Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 9, 2020

Documents

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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 SEPTEMBER 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) 
cco-20200930_g1.jpg
Delaware 88-0318078
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
4830 North Loop 1604 West,  Suite 111
San Antonio, Texas 78249
(Address of principal executive offices) (Zip Code)
(210) 547-8800
(Registrant's telephone number, including area code)
 Securities registered pursuant to Section 12(b) of the Act:
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 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.
Class Outstanding at November 4, 2020
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Common Stock, $0.01 par value per share 467,275,942


CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
 TABLE OF CONTENTS
  Page Number
PART I—FINANCIAL INFORMATION  
Item 1.
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION  
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
1

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page Number
Financial Statements:
Condensed Notes to Consolidated Financial Statements:
2
Table of Contents
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data) September 30,
2020		 December 31,
2019
  (Unaudited)
CURRENT ASSETS    
Cash and cash equivalents $ 844,980  $ 398,858 
Accounts receivable 457,189  733,471 
Less: Allowance for credit losses (27,234) (23,786)
Accounts receivable, net 429,955  709,685 
Prepaid expenses 52,009  60,593 
Other current assets 28,002  32,755 
Total Current Assets 1,354,946  1,201,891 
PROPERTY, PLANT AND EQUIPMENT  
Structures, net 693,809  953,545 
Other property, plant and equipment, net 204,194  257,609 
INTANGIBLE ASSETS AND GOODWILL    
Indefinite-lived permits 826,528  965,863 
Other intangible assets, net 297,724  326,665 
Goodwill 699,873  704,158 
OTHER ASSETS
Operating lease right-of-use assets 1,652,722  1,885,482 
Other assets 71,720  98,075 
Total Assets $ 5,801,516  $ 6,393,288 
CURRENT LIABILITIES    
Accounts payable $ 107,801  $ 94,588 
Accrued expenses 441,711  503,939 
Current operating lease liabilities 349,122  387,882 
Deferred revenue 83,421  84,035 
Accrued interest 48,947  89,786 
Current portion of long-term debt 21,474  20,294 
Total Current Liabilities 1,052,476  1,180,524 
NON-CURRENT LIABILITIES
Long-term debt 5,573,914  5,063,724 
Mandatorily-redeemable preferred stock
 —  44,912 
Non-current operating lease liabilities 1,354,222  1,559,743 
Deferred tax liability 382,233  416,066 
Other long-term liabilities 177,517  183,025 
Total Liabilities 8,540,362  8,447,994 
Commitments and Contingencies (Note 5)
STOCKHOLDERS’ DEFICIT
Noncontrolling interest 11,436  152,814 
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized; 468,539,961 shares issued as of September 30, 2020; 466,744,939 shares issued as of December 31, 2019
 4,685  4,667 
Additional paid-in capital 3,498,935  3,489,593 
Accumulated deficit (5,907,417) (5,349,611)
Accumulated other comprehensive loss (343,480) (349,552)
Treasury stock (1,314,263 shares held as of September 30, 2020; 504,650 shares held as of December 31, 2019)
 (3,005) (2,617)
     Total Stockholders' Deficit (2,738,846) (2,054,706)
     Total Liabilities and Stockholders' Deficit $ 5,801,516  $ 6,393,288 
 
See Notes to Consolidated Financial Statements
3
Table of Contents
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
 
(In thousands, except per share data) Three Months Ended Nine Months Ended
  September 30, September 30,
  2020 2019 2020 2019
Revenue $ 447,505  $ 653,447  $ 1,313,220  $ 1,938,578 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)
 290,610  358,156  895,432  1,069,012 
Selling, general and administrative expenses (excludes depreciation and amortization)
 106,871  129,162  330,263  386,849 
Corporate expenses (excludes depreciation and amortization)
 30,719  37,535  99,722  105,056 
Depreciation and amortization 62,427  76,226  204,372  231,476 
Impairment charges 27,263  5,300  150,400  5,300 
Other operating income (expense), net (5,528) 620  58,051  (1,632)
Operating income (loss) (75,913) 47,688  (308,918) 139,253 
Interest expense, net 90,551  106,776  269,435  329,610 
Loss on extinguishment of debt (5,389) (96,271) (5,389) (101,745)
Loss on Due from iHeartCommunications —  —  —  (5,778)
Other income (expense), net 6,493  (26,874) (16,886) (36,642)
Loss before income taxes (165,360) (182,233) (600,628) (334,522)
Income tax benefit (expense) 29,516  (30,136) 32,958  (58,806)
Consolidated net loss (135,844) (212,369) (567,670) (393,328)
