Clear Channel Outdoor Holdings Inc (CCO) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Clear Channel Holding -- sorry, welcome to the Clear Channel Outdoor Holdings, Inc's. 2022 Fourth Quarter Earnings Conference Call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎來到 Clear Channel Holding -- 抱歉，歡迎來到 Clear Channel Outdoor Holdings, Inc。 2022 年第四季度收益電話會議。 （操作員說明）

Now, I'll turn the conference over to your host, Eileen McLaughlin Vice President of Investor Relations. Please go ahead.

現在，我將把會議轉交給您的主持人，投資者關係副總裁艾琳·麥克勞克林 (Eileen McLaughlin)。請繼續。

Good morning, and thank you for joining our call. On the call today are Scott Wells, our CEO; and Brian Coleman, our CFO. Scott and Brian will provide an overview of the 2022 fourth quarter operating performance of Clear Channel Outdoor Holdings, Inc. and Clear Channel International BV.

早上好，感謝您加入我們的電話會議。今天接聽電話的是我們的首席執行官 Scott Wells；和我們的首席財務官 Brian Coleman。 Scott 和 Brian 將概述 Clear Channel Outdoor Holdings, Inc. 和 Clear Channel International BV 2022 年第四季度的經營業績。

We recommended you download the earnings conference call investor presentation located in the financial section on our Investor website and review the presentation during this call. After an introduction and a review of our results, -- we'll open the lines for questions and Justin Cochrane, CEO of Clear Channel U.K. and Europe will participate in the Q&A portion of the call.

我們建議您下載位於我們投資者網站財務部分的收益電話會議投資者演示文稿，並在電話會議期間查看演示文稿。在介紹和審查我們的結果之後，我們將打開提問線，英國和歐洲 Clear Channel 首席執行官 Justin Cochrane 將參與電話的問答部分。

Before we begin, I'd like to remind everyone that during this call, we may make forward-looking statements regarding the company, including statements about its financials, future financial performance and its strategic goals. All forward-looking statements involve risks and uncertainties, and there can be no assurance that management's expectations, beliefs or projections will be achieved or that actual results will not be from expectations.

在開始之前，我想提醒大家，在本次電話會議期間，我們可能會就公司做出前瞻性陳述，包括有關其財務狀況、未來財務業績及其戰略目標的陳述。所有前瞻性陳述都涉及風險和不確定性，無法保證管理層的預期、信念或預測將會實現，或者實際結果不會出乎預期。

Please review the statements of risks contained in our earnings press release and our filings with the SEC. During today's call, we will also refer to certain performance measures that cannot perform to generally accepted accounting principle. We provide schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings release and the earnings conference call investor presentation.

請查看我們的收益新聞稿和我們向美國證券交易委員會提交的文件中包含的風險聲明。在今天的電話會議中，我們還將提及某些無法按照公認會計原則執行的績效指標。作為我們的收益發布和收益電話會議投資者介紹的一部分，我們提供了將這些非 GAAP 措施與我們在 GAAP 基礎上報告的結果相協調的時間表。

Also, please note that the information provided on this call speaks only to management's views as of today, February 28, 2023, and may no longer be accurate at the time of the replay.

另外請注意，本次電話會議中提供的信息僅代表管理層截至 2023 年 2 月 28 日的觀點，在重播時可能不再準確。

Please turn to Slide 4 in the investor presentation, and I will now turn the call over to Scott Well.

請轉到投資者介紹中的幻燈片 4，我現在將把電話轉給 Scott Well。

Good morning, everyone, and thank you for taking the time to join today's call. Our fourth quarter results capped off a strong year for our company as we soundly rebounded coming out of the pandemic and benefited from healthy demand for our digital assets. We generated consolidated revenue of $750 million excluding movements in foreign exchange rates, in line with our guidance and up approximately 1% as compared to our very strong performance in the fourth quarter of the prior year.

大家早上好，感謝您抽出時間參加今天的電話會議。我們的第四季度業績為我們公司強勁的一年畫上了句號，因為我們從大流行病中強勁反彈，並受益於對我們數字資產的健康需求。不包括匯率變動，我們產生了 7.5 億美元的綜合收入，這符合我們的指導意見，與去年第四季度非常強勁的表現相比增長了約 1%。

Our consolidated revenue was also ahead of the fourth quarter of 2019, excluding movements in foreign exchange rates in China. We delivered a record revenue quarter for our Americas business against a record performance in the fourth quarter of the prior year. Our European business also delivered strong revenue results despite European turbulence and the ongoing strategic review of our businesses in Europe.

我們的綜合收入也超過了 2019 年第四季度，不包括中國外匯匯率的變動。與去年第四季度創紀錄的業績相比，我們美洲業務的季度收入創下歷史新高。儘管歐洲動盪不安，而且我們正在對歐洲業務進行戰略審查，但我們的歐洲業務也取得了強勁的收入。

For the full year, consolidated revenue was up 16.5% and excluding movements in foreign exchange rates. I'd like to thank our company-wide team for their dedication and hard work in executing on our strategic plan and contributing to our results during the past year. We operated at a high level as we progressed in our transformation into a technology-fueled visual media powerhouse, reaching a growing pool of advertisers, and we did this while improving productivity.

全年綜合收入增長 16.5%，不包括匯率變動。我要感謝我們全公司的團隊在過去一年中在執行我們的戰略計劃和為我們的業績做出貢獻方面的奉獻和辛勤工作。我們在向以技術為動力的視覺媒體巨頭轉型的過程中取得了高水平的運營，吸引了越來越多的廣告商，我們在提高生產力的同時做到了這一點。

Our story is both an operating one in terms of our efforts to increase revenue, drive further gains in productivity and increased operating cash flow. It's also a capital structure one in terms of our focus on evaluating all options to improve our leverage ratio and reduce our debt.

就我們努力增加收入、進一步提高生產力和增加運營現金流而言，我們的故事既是運營故事。就我們專注於評估所有選項以提高槓桿率和減少債務而言，這也是一種資本結構。

On the operating side, investing in our digital transformation remains central to our plan including expanding our digital footprint, strengthening our data analytic offerings and continuously improving the customer experience. We believe we are elevating our ability to provide our clients with the kind of experience they expect from digital media coupled with the mass reach of out-of-home.

在運營方面，投資於我們的數字化轉型仍然是我們計劃的核心，包括擴大我們的數字足跡、加強我們的數據分析產品和不斷改善客戶體驗。我們相信我們正在提升我們的能力，為我們的客戶提供他們期望從數字媒體中獲得的體驗，以及廣泛的戶外活動。

And our experience to date tells us these efforts are leading to growth. During the fourth quarter, digital accounted for 43% of our consolidated revenue, which rose 4% during the quarter compared to the fourth quarter of last year, excluding movements in foreign exchange rates. As we expand our digital footprint, we're continuing to develop a more addressable and efficient operating platform.

我們迄今為止的經驗告訴我們，這些努力正在帶來增長。第四季度，數字業務占我們綜合收入的 43%，與去年第四季度相比增長 4%，不包括匯率變動。隨著我們擴大我們的數字足跡，我們將繼續開發一個更具可尋址性和效率的運營平台。

We're making our solutions more data-driven, easier to buy and faster to launch. These initiatives are allowing us to convert more revenue to cash flow and better leverage our scale and reach, while demonstrating results in ways that elevate the attractiveness of out-of-home advertising.

我們正在使我們的解決方案更受數據驅動，更易於購買和更快地啟動。這些舉措使我們能夠將更多收入轉化為現金流，更好地利用我們的規模和影響力，同時以提高戶外廣告吸引力的方式展示成果。

We believe these efforts supported our outperformance relative to the majority of other traditional media platforms in the past year. As we execute on our plan, we believe we can drive improved operating cash flow over time given the operating leverage and strong fundamentals inherent in our model, as shown in the long-term guidance we provided last September and are confirming today.

我們相信，這些努力支持了我們在過去一年中相對於大多數其他傳統媒體平台的出色表現。在執行我們的計劃時，我們相信，鑑於我們模型中固有的運營槓桿和強大的基本面，我們可以隨著時間的推移推動運營現金流的改善，正如我們去年 9 月提供並在今天確認的長期指導中所示。

Beyond operating execution, we're also committed to continuing to review avenues that will enable us to establish an appropriate capital structure that we believe maximizes the value inherent in our business. At the close of the year, we announced the definitive agreement to sell our business in Switzerland for $92.7 million, which remains subject to previously disclosed closing conditions.

