Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 9, 2021

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, 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-20210930_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, 2021
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Common Stock, $0.01 par value per share 470,703,669


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) September 30,
2021		 December 31,
2020
  (Unaudited)
CURRENT ASSETS    
Cash and cash equivalents $ 599,999  $ 785,308 
Accounts receivable, net 537,258  468,329 
Prepaid expenses 53,550  49,509 
Other current assets 29,569  31,614 
Total Current Assets 1,220,376  1,334,760 
PROPERTY, PLANT AND EQUIPMENT  
Structures, net 597,051  688,947 
Other property, plant and equipment, net 187,284  199,877 
INTANGIBLE ASSETS AND GOODWILL    
Indefinite-lived permits 707,967  826,528 
Other intangible assets, net 280,273  292,751 
Goodwill 699,910  709,637 
OTHER ASSETS
Operating lease right-of-use assets 1,603,965  1,632,664 
Other assets 68,512  70,109 
Total Assets $ 5,365,338  $ 5,755,273 
CURRENT LIABILITIES    
Accounts payable $ 99,236  $ 101,159 
Accrued expenses 456,035  444,492 
Current operating lease liabilities 329,819  343,793 
Accrued interest 108,886  115,053 
Deferred revenue 94,438  64,313 
Current portion of long-term debt 21,160  21,396 
Total Current Liabilities 1,109,574  1,090,206 
NON-CURRENT LIABILITIES
Long-term debt 5,716,742  5,550,890 
Non-current operating lease liabilities 1,316,338  1,341,759 
Deferred tax liabilities, net 326,326  356,269 
Other long-term liabilities 184,182  198,751 
Total Liabilities 8,653,162  8,537,875 
Commitments and Contingencies (Note 5)
STOCKHOLDERS’ DEFICIT
Noncontrolling interest 9,693  10,855 
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (474,279,094 shares issued as of September 30, 2021; 468,703,164 shares issued as of December 31, 2020)
 4,743  4,687 
Additional paid-in capital 3,517,302  3,502,991 
Accumulated deficit (6,437,298) (5,939,534)
Accumulated other comprehensive loss (374,607) (358,520)
Treasury stock (3,613,482 shares held as of September 30, 2021; 1,360,252 shares held as of December 31, 2020)
 (7,657) (3,081)
     Total Stockholders' Deficit (3,287,824) (2,782,602)
     Total Liabilities and Stockholders' Deficit $ 5,365,338  $ 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 Nine Months Ended
  September 30, September 30,
  2021 2020 2021 2020
Revenue $ 596,416  $ 447,505  $ 1,498,406  $ 1,313,220 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)
 324,707  290,610  914,221  895,432 
Selling, general and administrative expenses (excludes depreciation and amortization)
 118,158  106,871  328,593  330,263 
Corporate expenses (excludes depreciation and amortization)
 41,806  30,719  113,576  99,722 
Depreciation and amortization 65,600  62,427  190,019  204,372 
Impairment charges —  27,263  118,950  150,400 
Other operating expense (income), net (2,422) 5,528  (4,045) (58,051)
Operating income (loss) 48,567  (75,913) (162,908) (308,918)
Interest expense, net (84,276) (90,551) (267,211) (269,435)
Loss on extinguishment of debt —  (5,389) (102,757) (5,389)
Other income (expense), net (11,973) 6,493  (1,788) (16,886)
Loss before income taxes (47,682) (165,360) (534,664) (600,628)
Income tax benefit 6,894  29,516  36,019  32,958 
Consolidated net loss (40,788) (135,844) (498,645) (567,670)
Less amount attributable to noncontrolling interest 43  93  (881) (17,044)
Net loss attributable to the Company $ (40,831) $ (135,937) $ (497,764) $ (550,626)
Net loss attributable to the Company per share of common stock — basic and diluted $ (0.09) $ (0.29) $ (1.06) $ (1.19)
 
See Condensed Notes to Consolidated Financial Statements
4
Table of Contents
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)


