Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

July 29, 2021

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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, 2021
 
           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-20210630_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 July 27, 2021
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Common Stock, $0.01 par value per share 470,872,113



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 CONDENSED 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) June 30,
2021
December 31,
2020
  (Unaudited)
CURRENT ASSETS    
Cash and cash equivalents $ 563,993  $ 785,308 
Accounts receivable, net 489,777  468,329 
Prepaid expenses 54,538  49,509 
Other current assets 32,543  31,614 
Total Current Assets 1,140,851  1,334,760 
PROPERTY, PLANT AND EQUIPMENT  
Structures, net 630,150  688,947 
Other property, plant and equipment, net 186,995  199,877 
INTANGIBLE ASSETS AND GOODWILL    
Indefinite-lived permits 707,578  826,528 
Other intangible assets, net 284,379  292,751 
Goodwill 703,533  709,637 
OTHER ASSETS
Operating lease right-of-use assets 1,633,749  1,632,664 
Other assets 69,076  70,109 
Total Assets $ 5,356,311  $ 5,755,273 
CURRENT LIABILITIES    
Accounts payable $ 101,922  $ 101,159 
Accrued expenses 402,601  444,492 
Current operating lease liabilities 342,270  343,793 
Accrued interest 79,639  115,053 
Deferred revenue 93,224  64,313 
Current portion of long-term debt 21,255  21,396 
Total Current Liabilities 1,040,911  1,090,206 
NON-CURRENT LIABILITIES
Long-term debt 5,720,391  5,550,890 
Non-current operating lease liabilities 1,327,139  1,341,759 
Deferred tax liabilities, net 328,480  356,269 
Other long-term liabilities 191,612  198,751 
Total Liabilities 8,608,533  8,537,875 
Commitments and Contingencies (Note 5)
STOCKHOLDERS’ DEFICIT
Noncontrolling interest 9,769  10,855 
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (473,835,417 shares issued as of June 30, 2021; 468,703,164 shares issued as of December 31, 2020)
4,738  4,687 
Additional paid-in capital 3,511,398  3,502,991 
Accumulated deficit (6,396,467) (5,939,534)
Accumulated other comprehensive loss (375,489) (358,520)
Treasury stock (3,002,962 shares held as of June 30, 2021; 1,360,252 shares held as of December 31, 2020)
(6,171) (3,081)
     Total Stockholders' Deficit (3,252,222) (2,782,602)
     Total Liabilities and Stockholders' Deficit $ 5,356,311  $ 5,755,273 
 
See Condensed Notes to Consolidated Financial Statements
3

Table of Contents
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF LOSS
(UNAUDITED)
 
(In thousands, except per share data) Three Months Ended Six Months Ended
  June 30, June 30,
  2021 2020 2021 2020
Revenue $ 531,082  $ 314,906  $ 901,990  $ 865,715 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)
306,224  254,553  589,514  604,822 
Selling, general and administrative expenses (excludes depreciation and amortization)
112,865  99,688  210,435  223,392 
Corporate expenses (excludes depreciation and amortization)
37,728  32,665  71,770  69,003 
Depreciation and amortization 62,567  66,192  124,419  141,945 
Impairment charges     118,950  123,137 
Other operating income, net (1,740) (69,600) (1,623) (63,579)
Operating income (loss) 13,438  (68,592) (211,475) (233,005)
Interest expense, net (90,242) (88,742) (182,935) (178,884)
Loss on extinguishment of debt (51,656)   (102,757)  
Other income (expense), net 3,631  (4,490) 10,185  (23,379)
Loss before income taxes (124,829) (161,824) (486,982) (435,268)
Income tax benefit 428  19,221  29,125  3,442 
Consolidated net loss (124,401) (142,603) (457,857) (431,826)
Less amount attributable to noncontrolling interest 179  (5,405) (924) (17,137)
Net loss attributable to the Company $ (124,580) $ (137,198) $ (456,933) $ (414,689)
Net loss attributable to the Company per share of common stock — basic and diluted $ (0.27) $ (0.30) $ (0.98) $ (0.89)
 
See Condensed Notes to Consolidated Financial Statements
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)