除了運營執行之外，我們還致力於繼續審查使我們能夠建立適當的資本結構的途徑，我們認為這種資本結構可以最大限度地發揮我們業務的內在價值。在年底，我們宣布了最終協議，以 9270 萬美元的價格出售我們在瑞士的業務，該協議仍受先前披露的成交條件的約束。

We intend to use the anticipated net proceeds to improve our liquidity position, while our strategic review of our low margin and low priority European businesses remains ongoing.

我們打算使用預期的淨收益來改善我們的流動性狀況，同時我們對低利潤率和低優先級歐洲業務的戰略審查仍在進行中。

As we said, our intention for Europe is to have a perimeter with substantially higher adjusted EBITDA minus CapEx margins, which is expected to help improve our leverage over time through the generation of operating cash flow and net sales proceeds from potential dispositions. As we have previously emphasized, we cannot guarantee the timing or success of our efforts and we will continue to communicate further details as and when we are able.

正如我們所說，我們對歐洲的意圖是擁有一個調整後的 EBITDA 減去資本支出利潤率大幅提高的邊界，這有望通過產生運營現金流和潛在處置的淨銷售收益，隨著時間的推移幫助提高我們的槓桿率。正如我們之前強調的那樣，我們無法保證我們努力的時機或成功，我們將在可能的時候繼續傳達更多細節。

Turning to the year ahead. Our business remains healthy with revenue expected to reach between $2.575 billion and $2.7 billion excluding movements in foreign exchange rates. In the U.S., we're wrapping up the best upfront since we started measuring and our premium locations are strong, although a few categories are reducing or delaying campaigns. And as a reminder, the first quarter faces tough comps with the prior year.

轉向未來的一年。我們的業務保持健康，收入預計將達到 25.75 億美元至 27 億美元，不包括匯率變動。在美國，我們取得了自開始衡量以來最好的前期成果，而且我們的優質地點很強大，儘管有幾個類別正在減少或推遲活動。提醒一下，第一季度與上一年相比面臨困難。

Specifically, on a national basis, we are seeing softness in the first quarter due to crypto and emerging tech companies pulling back on significant spending relative to the first quarter of 2022.

具體而言，在全國范圍內，由於加密貨幣和新興科技公司相對於 2022 年第一季度縮減了大量支出，我們看到第一季度出現疲軟。

So at this point, we're not seeing any major changes from a macro slowdown. Rather, the impacts we're seeing relate to dynamics within specific categories. Dialogues with advertisers remain very constructive. And in fact, we are continuing to develop new categories and broaden the universe of advertisers we can pursue.

所以在這一點上，我們沒有看到宏觀經濟放緩帶來的任何重大變化。相反，我們看到的影響與特定類別中的動態有關。與廣告商的對話仍然非常有建設性。事實上，我們正在繼續開發新的類別並擴大我們可以追求的廣告客戶的範圍。

In Europe, we've maintained some of the momentum we saw in Q4, and we're seeing healthy demand with no indications of a slowdown due to macro concerns.

在歐洲，我們保持了第四季度的一些勢頭，我們看到需求健康，沒有跡象表明宏觀擔憂導致放緩。

Based on our conversations, brand owners have indicated that they will continue to advertise as they recognize both the need and opportunity to remain visible. I should note that we also have an easier comp in Europe given all markets hadn't fully rebounded in last year's first quarter. So overall, Europe is off to a good start, and January came in marginally better than our expectations.

根據我們的談話，品牌所有者表示他們將繼續做廣告，因為他們認識到保持可見性的必要性和機會。我應該指出，鑑於所有市場在去年第一季度都沒有完全反彈，我們在歐洲的表現也更容易。因此，總體而言，歐洲開局良好，1 月份的表現略好於我們的預期。

As we execute our plan, we are keeping a close eye on trends across our markets and remain optimistic about our business.

在執行我們的計劃時，我們會密切關注整個市場的趨勢，並對我們的業務保持樂觀。

Brian will provide our guidance for both the first quarter and the full year. And with that, let me now turn it over to Brian.

Brian 將為我們提供第一季度和全年的指導。有了這個，現在讓我把它交給布賴恩。

Thank you, Scott. Good morning, everyone, and thank you for joining our call. Please turn to Slide 5. This has been a good year for our business. And so before going through our fourth quarter results, I want to comment briefly on the full year results. As you know, we provided detailed guidance for 2022 during our Investor Day, which was updated on November 8. I want to point out our actual results are in line or ahead of guidance for every metric included in the guidance. In my view, this clearly demonstrates the resiliency of our business and the team's ability to remain on course and rebound from the pandemic.

謝謝你，斯科特。大家早上好，感謝您加入我們的電話會議。請轉到幻燈片 5。今年對我們的業務來說是豐收的一年。因此，在查看我們的第四季度業績之前，我想簡要評論一下全年業績。如您所知，我們在 11 月 8 日更新的投資者日期間提供了 2022 年的詳細指導。我想指出，對於指導中包含的每個指標，我們的實際結果都符合或領先於指導。在我看來，這清楚地表明了我們業務的彈性以及團隊保持正軌並從大流行中反彈的能力。

Now on to fourth quarter reported results. As a reminder, during our discussion of GAAP results, I'll also talk about our results, excluding movements in foreign exchange rates, a non-GAAP measures. We believe this provides greater comparability when evaluating our performance. Direct operating expenses and SG&A expenses include restructuring and other costs that are excluded from adjusted EBITDA and segment adjusted EBITDA.

現在到第四季度報告結果。提醒一下，在我們討論 GAAP 結果時，我還將討論我們的結果，不包括外匯匯率變動，這是一項非 GAAP 指標。我們相信這在評估我們的表現時提供了更大的可比性。直接運營費用和 SG&A 費用包括調整後的 EBITDA 和分部調整後的 EBITDA 中不包括的重組和其他費用。

And the amounts I refer to are for the fourth quarter of 2022 and the percent changes are the fourth quarter of 2022 compared to the fourth quarter of 2021, unless otherwise noted. Additionally, Switzerland, which is now considered an asset held for sale will continue to be reported in revenues and adjusted EBITDA until we conclude the sale.

除非另有說明，否則我指的是 2022 年第四季度的金額，百分比變化是 2022 年第四季度與 2021 年第四季度相比。此外，現在被視為持有待售資產的瑞士將繼續在收入和調整後的 EBITDA 中報告，直到我們完成出售。

During the fourth quarter, we expanded the number of segments in our reported results. We now have 4 reportable segments. America, which consists of our U.S. operations, excluding airports. Airports which includes revenue from U.S. and Caribbean airports. Europe North which consists of operations in the U.K., the Nordics and several other countries throughout Northern and Central Europe and Europe South, which consists of operations in France, Switzerland, Spain and Italy.

在第四季度，我們擴大了報告結果中的細分市場數量。我們現在有 4 個可報告的細分市場。美國，包括我們在美國的業務，不包括機場。機場，其中包括來自美國和加勒比機場的收入。歐洲北部包括在英國、北歐和整個北歐和中歐的其他幾個國家的業務，以及歐洲南部，包括在法國、瑞士、西班牙和意大利的業務。

Our remaining operations in Latin America and Singapore are disclosed as other. Given the guidance we provided as part of our third quarter results was in our previous reporting format, this morning's presentation and our fourth quarter earnings release used the prior segments for comparability.

我們在拉丁美洲和新加坡的其餘業務作為其他業務披露。鑑於我們作為第三季度業績的一部分提供的指導採用了我們之前的報告格式，今天上午的報告和我們的第四季度收益發布使用了之前的部分以實現可比性。

However, the 10-K we filed this morning includes results for the fiscal years ended 2022, 2021 and 2020 using the new segments.

然而，我們今天上午提交的 10-K 報告包括使用新細分市場的截至 2022、2021 和 2020 財年的業績。

Consolidated revenue for the quarter was $709 million, a 4.5% decrease, excluding movements in foreign exchange rates, consolidated revenue was up 0.9% to $750 million, at the midrange of our consolidated revenue guidance of $740 million to $765 million.

