CCO - Earnings call transcript Q2 2024 | Clear Channel Outdoor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel Outdoor Holdings 2024 Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I'll 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 our call.

are our today Sailer, and call CFO. our the Scott CEO; Wells, David On an the overview operating provide will They of Clear Outdoor performance XXXX Channel Holdings, Inc. of quarter second International Channel Clear and B.V. Information second you recommend presentation the Investor during the download and XXXX this section We quarter call. our of the located earnings in review presentation website Financial After and a of open questions for line Cochrane, an review CEO we'll introduction and Channel Clear U.K. the of our Justin results, portion Scott and call. Dave and of Europe, Q&A the the join will during

or Before regarding we risks to involve actual strategic like review future remind everyone or filings we may be its and that call beliefs statements be contained begin, with projections I'd of including will results and release SEC. not its Please during uncertainties make expectation. no our that assurance the the from about and forward-looking this statements in forward-looking statements our the and performance statements there financial differ risk achieved goals. All management's press will that earnings expectations, company, can

a Scott. and this I call over Slide provided see and XXXX, today's reported basis the be turn of refer no the presentation. may as these measures measures conform Also our earnings note time replay. Please X, do on the call not August longer that of a on accounting to generally of provide information at non-GAAP also call, accepted speaks we that now only views to to reconcile principles. the that with certain as We to X During part GAAP today, results management's will presentation accurate will schedules please in earnings the

Scott Wells

delivered us consolidated movements our in taking to and join you America, in second million, of segments. of Airports foreign X.X% everyone, the $XXX excluding morning, today. and thank rates exchange growth X.X% increase an for with Europe-North quarter or Good revenue time We

Airports in with and our advertisers Our the majority Europe-North from strength performance reflects across notable of our markets healthy demand segments.

from at We of the initiatives benefited execution solid across range ongoing base. aimed also revenue our broadening

the current in increasingly adults to that now end our that results business this including in to services in is due weighted national, seeing year over medical and are analytics and guidance. revenue our the served remain quarter particularly came to verticals. In in America first how the and the billboard us business digital which achieve our recognizing quarter our XX% and year are platform low of trends is record marketplace, national results we on-track effectively the and second enable be segment, in improving might target the quarter, the We measure advertisers' Following of campaigns. our and call softness half our guidance developing. in entertainment as to audiences media U.S. full reaching of the markets QX as at particular capabilities, monthly in and lumpy value advertisers believe data our mentioned second We well

as In continuing across our our well and expanded direct business brands initiatives, all as instrumental attract revenue has to addition generating building digital team programmatic to our business relationships with through The and also sales we increased channels. outreach. website in direct through from been are

sources the our have some platform expanding impact national. softness effectively while scaling industry-wide and of in efforts the these of our revenue of All offsetting

by the continue in of marked is history record a been through air travel in busiest has expected XXXX strong. remained with business a The performance X the drive into with delivered led current the premium in putting and quarter surge in days period by XX of in another strong Airports continuing TSA our remainder a the to historic us in Our to growth for July. travel to travel strength Europe-North the ad great Sweden year position healthy and the XXXX continue leverage to dollars. U.K. hitting assets

our increased in I but the consolidated have full want to highlight to Europe-North. revenue, will year expand that Airports modestly outlook. and we given later, AFFO Turning our strength guidance details the adjusted on Dave EBITDA and

the de-risking the front, ongoing. for performing out is of M&A creating The sale business. optionality quarters we Europe-North remain strategy very well focused the team ago, several negotiations On laid executing the and

our remain For excluding instance, of exiting revenue prior committed segment months been reflects at movements a price Europe operating rates. outstanding meantime, this in In EBITDA our the on that XX the in based provide and the from improvement in the can we position their of European cash LatAm value with these making and continuing trailing course. foreign further be continue strengthening our engine. Separately, generate growth versus funds business delivered process, businesses period adjusted growth on progress has X% exchange sale leverage XX% We being our will good by we of to are European profit updates due further the assets. enhancing to used

turning we are we corner cash complete sales, asset before even that we note to generation. important these it's the on Finally, believe

expect this in organically and our shareholder to improve AFFO same start value. enhance delever balance this our XXXX. second sheet. XXXX is outpace our in journey to expect to for period the creates milestone We This half of the to a CapEx significant in We to option believe discretionary an

encouraged broaden team multiple technology Dave. and and with to making So me initiatives our in call our streams hand in the the we're is on ongoing revenue progress to business. With our pleased we're seeing with monetize let the that, momentum over overall, our executing we're