(In thousands) Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Net loss attributable to the Company $ (124,580) $ (137,198) $ (456,933) $ (414,689)
Other comprehensive income (loss):
Foreign currency translation adjustments 1,426  10,442  (17,920) (5,979)
Reclassification adjustments     944   
Other adjustments to comprehensive income (loss), net of tax   (19)   (19)
Other comprehensive income (loss) 1,426  10,423  (16,976) (5,998)
Comprehensive loss (123,154) (126,775) (473,909) (420,687)
Less amount attributable to noncontrolling interest 3  350  (7) (1,901)
Comprehensive loss attributable to the Company $ (123,157) $ (127,125) $ (473,902) $ (418,786)


See Condensed 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 June 30, 2021
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, 2021 469,223,507  $ 9,633  $ 4,692  $ 3,506,938  $ (6,271,887) $ (376,912) $ (3,090) $ (3,130,626)
Net income (loss) 179  —  —  (124,580) —  —  (124,401)
Exercise of stock options and release of stock awards
4,611,910  —  46  (46) —  —  (3,081) (3,081)
Share-based compensation
—  —  4,506  —  —  —  4,506 
Payments to noncontrolling interests
(46) —  —  —  —  —  (46)
Other comprehensive income 3  —  —  —  1,423  —  1,426 
Balances at June 30, 2021 473,835,417  $ 9,769  $ 4,738  $ 3,511,398  $ (6,396,467) $ (375,489) $ (6,171) $ (3,252,222)

(In thousands, except share data)
Six Months Ended June 30, 2021
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, 2020 468,703,164  $ 10,855  $ 4,687  $ 3,502,991  $ (5,939,534) $ (358,520) $ (3,081) $ (2,782,602)
Net loss (924) —  —  (456,933) —  —  (457,857)
Exercise of stock options and release of stock awards
5,132,253  —  51  (50) —  —  (3,090) (3,089)
Share-based compensation
—  —  8,457  —  —  —  8,457 
Payments to noncontrolling interests
(155) —  —  —  —  —  (155)
Other comprehensive loss (7) —  —  —  (16,969) —  (16,976)
Balances at June 30, 2021 473,835,417  $ 9,769  $ 4,738  $ 3,511,398  $ (6,396,467) $ (375,489) $ (6,171) $ (3,252,222)

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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 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 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 Condensed Notes to Consolidated Financial Statements
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands) Six Months Ended June 30,
2021 2020
Cash flows from operating activities:    
Consolidated net loss $ (457,857) $ (431,826)
Reconciling items:
Depreciation, amortization and impairment charges 243,369  265,082 
Non-cash operating lease expense 185,284  174,838 
Gain on disposal of operating and other assets, net (2,051) (71,100)
Loss on extinguishment of debt 102,757   
Foreign exchange transaction loss (gain) (8,685) 22,731 
Deferred taxes (28,104) (21,242)
Other reconciling items, net 6,836  21,617 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable (578) 203,235 
Increase in prepaid expenses and other operating assets (7,600) (10,359)
Decrease in accounts payable and accrued expenses (31,592) (26,200)
Decrease in operating lease liabilities (202,948) (171,280)
Increase (decrease) in accrued interest (35,284) 20,754 
Increase in deferred revenue 5,482  20,502 
Decrease in other operating liabilities (1,273) (21,174)
Net cash used for operating activities (232,244) (24,422)
Cash flows from investing activities:    
Proceeds from disposal of assets, net 3,640  217,023 
Purchases of property, plant and equipment and concession rights (49,766) (66,963)
Other investing activities, net (986) (484)
Net cash provided by (used for) investing activities (47,112) 149,576 
Cash flows from financing activities:    
Draws on credit facilities   150,000 
Proceeds from long-term debt 2,085,570   
Payments on long-term debt (2,000,276) (10,145)
Debt issuance costs (24,417) (1,202)
Other financing activities, net (3,245) (261)
Net cash provided by financing activities 57,632  138,392 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (44) (7,271)
Net increase (decrease) in cash, cash equivalents and restricted cash (221,768) 256,275 
Cash, cash equivalents and restricted cash at beginning of period 795,061  417,075 
Cash, cash equivalents and restricted cash at end of period $ 573,293  $ 673,350 
Supplemental disclosures:    
Cash paid for interest $ 211,982  $ 155,185 
Cash paid for income taxes, net of refunds $ 1,732  $ 9,982 