本季度綜合收入為 7.09 億美元，下降 4.5%，不包括匯率變動，綜合收入增長 0.9% 至 7.5 億美元，處於我們 7.4 億美元至 7.65 億美元綜合收入指導的中值。

Net income was $99 million, an improvement over the prior year's net income of $66 million. Adjusted EBITDA was $205 million, down 7.6%. Excluding movements in foreign exchange rates, adjusted EBITDA was $214 million, down 3.5% as expected, primarily due to lower [rental maintenance] as a result of the rebound in the business.

淨收入為 9900 萬美元，比上一年的 6600 萬美元淨收入有所改善。調整後的 EBITDA 為 2.05 億美元，下降 7.6%。排除匯率變動，調整後的 EBITDA 為 2.14 億美元，如預期下降 3.5%，這主要是由於業務反彈導致 [租金維護] 減少。

AFFO, which is a metric we introduced recently was $84 million in the fourth quarter and $93 million, excluding movements in foreign exchange rates.

AFFO 是我們最近推出的一項指標，第四季度為 8400 萬美元，不包括匯率變動在內為 9300 萬美元。

Please turn to Slide 6 for a review of the Americas fourth quarter results. Americas revenue was $374 million, up 0.8%, in line with our guidance range of $370 million to $380 million and even more significant, we continue to surpass pre-COVID revenue levels with revenue up 8.5% compared to Q4 of 2019.

請轉到幻燈片 6 查看美洲第四季度的業績。美洲收入為 3.74 億美元，增長 0.8%，符合我們 3.7 億美元至 3.8 億美元的指導範圍，更重要的是，我們繼續超過 COVID 之前的收入水平，與 2019 年第四季度相比收入增長 8.5%。

As Scott mentioned, this was a record revenue quarter against a record performance in the fourth quarter of last year. Revenue was up, driven by airports and digital, partially offset by lower revenue from printed formats.

正如斯科特提到的那樣，這是一個創紀錄的收入季度，而去年第四季度的業績創下了紀錄。在機場和數字業務的推動下，收入有所上升，但部分被印刷格式收入的下降所抵消。

Digital revenue, which accounted for 42.1% of Americas revenue, was up 2.8% to $158 million across all display types. National sales, which accounted for 40.6% of Americas revenue, were down 2.7%, primarily due to tough comps as the fourth quarter in the prior year benefited from pent-up demand and a few large campaigns from brand owners at a pull back spending.

占美洲收入 42.1% 的數字收入在所有顯示類型中增長 2.8% 至 1.58 億美元。占美洲收入 40.6% 的全國銷售額下降了 2.7%，這主要是由於上一年第四季度的艱難競爭，這得益於被壓抑的需求以及品牌所有者在削減支出方面的一些大型活動。

Local sales accounted for 59.4% of Americas revenue and continued to deliver growth up 3.4%. Direct operating and SG&A expenses were up 8.1%. The increase is primarily due to an 18.2% increase in site lease expense to $132 million, driven by higher airports revenue, new contracts and lower rent abatements. This was partially offset by lower variable incentive compensation. Segment adjusted EBITDA was $156 million, down 7.9% with segment adjusted EBITDA margin of 41.8%, down from Q4 2021 due primarily to mix and onetime items.

本地銷售額占美洲收入的 59.4%，並繼續實現 3.4% 的增長。直接運營和 SG&A 費用增長了 8.1%。這一增長主要是由於場地租賃費用增加 18.2% 至 1.32 億美元，這是由於機場收入增加、新合同和租金減免減少所致。這部分被較低的可變激勵薪酬所抵消。部門調整後的 EBITDA 為 1.56 億美元，下降 7.9%，部門調整後的 EBITDA 利潤率為 41.8%，低於 2021 年第四季度，主要原因是混合項目和一次性項目。

However, Americas margin was more in line with Q4 2019, as expected.

然而，正如預期的那樣，美洲利潤率更符合 2019 年第四季度。

Turning to Slide 7. This slide breaks out our Americas revenue to billboard and other in transit. billboard & Other, which primarily includes revenue from bulletins, posters, street furniture displays, spectaculars and wallscapes was $295 million, up slightly from the prior year.

轉到幻燈片 7。這張幻燈片將我們在美洲的收入分解為廣告牌和其他在途收入。廣告牌及其他，主要包括來自公告、海報、街道家具展示、壯觀景象和牆景的收入為 2.95 億美元，比上一年略有增長。

Transit was up 3.7%, with airports revenue up 5.2% to $77 million, driven by growth across the airports portfolio, including Port Authority.

運輸增長 3.7%，機場收入增長 5.2% 至 7,700 萬美元，這得益於包括港務局在內的整個機場業務組合的增長。

Now on to Slide 8 for a bit more detail on Billboard and Other. Billboard and other digital revenue continued to rebound in the fourth quarter and was up 3.6% to $111 million and now accounts for 37.7% of total Billboard and Other revenue. Non-digital billboards and other revenue was down 1.9%. The largest increases were in travel, food and hotels with declines in insurance, media and retail.

現在轉到幻燈片 8，了解有關廣告牌和其他內容的更多詳細信息。廣告牌和其他數字收入在第四季度繼續反彈，增長 3.6% 至 1.11 億美元，目前佔廣告牌和其他總收入的 37.7%。非數字廣告牌和其他收入下降了 1.9%。增長最大的是旅遊、食品和酒店，而保險、媒體和零售業則有所下降。

Next, please turn to Slide 9 for a review of our performance in Europe. My commentary is on results that have been adjusted to exclude movements in foreign exchange rates. Europe revenue increased 2.1% to $357 million at the high end of our guidance range of $345 million to $360 million.

接下來，請轉到幻燈片 9 回顧我們在歐洲的表現。我的評論是針對經過調整以排除匯率變動的結果。歐洲收入增長 2.1% 至 3.57 億美元，處於我們 3.45 億美元至 3.6 億美元指導範圍的高端。

The increase was driven by our new Europe North segment, most notably due to new transit contracts in Denmark as well as growth in other Nordic countries, U.K. and the Netherlands. In our new Europe South segment, revenue was higher in Spain and Italy and revenue was lower in France and Switzerland with the latter driven by loss of certain contracts.

這一增長是由我們新的歐洲北部部分推動的，最顯著的是由於丹麥的新過境合同以及其他北歐國家、英國和荷蘭的增長。在我們新的歐洲南部分部中，西班牙和意大利的收入較高，而法國和瑞士的收入較低，後者是由於某些合同的損失造成的。

Europe revenue was also up 4.7% compared to 2019 comparable period. Digital accounted for 41.6% of Europe's total revenue and was up 7.4%, driven by new digital inventory as well as the success of our programmatic platform LaunchPAD. The largest contributors to growth included Denmark, Spain, the U.K. and Norway.

與 2019 年同期相比，歐洲收入也增長了 4.7%。數字佔歐洲總收入的 41.6%，增長 7.4%，這得益於新的數字庫存以及我們的程序化平台 LaunchPAD 的成功。增長的最大貢獻者包括丹麥、西班牙、英國和挪威。

Direct operating and SG&A expenses were up 2.6%, with the largest driver being an increase in site lease expense. Segment adjusted EBITDA was $86 million. Segment adjusted EBITDA margin was 24.1% in line with the prior year and ahead of Q4 2019.

直接運營和 SG&A 費用增長 2.6%，其中最大的推動因素是場地租賃費用的增加。部門調整後的 EBITDA 為 8600 萬美元。部門調整後的 EBITDA 利潤率為 24.1%，與上年持平並領先於 2019 年第四季度。

Moving on to CCIBV. Our Europe segment consists of the businesses operated by CCIBV and its consolidated subsidiaries. Accordingly, the revenue for our Europe segment is the same as the revenue for CCIBV. Europe segment adjusted EBITDA, the segment profitability metric historically reported in our financial statements does not include an allocation of CCIBV's corporate expenses that are deducted from CCIBV's operating income and adjusted EBITDA.

轉到 CCIBV。我們的歐洲分部由 CCIBV 及其合併子公司運營的業務組成。因此，我們歐洲分部的收入與 CCIBV 的收入相同。歐洲分部調整後的 EBITDA，我們財務報表中歷史報告的分部盈利指標不包括從 CCIBV 的營業收入和調整後的 EBITDA 中扣除的 CCIBV 公司費用的分配。

Europe and CCIBV revenue decreased $33 million during the fourth quarter of 2022 compared to the same period of 2021 to $316 million. After adjusting for a $41 million impact from movements in foreign exchange rates, Europe and CCIBV revenue increased $7 million. CCIBV operating income was $27 million in the fourth quarter of 2022 compared to $56 million in the same period of 2021.

