Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 7, 2024

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 June 30, 2024
 
☐           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) 
LOGO.jpg.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 each exchange on which registered
Common Stock, $0.01 par value per share CCO 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 August 2, 2024
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Common Stock, $0.01 par value per share 488,946,967


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. AND SUBSIDIARIES
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,
2024		 December 31,
2023
  (Unaudited)
CURRENT ASSETS    
Cash and cash equivalents $ 189,300  $ 251,652 
Accounts receivable, net 457,782  499,811 
Prepaid expenses 48,045  49,398 
Other current assets 18,890  25,227 
Current assets of discontinued operations 139,657  131,313 
Total Current Assets 853,674  957,401 
PROPERTY, PLANT AND EQUIPMENT  
Structures, net 456,994  467,261 
Other property, plant and equipment, net 171,044  199,083 
INTANGIBLE ASSETS AND GOODWILL    
Permits, net 640,903  665,687 
Other intangible assets, net 232,054  239,187 
Goodwill 653,382  656,563 
OTHER ASSETS
Operating lease right-of-use assets 1,492,680  1,491,302 
Other assets 43,632  45,991 
Total Assets $ 4,544,363  $ 4,722,475 
CURRENT LIABILITIES    
Accounts payable $ 64,965  $ 63,587 
Accrued expenses 315,495  385,620 
Current operating lease liabilities 216,038  216,578 
Accrued interest 93,635  97,671 
Deferred revenue 79,291  50,882 
Current portion of long-term debt 602  612 
Current liabilities of discontinued operations 62,944  68,778 
Total Current Liabilities 832,970  883,728 
NON-CURRENT LIABILITIES
Long-term debt 5,654,084  5,631,291 
Non-current operating lease liabilities 1,324,650  1,326,143 
Deferred tax liabilities, net 225,660  231,481 
Other liabilities 97,576  100,575 
Total Liabilities 8,134,940  8,173,218 
Commitments and Contingencies (Note 6)
STOCKHOLDERS’ DEFICIT
Noncontrolling interests 9,559  12,298 
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (502,696,833 shares issued as of June 30, 2024; 494,061,048 shares issued as of December 31, 2023)
 5,027  4,941 
Additional paid-in capital 3,576,566  3,563,807 
Accumulated deficit (6,909,712) (6,780,875)
Accumulated other comprehensive loss (243,750) (227,344)
Treasury stock (13,922,338 shares held as of June 30, 2024; 11,003,897 shares held as of December 31, 2023)
 (28,267) (23,570)
     Total Stockholders' Deficit (3,590,577) (3,450,743)
     Total Liabilities and Stockholders' Deficit $ 4,544,363  $ 4,722,475 
 
See Condensed Notes to Consolidated Financial Statements
3
Table of Contents
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF LOSS
(UNAUDITED)

Three Months Ended Six Months Ended
(In thousands, except per share data) June 30, June 30,
  2024 2023 2024 2023
Revenue $ 558,541  $ 530,820  $ 1,040,293  $ 968,240 
Operating expenses:
Direct operating expenses(1)
281,625  266,226  542,462  518,829 
Selling, general and administrative expenses(1)
98,897  89,314  191,565  179,209 
Corporate expenses(1)
44,704  58,316  84,830  94,496 
Depreciation and amortization 53,883  64,502  108,173  128,710 
Impairment charges 18,073  —  18,073  — 
Other operating expense, net 4,622  23  6,061  3,943 
Operating income 56,737  52,439  89,129  43,053 
Interest expense, net (107,410) (104,733) (215,065) (207,233)
Loss on extinguishment of debt
 —  —  (4,787) — 
Other income (expense), net (98) 12,211  (8,444) 20,991 
Loss from continuing operations before income taxes (50,771) (40,083) (139,167) (143,189)
Income tax benefit attributable to continuing operations 2,458  1,277  2,191  11,778 
Loss from continuing operations (48,313) (38,806) (136,976) (131,411)
Income from discontinued operations 9,679  2,227  9,259  59,410 
Consolidated net loss (38,634) (36,579) (127,717) (72,001)
Less: Net income attributable to noncontrolling interests 536  718  1,120  208 
Net loss attributable to the Company $ (39,170) $ (37,297) $ (128,837) $ (72,209)
Net income (loss) attributable to the Company per share of common stock — Basic and Diluted:
Net loss from continuing operations attributable to the Company per share of common stock
 $ (0.10) $ (0.08) $ (0.28) $ (0.27)
Net income from discontinued operations attributable to the Company per share of common stock
 0.02  —  0.02  0.12 
Net loss attributable to the Company per share of common stock — Basic and Diluted(2)
$ (0.08) $ (0.08) $ (0.26) $ (0.15)
(1)Excludes depreciation and amortization
(2)Due to rounding, the total may not equal the sum of the line items in the table above.
See Condensed Notes to Consolidated Financial Statements
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)

