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CCO Q3 2024 Earnings Call

October 31, 2024 8:30 AM EDT

Participant / Guest Dial-In: 866-424-3432 / +1 215-268-9862

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Please note that you are now entering a website directly or indirectly maintained by a third party (the “External Site”) and that you do so at your own risk.

Clear Channel Outdoor Holdings, Inc. (“CCO”) has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only.

By clicking “Accept” you acknowledge and agree that neither CCO nor its third-party provider, Virtua Research, Inc. (“Virtua”), is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data or the technical operation of the External Site. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against CCO and Virtua and further acknowledge and agree that in no event shall CCO or Virtua, their affiliates, officers, employees, directors and agents be liable for any (i) indirect, consequential, incidental, special, compensatory or punitive damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties or (iv) other pecuniary loss, in each case arising out of, or related to, this disclaimer or the External Site.

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If, in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent possible, and the remaining disclaimer shall otherwise remain in full force and effect.

Please note that the information presented is sourced from CCO’s filings with the Securities and Exchange Commission and is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards and procedures. Some information may be considered immaterial in the published year and has been consolidated with other line items, resulting in certain line items no longer being comparable.

During the third quarter of 2023, the Company’s plan to sell the businesses comprising its Europe-South segment met the criteria to be reported as discontinued operations. Assets and liabilities of discontinued operations are presented separately in the Balance Sheets and results of discontinued operations are reported as a separate component of the Income Statements for certain periods, while other periods reflect the historical presentation as sourced from CCO’s original filings. The Statement of Cash Flows reflects both continuing and discontinued operations for all periods in compliance with GAAP. Refer to notes throughout the External Site for reference.

Please note that revenue and expenses “excluding the impact of movements in foreign exchange rates” are calculated by converting the current period’s revenue and expenses in local currency to U.S. dollars using average monthly foreign exchange rates for the same period of the prior year.

Non-GAAP Information

In addition to disclosing results determined in accordance with generally accepted accounting principles (“GAAP”), CCO may also disclose information that does not conform to GAAP, including Adjusted EBITDA, Adjusted Corporate expenses, Funds From Operations and Adjusted Funds From Operations. CCO believes these non-GAAP measures help investors better understand CCO’s operating performance as compared to other out-of-home advertisers, and these metrics are widely used by such companies in practice. CCO uses these non-GAAP measures to plan and forecast future periods, to measure performance for compensation of CCO’s executives and other members of management, to evaluate CCO’s operations with the same terms used by CCO’s direct competitors and to facilitate period-to-period comparisons of business performance. Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures, as an indicator of operating performance, or CCO’s ability to fund its cash needs. In addition, these measures may not be comparable to similar measures provided by other companies. All non-GAAP data should be read in conjunction with CCO’s most recent Annual Report on Form 10-K, Form 10-Qs and Form 8-Ks, which are available on the Investor Relations page of CCO’s website.

Forward-Looking Statements

Certain statements herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of CCO to be materially different from any future results, performance, achievements, guidance, goals and/or targets expressed or implied by such forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements include the factors set forth in CCO’s filings with the Securities and Exchange Commission. CCO does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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