CCO - Earnings call transcript Q3 2020 | Clear Channel Outdoor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the 2020 Third Quarter Earnings Conference Call for Clear Channel Outdoor Holdings Inc. At this time, all participants have been placed in a listen-only mode, and later we will conduct a question-and-answer session. [Operator Instructions]. I’ll now turn the conference over to your host, Eileen McLaughlin, Vice President, Investor Relations. ahead. go Please

Eileen McLaughlin

thank XXXX and joining Channel Clear Good quarter you earnings Holdings’ third call. Outdoor morning, for

line On the quarter Coleman, call of today Channel overview a will Outdoor Holdings are Americas, and William Eccleshare, Q&A provide will performance Outdoor of Channel an Clear Clear Inc.; International of questions, the review open call. our Inc. an Inc., Officer of and of Channel B.V. who portion Wells, Holdings introduction Clear the will Scott Chief Holdings and we operating of Financial Brian third results, up Chief of Clear Officer Outdoor the Chief XXXX for and After Channel the participate Executive Executive in Outdoor Officer Clear Channel

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

results found releases performance earnings which presentation, in a call, provided our Accepted reported our earnings not Accounting measures GAAP be today’s schedules non-GAAP of measures Principles. basis, the section part press that will During on the website, provide of conform conference we our can investor.clearchannel.com. certain with We do as that to Generally and reconcile financial call these

Clear trades detailed Exchange. earnings note revenues adjusted the as to business are website, our compensation other are Hong Kong public the company our reference EBITDA, that we as we on and referring segment important information. exchange of They conference when a earnings call. our that our to and provide and presentation well in XX% available non-cash investment Limited, expense China, also slide integral Media items, our breakdown release Stock Please Additionally, on a foreign are investor.clearchannel.com, and among in

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William Eccleshare

business. XX%, to our the in the better with we compared recovered our the conducting This any in prior And the we us of delivered quarter, thank expected It case the there technical you for during impact down an on many the to third continue our in revenue a and how has compared quarter to returns. unprecedented call normality everyone, us, to is today’s morning, and you quarter. we've improvement substantial and and past the once the we consolidated reported revenue taking as certainly remotely. call. second bear Good to again, in with quarter, time feel seen year third join that decline when issues kind the the reported year, like the you, But call. We strongly for it's XX% business of sure, I'm than pandemic some is, how also robust are been of COVID-XX ask

August. have and provided in XX%, FX, the than guidance Excluding low better China decline decline early been XX% the we would

anticipated, was better Europe well our and of demonstrated in the medium. than resilience performance Our

on base showed expectations. audiences align with initiatives in to presentation. improvement operating same expand sequential US line accomplishments our implement the our to to in streets, to in medium. As our was returned with more will detail continue time, cost-saving later returned the our our the expense also At advertisers we revenue. and Brian performance

especially in the in results and of whole, quarter, the third were pandemic, the a certainly the Europe, encouraging. in As context

manage We in are as of crisis with continuing to and have the flexibility across the ensure and governments ongoing deal to leverage we deal the our our investments through screens, to in in footprint with markets, the digital our uncertainty, COVID-XX. all challenges technology,

proud about confidence Our New focus our contract in and the this demonstrated team to securing our long-term business. I and York investment congratulate airports. significant on will announcement value for and and in advertise our Wells well the it. continued tender, growth New of to the recent in the for detail Scott the won have by in rights his Jersey is and winning its We're to contract later more I talk excited

ahead, look as improvement the of adjusted we expect sequential a today, Americas have quarter. revenue we in we on based and margin as Now, the in information the EBITDA slight fourth

able most notably have provide not in recent past are fourth quarter European European our the volatility markets, significantly customer to in France UK the our XX booking we in our limiting However, and mobility restrictions in segment. guidance days, visibility. created for The activity,

our want the tremendous to shown they’ve this discipline rapidly our moving face resilience work March. operational our efficiencies highlight reinforce of conditions. quarter, in and amazing us business of to take started thank do, foundation changing proud has I'm this drive to impact solid the the done team to and continues on, opportunity and the I to since and Before in employees pandemic incredible and for

an the and overview see I'll views the where from business, on our provide here. current we of market environment, going out-of-home on, Moving

which decline improvement in So please X. Americas in quarter, quarter. reported the was the to segment, XX% XX% turn the Page an In to compared second year-over-year revenue is down the

around prior centered to significant delivering, the and of XX we the the is this contributed business growth to markets, were up quarter Americas to top which Our first COVID-XX. including, year

of I XX% levels European are as back to and the The improvement and year, returned in excluding declined exchange focused. east excluding XX%, was returning is the larger markets FX launch by impact, most likely XX especially to saw be revenue top XX% Europe’s most quarter. are spending, in on Please of are for due second were noted However, even to on beginning our revenue, campaigns decline speed impacted my a we against turn lockdowns was prior digital, were and the to even advertisers advertisers X. quickly which approximately normal, advertisers though the foreign down compared Page national XX%, adjustment, able substantial XX% improvement to which where audience coasts, to eased. which west in as at the remarks, down the business at was once the accounts reported those largest pulling out-of-home

past, investment digital a key in component in our stated I've is our of As strategy. the

I'd Our call is network our enables engage the digital tactical, in flexible across to with which our a team sales agility. dynamic Europe, and of responding done strength contextual, out who’ve an advertisers job medium, real-time, excellent advertising.

opened interest moving and advertiser again, were markets our audiences around As returned. up,

also roadside revenue, We revenue. European focus which less are strategic transit affected benefited by thirds COVID-XX-driven our account far the our locations, from our than account total restrictions, historically which XX% European approximately on two for of and of about for environment,

great activity bookings announcements the customer where inventory. Since exceeded the revenue of a roadside historically actually was of up business recent this, made booking of UK period mid-July, same in until XX% from about restrictions, last Our example new is our year.

