Clear Channel Outdoor Holdings Inc at Wells Fargo TMT Summit (Virtual) Transcript

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

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : I want to get into some of the bigger strategy of outdoor as a category and share and all of those good things. But maybe before we do that because things have been so volatile in the markets the last couple of weeks, it's probably good to just touch base on some of the latest trends. In the third quarter, you noted that you hadn't really seen any material impact from things like supply chain or inflation, and that recovery was still on track. I think it would be top of mind to just get your thoughts on those issues first and foremost before we get into the rest of the conversation. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 01, 2021 / 2:20PM, CCO.N - Clear Channel Outdoor Holdings Inc at Wells Fargo TMT Summit (Virtual)

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : And maybe just to finish up on this topic, maybe if there's an area of the business that is likely to see some more immediate impact, it would be in the transport side of your business. Could you maybe remind investors, maybe both for Europe and Americas, how much revenue is represented by transport and what inning of recovery we were in prior to the latest news, since it was certainly well below 2019 levels, I think, for airport traffic and that thing.

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Yeah, great. I think prior to the pandemic, we saw organic growth pretty strong in the Out of Home category. I think kind of mid to high single digits is where those levels had been running at. When you look at Out of Home as a category, when you think about the conversations you're having with advertisers, how do you think overall industry growth will pan out over the medium term?

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Scott, could you expand on that digital Out of Home and programmatic comment a little bit? That seems like it's one of the bigger panaceas that we've heard about for some time. Maybe remind us what digital revenue is as a percentage of America revenues? And then if you could maybe drill down a bit into how you think programmatic can start to shape that digital revenue growth? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 01, 2021 / 2:20PM, CCO.N - Clear Channel Outdoor Holdings Inc at Wells Fargo TMT Summit (Virtual)

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Yes. And I know you've invested a lot in RADAR over the last few years. How does RADAR fit in with that digital or programmatic strategy?

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Yeah. So if we kind of put all this together, Scott, I mean, I know you're optimistic about the business for next year, but how would you like investors to think about growth drivers as we get into a more normalized operating environment?

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : William, maybe that same question for you as it relates to Europe, since the dynamics are slightly different there and a bit more country specific.

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : So William, as we move into 2022, how do you feel about getting back to 2019 levels in Europe? And I think some of the more recent commentaries, that you had seen some pretty positive early booking signs for next year.

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Yeah, let's set a high bar for him.

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Scott, maybe the same question over to you in terms of how you're feeling about next year.

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Yeah. William, looking at the potential for divestitures in Europe as a theme that we've had over the years, I know that the answer is typically yes, we're getting closer, but it's too early. But kind of kind of curious if you have any updated thoughts on how we should think about the European business opportunity.

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Brian, I don't want you to get too lonely over there, so a couple of questions for you. Maybe first is that rent abatements have just been a bit lumpy. And so how should we think about cost profile for next year as those normalize a little bit? And included in that, you've had savings initiatives in both segments. So help us just think about all of those elements that contribute to costs and ultimately EBITDA margins. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 01, 2021 / 2:20PM, CCO.N - Clear Channel Outdoor Holdings Inc at Wells Fargo TMT Summit (Virtual)

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : And Brian, thank you for that. I think you recently increased your year-end liquidity guidance in the third quarter results. At this point, how are you thinking about the ability to generate free cash flow and reduce debt?

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : And I think you've talked about maybe even some potential bolt-ons in the US segment. So maybe Brian or Scott, you can talk a little bit about what you've seen in that market from an asset attractiveness standpoint.

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : And Scott, I think -- oh, yeah?

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Yeah. And Scott, anything in the US that could be interesting or potential for divestiture at any point?

Question: Steve Cahall - Wells Fargo Securities, LLC. - Analyst : Great. Well, I just want to thank everybody for their time this morning.