CCO - Earnings call transcript Q3 2021 | Clear Channel Outdoor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel Outdoor Holdings, Incorporated’s Third Quarter 2021 Earnings Conference Call. [Operator Instructions] I will now turn the conference over to your host, Eileen McLaughlin, Vice President, Investor Relations. Please go ahead.

Eileen McLaughlin

Good morning, and thank you for joining Clear Channel Outdoor Holdings’ 2021 third quarter earnings call.

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

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

compensation adjusted available charges, that on Please corporate and breakdown impact investor.clearchannel.com. a They to of among will note call, release segment foreign call measures Accounting detailed Accepted basis earnings important the do that conform section not schedules revenue, today’s performance are which call. results our measures and restructuring presentation, part share-based our press earnings be information. earnings the provide including of website adjusted of Generally other release During slide We reported on our the are also can a reconcile website, as of provide our Financials these to provided with conference the expenses, our and that non-GAAP in earnings Principles. our and presentation EBITDA certain conference exchange, GAAP and we found integral

With XXXX only to over turn I For X, on William as Page note management’s at in please Brian accurate replay. speaks X to reason, information this November that, on please that provided longer call the of you as view slide a of turn and today, and ask Eccleshare. each William no them. may to call we the that presentation that and be will now comment the time Also, views the

William Eccleshare

with taking Good seeing and delivered join the the in time thank traditional and to the everyone, entered brand morning, in our are broad our rebound, quarter recovery markets. is revenue together of you the very momentum for fourth rebuild continuing call. with and the advertisers assets. results across We quarter in today’s driving ahead that we we new many third This of during and business are XXXX capitalized our Advertisers new we medium base on strong discovering both our markets levels, returning campaigns awareness. to for launch first time, growth digital

Our quarter consolidated over in the revenue increased third XX.X% the prior year.

ahead both revenue was revenue up up XXXX million, with consolidated America’s and XXXX slightly the $XXX of up guidance to XX.X% over FX, was excluding was Excluding revenue. line in our XX.X%, which $XXX of year. million, our XX% guidance FX. XX% Europe million, XX.X%, $XXX was revenue and prior revenue

we ability As its from to demonstrated bounce we past has that have disruptions. consistently macro highlighted a resilient have business on back calls,

facility. business is Coming $XXX in we the repay that in occur talented the by assets have relationships people team the across they is are throughout how only this performing our We revolving the advertisers out are deep quarter. they credit of our is very of current business out-of-home and confidence clearly outstanding have and we capabilities balance the as with seeing of and platform. of position that liquidity enhanced are The pleased it power industry with COVID, our the embracing built and we our maintained matched million dedicated recognize And into will the pandemic. our

Given of an to and and even programmatic of data related tools that stronger the expand allow in set through digital that creative analytics utilizing in we will advertisers both investments strategic our its our measurable footprint, them highly now solutions. addressable platform, the relationship are expansion and have made

do our by brands are where and and meeting manner. We a what customers on the best we their out-of-home are elevating features in they very building compelling of advertisers can for

to of is for advertising an our spend. exciting total on expand so, as vision this share execute business we And our our

ability sheet growth, we model. on remained leverage benefit also As our strengthening elevating our from committed our to the focus profitable operating reducing and balance we delivering in indebtedness, our to overall

our As in best part builds the will disposition business, in we to of this strategic momentum interest with opportunities goals line shareholders. in our effort, our of and and continue evaluate as

business we faster than experience our local. fully momentum above New the best million, me $XXX a I have Based Americas. the also of asset to uptick in to believe our notable provide prior as year. to and airports exceeding the continuing size above job out current above Houston and larger is with teams In York, few in our let a our demand is we a a the in QX with are promising markets We addition are update Boston on on with is LA, increasing doing on over markets, our rate information which Francisco, behind. the still our the XXXX. business the In year we of better bookings, although we are comparable to are $XXX types. Miami also for the market strong reported customer Now distributed haven’t our range million plays National quarter, $XXX revenue matching in to beginning and Dallas markets of pacing in California, most which rebound our in our would including the San close reflecting We XXXX. million levels, RFPs. success XXXX brief a across period all strong each slightly Based to we and XXXX highlight we of expect revenue in and a segments, volume medium be rebounded now in is is current the country. small Americas largest the fourth seeing LA, needs quarter, them servicing

