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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission File Number
001-32663
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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88-0318078 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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4830 North Loop 1604 West, |
Suite 111 |
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San Antonio, |
Texas |
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78249 |
(Address of principal executive offices) |
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(Zip Code) |
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(210) |
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547-8800 |
(Registrant's telephone number, including area code) |
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
Trading Symbol(s) |
Name of Exchange on Which Registered |
Common Stock, $0.01 par value per share |
CCO |
New York Stock Exchange |
Preferred Stock Purchase Rights |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
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Class |
Outstanding at August 4, 2020 |
- - - - - - - - - - - - - - - - - - - - - - - - - - |
- - - - - - - - - - - - - - - - - - - - - - - - - - |
Common Stock, $0.01 par value per share |
467,328,864 |
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
TABLE OF CONTENTS
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Page Number |
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PART I—FINANCIAL INFORMATION |
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Item 1. |
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Item 2. |
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Item 3. |
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Item 4. |
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PART II—OTHER INFORMATION |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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Page Number |
Financial Statements: |
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Condensed Notes to Consolidated Financial Statements: |
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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(In thousands, except share and per share data) |
June 30, 2020 |
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December 31, 2019 |
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(Unaudited) |
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CURRENT ASSETS |
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Cash and cash equivalents |
$ |
662,088 |
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$ |
398,858 |
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Accounts receivable |
393,958 |
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733,471 |
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Less: Allowance for credit losses |
(24,680) |
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(23,786) |
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Accounts receivable, net |
369,278 |
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709,685 |
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Prepaid expenses |
57,535 |
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60,593 |
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Other current assets |
29,788 |
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32,755 |
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Total Current Assets |
1,118,689 |
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1,201,891 |
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PROPERTY, PLANT AND EQUIPMENT |
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Structures, net |
712,723 |
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953,545 |
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Other property, plant and equipment, net |
208,464 |
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257,609 |
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INTANGIBLE ASSETS AND GOODWILL |
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Indefinite-lived permits |
843,846 |
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965,863 |
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Other intangible assets, net |
