San Antonio, TX, July 29, 2021 – Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today reported financial results for the quarter ended June 30, 2021, including better than anticipated revenue, and announced that William Eccleshare will assume the new role of Executive Vice Chairman on January 1, 2022 and Scott Wells will become Chief Executive Officer at that time.

•Revenue up 36.0% to $271.6 million.

•Segment Adjusted EBITDA1 up 170.6% to $127.2 million.

•Revenue up 130.2% to $247.1 million. Revenue, excluding movements in foreign exchange rates ("FX"), up 108.8% to $224.2 million.

•Segment Adjusted EBITDA1 up 102.5% to $1.7 million. Segment Adjusted EBITDA1, excluding movements in FX, up 103.1% to $2.2 million.

1     See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for an explanation of this financial measure.

•In our Americas segment, we have seen significant increases in revenue across most products, primarily driven by strength in our billboard inventory, particularly digital. This was slightly offset by the performance of our airport display revenue, which has been the most significantly impacted by COVID-19.

•In our Europe segment, the relaxation of COVID-19 restrictions led to significant improvements in our revenue performance during the second quarter of 2021, with sequential improvements in each month. We saw the largest recovery in revenue from roadside structures while revenue from transit displays is recovering more slowly.

•In April, we revised the Europe portion of our international restructuring plan. We expect this portion of the plan to be substantially complete by the end of the first quarter of 2023 with total charges, including charges already incurred, in a range of approximately $51 million to $56 million. We expect the Europe portion of the plan to result in pre-tax annual cost savings in excess of $28 million.

•In May, we entered into a second amendment to the Senior Secured Credit Agreement to, among other things, extend the suspended springing financial covenant through December 31, 2021 and further delay the scheduled financial covenant step-down until September 30, 2022.

•In June, we issued $1.05 billion aggregate principal amount of 7.5% Senior Notes due 2029 (the “CCOH 7.5% Senior Notes”) and used the net proceeds to redeem the remaining outstanding 9.25% Senior Notes due 2024 (the “CCWH Senior Notes”). Additionally, a non-guarantor European subsidiary borrowed approximately $35.6 million through a state-guaranteed loan program established in response to COVID-19.

1See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

Americas: Revenue up 36.0%:

•Revenue up across all products, with the exception of airport displays

◦Airport display revenue down 4.7% to $24.6 million from $25.8 million

•Total digital revenue up 73.8% to $85.2 million from $49.0 million; digital revenue from billboards, street furniture and spectaculars up 97.6% to $74.8 million from $37.8 million

•National sales comprised 37.1% and 37.3% of total revenue for the three months ended June 30, 2021 and 2020, respectively.

Europe: Revenue up 130.2%; excluding movements in FX, up 108.8%:

•Revenue up in all countries, most notably France and the U.K.

•Digital revenue up 188.6% to $80.3 million from $27.8 million; digital revenue, excluding movements in FX, up 159.6% to $72.2 million from $27.8 million

Other: Revenue up 57.0%; excluding movements in FX, up 45.4%:

•We sold our Clear Media business on April 28, 2020.

•Revenue from our Latin America business was $12.3 million and $3.4 million for the three months ended June 30, 2021 and 2020, respectively, and $21.8 million and $21.9 million for the six months ended June 30, 2021 and 2020, respectively.

1Direct operating and SG&A expenses as included throughout this earnings release refers to the sum of direct operating expenses (excluding depreciation and amortization) and selling, general and administrative expenses (excluding depreciation and amortization).

2Restructuring and other costs included within Direct operating and SG&A expenses were $16.1 million and $2.3 million during the three months ended June 30, 2021 and 2020, respectively, and $18.8 million and $4.1 million during the six months ended June 30, 2021 and 2020, respectively. Included within restructuring and other costs for the three and six months ended June 30, 2021 were severance costs of $15.5 million and $17.2 million, respectively, related to the restructuring plans to reduce headcount.

3See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

Americas: Direct operating and SG&A expenses down 5.7%:

•Site lease expense down 14.2% to $76.6 million from $89.3 million due to negotiated rent abatements

•Lower credit loss expense

•Partially offset by higher compensation costs driven by improvements in operating performance

Europe: Direct operating and SG&A expenses up 47.2%; excluding movements in FX, up 33.2%:

•Site lease expense up 42.6% to $111.0 million from $77.8 million; site lease expense, excluding movements in FX, up 28.9% to $100.3 million from $77.8 million due to lower negotiated rent abatements, higher revenue and new contracts

•Compensation expense increased as we ceased temporary operating cost savings initiatives implemented in the prior year, experienced a reduction in governmental support and wage subsidies, and incurred higher commissions

•Incurred severance and related costs of $15.5 million for the restructuring plan to reduce headcount

Other: Direct operating and SG&A expenses down 43.3%; excluding movements in FX, down 47.0%:

•Sold Clear Media business on April 28, 2020

•Direct operating and SG&A expenses from our Latin America business were $13.1 million and $9.2 million for the three months ended June 30, 2021 and 2020, respectively, and $26.5 million and $25.8 million for the six months ended June 30, 2021 and 2020, respectively.

1.Restructuring and other costs included within corporate expenses were $2.5 million and $3.1 million during the three months ended June 30, 2021 and 2020, respectively, and $7.1 million and $8.3 million during the six months ended June 30, 2021 and 2020, respectively. Included within these restructuring and other costs for the three and six months ended June 30, 2021 were severance and related costs of $0.2 million and $1.1 million, respectively, related to the restructuring plans to reduce headcount.