our materially traditional is trends out. how sales our but are are keeping We For now supply selling on course this example, they eye our team of at issues and macro airport and an playing not inventory. we business, inflation point, are note should chain impacting

us to more billboards than growth digital quarter, new United across billboards continues States. total X,XXX digital long-term lead Our the We business, billboards a deployed the of is digital strategy. XX the to third giving our which central recovery in

platform the that ability are in level in We mass and consumers industry. a target with the with innovation display we on forefront along remain platforms reach the built current digital insights the road the We’ve delivers driving move. similar to sophisticated the at out-of-home to dynamic

this scaling are consumer radar In as solutions tool data product the in we using high advancement and CPG decision Recently, Our behaviors match our this from were category. CPG world, LiveRamp. to new RADAR-Proof the opening opportunities continued attribution matches up often resolution individual ID including able individuals makers major with partner brands. with an purchase

advertising. to impact our we exposure So out-of-home now measure can of the outdoor

programmatic attracts space, brand, to of delivered these the outdoor products programmatic our value out-of-home brands. for continue separate this we customers lifestyle strategic out-of-home consumers the campaigns the and sales For a uptick demonstrates we RADAR-Proof we key and consumer to beverage snack buying sports the see opportunity. a brand, for exposure brands. Further, increase positioned example, purchases, expansion insights repeat how in and notable participate into experimenting new through are new brand with metric also packaged brands ability a goods food in to tin about in of these a packaged

of The Year our with of For promote Media the campaign second for of in innovations Twitch use Awards. Global in instance, part recent gaming Mediahub digital this these of are won bowl Adweek’s best as stream evident their annual out-of-home Annual Plan campaign programmatic year to events.

business. Our and the technology pandemic. such And process strong drivers proud the to buying our exception of demonstrate business the to Scott of our believe in I emerges performance attribution as improving should are his be team work delivering and in performance key their from enhancing leadership commitment in a ability

of and in line with in rapidly Europe, its of of we on between FX. expect the based the fourth quarter in information exclude to performance growth. be the quarter return which Europe, XXXX have resilience platform top-line revenue million, demonstrating we $XXX All business today, segment to we our is in to $XXX Europe’s fourth movements million. amounts to our ability $XXX Turning U.S., the in million to and are Similar

given environment most assets. the of evident the which is roadside noted European we continued that we’ve benefited exposures revenue revenue course to our greater limited performance in our have from of the As impact XXXX. the about transit where two-thirds seen in This current UK, have COVID. from past, deliver This has a ahead we sector has in in of comes

although largest from across beauty strong pipeline fashion the on six across both development looking and are Based digital continuing verticals demand pre-COVID. and footprint looking of healthy. our coming further by retail, the are new Overall, trends, Europe, in street of inventory. furniture from roadside For strength revenue is benefit and later current the our orders months, than pent-up CPG of XXXX still been last we our to with has UK in ahead and benefit led and contracts investment also

are of expansion traction we digital of quarter European XX,XXX now through value XXX suite And total screens the in Ireland. in out the a further is Our of Europe. the all and gaining digital strategy solutions, also of the Italy We RADAR major is in added UK, of in digital for our digital which roll our a part are elevating screens of growth markets. screens footprint our third over our proposition including live, central

significant Spain, to target in able behavior now For campaigns physical visits success we the to auto store example, efficiently where are and we in in having online car likely the able are on category to addition based tool buyers. are brands using target

deployed. LaunchPAD planned In ads strategy and addition, campaigns at touch right across exactly the we digital are our the Europe, real-time our with where the we points, consumers on programmatic what and when, out-of-home now programmatic recently to are at of completed connect the offering, allowing Italy launch control and executing through brands times in multiple time

