Clear Channel Outdoor Holdings Inc (CCO) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Clear Channel Outdoor Holdings, Inc.'s 2023 First Quarter Earnings Conference Call. (Operator Instructions) I'll now turn the conference over to your host, Eileen McLaughlin, Vice President of Investor Relations. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎來到 Clear Channel Outdoor Holdings, Inc. 的 2023 年第一季度收益電話會議。 （操作員說明）我現在將會議轉交給您的主持人，投資者關係副總裁 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 2023 first 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 2023 年第一季度的經營業績。

We recommend you download the earnings presentation located in the financial section and our investor website and review the presentation during this call. After an introduction and review of our results, we'll open the line 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財務部分和我們的投資者網站的收益演示文稿，並在本次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，我們將打開提問熱線，Clear Channel 英國和歐洲的首席執行官 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 future financial performance and its strategic goal. 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 differ from expectations.

在我們開始之前，我想提醒大家，在這次電話會議期間，我們可能會就公司做出前瞻性陳述，包括關於其未來財務業績和戰略目標的陳述。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，或者實際結果不會與預期不同。

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 do not conform to generally accepted accounting principles. 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 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，我們還將提及某些不符合公認會計原則的績效指標。作為我們的收益發布和收益報告的一部分，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, May 9, 2023, and may no longer be accurate at the time of a replay. Please turn to Slide 4 in the earnings presentation, and I will now turn the call over to Scott.

另請注意，本次電話會議中提供的信息僅代表管理層截至 2023 年 5 月 9 日的觀點，重播時可能不再準確。請轉到收益演示中的幻燈片 4，我現在將把電話轉給斯科特。

Good morning, everyone, and thank you for taking the time to join today's call. Our solid first quarter consolidated results reflect continued strong execution by our team, combined with overall healthy demand from advertisers particularly for our digital assets.

大家早上好，感謝您抽出時間參加今天的電話會議。我們穩健的第一季度綜合業績反映了我們團隊持續的強勁執行力，以及廣告商對我們數字資產的整體健康需求。

We delivered consolidated revenue of $561 million, excluding movements in foreign exchange rates, in line with our guidance and up approximately 6.6% as compared to the prior year period. The trends we saw in the fourth quarter largely continued into the new year with the out-of-home industry demonstrating resilience.

我們實現了 5.61 億美元的綜合收入，不包括匯率變動，這符合我們的指導，比去年同期增長約 6.6%。我們在第四季度看到的趨勢在很大程度上延續到新的一年，戶外行業表現出韌性。

Advertisers are looking to tap into our growing audiences while recognizing the benefits stemming from our industry's embrace of digital technology. I'd like to call out our team for their focus and contributions as we continue to progress in leveraging the scale of our platform and technology strategy to make our solutions more data-driven, easier to buy and faster to launch.

廣告商希望利用我們不斷增長的受眾群體，同時認識到我們行業採用數字技術所帶來的好處。隨著我們繼續利用我們的平台規模和技術戰略取得進展，使我們的解決方案更加數據驅動、更容易購買和更快推出，我想感謝我們的團隊的關注和貢獻。

We believe these efforts, combined with the breadth of our footprint, have strengthened our ability to drive business even as parts of our business come under pressure as we engage with a greater and more diverse pool of advertisers.

我們相信，這些努力，加上我們足蹟的廣度，增強了我們推動業務發展的能力，即使我們的部分業務因與更多、更多樣化的廣告商打交道而面臨壓力。

During the quarter, we saw some weakness in revenue within the U.S. due to a few specific issues impacting certain national accounts. These included accounts doing layoffs, select categories like crypto and emerging tech and select markets like San Francisco and Chicago rather than broad macro events.

在本季度，由於一些影響某些國民賬戶的具體問題，我們發現美國的收入有些疲軟。這些包括進行裁員的賬戶、加密貨幣和新興技術等特定類別以及舊金山和芝加哥等特定市場，而不是廣泛的宏觀事件。

Regardless, we are dissatisfied with the results in the U.S. and believe that we can improve as the year develops. Part of what gives us this belief is the good progress we've made in building our presence in the CPG arena as well as in the pharma category where we have room to grow in the Americas segment.

