Clear Channel Outdoor Holdings Inc Q1 2025 Earnings Call Transcript

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

Question: Cameron McVeigh - Morgan Stanley - Analyst : Thanks. Good morning.

Question: Cameron McVeigh - Morgan Stanley - Analyst : Morning guys. I was curious if you could touch further on maybe just your visibility levels into the back half of the year and how that might be trending on a national versus local basis? And then secondly, I wanted to ask where you're seeing further opportunities for some of these corporate expense reductions. Thanks.

Question: Cameron McVeigh - Morgan Stanley - Analyst : Great, that's helpful. Thanks, Scott.

Question: Daniel Osley - Wells Fargo - Analyst : Thank you. Good morning. I thought the forward booking commentary was helpful and wanted to dig into that a little more. So can you speak to the typical cancellation terms you provide to advertisers? And does that differ between local and national advertisers? And then as a follow-up, does the low end of the guide contemplate any weakness from a macro slowdown? Thank you.

Question: Daniel Osley - Wells Fargo - Analyst : That's helpful. Thank you.

Question: Avraham Steiner - JPMorgan - Analyst : Thank you. Good morning. I've got a few questions here. Just maybe circling back on that last one. I'm curious because you did talk about past dislocations in Outdoor's performance. How do you think your asset base, which I think now is more digital, might behave now versus those historical periods? And then I've got a few more. Thank you.

Question: Avraham Steiner - JPMorgan - Analyst : Appreciate that very much. And I appreciate the Q2 acceleration and the reiteration of guide. I want to approach it from maybe the expense side, if I could. How should we think about site lease expenses as we roll through the year? And maybe the better question is if we can give us a flavor or a sense of margin cadence as we move through the year, please?

Question: Avraham Steiner - JPMorgan - Analyst : Appreciate that very much. And maybe sticking with you, if I can. Two questions around the debt. Can you remind us what gave you the flexibility to buy back senior versus secured? And can you speak to why you left that debt outstanding as opposed to retiring those bonds?

Question: Avraham Steiner - JPMorgan - Analyst : One very last one, if I can. But I think you teased everyone by saying and I'm trying to quote you here, substantial interest from potential counterparties. I don't know if you can or want to frame up maybe some of the creative things you're looking at and how that might help drive valuation and help the company deliver. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 01, 2025 / 12:30PM, CCO.N - Q1 2025 Clear Channel Outdoor Holdings Inc Earnings Call

Question: Lance Vitanza - TD Cowen - Analyst : Thanks, guys. At both America and Airport, it looks like the static of the print revenues were actually down a little bit year-on-year. I'm wondering, is that evidence that digital is, to some extent, cannibalizing the print revenue? Or is that the wrong conclusion? And maybe more specifically, do you expect print revenue to return to growth in either the second quarter or the second half of the year?

Question: Aaron Watts - Deutsche Bank - Analyst : Everyone, thanks for having me on. Just two questions. First, a clarifier on your America growth. Curious what the impact is of the new MTA contract on the 1Q growth of 1.8% and the 2Q guidance where you're calling for 4% to 8% growth. Just trying to get a sense of the underlying market strength as you move from 1Q into 2Q.

Question: Aaron Watts - Deutsche Bank - Analyst : Okay, perfect. Thanks for that. And then, secondly, just maybe Dave. You spoke to the healthy liquidity position. Remind us what the minimum amount of cash you'd like to keep on hand is. And I understand you have a revolver at your disposal as well. And then relatedly, with the capital structure, how are you thinking about addressing your 27 debt maturity? I imagine you'd like to start to attack that over the course of the next year, any different approach, this time versus how you've dealt with the capital structure in the past. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 01, 2025 / 12:30PM, CCO.N - Q1 2025 Clear Channel Outdoor Holdings Inc Earnings Call

Question: Aaron Watts - Deutsche Bank - Analyst : All right thanks again.

Question: David Karnowski - JPMorgan - Analyst : Alright, thank you, Scott, you alluded in your prepared remarks to a near term future where AI is going to create some privacy issues on the digital side without door maybe a beneficiary. I don't know if you can dig into that dynamic a bit more and then for David, is it just possible to quantify all the ultimate headwind from the LA fire side of the quarter for your outlook. Thanks.

Question: Patrick Sholl - Barrington Research Associates, Inc. - Analyst : Hi, good morning, I was just curious in terms of like the conversations you have around digital conversion if those have, how maybe some of like the trading out of static versus digital has maybe changed over time.

Question: Patrick Sholl - Barrington Research Associates, Inc. - Analyst : I guess I'm curious like the extent that municipalities are maybe more open to digital conversion to with the potential revenue benefits and local tax gains from that and helping their balance sheets and It's very more digital uptake.

Question: Patrick Sholl - Barrington Research Associates, Inc. - Analyst : Yes, thanks. And then I was just curious if you could maybe talk about like, some of the digital, products and like your radar capabilities and how that's helped in terms of keeping, ad revenue, strong in the, in your guidance and then the second quarter. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 01, 2025 / 12:30PM, CCO.N - Q1 2025 Clear Channel Outdoor Holdings Inc Earnings Call

Question: Patrick Sholl - Barrington Research Associates, Inc. - Analyst : Yes, thank you.