Three Months Ended Six Months Ended
(In thousands) June 30, June 30,
2024 2023 2024 2023
Net loss attributable to the Company $ (39,170) $ (37,297) $ (128,837) $ (72,209)
Other comprehensive loss:
Foreign currency translation adjustments (4,615) (5,238) (16,411) (6,077)
Reclassification adjustment for realized gains from cumulative translation adjustments and pension related to sold businesses(1)
—  (31,945) —  (67,648)
Other comprehensive loss (4,615) (37,183) (16,411) (73,725)
Comprehensive loss (43,785) (74,480) (145,248) (145,934)
Less: Comprehensive income (loss) attributable to noncontrolling interests —  —  (5) 2 
Comprehensive loss attributable to the Company $ (43,785) $ (74,480) $ (145,243) $ (145,936)
(1)Included in “Income from discontinued operations” on Consolidated Statements of Loss

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)
Three Months Ended
Common Shares Issued Non-controlling
Interests		 Controlling Interest Total Stockholders’ Deficit
(In thousands, except share data) Common
Stock		 Additional Paid-in
Capital		 Accumulated
Deficit		 Accumulated Other Comprehensive Loss Treasury Stock
Three Months Ended June 30, 2024
Balances at March 31, 2024 494,764,888  $ 12,776  $ 4,948  $ 3,569,099  $ (6,870,542) $ (239,135) $ (23,638) $ (3,546,492)
Net income (loss) 536  —  —  (39,170) —  —  (38,634)
Release of stock-based awards and exercise of stock options
 7,931,945  —  79  (79) —  —  (4,629) (4,629)
Share-based compensation —  —  7,546  —  —  —  7,546 
Payments to noncontrolling interests, net (3,753) —  —  —  —  —  (3,753)
Foreign currency translation adjustments —  —  —  —  (4,615) —  (4,615)
Balances at June 30, 2024 502,696,833  $ 9,559  $ 5,027  $ 3,576,566  $ (6,909,712) $ (243,750) $ (28,267) $ (3,590,577)
Three Months Ended June 30, 2023
Balances at March 31, 2023 491,325,901  $ 12,452  $ 4,913  $ 3,547,471  $ (6,504,865) $ (371,733) $ (22,095) $ (3,333,857)
Net income (loss) 718  —  —  (37,297) —  —  (36,579)
Release of stock-based awards and exercise of stock options
 2,531,180  —  26  (26) —  —  (1,394) (1,394)
Share-based compensation —  —  6,179  —  —  —  6,179 
Payments to noncontrolling interests, net (2,527) —  —  —  —  —  (2,527)
Foreign currency translation adjustments —  —  —  —  (5,238) —  (5,238)
Disposition of business
 —  —  —  —  (31,945) —  (31,945)
Balances at June 30, 2023 493,857,081  $ 10,643  $ 4,939  $ 3,553,624  $ (6,542,162) $ (408,916) $ (23,489) $ (3,405,361)
Six Months Ended
Controlling Interest Total Stockholders’ Deficit
(In thousands, except share data) Common Shares Issued Non-controlling Interests Common
Stock		 Additional Paid-in
Capital		 Accumulated
Deficit		 Accumulated Other Comprehensive Loss Treasury Stock
Six Months Ended June 30, 2024
Balances at December 31, 2023 494,061,048  $ 12,298  $ 4,941  $ 3,563,807  $ (6,780,875) $ (227,344) $ (23,570) $ (3,450,743)
Net income (loss) 1,120  —  —  (128,837) —  —  (127,717)
Release of stock-based awards and exercise of stock options
 8,635,785  —  86  (86) —  —  (4,697) (4,697)
Share-based compensation —  —  12,845  —  —  —  12,845 
Payments to noncontrolling interests, net (3,854) —  —  —  —  —  (3,854)
Foreign currency translation adjustments (5) —  —  —  (16,406) —  (16,411)
Balances at June 30, 2024 502,696,833  $ 9,559  $ 5,027  $ 3,576,566  $ (6,909,712) $ (243,750) $ (28,267) $ (3,590,577)
Six Months Ended June 30, 2023
Balances at December 31, 2022 483,639,206  $ 12,864  $ 4,836  $ 3,543,424  $ (6,469,953) $ (335,189) $ (18,788) $ (3,262,806)
Net income (loss) 208  —  —  (72,209) —  —  (72,001)
Release of stock-based awards and exercise of stock options
 10,217,875  —  103  (103) —  —  (4,701) (4,701)
Share-based compensation —  —  10,303  —  —  —  10,303 
Payments to noncontrolling interests, net (2,431) —  —  —  —  —  (2,431)
Foreign currency translation adjustments 2  —  —  —  (6,079) —  (6,077)
Disposition of businesses
 —  —  —  —  (67,648) —  (67,648)
Balances at June 30, 2023 493,857,081  $ 10,643  $ 4,939  $ 3,553,624  $ (6,542,162) $ (408,916) $ (23,489) $ (3,405,361)