(In thousands) Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Net loss attributable to the Company $ (40,831) $ (135,937) $ (497,764) $ (550,626)
Other comprehensive income (loss):
Foreign currency translation adjustments 876  1,561  (17,044) (4,418)
Reclassification adjustments —  721  944  721 
Other adjustments to comprehensive income (loss), net of tax —  704  —  685 
Other comprehensive income (loss) 876  2,986  (16,100) (3,012)
Comprehensive loss (39,955) (132,951) (513,864) (553,638)
Less amount attributable to noncontrolling interest (6) 65  (13) (1,836)
Comprehensive loss attributable to the Company $ (39,949) $ (133,016) $ (513,851) $ (551,802)


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 September 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 June 30, 2021 473,835,417  $ 9,769  $ 4,738  $ 3,511,398  $ (6,396,467) $ (375,489) $ (6,171) $ (3,252,222)
Net income (loss) 43  —  —  (40,831) —  —  (40,788)
Exercise of stock options and release of stock awards
 443,677  —  5  30  —  —  (1,486) (1,451)
Share-based compensation
 —  —  5,874  —  —  —  5,874 
Payments to noncontrolling interests
 (113) —  —  —  —  —  (113)
Other comprehensive income (loss) (6) —  —  —  882  —  876 
Balances at September 30, 2021 474,279,094  $ 9,693  $ 4,743  $ 3,517,302  $ (6,437,298) $ (374,607) $ (7,657) $ (3,287,824)

(In thousands, except share data)
Nine Months Ended September 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 (881) —  —  (497,764) —  —  (498,645)
Exercise of stock options and release of stock awards
 5,575,930  —  56  (20) —  —  (4,576) (4,540)
Share-based compensation
 —  —  14,331  —  —  —  14,331 
Payments to noncontrolling interests
 (268) —  —  —  —  —  (268)
Other comprehensive loss (13) —  —  —  (16,087) —  (16,100)
Balances at September 30, 2021 474,279,094  $ 9,693  $ 4,743  $ 3,517,302  $ (6,437,298) $ (374,607) $ (7,657) $ (3,287,824)

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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
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 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 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) Nine Months Ended September 30,
2021 2020
Cash flows from operating activities:    
Consolidated net loss $ (498,645) $ (567,670)
Reconciling items:
Depreciation, amortization and impairment charges 308,969  354,772 
Non-cash operating lease expense 273,334  261,014 
Loss on extinguishment of debt 102,757  5,389 
Deferred taxes (30,285) (49,277)
Gain on disposal of operating and other assets, net (4,697) (69,601)
Foreign exchange transaction loss 3,455  15,618 
Credit loss expense (reversal) (3,365) 15,302 
Other reconciling items, net 23,421  14,967 
Changes in operating assets and liabilities, net of effects of disposition:
Decrease (increase) in accounts receivable (59,050) 143,473 
Decrease (increase) in prepaid expenses and other operating assets (8,089) 59 
Increase in accounts payable and accrued expenses 28,507  37,976 
Decrease in operating lease liabilities (291,144) (249,785)
Decrease in accrued interest (5,889) (37,626)
Increase in deferred revenue 12,104  21,956 
Decrease in other operating liabilities (5,656) (12,001)
Net cash used for operating activities (154,273) (115,434)
Cash flows from investing activities:    
Purchases of property, plant and equipment and concession rights (82,438) (93,249)
Proceeds from disposal of assets, net 5,671  218,545 
Other investing activities, net (2,672) (1,034)
Net cash provided by (used for) investing activities (79,439) 124,262 
Cash flows from financing activities:    
Draws on credit facilities —  150,000 
Proceeds from long-term debt 2,085,570  375,000 
Payments on long-term debt (2,005,905) (69,517)
Debt issuance costs (24,438) (9,423)
Other financing activities, net (4,935) (1,087)
Net cash provided by financing activities 50,292  444,973 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,807) (13,307)
Net increase (decrease) in cash, cash equivalents and restricted cash (186,227) 440,494 
Cash, cash equivalents and restricted cash at beginning of period 795,061  417,075 
Cash, cash equivalents and restricted cash at end of period $ 608,834  $ 857,569 
Supplemental disclosures:    
Cash paid for interest $ 264,387  $ 302,097 
Cash paid for income taxes, net of refunds $ 3,533  $ 11,312 