302,877 |
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326,665 |
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Goodwill |
702,457 |
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704,158 |
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OTHER ASSETS |
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Operating lease right-of-use assets |
1,601,221 |
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1,885,482 |
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Other assets |
73,562 |
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98,075 |
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Total Assets |
$ |
5,563,839 |
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$ |
6,393,288 |
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CURRENT LIABILITIES |
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Accounts payable |
$ |
112,498 |
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$ |
94,588 |
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Accrued expenses |
363,144 |
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503,939 |
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Current operating lease liabilities |
329,683 |
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387,882 |
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Deferred revenue |
84,383 |
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84,035 |
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Accrued interest |
106,926 |
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89,786 |
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Current portion of long-term debt |
20,665 |
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20,294 |
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Total Current Liabilities |
1,017,299 |
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1,180,524 |
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NON-CURRENT LIABILITIES |
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Long-term debt |
5,257,138 |
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5,063,724 |
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Mandatorily-redeemable preferred stock |
— |
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44,912 |
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Non-current operating lease liabilities |
1,304,490 |
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1,559,743 |
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Deferred tax liability |
410,255 |
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416,066 |
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Other long-term liabilities |
182,512 |
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183,025 |
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Total Liabilities |
8,171,694 |
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8,447,994 |
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Commitments and Contingencies (Note 5) |
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STOCKHOLDERS’ DEFICIT |
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Noncontrolling interest |
11,424 |
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152,814 |
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Common stock, par value $0.01 per share: 2,350,000,000 shares authorized; 468,367,036 shares issued as of June 30, 2020; 466,744,939 shares issued as of December 31, 2019 |
4,684 |
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4,667 |
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Additional paid-in capital |
3,496,641 |
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3,489,593 |
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Accumulated deficit |
(5,771,481) |
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(5,349,611) |
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Accumulated other comprehensive loss |
(346,400) |
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(349,552) |
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Treasury stock (1,082,635 shares held as of June 30, 2020; 504,650 shares held as of December 31, 2019) |
(2,723) |
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(2,617) |
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Total Stockholders' Deficit |