2.See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for an explanation of this financial measure.

•Higher variable incentive compensation related to improvements in operating performance

•Higher share-based compensation expense

•Reduction in operating cost savings initiatives including temporary salary reductions

•Impairment charges on indefinite-lived permits of $119.0 million and $123.1 million recognized during six months ended June 30, 2021 and 2020, respectively, primarily driven by increases in the discount rate and reductions in projected cash flows due to COVID-19

•Gain of $75.2 million on sale of Clear Media recognized in second quarter of 2020

•Losses on extinguishment of debt of $51.7 million and $102.8 million recognized during three and six months ended June 30, 2021, respectively, related to redemption of the CCWH Senior Notes

Adjusted EBITDA1:

1See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

2Our Latin America business represented ($0.9) million and ($5.7) million of Other Segment Adjusted EBITDA for the three months ended June 30, 2021 and 2020, respectively, and ($4.7) million and ($3.8) million of Other Segment Adjusted EBITDA for the six months ended June 30, 2021 and 2020, respectively.

•Our Americas segment entered into a partnership with Rockbot to deliver custom local and national content across our airport-based digital networks, including sports, news, entertainment and lifestyle content from leading brands all localized to each city, as well as real-time cloud-based digital signage, providing our airport partners with the ability to message travelers and concession operators.

•Americas markets deployed 26 new digital billboards in the second quarter, for a total of more than 1,500 digital billboards at June 30, 2021. Our Americas segment had more than 2,100 digital billboards and street furniture displays at June 30, 2021.

•In Belgium, we were awarded a new 10-year outdoor advertising contract covering Belgium’s train stations. As a national leader in the digital out-of-home space, with digital screens in more than 46 cities, our platform reaches an audience of over 8 million travelers across Belgium. We ultimately plan to grow our digital presence to 800 screens located in more than 100 stations across the country.

•In France, we won the street furniture contract for Aix-en-Provence, a city of over 140,000 people. The 13-year contract includes the installation and operation of 286 advertising displays, including 20 digital street furniture units. This award builds on our already strong presence in our largest European market, consolidating our presence in France’s major urban centers.

•In Barcelona, we renewed the outdoor advertising contract covering the bus stops across the city. The new contract is for two years and is renewable annually for up to two more years, supporting the continuity of our platform, which we have been managing successfully since 2016. The contract also includes coverage of Port Vell, which we have maintained since 2014. Overall, we now operate 5,000 advertising faces in the Barcelona metropolitan area and expect to surpass 150 digital street furniture units by year-end, reaching an audience of 4.5 million people.

•European markets added 68 new digital displays in the second quarter, for a total of more than 16,600 digital displays at June 30, 2021.

•Our Latin American markets had more than 800 digital displays at June 30, 2021.

1.Other operating income, net, for the three and six months ended June 30, 2020 includes a gain recognized on the sale of Clear Media of $75.2 million.

1As of June 30, 2021, the Company had $43.2 million of letters of credit outstanding and $1.8 million of excess availability under the Revolving Credit Facility and $62.2 million of letters of credit outstanding and $49.9 million of excess availability under the Receivables-Based Credit Facility.

2Under the Senior Secured Credit Agreement, as amended, we are required to maintain minimum cash on hand and availability under the Revolving Credit Facility and Receivables-Based Credit Facility of $150 million for all reporting periods through delivery of the March 31, 2022 springing financial covenant calculation.

3On February 17, 2021, the Company issued $1.0 billion aggregate principal amount of 7.75% Senior Notes due 2028. On March 4, 2021, the Company used the net proceeds from this issuance to cause Clear Channel Worldwide Holdings, Inc. (“CCWH”), a subsidiary of the Company, to redeem $940.0 million aggregate principal amount of its 9.25% Senior Notes due 2024 (“CCWH Senior Notes”) at a redemption price equal to 104.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

4On June 1, 2021, the Company issued $1.05 billion aggregate principal amount of 7.5% Senior Notes due 2029. On June 16, 2021, the Company used the net proceeds from this issuance to cause CCWH to redeem all of the outstanding $961.5 million aggregate principal amount of its CCWH Senior Notes at a redemption price equal to 104.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

5On June 29, 2021, one of the Company’s non-guarantor subsidiaries within its Europe segment entered into a state-guaranteed loan of €30.0 million, or approximately $35.6 million at current exchange rates, with a third-party lender. The term of this unsecured loan, which is guaranteed by the government of that country, will range from one to six years depending upon the Company’s election, which must be made by June 29, 2022. The loan bears an interest rate of 0% during the first year, but the Company must pay a fee relating to the state guarantee equal to 0.5% of the amount of the loan. If the Company elects to extend the loan past the first year, the Company will negotiate interest rates with the lender, and the annual cost of the guarantee will increase to 1.0% for the second and third years and 2.0% for the remainder of the loan term. The Company may generally prepay the loan in part or in full without penalty.

6The current portion of long-term debt was $21.3 million and $21.4 million as of June 30, 2021 and December 31, 2020, respectively.

The Company will host a conference call to discuss results on July 29, 2021 at 8:30 a.m. Eastern Time. The conference call number is 877-665-6356 (U.S. callers) and 270-215-9897 (International callers), and the access code for both is 2397443. A live audio webcast of the conference call will also be available on the events section of the Clear Channel Outdoor Holdings, Inc. website (investor.clearchannel.com). After the live conference call, a replay of the webcast will be available for a period of 30 days on the recent events section of the Clear Channel Outdoor Holdings, Inc. website.