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,
2024 2023
Cash flows from operating activities:    
Consolidated net loss $ (127,717) $ (72,001)
Reconciling items:
Depreciation, amortization and impairment 126,246  144,101 
Non-cash operating lease expense 131,819  161,231 
Loss on extinguishment of debt and debt modification expense 16,785  — 
Deferred taxes (5,795) 1,411 
Share-based compensation 12,845  10,303 
Amortization of deferred financing charges and note discounts 5,838  5,794 
Credit loss expense 164  1,746 
Gain on disposition of businesses and/or operating assets, net
 (6,197) (109,952)
Foreign exchange transaction gain (3,996) (21,684)
Other reconciling items, net (796) 367 
Changes in operating assets and liabilities, net of effects of dispositions:
Decrease in accounts receivable 42,617  60,685 
Decrease (increase) in prepaid expenses and other operating assets 3,160  (21,281)
Decrease in accounts payable and accrued expenses (65,885) (60,606)
Decrease in operating lease liabilities (141,260) (174,762)
(Decrease) increase in accrued interest (4,035) 3,917 
Increase in deferred revenue 18,128  17,307 
Decrease in other operating liabilities (5,893) (962)
Net cash used for operating activities (3,972) (54,386)
Cash flows from investing activities:    
Capital expenditures (51,828) (75,131)
Asset acquisitions (8,813) (11,584)
Net proceeds from disposition of businesses and/or assets
 10,305  100,959 
Other investing activities, net (492) (884)
Net cash (used for) provided by investing activities (50,828) 13,360 
Cash flows from financing activities:    
Proceeds from long-term debt 1,657,000  — 
Payments on long-term debt (1,635,270) (10,802)
Debt issuance and modification costs (18,890) (1,034)
Taxes paid related to net share settlement of equity awards (4,697) (4,701)
Payments to noncontrolling interests, net (3,854) (2,431)
Net cash used for financing activities (5,711) (18,968)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,093) 5,040 
Net decrease in cash, cash equivalents and restricted cash (62,604) (54,954)
Cash, cash equivalents and restricted cash at beginning of period 260,541  298,682 
Cash, cash equivalents and restricted cash at end of period $ 197,937  $ 243,728 
Supplemental disclosures:    
Cash paid for interest $ 218,521  $ 202,664 
Cash paid for income taxes, net of refunds $ 9,896  $ 6,574 

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
Principles of Consolidation
These consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company 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.
Preparation of Interim Financial Statements
The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year.
Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 26, 2024.
Use of Estimates
The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Discontinued Operations
As described in the Company’s 2023 Annual Report on Form 10-K, during the third quarter of 2023, the Company’s plan to sell the businesses comprising its Europe-South segment met the criteria to be reported as discontinued operations. In accordance with GAAP, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets, and results of discontinued operations are reported as a separate component of “Consolidated net loss” in the Consolidated Statements of Loss, for all periods presented, resulting in changes to the presentation of certain prior period amounts. Cash flows from discontinued operations are not reported separately in the Consolidated Statements of Cash Flows.
Refer to Note 2 for additional discussion of discontinued operations. All other notes to these consolidated financial statements present the results of continuing operations and exclude amounts related to discontinued operations for all periods presented.
NOTE 2 – DISPOSITIONS AND DISCONTINUED OPERATIONS
On March 31, 2023, the Company sold its former business in Switzerland for cash proceeds of $84.9 million (net of direct costs to transact the sale and cash sold) and recognized a gain on sale of $96.4 million. On May 31, 2023, the Company sold its former business in Italy for cash proceeds of $4.3 million (net of direct costs to transact the sale and cash sold) and recognized a gain on sale of $11.2 million. Gains related to these sales are included within “Income from discontinued operations” on the Consolidated Statements of Loss, and net cash proceeds are reflected within “Net proceeds from disposition of businesses and/or assets” in the investing activities section of the Consolidated Statement of Cash Flows.
In May 2023, the Company also entered into an agreement to sell its business in Spain, which is expected to close in 2024 upon receipt of regulatory approval and satisfaction of other customary closing conditions. Subsequently, in October 2023, the Company sold its former business in France. The Company’s business in Spain, together with its former businesses in Switzerland, Italy and France, comprised the Company’s entire Europe-South segment.
The Company concluded that, in aggregate, the sales of these businesses met the criteria for discontinued operations presentation in the third quarter of 2023. As a result, each of these businesses has been reclassified to discontinued operations in these financial statements for all periods presented.
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Assets and Liabilities of Discontinued Operations
As previously described, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for all periods presented. At June 30, 2024 and December 31, 2023, these balances consisted of assets and liabilities of the Company’s business in Spain, which are all classified as current as the sale of this business is expected to close in 2024.
The following table presents a reconciliation of the carrying amounts of the major classes of these assets and liabilities to the current assets and liabilities of discontinued operations as presented on the Company’s Consolidated Balance Sheets:
(In thousands)
June 30,
2024
December 31,
2023
Assets of discontinued operations:
Cash and cash equivalents $ 657  $ 651 
Accounts receivable, net 44,299  39,920 
Prepaid expenses and other current assets
 16,264  12,668 
Property, plant and equipment, net
 40,871  37,492 
Operating lease right-of-use assets 32,947  35,609 
Other assets 4,619  4,973 
Current assets of discontinued operations
 $ 139,657  $ 131,313 
Liabilities of discontinued operations:
Accounts payable and accrued expenses
 $ 25,912  $ 29,046 
Operating lease liabilities 33,902  37,117 
Deferred revenue 1,589  1,074 
Other liabilities
 1,541  1,541 
Current liabilities of discontinued operations
 $ 62,944  $ 68,778 
Letters of Credit, Surety Bonds and Guarantees
A portion of the Company’s letters of credit and guarantees outstanding at June 30, 2024 related to discontinued operations, as follows:
•Related to the former business in France, the Company has a $20.2 million letter of credit. In connection with the sale of this business, and pursuant to the related share purchase agreement, the Company’s former French business and/or the buyer will either replace, or procure a counter-guarantee of, the Company’s payment obligation under the letter of credit. Additionally, the Company retains an indemnity of $15.7 million related to a surety bond held by the former business in France. The Company has been indemnified by the former French business for this amount and will be released from any remaining obligation by March 2025.
•Related to the business in Spain, the Company had a $6.5 million of letter of credit and $8.5 million of bank guarantees outstanding at June 30, 2024, a portion of which was supported by $0.7 million of cash collateral. These will remain obligations of the Company until the sale of this business closes or, if sooner, their expiration date.

