories balanced falling performed us level, really a is but seeing, for in pretty really balance a broad performance We that digital

So, it was a performance balanced overall.

Stephan Bisson

but know part Great. QX I during how huge your of And a so that quarter trend, I and did guess, book, far? that isn't auto the in

Scott Wells

were – really were not was falling as, Yeah. not a it Auto off I'd strong – in characterize of was flattish. cliff, particularly one categories was the it not We they that not those a either. marketplace, but

Stephan Bisson

the Great. are coming lastly, in are international well transit some in interested there not in there US at But either internationally? in And up that I or particular, I guys contracts versed am And transit. the contracts you are looking the in any then, US. as think

William Eccleshare

to we're I disclose want at. don't think any particular looking contract we that

to new up time. indication take want know, our might what this whether decision that we looking we give specifically at you after and monitor we to any as contracts, go is anything be As of we wouldn't will constantly coming any but

Stephan Bisson

Thanks much. Great. so

Scott Wells

Thanks.

Operator

to we Please Next, Cowen. ahead. Vitanza the go go line of Lance with

Lance Vitanza

questions of here. Hi. Thanks, couple A guys.

pressure Could upward kind particular? expense the incremental lease is advertisers pass simply is via seeing any down on have little on of strategy trends the And or to site talk a rates? first The to general to to the in on pressure, levers that bit extent expense that the in do side. what higher you you about tamp expense you're

Brian Coleman

that working And expense few flows ways. different time. is all in through lease a site we're it the So, an

that contracts have We fixed. are

a correlate one might our are airport revenue then expense contracts We tend variable on category. we contracts it It's have contracts with to that have. to or the and We number that are tied focus those city ones great and the deal. performance variable

is the dynamics We you strong, terms have reduction of, in the expense year, to as increases. it economy that every for but seeking in expect targets landlords it subject are would aggressive is

So, A like the by what you it. you on see business that our movement revenue lot a our tell just we're looks given in quarter. that mix driven I of in focused is

And so, QX, airports to in US a we had the tend strong percentage be airports and quarter leases. in

lease And so, bit does the that quarter-to-quarter. up site that is in but will pop little mix, that cause the to something a vary a fair bit

Lance Vitanza

bit Great, there's of strategic where amount be okay. you seeing a for in a get it signs an think talk more – to outlook don't opportunities and I Can swap there dense and markets abating. we But become those do that the not? like should move see transactions mentioned about we you'd and generally, briefly markets. we little detail I or But, of past about post-separation? opportunities? that or you of the if know more out know should acquirer? tremendous over perhaps of know thinking into you're that I been you're to year in more so. in about yourselves as How Are M&A types

William Eccleshare

on in something all going don't market, have, both keep that constant think we And US that the to is any there's and that consolidation the in international. in specific consolidate to. we I change the opportunities review. at would something we look acquire, under think global it's and look there point it's We the time. I footprint would I to say at that I across

at out consolidation anything significant the end in looking seen don't specific I UK. at. I the last that we're have of year that there's or think would We different call But

Lance Vitanza

business, were asset of sales be, Well, struggling a radio would divestitures. number were to as you and history, right, tethered the the there

Now not that around be non-core I guess, as for there's sales there asset any that edges saying or a continue to change additional you might the that we expect should be opportunities, to are getting you're participate and buyer? separation, you going to

William Eccleshare

to Do his say question. you I response on Brian? that, think anymore that to covered Brian want the opening in

Brian Coleman

the assets also, I acquisitions, look be for in expanding look could but expanding us certain and think, Lance, we world we open is buyers tuck-in could footprint, markets, at and we our at are as fiduciaries are that think there out opportunities of to monetize we worth. assets willing than the to company, there are if offer at more look potential the will buyers

think So, we going can, to to is also And sell assets businesses consider any but opportunities run world that opportunities as buy our open. the and assets I we'll efficiently as them company do. and run as we're to would

Lance Vitanza

about into And know Is the perhaps to Does US an I interesting given you? there NOLs taxpayer assets I less Thanks. made to never what that really opportunity, that that continue or and your to that separation the sense. to restructure? guess, the prior a status opportunity? put change – somewhat make does

Brian Coleman

so, we've of a – Well historically, had amount large NOLs.