Americas the Page to and business. on Moving X

the in the Americas cautiously optimistic improving, near for we remain term. the outlook With

on growth, we in achieve we longer Our focus which to term believe remains can returning XXXX.

the enter our visibility fourth remains we quarter, As limited.

recent stronger selling client by shifted defense with the technology. that in manage However, the playing our initiatives. through have we made, direct the our leveraging created of In Even we've to offense, have from we position continuing uncertainty investments a spikes, the organization believe and COVID in market. in playing we to instability the to is instability, light expanded make XX

is focus billboard specific ideas, to creative on selling Our locations. opposed as

As Zoom willing great have advertising advertisers to work more call a hear are on CMOs campaigns, to idea. that their to a jump realign found we

get ability to in the a door Our time. is all improving the foot

the new continued of the patterns, more help to to able audience to to help to We less via their inventory them. target quickly close but customers. to continue and specifically, of city the those demonstrate are travel are We in customers about. in More adjust and we're success which out seeing and to Audiences still reach suite customers spending fourth are our our best on With the have levels time to but how advertisers can us patterns they're solutions, measure roadways home, The we understand travel our centers, returning changed. campaign. help and normal, our to these RADAR, time in business. RADAR sequential ad mobile quarter, improvements

renewal Local locations. RFPs still in the keeping our the far season and (permed) That For in inventory. weeks March, more the strength years, this better to waiting first time of number seeing delay of for continued season, as to is XXXX close continues previous understand data relative most strength comps We're advertisers holiday we're are of levels. said, the business, to and beaten quarter. in to continue to the buying are is a decisions. currently we their we've so In improve, and improving our national since number

last Our largest seeing beverages, is category equal entertainment. and increases year. and with weaknesses well in business services performing continued We're amusements is at in levels holding to up

total Additionally, business, percentage rest rebounded revenue. than a although by of our platform, has the generated is our still revenue of programmatic our programmatic faster small

Americas technology review initiatives Moving on to and Page new a X the contracts. for of

more invest to technology and new added continue us digital total billboards During for XX XX year, this of this quarter, our total a giving of in We in digital digital America. billboards quarter past this billboards. we footprint new a XXXX than digital

capabilities they're suite, in engage with of the just provides RADAR we where that digital, video solutions all social the that enhancements partnered and to extends coming and brands. out-of-home our continue or with TV, into to video RADAR We when add Tremor to enhance a to to now latest RADAR offering, and three consumers coordinated customer-friendly months. reach to This also the seamlessly ready campaigns Video expect which advertisers is

same impressions In Developed a with become airports, in partnership methodology airport with data to as our solely well is a new to on a measuring addition, Geopath, behavior airports. consumers as capabilities based to announced the available journeys from consumers’ industry they of Geopath measure traditional roadside for towards audience through that innovation robust body will The provides understanding this shift used our more advertisers sector. precise advertising and understanding a count, likelihood traverse data the of announced in The audience methodology out-of-home audiences using Geopath, being through rollout advertising recently advertisers analytics RADAR. of new behaviors more exposed passenger data and as campaigns in measurement the advertising. of expanded

to year, fundamentals the both worked board, long-term parties, we of the largest and airports to transform well JFK, gateways believe team with New start, years, and total us CapEx the be confidence the underlying York into us period, New We due New in are at The of And travel it The business December of our focus for Authority the Jersey the Authority Jersey win interests years set digital airport the new the As deal to contains and growth platforms. to two-year model. to US two-year on parties execution to I (bested) and transformation. upon the and current profitable the and both contract in passenger achieve as each mentioned upon advertising for is world-class by effect the Authority opportunities the The New and traffic. impact Port to mag goals recovery temporary the York as Authority contract account under demonstrates the the world. with media after into historic the we awarded actual and anticipate Port dependent contract Newark, contingent traffic airports. is of Port XXth, region The and will become and This transition their our our delighted COVID-XX, impact airports, terms contract stage this that LaGuardia, our our for is in XX spend also occur the potential mid-November. we landmark is go We as to a the for to will Stewart pandemic. recover, period of that has come, at transition the Port are industry which expect lead a beyond XXXX. conditions for has align

execute campaigns airport With footprint, will shop unique New consumers area. of marquee or as have fly brands the to high Metro value one-stop throughout York our to reach these the and drive, walk, the addition New ability Jersey assets that they

of performances within to we the range of Page COVID-XX Moving onto are resurgence our and X cases. seeing markets Europe, due a where

As on I October, to noted earlier, audiences transit. street our inventory, continue our by weakness displays. in of In see still and to in are furniture billboard in streets, revenue we our the is two thirds historically, strength about roadside the in region the who given continued contrast generated

FMCG Our retail, largest and improved categories, sequentially.

fashion benefiting In from and beauty the addition, are season. holiday

has However, our pause impacted cases new and which some December, and advertisers been November into have by visibility spike activity. their new the to led restrictions, in

of we're second the we're closely. wave of recent around COVID-XX Europe, in these keenly aware Of the course, monitoring developments and

While in the uncertain saw nor term, to they're and the limiting of our in in impact new back restrictions expected business are those as we will near they movement and environment long, terms last April. as not as March the

quarter, quarter. than second wave have did a we impact revenue much the fourth in in on smaller will a second the it As this result, believe

is back elsewhere, audiences during business I the earlier, UK equal booking as quarter. seen the we've When the And past prior said weeks of year to in clear. business resilience the strongly. out-of-home importantly, or better and comes many return, in More

Turning technology X, European through of to we the data. to continue environmental COVID-XX investments navigate our the and changing help application audience on of restrictions in impacts brands Europe, smart Page

go-to Return the Audience Hub, advertisers. for has planning example, become portal a For UK’s

seeing further As both anonymized pre-lockdown and learn UK, implementation RADAR in portfolio evolve. engage my Spain I our share a brands quarter, the is early audiences audiences, to operational as the of benefits is RADAR. help to levels. mobility now ability Channel openly patterns to huge last and compared Clear mentioned We're dataset the hub effectively, has monitors strengthened how mobile delivering and to

we behaviors as to of and Spain, data, campaigns respond the seeing and behavioral in result patterns stores example, PepsiCo proximity changes to new a booked mobility For targeted demographic audience able for using we're and through COVID-XX. more to audience being

live. quarter, digital XXX footprint displays for expand year, year-to-date, We and total XX,XXX now continue XXX our third of adding over in a digital to this the screens

advertisers. ability across continue are flexibility European increased our As our to relevance and reach improving meet needs. scale, to well Throughout brands’ accessible is quarter. to digital both making to expand are Channel at trends to deliver in Clear we the more our transformation, cities, enhanced evidenced inventory by revenue This contextual we positioned third improving we new committed digital digital the existing and

and an ran Most expanding supply side services our As our we Reach. programmatic with with increased in US, SSP live while programmatic the securing capabilities Broadsign successfully to of consumers, and Holland In we we the engage and and SSP the outdoor, a pace, programmatic are first announced Spain, provide already advertisers, excite number Broadsign with our Reach Channel Across Clear at in partners. leading CABRA that UK, we just and campaign create across Hivestack. partnerships fully partners. and recently strive developing is partnership platform business new products for communities, Switzerland. partnership CUPRA, in

we to the investing balancing defer the current preserve environment, to while and costs, in recognize in As we time, our same continue we're a platform. return take pressures At to expenditures including liquidity, the steps will to positioned result, and growth the reduce need we to believe strengthening well capital XXXX. still of

I'd turn Now, our Brian to quarter like over to financial XXXX third it to discuss results.