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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Income from Discontinued Operations
Discontinued operations for the three and six months ended June 30, 2024 consists of results from the Company’s business in Spain, whereas discontinued operations for the three and six months ended June 30, 2023 consists of results from the Company’s business in Spain and former businesses in Switzerland (through March 31, 2023), Italy (through May 31, 2023) and France.
The following table provides details about the major classes of line items constituting “Income from discontinued operations” as presented on the Company’s Consolidated Statements of Loss:
Three Months Ended Six Months Ended
(In thousands) June 30, June 30,
 
2024
2023
2024
2023
Revenue $ 31,975  $ 106,419  $ 54,456  $ 214,434 
Expenses:
Direct operating expenses(1)
19,341  80,334  38,874  172,581 
Selling, general and administrative expenses(1),(2)
3,279  22,869  6,347  49,296 
Depreciation and amortization —  6,636  —  15,391 
Other expense (income), net (324) 5,988  (24) 7,406 
Income (loss) from discontinued operations before gain on disposal and income taxes
 9,679  (9,408) 9,259  (30,240)
Gain on disposal
 —  11,154  —  107,504 
Income tax benefit (expense) attributable to discontinued operations(3)
—  481  —  (17,854)
Income from discontinued operations, net of income taxes
 $ 9,679  $ 2,227  $ 9,259  $ 59,410 
(1)Excludes depreciation and amortization.
(2)Certain costs that were historically allocated to the Company’s Europe-South segment and reported within selling, general and administrative expenses on the Consolidated Statement of Loss have been deemed to be costs of continuing operations and are now reported within corporate expenses on the Consolidated Statement of Loss. As such, amounts for prior periods totaling $1.0 million and $2.9 million for the three and six months ended June 30, 2023, respectively, have been reclassified to conform to the current period presentation.
(3)Most of the income tax expense attributable to discontinued operations for the six months ended June 30, 2023 was driven by the sale of the Company’s former business in Switzerland.
Capital Expenditures of Discontinued Operations
The following table presents the capital expenditures for discontinued operations for the three and six months ended June 30, 2024 and 2023:
Three Months Ended Six Months Ended
(In thousands) June 30, June 30,
  2024 2023 2024 2023
Capital expenditures(1)
$ 2,790  $ 6,314  $ 4,959  $ 11,365 
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $1.2 million and $3.5 million of accrued capital expenditures related to discontinued operations that remained unpaid as of June 30, 2024 and 2023, respectively.

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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 – SEGMENT DATA
The Company has four reportable segments, which it believes best reflect how the Company is currently managed: America, Airports, Europe-North and Europe-South. The Company's remaining operations in Latin America and Singapore are disclosed as “Other.” As described in Note 2, the Company’s Europe-South segment met the criteria to be reported as discontinued operations during the third quarter of 2023. As such, results of this segment are excluded from the table below, which only reflects continuing operations, for all periods presented.
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 continuing operations for the three and six months ended June 30, 2024 and 2023:
(In thousands) Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Revenue
America $ 290,207  $ 287,517  $ 539,984  $ 523,566 
Airports 86,219  71,045  163,145  124,834 
Europe-North 164,735  149,909  304,128  278,412 
Other 17,380  22,349  33,036  41,428 
Total $ 558,541  $ 530,820  $ 1,040,293  $ 968,240 
Capital Expenditures(1)
America $ 13,450  $ 18,888  $ 22,273  $ 35,696 
Airports 1,807  2,559  3,446  7,310 
Europe-North 4,768  4,081  14,128  11,147 
Other 736  1,036  2,094  2,957 
Corporate 2,073  3,826  4,928  6,656 
Total $ 22,834  $ 30,390  $ 46,869  $ 63,766 
Segment Adjusted EBITDA
America $ 126,980  $ 129,513  $ 222,444  $ 210,878 
Airports 19,082  16,334  38,164  22,598 
Europe-North 32,649  26,234  46,974  33,406 
Other 6  3,511  206  3,880 
Total $ 178,717  $ 175,592  $ 307,788  $ 270,762 
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(In thousands) Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Reconciliation of Segment Adjusted EBITDA to Loss From Continuing Operations Before Income Taxes
Segment Adjusted EBITDA $ 178,717  $ 175,592  $ 307,788  $ 270,762 
Less reconciling items:
Corporate expenses(2)
44,704  58,316  84,830  94,496 
Depreciation and amortization 53,883  64,502  108,173  128,710 
Impairment charges 18,073  —  18,073  — 
Restructuring and other costs(3)
698  312  1,522  560 
Other operating expense, net 4,622  23  6,061  3,943 
Interest expense, net 107,410  104,733  215,065  207,233 
Loss on extinguishment of debt —  —  4,787  — 
Other (income) expense, net 98  (12,211) 8,444  (20,991)
Loss from continuing operations before income taxes $ (50,771) $ (40,083) $ (139,167) $ (143,189)
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $10.3 million and $10.9 million of accrued capital expenditures related to continuing operations that remained unpaid as of June 30, 2024 and 2023, respectively.
(2)Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including estimated costs for legal liabilities), 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.

