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Sep 30, 2021
Clear Channel Q3 2021 Earnings Report
Delivered very strong results driven by advertisers returning to launch new campaigns and rebuild brand awareness.
Key Takeaways
Clear Channel Outdoor Holdings, Inc. reported a strong third quarter of 2021 with revenue up 33.3% compared to the same period in 2020. The company saw positive trends in revenue for each of its segments as mobility levels continued to increase.
Americas revenue up 42.6% to $319.0 million; digital revenue up 68.4% to $114.6 million.
Europe revenue up 21.0% to $262.6 million; digital revenue up 44.8% to $92.9 million.
Consolidated revenue between $715 million and $740 million is expected for Q4 2021.
The company repaid $130.0 million outstanding balance under the Revolving Credit Facility using cash on hand.
Revenue by Segment
Forward Guidance
The company's expectations for the fourth quarter are as follows (revenue amounts exclude movements in FX where applicable):
Positive Outlook
- Consolidated revenue between $715 million and $740 million vs. 2019 consolidated revenue of $717 million
- Americas revenue between $360 million and $370 million vs. 2019 Americas revenue of $345 million
- Americas Segment Adjusted EBITDA margin percentage returning close to the 2019 fourth quarter level of 42.3%
- Europe revenue between $335 million and $350 million vs. 2019 Europe revenue of $349 million
- Liquidity balance, including unrestricted cash and availability under credit facilities, to be between $525 million and $575 million as of December 31, 2021.
Challenges Ahead
- Customer advertising buying decisions are happening later in the buying cycle, particularly in Europe.
- Expected results and estimates may be impacted by factors outside of the Company’s control, such as the continuing impacts from COVID-19.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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