Brian Coleman

William. thank you morning, turn joining to you our Thank call Good today. XX. and Page for Please everyone,

results during talk which prior third discussion, We exchange, our measure. our non-GAAP review I of results adjusting a remind about for results foreign quarter compatibility believe I'll our the the to GAAP you want this that results, financial our I to year. improves Before also is

do we know, in Clear therefore, QX on you our XXXX Media our Clear shares include not And in Media. results as tendered XX. Additionally, April

Media’s in to from XXXX revenue results. of quarter XX.X% the year for million. it did last decreased include Consolidated Clear foreign our exchange, $XXX for XX.X%. However, Adjusting was QX results down

XX%, exclude for projected foreign the early we If was had the adjust low China you was than XX% exchange, and revenue declining in decline August. better which

Adjusted was Consolidated anticipated as third Our third expected stronger the quarter rebound of than compared in million in net than $XX was XX.X%, Europe. a in declined of FX, better down and XX.X%. $XX million excluding the million the quarter, loss XXXX. to $XXX to EBITDA are to down quarter due million in $XXX XXXX, results

Americas on $XXX the third down million. quarter The Americas to results. in Now $XXX XX.X% Page discuss million revenue the XXXX to to from XX during was

second an the increased. airports results, decline As over inventory William our mentioned, to airport this which digital, the is while declines quarter space. general, improvement local, In down XX%. quarter, as Revenue the were well national second relative and considered premium as is in and improved

So and the not the the airport beginning second reduce in of quarter. the for of pulling accounted did their began for they and XX% of quarter. third accounted in XX.X%. was advertisers to XX.X% back of second ads quarter, revenue, national, while advertising decline compares Digital into XX% which which campaigns This revenue, Local, the immediately quarter, was of the down half XX% XX.X%. XX.X%, down for was and down accounted revenue, a in

reduction (perms), for though long-term to and XX% were up the a down. site due total decline format in expenses quarter, was of and down was prior initiatives. costs, direct compensation continue year. to Our Both even revenue large we EBITDA cost down revenue, XX% print the the million, as primarily billboard, $XX to as from ad which SG&A and expenses lease Adjusted hold in lower result contracts well, refer print lower

fixed our adjusted resulted organization, As throughout larger revenue revenue past, have to is XX.X%. decline Europe was to on Europe. we cost a and XX we Page business, of review expenses working reducing move the are in the high a EBITDA. Please although in business stated in on the reduction down

from is contracts, improvement. the of partial street to quarter less the to third expenses in furniture underlying markets lower reduction was notes the rebound August, EBITDA expense, CCI which in than secured The overall Channel addition in the to $X lease with quarter. In XX% the This of all incremental loss base. Digital up addition due for the quarter, to B.V. Adjusted and were the expense, XX.X%, a primarily down to in FX, subsidiary, excluding in revenue XX% decline down decline accounted total through lower to site offering and for in to direct revenue, revenue, due addition cost the France was as Excluding refer decline was new market. to we substantial in efforts. XX.X% International related provides revenue, the indirect, is Paris in improvement owned to X.X%. reported due million, issued liquidity proceeds slightly in senior second cost contributing foreign fixed Clear decline exchange the high Net the a we wholly BV, down operating our our Adjusted was and SG&A from revenue expenses decline. a operations. net compensation

consolidated Our adjusted allocation operated our are CCI revenue businesses the Accordingly, European subsidiaries. segment operating CCI of income consists EBITDA not an segment from does for CCI corporate deducted B.V.’s revenue its B.V.’s B.V. the EBITDA. expenses the is of Europe and adjusted B.V. CCI and for by that include Europe segment

to an quarter from I B.V. to in million operating As CCI decreased of the quick same of the of for XXXX, compared of rates, XXXX. decreased XXXX, million. review just loss exchange a period $XX discussed, of of B.V. quarter million XX After Europe million. Page for XXXX, B.V. foreign during adjusting $XX third and in to compared the loss CCI in $XX Europe revenue million million was On other. $XX operating period CCI $XXX and impact third movements $XX revenue same the

to later quarter, spread $XX the $X loss and in third from $XX Clear prior results includes The which longer in operating a in prior third year, EBITDA revenue $X million Clear the other and in America Latin million the in were the in XXXX started down million the XXXX. of was year. QX down Latin Direct it spike control America SG&A Latin quarter. quarter, the The America. Latin Media. virus the million Our COVID-XX America of was is taking year. from sold Adjusted segment the was and in in include Media, expenses

of this CapEx. $XX third sold Clear the Now quarter, XXX spend, XX liquidity, subsidiaries. stake and billboards locations, reduced XX. key continue in we on proactively expenditures our totaled Media. US, Outdoor’s XXXX, to digital Please in $XXX totaled $XX capital Page by digital in Capital cash in preserved to displays new move million, to Even $XXX from million outside of digital million year, US the Clear Page consolidated did as held the XX, cash and substantial reduction, cash to down XX September and the in with including Europe. with discuss our million Channel prior new we invest equivalents, as our in

transferred the the sale of US. the quarter, a from Media third we During proceeds of to portion Clear the

at over to year, debt million interest was Our by and the year, XXXX. an of the Cash August. up payments notes in the the payment result of the from notes, of paid the of interest B.V. of billion, interest anticipates payments, our drawing lower flow The issuing March, fourth offset for CCI during $X.X was end third as debt due CCI with quarter on our the cash XXXX, on approximately secure $XXX B.V $XX interest million in a company the increase in million, in rates. XXXX, interest the of interest quarter April partially including slightly $XXX first $XXX cash new of during the having prior on the revolver just million timing and

Page to on Moving XX.

steps William and upon, will As continue line while we our improvements trends return business business. and right-size flexibility, that pre-COVID includes our driving proactive financial the cost on to liquidity the to the base its to trajectory. managing top This our touched in focus strengthening

