CCO - Earnings call transcript Q4 2024 | Clear Channel Outdoor Holdings, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel Outdoor Holdings, Inc.'s 2024 Fourth Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. 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 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 fourth International Channel Clear and B.V. Information fourth 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 open questions. for line an review we'll introduction the of our results,

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

we December classified important American earnings our XXXX, the reviewing as discontinued operations with to principles. We also call, earnings a accounting XX, as that our these presented. businesses have of reconcile During presentation, refer note periods of we Europe-North When schedules segment part reported that accepted that Latin measures results as it's non-GAAP certain do presentation. conform GAAP on generally provide today's will to our not to basis measures and all for

information and the this the business the Singapore. Also, of the segment, The speaks call of Please and segment, Slide provided a time accurate longer in Spain, Airports over I as be no including today, XXXX. Americas the turn consolidated may management's to X discontinued call note our Additionally, the now Scott. to in February and replay. that see on XX, presentation, please will only earnings classified XXXX, include views at Europe-South in was as results operations segment

Scott Wells

join thank us time you for today. taking everyone, to the morning, and Good

recent the Latin Europe-North most segment as $XXX and our plan the Our as closed businesses To our in marks have optimize agreement for U.S. sell to America progress our our well focus higher-margin of in sale Europe-North segment approximately amounting to we've our deals million date, and of million. portfolio recent significant sell on agreed our $XXX to to business. of execution

We are Spain their to in strong our and also about optimistic our ability Brazil, given businesses performance. divest

retiring our the we of along, as focus of advantageous risk in these we stack As said in retire sales all segments. prioritizing and to agreements our permitted profitable anticipate reduce cash interest most to most our after use and proceeds CCIBV We reduce in on valuable AFFO. increase will believe term the our increase in XXX% debt the $XXX the and business million loans sales and efforts growth optionality driving in

fourth delivered line the driven Americas digital increase of segment in in our an quarter, was During and of X.X%, record by sales, our which revenue local representing $XXX guidance. million, with strength

year, As remained choppy. noted, throughout the we previously national somewhat

the the in well level our $XXX with result win and of million force. Airports to as guidance. X.X% we've making performance perform technology with to the continue new to we record compared a a investments in fourth robust However, increasing sales been to year in business a continued revenue of and line in quarter prior

for demand throughout activity. record results strong delivered team the with travel our and premium airports assets year Our consistent national

from of million of Singapore contract a a to quarter, which course While demand. On the strong of growth normalized generated reflects December representing the an consistently during loss of consolidated basis, XXXX. the revenue continue year, $XXX we over of as in increase fourth the of we X.X%, rate a the XX, see impact

X.X%. up fourth revenue the and America from quarter Airports was our segments Singapore, for Excluding

representing over a billion, the For the of year. prior full we X% year, revenue increase $X.XXX generated consolidated

Singapore, Excluding America for segments our Airports X.X%. and up was revenue

with revenue, and as strength develops revenue we the as to optimism, profile the year our to few expect building in EBITDA line. Turning have more from over past business to we've AFFO adjusted our been we we're more growth. years diverse benefiting build levers healthy the top XXXX, Fueling our grow

the Our centered to connect these we with ability seeing for target and make while on and where campaigns and inroads focus gain in-flight campaigns strengthening recently insights sales audiences. insights their their on remains CCO live. added and our growing We verticalized growth store launched and impact audience our been our strategically relationships initiatives RADAR that believe analytics measurement digital have enabling our experience out-of-home utilizing our elevating expanded the brands we not to of We're professionals on sales solution, target our road benefits are platform, with data verticals. with our map advertisers expanding have force are force. Building still to out-of-home footprint, capabilities visits behaviors into assess of our in also

in our laying business groundwork to presence pharma, building well. in we're categories grow beverage and auto Beyond the the as

in Finally, as steps will our spending and prioritize America divestiture, zero-based growth position Europe-North we Airport be once to complete structure further in budgeting take we our through address to segments. we the our to cost drive