(2,607,855) |
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(2,054,706) |
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Total Liabilities and Stockholders' Deficit |
$ |
5,563,839 |
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$ |
6,393,288 |
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See Notes to Consolidated Financial Statements
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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(In thousands, except per share data) |
Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
Revenue |
$ |
314,906 |
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$ |
698,015 |
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$ |
865,715 |
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$ |
1,285,131 |
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Operating expenses: |
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Direct operating expenses (excludes depreciation and amortization) |
254,553 |
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363,029 |
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604,822 |
|
|
710,856 |
|
Selling, general and administrative expenses (excludes depreciation and amortization) |
99,688 |
|
|
134,721 |
|
|
223,392 |
|
|
257,687 |
|
Corporate expenses (excludes depreciation and amortization) |
32,665 |
|
|
38,907 |
|
|
69,003 |
|
|
67,521 |
|
Depreciation and amortization |
66,192 |
|
|
80,174 |
|
|
141,945 |
|
|
155,250 |
|
Impairment charges |
— |
|
|
— |
|
|
123,137 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income (expense), net |
69,600 |
|
|
1,270 |
|
|
63,579 |
|
|
(2,252) |
|
Operating income (loss) |
(68,592) |
|
|
82,454 |
|
|
(233,005) |
|
|
91,565 |
|
Interest expense, net |
88,742 |
|
|
107,971 |
|
|
178,884 |
|
|
222,834 |
|
Loss on Due from iHeartCommunications |
— |
|
|
(5,778) |
|
|
— |
|
|
(5,778) |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
(5,474) |
|
Other expense, net |
(4,490) |
|
|
(9,203) |
|
|
(23,379) |
|
|
(9,768) |
|
Loss before income taxes |
(161,824) |
|
|
(40,498) |
|
|
(435,268) |
|
|
(152,289) |
|
Income tax benefit (expense) |
19,221 |
|
|
29,093 |
|
|
3,442 |
|
|
(28,670) |
|
Consolidated net loss |
(142,603) |
|
|
(11,405) |
|
|
(431,826) |
|
|
(180,959) |
|
Less amount attributable to noncontrolling interest |
(5,405) |
|
|
(466) |
|
|
(17,137) |
|
|
(5,853) |
|
Net loss attributable to the Company |
$ |
(137,198) |
|
|
$ |
(10,939) |
|
|
$ |
(414,689) |
|
|
$ |
(175,106) |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
$ |
10,442 |
|
|
$ |
172 |
|
|
$ |
(5,979) |
|
|
$ |
2,721 |
|
Other adjustments to comprehensive income, net of tax |
(19) |
|
|
2,592 |
|
|
(19) |
|
|
2,592 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
10,423 |
|
|
2,764 |
|
|
(5,998) |
|
|
5,313 |
|
Comprehensive loss |
(126,775) |
|
|
(8,175) |
|
|
(420,687) |
|
|
(169,793) |
|
Less amount attributable to noncontrolling interest |
350 |
|
|
(3,021) |
|
|
(1,901) |
|
|
563 |
|
Comprehensive loss attributable to the Company |
$ |
(127,125) |
|
|
$ |
(5,154) |
|
|
$ |
(418,786) |
|
|
$ |
(170,356) |
|
|
|
|
|
|
|
|
|
Net loss attributable to the Company per share of common stock |
$ |
(0.30) |
|
|
$ |
(0.03) |
|
|
$ |
(0.89) |
|
|
$ |
(0.48) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financial Statements
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Issued |
|
Non-controlling Interest |
|
Controlling Interest |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated Deficit |
|
Accumulated Other Comprehensive Loss |
|
Treasury Stock |
|
|
Balances at March 31, 2020 |
466,914,142 |
|
|
$ |
138,755 |
|
|
$ |
4,669 |
|
|
$ |
3,493,369 |
|
|
$ |
(5,634,283) |
|
|
$ |
(363,722) |
|
|
$ |
(2,331) |
|
|
$ |
(2,363,543) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(5,405) |
|
|
— |
|
|
— |
|
|
(137,198) |
|
|
— |
|
|
— |
|
|
(142,603) |
|
Exercise of stock options and release of stock awards |
1,452,894 |
|
|
— |
|
|
15 |
|
|
(6) |
|
|
— |
|
|
— |
|
|
(392) |
|
|
(383) |
|
Share-based compensation |
|
|
8 |
|
|
— |
|
|
3,098 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to noncontrolling interests |
|
|
(80) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(80) |
|
Clear Media divestiture |
|
|
(122,204) |
|
|
— |
|
|