$XX to million for company. to we these plans $XX we've plans quarter, approximately $XX range throughout expected annualized to plan savings. to plans the the the of saving pretax cost of also enacted savings total temporary In charges The second with million in restructuring addition generate in are the the upon achieve million initiated completion,

on business pre-COVID levels, While return don't visibility still timing. confident we we yet the to the have remain will

we uncertainty, it cost align the Given the steps current environment. base to prudent the work to the was to felt business take appropriate with

third the we owned through quarter, subsidiary, issued notes in secured indirect, million as during our in previously $XXX CCI Additionally, senior B.V. discussed, August wholly

site in generated with expenses, with landlords lease our rent We during reductions $XX of continue to quarter, align revenues. We million abatements $XX negotiations and better site lease municipalities contract the third and year-to-date. fixed million

benefit capital obtained second to reductions which actions the year-to-date. and compensation continue European majority in We lease payments We the Please Page support expenses expenditures, XX. working are cash liquidity, eliminated today, and to of $XXX We including from and cost recover. we site the certain as move $XX million we We government to liquidity the sufficient we temporary. that and From deferred standpoint, given fund just business through the million of in third to business we of enacted quarter, deferred know optimize million wage and and subsidies discretionary reduced have of as at other what quarter $X our mentioned, levels. economy end, believe a expenses. quarter, needs the I capital the

improvement expect strong Europe, sequential Americas, the quarter. saw basis adjusted in see we the EBITDA a in mentioned, William slight As revenue in margin. In improvement a sequential to and a we third on

have in William created now, and the restrictions recent in activity, in in notably Page put the ability been fourth turn our impacted place XX guidance. closing to for visibility our our most turn However, the booking limiting of mobility These markets, me largest let restrictions European please has the by UK and to some France. his significantly visibility call and back provide remarks. customer in over volatility And to quarter

William Eccleshare

Thank you, Brian.

Authority our hard continues demonstrating are work way our to Jersey and technology the new well especially our the environment, exceptionally We're benefiting in and is expansion our our the and Clear our New last Port our of we seen trends. opportunities by proud and remain medium, footprint mentioned, the digital focused encouraged our value long-term and inventory to on most results York investments the resilience They're winning the are on are continued seeing capitalize New we've advertisers improving contracts, of locations. airports. positioned Channel of I and We strong, confident within As from the and of of medium, the sector, return team challenging to securing through these efforts. in quarter,

As I want a conclude things. to I reiterate few my remarks,

First, through we’ve what believe to took manage Brian as the the in give we earlier with actions liquidity seen be pandemic, spikes to Europe. US even the we year, in mentioned, sufficient the the us and

Second, both the and continue restructuring and our to we our expenses costs environment, will reductions, temporary permanent expand plans. identify economic to better on current with align

and rates results, have delivered markets our quarter, European or Third, weeks, the we recent third strong and our are we better infection audience decline In Europe our a the in in expected the restrictions back. of in come some US, return, than with business. at resilience times and rebound markets lifted demonstrating prior When underlying both equaled bettered year performance.

of unclear, and ahead, in wave still continued Looking uncertainty US. the pandemic second with the is Europe the course the in

fundamentals remain the of quarters challenging, believe our Although underlying industry few and business. we we to next expect in the our

investments our platform, in the revenue and business, expect fourth we our I As a team, in our resilience deliver Brian to and and of strength EBITDA slight the quarter. both improvement of adjusted given Americas margin said, in sequential

We are in our significant the not fourth providing Europe, guidance restrictions creating recent quarter mobility activity. given booking for volatility

to will cautiously However, return we XXXX. optimistic we in that growth remain

stated we’ve for before, open to opportunities as creating accelerate that remain and enhanced value shareholders. Lastly, we dispositions to our path always

will look remains our rebound. updates myself the drive Scott in in of join current I questions. Operator? order forward providing the regarding and own, to on However, shareholder to portfolio now focus enhance our operate, your environment, given the to current And value the continuing of economies assets, progress. Brian economic taking and value as

Operator

Thank instructions] Wells comes Fargo. Cahall Steven Our line you. question of from the of [Operator first

Steven Cahall

any when who And us in York what for substantial of if kind New just looks you detail, a more CapEx and contract? as to have LaGuardia Thanks. JFK that related little that home, A count of second talk those in XXXX airports, me. the rollout do wondering about few - on could like. increase Maybe you for first, a was

William Eccleshare

Steve, Scott to let hand that. for it Scott? me

Scott Wells

morning, and William, Thanks, Steve.

signed referenced, out domain. not it's therefore, William as the contract So, not been yet - in has the and public it's

of So give it couple to lots your to things our a question. of of details is you about spirit let me the ability limited. tell But you

that. know, Brian, first in CapEx LaGuardia, know from to all York what Authority number, our anything the if has will around that New priority not is in see terminals year contract is the visitor sort New to invested on going and going you JFK is plans actually go Port the a us four you share It's one. gets the about of shocking don't we've pace you a of best invested - would As can the uptick next I We're be across give airports to be on that completed something more as very an got. it the has going regular we be that in new have Newark year, to finalized. we're building William build-out the and I but some add. footprint excited would then you'll be the in or in I being City. be excited there, plans think years. not do of enormously of And expect But over York a it's to out number able to a that and information those you'd

Steven Cahall

notes would of on bit even savings. fixed? the think think cost love hear And to $XX that's then are the down, maybe I costs million a your with costs debt in Brian, And issuance. Okay. about you Do reductions, also, just little recent that some

there's how kind and out of Thanks. you're be about more cash cash the looks that. got quarter And those with and do just note, going of the interest one their since so, just to thinking opportunity if anything wondering like, terms an And moment. maybe a the I’ve to runway what then in costs at was after jump nine

Brian Coleman

Sure. Thanks, Steve.

the savings, expect to what permanent we're mean, doing it, may side, is is about, And of business readdress I we the and structural ultimately right million recent current think business, are need we but business cost nature. expense these that the right-sizing we've think On environment. the now plans talked taken across need $XX the we the to changes for out where plans I as company. to the I be in -

in been little for a the have while. Some works

the will we're Some complete, take of while thick little it. but a in to

on the If can that go to it. back answers expense the hopefully we not, side. questions So,

think equity reprice a On that reflect we number right notes to higher than the it the took is all the of They refinancings. measures you're side, that carry actually interest lower. I much of the the The rate, post-separation, - refinanced, which The issuance separation. carrying were that is unsecured subsequent like We'd unsecured prior some get subsequent refinancings a thinking cost first notes to much about we the notes. way.

call to have opportunity that is an line refinancing rest I The continue I start don't we first to monitor know attractive, interest the models, in rate we believe that portfolio, that. you is rebound decreased year. in our hope the of right we will our as next see the there's recovery business, would should from assume now benefit a February the expense. And but in to company of securities, and to reprice the more those in what with in trading continue

have and if you know any I'll me follow-ups, there So please let pause

Steven Cahall

should That's for are call? that about and a it it then LATAM and business? make too here? worst too Thanks. some think I Or through a William, in helpful. the we little And flow as cash improvement the Europe in from fourth get to is you that Should volatile are - little - for outlook thanks free to concerns the you still me. quarter just tough Americas. of expect sequential kind improvement Does one that call. flow the similarly cash for improve And last of in kind free

William Eccleshare

Yes, a it still detail. It is let more I'll give improve you volatile. Brian from should little here.