無論如何，我們對美國的結果不滿意，並相信隨著時間的推移我們可以改進。給我們這種信念的部分原因是我們在 CPG 領域以及我們在美洲市場有增長空間的製藥領域取得了良好進展。

Business Services, QSR and amusements are all categories that remain notably strong as well. Further, in Europe-North, we continue to experience healthy demand for our digital assets and our programmatic platform. Digital revenue accounted for 51% of Europe-North's revenue and grew 16% compared to the first quarter of last year, excluding movements in foreign exchange rates.

商業服務、QSR 和娛樂都是仍然非常強勁的類別。此外，在歐洲北部，我們繼續體驗到對我們的數字資產和程序化平台的健康需求。數字收入佔歐洲北部收入的 51%，與去年第一季度相比增長 16%，不包括匯率變動。

So we believe we are benefiting from a more stable and attractive business platform as we integrate the right kinds of digital technologies into how we operate and serve our customers. During the first quarter, digital accounted for 38% of our consolidated revenue and rose 9.7% compared to the first quarter of last year, excluding movements in foreign exchange rates.

因此，我們相信，隨著我們將合適的數字技術整合到我們的運營和服務客戶的方式中，我們將從一個更穩定、更有吸引力的業務平台中受益。第一季度，數字占我們綜合收入的 38%，與去年第一季度相比增長 9.7%，不包括匯率變動。

As we execute our operating strategy, we are also continuing to evaluate paths that we believe will enable us to enhance our balance sheet and maximize the value inherent in our business. We recently completed the divestiture of our business in Switzerland, generating $94 million in gross proceeds and we plan to use the net proceeds from this transaction to improve our liquidity position.

在執行我們的經營戰略時，我們也在繼續評估我們認為將使我們能夠改善資產負債表並最大化我們業務內在價值的途徑。我們最近完成了瑞士業務的剝離，產生了 9400 萬美元的總收益，我們計劃使用此次交易的淨收益來改善我們的流動性狀況。

Additionally, we continue to review our low-margin and/or low priority European businesses. Turning to our outlook. As I mentioned, we are not seeing signs of broad macro-related pullback in our industry and advertising demand remains healthy. However, at the country level, growth rates are expected to vary as the year develops.

此外，我們繼續審查我們的低利潤和/或低優先級歐洲業務。轉向我們的前景。正如我所提到的，我們沒有看到我們行業出現廣泛宏觀相關回調的跡象，廣告需求依然健康。然而，在國家層面，增長率預計會隨著年份的發展而變化。

In our Americas segment, dialogues with advertisers remain positive, and we are encouraged by the trends we are seeing, which bodes well for the rest of the year. Thus far, the second quarter revenue is looking better than the first quarter in terms of year-over-year growth and we anticipate the third quarter and fourth quarters will perform better as well.

在我們的美洲部分，與廣告商的對話仍然是積極的，我們對我們所看到的趨勢感到鼓舞，這預示著今年餘下時間的良好發展。到目前為止，第二季度的收入同比增長看起來好於第一季度，我們預計第三季度和第四季度的表現也會更好。

We also believe airports revenue should rebound strongly from Q1 and perform well for the rest of the year and beyond. In addition to the rebound in leisure travel, business travel continues to recover and a recent study we conducted confirms that frequent flyers are highly engaged with our advertising platforms.

我們還認為，機場收入應該會從第一季度開始強勁反彈，並在今年餘下時間及以後表現良好。除了休閒旅行的反彈，商務旅行也在繼續復甦，我們最近進行的一項研究證實，飛行常客與我們的廣告平台的互動度很高。

We're providing brands with a very effective and efficient channel to influence these coveted audiences as they travel. In Europe, we're also continuing to see healthy demand across the majority of our markets with no indication of a slowdown due to macro concerns. Europe-North, which turned in a strong revenue performance in Q1, reflecting continued strength in certain markets as well as a post-COVID rebound in our transit business is expected to have tougher comps and therefore, a slower growth rate in Q2. And Europe-South, which also delivered a solid top line revenue performance in Q1 and is expected to have tougher comps due in large part to the sale of Switzerland as well as the business trends normalizing in the unrest in France.