Less amount attributable to noncontrolling interest 93  2,929  (17,044) (2,924)
Net loss attributable to the Company $ (135,937) $ (215,298) $ (550,626) $ (390,404)
Other comprehensive income (loss):  
Foreign currency translation adjustments $ 1,561  $ (10,181) $ (4,418) $ (7,460)
Reclassification adjustments 721  —  721  — 
Other adjustments to comprehensive income (loss), net of tax 704  208  685  2,800 
Other comprehensive income (loss) 2,986  (9,973) (3,012) (4,660)
Comprehensive loss (132,951) (225,271) (553,638) (395,064)
Less amount attributable to noncontrolling interest 65  (5,543) (1,836) (4,980)
Comprehensive loss attributable to the Company $ (133,016) $ (219,728) $ (551,802) $ (390,084)
Net loss attributable to the Company per share of common stock $ (0.29) $ (0.46) $ (1.19) $ (0.99)
 
See Notes to Consolidated Financial Statements
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(UNAUDITED)
(In thousands, except share data)
Three Months Ended September 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 June 30, 2020 468,367,036  $ 11,424  $ 4,684  $ 3,496,641  $ (5,771,481) $ (346,400) $ (2,723) $ (2,607,855)
Net income (loss) 93  —  —  (135,937) —  —  (135,844)
Exercise of stock options and release of stock awards
 172,925  —  1  (53) —  —  (282) (334)
Share-based compensation
 (50) —  2,347  —  —  —  2,297 
Payments to noncontrolling interests
 (96) —  —  —  —  —  (96)
Other comprehensive income 65  —  —  1  2,920  —  2,986 
Balances at September 30, 2020 468,539,961  $ 11,436  $ 4,685  $ 3,498,935  $ (5,907,417) $ (343,480) $ (3,005) $ (2,738,846)
(In thousands, except share data)
Nine Months Ended September 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 (17,044) —  —  (550,626) —  —  (567,670)
Exercise of stock options and release of stock awards
 1,795,022  —  18  (21) —  —  (388) (391)
Share-based compensation
 —  —  9,180  —  —  —  9,180 
Payments to noncontrolling interests
 (294) —  —  —  —  —  (294)
Clear Media divestiture
 (122,204) —  183  —  7,249  —  (114,772)
Other comprehensive income (loss) (1,836) —  —  1  (1,177) —  (3,012)
Balances at September 30, 2020 468,539,961  $ 11,436  $ 4,685  $ 3,498,935  $ (5,907,417) $ (343,480) $ (3,005) $ (2,738,846)
See Notes to Consolidated Financial Statements
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(UNAUDITED)
(In thousands, except share data)
Three Months Ended September 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 June 30, 2019 —  —  366,415,951  $ 145,563  $ 3,664  $ 3,139,424  $ (5,161,413) $ (339,739) $ (2,424) $ (2,214,925)
Net income (loss) 2,929  —  —  (215,298) —  —  (212,369)
Exercise of stock options and release of stock awards
 113,925  —  1  102  —  —  (60) 43 
Share-based compensation
 386  —  1,635  —  —  —  2,021 
Payments from noncontrolling interests 3,363  —  —  —  —  —  3,363 
Issuance of common stock
 100,000,000  —  1,000  332,291  —  —  —  333,291 
Other comprehensive loss
 (5,543) —  —  —  (4,430) —  (9,973)
Other (1,672) —  —  —  —  —  (1,672)
Balances at September 30, 2019 —  —  466,529,876  $ 145,026  $ 4,665  $ 3,473,452  $ (5,376,711) $ (344,169) $ (2,484) $ (2,100,221)
(In thousands, except share data)
Nine Months Ended September 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 (2,924) —  —  (390,404) —  —  (393,328)
Exercise of stock options and release of stock awards
 187,120  911,265  —  10  397  —  —  (2,492) (2,085)
Share-based compensation 425  —  11,991  —  —  —  12,416 
Payments to noncontrolling interests
 (6,185) —  —  —  —  —  (6,185)
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)
Issuance of common stock 100,000,000  —  1,000  332,291  —  —  —  333,291 
Other comprehensive income (loss)
 (4,980) —  —  —  320  —  (4,660)
Other (1,672) —  10  —  —  —  (1,662)
Balances at September 30, 2019 —  —  466,529,876  $ 145,026  $ 4,665  $ 3,473,452  $ (5,376,711) $ (344,169) $ (2,484) $ (2,100,221)
See Notes to Consolidated Financial Statements
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands) Nine Months Ended September 30,
2020 2019
Cash flows from operating activities:    
Consolidated net loss $ (567,670) $ (393,328)
Reconciling items:
Non-cash operating lease expense 261,014  296,377 
Depreciation and amortization 204,372  231,476 
Impairment charges 150,400  5,300 
Loss (gain) on disposal of operating and other assets, net (69,601) 1,325 
Deferred taxes (49,277) 11,367 
Foreign exchange transaction loss 15,618  28,969 
Credit losses 15,302  4,769 
Share-based compensation 9,180  12,416 
Amortization of deferred financing charges and note discounts, net 8,647  7,818 
Loss on extinguishment of debt 5,389  101,745 