Brian Coleman

through and think really operating would respect Look, becoming, QX though, I side, least our was - America the the segment to the the an guidance closing to operating in of the restrictions, is flow seeing you cash difficult given you, that provided, the Yes. gap incremental basis, volatility neutral. pace. we free we're with segment modest at the to resilience close point and shown expect to on that a Europe, I should on improvement, obviously predict. to continue at

continue news Europe call, improving. things of we'll kind tough seeing make may hopefully, be to that is we're We're hearing So the bit the there. to a but good environment America out certainly progress it side. on of macro

So, hopefully that will predict. settle tough down, but right now it's

William Eccleshare

moment to don't these still centers it comparable last absolutely wasn't call UK do at want because very April. two out quarter. I week, be I streets just for and I the second for open. and clear there in our underline into may, Just significant a to saw There to way for that did back the biggest obvious but went want think those we absolutely clear to is there that reasons. we in France, and Schools second, are in though, to in universities lockdown saying back markets, traffic the on like city not are if on Europe be are as what lockdowns we remain the a directly QX,

to guidance QX, expect it's to anything expect like provide want saw don't we impact in while do be difficult any in So, Europe. we that that COVID to clear real for see from we - QX the I

Steven Cahall

Thank Yep. you.

Operator

of line Cowen. comes Lance the next Our of question Vitanza from

Lance Vitanza

guys. taking Hi, questions. for Thanks the

the in with Authority start And me press the want period. that is go a references exactly isn't release was - that to know yet, wondering could contemplated transition I terms how of occur about should out, Let but little back contract. in and public if talk to you a this possible I size it be air travel then possible meaningful pre-COVID this think do when someday opportunity or we this and when of transition estimate about if the mean, returns we air travel is could this And ad annual sales to your for eventually what levels, think of period? - percentage ad not to to you you? could, or there to sales? In occur its a bit or reference during I'm document what I how came - a Port

Scott Wells

So, I'll one again. that Lance. take Morning,

not as things. I couple of It's public. yet a contract So, signed. yet not the Like, said, is

should So, period the what think you transition with doing authorities, in of we're that being be want details airport with. as But the to thoughtful we incumbent share. to we we were akin very

during is So like to be we're air to time the we times build happened. pretty the is as we future that which it's be mag press of that things build been release, certainly referenced has the And concept think would in we just tied It’s mean, the unprecedented. minimize to traffic, back into a is the as constructive contracts. recovery back to reduce that most ones, and William and going COVID prevalent. just future what airports CapEx very then of to certainly our build uncertainty and considering think exposure in this schedule during something I risk as referenced the was pursue

range. terms anchor recovering, but in speculate numbers do want New In you selling the in to even are kinds the million, could of million And it the on was predicated we will to certainly that, recovery last think the going inventory that level, you big other But these excited it the back I very current on getting about York these and happen. $XX years this of believe also couple how size, see to a it air I in $XX contracts. look traffic don't we we want in you had contract, the certainly don't region. know if of that believers because particular curve to but that that on that is because we're cross that help of in incumbent from I number, And are result public you back sort we the really have us don't of if

is business. a we positive be to for going real this So think the

Lance Vitanza

today’s I question just actually now, your interesting RADAR. thinking If world? guess in, it all more mean, really I great. to given simply out--front RADAR or one table about and travel get I really your consumers this Does relative Okay, so is the you, But in changing more differentiate advertising it about I'm one platform could peers, looks patterns. stakes and CCO.

Scott Wells

one want me this you or? William, to take

William Eccleshare

Yes.

Scott Wells

Okay.

that RADAR, out-of-home the So, the I've it differentiating, are about are this to believe that you insight going about been deliver achieve about the operations deliver of core to have insight and differentiating, this audiences, We've that I think are been be are how pretty do what it they kind we the different elements elements would marketers time. need have creative is market ability but digital they that partners. going the will to stakes is the like has the to consistent differentiating, started that way. believe but from or not to in seen have able when kind of just with to to It ways, would RADAR do business is, something since talking that I be will players. emphasis ROI more behaving table be do same able that and I And that more on exactly same make. of they're on that do to need in may elements analytics same

make that do table I functionality, granularity, be core data certain stakes. concept We we of to on experience like how can We are faster can customer provide ROI So more something can can the the it, is that, things. will there things analytics, do believe We things we more better. differentiate. be do that providing but

William Eccleshare

Yes.

because Let moment about of fact delivering what just demonstrate we the for that's on to add part a in Spain, and does advertisers think and unduly can I specifically, I was think proposition. for also a a in demonstrating us - and that, audiences on I team it me think couple QX. in just be may, Europe, inventory And Lance, RADAR an certainly back don't our us I modest of But to advantage I if congratulate to performance do think should our thoughts which can, would very right. value to that Cochrane if deliver. markets the I UK the give we could done I really But that in Europe, would without don't our say, coming strong Justin that helped want have were I

stakes. just agree certainly, an Medium I Scott. become So it does give table with This will us to for the long-term, advantage. moment

Lance Vitanza

Thanks guys. it. it. Appreciate Got

Operator

next Swinburne Stanley. of question from Morgan comes line of Our Ben the

Ben Swinburne

about A business. morning. if a bit questions, you're you in Good couple starting, US maybe the talk could what of Scott, seeing little

to next tends to be national out look six than see know faster. months, cycle. you to more mentioned was shorter starting so the money local. to back that I You digital, that you're national down When so more three tied over the come

there other reshape in over there's get opportunities Scott, smaller think, could US theory to I trying Just talked a come of the they're out COVID has model And national to deal scale, just other or of a obviously kind transit just abroad but because model. flavor period, port versus - if, Port about I back see outlook, William, quicker. after? that as you think, the many maybe at also if looking there you're - opportunity I opportunities may of like you curious And an Authority mean, take to why. the kind the only faster, you local which and authorities there, go do in major during this Are so give the pulled was but this I national described of out advantage even you

Scott Wells

Sure.

first on So, first, part touch versus the local. me Ben, let your national

other that is much vast. think been more right And more this national steady of quickly. about and And our on much pulled calls, has portfolio diversity more but across aggressively back I've and more local performance stable. the You’re I talked

of really making about iconic anything uncomfortable space. in some Yorks smallest our you Franciscos, see in If and - smaller think the digital is dramatic, the have in some is did commitments national except Arizona on driver it differences. the you look or of we the seeing it roadside business, San of is pullback. that recovery in most think the main space, cities versus big been cities We over does Florida, future our our as our lay that some I of markets, advertisers or digital because are in the smaller New Texas, at assets. And in And very spending the particularly challenge time QX, the nice

now and comps times. as which more And our the much are the in even quarter, been in it year. But get well. more And visibility the not again, so right typical of much than had digital, seeing we doing we lower that is is what lower things beating somewhat visibility we as we're gets