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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 4 – REVENUE
The Company generates revenue primarily from the sale of advertising 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 Accounting Standards Codification (“ASC”) Topic 842, while the Company’s remaining revenue transactions are accounted for as revenue from contracts with customers in accordance with ASC Topic 606.
Disaggregation of Revenue
The following table shows revenue from contracts with customers, revenue from leases and total revenue from continuing operations, disaggregated by geography, for the three and six months ended June 30, 2024 and 2023:
(In thousands) Revenue from contracts with customers Revenue from leases Total revenue
Three Months Ended June 30, 2024
U.S.(1)
$ 213,154  $ 163,272  $ 376,426 
Europe(2)
161,707  3,028  164,735 
Other(3)
15,077  2,303  17,380 
     Total $ 389,938  $ 168,603  $ 558,541 
Three Months Ended June 30, 2023
U.S.(1)
$ 191,691  $ 166,871  $ 358,562 
Europe(2)
147,160  2,749  149,909 
Other(3)
17,320  5,029  22,349 
     Total $ 356,171  $ 174,649  $ 530,820 
Six Months Ended June 30, 2024
U.S.(1)
$ 397,586  $ 305,543  $ 703,129 
Europe(2)
298,475  5,653  304,128 
Other(3)
27,997  5,039  33,036 
Total $ 724,058  $ 316,235  $ 1,040,293 
Six Months Ended June 30, 2023
U.S.(1)
$ 336,248  $ 312,152  $ 648,400 
Europe(2)
273,611  4,801  278,412 
Other(3)
30,733  10,695  41,428 
Total $ 640,592  $ 327,648  $ 968,240 
(1)U.S. revenue, which also includes an immaterial amount of revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments.
(2)Europe revenue is comprised of revenue from the Company’s Europe-North segment.
(3)Other includes the Company’s businesses in Latin America and Singapore.
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Revenue from Contracts with Customers
The following table shows 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)
2024
 2023
2024
 2023
Accounts receivable, net of allowance, from contracts with customers:
  Beginning balance $ 305,159  $ 271,225  $ 361,039  $ 317,560 
  Ending balance 321,715  298,309  321,715  298,309 
Deferred revenue from contracts with customers:
  Beginning balance $ 38,283  $ 40,484  $ 25,613  $ 23,596 
  Ending balance 42,960  40,947  42,960  40,947 
During the three months ended June 30, 2024 and 2023, respectively, the Company recognized $26.3 million and $33.6 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective quarters. During the six months ended June 30, 2024 and 2023, respectively, the Company recognized $21.3 million and $20.7 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective years.
The Company’s contracts with customers generally have terms of one year or less. As of June 30, 2024, the Company expected to recognize $92.5 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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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 5 – LONG-TERM DEBT
Long-term debt outstanding as of June 30, 2024 and December 31, 2023 consisted of the following:
(In thousands)
Maturity
 June 30,
2024		 December 31,
2023
Receivables-Based Credit Facility
 August 2026 $ —  $ — 
Revolving Credit Facility
 August 2026 —  — 
Term Loan Facility(1)
August 2028 425,000  1,260,000 
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes
 August 2027 1,250,000  1,250,000 
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes
 September 2028 750,000  750,000 
Clear Channel Outdoor Holdings 7.875% Senior Secured Notes(1)
April 2030 865,000  — 
Clear Channel Outdoor Holdings 7.750% Senior Notes
 April 2028 995,000  995,000 
Clear Channel Outdoor Holdings 7.500% Senior Notes
 June 2029 1,040,000  1,040,000 
Clear Channel International B.V. 6.625% Senior Secured Notes(2)
August 2025 —  375,000 
Clear Channel International B.V. Term Loan Facility(2)
April 2027 375,000  — 
Finance leases
 3,891  4,202 
Original issue discount (8,391) (2,690)
Long-term debt fees (40,814) (39,609)
Total debt 5,654,686  5,631,903 
Less: Current portion
 602  612 
Total long-term debt $ 5,654,084  $ 5,631,291 
(1)On March 18, 2024, the Company issued $865.0 million aggregate principal amount of 7.875% Senior Secured Notes Due 2030 (the “CCOH 7.875% Senior Secured Notes”) and used a portion of the proceeds therefrom to prepay $835.0 million of borrowings outstanding under the Term Loan Facility. At the same time, the Company amended its Senior Secured Credit Agreement to, among other things, refinance the $425.0 million remaining principal balance on the Term Loan Facility and to extend its maturity date from 2026 to 2028, subject to certain conditions. The new refinanced term loans were issued at a 1% discount, and the Company used the proceeds therefrom, along with the remaining proceeds from the CCOH 7.875% Senior Secured Notes issuance and cash on hand, to pay off the original term loans, $14.9 million of accrued interest on the prepaid and refinanced Term Loan principal and $14.6 million of fees and expenses related to these transactions. At June 30, 2024, the Company had an accrual of $0.7 million for unpaid fees and expenses. Related to these transactions, the Company recognized a loss on debt extinguishment of $2.4 million and debt modification expense of $10.0 million.
(2)On March 22, 2024, the Company’s indirect wholly-owned subsidiary, Clear Channel International B.V. (“CCIBV”), entered into a credit agreement comprising two tranches of term loans (the “CCIBV Term Loan Facility”) totaling an aggregate principal amount of $375.0 million, which was issued at a 1% discount. The Company used the proceeds therefrom, along with cash on hand, to redeem all of the outstanding $375.0 million aggregate principal amount of 6.625% Senior Secured Notes Due 2025 (the “CCIBV Senior Secured Notes”) and to pay $11.8 million of accrued interest related thereto and $4.2 million of related transaction fees and expenses. At June 30, 2024, the Company had an accrual of $1.6 million for unpaid fees and expenses. Related to this transaction, the Company recognized a loss on debt extinguishment of $2.4 million and debt modification expense of $2.0 million. As a result of this redemption, CCIBV and the guarantors of the CCIBV Senior Secured Notes have been released from their remaining obligations under the indenture governing such notes, and such indenture has ceased to be of further effect.
The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.4 billion and $5.3 billion as of June 30, 2024 and December 31, 2023, respectively. Under the fair value hierarchy established by ASC Section 820-10-35, the inputs used to determine the market value of the Company’s debt are classified as Level 1.
