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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. REPORTS RESULTS FOR THE FIRST QUARTER OF 2022

Clear Channel Outdoor

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SAN ANTONIOMay 10, 2022 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today reported financial results for the quarter ended March 31, 2022.

“The recovery of our business continued into the first quarter, as reflected in our strong operating performance,” said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Our top-line growth was driven by broad-based demand from advertisers across our markets in the Americas and Europe, with considerable strength in our digital footprint. Building on our momentum, we’re continuing to innovate and leverage our technology investments to modernize the solutions we offer our customers. We continue to demonstrate our role as a visual media powerhouse targeting consumers on the move.

“We have a resilient business with the ability to drive cash conversion as we add revenue, while operating efficiently. By capitalizing on our expanding digital footprint and attracting more advertisers to our platform, we believe we can drive greater levels of free cash flow, which will allow us to strengthen our financial position.

“As we execute on our core operating strategy, we’re also continuing to evaluate tuck-in accretive acquisition opportunities that will further strengthen our presence in the U.S., while continuing to evaluate strategic alternatives for our European business as part of our focus on optimizing our portfolio.”

Financial Highlights:

First quarter of 2022, as compared to the same period of 2021:

Americas:

  • Revenue up 39.3% to $295.1 million
  • Segment Adjusted EBITDA1 up 71.8% to $110.3 million

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