See Condensed 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. 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 2020 Annual Report on Form 10-K, filed on February 25, 2021.
Certain prior period amounts have been reclassified to conform to the 2021 presentation.
Recent Developments
COVID-19
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 uncertain. 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 2020 supplemental Financial Accounting Standards Board (“FASB”) staff guidance regarding accounting for rent concessions resulting from COVID-19. During the three and six months ended June 30, 2021, the Company recognized reductions of rent expense on lease and non-lease contracts due to negotiated rent abatements of $34.6 million and $57.3 million, respectively, as compared to $29.4 million during the three and six months ended June 30, 2020. Negotiated deferrals of rent payments did not result in a reduction of rent expense.
During the three and six months ended June 30, 2021, the Company received European governmental support and wage subsidies in response to COVID-19 of $2.0 million and $6.7 million, respectively, as compared to $7.5 million during the three and six months ended June 30, 2020, which have been recorded as reductions in compensation and rent costs.
The Company continues to execute upon its restructuring plan to reduce headcount in Europe, which it committed to during the third quarter of 2020. During the three and six months ended June 30, 2021, the Company incurred restructuring and other costs pursuant to this plan of $15.5 million and $17.2 million, respectively, in its Europe segment and $0.2 million and $1.1 million, respectively, related to Corporate operations. Refer to Note 9 to the Company’s Condensed Consolidated Financial Statements for further details.
In June 2021, one of the Company’s subsidiaries within its Europe segment borrowed approximately $35.6 million through a state-guaranteed loan program established in response to COVID-19. Refer to Note 4 to the Company’s Condensed Consolidated Financial Statements for additional details.
Disposition
On April 28, 2020, the Company tendered its 50.91% stake in Clear Media Limited (“Clear Media”), a former indirect, non-wholly owned subsidiary of the Company based in China, pursuant to a voluntary conditional cash offer made by and on behalf of Ever Harmonic Global Limited (“Ever Harmonic”), and on May 14, 2020, the Company received $253.1 million in cash proceeds from the sale of its shares in Clear Media. The Company recognized a gain on the sale of Clear Media of $75.2 million, which is recorded within “Other operating income, net” on the Company’s Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2020.
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Use of Estimates
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; defined-benefit plan obligations; the allowance for credit losses; assessment of 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 uncertainty in estimating the expected economic and operational impacts relative to COVID-19 as the situation continues to evolve. 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.
New Accounting Pronouncements
New Accounting Pronouncements Recently Adopted
The Company adopted the guidance under Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes, as of January 1, 2021 on a prospective basis. This update, which simplifies the accounting for income taxes by removing certain existing exceptions to the general principles in Topic 740, does not have a material impact on the Company’s consolidated financial statements or disclosures.
New Accounting Pronouncements Not Yet Adopted
Reference Rate Reform
For the last several years, there has been an ongoing effort amongst regulators, standard setters, financial institutions and other market participants to replace interbank offered rates, including the London Interbank Offered Rate (“LIBOR”), with alternative reference rates. In the United States (“U.S.”), the Alternative Reference Rates Committee has identified the Secured Overnight Financing Rate (“SOFR”) as the recommended alternative to the USD LIBOR, while various other risk-free rates have been selected to replace LIBOR for other currencies. In March 2021, the ICE Benchmark Administration, LIBOR’s administrator, announced that it will cease publication of certain LIBOR rates after December 31, 2021, while the remaining USD LIBOR rates will be published through June 30, 2023. The Company is evaluating its debt agreements and commercial contracts that may utilize LIBOR as the reference rate but does not expect this change to result in a material impact on the Company’s consolidated financial statements or disclosures.
In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, in order to ease the potential burden of accounting for reference rate reform initiatives. The update provides temporary optional expedients and exceptions for applying GAAP contract modification accounting to contracts and other transactions affected by reference rate reform if certain criteria are met and may be applied through December 31, 2022. The Company is currently assessing whether it will use these optional expedients and exceptions but does not expect adoption of this guidance to have a material impact on the Company’s consolidated financial statements or disclosures. The Company will continue to monitor and assess regulatory developments during the transition period.