我們為品牌提供了一個非常有效和高效的渠道來影響這些令人垂涎的旅行受眾。在歐洲，我們也繼續看到我們大多數市場的健康需求，沒有跡象表明由於宏觀擔憂而放緩。歐洲-北部地區在第一季度的收入表現強勁，反映出某些市場的持續強勁以及我們的運輸業務在 COVID 後的反彈預計將更加艱難，因此第二季度的增長率將放緩。和歐洲南部，它在第一季度也實現了穩健的收入表現，預計將有更強勁的收入，這在很大程度上是由於瑞士的出售以及法國動蕩的商業趨勢正常化。

Taken together, despite the slow start of the year in the U.S. Overall, we're encouraged by what we're seeing at this point, particularly given the macro uncertainties. Our full year guidance remains within the range we provided in February with the exception of adjusting for the sale of Switzerland and reducing capital expenditures.

總的來說，儘管美國今年開局緩慢。總體而言，我們對目前所看到的情況感到鼓舞，尤其是考慮到宏觀不確定性。我們的全年指引保持在我們 2 月份提供的範圍內，但對瑞士的銷售和減少資本支出進行了調整。

As we execute our plan, we are keeping a close eye on trends across our markets and remain optimistic about our business. Brian will provide our guidance for both the second quarter and the full year.

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 將為我們提供第二季度和全年的指導。

And with that, let me now turn it over to Brian.

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. As Scott mentioned, our first quarter results were in line with our guidance, and we remain optimistic regarding our outlook for the balance of the year.

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。正如 Scott 所提到的，我們第一季度的業績符合我們的指引，我們對今年剩餘時間的前景仍然持樂觀態度。

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 measure. 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. And the amounts I refer to are for the first quarter of 2023, and the percent changes our first quarter 2023 compared to first quarter of 2022, unless otherwise noted.

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，這是一種非 GAAP 衡量標準。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。我指的是 2023 年第一季度的金額，與 2022 年第一季度相比，2023 年第一季度的百分比變化，除非另有說明。

Additionally, the sell of our Switzerland business was concluded on March 31, 2023, and is included in our first quarter operating results that will not be included in our results going forward. Lastly, as we mentioned during our fourth quarter earnings call, we expanded the segments in our reported results. We now have 4 reportable segments.

此外，我們瑞士業務的出售於 2023 年 3 月 31 日完成，並包含在我們第一季度的經營業績中，但不會包含在我們未來的業績中。最後，正如我們在第四季度財報電話會議上提到的那樣，我們擴大了報告結果中的細分市場。我們現在有 4 個可報告的細分市場。

Americas have been separated into America and Airports. Europe is now Europe-North and Europe-South, with Singapore included in other, along with Latin America. This is the first quarter we will provide the quarterly results with the new segment reporting. We have added a new feature to our investor website under the Financials tab called the Interactive Analyst Center. You can find our reported results for fiscal years 2019 through 2022 and 2022 quarterly results based on the new reporting segments on this site as well as in our filings with the SEC.

美洲已分為美國和機場。歐洲現在是歐洲北部和歐洲南部，新加坡包括在其他國家，還有拉丁美洲。這是我們將通過新的分部報告提供季度業績的第一季度。我們在我們的投資者網站的“財務”選項卡下添加了一項名為“交互式分析中心”的新功能。您可以在本網站以及我們提交給美國證券交易委員會的文件中找到我們根據新報告部分發布的 2019 年至 2022 財年的報告結果和 2022 年季度結果。

Now on to the first quarter reported results. Consolidated revenue for the quarter was $545 million, a 3.8% increase, excluding movements in foreign exchange rates, Consolidated revenue was up 6.6% to $561 million, at the high end of our consolidated revenue guidance of $540 million to $565 million.

現在到第一季度報告的結果。本季度綜合收入為 5.45 億美元，增長 3.8%，不包括匯率變動，綜合收入增長 6.6% 至 5.61 億美元，處於我們 5.4 億美元至 5.65 億美元綜合收入指導的高端。

Net loss was $35 million, an improvement over the prior year's net loss of $90 million. Adjusted EBITDA was $52 million, down 20.6%. Excluding movements in foreign exchange rates, adjusted EBITDA was $51 million, down 22.3%. The decline reflects the impact of increases in fixed site lease expense due to various factors, including new contracts, lower abatements and the renegotiation of a large existing site lease contract as well as revenue mix.