QX, are has to the seeing quite of stretch. really and start now any last obviously, you for features advertisers the of and We not call. was us in we it committing. a something right booking able that to that everything's robust on thought build, terms to as really it's Pfizer QX, see full-on And going have progress as Hopefully, to build minute, late. we're And programmatic the pickup, dynamic But whether like starts in things that been really decide to get last head we news to very of conditions lot we're out here in into the we're in similar the that as that's seeing be they're at to ad prerequisite think encouraging, need a like I vaccine, confidence being you starts that going position recovery. for a I

markets that contracts are number As mean, right in to actually that out, big other think contracts, some that anticipated were now are things to there like of that major smaller have been your don't always transit I delayed. and ones there's process coming a be any I question any ones. about that. -

then sometime and way know, of any don't want that that airports - follow. next LAX hopper on if in I Chicago we there the off I beyond from far think And global the too with you'd the rail. be one the not are ones William, you'd kind some to better be to, in the is that, out-front transit speak perspective ticket will

William Eccleshare

there's which say, all at things in specific contract I the horizon a nothing time I’d that learn And through. No. transport future one, certainly, go few we've we forward into take the moment. the from contracts, we negotiation every on but we learned think just would this

Ben Swinburne

to sense be you was to saw but through number, was the I improvement Europe I Or trends a kind thought trends October? the shot. trying us, if before you'd How just from take it get a lockdowns. in the give it willing to want one an I a don't can know I'd to talk William, you to Just ask follow-up? of of underlying QX? don't if

William Eccleshare

Yes. in here I my lawyers because on can't at own I'm my look London.

made optimistic we that But would those able show would improvement the were I is QX. specifically going sequential we So enable pause, October I was in We new lockdown, and UK, to and the be us of to had do continued say, to to what encouraging able looking us to into say. be that. were France very momentum, kind good

should very continued is all Ben. into it say, think October, encouraging I So to I be

Ben Swinburne

Thank you. Okay.

Operator

comes the next of Our of Watts Bank. from question line Deutsche Aaron

Aaron Watts

Thanks everyone. on. questions for me. Two me having Hi, for

one, with the focus US start on me Let business.

can you price, about back bringing you of to for if had two the As those dynamic normalized concessions at the on recovery to the give path of the to versus that's this price, specifically pricing levels? do two? you've talk look And that you kind been see more back some between and historically, volume difficult push knowing a up,

Scott Wells

that me Sure. No, let ways. a address in couple of

the out of off, about I people right step now, the lot downturn sensitivity. have about that discomfort with that think, The price of in ways, appearing what's nature fundamentally more in of we going a first the is on isn't markets. have

so to them, cases that much springing volatility have when is lines. are things campaigns printed people of are to particularly those weeks how think several governments as along commit, the you where so up something out are reacting and And inhibiting to that wanting that and

that. when volume and driven up more price and the much ability to or anything hit much versus having do start about down. not really terms, is about the by go So It's more you elasticity about to price, volume thinking with it's

a I times along things So, lines. goods having result, working we mean, down, we're when as concessions the was through make and as dialogues were about traffic and certainly during things, those

to our to assets our in pretty lots very to - we in-demand I've future back, other not most and measure - that And yield. about are segmenting be what traffic calls element. it on being of striving at And we look number we a looking As earnings categories. the look talked focused how assets, we of pretty of way, other we is out in into terms segmented a really on measure

And then it demand soft in else, renewal, the call somebody steps back we're to always even in so resell oftentimes when at Even you that for able people periods, long-term for period you William from that upfront plays the it remains our of stable, his a of when of our assets, so inventory. will attractive somebody as is typically that is the rate, happen assets where we're and is step (perms). see back, (perm), in it's the referenced to almost through. an tougher And things comments, what that the tail dynamic this super premium that are because what see we pretty longer nature type just the

an how constructively seen don't because the as best that believe do pretty virus we've So, I'm I value much going evolve that to not how know going next and to ability our yield recover and of your it's to yield how to is propositions, had work question But can. to be going Hopefully business. to evolve, call things able our advertisers over optimize the year, our we're answers I on impact really going is well. to ability to that compelling create I remains with the

Aaron Watts

whether Europe look time as and ebbs forward, and in the arrangements my can may quarter you fourth cost you - levels, ebb And you the quarter, about frame I'm place, on the in think flows another to actions up recovery cost costs in that. quarter here flow even little quarter costs? the question to with the made is more how those also and cost moves No, fourth side, and of that's is put costs bit to somewhat base and how and of way for with landlords, some Thank second first I helpful hoping maybe similar context. guess the or the Should but moves put you a it. given it's the US, third on.

Brian Coleman

I revenues. categories. ones would we Well, two are are not kind to control. really break costs into tied that One the it’s - the it They're of

started cost we of over a provided take to Europe different quarter. on out almost And lot some Americas begin information you now. be reduction what and of initiatives They're on that America an very take have countries, to next Europe to completed. some the basis. are done are Latin We expect operating We their about working occur. longer. should Americas plans annualized We’d early. expect and a little see

that of continued that successful. of of we'll - continue of negotiate talked to We've appropriate. we've the in what category, With cost respect expense about year, those the relief our relief get gotten our very XXXX. largest We had other end that can the that the that and through expect to has we business. is a - and expect level particularly to And we��ve and We've out complete costs, some we abatements of continue lease that's negotiated to lease to and as some do deferrals and really our big expense, deferrals with the impact. that the been counterparties, on

that back said, to come being back. that is So starts going revenue come really to as

as to may that in see obviously continue start and And some that back. of gotten And see likely so we’ve relief Deferrals dissipate. start relief in the revenue business, future due comes will the we will to start come quarter. it to we both that as we'll fourth and improvement underlying get, will

on should involved return, make very those I in the So, benefits come revenues Aaron, that, numbers the and are on can environment. we're working that that's counterparties to What would current in back. think that capturing operators I you is all we I determined. to our the have leasing still costs as and specific don't convey, expect with sure aligned side to But be

Aaron Watts

helpful, guys. Very Thank Okay. you.