our panels operate continuing strengthening In across a also to to contract city. and the Stockholm, program the pursue in footprint a of seven markets. in in year tenders locations, further contract selectively advertising Sweden, of prime we digital meet that won XXX objectives static public are buy center strategic our We multiple the related consisting to

current the a our of momentum recovery continues good we to positioned and Coming are The data of our quarter growth plan. is we across over our resources, to which in digital programmatic that, summary, leverage to the in our business profile. gain now performance level are in high seeing at to our strategic we as XXXX we strengthening maximize the Brian analytics we investments me can financial well So quarter. it appetite executing of are results. facet making every expansion pursue our and let out pandemic, with as our the are we and And broadening and turn universe third in discuss progress

Brian Coleman

Good you, Thank our thank joining everyone you William. call. and morning, for

most some structure. William as outlook a well our continue our of including we the see cost for in by base capital third our markets negotiating and results and As we in manage to in strengthening our quarter strong as the reflected continued mentioned, COVID-XX, fourth as to rent rebound quarter affected abatements business

to on Slide quarter, the X, $XXX XX.X% revenue in the consolidated million. on Moving to third results increased

the which compared loss loss $XXX net revenue million, the third a in net a Excluding was million. Consolidated in FX, $XX the $XX year. XX.X%. of consolidated in year, quarter to improvement the EBITDA substantial over was quarter prior up representing third $XXX was Adjusted million million was prior

to adjusted guidance the FX, in print segment notably review QX digital breaks third of reduction in the Americas as third million XX.X% into well $XXX expense. by primarily recovery to savings, New primarily quarter. New York bit improvements credit Revenue compared XX.X%, out above performance. temporary traffic detail the Port Slide and National up a third sponsorship previously XXXX compared local $XXX a operating in Authority up across the street the to Non-digital for passenger EBITDA of our Digital XX.X% our $XXX EBITDA continue XX.X%, in and loss Direct includes higher up was site billboards, to and to billboard X with XX.X% rebounded and results. XX.X%. prior Excluding million Americas billboard in operating margin million. $XXX billboard slide revenue XX.X% up guidance The the provided furniture, display from return to products SG&A EBITDA to up was revenue. XX.X%. was in up and in Transit higher lower lease revenue XX.X% including This of to was X other was and XX%. year July. Please of X. quarter offset revenue due all up our other. $XX up Americas the and XX.X% rebounded by with revenue airports, Jersey and site strongly relating segment-adjusted was of for helped contracts. revenue from savings as accounts we the and airline Please at revenue to quarter, spending was airport prior line strongly and a which spectaculars, XX.X% in improve and million XX.X%. is was in a QX million Segment-adjusted million now up year, combined turn transit. loss more our This total Digital in The wallscapes compensation with to the of revenue other up and were displays. billboards, expenses revenue other $XX turn and billboards, to was the Billboard and to for was lower Slide quarter. to third QX with new was related cost driven in results advertising expense by and Airport our and increase due COVID-XX. lease quarter, both the credit partially driven Please on in Slide turn as with by part third increase Americas’ expense, revenue airport

percentage as was $XXX X prior our comment in percentages the to are a turn year, in all in on third exchange. review change Please that, revenue please I quarter. foreign Slide and the Europe. of Next, Europe performance note movements excluding million from the

Excluding movements our XX.X%, provided guidance year, of earnings in up million, compared the quarter revenue exchange was we prior second ahead foreign in to call. $XXX

up primarily street restrictions our retail XXXX, $XX Digital the a restructuring million driven excluding the than the performance most bounced of plan was you by As cost the FX, expenses strong and in comps increase which lifted revenue XX.X% the The largely was reduce SG&A Revenue to tougher in last may and to third quickly, remember, up compared quarter and in Direct rebound related countries. quarter. QX in were back in in increase created displays was by business up and in across the of operating second large most to $XX UK. year. million headcount. driven products, X.X%, were quarter part our to furniture third

