•Revenue up 42.6% to $319.0 million

•Segment Adjusted EBITDA1 up 96.7% to $139.1 million

•Revenue up 21.0% to $262.6 million. Revenue, excluding movements in foreign exchange rates ("FX"), up 18.2% to $256.4 million

•Segment Adjusted EBITDA1 was $31.3 million compared to $(8.1) million. Segment Adjusted EBITDA1, excluding movements in FX, was $30.0 million compared to $(8.1) 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 saw increases in revenue across all products, largely driven by strength in our billboard inventory and growth in revenue from digital displays. Additionally, during the third quarter we saw strength in airport display revenue as traveling began to rebound.

•In our Europe segment, the relaxation of COVID-19 restrictions and increased vaccination levels have led to significant improvements in our revenue performance, particularly in the U.K. where revenues exceeded 2019 levels. Throughout Europe we saw strong performance in our street furniture and retail displays.

Our expectations for the fourth quarter are as follows (revenue amounts exclude movements in FX1 where applicable):

•Consolidated revenue between $715 million and $740 million vs. 2019 consolidated revenue of $717 million2

•Americas revenue between $360 million and $370 million vs. 2019 Americas revenue of $345 million

•Americas Segment Adjusted EBITDA margin percentage returning close to the 2019 fourth quarter level of 42.3%

•Europe revenue between $335 million and $350 million vs. 2019 Europe revenue of $349 million

•Year-to-date consolidated capital expenditures between $150 million and $160 million

1    For comparison purposes, 2019 fourth quarter Consolidated and Europe revenues are presented excluding movements in FX by converting 2019 fourth quarter reported revenues in local currency to U.S. dollars using average foreign exchange rates for 2020. See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for a comparison to GAAP revenue.

2    For comparison purposes, 2019 fourth quarter Consolidated revenue excludes revenue from China. See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for a comparison to GAAP revenue.

1We sold our Clear Media business on April 28, 2020. Revenue from our Latin America business for the nine months ended September 30, 2020 was $28.8 million.

2See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

Americas: Revenue up 42.6%:

•Revenue up across all products, most notably print billboards, digital billboards and airport displays

•Total digital revenue up 68.4% to $114.6 million from $68.1 million; digital revenue from billboards, street furniture and spectaculars up 59.5% to $91.4 million from $57.3 million

•Airport display revenue up 88.7% to $43.0 million from $22.8 million, driven by increased travel and our new Port Authority of New York and New Jersey advertising contract

•National sales comprised 37.1% and 36.5% of total revenue for the three months ended September 30, 2021 and 2020, respectively

Europe: Revenue up 21.0%; excluding movements in FX, up 18.2%:

•Revenue up across most products, primarily street furniture and retail displays, and in most countries, led by the U.K.

•Digital revenue up 44.8% to $92.9 million from $64.1 million; digital revenue, excluding movements in FX, up 39.3% to $89.3 million

Other: Revenue up 116.3%; excluding movements in FX, up 108.2%:

•Revenue up in all countries

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).

2We sold our Clear Media business on April 28, 2020. Direct operating and SG&A expenses from our Latin America business for the nine months ended September 30, 2020 were $39.0 million.

3Restructuring and other costs included within Direct operating and SG&A expenses were $17.2 million and $6.9 million during the three months ended September 30, 2021 and 2020, respectively, and $36.0 million and $11.0 million during the nine months ended September 30, 2021 and 2020, respectively. Included within restructuring and other costs were severance and related costs for our restructuring plans to reduce headcount of $16.3 million and $33.5 million during the three and nine months ended September 30, 2021, respectively, and $5.3 million during the three and nine months ended September 30, 2020.

4See “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 up 15.8%:

•Site lease expense up 15.3% to $103.1 million from $89.4 million driven by higher revenue

•Higher compensation costs driven by improvements in operating performance

•Partially offset by lower credit loss expense

Europe: Direct operating and SG&A expenses up 8.6%; excluding movements in FX, up 6.4%:

•Severance and related costs for the restructuring plan to reduce headcount up $13.0 million

•Site lease expense down 1.6% to $100.6 million from $102.3 million; site lease expense, excluding movements in FX, down 3.7% to $98.6 million driven by negotiated rent abatements

Other: Direct operating and SG&A expenses up 9.2%; excluding movements in FX, up 6.3%:

•Higher site lease expense driven by higher revenue

1Restructuring and other costs included within corporate expenses were $1.5 million and $2.3 million during the three months ended September 30, 2021 and 2020, respectively, and $8.6 million and $10.7 million during the nine months ended September 30, 2021 and 2020, respectively. Included within restructuring and other costs were severance and related costs for our restructuring plans to reduce headcount of $1.1 million during the nine months ended September 30, 2021 and $1.9 million during the three and nine months ended September 30, 2020.

2See “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

•Impairment charges of $27.3 million recognized during the three months ended September 30, 2020 and $119.0 million and $150.4 million recognized during the nine months ended September 30, 2021 and 2020, respectively, 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

•Loss on extinguishment of debt of $102.8 million recognized during the nine months ended September 30, 2021 related to redemption of the 9.25% CCWH Senior Notes due 2024 (“CCWH Senior Notes”) as compared to $5.4 million recognized during the three and nine months ended September 30, 2020 related to the repayment of the CCIBV Promissory Note

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 ($9.5) million of Other Segment Adjusted EBITDA for the nine months ended September 30, 2020.