Operator

of of line Venkarteshwar Barclays. Kannan comes question the next Our from

Kannan Venkarteshwar

revenues? flows Thank these may wrong, given, abatements, as number back, are following some you on deferments because back about the as as odd concessions million the China. basically of $XXX you that roughly that think words, you. In cash coming that And includes about come some come proportionate comment, guess back, think I costs. was scale up guess I'm on them other assume you've last but year, your should when costs when we revenues just think I if being not of about I unlevered a therefore on would larger to about

come for opposite time cut Is come is, expect revenues two three period should going probably what it Because the we as to back some that over? way years, to leverage So my is back. number operating years? the guess

linear the be may a And not back so of same to it flow. path level cash

color around some be you. Thank would useful. So that

Brian Coleman

Well, Scott what the a in operating I'll or to address I'll turn little it them. on William from side, at if to and they're level, dig it want a high then seeing deeper over

not the you're And by as it. I what about that predict it'll relief we've come what think big a way revenue. that on tied these I some is the anticipate be our mean the a that to thing. could to recovery come side it should coming we it back. thinking how underlying that. will That back lease business revenues but way gotten, takes, back, is good linear expense the But is, we're the I take, thinking is difficult means is of format a category, about certainly that think that how because back. long It'll that's It’s proportionately rapidly, come cost

think where fruition. a that increasing, or to in anticipating curve that the XXXX, to may will that are large point we toward not or will When and with the pre-COVID exceed pre-COVID that's being on neutral get we've and who free think end recovery revenues knows? come likely may flow large cash that based - interest But I got is QX QX of XXXX. time, are payments I Our approach this back ultimately during levels, levels. that occur, we'll to over

a predict how we it's to this saw was in will unfold. So think really resiliency all I What QX business. in challenge the

As back, particularly That advertisers was come came back. the acute saw audience we the Europe. in

It of the do think, well terms lot positioned to plays course, to XXXX. because saw had a paused of but in depends, on back have at the new restrictions. I Europe runway, out, think positive a in see Of from. recovery we’ve liquidity, really Europe, least we're that more come but in recovery I and we path how We momentum, we a

high would anything the or add, way William this if know to about So Scott, you don't had think I I at but of question. a that's kind that level,

William Eccleshare

want to Scott, from do you on the anything the add US cost side?

Scott Wells

a I or the these mean, dialogues. said we other because in dialogue dialogues got we mean this won't QX, just - we've is They’re only think I and are before, thing a concession that I'd get ongoing that QX. QX or doesn't QX in emphasize, concession

that ones with are related agency, particularly of some to governmental municipal long oriented because a the process. the take work - And these a through approval the or things, time

these next probably are of quarters. this they savings that may lumpiness ongoing flow the that some relate a number, huge you to It's not the be And which in but so, lumpy get as conversations prior point through actually and you take on couple see back is agreements. are to going quarters, will to over you for

William Eccleshare

Yes. about on I lumpiness. Scott's I this, And to point finish echo just the mean,

your question, European once the it all that on certainly in terms as of the lot a comes cost of contracts. some kind is, it of that of I But You’ll of market of renegotiations back? of doesn't. back does, kind answer the terms in think, come the of does I to in see but the well, broader piece some think

things obviously COVID, efficiencies operate, about does to looking for one way been, force the a operating. is it think at look and has disruption like they the at of the and everybody I their in business way major hard very they’re

And some to expect once the reduction, return. the remain would headcount absolutely that revenues of of some restructuring, we

that's an that model, to with add. point I whether know don't I important do helps So think anybody's but

Kannan Venkarteshwar

forward, is then is And take I given comparable maybe also contract? relative breakeven or flow follow Thank contracts? it. the you. to Thanks. going Got cash contracts, you period just contract, revenues breakeven of relative this and look longer that think to up the particular the Does could other comparable if other linked on like Authority when about it does Port structure the what to COVID path the

Scott Wells

different different. be outcome will not the wildly it's in but some ways, So likely

our think environment, more port we closely typical the going with very the the possibly but nature are how that's we drive for deploying going to in that little deployment of out we're because on be the actually to In be contract. we're fast flat the because going focused about can, of the to you we're a in base a not this priorities going methodical. capital in build-out, typical our growth bit of the We're joint partner If case, right now. as on very you as revenue environment

of add the so in give you not on but built how long up the flow to a and cash things. levels an good got do it's depressed. feel knowing And breakeven, here very about answer really time will probably that we little partnership protections to that But we've bit lined to we've stay the exactly the that travel that, got hard manage

Kannan Venkarteshwar

so you much, Thank guys. it. Got

Operator

line comes of question from Jason Our of Bazinet next the Citi.

Jason Bazinet

try this comes think a and terms, dollar to versus you back Maybe in on ‘XX And simple say Thanks. you based hate in quite of that most think give billboard ask percentage go think it this split cost much to in access simple helpful. I to expenses? cost of as Thanks. and whether where of it's EBITDA, total the let's geographic basis, can just it's fixed is whether I I how of a can ‘XX maybe will question, if a street in, your furniture? incremental revenue flow but a Just be or of you useful, then whatever be transit portion will would way. sense thumb some rules us

Brian Coleman

me did to you that? to want William, respond to try

William Eccleshare

Brian. go Yes. Yes,

Brian Coleman

you. first. cost Thank the let me question - It's Okay. hit Yes.

being maybe amount commentary that's like, and portion structure cost lease our At largest of - we've that pre-COVID site half that And and the fixed. some talked given of of we've expense, site of the half of day, the think around being to fixed. the about what half the I end is post-COVID operating about close our lease. expense I looks think our

timing. where think back environment as There revenue And had, attacking coming talked the of we've success back. you're about we've also And because so, potentially revenue this I could in comes you're that but the that do post-COVID, decline. be that

we As largest Scott far large but mentioned, lumpiness, we fixed as there's expenses fix, as our have a space.

talked question, And And is line. that, to next it's incremental what so we've each drop bottom business. as amount environment, of in line. the know incremental come revenues bottom a that And part kind of past, of of about operating normalized the that there's back, the think in the in the to leads and leverage (baller) a to the falls significant your I

And so drive we to work hard revenue. very

the fixed as because In come really back but I off. thumb great, dollar rule where we previously to line, this that we've we be, abatements costs time, think interim - and got bottom the where period. where of play thumb the revenue some a fixed time incremental going of think are these level, of is the have your things get you'll dollar is more will normalized the roll revenue on, of to interesting greater revenue to and say, space, between bring the a I out. had, in, proportionally, that this don't additional falls we've doesn't you then some in today, rule that the amount there

to good continue from lease continue that size we'll perspective, negotiate aligned. revenue, will don't it to business. know to be. leverage, can't to it for drive we’ve QX. we'll the at get we seen I in where think, normalized costs be, the to that when that And counterparties right From we positive length, positive will our - when are that perspective, with will business. business operating And back to place continue talked make our be about I have an because I benefit and sure look we've but we'll strong, predict environment opportunities operating some to a a signs

fundamentally, and come is, come think expect be would advertisers that themselves resilient, I have we the proven to want back underlying I'd as Jason, as continue what and say, very to audiences assets back. to

Jason Bazinet

Thank you, Brian. Okay.