our and strengthening reduce grow at with sheet, a a U.S. leverage balance All central our shareholder on in organically higher-margin EBITDA strengthen efforts our businesses AFFO to adjusted enhancing value. goal our enhancing of ability these are and focus to priority aimed and

of Full detailed representing in between year billion, Turning $X.XXX Dave expected to continuing provide our America and we current X% is revenue In our the a billion revenue segments. the quarter, forecast. are Airport and increase to $X.XXX consolidated see guidance year. X% in reach to growth over last moment. a a our overview to will

throughout for pleased overall, with colleagues over our focus operating to success. Europe-North for continued our in hard sales especially work to America and on we're contributions me in processes. With the Dave. executing the thank thank So we're their that, progress I the let call team like hand making our company-wide their and Latin plan. I'd to our

David Sailer

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

As operations presented. discontinued for American mentioned, XXXX, segment we have periods Eileen our as and Europe-North December businesses all just as of XX, classified Latin

Additionally, our was XXXX. Spain, Europe-South operations as classified segment, the in discontinued business in including

to the and XXXX I results, Airport of quarter unless consolidated noted. include changes the XXXX of amounts for otherwise percent and America segments. fourth the The quarter to refer Moving fourth are our the which to are fourth compared quarter XXXX,

year, basis. million, $XXX Now on Adjusted was X a increase mainly $X of Loss abatements X.X% basis. Direct X.X% to driven National with with EBITDA The by was for Local with comparable is expenses and York National operating operations Authority up print for $XXX EBITDA margin that a were and variable adjusted million of up airports. revenue, $XXX the led EBITDA X.X% for up to and to million. X% of increase XXth MTA. and million. higher of X.X% of were X.X%. accounted revenue down $XX demand X.X% sales by due This and results. adjusted in for to $XX revenue up X.X% which million, a San million. both accounted contract a strong for was fourth segment was higher X.X% $XX the on rent of sales, for Segment Segment X EBITDA consecutive segment sales accounted increase. SG&A $XX accounted billboard margin Airports were New new was driven incentive up quarter not a are million, for were revenue, million, was Jersey, in York were the to increase. On XX.X% a for revenue. million, digital continuing revenue up future increase with abatements review were sales contract. Please the the Local $XXX was million. advertising adjusted fourth and AFFO the in lower on to was revenue. was million, $XX up up America the Francisco up periods. Airports XX.X% up quarter due results. million, X.X%, $XXX Airports the America flat Digital Consolidated $XX reported growth New has X.X% quarter lease quarter revenue from of XX.X%, for a X.X% from in to XX.X% results XX.X% XX.X% This a expected a with due down Denver revenue and Slide site primarily to XX.X%. New to in the grown million, continue a ramp-up XX.X% SG&A fourth comparable Airports segment Americas and the X.X% primarily the is X.X% to with the adjusted comparable EBITDA the a to compensation of for XX.X% and of quarter operating to billboard $XXX expense expense in prior basis. see roadside roadside to up Airports. York, year-over-year. New for billboard on rent Digital accounted which is Slide comparable part related lease revenue, was MTA of revenue, part America basis. Direct X.X% expenses revenue prior $XXX Port on related quarter accounted America site local year revenue, by elevated margin to which million,

wholly-owned business and the results. Previously, an operations businesses, operations I will company. subsidiary under to borrower Singapore, the European statement also income. indirect CCIBV's Europe-South been Clear B.V., foreign of financial it immaterial the the CCIBV, term operations to facility. reported as as of discontinued which Until Slide company which on results on have we the as operations. another Moving to XXXX, in loan X. of of CCIBV CCIBV which included consolidated Historically, subsidiary Channel our discontinued were the the of International the is consolidated in were operations XX, to includes classified wholly-owned indirect the September sold CCIBV CCIBV Singapore of refer results

now million as of $XX back the as decreased for $XX fourth CCIBV the income same are business XXXX. XX.X% CCIBV sale, to businesses the on $XXX the XXXX XX, period October Operating due million to compared including the held for $XXX was from businesses However, million, because held gone XXXX. million to of or sold in same compared sale to in of sold have follows: are results period or CCIBV primarily are reporting Revenue XXXX results, of that France for sale follows. consolidated quarter we all to

Slide Jersey and review due expenditures. airports quarter, built the year. due prior was as out Port to million this Now reduced to spending the CapEx X totaled our America was in point. increase of at fourth the New York in The Authority substantially with decrease of New are capital and the in Airports $XX at moving in they flat to timing

Now on to Slide XX.

