Clear Channel Outdoor Holdings Inc at JPMorgan Chase Global Leveraged Finance Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Thank you both for being here and with that, I'm just going to hop right into it if that's okay, be efficient. So, you just reported earnings, and I don't want to drone too much in the past. I want to look forward. Can you talk about the macroeconomic backdrop, how it's impacting the company's core US market, that's what we're going to TRY and focus on most today? The inflation backdrop, I think we'd say is still running a little hot, which seems to be weighing on consumers and customers alike, but at the same time, the economy is still seemingly chugging along. How do those headwinds Seemingly competing Edwins impact your business and what you're seeing out there?

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Fantastic. And you just touched on media and entertainment, so I don't know if you can size the category for us, but I think at least last year was weaker than we had expected. And then if you look at box office estimates this year, it certainly calls for certainly growth and the backdrop seems more positive. Just talk about that category a little bit more since you touched on it yourself.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Terrific. And then just touching on the market since you've led me nicely down that path. I want to touch on two if we can. One is San Francisco, which I know has improved off the lows, but if you can talk about that, and then Los Angeles, which, some of us had an opportunity to see in person. As an important market for the company, but also went through the devastating fires, and I'm curious how that might impact the business.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Terrific. David, we're not ignoring you, but we are ignoring you for right now. So just, sit tight, we'll be back. Scott, many companies are now back to mandatory five days a week in the office. How has that benefited, or has it benefited out of home demand in any discernible way? Do you think that provides a lift this year?

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : I'm not going to ask the Doge Washington impact questions. I'm going to keep moving on here. So I just want to shift to the airport's business if I can. It seems like peak business travel is back, which I think you've talked about in the past as being more important than just leisure travel, but you can talk to that and then. I guess asking the question differently beyond pricing and general business efficiencies, is there room for above market growth in airports?

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Terrific. And then you touched on the MTA, so let's go there. You want a 15 year roadside contract with the MTA end of last year. Just remind the audience the particulars of that, how that will contribute this year. And are there, if I can add, any similar opportunities or was that just unique based on your positioning already in the market?

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Terrific. And maybe the last one before I start my CFO questions. T-Mobile bought Vistar sell side platform, I think it closed earlier this year if I'm not mistaken, not long ago. I'd love to know what your thoughts are behind that transaction if you can. Are there synergies or something we might be missing between the mobile phone screen and outdoor and we can leave it at that and open ended for you.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Perfect. Okay, some balance sheet stuff for you. Easy ones first, walk the audience through the net proceeds, if you can, of Europe North and just the waterfall from that. Sure.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Perfect. And then just, very quickly on the three Latin American markets, that really doesn't hit any asset sale thresholds. Am I correct about that? It's small dollars and then.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : And then this is to maybe both of you, but we've got Brazil and Spain left. I don't know if we can put Brazil in context. I think it's larger than the other three markets, but someone can correct me. And then is Singapore just a wind down?

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Perfect. And then a couple more, corporate. I think the initial guidance was $31 million. I asked about it yesterday on the conference call. I think the corporate savings, but if you can just walk us through that and then as these last assets hopefully get sold. Could there be upside?

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Feel free to share it now. You've got a great audience. Okay, I've got three more questions and I'm going to open it up to the audience. Maybe the last one for you, David. It, it's hard to escape the fact that interest rates are still pretty elevated here. The company's done an excellent job, my words, of fixing most of the debt stack, but how do you think about the rising rate environment or the current rate environment and potential future refinancing you might. Need or want to undertake.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : Okay, Scott, back to you. The company is super close to its goal of shedding noncore assets focusing on the US business. And this is more of a strategic question of what you might be able to do now that you're this core US centric business that maybe you couldn't have done before. With a multi-market platform under your fingertips.

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : That is a lot of meat on the bone. Thank you. I'll probably be asking more questions later. There's two minutes left. Is there anybody in the audience that wants to ask a question because I've monopolized this right there. Go ahead, sir. Unidentified Participant 1 Hi, good morning. So the transactions in Europe actually increased your leverage, right pro forma. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 25, 2025 / 1:45PM, CCO.N - Clear Channel Outdoor Holdings Inc at JPMorgan Chase Global Leveraged Finance Conference

Question: Avi Steiner - JPMorgan Chase & Co. - Analyst : One minute left. Any other questions in the room? Don't be shy. one there on your left. Unidentified participant 2 What are your thoughts on corporate level M&A? Tell me more. So, would you consider combining with another operator? Oh, I see what you're saying.