淨虧損為 3500 萬美元，比上一年的淨虧損 9000 萬美元有所改善。調整後的 EBITDA 為 5200 萬美元，下降 20.6%。排除匯率變動，調整後的 EBITDA 為 5100 萬美元，下降 22.3%。這一下降反映了固定場地租賃費用增加的影響，這是由於各種因素造成的，包括新合同、減少減排和重新談判現有的大型場地租賃合同以及收入組合。

AFFO was negative $57 million in the first quarter and negative $58 million, excluding movements in foreign exchange rates. On to Slide 6 for Americas segment first quarter results. America revenue was $236 million, down 1.3%, reflecting a pullback in media in addition to telco and banking.

第一季度 AFFO 為負 5700 萬美元，扣除匯率變動後為負 5800 萬美元。轉到幻燈片 6 了解美洲部分第一季度業績。美國收入為 2.36 億美元，下降 1.3%，反映了除電信和銀行業務外媒體業務的回落。

However, as Scott mentioned, we continue to broaden our customer base as we leverage our investments in technology. And these efforts partially offset the overall impact of the aforementioned category-specific reductions on our overall America performance during the quarter.

然而，正如 Scott 提到的，我們在利用技術投資的同時繼續擴大我們的客戶群。這些努力部分抵消了上述特定類別削減對本季度美國整體業績的總體影響。

Digital revenue, which accounted for 33.1% of America revenue was up 3.6% to $78 million. However, this increase was more than offset by declines in printed formats. National sales, which accounted for 33.1% of America revenue were down 8.7%, primarily due to tough comps.

占美國收入 33.1% 的數字收入增長 3.6% 至 7800 萬美元。然而，這一增長被印刷格式的下降所抵消。占美國收入 33.1% 的全國銷售額下降了 8.7%，這主要是由於競爭激烈。

Local sales accounted for 66.9% of America revenue and continued to deliver growth up 2.7%. Direct operating and SG&A expenses were up 11.1% to $155 million. The increase is primarily due to a 13.3% increase in site lease expense to $83 million, driven by new and amended contracts and lower rent abatements.

本地銷售額占美國收入的 66.9%，並繼續實現 2.7% 的增長。直接運營和 SG&A 費用增長 11.1% 至 1.55 億美元。這一增長主要是由於場地租賃費用增加 13.3% 至 8300 萬美元，這是由於新合同和修訂合同以及租金減免減少所致。

Higher credit loss expense was driven by specific reserves for certain customers and in our view, is not an indication of a broader weakness. In addition, higher compensation costs were driven by increased headcount. Segment adjusted EBITDA was $81 million, down 19% with segment adjusted EBITDA margin of 34.5%, down from Q1 2022.

較高的信用損失費用是由某些客戶的特定準備金驅動的，我們認為這並不表示更廣泛的疲軟。此外，員工人數增加導致薪酬成本增加。部門調整後的 EBITDA 為 8100 萬美元，下降 19%，部門調整後的 EBITDA 利潤率為 34.5%，低於 2022 年第一季度。

Adjusting for the renegotiation of a large existing site lease contract, we called out on our previous earnings call. Margins will be close to pre-Covid levels. Please turn to Slide 7 for a review of the first quarter results for Airports.

為了調整現有大型場地租賃合同的重新談判，我們在之前的財報電話會議上呼籲。利潤率將接近 Covid 之前的水平。請轉到幻燈片 7 查看第一季度機場業績。

Airports revenue was $54 million, down 3.7%. The decline in revenue was driven primarily by the timing of specific campaign spending. Digital revenue, which accounted for 55% of Airport revenue was down 3.3% to $30 million. National sales, which accounted for 60.1% of airport revenue were up 4.9%, local sales accounted for 39.9% of airports revenue and were down 14.4%.

機場收入為 5400 萬美元，下降 3.7%。收入下降的主要原因是特定競選支出的時間安排。佔機場收入 55% 的數字收入下降 3.3% 至 3000 萬美元。佔機場收入 60.1% 的全國銷售增長 4.9%，佔機場收入 39.9% 的本地銷售下降 14.4%。

Direct operating and SG&A expenses were up 3.4% to $48 million. The increase is primarily due to a 4.7% increase site lease expense to $36 million due in part to a normalization of airport payment terms. Segment adjusted EBITDA was $6 million down 36.9% with segment adjusted EBITDA margin of 11.6%.

直接運營和 SG&A 費用增長 3.4% 至 4800 萬美元。增加的主要原因是場地租賃費用增加 4.7% 至 3600 萬美元，部分原因是機場付款條件正常化。部門調整後的 EBITDA 為 600 萬美元，下降 36.9%，部門調整後的 EBITDA 利潤率為 11.6%。

Next, please turn to Slide 8 for a review of our performance in Europe-North. My commentary on Europe-North and Europe-South, is on results that have been adjusted to exclude movements in foreign exchange rates.