NOTE 2 – SEGMENT DATA
The Company has two reportable segments, which it believes best reflect how the Company is currently managed – Americas and Europe. The Americas segment consists of operations primarily in the U.S., and the Europe segment consists of operations in Europe and Singapore. The Company’s remaining operating segments do not meet the quantitative thresholds to qualify as reportable segments and are disclosed as “Other.” Each segment provides out-of-home advertising services in its respective geographic region using various digital and traditional display types, consisting primarily of billboards, street furniture displays and transit displays.
Segment Adjusted EBITDA is the profitability metric reported to the Company’s Chief Operating Decision Maker (“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 table presents the Company’s reportable segment results for the three and six months ended June 30, 2021 and 2020:
(In thousands) Three Months Ended June 30, Six Months Ended June 30,
  2021 2020 2021 2020
Revenue
Americas $ 271,620  $ 199,700  $ 483,504  $ 495,487 
Europe 247,124  107,346  396,648  319,036 
Other(1)
12,338  7,860  21,838  51,192 
Total $ 531,082  $ 314,906  $ 901,990  $ 865,715 
Capital Expenditures
Americas $ 18,406  $ 8,405  $ 24,131  $ 31,896 
Europe 9,256  9,327  17,306  19,422 
Other(1)
907  2,043  2,220  8,385 
Corporate 3,279  3,620  6,109  7,260 
Total $ 31,848  $ 23,395  $ 49,766  $ 66,963 
Segment Adjusted EBITDA
Americas $ 127,221  $ 47,019  $ 191,441  $ 154,977 
Europe 1,744  (68,819) (65,885) (82,930)
Other(1)
(921) (15,255) (4,746) (30,442)
Total $ 128,044  $ (37,055) $ 120,810  $ 41,605 
Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes
Segment Adjusted EBITDA $ 128,044  $ (37,055) $ 120,810  $ 41,605 
Less reconciling items:
Corporate expenses(2)
37,728  32,665  71,770  69,003 
Depreciation and amortization 62,567  66,192  124,419  141,945 
Impairment charges     118,950  123,137 
Restructuring and other costs(3)
16,051  2,280  18,769  4,104 
Other operating income, net (1,740) (69,600) (1,623) (63,579)
Interest expense, net 90,242  88,742  182,935  178,884 
Other charges(4)
48,025  4,490  92,572  23,379 
Consolidated net loss before income taxes $ (124,829) $ (161,824) $ (486,982) $ (435,268)
(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.
(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 within the Corporate expenses line item.
(4)Other charges includes Loss on extinguishment of debt 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 segment, for the three and six months ended June 30, 2021 and 2020:
(In thousands) Revenue from contracts with customers Revenue from leases Total Revenue
Three Months Ended June 30, 2021
Americas(1)
$ 121,904  $ 149,716  $ 271,620 
Europe 218,177  28,947  247,124 
Other(2)
10,225  2,113  12,338 
     Total $ 350,306  $ 180,776  $ 531,082 
Three Months Ended June 30, 2020
Americas(1)
$ 89,903  $ 109,797  $ 199,700 
Europe 90,985  16,361  107,346 
Other(2)
7,413  447  7,860 
     Total $ 188,301  $ 126,605  $ 314,906 
Six Months Ended June 30, 2021
Americas(1)
$ 215,972  $ 267,532  $ 483,504 
Europe 349,855  46,793  396,648 
Other(2)
17,855  3,983  21,838 
Total $ 583,682  $ 318,308  $ 901,990 
Six Months Ended June 30, 2020
Americas(1)
$ 253,181  $ 242,306  $ 495,487 
Europe 278,175  40,861  319,036 
Other(2)
46,689  4,503  51,192 
Total $ 578,045  $ 287,670  $ 865,715 
(1)Americas total revenue for the three months ended June 30, 2021 and 2020 includes revenue from transit displays of $27.0 million and $28.3 million, respectively, including revenue from airport displays of $24.6 million and $25.8 million, respectively. Americas total revenue for the six months ended June 30, 2021 and 2020 includes revenue from transit displays of $48.4 million and $83.8 million, respectively, including revenue from airport displays of $44.1 million and $77.7 million, respectively.
(2)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. Total revenue for the Company’s Latin America business was $3.4 million and $21.9 million for the three and six months ended June 30, 2020, respectively.
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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 June 30, Six Months Ended June 30,
(In thousands) 2021 2020 2021 2020
Accounts receivable, net of allowance, from contracts with customers:
  Beginning balance $ 243,689  $ 375,509  $ 349,799  $ 581,555 
  Ending balance $ 346,306  $ 239,957  $ 346,306  $ 239,957 
Deferred revenue from contracts with customers:
  Beginning balance $ 46,773  $ 57,022  $ 37,712  $ 52,589 
  Ending balance $ 50,067  $ 47,760  $ 50,067  $ 47,760 
During the three months ended June 30, 2021 and 2020, respectively, the Company recognized $36.8 million and $20.3 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the quarter. During the six months ended June 30, 2021 and 2020, respectively, the Company recognized $34.5 million and $44.5 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective year.