Loss on Due from iHeartCommunications —  5,778 
Other reconciling items, net (2,860) (4,978)
Changes in operating assets and liabilities, net of effects of disposition:
Decrease in accounts receivable 143,473  22,413 
Decrease (increase) in prepaid expenses 728  (26,491)
Increase in other current assets (3,365) (6,662)
Decrease in other operating assets 2,696  17,570 
Increase (decrease) in accounts payable 32,302  (6,977)
Increase in accrued expenses 5,674  15,289 
Decrease in operating lease liabilities (249,785) (314,402)
Increase in deferred revenue 21,956  28,491 
Increase (decrease) in accrued interest (37,626) 28,472 
Increase (decrease) in other operating liabilities (12,001) 2,591 
Net cash provided by (used for) operating activities (115,434) 69,328 
Cash flows from investing activities:    
Proceeds from disposal of assets, net 218,545  3,651 
Purchases of property, plant and equipment (89,457) (136,864)
Purchases of concession rights (3,792) (2,798)
Other investing activities, net (1,034) 1,698 
Net cash provided by (used for) investing activities 124,262  (134,313)
Cash flows from financing activities:    
Draws on credit facilities 150,000  — 
Proceeds from long-term debt 375,000  5,475,197 
Payments on long-term debt (69,517) (5,710,960)
Debt issuance costs (9,423) (64,051)
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 
Proceeds from issuance of common stock —  333,291 
Other financing activities, net (1,087) (10,680)
Net cash provided by financing activities 444,973  225,792 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (13,307) (5,209)
Net increase in cash, cash equivalents and restricted cash 440,494  155,598 
Cash, cash equivalents and restricted cash at beginning of period 417,075  202,869 
Cash, cash equivalents and restricted cash at end of period $ 857,569  $ 358,467 
Supplemental Disclosures:    
Cash paid for interest, including dividends on mandatorily-redeemable preferred stock $ 302,097  $ 294,927 
Cash paid for income taxes, net of refunds $ 11,312  $ 24,606 
See Notes to Consolidated Financial Statements
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 – BASIS OF PRESENTATION
Preparation of Interim Financial Statements
The consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. and its subsidiaries, as well as entities for which the Company has a controlling financial interest or is the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries.
The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K, filed on February 27, 2020.
Prior to the Company's separation from iHeartMedia, Inc. ("iHeartMedia") and iHeartCommunications, Inc. ("iHeartCommunications") on May 1, 2019 (the "Separation"), the historical financial statements of the Company consisted of the carve-out financial statements of the outdoor businesses of Clear Channel Holdings, Inc. ("CCH"), Clear Channel Outdoor Holdings, Inc. ("CCOH") and its subsidiaries (the "Outdoor Business") and gave effect to allocations of expenses from iHeartMedia to the Company. The carve-out financial statements excluded the portion of the radio businesses previously owned by CCH, which had historically been reported as part of iHeartMedia’s iHM segment prior to the Separation, and amounts attributable to CCH, which was a holding company prior to the Separation with no independent assets or operations. Upon the Separation and the transactions related thereto, the Company’s only assets, liabilities and operations were those of the Outdoor Business.
The Company changed its presentation of segment information during the first quarter of 2020 to reflect changes in the way the business is managed and resources are allocated by the Company's chief operating decision maker ("CODM"). Effective January 1, 2020, there are two reportable business segments: Americas, which consists of operations primarily in the United States ("U.S."), and Europe, which consists of operations in Europe and Singapore. The Company's remaining operating segments, which do not meet the quantitative thresholds to qualify as reportable segments, are disclosed as "Other." Accordingly, the Company has restated the segment disclosures for prior periods. Refer to Note 2 for additional details.
In March 2020, the World Health Organization categorized coronavirus disease 2019 ("COVID-19") as a pandemic. The duration and severity of the effects of the pandemic remain unknown. In response, the Company has taken and continues to take actions, including cost reduction initiatives such as contract renegotiations, application for governmental aid and reductions in headcount to strengthen its financial position and support the continuity of its platform and operations.