接下來，請轉到幻燈片 8，回顧我們在歐洲北部的表現。我對歐洲-北部和歐洲-南部的評論是基於已調整以排除匯率變動的結果。

Europe-North's revenue increased 14.9% to $140 million. Revenue was up across all products and in all countries, most notably Belgium, Sweden and the United Kingdom, driven by increased demand and new contracts.

Europe-North 的收入增長了 14.9%，達到 1.4 億美元。在需求增加和新合同的推動下，所有產品和所有國家（尤其是比利時、瑞典和英國）的收入都有所增長。

Digital accounted for 51.1% of Europe-North total revenue and was up 16.1% to $71.6 million, driven by growth in most countries with the largest increase in the U.K. Europe North direct operating and SG&A expenses were up 15% to $133 million.

數字佔歐洲北部總收入的 51.1%，增長 16.1% 至 7160 萬美元，這是受大多數國家增長的推動，其中英國歐洲北部直接運營和 SG&A 費用增長 15% 至 1.33 億美元。

Site lease expense was up 13.6% to $62 million, mainly driven by higher revenue and new contracts. In addition, a mix of other operating expenses increased in the quarter due in part to higher prices and increased sales activity. Europe North segment adjusted EBITDA was up 11.1% to $8 million and the segment adjusted EBITDA margin was 5.5%, in line with the prior year.

場地租賃費用增長 13.6% 至 6,200 萬美元，主要受收入增加和新合同增加的推動。此外，本季度其他運營費用的組合有所增加，部分原因是價格上漲和銷售活動增加。歐洲北部分部調整後的 EBITDA 增長 11.1% 至 800 萬美元，該分部調整後的 EBITDA 利潤率為 5.5%，與上年持平。

Now on to Slide 9 for our performance in Europe-South. Europe South segment revenue increased 25% to $112 million as this segment has continued to recover from the adverse effects of COVID-19, we have seen increases in revenue, driven by increased demand across all of our products, most notably street furniture and in all of the countries in which we operate.

現在轉到幻燈片 9，了解我們在歐洲南部的表現。歐洲南部部分收入增長 25% 至 1.12 億美元，因為該部分繼續從 COVID-19 的不利影響中恢復過來，我們看到收入增加，這是由於我們所有產品的需求增加，尤其是街道家具和所有產品我們經營所在的國家。

Digital accounted for 20.3% of Europe-South total revenue and was up 35.3% to $23 million. driven by increases in all countries with the largest growth in Spain. Europe South direct operating and SG&A expenses were up 12.8% to $125 million. Site lease expense was up 13.2% to $58 million, mainly driven by new contracts and higher revenue in addition to other operating costs.

數字業務佔南歐總收入的 20.3%，增長 35.3% 至 2300 萬美元。受所有國家增長的推動，其中西班牙增長最快。歐洲南部的直接運營和 SG&A 費用增長 12.8% 至 1.25 億美元。場地租賃費用增長 13.2% 至 5,800 萬美元，主要受新合同和收入增加以及其他運營成本的推動。

Europe-South segment adjusted EBITDA was a negative $13 million an improvement over the prior year's negative $22 million. Looking on to CCIBV on Slide 10. Clear Channel International BV referred to as CCIBV is an indirect wholly owned subsidiary of the company and the issuer of our [6 5/8] senior secured notes to 2025.

歐洲-南部業務調整後的 EBITDA 為負 1300 萬美元，比上一年的負 2200 萬美元有所改善。查看幻燈片 10 上的 CCIBV。Clear Channel International BV（簡稱 CCIBV）是該公司的間接全資子公司，也是我們 [6 5/8] 至 2025 年優先擔保票據的發行人。

It includes the operations of our Europe-North and Europe-South segments, as well as Singapore, which following the changes to our reporting segments in the fourth quarter of 2022 is included in other. CCIBV revenue increased 11.7% and to $242 million from $217 million. Excluding movements in FX, CCIBV revenue increased 18.8% driven by increased demand and to a lesser extent, new contracts.