X.X% lease was $X adjusted in As million $XX by EBITDA to quarter compared million costs a FX, $XX negotiated the declined expense in adjusted prior rent year. not to movements Site third reminder, plan our to in exchange included excluding are Segment driven as foreign abatements. related excluding in restructuring the EBITDA. negative million

to on CCIBV. Moving

in After in in loss include metric foreign consists $XX adjusted million Our CCIBV segment $XXX reported from profitability of is compared businesses million. rates, $XX and income for third from period exchange deducted XXXX as consolidated CCIBV’s segment million compared subsidiaries. operating increased and increased of million. XXXX XXXX. million XXXX, million CCI financial the EBITDA, segment Europe expense not the a impact CCIBV EBITDA. segment BV adjusted our for by of an revenue third Accordingly, for our of that $XX does period its adjusting same Europe quarter movements the $X CCIBV revenue was CCIBV’s of Europe the CCI corporate the to to operating same the statements, the BV operated during the revenue quarter same revenue are to in allocation the of $XX

prior our do America. results a Slide other, of year is move Latin first which million. revenue review include and Let’s was not that to Note America quarter includes the X $XX the business. quick China this Latin

in foreign compared year. to rates, million expense and was $XX to up movements million $!X third quarter, prior it to our from rounded third business in the zero Direct quarter. operating the in up $X exchange were Latin in the quarter last adjusted same million, Excluding third Latin period EBITDA the SG&A $X compared million American the America year.

to a million and we our Americas business. moving prior third investment capital as to the our ramped XX totaled an quarter, increase of expenditures million review in Now, year in expenditures. $X of Slide approximately compared the up Capital $XX

Slide million September as XX, Clear onto equivalents consolidated XXXX. of and XX, Channel cash cash Now Outdoors’ totaled $XXX

Our due was of interest part June. $XX February to debt debt million in the CCWH million third $XXX year-to-date. refinancing on the the large senior for the in in quarter million, $XXX billion, $X.X and during notes up was paid and Cash

as cost was points the XX of Our of weighted lower X.X% XX, than XXXX, September average debt year. prior basis

Additionally, our position, reported cash Segment-adjusted return lease is facility also from credit to of business top-line of $XXX is our increase margin cost is one-time hand savings. million QX from balance QX’s above EBITDA segment both corresponding in on items the as and close revolving given on mentioned, and $XXX temporary guidance October as to the William we facility. but be such Slide $XXXX margin liquidity with expected $XX.X%. improved XX. to the on availability expected the $XXX XXXX is under the repaid in credit the Finishing site excess including Again, adjusted savings million with company’s levels improvement, to between XX, XXXX, expected for which outlook of resulting for noted, William our in Americas in XXXX. fourth a million EBITDA revenue and to quarter revolving outstanding million, range QX benefit under

is Both XXXX segment $XXX expected of in $XXX million, XXXX which QX the consolidated Our be XXXX rates between range QX in of is million. Europe’s exclude to Europe based and revenue China. exchange are $XXX and revenue guidance in line the million and revenue with on

$XXX consolidated our line million. $XXX better consolidated with is XXXX Our revenue $XXX of QX million, to which is guidance or than revenue million QX in

guidance exchange XXXX As exclude China. noted based XXXX rates revenue QX in are and above, consolidated on

fourth of payments the interest cash XXXX. quarter XXXX in expect we and million $XXX million in Additionally, $XXX of

in $XXX million expenditures $XXX XXXX. in We to range be million expect to consolidated the capital

Lastly, guidance we as XXXX are availability once the facilities. including again increasing December XX, under liquidity credit our and for unrestricted of company’s cash

We $XX in Americas. expect that also that provided selective year potentially $XX end we based million $XX tuck-in guidance keep improved liquidity performance of million billboard from remarks. could the acquisition near-term of on of timing pipeline payments million, approximately includes acquisitions $XXX July. Please to could represents reflective close at approximately my vary concludes of that in That to receipts million cash increase year-end. our million $XXX in small by This mind liquidity and/or businesses. is a guidance the The a our and

let turn call the me Now, William. back over to

William Eccleshare

Thank you, Brian.

