Clear Channel Outdoor Hosted its First Investor Day Discussing the Company’s Long-term Strategy for the Americas Business
106 Slide Deck Worth the Look
Publisher’s Note—The CCO Investor Day discussion shared a tremendous amount of information. Too much for us to summarize at this time. We admit we got up a bit late to catch it live yesterday. The press release for the event showed up in our mailbox at 7AM just 2 hours before the presentation began.
We recommend you listen to the webcast (you’ll have to sign in) here⇒https://clearchanneloutdoorinvestorday.open-exchange.net/webcast
More important to the average OOH sales person and OOH planner/buyer are the 106 slides you can check out here⇒ https://s23.q4cdn.com/620256783/files/doc_news/2022/09/CCO-Investor-Day-2022_v-9.7.22-FINAL.pdf — Get through the financial stuff and to the sales slides where you will enjoy a great deal of sales points you can use for your pitches. Strongly recommend you see the slide deck.
Clear Channel Outdoor Holdings, Inc.
to Outline Growth Drivers and Long-Term Strategy During First Investor Day
Highlights technology and digital capabilities to enhance CCOH’s competitive position and capture expanding out-of-home opportunity in the U.S.
Introduces expanded financial disclosures for the Americas segment, enhanced guidance for 2022 and long-term financial outlook
SAN ANTONIO, Sept. 8, 2022 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (CCOH) (NYSE: CCO) will host its first Investor Day today during which Scott Wells, Chief Executive Officer, Brian Coleman, Chief Financial Officer, and other senior leaders will discuss the Company’s long-term strategy for the Americas business, including deployment of its technology and digital platform, to capture the expanding opportunity in out-of-home (OOH) advertising. Details of CCOH’s expanded financial disclosures for its Americas business, enhanced guidance for 2022 and long-term financial outlook will also be presented.
“The outdoor advertising sector has evolved rapidly over the past several years, and the work we have done to innovate and modernize our asset base and operating infrastructure has resulted in a core and defensible media platform that is more relevant than ever,” said Scott Wells. “Guided by our three strategic priorities of accelerating our digital transformation, improving customer centricity, and driving executional excellence, we have strengthened our competitive position, attracted more advertisers to our platform and captured greater share of advertising budgets. We are continuing to make our solutions faster to launch, easier to buy and more valuable by harnessing the power of data. Simultaneously, we are focused on increasing our operational efficiencies to drive greater margin and operating cash flow, strengthening our balance sheet and driving long-term shareholder value.”
During the event, the presenters will focus on CCOH’s competitive advantages and growth opportunity in its Americas business, including:
- CCOH’s highly advantaged position in an established, growing advertising medium;
- Its investments in technology and digital innovations that are expanding the U.S. marketplace opportunity, including enhancing advertising sales and campaigns, expanding measurement tools and enabling programmatic capabilities that drive efficiency and data driven insights; and
- The company’s attractive cash flow profile, including benefits from digital conversion, and how it enables investment in technology and accretive expansion and deleveraging opportunities.
Expanded Financial Disclosures for Americas Business
In conjunction with the Investor Day, CCOH is introducing expanded disclosures for its Americas segment. Going forward, CCOH will provide revenue and inventory metrics for its top 15 markets in the Americas segment, split by digital billboards, print billboards, digital transit and print transit. CCOH will also provide the split between digital and printed displays in its Airports business in the Americas segment. A table summarizing the revenue and inventory information for the LTM period as of Q2 2022 is included in the presentation materials for the Investor Day (see below), and the company intends to provide the disclosure on an annual basis together with its annual financial results.
CCOH is also introducing a new non-GAAP performance measure, Adjusted Funds from Operations (AFFO), to allow for greater comparability of CCOH’s financial results with those of its closest peers, which are real estate investment trusts and present this measure. AFFO for the year ended 2021 and the six months ended June 30, 2022 is presented in the tables to this press release along with a reconciliation to net loss. See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for an explanation of the use of this financial measure.
Enhanced Guidance for Fiscal Year 2022
The company reaffirms all prior third quarter 2022 guidance and expects the following for the full year 2022:
- Consolidated revenue between $2,600 million and $2,635 million, excluding movements in FX1
- Americas revenue between $1,355 million and $1,375 million
- Europe revenue between $1,170 million and $1,190 million, excluding movements in FX1
- Consolidated net loss between $150 million and $123 million, excluding movements in FX1
- Adjusted EBITDA1 between $560 million and $590 million, excluding movements in FX1
- Americas Segment Adjusted EBITDA1 between $555 million and $570 million
- Europe Segment Adjusted EBITDA1 between $130 million and $145 million, excluding movements in FX1
- Consolidated cash interest payments of approximately $341 million
- Consolidated capital expenditures between $185 million and $205 million
The Company is introducing the following new non-GAAP performance measure:
- AFFO1 between $160 million and $180 million, excluding movements in FX
1 See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for an explanation of this financial measure.
Long-Term Financial Outlook
Over the next three years, CCOH expects that its pursuit of multiple avenues to drive advertising spend to OOH and its continued investment in digital deployments will drive continued growth. As a result, the company will provide certain long-term baseline growth outlooks at today’s Investor Day, which are included in the presentation materials (see below).
Expected results, estimates and outlooks may be impacted by factors outside of the company’s control, and actual results may be materially different from the guidance and long-term financial outlooks. See “Cautionary Statement Concerning Forward-Looking Statements.”
Webcast of Today’s Investor Day Presentation
CCOH’s presentation will be webcasted live starting at 9:00 a.m. Eastern Time (ET) and is expected to conclude at Noon ET. The webcast and presentation materials can be accessed through Clear Channel Outdoor Holding’s investor relations website at https://investor.clearchannel.com/home/default.aspx under “Events and Presentations.” Presentation materials will be available on the Investor Relations section of CCOH’s website today at approximately 8:30 a.m. ET. A replay of the webcast will be available following the event at the same link listed above.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month across more than 500,000 print and digital displays in 25 countries.
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