•The Company continues to complete contract negotiations with landlords and municipalities to better align fixed site lease expenses with reductions in revenue. Where applicable, the Company has applied the April supplemental Financial Accounting Standards Board ("FASB") staff guidance regarding accounting for rent concessions resulting from COVID-19. During the three and nine months ended September 30, 2020, the Company recognized reductions of rent expense on lease and non-lease contracts due to negotiated rent abatements of $23.8 million and $53.1 million, respectively. Negotiated deferrals of rent payments did not result in a reduction of rent expense.
•During the three and nine months ended September 30, 2020, the Company received European governmental support and wage subsidies in response to COVID-19 of $7.2 million and $14.7 million, respectively, which have been recorded as reductions in compensation and rent costs.
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•During the third quarter of 2020, the Company committed to a restructuring plan to reduce headcount in Europe and Latin America with estimated total charges in a range of approximately $21 million to $24 million. As of September 30, 2020, the Company had incurred total restructuring and other costs pursuant to this plan of $3.3 million recorded in its Europe segment, including $3.1 million within Selling, general and administrative expenses and the rest within Direct operating expenses. As of September 30, 2020, the Company had incurred total restructuring and other costs pursuant to the Latin America portion of the plan of $0.3 million recorded in "Other" within its segment disclosures. In addition, during the third quarter, the Company had incurred $1.7 million in restructuring and other costs pursuant to a separate plan to reduce headcount in its Americas segment. In conjunction with these plans, as of September 30, 2020, the Company incurred $1.9 million in restructuring and other costs that are included within Corporate expenses. Substantially all the plan charges recorded as restructuring and other costs are severance benefits and related costs. The Europe portion of the plan is anticipated to be completed by the end of 2021, the Latin America portion of the plan was substantially completed in the third quarter of 2020, and the Americas segment plan is anticipated to be completed with limited additional charges in the fourth quarter of 2020.
The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived assets and indefinite-lived intangible assets; operating lease right-of-use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; the allowance for doubtful accounts; assessment of our lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. The Company's assessment of conditions and events, considered in the aggregate, indicates that the Company will be able to meet its obligations as they become due within one year after the date of these financial statements. There continues to be a high level of uncertainty in estimating the expected economic and operational impacts relative to COVID-19 as it is an evolving situation. The estimates and assumptions used in these financial statements may change in future periods as the expected impacts from COVID-19 are revised, resulting in further potential impacts to the Company's financial statements.
Certain prior period amounts have been reclassified to conform to the 2020 presentation.
New Accounting Pronouncements Recently Adopted
As of January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments, and all subsequently issued related amendments, which changed the methodology used to recognize impairment of the Company’s accounts receivable. Under the ASU, financial assets are presented at the net amount expected to be collected, requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. This is in contrast to previous GAAP, under which credit losses were not recognized until it was probable that a loss had been incurred. The Company adopted the ASU on a modified-retrospective basis through a cumulative-effect adjustment to retained earnings as of January 1, 2020, resulting in a decrease to equity of $7.2 million. This adjustment includes $5.4 million related to Clear Media Limited ("Clear Media"), a former indirect, non-wholly owned subsidiary of the Company based in China that was sold on April 28, 2020. The Company performed its expected credit loss calculation separately by segment based on historical accounts receivable write-offs.
New Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain existing exceptions to the general principles in Topic 740. The new guidance is effective for annual and interim periods beginning after December 2020, and early adoption is permitted; however, the Company does not expect the implementation of this ASU to have a material impact on its consolidated financial statements.
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NOTE 2 – SEGMENT DATA
As described in Note 1, the Company changed its presentation of segment information during the first quarter of 2020 to reflect changes in the way the business is managed and resources are allocated by the Company's CODM. Effective January 1, 2020, the Company has two reportable segments – Americas and Europe. The Company's remaining operating segments, which do not meet the quantitative thresholds to qualify as reportable segments, are disclosed as "Other." Each segment provides outdoor advertising services in its respective geographic region using various digital and traditional display types, consisting primarily of billboards, street furniture displays and transit displays.
Additionally, beginning in 2020, Segment Adjusted EBITDA is the profitability metric reported to the Company's CODM for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs, which are defined as costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs. Segment information for total assets is not presented as this information is not used by the Company's CODM in measuring segment performance or allocating resources between segments.
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The following tables present the Company's reportable segment results for the three and nine months ended September 30, 2020 and 2019. The Company has restated the segment information for prior periods to conform to the 2020 presentation.