•Our Americas segment has integrated Clear Channel Outdoor’s (“CCO”) RADARProof® with Foursquare Attribution, an industry first. This integration provides brands with daily updated campaign performance metrics across both printed and now digital out-of-home displays. These reports are powered by Foursquare Attribution, which captures data that enables brands to know which consumers were exposed to CCO displays and made a subsequent visit to retail locations and other points of interest.

•Additionally, we entered into a partnership with Hivestack, which brings programmatic buyers additional scale across the U.S. Hivestack joins Broadsign, Vistar and Place Exchange among our core Supply Side Platform partners, in addition to the more than 20 Demand Side Platforms with whom we are currently working. This partnership comes as marketers continue leaning further into data-led media solutions, including programmatic digital out-of-home (“DOOH”), to understand and plan against emerging audience travel patterns.

•Americas markets deployed 17 new digital billboards in the third quarter, for a total of more than 1,500 digital billboards at September 30, 2021. Our Americas segment had more than 2,000 digital billboards and street furniture displays at September 30, 2021.

•In France, we renewed our digital malls contract with Hammerson until 2030, cementing Clear Channel France’s position as the country’s leading out-of-home (“OOH”) malls provider.

•In Sweden, we won a seven-year contract to operate the advertising related to a public bike program in the center of Stockholm, consisting of 350 static and digital advertising panels in prime locations, further strengthening Clear Channel’s footprint across the city.

•In Denmark, Copenhagen Airport has chosen Clear Channel as the future operator of its advertising business from 2022 to 2026. Copenhagen Airport is Scandinavia’s largest airport.

•In the Netherlands, we won a ten-year contract for outdoor advertising in the municipality of Almere beginning in 2022. This includes approximately 600 static sides in bus shelter and free-standing objects, approximately 80 digital 2m2 screens and approximately 20 digital 6.5m2 screens.

•In Italy, we launched DOOH in Rome, upgrading bus shelters in key areas to digital. Rome joins cities including Milan, Vicenza, Florence and Naples, which are part of Clear Channel’s expanding digital network across the country.

•Our DOOH inventory in Belgium and Italy is now live on LaunchPad, Clear Channel’s new dedicated programmatic offering in Europe that connects our premium DOOH inventory to digital buying platforms and integrates displays into the omni-channel buying ecosystem.

•European markets added 314 new digital displays in the third quarter, for a total of more than 16,900 digital displays at September 30, 2021.

•Our Latin American markets had more than 700 digital displays at September 30, 2021.

•Clear Channel has joined forces with Conservation International by donating media space to showcase their new global OOH campaign, “Hear me while you can,” to make sure nature has a voice at the table during the 2021 United Nations Climate Change Conference (“COP26”), where 20,000 world leaders and delegates are meeting in Glasgow to discuss solutions to the world’s climate crisis. The campaign invites the public to immerse themselves in the beautiful sounds of nature and learn more about why we need to act now to protect it. The campaign is running across Clear Channel’s global digital advertising footprint through the duration of COP26 to reach millions of citizens worldwide. This global pro bono OOH campaign builds on Clear Channel’s long-standing commitment to using OOH’s unique strengths, its mass reach and ability to build brand fame to give a voice to some of today’s most pressing issues — in this case, climate change.

•Our Americas segment partnered with Nintendo of America to support the National Summer Learning Association’s Nationwide digital billboard campaign to help parents prevent the “summer slide” and reclaim the joy of learning. Together, the organizations harnessed OOH media to elevate the importance of keeping all kids learning, healthy and safe during summer, while also directing families across the country to the local resources available to nurture the curiosity of their children.

•In France, we partnered with allcolibri, a new platform, to launch a social impact campaign called “Make a gesture for tomorrow,” which ran across 1,000 digital screens in Paris, Bordeaux and Unibail-Rodamco-Westfield shopping malls. By scanning a QR code on the posters, people could choose one of three good causes to support, including planting trees, providing meals to disadvantaged children or removing plastic waste from oceans.

•In Belgium, we collaborated with KBC Brussels bank to install a large format poster using theBreath technology – an innovative air-filtration material – in Brussels City Centre. To close the loop, when the campaign ends the poster will then be upcycled into items such as gym bags or bike bags.

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

1As of September 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 $60.6 million of letters of credit outstanding and $64.4 million of excess availability under the Receivables-Based Credit Facility. On October 26, 2021, the Company repaid the $130.0 million outstanding balance under the Revolving Credit Facility using cash on hand, resulting in a corresponding increase in excess availability under such Revolving 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 $34.7 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 $21.2 million and $21.4 million as of September 30, 2021 and December 31, 2020, respectively.

1For the three months ended December 31, 2019, our Latin America business represented $26.3 million of Other Revenue and $23.3 million of Other Revenue excluding movements in FX.

2For comparison purposes, revenues for the three months ended December 31, 2019 are presented excluding movements in FX by converting 2019 reported revenues in local currency to U.S. dollars using average foreign exchange rates for 2020.

The Company will host a conference call to discuss results on November 9, 2021 at 8:30 a.m. Eastern Time. The conference call number is 877-876-9173 (U.S. callers) and +1 785 424-1667 (International callers), and the access code for both is CCOQ321. 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.