183 |
|
|
— |
|
|
7,249 |
|
|
— |
|
|
(114,772) |
|
Other comprehensive income |
|
|
350 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,073 |
|
|
— |
|
|
10,423 |
|
Other |
|
|
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
— |
|
|
— |
|
|
(3) |
|
Balances at June 30, 2020 |
468,367,036 |
|
|
$ |
11,424 |
|
|
$ |
4,684 |
|
|
$ |
3,496,641 |
|
|
$ |
(5,771,481) |
|
|
$ |
(346,400) |
|
|
$ |
(2,723) |
|
|
$ |
(2,607,855) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Controlling Interest |
|
|
|
|
|
|
|
|
|
Total |
|
Common Shares Issued |
|
Non-controlling Interest |
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated Deficit |
|
Accumulated Other Comprehensive Loss |
|
Treasury Stock |
|
|
Balances at December 31, 2019 |
466,744,939 |
|
|
$ |
152,814 |
|
|
$ |
4,667 |
|
|
$ |
3,489,593 |
|
|
$ |
(5,349,611) |
|
|
$ |
(349,552) |
|
|
$ |
(2,617) |
|
|
$ |
(2,054,706) |
|
Adoption of ASU 2016-13, Credit Losses |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,181) |
|
|
— |
|
|
— |
|
|
(7,181) |
|
Net loss |
|
|
(17,137) |
|
|
— |
|
|
— |
|
|
(414,689) |
|
|
— |
|
|
— |
|
|
(431,826) |
|
Exercise of stock options and release of stock awards |
1,622,097 |
|
|
— |
|
|
17 |
|
|
32 |
|
|
— |
|
|
— |
|
|
(106) |
|
|
(57) |
|
Share-based compensation |
|
|
50 |
|
|
— |
|
|
6,833 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to noncontrolling interests |
|
|
(198) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(198) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clear Media divestiture |
|
|
(122,204) |
|
|
— |
|
|
183 |
|
|
— |
|
|
7,249 |
|
|
— |
|
|
(114,772) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
(1,901) |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,097) |
|
|
— |
|
|
(5,998) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at June 30, 2020 |
468,367,036 |
|
|
$ |
11,424 |
|
|
$ |
4,684 |
|
|
$ |
3,496,641 |
|
|
$ |
(5,771,481) |
|
|
$ |
(346,400) |
|
|
$ |
(2,723) |
|
|
$ |
(2,607,855) |
|
See Notes to Consolidated Financial Statements
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Separation |
|
|
|
Post-Separation |
|
Non-controlling Interest |
|
Controlling Interest |
|
|
|
|
|
|
|
|
|
Total |
|
Class A Common Shares Issued |
|
Class B Common Shares Issued |
|
Common Shares Issued |
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated Deficit |
|
Accumulated Other Comprehensive Loss |
|
Treasury Stock |
|
|
Balances at March 31, 2019 |
51,709,760 |
|
|
315,000,000 |
|
|
— |
|
|
$ |
155,027 |
|
|
$ |
3,667 |
|
|
$ |
3,088,061 |
|
|
$ |
(5,150,474) |
|
|
$ |
(345,524) |
|
|
$ |
(6,587) |
|
|
$ |
(2,255,830) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(466) |
|
|
— |
|
|
— |
|
|
(10,939) |
|
|
— |
|
|
— |
|
|
(11,405) |
|
Exercise of stock options and release of stock awards |
36,993 |
|
|
|
|
797,340 |
|
|
— |
|
|
8 |
|
|
223 |
|
|
— |
|
|
— |
|
|
(2,423) |
|
|
(2,192) |
|
Share-based compensation |
|
|
|
|
|
|
(113) |
|
|
— |
|
|
8,674 |
|
|
— |
|
|
— |
|
|
— |
|
|
8,561 |
|
Payments to noncontrolling interests |
|
|
|
|
|
|
(5,864) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,864) |
|
Recapitalization of equity |
(51,746,753) |
|
|
(315,000,000) |
|
|
365,618,611 |
|
|
— |
|
|
(11) |
|
|
(6,575) |
|
|
— |
|
|
— |
|
|
6,586 |
|
|
— |
|
Capital contributions |
|
|
|
|
|
|
— |
|
|
— |
|
|
114,967 |
|
|
— |
|
|
— |
|
|
— |
|
|
114,967 |
|
Distributions |
|
|
|
|
|
|
— |
|
|
— |
|
|
(65,936) |
|
|
— |
|
|
— |
|
|
— |
|
|
(65,936) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
(3,021) |
|
|
— |
|
|
— |
|
|
— |
|
|
5,785 |
|
|
— |
|
|
2,764 |
|
Other |
|
|
|
|
|
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
Balances at June 30, 2019 |
— |
|
|
— |
|
|
366,415,951 |
|
|
$ |
145,563 |
|
|
$ |
3,664 |
|
|
$ |
3,139,424 |
|
|
$ |
(5,161,413) |
|
|
$ |
(339,739) |
|
|
$ |
(2,424) |
|
|
$ |
(2,214,925) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Separation |
|
|
|
Post-Separation |
|
Non-controlling Interest |
|
Controlling Interest |
|
|
|
|
|
|
|
|
|
Total |
|
Class A Common Shares Issued |
|
Class B Common Shares Issued |
|
Common Shares Issued |
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated Deficit |
|
Accumulated Other Comprehensive Loss |
|
Treasury Stock |
|
|
Balances at December 31, 2018 |
51,559,633 |
|
|