Operator

Bisson Our Wolfe of next line the comes from Research. of Stephan question

Stephan Bisson

to outperform markets little to correlate, us color what give and and Good bit trends morning. audience levels? trends be I a conditions actually types seem of to of XXXX hoping was you certain on might how their led able revenue

William Eccleshare

our the but support if an see Yes. at I boards, they mean, correlation, it's medium. less that there sense to a there’s very once then our the benefits of on, out us have come not advertisers that not back. - nobody medium, - so exact the they're it as seen with have we clearly said. of sense exploit strong looking seen thanks, returning, able be advertisers It's we've And to flexibility increasing we've And traffic and Stephen. likely digital

that to macroeconomic to would biggest a relation be kind the consumer of advertiser relating So, we've clearly tends is markets see in in confidence, lead too. we is factors going confidence. I relationship, consumer say, there - environment, - And to as there other are but to to well. confidence respond And seen the factor that

pretty because restriction, the main obviously think US as are clearly some in have the that in answer those question, we've encouraging drivers audiences in the be think We're but I further Europe, So and we a cautious is see I that those we'll weeks. as said what's have closely moment seen revenue. sharp in snapback at monitoring the coming I that seen we for earlier returned. an to And

So that's I would at say think what I the moment.

Stephan Bisson

during permeated what that markets the did that conditions of - second in any did outperform XXXX kinds you the on see then quarter? third levels the part And question, Great. of those

William Eccleshare

- governments were they think markets the the I observed be responding been clearly well to were they quickly restrictions the to tended where where and had pandemic.

So, Switzerland recovery was the the market Europe we in saw back. that come first

call. the then quarterly our restrictions observed, spending I then last about imposed. they were were They were quickly. and very this And that on think quickly they well came back lifted country even spoke I and a where - was

perhaps been of slower with where a we've higher seen compliance less there's I is and prolonged and infection. restrictions, where think rate recovery, the

Scott Wells

that perform exposure, we is, You base, particularly have think think low we other countries Europe. the thing to be I our transit interesting the a well might asset in, know, about William, in

largely In airport. I think around it's around XX%. it's XX%, Americas, the

proportionally places So, had in assets assets, performed digitization been we of larger we've beneficial. well. Also, think where it's the the than competitors, street I level where we’ve street have level very very

So, I two other are think I'd those things out. point

William Eccleshare

in digital you're high of right, mean, big made a markets. of has proportion the I Yes. Brian, some that certainly those difference European absolutely

And reach we So, that quickly flexibility to true. because into is Europe, digital its third enabled nearly in the close snapback very, very in XX% the to quarter. advertisers medium. the come saw quick Certainly

Stephan Bisson

so much. Thanks Great.

Operator

time gentlemen, question. we for and ladies And last one have

from come will with Jim question final Goss Barrington Our Research.

Jim Goss

of there have little at template interconnect, the to in more information talk Could this were a on blend systems ask you that tie-ups either bids the Chicago Kennedy on, And the other Thank York used and airport installations LAX. airport flights might would say be LaGuardia for whether including set New entertainment and make if the you. case say something the displays, bit or and or would of intend about you nature? I to and information wanted advertising installations. a over about you might that airports have

William Eccleshare

Scott.

Scott Wells

Sure.

handle So, one information, of of contract this every how the are element across my set different things has robust exact flight architecture going off to head from of and airport the airports show I airport to top of within mean, terms dynamics a plan an field. information going of on. in we're that, has communicating the actually if is the don't that know about I

Authority. share But passing people with information about looking definitely about within are Airports digitization ability So something a have into. Port will When that I see. digitization for information. information that There'll port there it. as the template that's the think will through continue I'd think of this future wayfinding we'll the to to and be the the airport, happening the be airports, be airport, that to actually integrate look is across to the different part is one the things I

be to good future I thought think some that and of about the we'll looking - it's contract add cross-airport audience good no, I But elements in in hadn't actually terms the was a of communication. the anticipating contracts. a in levels, movements in something is question that

Jim Goss

are the it, the your last guess, should into turnaround that for the it your think one in and muted be you've from terms commentary don't too you thing? back be the cost Or you seemed and get of, would announcement have we about wait about it business. Maybe much I is one Okay. Do of - but affect you and somewhat see Pfizer how was sell structure vaccine, to optimistic constrained that therefore sort you an ads, will described? quick of flow - to very think develop cautious benefit ability could audience, the we how it into

Scott Wells

Yes.

William Eccleshare

I so vaccine see but streets, I am take proves is very trials if I needed use there’s they month can with and widespread on importantly will good I'm before think the positively to it, I the back, on I to we’d going I clinical in there. not think at and development, - optimistic. we mean, the our take And will the as So back, because December the And is Do not And certainly optimistic. I'm claims we as that disposed. me you once to am move expert trials, be more hugely coming that want least an - of I’m audiences would hugely believe of optimistic. do I general? world. thing get into then will I return I haven't advertisers come quickly. it, the real and the the think to our am seen I think effective that there's I are confidence that enthusiastically come out, coming of I'm absolutely return Because If vaccine. But before the seriously evidence Scott, evidence even they detail see have things could another optimistic then one enthusiastically return QX. across epidemiologist. and medium. vaccines, we an will that's this highly quickly

it's reaction very moment, think in the fast. be on confidence Xth take-up will be - very frankly. as from this day, But of will and think November, of too this enthusiasm, I to terms I on that, I think And quick. similarly call early of

Jim Goss

small either, is was said right. All but on over the which they an par I'm and a rate measles. with XX%, efficacy epidemiologist pox not Well,

So …

William Eccleshare

that, definitely. take I

Jim Goss

to XX% is Flu XX%.

much. you very pretty So Thank this sounds good.

William Eccleshare

mean, Yes. I yes, we absolutely. - if

and, and just we to optimistic of So, I end would end call, joining delivered by you positive in thank thank everybody for very I you, I'm note. what on delighted saying, such our an think we're proud and QX.

we bumps some and but XXXX. keeping your have us support are And some about business in the of ahead and to in your the Thank absolutely everybody We And you. weeks, we lumpiness thanks the developments look updated next you for with interest. few optimistic forward months. in coming

Operator

call. Thank conference conclude and this today's gentlemen, you. does Ladies

You now disconnect. may

Clear Channel Outdoor (CCO) 9 Nov 202020 Q3 Earnings call transcript