Clear Channel Outdoor Holdings, Inc. Q3 FY2025 earnings call

• Thanked those who participated in Investor Day in September, emphasizing focus on accelerating US revenue growth, increasing cash generation, and reducing debt. • Consolidated revenue grew 8.1% driven by Americas (5.9% growth, 18th consecutive quarter of local revenue growth) and Airports (16.1% growth). • Key markets like NY and SF growing, with categories such as banking, legal services, and tech (including AI) performing well. • Announced divestitures: Spain sale for ~$135M, Brazil sale for $15M, total international divestitures nearly $900M. • Digital conversion plan, pharma success, NY Open tennis tournament campaign, and airports study showing high ad impact. • On track for financial guidance, with corporate cost savings on track to $50M.

Consolidated revenue was $405.6 million, up 8.1% year-over-year. The Americas segment had revenue of $310 million, up 5.9%, with segment adjusted EBITDA of $133.4 million, up 3.9% and a margin of 43.1%. The Airports segment had revenue of $95.6 million, up 16.1%, with segment adjusted EBITDA of $21.9 million, up 29.2% and a margin of 22.9%.

• Fourth quarter consolidated revenue expected $441M-$456M (3%-7% growth). Americas $322M-$332M (4%-7% growth), Airports $119M-$124M (3%-7% growth). • Full year 2025 consolidated revenue $1.584B-$1.599B (5%-6% growth), adjusted EBITDA $490M-$505M (3%-6% growth), AFFO $85M-$95M (45%-62% growth), CapEx $60M-$70M.

• Political advertising impact, M&A market uncertainties, potential tariff effects, government shutdown impacts (though not seen yet).

Q: Aaron Watts from Deutsche Bank asked about ad environment for year-end and early '26 tailwinds.

A: Scott Wells discussed San Francisco's improvement, tech/AI impact, and no major government shutdown effects on airports.

Q: David Karnovsky from JPMorgan inquired about NorCal market and government shutdown.

A: Scott Wells talked about SF's recovery, tech/AI in SF, and no significant airport impact from shutdown.

Q: Lance Vitanza from TD Cowen asked about L.A., entertainment, auto insurance, and NY exposure.

A: Scott Wells discussed L.A.'s challenges, auto insurance recovery, and confidence in NY's prospects.

Q: Avi Steiner from JPMorgan asked about political advertising and M&A.

A: Scott Wells mentioned political ad impact and M&A uncertainties.

Q: Daniel Osley from Wells Fargo asked about measurement solutions.

A: Scott Wells talked about positive feedback on in-campaign measurement and ongoing GeoPath industry effort.

Q: Patrick Sholl from Barrington Research asked about CapEx and corporate cost reductions.

A: Scott Wells discussed CapEx timing and corporate cost savings on track to $50M