This operations. $XX During the and the a were $XXX compared cash equivalents decline the to cash as cash XXXX, including the million XXXX. discontinued of payments $XX quarter, Cash of to prior in interest fourth due million due end timing the $XX third by March represents same for million, quarter fourth primarily held transactions payments. of the with connection of during the refinancing in compared occurred to period paid to debt increased interest interest million the year, quarter that primarily in

December end XXXX, the at liquidity third as Our of liquidity million $XXX down XX, was $XX quarter. of million the compared to

debt December the in as XX, with Our $X.X was quarter. billion third of line XXXX,

average quarter. with of in third also cost Our debt X.X%, the weighted was line

ratio first December was XX, the the whether or classified leverage credit agreement, credit covenant sale lien senior discontinued the ratio closed secured net the pending. agreement's lien The net operations, all springing calculation X.Xx. Under threshold of the is is as leverage our impact of of businesses As first excludes XXXX, X.Xx.

discontinued As in a EBITDA isn't calculation. result, operations included the from

previous may the businesses leverage of give calculation from periods. December of Additionally, as sales is comparable uses directly not from. the be to net intended our anticipated international there or and XX, than doesn't to lien in higher net effect Consequently, XXXX our cash the first any such ratio proceeds periods

lien paydown our from all in However, to Chile, of Europe-North businesses first we proceeds leverage and equal, the the the things our and and CCIBV loans being lower. considerably Peru expect receipt Mexico, be the proceeds net of the after ratio sale the term of

XX the for and guidance XXXX. to our year full and quarter Slide the of on Now first

$XXX For over consolidated quarter, X% the prior year. we representing X% to be increase expect million, revenue of and a the first our $XXX same million period the will between

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

our Moving full on to year guidance.

$XX XX% be between basis, to consolidated between million billion X% not of the of over to the a clear, interest include be representing $XX be expenditures doesn't in interest guidance expect expect is consolidated same be guidance this we million an be billion, On between digital revenue X% and representing million. revenue We timing is and XX% footprint. be continued increase loans. Capital expected uncertain year $XXX million. period $XXX $X.XXX the $X.XX are to expense to year. of billion investing to is does million prior related to over reduced the and with and potential term and revenue due increase expected expected Airports adjusted $X.XXX a Americas expense. include between prior benefit to our a million range in of billion. $XXX CCIBV million, EBITDA to the $XXX million the to on $XX AFFO $X.XX $XX focus to to To

we in $XXX interest not cash debt. Upon the of that net This CCIBV loan payment of businesses, after use payment proceeds anticipate the $XX expenses refinance the we'll additional assumes repay, obligations anticipated the prepay Europe-North to incur or million we and quarter Additionally, million transaction-related do guidance in facility. first of fees XXXX the of XXXX. and closing having term

interest we refinance $XXX and XXXX or expect assuming turn million cash incur again, in the term to million that payments back facility, don't loan of now, $XXX Excluding additional we approximately interest me debt. And in call repay, the annual let on XXXX, Scott. CCIBV

Scott Wells

businesses business made which continue in our recap, investing while and our our sales selling Dave. Brazil, in for to strategically we've will international focus Spain force. as To growing and complete debt committed our our our our technology U.S. plan and on considerable offering divesting product in remain the businesses in higher-margin to progress We Thanks, U.S. generate cash we strengthening reduction.

As operate growth to EBITDA business, to simplified a and in revenue deliver and our the we off we're promising adjusted start year consolidated in expect ahead.

few have less highlight Over emphasized focus last our AFFO cash to generation, CapEx. on the quarters, discretionary we

with significant in simplification expect that forward We for our we we anticipate continue business, metric, AFFO to which will of our growth on the growth. focus going but comments compound

this growth growth adjusted expect by to EBITDA be debt driven We reduction. and

turn let Now operator. call the over the me to

Operator

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

Cameron McVeigh

You trend how year are the guidance the out for a that could Is thinking few baked curious, could provided walk you margins any relatively expectations there? be there now? you're Or if just that into helpful. And the update now this then wide more you Just would maybe there first secondly, a is exited guide conservatism? range an color macro should uncertainty of quarter. provide through this you've territories. And

Scott Wells

Do those, you want to take both Dave?