David Sailer

an results. Thanks, overview for Scott. see Slide Please of X our

As in Europe-South included reminder, is operations. discontinued a

amounts to adjusted excluded our percent are changes XXXX from foreign compared second of that of costs and second the SG&A and quarter expenses the quarter to this for a results greater otherwise segment And excluding operating are Additionally, during second the in comparability EBITDA. quarter EBITDA are unless We provides other when results, and adjusted I expenses I'll performance. refer XXXX XXXX the of restructuring include noted. our GAAP believe about evaluating Direct discussion rates, and non-GAAP measure. talk also exchange our movements

the reported million, quarter X.X% for second $XXX a revenue the quarter to Consolidated increase. was results. on Now

than from movements foreign was movements in EBITDA million. $XX excluding prior businesses. the the the up XX.X% includes year. foreign which net flat exchange rates, was X.X%. impairment revenue discontinued due prior operations, in was million, million related million, Consolidated in America rates loss, second roughly $XXX Excluding to a income continuing the EBITDA quarter, prior $XX year $XX was AFFO Latin exchange from adjusted Adjusted and to higher decline operations from the Loss company's consolidated charges year. with the was

adjusted largely XX.X%, a up site revenue X% New X million. and due variable adjusted revenue a certain Digital attributable was and reflecting of revenue, compensation $XXX most margin up Local which partially XX.X% of strong comparable costs up related prior to revenue XX% and revenue for in and of for and to Miami, $XX year. EBITDA XX.X% Europe-North sales, million. to markets, customers. and which driven for revenue, on expense. foreign accounted Francisco Port XX.X% demand exchange accounted lease on Authority expenses of increased Norway. costs U.K., York accounted for which a EBITDA on America accounted the and Slide for a million. segment and loss up to incentive XX.X% deployments. basis. increase by with incentive results. was for transit was across up second million revenue segment XX% in $XXX have a displays, margin to adjusted segment the X XX.X% revenue, $XX compensation the of SG&A Europe-North Europe-North. of of portfolio in revenue, $XX of up digital rates. Digital up up $XX $XXX segment up higher of from increases new compensation to margin to the increased led EBITDA $XX on to on up to an pay driven $XX Airports million, revenue revenue, was total accounted deployments X.X% adjusted expense second expanded by of rent by improvement review demand Europe-North's million. primarily and adjusted the rental X.X% sales, SG&A in and segment rent to higher sales property to most and year. Please Segment demand Direct revenue margin rates, Slide a Europe-North in team, advertising a to XX.X% X.X% AFFO most XX% America our increased down pay $XX SG&A operating down our The up expenses San XX.X% and abatements. in the related over basis. higher due commentary higher variable adjusted for countries, Europe-North Airports. lease were to basis. in the by specific million, taxes XX.X%. was were site is America sales Jersey credit costs was up XX% with exchange review Airports a increases revenue expenses higher Sweden comparable due movements increased was to by to notably to with see were revenue, of National XX.X%. On EBITDA XX.X% and in is higher and to EBITDA Local quarter reserves due additional the with for and segment America Airports in and basis. million, higher in Airport Airports results XX.X% National notably the The increase most of and expense a down driven that Direct accounted digital results due comparable Digital a Slide for and Segment XX.X% XX.X% EBITDA been for $XXX X.X% America quarter of million XX% were million by comparable EBITDA million to customers. increase were is exclude was sales operating down $XXX XX.X%, adjusted million operating compensation prior decline adjusted to movements loss million, the $XXX abatements. On growth which slight offset X on X.X% X.X% to Excluding direct Airports decline was contract performance were were an foreign accounted digital driven New My up for for was a International revenue for XX.X% lower