that As moves take the at to Vice we on momentum close the I business. and seeing I new transition are we confident to Scott build CEO, the over as into year, the role Chairman our of in Executive will the continue am make of

our large ability a of strengthening the to innovating our are and platform industry, digital serve universe transformation of We our leading appetizers.

more supported platform stronger coming by energized on execution. worldwide and growth out COVID and an with a of dynamic team are focused We

growth our we invest our avenues focused evaluating including driving technology, delever on costs, and sheet all profitable to to carefully remain continue balance our we while managing As in dispositions.

leadership industry, their change, last operate. who during market. my of with support world and quarterly our in my many regarding in a It’s to to global to thank and have and maintained period the team engaged an business this been of for I’d our of so you pleasure both extraordinary our the met company, record focus appetizing years. my be like the call, like which few we last of As direction thanks have over conference also exceptional conversations have investors to their you all will our the in I’d

to good remain of course very potential team intrinsic management surface on Scott You our the value with in of to growth and assets. our execute hands they the fully as plan continue and

operator to of thanks the session. So And a very to Q&A turn me the heartfelt for you. now let all call the over

Operator

Steven [Operator take from a of Fargo. question Wells Instructions] We’ll Cahall

Steven Cahall

Thanks. margins? becoming and And to I does you is mentioned your of growing, better any proportion Do if more first, that RADAR, as and that national EBITDA but still use a time, maybe maybe agency little buys Scott, bit think bigger local. revenue happens, over have than does national fit you you a anticipate give you

Scott Wells

Steve. Thanks,

national So, right XX%. around now, closer and been on are XX% right we’ve we historically to

to think the room bit as definitely improve. national I programmatic also that mentioned that So skews I think there beyond for and little you there is room is well. reasons business that short-term our a

And for so, to They tend of go that’s products. an to opportunity to buy drive it. premium tend assets. best locations premium National and very the a our does lot

will increase big light it’s improvement national having a mix that direction. a but So, not modest the it’s moves as switch, Hopefully helps. that in our like help margins, generally

Steven Cahall

maybe just we abatement leverage? we some catching Americas, could then, about, picking operating as you think quarter And of the think Americas’ if up from wondering benefit cost you provide any about commentary activity? next rent how or those on perceived any real margins And just should in Yes. with year,

Scott Wells

an I here. I yes, am But, have that. definitely speak going Yes, opinion to think we have Brian to

Brian Coleman

a landlords would operating that I going of the on we that different are few not much We we at And seeking continue internationally and and into million to to fourth improve. our because is is of rate rent decreasing Americas $XX for year-to-date. and municipal on mean, next and million in to see of for the the I business in that saw quarter, QX that the our in that about abatements. the entire teams our to starts it story third albeit than the company, various expect appropriate some sure work the as quarter. Yes, quarters continue would answer likely with $XX am partners I some that is that

And that There good the so, of job. bit team a a I doing a is think lag. is

So, continue while. impacting a margins. for it our may is It

both But results of the in reflects XXXX. margins think around does in the see rent temporary some the our are that I abatements in and cost you back levels are can to guidance and savings. that

So, to the that rent the right internationally. both I Americas way think think that’s abatements about in and

Steven Cahall

And the may back so up, these Great. then, getting of quarter like pay on are sort Americas that CapEx relatedly down more came the year? for signals prior and are continues good maybe as in some to next CapEx normal business about color thinking tuck-in highlighted? some additional Just to any how to you lastly, and levels, you confident acquisitions we to get enough Thanks. improve back potential and are of debt you

Scott Wells

Yes, think I Steve, you hit it.