David Sailer

are our guidance pretty in the when the that a of And out standpoint, And with year. From comfortable first where I LA. an range Sure. normal there's now mentioned the and range, on uncertainties I just think mean, the I it's it I we quarter. But you a Airport about the little feel new what's the went couple between of that L.A. of you I'm about when end usually actually, guide we can quarter, pretty what an on for kind MTA. a go first going put thinking of from tight from standpoint. kind first think about is in think, year, economic we in there's have a the contract lot quarter. obviously, on When But the

as that's year. we a back as the year first as the little a the So of half contract get goes ramp that the part of ramp of going bit year on, ramps towards the in to slower

a we think the overall, off of that a look part of little a what I the up slower to segments, I expect we're do growth the and going that have ramp. And it's third start I the be question? the I So pick in And but so back to -- think first contract year, into to standpoint. bit as across quarter, to fourth guidance year. think I going from at get when both going is to We're second was

Cameron McVeigh

trends. Margin

David Sailer

business, talked for been standpoint. revenue MTA see and talked the and more Americas margins into standpoint, clear quarter, going about talked the abatements impact XXXX. build media of book contract. We've you we've will many Airport we'll our From a MTA is And general, first and about the COVID half margins we've in I of I ramps, margins the think because about of times. -- year. and before that businesses airports, a in back both standpoint, little will think a had apparent throughout to margin of on contract margin and an this year we've into away an a have rental go this the we've XXXX lot will our And of those and you're pretty I that as from XXXX. get Americas mean When about in again, in as But your the bit the from decline what's

the to from come we quarter in especially and will margin more that for airports, levels. elevated, definitely were So standpoint, a down fourth back normal

about were range we've talked on into XXXX. airports, think probably XX% as I get the in teens. high we in the We'll be the in we past

will higher, as little be and you of year. or a into a the margins get tighter probably quarters little bit will smaller in the year bit early Some ramp probably the later parts

Operator

with Daniel question is from next Fargo. Our Osley Wells

Daniel Osley

in ads flat national QX. mentioned You year-over-year were

for expectation weakness? So seeing a follow-up. and wondering Then strength I what in is what or had categories I was you're national 'XX your

Scott Wells

Sure.

using the was airports America in up quite year on mean, So specific in all yes, business. national It the we digits airports really I double I and year long. good was think National that's is all word keep choppy, long. to

is choppiness So business. more the in the roadside

And course toward strong in the a the Telecom bit XXXX coming has development, just around seen didn't of those forth. what we've having to category that advertisers big that seeing relatively just get a why XXXX. on way choppy. we're talked with money the COVID-related to strong little of There in in lot over came It couple last some pretty doing been we more end work doing And and do been focused a the over recur years. in. we've out were -- is that's that campaigns back so we're I think campaigns things data have were of and reliably XXXX.

we think for So tailwinds things national of there's year. look a I couple the I are to that spending within year, this we as think think

are to at I that in in region Northern a California California coming of back at of that think there in coming the early There's is advertisers in we're way, more fires, think course, that meaningful going year. but looking The I particularly Northern particularly California, little real and pretty San some California, general, strength California. Southern looking this look out a California. Francisco, Southern uncertainty in to region in again, see

and think that I think from is XXXX, perspective, media a entertainment positive vertical better be that us. a that the is than should and something we slate for

the over We continue think by T-Mobile telecom. for a that of looking for that will this positive is in am year. data good to of broader out-of-home seeing see ramp. I of us of within acquisition efforts And we encouraged think Vistar it's that And telecom. course going a into drive. what And point we're pharmaceuticals actually do of I'm an endorsement I importance be have categories the number We to category the other that

little the the national momentum the out campaigns, that choppy are sort as think driving segment. our until in in what's enjoyed remain need in puts to it's and But takes. is varied we get We opposed to to segment. similar as some going pipeline a the of Airport to and we've point of get I So where those

Operator

with Jonnathan from Our Navarrete next question TD is Cowen.