X. of which of of borrower Europe-South expenses were loss on XXXX includes due operations CCIBV our subsidiary CCIBV and Slide of Singapore of Clear to term CCIBV Financial results to segments an Europe-North and Channel wholly well results indirect as is Singapore, and B.V., further the as have included quarter facility, on in business International the the loan Singapore the and the company owned reduced Moving revenue in contract. the the been the immaterial a to other. first of historically for under

businesses considered in excluded results current reported presented $XXX from in as separate the consolidated are are the follows. of the for as net operations results quarter consolidated same are CCIBV compared former XXXX statement income businesses second discontinued million. periods are X.X% below. CCIBV to operations, to $XXX these As of component of segment and and income CCIBV discussion of XXXX of as Europe-South all a continuing million from from period for the increased the revenue

our CCIBV loss FX, $XX by was CCIBV mentioned, of revenue in $X to contract period of Singapore. the higher same as million segment, the operating just compared increased revenue the impact as the of in offset million I XXXX. from a movements partially in income X.X% was Excluding Europe-North

prior to $XX review due a decrease quarter, to America. our the of moving spend the million in of million primarily capital of totaled the CapEx year CapEx and $X over second a Slide Now in XX timing expenditures.

Now on XX. to Slide

in $XX and transactions the second refinancing interest cash to the $XXX paid second the March the for compared payments Cash by that year prior the in quarter, million same timing decreased XXXX with August decreased interest occurred and $X to debt million During cash due million. during to period XXXX. of in equivalents connection quarter

liquidity quarter up an XXXX, $XX first receivable-based due $XXX the at liquidity compared credit driven of facility availability under of the to to receivables. in million was million excess as XX, the Our increase by end June increased

as billion XXXX. $X.X was XX, debt June Our of

average in with weighted was cost of the quarter. debt Our X.X% first line

lien The was XX, XXXX is first credit of ratio June X.Xx. agreement leverage threshold As X.XXx. covenant our

and rates and and XX exchange third quarter movements full the Slide guidance to with exception Europe-North XXXX. expenditures payments. on for the in consolidated Now the guidance cash and year excludes interest our of guidance All capital foreign

increase $XXX and $XXX third will to believe the over consolidated XXXX. a For X% we X% million quarter, the third revenue million of be our representing between quarter

is be be $XX revenue million is be and to million. expect million between million to and We Airports to million and Europe-North expected revenue revenue million. $XXX America between $XX $XXX $XXX and $XXX between expected

our guidance. to year Moving on full

full we As for and provided are we mentioned, AFFO. Scott consolidated modestly revenue, May in adjusted year increasing the EBITDA guidance

our billion $X.XXX a expect On the $XXX $XXX to on EBITDA over $X.XXX footprint million consolidated expected be between $XXX guidance expenditures million. and to million billion. $X.XXX $XXX focus Capital Airports We of X% range and digital be to million U.S. is to be AFFO expected million. expected to basis, XXXX. be is America in representing $XXX $XXX revenue a $XXX revenue adjusted million million $XXX increase $X.XXX $XXX million a the billion revenue between and investing billion expect with to to consolidated be be between and X% we to and and expected continued in is in revenue million. between are $XX million. is Europe-North between

Additionally, let the interest me we million turn obligations debt. And refinance incur to do back we of anticipate not call $XXX now, assumes additional or XXXX guidance million having XXXX. Scott. and in that This payment in cash $XXX

Scott Wells

on the positive Thanks, to growth our to year. up our continues business for and deliver well portfolio team and us guidance our across trends Dave. plan To remain increase setting execute recap, our

sales me In to seeing us enabling as direct and benefiting we remain believe growth the focus enhance the ability time, segments of Latin the digital, ability We analytics with call organization to investments maximize few Justin next and data new generation is same from and call. website. Europe-North let American At serve, are advertisers utilization and operator benefits join turn we processes. continue now on the on to to over improve cash and which this our business overall efforts in to platform the our years. And us and expand economy, of debt range and our of we're reduce addition increasingly as the these committed can the as to will over we our believe programmatic Cochrane simplifying the America well from our a the the strengthening We increasing sales Airports team's will our our revenue.

Operator

first Instructions] from question Our [Operator Morgan is Cameron with McVeigh Stanley.