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 in the Consolidated Statement of Cash Flows 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. While the duration and severity of the effects of the pandemic remain uncertain, the Company has taken and continues to take actions to strengthen its financial position and support the continuity of its platform and operations, as follows:
•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. The Company recognized reductions of rent expense on lease and non-lease contracts due to negotiated rent abatements of $21.6 million and $78.9 million during the three and nine months ended September 30, 2021, respectively, and $23.8 million and $53.1 million during the three and nine months ended September 30, 2020, respectively. Negotiated deferrals of rent payments did not result in a reduction of rent expense.
•The Company received European governmental support and wage subsidies in response to COVID-19 of $6.3 million and $13.1 million during the three and nine months ended September 30, 2021, respectively, and $7.2 million and $14.7 million during the three and nine months ended September 30, 2020, respectively. These subsidies 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 nine months ended September 30, 2021, the Company incurred restructuring and other costs pursuant to this plan of $16.3 million and $33.5 million, respectively, in its Europe segment. During the nine months ended September 30, 2021, the Company incurred restructuring and other costs pursuant to this plan of $1.1 million 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 $34.7 million, at current exchange rates, 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.
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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 Statement of Comprehensive Loss for the nine months ended September 30, 2020.
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 Accounting Standards Codification (“ASC”) 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 formally recommended forward-looking Secured Overnight Financing Rate (“SOFR”) term rates as the replacement for 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 currently working with the administrative agent of its Senior Secured Credit Facilities and Receivables-Based Credit Facility to finalize replacement rates; however, the Company does not expect the replacement of LIBOR 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 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.
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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.
The following table presents the Company’s reportable segment results for the three and nine months ended September 30, 2021 and 2020:
(In thousands) Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Revenue
Americas $ 319,020  $ 223,715  $ 802,524  $ 719,202 
Europe 262,568  216,934  659,216  535,970 
Other(1)
14,828  6,856  36,666  58,048 
Total $ 596,416  $ 447,505  $ 1,498,406  $ 1,313,220 
Capital Expenditures
Americas $ 15,857  $ 9,293  $ 39,988  $ 41,189 
Europe 12,992  12,067  30,298  31,489 
Other(1)
862  2,420  3,082  10,805 
Corporate 2,961  2,506  9,070  9,766 
Total $ 32,672  $ 26,286  $ 82,438  $ 93,249 
Segment Adjusted EBITDA
Americas $ 139,086  $ 70,716  $ 330,527  $ 225,693 
Europe 31,271  (8,141) (34,614) (91,071)
Other(1)
425  (5,650) (4,321) (36,092)
Total $ 170,782  $ 56,925  $ 291,592  $ 98,530 
Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes
Segment Adjusted EBITDA $ 170,782  $ 56,925  $ 291,592  $ 98,530 
Less reconciling items:
Corporate expenses(2)
41,806  30,719  113,576  99,722 
Depreciation and amortization 65,600  62,427  190,019  204,372 
Impairment charges —  27,263  118,950  150,400 
Restructuring and other costs(3)
17,231  6,901  36,000  11,005 
Other operating expense (income), net (2,422) 5,528  (4,045) (58,051)
Interest expense, net 84,276  90,551  267,211  269,435 
Other reconciling items(4)
11,973  (1,104) 104,545  22,275 
Consolidated net loss before income taxes $ (47,682) $ (165,360) $ (534,664) $ (600,628)
(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.
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(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 reconciling items includes Loss on extinguishment of debt and Other income (expense), net.
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 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 nine months ended September 30, 2021 and 2020:
(In thousands) Revenue from contracts with customers Revenue from leases Total Revenue
Three Months Ended September 30, 2021
Americas(1)