normalizes As have recovering. like and it looks we that we is our business visibility and do are –

pre-COVID also of to to CapEx back levels. kind XXXX our expect go should You

probably that’s $XXX $XXX good we It that think that no China have would I a million. is longer operation. estimate, million, because and number exclude

you seeing is do our about chose of we That acquisitions break million, think expect. commentary. $XX it kind tuck-in in these to that, enough addition out in $XX I that to of number we million, are

market The has the it’s environment. unique thing gap brought recovery material Each on the sellers to takes we we little wanted I advantage it These and into want time It So of enough to that difficult various reflective one could reasons. other of take a for in the current opportunities It longer. was go bit a to think are of that that predict. of. acquisitions out little potential The could quarter. valuation and narrowed. the has those close break fourth is, it’s

in position can. where a are we We

I think it. you’ve about heard others talk

material and as expectations. of a CapEx our So, to would long be as top about will on it it’s continue it number, we talk

into it’s So, are the we a leading they reflection business. if I available positive these really see think opportunities of where and

Steven Cahall

Great. Thank you.

Scott Wells

Thanks, Steve.

Operator

is Stanley. question next Cameron Morgan of from Our McVeigh

Cameron McVeigh

XXXX interested versus verticals have recovered. We in how Ben. which growth fully This for rates? a then, pre-COVID be in as Hey is looking U.S. Thanks. earlier Cameron the guys. would And follow-on, not bookings

Scott Wells

Sure.

those I’ll both for take of think Thanks I them. questions, U.S. so, Cameron. are the

good strong lagging have recovery would and theatrical pipeline well particularly bode norms really been theatrical, historical verticals, the medium has of effectively. the releases ton they amusements, nicely like But a areas back broadly and we seen be they that and pretty really are are On have relative not restaurants. lagging bouncing using – and a very to

So, be out kind I’d fully not those call would the ones recovered. what of on

early now is give on As buying pre-pandemic bookings right for far what XXXX, ahead early running are are nicely times. the that but as read of we XXXX, us seeing it’s and early full to a too early is we the

are a So, strong it positioned looks XXXX. like we for

Cameron McVeigh

Great. Thanks.

Operator

of Vitanza Our next Lance from is question Cowen.

Lance Vitanza

half Could you me all-time the guys of XX% the and revenues. Thanks, do have remind the taking Hi. that it’s or future years? digital goes all-time say, for the what’s that in, this business percentage think the how Is is or that you the you expect And I to high, where about of where questions. digital point is the one – In you there a the are thinking U.S., billboard five number? high back on in when U.S. one in to where do on has to three get Europe. that?

Scott Wells

Yes.

I fingertips and information. high, the follow-up have you but you that Lance, get don’t all-time at with we’ll So, my

specifically asking are about billboards. You

ballpark a what was the I It’s think that’s the have of all all-time high the digital the a sure highest. in about been, XXX% sure. in high all-time of across but everything. am third in if our not exactly I that, would I the U.S. billboards for revenue am not

of first will question, part the on So, your we follow-up.

it XX%. could in are of the But am I get U.S. tired about us terms are that where of in sure there the the The – question, of part you second and of this constraints. regulatory regulation go, talk north hearing markets is

about the But talked we’ve a in XX% of business for is than bit signage terms the digital and third. potential UK this it’s path again it, to think And of before. think higher a cities to being revenue. I to portfolio, and north getting more quite I’ve digital something think more going the the us get convert because, mentioned is our within I ability the to more embracing universally, require I

that percentage and are when at markets in have markets We mid the zero XXs. that we have are

is, range then, in the higher internationally, the it’s course, and So, of even UK.