315,000,000 |
|
|
— |
|
|
$ |
160,362 |
|
|
$ |
3,666 |
|
|
$ |
3,086,307 |
|
|
$ |
(5,000,920) |
|
|
$ |
(344,489) |
|
|
$ |
(6,578) |
|
|
$ |
(2,101,652) |
|
Adoption of ASC 842, Leases |
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
14,613 |
|
|
— |
|
|
— |
|
|
14,613 |
|
Net loss |
|
|
|
|
|
|
(5,853) |
|
|
— |
|
|
— |
|
|
(175,106) |
|
|
— |
|
|
— |
|
|
(180,959) |
|
Exercise of stock options and release of stock awards |
187,120 |
|
|
|
|
797,340 |
|
|
— |
|
|
9 |
|
|
295 |
|
|
— |
|
|
— |
|
|
(2,432) |
|
|
(2,128) |
|
Share-based compensation |
|
|
|
|
|
|
39 |
|
|
— |
|
|
10,356 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,395 |
|
Payments to noncontrolling interests |
|
|
|
|
|
|
(9,548) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,548) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recapitalization of equity |
(51,746,753) |
|
|
(315,000,000) |
|
|
365,618,611 |
|
|
— |
|
|
(11) |
|
|
(6,575) |
|
|
— |
|
|
— |
|
|
6,586 |
|
|
— |
|
Capital contributions |
|
|
|
|
|
|
— |
|
|
— |
|
|
114,967 |
|
|
— |
|
|
— |
|
|
— |
|
|
114,967 |
|
Distributions |
|
|
|
|
|
|
— |
|
|
— |
|
|
(65,936) |
|
|
— |
|
|
— |
|
|
— |
|
|
(65,936) |
|
Other comprehensive income |
|
|
|
|
|
|
563 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,750 |
|
|
— |
|
|
5,313 |
|
Other |
|
|
|
|
|
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
Balances at June 30, 2019 |
— |
|
|
— |
|
|
366,415,951 |
|
|
$ |
145,563 |
|
|
$ |
3,664 |
|
|
$ |
3,139,424 |
|
|
$ |
(5,161,413) |
|
|
$ |
(339,739) |
|
|
$ |
(2,424) |
|
|
$ |
(2,214,925) |
|
See Notes to Consolidated Financial Statements
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Six Months Ended June 30, |
|
|
|
2020 |
|
2019 |
Cash flows from operating activities: |
|
|
|
Consolidated net loss |
$ |
(431,826) |
|
|
$ |
(180,959) |
|
Reconciling items: |
|
|
|
Depreciation and amortization |
141,945 |
|
|
155,250 |
|
Impairment charges |
123,137 |
|
|
— |
|
|
|
|
|
|
|
|
|
Loss (gain) on disposal of operating and other assets, net |
(71,100) |
|
|
2,090 |
|
Foreign exchange transaction loss |
22,731 |
|
|
3,625 |
|
Deferred taxes |
(21,242) |
|
|
(15,143) |
|
Credit losses |
11,886 |
|
|
4,417 |
|
Share-based compensation |
6,883 |
|
|
10,395 |
|
Amortization of deferred financing charges and note discounts, net |
5,116 |
|
|
5,230 |
|
Loss on Due from iHeartCommunications |
— |
|
|
5,778 |
|
Loss on extinguishment of debt |
— |
|
|
5,474 |
|
Other reconciling items, net |
(2,682) |
|
|
(2,787) |
|
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |
|
|
|
Decrease in accounts receivable |
203,235 |
|
|
44,823 |
|
Increase in prepaid expenses |
(2,303) |
|
|
(29,272) |
|
Increase in other current assets |
(7,067) |
|
|
(5,674) |
|
Increase (decrease) in accounts payable |
30,275 |
|
|
(3,364) |
|
Decrease in accrued expenses |
(56,475) |
|
|
(25,190) |
|
Increase in accrued interest |
20,754 |
|
|
55,632 |
|
Increase in deferred revenue |
20,502 |
|
|
10,539 |
|
Changes in other operating assets and liabilities, net |
(18,191) |
|
|
14,271 |
|
Net cash provided by (used for) operating activities |
(24,422) |
|
|
55,135 |
|
Cash flows from investing activities: |
|
|
|
Proceeds from disposal of assets, net |
217,023 |
|
|
2,518 |
|
Purchases of property, plant and equipment |
(63,171) |
|
|
(79,281) |
|
Purchases of concession rights |
(3,792) |
|
|
— |
|
Other investing activities, net |
(484) |
|
|
76 |
|
Net cash provided by (used for) investing activities |
149,576 |
|
|
(76,687) |
|
Cash flows from financing activities: |
|
|
|
Draws on credit facilities |
150,000 |
|
|
— |
|
|
|
|
|
Proceeds from long-term debt |
— |
|
|
2,235,197 |
|
Payments on long-term debt |
(10,145) |
|
|
(2,200,113) |
|
Debt issuance costs |
(1,202) |
|
|
(26,795) |
|
Proceeds from issuance of mandatorily-redeemable preferred stock |
— |
|
|
43,798 |
|
Net transfers from iHeartCommunications |
— |
|
|
43,399 |
|
Proceeds from settlement of Due from iHeartCommunications |
— |
|
|
115,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financing activities, net |
(261) |
|
|
(2,956) |
|
Net cash provided by financing activities |
138,392 |
|
|
208,328 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(7,271) |
|
|
159 |
|
Net increase in cash, cash equivalents and restricted cash |
|