歐洲和 CCIBV 的收入在 2022 年第四季度與 2021 年同期相比減少了 3300 萬美元，至 3.16 億美元。在針對外匯匯率變動帶來的 4100 萬美元影響進行調整後，歐洲和 CCIBV 的收入增加了 700 萬美元。 2022 年第四季度 CCIBV 營業收入為 2700 萬美元，而 2021 年同期為 5600 萬美元。

Now moving to Slide 10, another view of capital expenditures. CapEx totaled $60 million in the fourth quarter, a decrease of $5 million compared to the prior year. Americas was up $7 million as we ramped up our spending, particularly on digital displays. However, in Europe, CapEx was down $13 million due in large part to the timing of new contracts and movements in foreign exchange. In addition to our capital expenditures, I also want to highlight that during the quarter, we did continue to close a few more asset acquisitions in the U.S. totaling $10 million.

現在轉到幻燈片 10，資本支出的另一種觀點。第四季度資本支出總計 6000 萬美元，比上年減少 500 萬美元。隨著我們增加支出，特別是在數字顯示器上，美洲增加了 700 萬美元。然而，在歐洲，資本支出下降了 1300 萬美元，這在很大程度上是由於新合同的時間安排和外匯變動。除了我們的資本支出外，我還想強調的是，在本季度，我們確實繼續在美國完成了一些總計 1000 萬美元的資產收購。

Given our renewed focus on liquidity amid the current macro uncertainty, we are being more selective in our acquisitions.

鑑於我們在當前宏觀不確定性的情況下重新關注流動性，我們在收購中更具選擇性。

Now on to Slide 11. During the fourth quarter, cash and cash equivalents declined $41 million. The decline was in part due to adjusted EBITDA being more than offset by cash interest payments, CapEx and asset acquisitions as well as changes in working capital as a result of an increase in accounts receivable. Our liquidity was $501 million as of December 31, 2022, down $41 million compared to liquidity at the end of the third quarter primarily due to the reduction in cash. Our debt was $5.6 billion as of December 31, 2022, basically flat with September 30.

現在轉到幻燈片 11。第四季度，現金和現金等價物減少了 4100 萬美元。下降的部分原因是調整後的 EBITDA 被現金利息支付、資本支出和資產收購以及應收賬款增加導致的營運資本變化所抵消。截至 2022 年 12 月 31 日，我們的流動資金為 5.01 億美元，與第三季度末的流動資金相比減少了 4100 萬美元，主要原因是現金減少。截至 2022 年 12 月 31 日，我們的債務為 56 億美元，與 9 月 30 日基本持平。

Cash paid for interest on debt was $124 million during the fourth quarter, a slight increase compared to the same period in the prior year, primarily due to higher floating rates on our Term Loan B facility. Our weighted average cost of debt was 7.1%, an increase compared to the weighted average cost of debt as of September 30, 2022, due to increases in LIBOR rates. As of December 31, 2022, our first lien loan ratio was 5.2x, up slightly as compared to September 30, 2022, the credit agreement covenant threshold is 7.1x.

第四季度為債務利息支付的現金為 1.24 億美元，與去年同期相比略有增加，這主要是由於我們定期貸款 B 的浮動利率較高。由於 LIBOR 利率上升，我們的加權平均債務成本為 7.1%，與截至 2022 年 9 月 30 日的加權平均債務成本相比有所上升。截至 2022 年 12 月 31 日，我們的首次留置貸款比率為 5.2 倍，與 2022 年 9 月 30 日相比略有上升，信貸協議契約門檻為 7.1 倍。

Moving on to Slide 12 and our guidance for the first quarter and the full year of 2023. At this point in time, we believe our consolidated revenue will be between $540 million and $565 million in Q1 of 2023, excluding movements in foreign exchange rates. Based on month end January exchange rates, foreign currency could result in a 3% headwind to year-over-year reported consolidated revenue growth in the first quarter.

轉到幻燈片 12 和我們對 2023 年第一季度和全年的指導。目前，我們認為 2023 年第一季度的綜合收入將在 5.4 億美元至 5.65 億美元之間，不包括匯率變動。根據 1 月底的匯率，外匯可能導致第一季度報告的綜合收入同比增長 3% 的逆風。

Overall, for the year, we expect revenue to be between $2.575 billion and $2.7 billion, with adjusted EBITDA between $540 million and $600 million, both excluding movements in foreign exchange rates. The drivers of revenue guidance relative to adjusted EBITDA guidance are related to mix, the effects of onetime items and the renegotiation of a large existing site lease contract. AFFO guidance is $75 million to $125 million, excluding movements in foreign exchange rates, down from fiscal year 2022 due primarily to increased interest expense.

總體而言，我們預計全年收入在 25.75 億美元至 27 億美元之間，調整後的 EBITDA 在 5.4 億美元至 6 億美元之間，均不包括匯率變動。與調整後的 EBITDA 指導相關的收入指導的驅動因素與組合、一次性項目的影響以及大型現有場地租賃合同的重新談判有關。 AFFO 指引為 7500 萬至 1.25 億美元，不包括匯率變動，低於 2022 財年的主要原因是利息支出增加。

Capital expenditures are expected to be in the range of $185 million to $205 million, with a continued focus on investing in our digital footprint in the U.S. Additionally, our cash interest payment obligations for 2023 are expected to be approximately $413 million, an increase over the prior year as a result of higher floating rate of interest on our Term Loan B facility. This guidance assumes that we do not refinance or incur additional debt.

資本支出預計在 1.85 億美元至 2.05 億美元之間，並繼續專注於投資我們在美國的數字足跡。此外，我們 2023 年的現金利息支付義務預計約為 4.13 億美元，比去年有所增加由於我們的定期貸款 B 設施的浮動利率較高，上一年。本指南假設我們不會再融資或產生額外債務。

As you can see in our guidance for the full year, we expect our revenue to continue to grow. However, we will continue to monitor this closely, but have proven our ability to pivot, should the need arise and believe we know how to quickly adjust our expenses and preserve liquidity if needed in the future.

正如您在我們全年的指導中看到的那樣，我們預計我們的收入將繼續增長。然而，我們將繼續密切關注這一點，但已經證明我們有能力在需要時進行調整，並相信我們知道如何在未來需要時快速調整支出並保持流動性。

And now -- let me turn the call back over to Scott for his closing remarks.

現在——讓我把電話轉回給斯科特，聽取他的結束語。

Thanks, Brian. We're off to a good start and believe 2023 will be a positive year for the business despite some uncertainties regarding the macro environment. supported by a great team and assets, we remain centered on executing against our strategic priorities, including accelerating our digital transformation, improving customer centricity and driving executional excellence.

謝謝，布萊恩。我們有了一個良好的開端，並相信 2023 年對業務來說將是積極的一年，儘管宏觀環境存在一些不確定性。在強大的團隊和資產的支持下，我們仍然專注於執行我們的戰略重點，包括加速我們的數字化轉型、提高以客戶為中心和推動卓越執行。

We believe these efforts are enabling us to elevate the experience and results we deliver to our clients and broaden the pool of advertisers we can pursue. At the same time, we remain committed to addressing our capital structure divesting our lower margin and lower priority European businesses and taking the necessary steps to support cash generation of our core business and ultimately reduce our debt.

我們相信，這些努力使我們能夠提升我們為客戶提供的體驗和結果，並擴大我們可以尋求的廣告商群體。與此同時，我們仍然致力於解決我們的資本結構問題，剝離我們利潤率較低和優先級較低的歐洲業務，並採取必要措施支持我們核心業務的現金生成，並最終減少我們的債務。

And now let me turn the call over to the operator for the Q&A session, and Justin Cochrane will be joining us on the call.

現在讓我將電話轉給接線員進行問答環節，賈斯汀·科克倫 (Justin Cochrane) 將加入我們的電話會議。

(Operator Instructions) Our first question today comes from Ben Swinburne from Morgan Stanley.