As of June 30, 2024, the Company was in compliance with all covenants contained in its debt agreements.
Amendment to Senior Secured Credit Facilities
On March 18, 2024, the Senior Secured Credit Agreement, which governs the Company’s Term Loan Facility and Revolving Credit Facility, was amended to, among other things: extend the maturity date of the Term Loan Facility to August 23, 2028, subject to certain conditions; increase the Applicable Rate (as defined therein) for the Term Loan Facility by 50 basis points; and provide for a prepayment penalty in certain circumstances. These amendments are reflected in the information below.
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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Maturity
The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans. In August 2023, the Company made a prepayment that satisfied the remaining quarterly payment obligations, and the remaining balance is payable on August 23, 2028, subject to certain conditions.
Prepayments
The Senior Secured Credit Agreement, as amended, provides for a prepayment penalty of 1.00% for certain prepayments of, or amendments to, the Term Loan Facility effected on or prior to September 18, 2024. Thereafter, the Company may voluntarily repay outstanding term loans under the Senior Secured Credit Facilities without penalty.
CCOH 7.875% Senior Secured Notes Due 2030
On March 18, 2024, the Company completed the sale of $865.0 million in aggregate principal amount of the CCOH 7.875% Senior Secured Notes. The CCOH 7.875% Senior Secured Notes were issued pursuant to an indenture, dated as of March 18, 2024 (the “CCOH 7.875% Senior Secured Notes Indenture”), among the Company, the subsidiaries of the Company acting as guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and as collateral agent.
The CCOH 7.875% Senior Secured Notes mature on April 1, 2030 and bear interest at a rate of 7.875% per annum. Interest on the CCOH 7.875% Senior Secured Notes is payable to the holders thereof semi-annually on April 1 and October 1 of each year, beginning on October 1, 2024.
Guarantees and Security
The CCOH 7.875% Senior Secured Notes are guaranteed fully and unconditionally on a senior secured basis by certain of the Company’s wholly-owned existing and future domestic subsidiaries.
The CCOH 7.875% Senior Secured Notes and the guarantees thereof are secured on a first-priority basis by security interests in all of the Company’s and the guarantors’ assets securing the Senior Secured Credit Facilities, subject to certain exceptions, on a pari passu basis with the liens on such assets (other than the assets securing the Company’s Receivables-Based Credit Facility), and on a second-priority basis by security interests in all of the Company’s and the guarantors’ assets securing the Company’s Receivables-Based Credit Facility on a first-priority basis, in each case, other than any excluded assets and subject to intercreditor agreements.
The CCOH 7.875% Senior Secured Notes and the guarantees are general senior secured obligations of the Company and the guarantors thereof and rank pari passu in right of payment with the Company’s and the guarantors’ existing and future senior indebtedness.
Redemptions
The Company may redeem all or a portion of the CCOH 7.875% Senior Secured Notes at the redemption prices set forth in the CCOH 7.875% Senior Secured Notes Indenture.
Certain Covenants
The CCOH 7.875% Senior Secured Notes Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to, among other things: incur or guarantee additional debt or issue certain preferred stock; redeem, purchase or retire subordinated debt; make certain investments; create restrictions on the payment of dividends or other amounts from the Company’s restricted subsidiaries that are not guarantors of the debt; enter into certain transactions with affiliates; merge or consolidate with another person or sell or otherwise dispose of all or substantially all of the Company’s assets; sell certain assets, including capital stock of the Company’s subsidiaries; designate the Company’s subsidiaries as unrestricted subsidiaries; pay dividends, redeem or repurchase capital stock or make other restricted payments; and incur certain liens.
CCIBV Term Loan Facility Due 2027
On March 22, 2024 (the “Closing Date”), CCIBV entered into a credit agreement (the “CCIBV Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and J.P. Morgan SE, as lead arranger and bookrunner. The CCIBV Credit Agreement governs the CCIBV Term Loan Facility and the term loans incurred thereunder.
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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Size and Availability
The CCIBV Term Loan Facility is comprised of two tranches of term loans totaling an aggregate principal amount of $375.0 million: (1) a “fixed rate” tranche of term loans in an aggregate principal amount of $300.0 million (the “Fixed Rate Term Loan Tranche”); and (2) a “floating rate” tranche of term loans in an aggregate principal amount of $75.0 million (the “Floating Rate Term Loan Tranche”).
Interest Rate
The CCIBV Term Loan Facility bears interest: (1) at a fixed rate of 7.5% per annum, payable semi-annually in arrears on April 1 and October 1 of each year for the Fixed Rate Term Loan Tranche and (2) at a floating rate equal to the benchmark rate “Term SOFR” plus 2.25% per annum (subject to a floor rate of 5.25% per annum), payable at one-, three- or six- month intervals, effective April 1, 2024 for the Floating Rate Term Loan Tranche.
Amortization and Maturity
The CCIBV Term Loan Facility matures on April 1, 2027 and has no scheduled amortization payments prior to this date.
Prepayments
The CCIBV Credit Agreement requires CCIBV to make certain mandatory prepayments, subject to certain requirements and exceptions, and permits CCIBV to make voluntary prepayments at its discretion. The Fixed Rate Term Loan Tranche and the Floating Rate Term Loan Tranche will participate in any voluntary or mandatory repayments or prepayments on a pro rata basis.
Guarantees and Security
The CCIBV Term Loan Facility is fully guaranteed by certain of CCIBV’s subsidiaries. The Company does not guarantee and has not otherwise assumed any liability under the CCIBV Term Loan Facility. The CCIBV Term Loan Facility and certain of the guarantees thereunder (the “Secured Guarantees”) are secured by security interests in, and pledges over, certain assets and property (including, without limitation, capital stock, material bank accounts and intercompany receivables) of or in CCIBV and its guarantors (the “Security Interests”), in each case subject to certain agreed security principles, permitted liens and other customary exceptions and qualifications.