Jonnathan Navarrete

can want still Should to on for segment? contract? EBITDA little and there the CapEx we billboard the related the bit expecting to the X% growth Americas about MTA talk just ramp a touch contract. we And I be

David Sailer

to standpoint, revenue the from an Americas from mean I'm slower obviously, normal -- that's points the -- Americas I segment. CapEx to because we're to you're little going ramp run when standpoint, looking in From CapEx. going it of a we on yes, the I'll growth contract a full year, but standpoint, November. in Obviously, -- going a started first a top our Sure. couple at that's NPA of of to going through from that get quarter, ramp a

you're included from think of spike in as we're but in the a see So obviously, our kind and into normal first standpoint overall business on from as CapEx you our several that I spike get thinking of digital see That bit our of take spending a the second, CapEx. be and CapEx. not new spending year help in a time contract But going on of those our contract maintenance that it about. as will higher, years the it far you're property part don't overall the because going little upgrades as the be And to ramp. it's a will boards guidance fourth you're will that third CapEx. will to to

Jonnathan Navarrete

Got my revenue it. just last is the local quarter. fourth during one And airports on

I about be think just talk I'm if bit should I've we calculated little there was of? wondering a decrease is a could you a that there trend maybe there aware that if year-over-year. and

David Sailer

No.

at for digits. up full you it's If I year, look the it double mean,

it's double about that It's a you the the ebbs local it's closer that flows. I think There probably direct local XX%. So high few in roll year, had substantial. But for into actually and mean, that number kind if just some up to number. of just up the full deals, the digits, year-over-year comps we pretty were

standpoint really from fourth number. was concerns that on So no quarter my up. And national

it was when quarter you -- the think we that And up $XX about or I that years really $XX million. where I well. segment mean, X million, segment ago, think were is overall, fourth performed X So and

So it's quite performing nicely.

Operator

Our with next Avi from question is Steiner JPMorgan.

Avi Steiner

corporate you number. is corporate get I if I'm then it, 'XX. as guess, one then core One, focus, to if U.S. have assets to more that kind here, down your on of a I sold implied couple I relatedly, apologize And get minutes follow-up. and here curious what X if I upside And there's I hopped And of missed the for late. can. have I in I curious guide

David Sailer

we expense $XX is work said assuming you're Well, to is about of going, million We're how which point in on have number continuing that expense closer that past from our I'm Avi, talking it roughly say the I'd corporate probably mid-XXs has this that. corporate in at to time. a standpoint, expenses. divestitures savings And made. because as but we get not think you'll reporting, into impact I XXXX still more But year, get think still are see when the of I you'll have have really, we the companies are we'll signed that this the see as as obviously, into -- we all an closed.

of But So mid-XXs. I still we're I work that come working more point of out. later into in into 'XX, see line a you'll to lot expenses closer is a grow on we ongoing. see think at will year. time, the And And number this as it sight as the get that

Avi Steiner

your then getting last time. down you've very to the helpful. expected we're for little And really That took credit, And doorstep right Scott, longer talking U.S.-focused about to a here. business my a one. is core than it been while on a long

you how the as business? you you both? do is, they balance So tackling mutually from balance think sheet? the investing in while I question here guess exclusive? want Can you Are the do sheet do tackle about how the U.S. Or