Cameron McVeigh

the would local that in seen either national could market, ad at any more And just trends then maybe provide or quarter. U.S. suggest then you color Maybe if think we on one beyond strength XXXX? and weakness verticals driving about there third trends AFFO the secondly, versus are you the any how you've into the growth

Scott Wells

going to results, ask I'm question local It is even, see tale roadside versus of national half. our the half of as in and in versus the you first the in markets. to a Dave marketplaces X of second take take it's airports of I'll different terms Cameron, and kind

have a So and advertisers national, I is it is of emphasize lot I competitive think very would on that what choices.

really expertise solution vertical more in for that whatever the is of emphasizing showing knowledge is more underlying national need in best they're emerging accomplish. that and you to really, business we're address markets X markets understanding to and is of It's it be you why trying market. addressing because to the effective up of the bringing with vertical so be the reasons to And it critical kind

agencies. through flowing RFPs on count just can't You

this see roadside think form. the our I stronger that given shape way, the are don't is we persistent any that I'd So or on And the a point. I in results a at than how where stronger differentiated competition think we're results have national characterize or space. is Airports achieving offering you that in

need not or casual we is there's roofers. The how of on we're that out, evolve adequate important among being quite been the so that which salespeople I been making markets is It's got local competition think it not a goals. an is and having dining I'd market think It's market we you in focused different key is and In in to of that what do to to have the there, happen. we've it. focused demonstrate the individual local on and of going I we local it the covering money to work there's both, at in a to well market providers get or very restaurants that lot is on. fess and doing there's us question competition on base the spending restaurants context of playing field, versus quick-serve to abreast the among to the on our it's up ad local how the within go and sure they're have making market need have in the get And out that. local, of what a go very think on competition different accomplish I legal among going question figure of it whether characterize that market money something things

that's and markets to and I'll I'll So local Dave. characterize AFFO hand the where national

David Sailer

increased EBITDA we from As a consolidated revenue from guide you our a noticed, and standpoint.

as And going in have we the to are is script, like because that our standpoint cover when able half thinking and I'm bottom AFFO when the from includes an turning I the where second we're at grow that employ a cash in generation CapEx So from to you CapEx. to corner look our we be through [ think fall obviously a going like maintain standpoint, growth we about half mentioned from line. AFFO we'll the flow second to ] EBITDA,

of at a you if you look CapEx. growth that it, at kind you look take AFFO include and If just

will the as on we feel business second line, growth and right positive going we kind very flow to the about AFFO good down forward top AFFO a grow of I through that's where the to and it growth. from and in So are be looking half of

Operator

Our is Daniel next Fargo. Osley from with question Wells

Daniel Osley

up a as as maybe a question. national Maybe question the or on follow ads

great segment Scott, you've come in from on As really the national you some Airport new mentioned, strides much has advertisers. made and

So in on America? as to advertisers have you new Airports to pull been a way inventory in able your billboard use

Scott Wells

spreading had have of on have We've done the gives expanding have are doesn't lot airport we've success our some audience them airport an advertisers so roadside things and if roadside so roadside It's of we roadside selling from where success generally out. very a So sense. to But from proposition and advertiser whereas There with airports makes lot narrower. and and easier airports different roadside. the in somewhat a not more they're that is done we the pretty that. cross-sell well audience an into of airport buyers, had by of a the focused cross-selling perspective, But airports examples a our of been buys to audience it little broader looking at translate that that. a lot with a bit

Daniel Osley

And a you've That's then a helpful. commitment advertising maybe of cancellations past In up. leading downturn. quick the follow mentioned as indicator as an

you conversation and here see an have advertisers started with most to trended? uptick how your have So recent

Scott Wells

really one, really, raising It's point. for that you important Daniel. Thank a

on see ad to possible for are cancellations. going agencies We the try the as different our to And opportunity what's partners which with to half likely getting campaigns them advertisers election that to working been digital not have second going thing educate is the as seeing with we're assets. a the advertisers, we getting on out going committees is our have create bunch in some to do in us. a national with this that with diligently pretty and crowd of is year. little with We TV on that we decent talking market sense this And well get

going be backdrop is us, I'm in tuned for stay to positive how that number that the a things. market think ad it's impacts a but second that is something the not big I saying for So for half.