I a going long-term to trend is for it So, us. be think

I probably probably over that be see just it to move, creep come. to think time. number it we steady be over up will sudden a years are But move a the going won’t

Lance Vitanza

respect to in helpful. more And the prepared Europe, out France? France, probably in And versus business apologize and this in you I you did is where situation little That’s But bit with today? then, Thanks. profitable if that in could come detail out XXXX the a you particular, remarks. within called discuss

Scott Wells

individual out break the didn’t performances of market. European We the

So, along specific I major exact showing European say I prompt strong wouldn’t or numbers recovery on other that’s with of markets. the can’t the be most our

recovering So we very certainly seeing in European don’t very, snap a strong French well. are for and the business back individual the individual performances markets. we But give

William Eccleshare

plan would also the restructuring Europe. in through I going thing only the we The are add,

XXXX, XXXX. but And would to from plan in the restructuring of in should finished in expect you France, results largely well. Some that be starting as now see the

Lance Vitanza

Thanks. Thanks, much. it. very Appreciate

Operator

question Barclays. next of our take from We’ll Joyce David

David Joyce

you. Thank

a anything mentioned, clarify something. then, discussed. the is to Is wanted can guidance you is is being that cash? point the other from of below Thank to previously share you year little the revenue million growth seems taking tuck-ins or media I your of for you share digital there CapEx the use you. budgets? because like secondly, bit $XX million, It First, that just would a replacement $XX And

Brian Coleman

then and I’ll David, second take of first for flip Scott that. one, piece I’ll it the to the

our look to guidance CapEx acquisitions you think of does that think just to the little came is, appropriate and out I guidance. about needs. in It largely past number CapEx more level when can are We we to are they few immaterial cash look on. talk kind today, include it like not at get it’s CapEx when out. want don’t But bit. break been the down that about And the you spot like are are way of a to over You quarters, which the kind these have

think range combine like But CapEx – still have tracked So, two it you look little and we acquisitions it aggregate, or increased are acquisitions, the a for we out in the since I we broke that if numbers. actually bit. CapEx within

right the are way. you thinking about at So, like

the just forward, they different. going break are are to think two going I out we

So, to for handle that’s the best over digital Scott, probably And the then, it. way question. to you

Scott Wells

the Yes. internationally. and I for then always it is take down difficult crack flows. in of there It it are am U.S. the happy at if to can in ad a aggregate other aspects pin William way budget to

very look what ad you anchor it, buy anecdotes the I’d out-of-home. couple programmatic of under when is The divisions agency programmatic to But not coming quickly our get partners it’s things partners. That space. of on. on agency and at really that vast You from majority coming in revenue non-traditional goes predominantly buried the that specific via it’s the the agency

other where like feel then, overexposed display and we forth. digital gives even in a of pre-COVID is, got were is having think the and away that the the to us budgets. that linear dialogue And us terms so, about to as but around able capturing that think role call to it that lot think grow place having other television us used mean, being of programmatic, headroom those to tangible moved the to we small with two overexposed think a it’s not other playing are in are perspectives. that of play that, have and other we role people capturing they the we for to and way budget primary searching is us of media to about COVID. reach that advertisers, And these helping more to are I that points digital, percentage as so they stays. as see about I during TV having And I conversations are you digital still related going are degree things ad and believe there aspects do that broad a They out diversify see about we playing a from I media a more I that underway

William Eccleshare

described the terms programmatic bit of of U.S. And is I is, is families the direct little behind today exactly the platforms a in developments think out-of-home. Scott for Europe as to

share was and platforms. an the be So that digital that think of more – enabler the I digital travel direction from to is take to able

David Joyce

Thank very Great. much. you

Operator

Jim We’ll Instructions] Goss [Operator of next go to Research. Barrington

Jim Goss

good you. William. And luck, Thank

period challenging a had You’ve through. to manage

So, that. on congratulations

William Eccleshare

you. Thank

Jim Goss

am I question a that’s comment the new one is secret is, what wondering, on in the have a I bit? awareness I And secure little front new the adaption you’ve am right best that of driving of been interested in advertisers maybe just and us. and the able sort kept that to

Scott Wells

Sure.