$ 154,843  $ 164,177  $ 319,020 
Europe 235,082  27,486  262,568 
Other(2)
11,994  2,834  14,828 
     Total $ 401,919  $ 194,497  $ 596,416 
Three Months Ended September 30, 2020
Americas(1)
$ 109,165  $ 114,550  $ 223,715 
Europe 189,342  27,592  216,934 
Other(2)
5,366  1,490  6,856 
     Total $ 303,873  $ 143,632  $ 447,505 
Nine Months Ended September 30, 2021
Americas(1)
$ 370,815  $ 431,709  $ 802,524 
Europe 584,937  74,279  659,216 
Other(2)
29,849  6,817  36,666 
Total $ 985,601  $ 512,805  $ 1,498,406 
Nine Months Ended September 30, 2020
Americas(1)
$ 362,346  $ 356,856  $ 719,202 
Europe 467,517  68,453  535,970 
Other(2)
52,055  5,993  58,048 
Total $ 881,918  $ 431,302  $ 1,313,220 
(1)Americas total revenue for the three months ended September 30, 2021 and 2020 includes revenue from transit displays of $45.7 million and $25.0 million, respectively, including revenue from airport displays of $43.0 million and $22.8 million, respectively. Americas total revenue for the nine months ended September 30, 2021 and 2020 includes revenue from transit displays of $94.1 million and $108.8 million, respectively, including revenue from airport displays of $87.1 million and $100.5 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 during the nine months ended September 30, 2020 was $28.8 million.
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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) 2021 2020 2021 2020
Accounts receivable, net of allowance, from contracts with customers:
  Beginning balance $ 346,306  $ 239,957  $ 349,799  $ 581,555 
  Ending balance $ 390,053  $ 312,076  $ 390,053  $ 312,076 
Deferred revenue from contracts with customers:
  Beginning balance $ 50,067  $ 47,760  $ 37,712  $ 52,589 
  Ending balance $ 53,916  $ 50,875  $ 53,916  $ 50,875 
During the three months ended September 30, 2021 and 2020, respectively, the Company recognized $42.9 million and $33.3 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective quarter. During the nine months ended September 30, 2021 and 2020, respectively, the Company recognized $36.8 million and $47.4 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 September 30, 2021, the Company expects to recognize $99.3 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of 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 September 30, 2021 and December 31, 2020 consisted of the following:
(In thousands) September 30,
2021		 December 31,
2020
Term Loan Facility(1)
$ 1,960,000  $ 1,975,000 
Revolving Credit Facility(2)
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(3)
1,000,000  — 
Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029(4)
1,050,000  — 
Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024(3),(4)
—  1,901,525 
Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025
 375,000  375,000 
Other debt(5)
39,694  6,763 
Original issue discount (7,312) (8,296)
Long-term debt fees (59,480) (57,706)
Total debt 5,737,902  5,572,286 
Less: Current portion 21,160  21,396 
Total long-term debt $ 5,716,742  $ 5,550,890 
(1)The Company paid $5.0 million of the outstanding principal on the term loan facility (“Term Loan Facility”) in each quarter of 2021, for a total of $15.0 million during the nine months ended September 30, 2021, 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)The Company repaid the $130.0 million outstanding balance under the Revolving Credit Facility on October 26, 2021 using cash on hand.
(3)On 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. 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.
(4)On 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. 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.
(5)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 $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 (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 September 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.
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Amendment to Senior Secured Credit Facilities
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 delay the scheduled financial covenant step-down until September 30, 2022. The springing financial covenant, applicable solely to the Revolving Credit Facility, generally requires compliance with a first lien net leverage ratio of 7.60 to 1.00, with a step-down to 7.10 to 1.00 if the balance of the Revolving Credit Facility is greater than $0 and undrawn letters of credit exceed $10 million. In addition, 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.
CCOH 7.75% Senior Notes Due 2028
On February 17, 2021, the Company completed the sale of $1.0 billion 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