Clear Channel Outdoor Holdings Inc at Morgan Stanley Technology, Media & Telecom Conference Transcript

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

Question: Cameron McVeigh - Mogran Stanley - Analyst : And with that, we'll kick it off. To start, Scott, how would you describe the current growth strategy for Clear Channel and your long-term growth outlook? And maybe what are your long-term investment priorities?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. Great. Scott, implicit in your guidance is an expectation that growth in the Americas segment accelerates over the year, at least from the first quarter, maybe to start, what gives you confidence in this acceleration in revenue growth?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. And on the SF point, is that tech ad spend primarily that's driving confidence there, or are there -- is there any other specific vertical?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Yeah, that's great. Just from an industry perspective, when you think about out-of-home share of ad spend, is it better positioned today than it was pre-COVID five years ago in terms of just budget share?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. And in terms of -- in the past, you've spoken to share shift from linear TV and radio and gaining share from these traditional mediums, are you continuing to gain share here and insist, and do you expect this to be the continued benefit to out-of-home broadly in '25 and beyond?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Great. Let's switch to Clear Channel specifically, you're in the process of selling the remaining international assets. You announced agreements to sell Europe North, Mexico, Chile, Peru. It sounds like Brazil and Spain or next. What have you learned during the sales process? And how are you feeling about the remaining potential asset sales?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Great. And Scott, would you expect to see a material reduction to some of the corporate expenses with all of these international assets are sold? And then what other potential benefits do you foresee once you're able to sell off these international assets and focus more on the US operations. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 10:35PM, CCO.N - Clear Channel Outdoor Holdings Inc at Morgan Stanley Technology, Media & Telecom Conference

Question: Cameron McVeigh - Mogran Stanley - Analyst : That's great. Do you have a date for the Investor Day?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Great. Scott, the prospect of selling direct to advertisers has come up as a potential growth lever. I guess how would you characterize Clear Channel's capabilities in the space and what type of growth might that unlock going forward?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. Okay, that's helpful. There's been an investor focus on our leverage levels, and we touched on this at the start, but I'm curious, your road map to de-lever and what leverage you think you might need to ultimately convert to a REIT?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. Okay. Scott, do you see Clear Channel in a position to participate in domestic M&A this year? And at what point would Clear Channels consider selling US assets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 10:35PM, CCO.N - Clear Channel Outdoor Holdings Inc at Morgan Stanley Technology, Media & Telecom Conference

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. Okay. I wanted to ask about the state of the ad market. On the last earnings call, you mentioned you're seeing strength in local advertising, while national remains a little soft. Maybe if you could just discuss how conversations with advertisers are going. And you hit on the level of visibility in the past, but where you're at currently?

Question: Cameron McVeigh - Mogran Stanley - Analyst : That's great. I guess just on that point, would you have an expectation for one to grow faster than the other over '25 based off what we've seen in the past couple of months? And I guess what -- in your view, what's the key driver for each of those?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Good. Okay. Good to hear. When we've spoken in the past, it seems like pharma is another key vertical that has a lot of potential to drive future growth. how are you internally thinking about the opportunity there? And what needs to go right or what needs to happen to gain more share?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Right, great. Okay. Let's switch gears to talk about some of the RADAR Solutions. You have -- you've spoken to it in the past. Maybe, what does it do for advertisers? And is it able to provide solutions similar to other media?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. Okay. And digital, I think now accounts for 40% of US revenue. What would you expect long-term digital share to represent? And maybe how you think about the growth contribution from digital boards?

Question: Cameron McVeigh - Mogran Stanley - Analyst : If regulations weren't an issue, what would the ideal run rate of digital conversions be?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Got it. Okay. We have a few minutes left. See if there's any Q&A. Got one over here. Yes, let's wait for a mic for the webcast. Unidentified Participant Yes. So the sale of the Northern European business is -- the multiple looked a bit loaded it. And it didn't de-lever our business. So why did you sell it in such in one chunk and not sort of slide set up in different markets?

Question: Cameron McVeigh - Mogran Stanley - Analyst : We have another one. We have another one. Unidentified Participant How much of the digital revenue is programmatic? And do you have a programmatic strategy? What is it -- what technology service providers are you using for that programmatic strategy?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Great. Maybe I think we're out of time. Any closing remarks?

Question: Cameron McVeigh - Mogran Stanley - Analyst : Scott, thank you so much.