The CCIBV Term Loan Facility is a senior secured obligation that ranks, in right of payment, pari passu to all unsubordinated indebtedness of CCIBV and senior to all subordinated indebtedness of CCIBV and ranks, in right of security, senior to all unsecured and junior lien indebtedness of CCIBV to the extent of the value of the assets that constitute collateral after giving effect to the Security Interests and the Secured Guarantees. The guarantees that are not Secured Guarantees are unsecured senior obligations that rank, in right of payment, pari passu to all unsubordinated indebtedness of the guarantors and senior to all subordinated indebtedness of the guarantors and rank, in right of security, junior to all secured indebtedness of the guarantors to the extent of the value of the assets securing such indebtedness and pari passu to all unsecured indebtedness of the guarantors.
Certain Covenants
The CCIBV Credit Agreement contains covenants that limit CCIBV’s ability and the ability of its restricted subsidiaries to, among other things (but subject to certain exceptions): pay dividends, redeem stock or make other distributions or investments; incur additional debt or issue certain preferred stock; transfer or sell assets; create liens on assets; engage in certain transactions with affiliates; create restrictions on dividends or other payments by the restricted subsidiaries; and merge, consolidate or effect other fundamental changes to CCIBV’s assets.
Letters of Credit, Surety Bonds and Guarantees
The Company has letters of credit, surety bonds and bank guarantees related to various operational matters, including insurance, bid, concession and performance bonds, as well as other items.
As of June 30, 2024, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $106.8 million of remaining excess availability, and $49.8 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $108.2 million of excess availability. Additionally, as of June 30, 2024, the Company had $41.6 million and $24.8 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $5.2 million of cash collateral.
A portion of these letters of credit and guarantees at June 30, 2024 related to discontinued operations that were sold or held for sale as of this date. Please refer to Note 2 for additional information.
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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 6 – COMMITMENTS AND CONTINGENCIES
Legal Proceedings
The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes, employment- and benefits-related claims, land use and zoning disputes, governmental fines, intellectual property claims, personal injury claims and tax disputes.
NOTE 7 – INCOME TAXES
Income Tax Benefit Attributable to Continuing Operations
The Company’s income tax benefit attributable to continuing operations for the three and six months ended June 30, 2024 and 2023 consisted of the following components:
(In thousands) Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Current tax expense attributable to continuing operations $ (3,403) $ (2,724) $ (3,604) $ (3,612)
Deferred tax benefit attributable to continuing operations 5,861  4,001  5,795  15,390 
Income tax benefit attributable to continuing operations $ 2,458  $ 1,277  $ 2,191  $ 11,778 
The effective tax rates for continuing operations for the three and six months ended June 30, 2024 were 4.8% and 1.6%, respectively, compared to 3.2% and 8.2% for the three and six months ended June 30, 2023, respectively. The effective tax rates for each period were primarily impacted by the valuation allowance recorded against current period deferred tax assets resulting from losses and interest expense carryforwards in the U.S. and certain foreign jurisdictions due to uncertainty regarding the Company’s ability to realize those assets in future periods.
NOTE 8 – PROPERTY, PLANT AND EQUIPMENT
The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2024 and December 31, 2023:
(In thousands) June 30,
2024		 December 31,
2023
Structures(1)
$ 2,119,198  $ 2,157,237 
Furniture and other equipment 229,726  229,514 
Land, buildings and improvements
 141,956  143,300 
Construction in progress 35,438  57,335 
Property, plant and equipment, gross 2,526,318  2,587,386 
Less: Accumulated depreciation (1,898,280) (1,921,042)
Property, plant and equipment, net
 $ 628,038  $ 666,344 
(1)During the six months ended June 30, 2024, the Company acquired digital billboard structures of $1.1 million as part of asset acquisitions.
As a result of impairment tests performed in the second quarter of 2024, the Company reduced the carrying value of “Property, plant and equipment, net” by $8.1 million. Refer to Note 11 for more information.
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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 9 – INTANGIBLE ASSETS AND GOODWILL
Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of June 30, 2024 and December 31, 2023:
(In thousands) June 30, 2024 December 31, 2023
  Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization
Permits(1)
$ 753,692  $ (112,789) $ 746,126  $ (80,439)
Transit, street furniture and other outdoor contractual rights 353,252  (324,863) 356,883  (325,357)
Permanent easements(1)
163,459  —  163,293  — 
Trademarks 83,569  (43,374) 83,569  (39,214)
Other 986  (975) 1,107  (1,094)
Total intangible assets $ 1,354,958  $ (482,001) $ 1,350,978  $ (446,104)
(1)During the six months ended June 30, 2024, the Company acquired permits of $7.7 million and permanent easements of $0.2 million as part of asset acquisitions. The acquired permits have amortization periods ranging from 22 to 28 years.
Goodwill
The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the six months ended June 30, 2024:
(In thousands) America Airports Europe-North Consolidated
Balance as of December 31, 2023(1)
$ 482,937  $ 24,882  $ 148,744  $ 656,563 
Foreign currency impact —  —  (3,181) (3,181)
Balance as of June 30, 2024 $ 482,937  $ 24,882  $ 145,563  $ 653,382 
(1)The balance at December 31, 2023 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North and $90.4 million for Other, which has been fully impaired.
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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10 – NET LOSS PER SHARE
The following table presents the computation of net loss per share for the three and six months ended June 30, 2024 and 2023:
(In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Numerators:
        
