•Revenue up 44.0% to $371.1 million

•Segment Adjusted EBITDA1 up 80.3% to $169.8 million

•Revenue up 30.3% to $349.7 million. Revenue, excluding movements in foreign exchange rates ("FX")1, up 33.1% to $357.3 million

•Segment Adjusted EBITDA1 up 128.8% to $84.6 million. Segment Adjusted EBITDA1, excluding movements in FX, up 131.8% to $85.7 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 the recovery of airport displays, growth in our digital displays and strength in our billboard inventory.

•In our Europe segment, we saw increases in revenue across our product portfolio, most notably in street furniture, as well as in most countries, led by France.

•Consolidated revenue between $520 million and $550 million, excluding movements in FX

•Americas revenue between $290 million and $300 million

•Europe revenue between $220 million and $235 million, excluding movements in FX

1We sold the Clear Media business on April 28, 2020. Revenue from our Latin America business for the year ended December 31, 2020 was $44.0 million.

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

Americas: Revenue up 44.0%:

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

•Airport display revenue up 214.9% to $73.3 million from $23.3 million, driven by increased travel and our new Port Authority of New York and New Jersey advertising contract

•Digital revenue up 83.7% to $153.2 million from $83.4 million

◦Digital revenue from billboards, street furniture and spectaculars up 45.3% to $107.2 million from $73.8 million

◦Digital revenue from transit, including airports, up 378.3% to $46.0 million from $9.6 million

•National sales comprised 39.2% and 37.3% of total revenue for the three months ended December 31, 2021 and 2020, respectively

Europe: Revenue up 30.3%; excluding movements in FX, up 33.1%:

•Revenue up across all products, most notably street furniture, and in most countries, led by France

•Digital revenue up 50.6% to $138.3 million from $91.8 million; digital revenue, excluding movements in FX, up 52.4% to $139.9 million

Other: Revenue up 44.3%; excluding movements in FX, up 50.9%:

•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 the Clear Media business on April 28, 2020. Direct operating and SG&A expenses from our Latin America business for the year ended December 31, 2020 were $54.1 million.

3During the three months ended December 31, 2021 and 2020, restructuring and other costs included within Direct operating and SG&A expenses were $2.5 million and $8.2 million, respectively, and included severance and related costs for our restructuring plans to reduce headcount of $(2.7) million and $6.8 million, respectively. During the years ended December 31, 2021 and 2020, restructuring and other costs included within Direct operating and SG&A expenses were $38.5 million and $19.2 million, respectively, and included severance and related costs for our restructuring plans to reduce headcount of $30.8 million and $12.1 million, respectively.

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 21.6%:

•Site lease expense up 18.2% to $111.7 million from $94.5 million driven by higher revenue

•Higher compensation costs driven by improvements in operating performance

Europe: Direct operating and SG&A expenses up 12.8%; excluding movements in FX, up 15.6%:

•Site lease expense up 32.4% to $123.4 million from $93.2 million; site lease expense, excluding movements in FX, up 36.1% to $126.9 million driven by lower negotiated rent abatements and higher revenue

•Higher compensation costs driven by improvements in operating performance

•Severance and related costs for the restructuring plan to reduce headcount down $7.8 million

Other: Direct operating and SG&A expenses up 19.1%; excluding movements in FX, up 24.5%:

•Higher site lease expense driven by higher revenue

•Higher compensation costs driven by improvements in operating performance

1During the three months ended December 31, 2021 and 2020, restructuring and other costs included within corporate expenses were $0.7 million and $3.1 million, respectively, and included severance and related costs for our restructuring plans to reduce headcount of $0.0 million and $0.6 million, respectively. During the years ended December 31, 2021 and 2020, restructuring and other costs included within corporate expenses were $9.3 million and $13.8 million, respectively, and included severance and related costs for our restructuring plans to reduce headcount of $1.1 million and $2.5 million, respectively.

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

•Higher compensation costs driven by improvements in operating performance, partially offset by lower benefit costs

•Impairment charges of $119.0 million and $150.4 million recognized in 2021 and 2020, respectively, primarily related to indefinite-lived permits

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

•Loss on extinguishment of debt of $102.8 million recognized during 2021 related to redemption of the 9.25% CCWH Senior Notes Due 2024 (“CCWH Senior Notes”) compared to $5.4 million recognized during 2020

•Income tax benefit of $34.5 million recognized during 2021 compared to $58.0 million during 2020

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 ($8.9) million of Other Segment Adjusted EBITDA for the year ended December 31, 2020.

•Americas markets deployed 37 new digital billboards in the fourth quarter, for a total of more than 1,500 digital billboards at December 31, 2021. Combined with our smaller format digital displays in airports and on shelters, we had a total of more than 4,000 digital displays across the United States.

•In France, we renewed our contract with Bordeaux Metropolis, which is the largest street furniture contract after Paris with over 1,600 sites, including 15 bus shelters with living roofs, and we won a contract for Monaco Stations, providing a digital network that will reach 8 million passengers a year.

•In the U.K., we renewed our contract with the Bristol City Council. All existing paper displays across the city will be replaced by a fully digital screen network. The transformation program also includes environmental and social improvement elements, which strike the perfect balance between the needs of advertisers and the public.

•European markets added 624 new digital displays in the fourth quarter, for a total of more than 17,500 digital displays at December 31, 2021.

•Our Latin American markets had more than 700 digital displays at December 31, 2021.

•Our Americas segment again supported the Annual Lights on Afterschool with a National Billboard Campaign in October. Afterschool supporters led by the Afterschool Alliance, the National League of Cities and the National Summer Learnings Association joined Clear Channel Outdoor Americas to launch a visibility campaign across more than 2,000 digital billboards around the country as part of this year’s Lights on Afterschool Rally. The ads recognized afterschool programs for doing extraordinary work.

•Our Americas segment joined forces again with No Kid Hungry to launch an out-of-home holiday campaign to help connect hungry kids with free, healthy meals and encourage the public to take up the cause. The “Feed a kid, fuel a dream” campaign included showcase shelters with QR codes that passers-by could scan to donate, in the moment, to No Kid Hungry.

•In Italy, we introduced new virtual stations for BikeMi, our bike sharing scheme in Milan. The virtual stations are located near high schools and are marked by signage, without the need to install docks. This set-up is not only more flexible, but it also makes it easier for students to use bikes to travel to and from school.

•In the U.K., we launched a program of activities for Black History Month in October, including events, an internal photo exhibition and the latest installment of the Pocc x Clear Channel Art Fund, showcasing artworks by Black artists on digital screens nationwide.

•In France, Clear Channel France’s President Boutaïna Araki represented the Company at the Women’s Forum Global Meeting. She joined a number of leaders and CEOs in signing the “Towards the Zero Gender Gap” pact that seeks to promote gender equality at a global level.

(1)Excludes depreciation and amortization

(2)Other operating income, net, for the year ended December 31, 2020 includes a gain recognized on the sale of Clear Media of $75.2 million.

1On 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. As of December 31, 2021, the Company had $43.2 million of letters of credit outstanding and $131.8 million of excess availability under the Revolving Credit Facility and $47.9 million of letters of credit outstanding and $77.1 million of excess availability under the Receivables-Based Credit Facility.

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

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

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

5On June 29, 2021, one of the Company’s non-guarantor subsidiaries within its Europe segment entered into a state-guaranteed loan of €30.0 million, or approximately $34.1 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 December 31, 2021 and December 31, 2020, respectively.