（操作員說明）我們今天的第一個問題來自摩根士丹利的 Ben Swinburne。

Scott, maybe one for you to start us soft here. Can you talk a little bit about how you're thinking about the shape of the year? You mentioned the first quarter, particularly in the U.S. faces some category-specific headwinds, but talk about your visibility into Q2 and beyond, and it sounds like you expect the year to improve from a growth perspective as we move through the year. And then maybe since we now have your Airport segment which reported a pretty massive growth last year, obviously, Port Authority contributing. Can you talk a little bit about the outlook for that business as we look into '23 and '24? What kind of expectations should we have? And are there other business out there you may be bidding for that might be material? Anything you could share with us on the outlook for airports, I think it would be helpful, too.

斯科特，也許你可以在這裡開始我們的軟性。你能談談你是如何看待今年的形勢的嗎？你提到第一季度，特別是在美國面臨一些特定類別的逆風，但談到你對第二季度及以後的可見性，聽起來你預計隨著我們今年的增長，今年會有所改善。然後也許因為我們現在有了您的機場部分，該部分去年報告了相當大的增長，顯然，港務局做出了貢獻。在我們研究 23 年和 24 年時，您能談談該業務的前景嗎？我們應該有什麼樣的期望？還有其他您可能正在競標的重要業務嗎？您可以與我們分享有關機場前景的任何信息，我認為這也會有所幫助。

So for the shape of the year, it is a sort of Q4 and Q1 have been a little bit of a pause in the momentum that we have seen in the business over the last 5 or 6 quarters. And I think it's attributable to a couple of things. It's pretty narrow and it's pretty account specific. And so particularly as I look at Q1, it's the emerging tech companies and the crypto companies. We never really had that much exposure to sports betting, but that was always -- that was also one -- there were just a few categories that were kind of a femoral in Q1 of last year, that have -- well, proven a femoral, -- we did know they were femorable in Q1. And that's creating a little bit of slowness end of last year, beginning of this year. But that's offset by what I referred to in the prepared comments that we had our best upfront ever, and our visibility into the rest of the year is strong.

因此，就今年的情況而言，這是第四季度，而第一季度在過去 5 或 6 個季度中我們在業務中看到的勢頭略有停頓。我認為這歸因於幾件事。它非常狹窄，而且非常特定於帳戶。所以特別是當我看第一季度時，它是新興的科技公司和加密貨幣公司。我們從來沒有真正接觸過那麼多體育博彩，但那總是——那也是一個——去年第一季度只有幾個類別有點像股骨，這已經——好吧，證明是股骨，——我們確實知道他們在第一季度很受歡迎。這在去年年底和今年年初造成了一些放緩。但這被我在準備好的評論中提到的我們有史以來最好的前期所抵消，並且我們對今年剩餘時間的可見性很強。

And so what we believe is happening is that you had a bunch of companies make announcements about layoffs and things like that. And people don't tend to want to do advertising heavily while there are layoffs. You had the companies that had the dynamics I described a moment ago. And so it's a market that's thinned out a little bit versus where it was a year ago. But the laydown for 2023 is strong and the dialogues and plans people have are strong.

因此，我們認為正在發生的事情是，許多公司發布了裁員之類的公告。在裁員期間，人們往往不想大量做廣告。您擁有的公司具有我剛才描述的動態。因此，與一年前相比，這是一個略微變薄的市場。但 2023 年的準備很充分，人們的對話和計劃也很充分。

I guess the other thing I'd call out is the film release schedule wasn't stellar sort of late last year, early this year, and that's obviously an important category for us, particularly in a couple of our bigger markets. So, all of those things combined make us think that what we're seeing in terms of a little bit of softness here at the beginning of the year is not going to be how the year as a whole builds and we guided accordingly on that. So I think our guidance truly represents the best information that we have at this moment. To your question on the Airport segment, a couple of things I'd call out.

我想我要指出的另一件事是電影上映時間表在去年年底和今年年初並不是很好，這顯然對我們來說是一個重要的類別，特別是在我們幾個更大的市場。因此，所有這些因素加在一起讓我們認為，我們在年初在這裡看到的一點點疲軟不會成為整個一年的發展方式，我們對此進行了相應的指導。所以我認為我們的指南真正代表了我們目前擁有的最佳信息。對於你關於機場部分的問題，我想說幾件事。

I think we've kind of mentioned this, and we certainly mentioned it when we were doing our Investor Day in September, but we are selling airports differently than we might have sold airports 5 years ago. We've gotten more creative in terms of looking for kind of sponsorship type. Think of things like naming rights kind of things. That business has gotten a lot more digital and it's gotten -- coming out of COVID, it's had a very strong tailwind as travel has taken off. I mean travel has been more of our hot verticals for the last few quarters. And certainly, we're seeing that play through in airports.

我想我們已經提到了這一點，我們在 9 月的投資者日上也確實提到了這一點，但我們出售機場的方式與 5 年前出售機場的方式不同。我們在尋找贊助類型方面變得更有創意。想想諸如冠名權之類的事情。該業務已經獲得了更多的數字化，而且它已經——從 COVID 中脫穎而出，隨著旅行的興起，它有了非常強勁的順風。我的意思是，在過去的幾個季度裡，旅行更多地是我們熱門的垂直領域。當然，我們在機場看到了這種情況。

But when I look at Airports, we don't really get into talking about contracts because there's not -- kind of none of them with the possible exception of New York would count as material, and there's kind of relatively regular ins and outs. There's nothing I'd call out in terms of our renewal schedule the next year that's going to be meaningful. But I would note that we did just go live in Newark Terminal A in Q1 of this year, and there's still build-out happening on the New York Port Authority contract.

但是當我看機場時，我們並沒有真正開始談論合同，因為沒有 - 除了紐約可能的例外，它們都算不上材料，而且有一些相對規律的來龍去脈。就我們明年的續約時間表而言，我沒有什麼會有意義的。但我要指出的是，我們確實在今年第一季度在紐瓦克航站樓 A 上線，紐約港務局的合同仍在擴建中。

So that still has some room to run. I guess I'd be remiss if I didn't mention the other big innovation that we've made and it's been meaningful, has been doing more selling by the Americas sales force into the airports. So we have cross-selling between the Americas sales force and the Airport sales force. And that's gotten pretty meaningful, and that's something that 5 years ago was almost negligible -- so I think all of those things give us some room to run in terms of further growing that Airports business.

所以這仍然有一些運行空間。我想如果我不提我們所做的其他重大創新，那我就失職了，而且它很有意義，美洲銷售人員向機場銷售了更多產品。因此，我們在美洲銷售人員和機場銷售人員之間進行交叉銷售。這變得非常有意義，而這在 5 年前幾乎可以忽略不計——所以我認為所有這些都為我們提供了進一步發展機場業務的空間。

We now turn to Steven Cahall from Wells Fargo.

我們現在請來自富國銀行的 Steven Cahall。

Maybe first, just to go deeper into some of Ben's question. So you talked about there being some of these pockets of softness in the U.S. I think you said that you had fewer headwinds an easier comp in Europe. So maybe how do we just think about within the growth guidance, whether it's for Q1 or the full year how to think about Americas versus Europe? Could we see Europe outgrowing Americas, which is usually not the case on an organic basis. So I would love to get some commentary there.

也許首先，只是為了更深入地了解 Ben 的一些問題。所以你談到在美國有一些軟弱的地方。我想你說過你在歐洲的逆風更少，更容易競爭。那麼也許我們如何在增長指導中考慮，無論是第一季度還是全年，如何考慮美洲與歐洲？我們能否看到歐洲的增長超過美洲，而在有機基礎上通常情況並非如此。所以我很想在那裡得到一些評論。

And then Scott and Brian, you started giving the AFFO metric, and it would certainly seem like future potential for a REIT structure could create a lot of value for the company. I think debt is still the big obstacle. And Brian, if I maybe read into some of your comments, it sounds like you might still have some ideas of things you can do this year beyond the Swiss divestiture to manage the balance sheet. So I'm just curious what options you think you've got this year to start to shape the balance sheet to a little lower level of leverage.

