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Jun 30, 2022
Clear Channel Q2 2022 Earnings Report
Delivered strong results exceeding consolidated revenue guidance, as advertising demand remained robust across markets in the Americas and Europe.
Key Takeaways
Clear Channel Outdoor Holdings, Inc. reported strong Q2 2022 results, exceeding consolidated revenue guidance due to robust advertising demand in the Americas and Europe. Digital assets were a significant contributor to the positive results. The company is focusing on strategic alternatives for its European business, including the potential disposal of certain lower-margin assets.
Americas revenue was up 27.4% to $346.1 million.
Europe revenue was up 13.4% to $280.3 million, or 27.8% excluding FX movements.
Consolidated net loss was $65.3 million compared to $124.4 million for the same period last year.
The company is focusing the strategic review on the potential disposal of certain of their lower-margin or lower-priority European assets.
Revenue by Segment
Forward Guidance
The company provided guidance for Q3 2022, expecting consolidated revenue between $625 million and $645 million, excluding movements in FX. Americas revenue is expected to be between $340 million and $350 million, and Europe revenue between $270 million and $280 million, excluding movements in FX. Consolidated capital expenditures for the full year of 2022 are expected to be between $185 million and $205 million.
Positive Outlook
- Consolidated revenue between $625 million and $645 million, excluding movements in FX
- Americas revenue between $340 million and $350 million
- Europe revenue between $270 million and $280 million, excluding movements in FX
- Expecting to make additional principal payments of $10.0 million during the remainder of the year
- Next material debt maturity is in 2025 when the $375.0 million aggregate principal amount of CCIBV 6.625% Senior Secured Notes is due
Challenges Ahead
- Expected results and estimates may be impacted by factors outside of the Company’s control
- Actual results may be materially different from this guidance
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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