then, at again definitely it anything, first I’ll if I pass in. miss and you should So, way a take William,

are We to number of new in working a bring advertisers. fronts on

calling as to calling the We agencies arrayed. parts in a people have brands, historically been of way on of to have sales as not that model on we planning our devoted strategy well evolved large have

the not covering about as has part end the we really excuse that important spectrum. is where our better end, are that are, and for advertiser advertisers think for of are, of William largest sales the advertiser continues on upside market at small array they but so, we going as just And to been I we where talked that, us, it a what’s us And have also me. just at forces. the theme meeting

the of So, it. first that’s of sort part

or trade ability that, associate together, years The things analytics, very to ago. second new out-of-home a was having part six and contemporary the conversation particularly are but are you out-of-home, we that with don’t capabilities of also five those bringing to and what advertisers two is bear with many relative put people having to you it programmatically data

possible making that new bring is us for advertisers it what’s in so, category. the really And in to

the things downloads, associate on do to like apps. able of with people are out-of-home look impact App We campaign downloading an at

couple attribution look prescription are we much to richer at types able We and able are on and to able focused data out-of-home things very are for campaigns. very than are we focused that on And measure The ago. them are easier it uptick result to a as are that. do of bring of to they the making were advertisers years just of a seeing ROI we and

bring the new us category. things advertisers are that those of to of are leading So, kind

William Eccleshare

with through brand and can the explore activity we medium been cost run enterprising only we way an I startup use is, on which come effort would have low start the a the our encouraging build putting the advertising quite we’d And thing and it into and companies Europe of medium. awareness – into within Yes. in could startup and of add they to entering – into drive

Jim Goss

to data be informal lines? you those relationships are of to Okay. analytics And and remain mentioning likely these are they create to other media, links been just far types to more establishing or sort going to

William Eccleshare

you you mean say what or media formal relationships, you other When do mean? with

Jim Goss

other With Yes. media sellers. Yes.

Scott Wells

management have it’s to happening the Where the and their the this amounts lot associate platforms spent doing with to the are that data are first-party is advertisers time. assets of is happening, other we in data is the Many customers build in a extraordinary Jim, enabling ability they on of of what analyses advertisers out-of-home media.

doing that the or themselves those it often advertiser agency are So, analytics. the is

on it audiences enabling just feed exposed out-of-home. offering to are that by of We the data are

Jim Goss

reopening? airport any on U.S. you can or could? any one, that last your draw with the recovery attention of Is impact if one Could you comment on there scope borders to? And Okay. business shape I the

Scott Wells

seeing, I for to the William a were the with has coming been has quite DA yesterday. or weeks. something happened the that was mean, BAC. Everyone – the been that actually that eight yes, six aware just on first of But opened we’ve was JFK. flight we generally celebration

our in airports early declare already on into that that QX. trajectory little see was given the we that good travels it, and of can part And having that happening. trajectory say first back definitely recovery that excited the has continued flight was a fact I’d just in QX we You international get on results international yesterday. their seeing about advertisers It’s the are to just probably a are

delivered sections a sure. say, I would for very it’s flight first The encouraging just But yesterday. development

Jim Goss

Great. much. Thanks very

Operator

I’d management comments. the be call to concluding to for return happy

William Eccleshare

first Great. I XX the for morning Thank in engaging has everybody for you very time Scott, thanks room That a months. being for the that the questions with as maximum Brian ever. much been and and together us and this

referenced, and support. and together just opening it’s Scott on are my I for thank And the really like being in their had As Q&A working remarks, together everybody to final a just been again us room seamless good this. skies to a be

Brian continuing in really are excellent hands and the business as CFO. with You Scott leading

will excellent weeks. that to within and be of first business our pulls quite few environmental Report that have be announce an investor of which really to all issuing it’s all a the will social we we So, weeks, to next issues that and of website I team few work it’s talking you do it able leadership on And that impressive great around am kind we global pleased we here. be together commend the our therefore all available it do. the in record I the gesture, around next ESG of

look said, that Wish and best the forward and weeks very Thanks. months. very you all thank will with much the I we So, say, indeed. coming you to everybody talking over to

Operator

today’s conference. conclude does This

everyone You day. have a and lines great may your now disconnect

Clear Channel Outdoor (CCO) 9 Nov 212021 Q3 Earnings call transcript