然後 Scott 和 Brian，你們開始提供 AFFO 指標，看起來 REIT 結構的未來潛力肯定會為公司創造很多價值。我認為債務仍然是最大的障礙。布賴恩，如果我讀了你的一些評論，聽起來你可能仍然對今年除了瑞士資產剝離以管理資產負債表之外可以做的事情有一些想法。所以我很好奇你認為你今年有什麼選擇可以開始將資產負債表調整到較低的槓桿水平。

Thanks, Steve. So let me take the first part, and I'll let Brian take the second part. Recall that it seems like ancient history, but Q1 of last year is when the infamous Omicron was with us, and that hit Europe considerably harder than it hit the U.S. And so you have a -- it's just a math exercise a little bit going on. And particularly, there were countries within Europe that were differentially hit with Omicron, and so when you think about Q1, you should probably expect that Europe will be outgrowing the U.S. Again, net of currency. I mean, currency always confounds exactly how those numbers are going to go. But that's probably not an unreasonable way to think about it. And that's actually true a little bit as you think about the full year because, obviously, Q1 is part of the full year. And there are geographies in Europe that still have not fully recovered from COVID, parts of Europe have recovered and are way, way ahead of 2019, not all parts are.

謝謝，史蒂夫。所以讓我來做第一部分，然後讓 Brian 做第二部分。回想一下這似乎是古老的歷史，但去年第一季度是臭名昭著的 Omicron 與我們同在的時候，這對歐洲的打擊比對美國的打擊要嚴重得多。所以你有一個 - 這只是一個正在進行的數學練習.特別是，歐洲有些國家受到 Omicron 的不同程度的打擊，所以當你考慮第一季度時，你可能應該預計歐洲的增長將再次超過美國，扣除貨幣。我的意思是，貨幣總是混淆這些數字的確切走向。但這可能不是一種不合理的思考方式。當你考慮全年時，這實際上有點真實，因為顯然，第一季度是全年的一部分。歐洲的一些地區仍未從 COVID 中完全恢復，歐洲部分地區已經恢復，並且比 2019 年要早得多，但並非所有地區都恢復了。

And so there's probably a little bit of a mix toward Europe in that revenue mix. It's not massive. But we were very specific in giving consolidated guidance just because there are so many moving pieces across the portfolio. But we did build it obviously kind of bottoms up, but it becomes very unwieldy to try to guide in lots of little subsegments. So that's why we did it as a whole. But hopefully, that gives you a flavor for the mix. And I'll hand it to Brian to ask -- to address the second question.

因此，在這種收入組合中，歐洲可能會有一些混合。它不是巨大的。但我們非常具體地給出了統一的指導，只是因為整個投資組合中有太多移動的部分。但是我們確實構建了它，顯然有點自下而上，但是嘗試在許多小的細分市場中進行引導變得非常笨拙。所以這就是為什麼我們把它作為一個整體來做。但希望這能給你一種混合的味道。我會把它交給 Brian 來解決第二個問題。

Sure. Thanks, Steve. I think Yes. I think our path to REIT optionality is both a deleveraging story and then obviously, getting the size of the portfolio of readable assets to the right level. And so the strategic review going on in Europe is obviously an important element to that. And while the ultimate resolution, if it's through new asset sales, is probably not directly deleveraging, at least not meaningfully so. It does carry with it reduced capital expense simplification of the business, lowering of corporate costs.

當然。謝謝，史蒂夫。我想是的。我認為我們通往 REIT 可選性的道路既是一個去槓桿化的故事，然後顯然是將可讀資產組合的規模調整到合適的水平。因此，歐洲正在進行的戰略審查顯然是其中的一個重要因素。雖然最終解決方案（如果是通過出售新資產）可能不會直接去槓桿化，但至少沒有那麼有意義。它確實減少了資本支出，簡化了業務，降低了企業成本。

And so I do think visibility into the ultimate outcome there will be an important consideration as we look to other options to delever, and other options may be needed. And all options are on the table, but I think it'd be premature right now to really kind of dive into those.

因此，我確實認為，在我們尋找其他去槓桿化的選擇時，最終結果的可見性將是一個重要的考慮因素，並且可能需要其他選擇。所有選項都擺在桌面上，但我認為現在真正深入研究這些選項還為時過早。

I just -- the company has some runway. We've got the process going on, and we're going to be open-minded about the things that we can and need to do to delever the balance sheet. But it's really that and getting the asset base in the right place, being the 2 obstacles, so to speak, to putting ourselves in a position where we could eventually reap this business.

我只是 - 公司有一些跑道。我們已經開始了這個過程，我們將對我們可以和需要做的事情持開放態度，以去槓桿化資產負債表。但確實如此，將資產基礎放在正確的位置，可以說是讓我們最終能夠獲得這項業務的兩個障礙。

We now turn to Lance Vitanza from Cowen.

我們現在轉向 Cowen 的 Lance Vitanza。

This is Jonnathan on for Lance. My first question is really on the new segment reporting. Just curious to know like what led to the new breakout?

這是蘭斯的喬納森。我的第一個問題是關於新的細分報告。只是想知道是什麼導致了新的突破？

It's a determination management makes based on really how we manage those businesses and how we allocate resources. So the 3 elements we're breaking out Airports. And I think the size of that business also contributed to the decision to break that out. The second piece was the division between Europe North and Europe South, and I think the numbers kind of historically speak to the differences in those business and the logical management and differential allocation of resources. And then the third piece is taking Singapore out of the Europe category, putting it into other, that decision probably speaks for itself. But it really is a management determination based on those criteria.

這是管理層根據我們管理這些業務的方式以及我們分配資源的方式做出的決定。所以我們要分解機場的 3 個元素。而且我認為該業務的規模也有助於決定打破它。第二部分是歐洲北部和歐洲南部之間的劃分，我認為這些數字在歷史上說明了這些業務以及邏輯管理和資源分配的差異。然後第三件是將新加坡從歐洲類別中剔除，將其置於其他類別中，這個決定可能不言自明。但這確實是基於這些標準的管理層決定。

Can we expect much rent abatements in both the Americas and Europe going forward? I know from the slide in your presentation, it appears that Europe has largely tapered off and while there's still some in America, I kind of just want to get a better feel for the trajectory in '23.

我們可以期待美洲和歐洲的租金大幅下降嗎？我從您的演示文稿中的幻燈片中了解到，歐洲似乎已經基本減少，而美國仍然有一些，我只是想更好地了解 23 年的軌跡。

Well, you're right in that they've largely tapered off in Europe. And I think that same kind of tapering off should naturally occur in the Americas. The thing I'd point out is, obviously, this is something that we want to do, and we'll continue -- we will vigorously pursue opportunities where we feel it's appropriate and there's still some out there in Americas that we'll continue to pursue. But they will largely continue to diminish over time.

好吧，你是對的，因為他們在歐洲已經大大減少了。而且我認為美洲應該自然而然地發生同樣的逐漸減少。我要指出的是，顯然，這是我們想要做的事情，我們將繼續——我們將在我們認為合適的地方積極尋求機會，美洲仍有一些機會我們將繼續去探求。但隨著時間的推移，它們將在很大程度上繼續減少。

Okay. And my last one, just given the higher rate environment, does that necessarily trigger any change to the strategic priorities given that the eventual need for -- to refinance at higher rates. Does that change the story at all or no?

好的。我的最後一個，只是考慮到更高的利率環境，考慮到最終需要以更高的利率進行再融資，這是否必然會觸發戰略優先事項的任何變化。這會完全改變故事嗎？

Well, it's a significant consideration. Our interest expense has gone up but maybe even more importantly, the level at which you could assume refinancing to occur is probably at a higher point than it would have been, say, a year ago. So it's definitely a consideration in the things we look at. It is a headwind to free cash flow generation. That all being said, we do have a runway and there are a lot of moving parts in the business right now. So I wouldn't say that it necessarily has led to a change in our strategic thinking, but it certainly is an important consideration, and that we are certainly thinking about.

好吧，這是一個重要的考慮因素。我們的利息支出已經上升，但也許更重要的是，您可以假設發生再融資的水平可能比一年前更高。所以這絕對是我們所看事物的一個考慮因素。這是自由現金流產生的逆風。話雖這麼說，我們確實有一條跑道，現在業務中有很多活動部件。所以我不會說這一定會導致我們戰略思維的改變，但它肯定是一個重要的考慮因素，我們當然正在考慮。

Yes. I mean I think, Jonnathan, the only thing I'd add on that one is a year ago, who would have forecast rates would be where they are right now. And we are still a couple of years from where we're going to need to engage. And so this is a slow is smooth, smooth is fast sort of scenario to borrow from my special operations friends, we will be watching the market very carefully on this, and we'll do the appropriate action as our window approaches more closely.