The Company’s contracts with customers generally have terms of one year or less; however, as of June 30, 2021, the Company expects to recognize $103.6 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with the majority of this amount to be recognized over the next five years.
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NOTE 4 – LONG-TERM DEBT
Long-term debt outstanding as of June 30, 2021 and December 31, 2020 consisted of the following:
(In thousands) June 30,
2021
December 31,
2020
Term Loan Facility(1)
$ 1,965,000  $ 1,975,000 
Revolving Credit Facility 130,000  130,000 
Receivables-Based Credit Facility    
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027
1,250,000  1,250,000 
Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028(2)
1,000,000   
Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029(3)
1,050,000   
Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024(2),(3)
  1,901,525 
Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025
375,000  375,000 
Other debt(4)
41,136  6,763 
Original issue discount (7,644) (8,296)
Long-term debt fees (61,846) (57,706)
Total debt 5,741,646  5,572,286 
Less: Current portion 21,255  21,396 
Total long-term debt $ 5,720,391  $ 5,550,890 
(1)In March and June 2021, the Company paid $5.0 million each, for a total of $10.0 million during the six months ended June 30, 2021, of the outstanding principal on the term loan facility (“Term Loan Facility”) in accordance with the terms of the senior secured credit agreement ("Senior Secured Credit Agreement") governing the senior secured credit facilities, which consist of the Term Loan Facility and the revolving credit facility (“Revolving Credit Facility”).
(2)On February 17, 2021, the Company issued $1.0 billion in 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. As a result of this partial redemption, the Company recognized a loss on debt extinguishment of $51.1 million during the three months ended March 31, 2021.
(3)On June 1, 2021, the Company issued $1.05 billion in 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. As a result of this redemption, the Company recognized a loss on debt extinguishment of $51.7 million during the three months ended June 30, 2021.
(4)On June 29, 2021, one of the Company’s non-guarantor European subsidiaries 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 (the “Extension Request”), which must be made by June 29, 2022. The loan bears an interest rate of 0% during the first year, and the interest rate for any subsequent periods will be negotiated with the lender upon submission of the Extension Request. Additionally, at the end of the first year of the loan, 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 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.
The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.9 billion and $5.6 billion as of June 30, 2021 and December 31, 2020, respectively. Under the fair value hierarchy established by ASC 820-10-35, the inputs used to disclose the market value of the Company’s debt would be classified as Level 1.
Amendment to Senior Secured Credit Facilities
In June 2020, the Company entered into an amendment to the Senior Secured Credit Agreement, thereby suspending the springing financial covenant through June 30, 2021 and delaying the scheduled financial covenant step-down until March 31, 2022. In May 2021, the Company 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. Under the Senior Secured Credit Agreement, as amended, the Company is required to maintain minimum cash on hand and availability under the Receivables-Based Credit Facility and Revolving Credit Facility of $150 million for all reporting periods through March 31, 2022.
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CCOH 7.75% Senior Notes Due 2028
On February 17, 2021, the Company completed the sale of $1.0 billion in aggregate principal amount of 7.75% Senior Notes due 2028 (the “CCOH 7.75% Senior Notes”) in a private placement to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the U.S. pursuant to Regulation S under the Securities Act.
On the same date, the Company entered into an indenture, dated as of February 17, 2021 (the “CCOH 7.75% Senior Notes Indenture”), by and among the Company, the subsidiaries of the Company acting as guarantors party thereto (collectively, the “Guarantors”), and U.S. Bank National Association, as trustee.
The CCOH 7.75% Senior Notes mature on April 15, 2028 and bear interest at a rate of 7.75% per annum. Interest on the CCOH 7.75% Senior Notes is payable to the holders thereof semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021.
The CCOH 7.75% Senior Notes are guaranteed on a senior unsecured basis by certain of the Company’s wholly-owned existing and future domestic subsidiaries. The CCOH 7.75% Senior Notes (i) rank pari passu in right of payment with all existing and future senior indebtedness of the Company; (ii) are senior in right of payment to all of the future subordinated indebtedness of the Company and the Guarantors; (iii) are effectively subordinated to all of the Company’s and the Guarantors’ existing and future indebtedness secured by a lien, to the extent of the value of such collateral; and (iv) are structurally subordinated to any existing and future obligations of any existing or future subsidiaries of the Company that do not guarantee the CCOH 7.75% Senior Notes, including all of the Company’s foreign subsidiaries.