Operator

Steiner next from with Our Avi Morgan. question is JP

Avi Steiner

national talk a the benefits. talked for here. Americas. a boards I'm a itself, your And then improving out relatedly, about clarification. about But the political trends couple political overall? to about of to then mean Americas? I wondering got Was segment or hear what you just And quick ups. good comment wanted might could crowd that I've you got are just follow that in the specific in a the and I've if couple Scott,

Scott Wells

just because we general, in that's on get for general. as So as the my well a even out-of-home up maybe going possibly for can advertising crowd positive spending the will picking out some is of races comment little I in money. national That think local a of factor bit be campaign and

In work transformative The if that that of the principals we're haven't year of terms believe even become ad of to think that be, see because to campaigns I schema that and for way money, are for spend what be you either we successful going going national player. to these have schema And is ad you somebody forecasting it's us. that get this elected getting advertiser not I of ad to some the some had schema. for the don't be preferred to likely is

see may with other area operatives and but do we with think whole we we've possible traction But TikTok, I that's I that speculation. on digital. have think of as what's educating worked some gotten war a political them the a on quite

is maybe for help flowing some more and nice come discussion money that trial couple swing think about and think optimistic for can be election swing in. I cycle to way this get states having we how is XXXX going a us we a in the much can someone So we'll to maybe about

Avi Steiner

should just about not there cetera? specific et that terms time, one highlighted and then but think Americas. I'm is the if get certain reserves can you provide that little color I weeds you And Okay. for of how in losses, wondering in customers too think to in we here, a credit the

David Sailer

history. happen business just take look the as a that's can if the I that. kind of going part you mean from Avi. I loss, at credit to of

in job. I pop time any up we collecting but a up have job of kind credit I from you're you in of cash. it's a that came mean If going a going The and do QX nice QX to great think last look are overall this we at and really the be company, had team of trends of loss concerned credit collections losses to anything pop X to actually I does here or there later. as about don't think where had year, But in there. we upside year,

Avi Steiner

And reiterated end the on excited if I'm Terrific. Europe-North, I review can that it Scott, you not this for But you're on sure negotiations I this question. just think strategic and, I'm And factor curious be if segment is any all ongoing. complicating just are the how healthy that in results in factor in a of progressing? a way at terms that might for or

Scott Wells

on Avi, one business I'd thanks rather a on performing much you expect business be Look, to sell lying that I Europe-North questions opening floodgates that I a is didn't that think sure. so for is than struggling. the I I'm if some that would

degree squeeze So value will that Europe-North fair that to I that that about to the good is really conviction a We're cute us feel factor we the and it last to asset. a super try going nickel. and be for every performance give don't of except the need not think I

I have and fair well on consistent factor. value. balance does do it that it that not that behavior as think a complicating of our having is performing have pretty a Europe-North think just I transactions our to-date as strikes us struck we But on pragmatism been

things lot and is. there's in takes always the pieces a it as in than hope think way why longer that complicated fact as of moving through your just business is working a a the complicated you as I because is big it business business

your so moving buyer of it needs And really of a There's think those I all driver get That's a darn with to is is long. is. answer what parts. the and of of question this underlying to lot that comfortable taking why parts the so underlying

Operator

Vitanza next is question Cowen. Our TD with from Lance

Lance Vitanza

topic Airports customers. return side, wanted to new I this ad the of the to On

seeing I a Airports new new think just important. for they of verticals? you you medium? sense Was way, about that their Are new have how out that's in they feeling or really point, they potentially do And feedback? or either and then these existing the verticals advertisers pleased? efficacy the likely at are in that the new continue be given were advertisers of you're Are this they Have of in at to could advertisers spend? sort

Scott Wells

on going there, lot a There's Lance.

the first and danger be with a advertise of A reasons that a It's expansion geography. ad product to advertiser an is So into foremost, there are and that a always launch. ephemeral. in going people out. lot new It's they're

I think going our tells for business that of the on of what's bunch story flowing. a terms of and in national ebbing years things with

the want customer they're get we that thing once would to is last represent life. here customer, So I a a for

facilities. healthy Of probably course not verticals how we'd to a a that typically has that prefer it like typically growth that not little things already bit. of were is care mix in even case, that I'd and straddles to like the related it's Airports. Things be what people care health been things health like The technology or going -- and things the but out. like universities, that's plays say education one deeper within

more that but some commonly vertical. done years in. advertising we've think They a developing I really much good they're in ago, airports X probably job did