是的。我的意思是，我認為，喬納森，我唯一要補充的是一年前，誰會預測利率會是現在的水平。我們距離需要參與的地方還有幾年的時間。因此，這是一個慢即順，順即快的場景，可以從我的特殊操作朋友那裡借用，我們將非常仔細地觀察市場，並在我們的窗口臨近時採取適當的行動。

Our next question comes from Avi Steiner from JPMorgan.

我們的下一個問題來自摩根大通的 Avi Steiner。

A couple of quick ones for me. One, on the company's full year guidance, it looks like, at least at the midpoint, margins slightly lower year-over-year. And I just want to make sure I understand the puts and takes from '22 obviously, some rent abatements being a part of the issue or less of them, I assume, Airports growth. I'm curious if I'm missing anything else. And I've got a couple of more.

對我來說有幾個快速的。第一，根據公司的全年指導，看起來，至少在中點，利潤率同比略有下降。而且我只是想確保我理解 22 年的看跌期權和收益，我認為一些租金減免是問題的一部分或更少，我認為，機場的增長。我很好奇我是否還遺漏了其他任何東西。我還有幾個。

Yes. I think we talk about the abatements fall, as you pointed out, the mix as Airports grows. And I think the other thing we've mentioned is we have a major contract in the U.S. that has gone through a renegotiation and that's been a little bit of a headwind. So it's really -- it's those 3 things that are headwinds on EBITDA margins. So I think you're thinking about the right way, Avi.

是的。正如您所指出的，我認為我們談論的是隨著機場的增長而減少的情況。我認為我們提到的另一件事是我們在美國有一份重要合同，該合同已經過重新談判，這有點不利。所以它真的 - 這三件事對 EBITDA 利潤率不利。所以我認為你正在考慮正確的方法，Avi。

Okay. That's terrific. And then 1 of your peers talked about, I guess, the Programmatic channel being a little bit softer. I know it's not a massive part of the business. But curious what you guys are seeing there and how you see that playing out this year?

好的。真了不起。然後你的一位同事談到，我猜，程序化渠道有點軟。我知道這不是業務的重要組成部分。但好奇你們在那裡看到了什麼，以及你們如何看待今年的結果？

So yes, no question, 2022 did not have the kind of growth in Programmatic that we might have anticipated for the year. But as you'll see in our proxy, we actually delivered on our plans despite that. So the point being the second thing you said, which is it's not that big a part of the mix. I actually would tell you the programmatic market right now is pretty solid. It's not again, it's hard to compare a Q1 to a Q4 ever. But it certainly is showing some decent growth right now. So I don't think that we're counting on it to be a massive part of the guide that we gave, but there's no indication that it's in a bad place, I guess, is how I'd characterize it.

所以是的，毫無疑問，2022 年的程序化交易沒有我們當年預期的那種增長。但正如您將在我們的委託書中看到的那樣，儘管如此，我們實際上還是實現了我們的計劃。所以重點是你說的第二件事，那就是它在組合中所佔的比例並不是那麼大。我實際上會告訴你現在的程序化市場非常穩固。又不是，很難將 Q1 與 Q4 進行比較。但它現在肯定顯示出一些不錯的增長。所以我不認為我們指望它成為我們提供的指南的重要組成部分，但沒有跡象表明它處於一個糟糕的地方，我想，這就是我對它的描述。

Great. And last one for me, Use of proceeds from the Switzerland sale recognizing you can reinvest that in the business. I'm just curious if we should ultimately be thinking about it as targeting the CCIBV notes and future asset sales out of that entity?

偉大的。最後一個對我來說，使用瑞士銷售的收益，認識到您可以將其再投資於業務。我只是好奇我們是否最終應該將其視為針對 CCIBV 票據和該實體的未來資產出售？

Yes. I think we've talked about how we're planning to reinvest those proceeds in the business, which is permitted under the various bond indentures, including the CCIBV and in turn that will free up cash flow from the European operations that would have otherwise been used to fund those investments.

是的。我認為我們已經討論了我們計劃如何將這些收益再投資於業務，這是各種債券契約所允許的，包括 CCIBV，這反過來將釋放歐洲業務的現金流，否則這些現金流將被釋放用於資助這些投資。

I think right now, given the kind of the current environment, we'll probably bolster liquidity with those proceeds -- with those -- with that cash, it isn't otherwise used once the sale of Switzerland occurs and it is completed. But that could change over time, and they'll be available to use throughout Europe for additional reinvestment and other things, including debt repurchases of the CCIBV notes. But it's probably premature really to go there yet. I think right now, it's liquidity optimization once the deal actually closes.

我認為現在，考慮到當前的環境，我們可能會用這些收益——用那些——用現金來增加流動性，一旦瑞士的出售發生並完成，它就不會以其他方式使用。但這可能會隨著時間的推移而改變，它們將可用於整個歐洲的額外再投資和其他用途，包括 CCIBV 票據的債務回購。但現在真的去那裡可能還為時過早。我認為現在，一旦交易真正完成，就是流動性優化。

Our next question comes from Richard Choe from JPMorgan.

我們的下一個問題來自摩根大通的 Richard Choe。

I just wanted to ask for the guidance, should Airports be up for the year and then digital to be up and non-digital to be flat. Is that kind of implied in the guidance?

我只是想尋求指導，機場是否應該在今年上升，然後數字上升，非數字下降。指南中是否暗示了這種情況？

Well, we provided consolidated guidance, Richard, but we don't really break it out. I think Airports is performing well. And as Scott previously mentioned, there's still some room to run in Airport. So I think we will -- we're positive on that business. I don't know, Scott, about the digital, non-digital color going forward, if there's anything to say to that.

好吧，理查德，我們提供了綜合指導，但我們並沒有真正打破它。我認為機場表現良好。正如 Scott 之前提到的，Airport 仍有一些運行空間。所以我認為我們會 - 我們對該業務持積極態度。斯科特，我不知道未來的數字、非數字色彩是否有什麼可說的。

Yes. I mean just on the dynamics, I mean, you've seen steady and increasing rapidity of our business becoming more digital over time. I mean you see the penetration, I think the reporting will be illuminating to some folks on how penetrated some parts of the portfolio are of digital, airports in Northern Europe being particular standouts in that category. So yes, digital is a growth part of the story. But we've been pleased by how our non-digital has held up. Much of the 2022 performance in the non-digital was kind of category driven by some of the mix shift we had in our advertiser base. And that should sort of wash out as we get into 2023. So I don't I think our consolidated guidance and our consolidated guidance, just trying to give you some color on some of the underlying dynamics.

是的。我的意思是，就動態而言，我的意思是，隨著時間的推移，你已經看到我們的業務變得越來越數字化，而且速度越來越快。我的意思是你看到了滲透率，我認為該報告將向一些人說明投資組合的某些部分是如何滲透數字的，北歐的機場在該類別中尤為突出。所以是的，數字是故事的增長部分。但我們對我們的非數字業務的表現感到滿意。 2022 年非數字領域的大部分錶現都是由我們在廣告客戶群中進行的一些組合轉變所驅動的。當我們進入 2023 年時，這應該會逐漸消失。所以我不認為我們的綜合指導和我們的綜合指導，只是想給你一些潛在的動態一些顏色。

Got it. And then in Europe, is there more room to rebound in Southern Europe than Northern Europe? Or how should we think about the 2 for the year? I'm not trying to get guidance, but just in terms of opportunity versus last year.

知道了。然後在歐洲，南歐的反彈空間是不是比北歐大？或者我們應該如何考慮今年的 2？我並不是想獲得指導，而只是在與去年相比的機會方面。

Yes. I mean it's interesting as you think about rebound, but I think in general, yes would be the answer to that question. And there are some contract puts and takes. That's always a dynamic within Europe. And I think we called a couple of them out in the comments. In terms of where things are. But yes, in general, Southern Europe has recovered more slowly from COVID, and that should that should have an opportunity in those markets this year.

是的。我的意思是當你考慮反彈時這很有趣，但我認為總的來說，是的就是這個問題的答案。還有一些合約看跌期權。這在歐洲始終是一種動態。我想我們在評論中指出了他們中的一些人。就事物的位置而言。但是，是的，總的來說，南歐從 COVID 中恢復得更慢，今年應該在這些市場上有機會。

(Operator Instructions) We now turn to Jim Goss from Barrington Research.