Loss from continuing operations $ (48,313) $ (38,806) $ (136,976) $ (131,411)
Less: Net income from continuing operations attributable to noncontrolling interests 517  708  1,075  175 
Net loss from continuing operations attributable to the Company (48,830) (39,514) (138,051) (131,586)
Income from discontinued operations 9,679  2,227  9,259  59,410 
Less: Net income from discontinued operations attributable to noncontrolling interests 19  10  45  33 
Net income from discontinued operations attributable to the Company 9,660  2,217  9,214  59,377 
Net loss attributable to the Company $ (39,170) $ (37,297) $ (128,837) $ (72,209)
Denominators:
        
Weighted average common shares outstanding – Basic 488,740  482,373  486,244  480,448 
Weighted average common shares outstanding – Diluted 488,740  482,373  486,244  480,448 
Net income (loss) attributable to the Company per share of common stock — Basic and Diluted:
        
Net loss from continuing operations attributable to the Company per share of common stock $ (0.10) $ (0.08) $ (0.28) $ (0.27)
Net income from discontinued operations attributable to the Company per share of common stock 0.02  —  0.02  0.12 
Net loss attributable to the Company per share of common stock — Basic and Diluted(1)
$ (0.08) $ (0.08) $ (0.26) $ (0.15)
(1)Due to rounding, the total may not equal the sum of the line items in the table above.
Outstanding equity awards equivalent to 27.9 million and 20.5 million shares for the three months ended June 30, 2024 and 2023, respectively, and 28.2 million and 19.8 million shares for the six months ended June 30, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.
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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 11 — OTHER INFORMATION
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows:
(In thousands) June 30,
2024		 December 31,
2023
Cash and cash equivalents in the Balance Sheets $ 189,300  $ 251,652 
Cash and cash equivalents included in Current assets of discontinued operations
 657  651 
Restricted cash included in:
  Other current assets 2,714  3,051 
Current assets of discontinued operations
 735  724 
  Other assets 4,531  4,463 
Total cash, cash equivalents and restricted cash in the Statements of Cash Flows $