So done been just been a congratulated team's it's environment that The verticals that so it's conscious it's effort. really in a travel been they to think focused are we're terrific The development leveraging very a a where mix fits the good for team be has popular that. of is and targeting story. been nice and on job they've business

Lance Vitanza

airports the I to and say about expected been at toward at these at that maybe looks cadence any could ramp it well XX% time. hung lower guiding of margins margins below you've down over pretty least the XX%. in lower like margin you And drivers And to you're want days? thinking talk about

Scott Wells

to that the because Lance, going sessions for margins answer. and budget invite wisecrack X give fact hanging let make a to have hand Dave. I've it going our more time I noticing I'm Well, I'm tough I'm think to been then I'll been to you to going based But Dave some too.

David Sailer

everyone the of knows the growth, XX XX% were at us. abatements when look, quarter day you and the strong tailwind obviously performed and to And the very, as ] a first the [ over we the rent XX has mean revenue last margins been up have Airports, I kind months, of to revenue have in has months. business were very That close continued. end has we growth

growth we revenue had less with at rent and abatements. XX% So

So top the were more continues, last higher margins abatements. there a because in business our if margin. standpoint, this line year they you that But versus that QX were year is if from look year, trend drive last to look, at going actually

we on we really move Airports team have the of line say seeing done the XX%. top as job that resources going So efficient great that possible. a the line, forward, a being good just as are over has so we've they've They as done to lot grown the had not top continue a hit I'd job margins as expansion there.

if as spike still mean are get might the you some a second a a if a I those But that to margins, that be into few there into I and think where getting the look but we're as we're we'll put point And there out well, are in. will see I the investment mid-teens. I no, to think abatements business. come tailwind half, We over rental would going that get

Operator

Morgan. Our is Karnovsky next with JP from question David

Theophanis Karakostas

improvement about and is This I ask the Ted and national for half. question follow a just second how we should David. the QX to on on be in wanted thinking up

and and be media improvements should crowd political in artifacts, the also brought up presumably but comps entertainment. easier before You there

QX give I that that. wanted to full near And but So it said an secondly, improving, earnings, think Francisco ask QX? potential. nowhere update I then just on back you could going to was during San you about

Scott Wells

comp that QX in national in than is on right our much comp definitely our you're QX softer was. So

I'm piece should to be helping more we much. versus media entertainment factor. for the us mitigating too is like that within get talked the is that and television a and sure not movie if okay, great. entertainment schedule QX We've media release to this going So be before tend about not

looking schedule in release the think I better starts QX.

big a but I'm a that you're that be media sure tailwind, comp is is to and the entertainment absolutely factor. going So softer right not

but I a that is that QX that Francisco, would think Area, the continuing celebrating to our gotten ways there Bay way it be characterization your before characterization still there. consistent go improve, all the San On very about to we've good with question is we're the

to San who's crowded Dave strongly. in first traveled continues out are think the forth the particularly referenced travel and really and itself aspect roads that just which I how Anybody in a was seeing is that really so certainly recognizes recently rebound very strong see the improve. city half Airports great you're Bay Francisco, had to Traffic Area. there the back

on I'd way but line So I the it as if remiss all Francisco, San I the trend we're be right think back. characterize we're in

Operator

Our question next with Research. is Goss Barrington from Jim

James Goss

about? should was there. terms I recession I been so pop was and actual recession do and ad wondering in long that thinking about what categories, a we concerns an time be you to going here up to It's exist that think we've verticals, ask seem but of far anything risks so since had you good, else think