no longer And a so, that was That's the situation. us. one reason why REIT wasn't to meaningful

separation will our eliminate that emergence reduce NOLs. or is I our the NOLs and view our think

to taxpayer, REIT REIT reason so, would little more cash that so a as as others interesting. And effective and wouldn't a goes or a that become obstacle, We, away. be us Outdoor, why so for becomes a speak,

but option was the to by preserved REIT are company this address, to way other that the convert a to separation Now, the needs there things occurs.

benefit the So, that the available to with And of us where a tax didn't is before. option REIT respect exist us. they advantages for to exist

will wants on say asset – I leverage, to at debt look be agreements, And addressed how it other our things navigate have our the REITing path option that to mix, to US that and the management So, a other things business. issues, remaining the the that. decide will can our

option. look So, work there's lot at continue of that to a we'll do, exists but option and to that

Lance Vitanza

guys. Thanks Good much luck. very

Operator

Please go Phipps our Citi. David line And is question with final from of the ahead.

Richard Bressler

be our Thanks, David. last Operator, this question. will

David Phipps

and to quarter radio Thanks. go you And, event. forward the outlook. Rich, working strong out such a with, with a And congratulations what solid and way to in look next

Richard Bressler

Thanks.

David Phipps

the going I by So, was when stuff, in all have seems there pacings far highest that Americas at mix were are the access have you in you you the get the and that back boards, but come market easiest looking and US. has the – it we of they look that point kind at is and the I pacings, and a and the time to digital

pretty like one point time, pacing, seems in seems that it sustainable. although So, the it's

pacings, components. market negative is On also, certainly of worst International my from you in the the called covering, six X.X%, late that the important, out, booking one and the of I which China, was is the years but believe,

So, I is kind that's bit triangulate And number. little – it a a don't know a of pacing if more. just

sounds it your of contracts impact and and some give on that me together, Spain I takes? like pacings? a the be it too. we On little little you pacings said look – an quarter, that International prior were or wouldn't that that was. think lost, you profitability, indicated case can the puts negative So, much put that is that you Italy when less the if It was bit at impact number a than be that but – might And should

William Eccleshare

Yeah.

answered I own question. think, sense, you've in your a

I your with think that I would concur conclusion there.

put want we're some European for comes International said said you other the really We of that than pacing QX. overall that, Tuesday I markets seeing don't China International that had that those you in. across more any significant is was flat very announced – does. larger to two as in as before division. And as strength the it of together, business, softness operate across a I real in the think in As QX I I softness could earlier, low say part see the know, you we on some our factors why And a what if in and Europe, than

David Phipps

in showed a you second, on it the but corporate Outdoor margins big certainly then of on up some royalty the also payments, and side, cited business. level the expense And that's reset

think run rate as is reset a this more So, anything the Is there a sort them – a as corporate should that of first corporate ago? about or we of by we corporate expenses was unusual think versus expenses year level, expenses quarter amount to the with of that fair lower?

Richard Bressler

year. occur didn't is main in same compare first fee quarter the royalty If quarter previous I to – this the question the main The understood did occur quarter lower. to in asking correctly, quarter. the prior of year's expenses it And difference and the you're difference they're allocation the much the corporate

David Phipps

Okay.

So, And percent didn't billboards that talk new be additional. during installed of how total have digital you that's that any have of to billboards updates you carryforward. would the you revenue many you Do or number seem then, as that? quarter just a – digital about a the for

William Eccleshare

there's don't past. think I anything about the different from we've in talked significantly what

at disclosed we going what digital. looking are forward around We

So, can anything will we want situation? digital. calls be more say you considering US future to we the around on on Scott, what add

Scott Wells

in builds of typically Yeah. XX think that the in installed do I first it and do give quarter the number units of was XXXX. we quarter we

David Phipps

about how And digital displays?

Scott Wells

You're digital internationally? to talking about our displays do want you handle that? William,

William Eccleshare

sorry. I am Yeah.

in XXX say in think, would QX. we in QX, International installations I

is rate run well. the year last as with So, pretty doing consistent we were what

David Phipps

are for Those right. All Thank the my enough. fair Okay, you questions. time.

William Eccleshare

Okay. Thank attention We interest was you. that the the your Thank questions. last your everyone and question. Well, you appreciate your for in business.

next we once calls handle these be I are separation at we looking said, week. going how As forward we independent fully following will

And to call look next the so, very Thank after much forward much results. we QX indeed. you our very earnings

Operator

your conference participation. today. your you for that for Ladies conclude does Thank and gentlemen,

You may now disconnect.

Clear Channel Outdoor (CCO) 25 Apr 192019 Q1 Earnings call transcript