(In thousands) Three Months Ended September 30, Nine Months Ended September 30,
  2020 2019 2020 2019
Revenue
Americas $ 223,715  $ 328,250  $ 719,202  $ 928,114 
Europe 216,934  250,440  535,970  784,772 
Other(1)
6,856  74,757  58,048  225,692 
Total $ 447,505  $ 653,447  $ 1,313,220  $ 1,938,578 
Capital Expenditures
Americas $ 9,293  $ 19,146  $ 41,189  $ 46,484 
Europe 12,067  25,336  31,489  59,761 
Other(1)
2,420  13,858  10,805  22,917 
Corporate 2,506  2,041  9,766  10,500 
Total $ 26,286  $ 60,381  $ 93,249  $ 139,662 
Segment Adjusted EBITDA
Americas $ 70,716  $ 136,491  $ 225,693  $ 364,367 
Europe (8,141) 14,444  (91,071) 77,461 
Other(1)
(5,650) 18,454  (36,092) 49,815 
Total $ 56,925  $ 169,389  $ 98,530  $ 491,643 
Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes
Segment Adjusted EBITDA $ 56,925  $ 169,389  $ 98,530  $ 491,643 
Less reconciling items:
Corporate expenses(2)
30,719  37,535  99,722  105,056 
Depreciation and amortization 62,427  76,226  204,372  231,476 
Impairment charges 27,263  5,300  150,400  5,300 
Restructuring and other costs(3)
6,901  3,260  11,005  8,926 
Other operating (income) expense, net 5,528  (620) (58,051) 1,632 
Interest expense, net 90,551  106,776  269,435  329,610 
Other charges(4)
(1,104) 123,145  22,275  144,165 
Consolidated net loss before income taxes $ (165,360) $ (182,233) $ (600,628) $ (334,522)
(1)Other includes the Company's operations in Latin America and, for periods prior to the disposition of the Company's stake in Clear Media on April 28, 2020, China. Refer to Note 12 for additional details related to this disposition.
(2)Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses.
(3)The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included with the Corporate expenses line item.
(4)Other charges includes Loss on extinguishment of debt, Loss on Due from iHeartCommunications, and Other (income) expense, net.
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NOTE 3 – REVENUE
The Company generates revenue primarily from the sale of advertising space on printed and digital out-of-home advertising displays. Certain of these revenue transactions are considered leases for accounting purposes as the contracts convey to customers the right to control the use of the Company’s advertising displays for a period of time. The Company accounts for revenue from leases in accordance with the lease accounting guidance under Accounting Standards Codification ("ASC") Topic 842; all remaining revenue transactions are accounted for as revenue from contracts with customers under ASC Topic 606.
Disaggregation of Revenue
The following table shows revenue from contracts with customers, revenue from leases and total revenue, disaggregated by geographical region, for the three and nine months ended September 30, 2020 and 2019:
(In thousands) Revenue from contracts with customers Revenue from leases Total Revenue
Three Months Ended September 30, 2020
Americas $ 109,165  $ 114,550  $ 223,715 
Europe 189,342  27,592  216,934 
Other(1)
5,366  1,490  6,856 
     Total $ 303,873  $ 143,632  $ 447,505 
Three Months Ended September 30, 2019
Americas $ 178,842  $ 149,408  $ 328,250 
Europe 216,322  34,118  250,440 
Other(1)
69,468  5,289  74,757 
     Total $ 464,632  $ 188,815  $ 653,447 
Nine Months Ended September 30, 2020
Americas $ 362,346  $ 356,856  $ 719,202 
Europe 467,517  68,453  535,970 
Other(1)
52,055  5,993  58,048 
Total $ 881,918  $ 431,302  $ 1,313,220 
Nine Months Ended September 30, 2019
Americas $ 493,695  $ 434,419  $ 928,114 
Europe 675,207  109,565  784,772 
Other(1)
208,167  17,525  225,692 
Total $ 1,377,069  $ 561,509  $ 1,938,578 
(1)Other includes the Company's businesses in Latin America and, for periods prior to the disposition of the Company's stake in Clear Media on April 28, 2020, China. Refer to Note 12 for additional details related to this disposition.
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Revenue from Contracts with Customers
The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers:
Three Months Ended September 30, Nine Months Ended September 30,
(In thousands) 2020 2019 2020 2019
Accounts receivable, net of allowance, from contracts with customers:
  Beginning balance $ 239,957  $ 509,129  $ 581,555  $ 367,918 
  Ending balance $ 312,076  $ 519,958  $ 312,076  $ 519,958 
Deferred revenue from contracts with customers:
  Beginning balance $ 47,760  $ 55,164  $ 52,589  $ 39,916 
  Ending balance $ 50,875  $