Scott Wells

not weren't continue am been and I any really pretty of mine we pushback question. in to in I big I've consistent could are the feel cancellations off commercially, March have a that in certainly way. since we that's going from 'XX cliff in sort we that seen of and that not uptick Again a canary our my and what degree. an see this business coal Jim, economist

who beyond on have. of the going So models be any I'd that, this things benefit without on speculation the opine all that the and economic people

political X that change got anytime advertisers you've just the risk, double-edged don't on caught the thinking feel you've up that on world, some the get tone the where sides like can dynamic last in anywhere because you change think going in in the they level about the of risk the have a had of of absent it. Probably at a think to weeks noise of want it's I the happened. divide, before topic my X worse the of campaign of sword in view was events broader a of I candidate

of that Mexican over in chance killed want lot pull to that weeks Mexican think happened advertisers here. I of were think going But there in But have X don't after world. change here. candidates don't really of a brands the to to of see the Part am Jim. a candidate that had in. diminish. of it's some the be mean election all I going But an to up say a and run the of we if election just was part of anything factor LatAm softness lot the has speculating this on elections because the for one, QX kind I advertiser, like the the election, we're before were think and you to you're we something like caused we of you their a to in campaigns had of there's and don't X anything have that election I the risk weeks bunch I that cycle. in see I

in of fine. the around. are And time see as the think of in that world East vibe they're Middle the a on to are in that most advertise? I Ukraine opposed things direction are the that in are And preemptively in out to P&Ls escalation now, more likely right they're my from think those those more an think there. live you to back with part sort dialogs to this of at hunker bad that tend doing for the is advertisers at behave are to going comes businesses all one things the certainly that react the imponderables just I looking that in we factors comes or breaking risk how sort in the of the to down P&Ls that the of advertisers, But election behavior I

all-in, pretty always think of all fundamentals the too And in, but are guess Pollyanna; I'm so about nervous I sound. a I much being

James Goss

of and way We you affected Okay. smaller access Has things your bad? the back your place in any really good areas it to prepandemic. were taken any have business noticed in haven't work And larger to the remote to of may the past over or gone whatever have changes way home, years? from fully in shifts note from any markets business in

Scott Wells

employees business, Jim, world you're about And gone back X as we it's in not thinking on the time it's this I what of a and lot our dimension. of it has that was a that to question right with spend leader a deal XXXX. how great a

we I But XXXX. that's predominantly are not where true think airport that few look and was underground the the business things since around like diminished an we transit and from roadside it really a I'd contracts I the globally, traffic is. traffic world have and around in characterize world around at is the world, transit

think those our On has in the it's be has have almost the has of a up quite everywhere. we're the back in; Certainly proven to obviously vengeance in I contrary, valuable. the come that increased, and assets roadside audience and up markets of value majority airports have the vast traffic Therefore, with gone assets increased.

a is our around So personal from audience still on out not our They our but different in perspective, lot. because road work the on at might from crushing is audience home as hours, they're commute. driving well doing road lives as the things be their their still

how I'd would that characterize that, Jim. be think I So

James Goss

for the been Europe-North picked up and/or to Europe-North pricing just you've pile little properties? interest the properties on results in thing, area. Last experiencing the bit Okay. good expectations those given a in Has

Scott Wells

say expectations I'd to wide you we're tell going I'm that to on just than net. that -- pricing a interest value. our comment look, committed definitely So cast not the team fair extremely other getting an

fairly as of dialogs. It of a we've gotten is that fact they more think a positive for it's interest have ask is over a spiking set about had time pretty it, interest continuing long with time complicated learn that a into I all people it. it's So pockets that we the and that perform, to different broad-based business as for questions so and

flowing had particular we for I and I'd parties, who interests the the -- way but that. parties characterize time. known we've were that's that you from tell wouldn't long have particular ebbing of I a guess So

Operator

Thank to at time. Wells back closing hand the Scott you. There further floor for this no over comments. any are questions I'd like to

Scott Wells

thank very Great. joining for much, Thank us and Paul, you you today. all

demand we the market fundamental I drivers of for about assets is by think Jim, which just me putting stock were business. encouraged pin and we're what that are worth in very the in volatility, that driving very talking the are light we it of progress that a is our sound our making believe recent we with

things with as that the it and head half, lying into good So an are upbeat second ahead. a we sense tempo is

we'll again, soon. So thank speak you all and

Operator

conference. today's This concludes

disconnect may your participation. time. lines you at this Thank your You for

Clear Channel Outdoor (CCO) 7 Aug 242024 Q2 Earnings call transcript