（操作員說明）我們現在求助於 Barrington Research 的 Jim Goss。

Regarding the split of North and South for Europe, is this because of geographic operating similarities? Or does it have any implications as to how you might decide to market the properties as you do this evaluation and increase the core of U.S.?

關於歐洲的南北分裂，這是因為地理運營的相似性嗎？或者它是否對您在進行此評估時決定如何銷售房產和增加美國的核心有任何影響？

Yes. Jim, the decision to have this segmentation is really driven by accounting considerations and the way we manage the business. So that is true. Now part of that differentiation in management and differentiation in the allocation of resources can be tied to other things. But largely -- and by the way, I think the segment reporting and the difference, particularly in Europe between the North and the South, give some color into the different operating characteristics in those different regions. But it really is one of how we manage the business, who manages the business what kind of resources we allocate to those businesses that drives the segment reporting, not what you're targeting for sale or not. Hopefully, that helps.

是的。吉姆，進行這種細分的決定實際上是由會計考慮因素和我們管理業務的方式驅動的。所以這是真的。現在，管理差異化和資源分配差異化的一部分可以與其他事物聯繫起來。但在很大程度上 - 順便說一句，我認為分部報告和差異，特別是在歐洲北部和南部之間，為這些不同地區的不同運營特徵提供了一些色彩。但這確實是我們管理業務的方式之一，誰來管理業務，我們將什麼樣的資源分配給那些推動細分報告的業務，而不是你的銷售目標。希望這會有所幫助。

Okay. Yes. And you just mentioned, therefore similar in Europe as a standout in terms of digital. You have roughly 42% of revenues, both in U.S. and Europe, contributed by digital. I wonder, is that pretty consistent by geography and category or -- and how does that drive your expansion opportunity as you're allocating capital?

好的。是的。你剛才提到，因此在歐洲類似的數字方面表現突出。在美國和歐洲，數字業務貢獻了大約 42% 的收入。我想知道，這在地理和類別方面是否非常一致，或者 - 這在您分配資本時如何推動您的擴張機會？

So digital is very different by geography, by contract, by sort of situation. And we do believe that ongoing digitization of this business is an opportunity we are very penetrated in digital in the U.K. Airports has become increasingly digital. And as you get into newer airports, they're increasingly digital too.

因此，數字技術因地域、合同和情況的不同而大不相同。我們確實相信，這項業務的持續數字化是一個機會，我們在英國的數字化領域非常深入。機場已經變得越來越數字化。當您進入較新的機場時，它們也越來越數字化。

So kind of as you refresh contracts in any of those places, you're going to see digital on the expansion. Obviously, in the America business, that's where the big regulatory constraint is and some of the countries in Europe, there are regulatory constraints on being able to do digital. But we're finding over time as more and more places have the experience that airports in the U.K. are having that we're able to increase usage of digital and clients do really like the immediacy of it. They like the flexibility of it. They like the creativity of it, the ability to daypart messages to have a different message in the morning, in the afternoon, those sort of things. So the features of it, we think, are things that the customers like. So we're going to continue to go in that direction as we can. But it is very different by geography, and there's not kind of an easy summary way to give you an answer to what I think you're going for in the question, but it is definitely different by geography.

所以當你在任何這些地方更新合同時，你會看到擴展的數字化。顯然，在美國業務中，那裡存在很大的監管限制，而在歐洲的一些國家，在能夠進行數字化方面存在監管限制。但隨著時間的推移，我們發現隨著越來越多的地方擁有英國機場的經驗，我們能夠增加數字的使用，客戶確實喜歡它的即時性。他們喜歡它的靈活性。他們喜歡它的創造力，能夠將消息分成不同時段，以便在早上、下午發出不同的消息，諸如此類。所以它的特點，我們認為，是客戶喜歡的東西。因此，我們將繼續朝著這個方向努力。但這因地理位置而異，並且沒有一種簡單的總結方法可以為您提供我認為您在問題中想要的答案，但它絕對因地理位置而異。

Our next question comes from Jason Bazinet from Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just had a quick question on organic growth, both for last year and what sort of organic growth is embedded in your guidance for this year? In particular, I was just interested in how, if at all, inflation, both last year and your expectations this year sort of influence your ability to take rate and influence the organic growth expectation.

我只是有一個關於有機增長的快速問題，包括去年的有機增長以及您今年的指導中嵌入了什麼樣的有機增長？特別是，我只是對去年的通貨膨脹和您今年的預期如何影響您採取利率和影響有機增長預期的能力（如果有的話）感興趣。

So thanks, Jason. We absolutely saw a strong rate environment and frankly, continue to see a good rate environment. Again, where there's softness, it's a little bit idiosyncratic right now. It's not a widespread. And you think about the -- one of the drivers of the really strong upfront that we've talked about is that we have been seeing good rate increases. It's not as simple as just inflation, but that certainly makes it a little bit easier of a conversation.

所以謝謝，傑森。我們絕對看到了強勁的利率環境，坦率地說，繼續看到良好的利率環境。同樣，在柔軟的地方，現在有點特殊。這不是普遍的。你想想——我們談到的真正強大的前期驅動力之一是我們一直看到良好的利率增長。它不像通貨膨脹那麼簡單，但這肯定會讓談話變得更容易一些。

Obviously, the transition from COVID environment to the environment we were in, in kind of second half 2021, first half 2022 to what I'd characterize as us approaching a more "regular" and regular is a dangerous word, but we're getting into more of a regular trading environment. And so rate increases will probably be more challenging over time as we see that, but because it's just not -- it's not as straightforward as just inflation is X, so therefore, rates going up Y. There's a lot of segmentation of our assets in terms of location and it has been a very premium market in terms of advertisers looking for the very, very best locations. And that creates a rate.

顯然，從 COVID 環境到我們所處環境的過渡，大約在 2021 年下半年，2022 年上半年到我所描述的我們接近更“常規”和常規的環境是一個危險的詞，但我們正在進入更常規的交易環境。因此，正如我們所看到的，隨著時間的推移，加息可能會更具挑戰性，但因為它不是——它不像通貨膨脹是 X 那樣簡單，因此，利率上升 Y。我們的資產有很多細分就位置而言，就尋找非常非常好的位置的廣告商而言，它一直是一個非常優質的市場。這創造了一個比率。

So I guess what I'd tell you is that we are very focused on rate. We look to -- we're very focused on yield, rate being an important part of generating yield. And we expect that we will continue to be able to drive yield in 2023. Hopefully, that gives you something. I'm not sure if that was the exact spirit of your question.

所以我想我要告訴你的是，我們非常關注利率。我們期待——我們非常關注收益率，利率是產生收益率的重要組成部分。我們預計我們將在 2023 年繼續提高產量。希望這能給你一些東西。我不確定這是否正是您提出問題的精神所在。

Yes. I just -- it seemed like you guys had -- I mean, the industry, I felt like had pretty good pricing power, but it sounds like that's going to moderate a bit, but you're still going to be able to generate organic growth, I guess, is the takeaway for '23.

是的。我只是 - 看起來你們有 - 我的意思是，這個行業，我覺得有很好的定價能力，但聽起來這會有所緩和，但你仍然能夠產生有機我猜，增長是 23 年的收穫。

Yes. And I mean, I at least think of our digital conversions as organic growth, too, because it's not acquisitions and the paybacks are very attractive. So it's not -- the growth doesn't just come from rate, I guess, is the point I'd make to you.

是的。我的意思是，我至少也將我們的數字轉換視為有機增長，因為它不是收購，而且回報非常有吸引力。所以它不是 - 增長不僅僅來自利率，我想，這就是我要向你提出的觀點。

This concludes our Q&A. I'll now hand back to Scott Wells, CEO, for any closing remarks.

我們的問答到此結束。現在，我將把結束語交還給首席執行官 Scott Wells。

Great. Thank you very much. We appreciate you all joining our call today. We do feel good about the year that lies ahead and are optimistic and look forward to updating you as the year develops on the various strategic initiatives and operating initiatives that we touched on. Have a great day. .

偉大的。非常感謝。感謝大家今天加入我們的電話會議。我們確實對即將到來的一年感覺良好，並且很樂觀，並期待隨著這一年的發展，我們觸及的各種戰略舉措和運營舉措為您提供最新信息。祝你有美好的一天。 .