Scott Wells

the to to I it long appreciate I Avi. us. longer question. Thanks, you, And it Yes. assure however -- No, you felt felt

human from the development, divesting of has point progress a a corporate businesses, of I've that in which to European substantial just pleased we very at shift these finance, effort of a all be resources. that I made. done said making the businesses we've pretty is staggering. good settings, kind diligence across of few we're we're amount the mean, been as So

take things we As and going focused to on our that that do. And few a odds. feel area can been me energy the creativity able we things that's it get be to about we're that, and past are the good focus there make in

that but doggedness of a to promise bunch ideas in think innovative marketplace will looking if can forward all successful. are is trying that we we're promise kind think they that stakeholders are succeed, innovative testing to to one and that our Can't similar will some solutions very we're the show value I thing that drive of win-win-wins. in here, have very we we those creative

this opportunities sector. And me to course. lines think particularly week I creative other people optimistic But ton the a to from anything. is not of think is that a do don't I on interesting know part some in of sector those by research opine trying me to get on to that want in Again, any we're there really this those us can't can credible our partner investor. somebody is quiet some maybe growth, not going there I in the a really routinely, things that makes do And of along invest to I but be who activity. and we maybe I with out-of-home benefiting not capital, periods, and for space using might for promise create our the goes

opposed things proceeds started I the bring allow and public to we've high public years. position going in the and start -- we couple the us is as like that to aspire there as creative kind kind cash the up to functioning in, growth interest that can AFFO some last think bring felt be we down AFFO, into to innovative of do to LBO We flow accelerate factor stuck expense And going over to But more think creative to LBO the things. And then we're thing that and the of of yet. I other you are of got bring think that that working B.V. to up get functioning on the excess haven't those I have place

as get these things prospects done. start pretty we on to upbeat So I'm our

of much giving So too me flavor gives hopefully, that away you without enough store the here.

Operator

next Barrington Research. is Our with [Operator Sholl Instructions] from question Patrick

Patrick Sholl

sort focus U.S., board kind impacted question a capital with trade the investment -- I on the focus on how, the curious I digital had uncertainty of do wondering also plans. of Just plans. -- accelerating has anticipate the of I just with now greater guess, you And those was the with pace on spending installations? was

Scott Wells

Sure.

to kind signs offerings. partly by at cities adding good X is. will that's diligently a expanding the of our perimeter our those are don't our So think opportunities we've footprint to in are accelerate portfolio. should at And our and we expanding working it. rest kept in around Much point. robust particularly opportunities digital steady And we're really of of the digital footprint, least underpenetrated of job digital. already of just a of that that doing going where we're to X the very that or get driven break, pace And core accelerate expand I of pretty to There we're

We have way that are are sort in airports, in that all to of digital everything of markets in the from revenue percent roadside is it's revenue. single-digits spread. and terms advanced low that this of XX% And markets the

I that. continue capital, that where those was in of beyond think with think digital going So or setting help converting a the our to do be X signs, to own thing. not rate, -- cities us is to things think develops. could lines. that going X changes there's creatively aside a principally But deploy don't a with that that, at we're but we We'll to our principal referring ordinance that in steady partners Avi and we some not be I maybe us speculating I'm just lot And I as then upside place accelerating conjunction there's what may that along

Patrick Sholl

you and the versus a on sort that? then both could national within the revenues within on that just And that breakdown there billboards provide is local you mix digital airports, Okay. of of generate like

Scott Wells

From don't of would to break it's mean, overall very going be look I out different think just or numbers kind at standpoint, that printed, at national business I on same printed similar kind clients sign. it's that it, when digital like it local client the digital, national. the we from a local, I like look they are widely No. those from you of it's a to when side. the

I widely be different. So think don't it will

Operator

to the With over to management further I closing queue, would in back no questions conference the like for remarks. turn

Scott Wells

for the you, you, the Great. Thank and everyone, us appreciate joining Thank operator. interest time. We today.

tail down it the and to that parts main as and shed can get expense. an is disc the financials want and of be as confusing have transition Investor our further to of we kind be work people of we things we wrap questions up summer more as and do lot areas I appreciate bring think have have we We thing the to unpacking I some some together for of will the we here. that moving Day somewhat we that, ops a and on the services in plan light mention had go end corporate able into understand a that where

now place of there, but and certainly everyone's and and I put good just the appreciate a then, you talking out be week. with So you interest to mark balance wish between wanted that we'll

Operator

Thank you. This will conclude today's conference.

your disconnect for at thank this and may You your you lines participation. time,

Clear Channel Outdoor (CCO) 24 Feb 252024 Q4 Earnings call transcript