The Company may redeem all or a portion of the CCOH 7.75% Senior Notes beginning on April 15, 2024 at the redemption prices set forth in the CCOH 7.75% Senior Notes Indenture. Prior to April 15, 2024, the Company may redeem all or a portion of the CCOH 7.75% Senior Notes at a redemption price equal to 100% of the principal amount of the CCOH 7.75% Senior Notes plus the “make-whole” premium described in the CCOH 7.75% Senior Notes Indenture. The Company may redeem up to 40% of the aggregate principal amount of the CCOH 7.75% Senior Notes at any time prior to April 15, 2024 using the net proceeds from certain equity offerings at 107.75% of the principal amount of the CCOH 7.75% Senior Notes.
The CCOH 7.75% Senior Notes Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to, among other things: (i) incur or guarantee additional debt or issue certain preferred stock; (ii) redeem, purchase or retire subordinated debt; (iii) make certain investments; (iv) create restrictions on the payment of dividends or other amounts from the Company’s restricted subsidiaries that are not Guarantors; (v) enter into certain transactions with affiliates; (vi) merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of the Company’s assets; (vii) sell certain assets, including capital stock of the Company’s subsidiaries; (viii) designate the Company’s subsidiaries as unrestricted subsidiaries; (ix) pay dividends, redeem or repurchase capital stock or make other restricted payments; and (x) incur certain liens.
CCOH 7.5% Senior Notes Due 2029
On June 1, 2021, the Company completed the sale of $1.05 billion in aggregate principal amount of 7.5% Senior Notes due 2029 (the “CCOH 7.5% Senior Notes”) in a private placement to qualified institutional buyers under Rule 144A under the Securities Act and to persons outside the U.S. pursuant to Regulation S under the Securities Act.
On the same date, the Company entered into an indenture, dated as of June 1, 2021 (the “CCOH 7.5% Senior Notes Indenture”), by and among the Company, the Guarantors, and U.S. Bank National Association, as trustee.
The CCOH 7.5% Senior Notes mature on June 1, 2029 and bear interest at a rate of 7.5% per annum. Interest on the CCOH 7.5% Senior Notes is payable to the holders thereof semi-annually on June 1 and December 1 of each year, beginning on December 1, 2021.
The CCOH 7.5% Senior Notes are guaranteed on a senior unsecured basis by certain of the Company’s wholly-owned existing and future domestic subsidiaries. The CCOH 7.5% Senior Notes (i) rank pari passu in right of payment with all existing and future senior indebtedness of the Company; (ii) are senior in right of payment to all of the future subordinated indebtedness of the Company and the Guarantors; (iii) are effectively subordinated to all of the Company’s and the Guarantors’ existing and future indebtedness secured by a lien, to the extent of the value of the collateral securing such debt; and (iv) are structurally subordinated to any existing and future obligations of any existing or future subsidiaries of the Company that do not guarantee the CCOH 7.5% Senior Notes, including all of the Company’s foreign subsidiaries.
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The Company may redeem all or a portion of the CCOH 7.5% Senior Notes beginning on June 1, 2024 at the redemption prices set forth in the CCOH 7.5% Senior Notes Indenture. Prior to June 1, 2024, the Company may redeem all or a portion of the CCOH 7.5% Senior Notes at a redemption price equal to 100% of the principal amount of the CCOH 7.5% Senior Notes plus the “make-whole” premium described in the CCOH 7.5% Senior Notes Indenture. The Company may redeem up to 40% of the aggregate principal amount of the CCOH 7.5% Senior Notes at any time prior to June 1, 2024 using the net proceeds from certain equity offerings at 107.5% of the principal amount of the CCOH 7.5% Senior Notes.
The CCOH 7.5% Senior Notes Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to, among other things: (i) incur or guarantee additional debt or issue certain preferred stock; (ii) redeem, purchase or retire subordinated debt; (iii) make certain investments; (iv) create restrictions on the payment of dividends or other amounts from the Company’s restricted subsidiaries that are not Guarantors; (v) enter into certain transactions with affiliates; (vi) merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of the Company’s assets; (vii) sell certain assets, including capital stock of the Company’s subsidiaries; (viii) designate the Company’s subsidiaries as unrestricted subsidiaries; (ix) pay dividends, redeem or repurchase capital stock or make other restricted payments; and (x) incur certain liens.
Letters of Credit, Surety Bonds and Guarantees
As of June 30, 2021, the Company had $