它包括我們的歐洲-北部和歐洲-南部部門以及新加坡的運營，在 2022 年第四季度我們的報告部門發生變化後，這些業務包括在其他中。 CCIBV 收入增長 11.7%，從 2.17 億美元增至 2.42 億美元。排除外匯變動，CCIBV 收入增長 18.8%，受需求增加和新合同的推動。

Singapore represented less than 3% of CCIBV revenue for the 3 months ended March 31, 2023. CCIBV operating income was $66 million compared to operating loss of $48 million in the same period of 2022, with the change primarily driven by a $96 million gain on the sale of our business in Switzerland.

截至 2023 年 3 月 31 日的三個月，新加坡佔 CCIBV 收入的比例不到 3%。CCIBV 營業收入為 6600 萬美元，而 2022 年同期營業虧損為 4800 萬美元，這一變化主要是由 9600 萬美元的收益推動的出售我們在瑞士的業務。

Now moving to Slide 11 and a review of capital expenditures. CapEx totaled $38 million in the first quarter, an increase of $3 million over the prior year. We increased spending in America Airports and Europe North, largely related to digital investments.

現在轉到幻燈片 11 並回顧資本支出。第一季度資本支出總計 3800 萬美元，比上年增加 300 萬美元。我們增加了在美國機場和歐洲北部的支出，這主要與數字投資有關。

CapEx spend in Europe South declined due to decreased investment in France and Spain, largely related to street furniture assets.

由於對法國和西班牙的投資減少，南歐的資本支出下降，這主要與街道家具資產有關。

Now on to Slide 12. During the first quarter, cash and cash equivalents increased $53 million -- the improvement was in part due to the cash proceeds received from the sale of Switzerland, adjusted EBITDA contribution and lower working capital used partially offset by higher cash interest and capital investments.

現在轉到幻燈片 12。在第一季度，現金和現金等價物增加了 5300 萬美元——這一增長的部分原因是出售瑞士的現金收益、調整後的 EBITDA 貢獻和較低的營運資本被較高的現金部分抵消利息和資本投資。

Our liquidity was $545 million as of March 31, 2023, up $44 million compared to liquidity at the end of the fourth quarter due to the increase in cash, partially offset by the seasonality in our borrowing base. Our debt was $5.6 billion as of March 31, 2023, basically flat with December 31. Cash paid for interest on the debt was $72 million during the first quarter, an increase compared to the same period in the prior year, primarily due to higher interest rates on our term loan facility.

截至 2023 年 3 月 31 日，我們的流動資金為 5.45 億美元，與第四季度末的流動資金相比增加了 4400 萬美元，原因是現金增加，部分被我們藉款基礎的季節性所抵消。截至 2023 年 3 月 31 日，我們的債務為 56 億美元，與 12 月 31 日基本持平。第一季度為債務利息支付的現金為 7200 萬美元，與去年同期相比有所增加，主要是由於利息增加我們定期貸款設施的利率。

Our weighted average cost of debt was 7.2%, a slight increase compared to the weighted average cost of debt as of December 31, 2022, due to the increase in floating rates. As of March 31, 2020, our first lien leverage ratio was 5.25x, a slight increase as compared to December 31, 2022.

由於浮動利率上升，我們的加權平均債務成本為 7.2%，與截至 2022 年 12 月 31 日的加權平均債務成本相比略有上升。截至 2020 年 3 月 31 日，我們的第一留置權槓桿率為 5.25 倍，與 2022 年 12 月 31 日相比略有上升。

The credit agreement covenant threshold is 7.1x. Moving on to Slide 13 and our guidance for the second quarter and the full year 2023. At this point in time, we believe our consolidated revenue will be between $635 million and $660 million in Q2 of 2023, excluding movements in foreign exchange rates. We have updated our full year guidance to adjust for the sale of Switzerland.

信貸協議契約閾值為 7.1 倍。轉到幻燈片 13 和我們對 2023 年第二季度和全年的指導。目前，我們認為 2023 年第二季度的綜合收入將在 6.35 億美元至 6.6 億美元之間，不包括匯率變動。我們更新了全年指南以針對瑞士的銷售進行調整。

Excluding that change, our guidance remains within the range we provided in February, with the exception of a lower projection for CapEx spend. We expect revenue to be between $2.5 billion and $2.625 billion with adjusted EBITDA of between $525 million and $585 million, both excluding movements in foreign exchange rates. AFFO guidance, $65 million to $115 million, excluding movements in foreign exchange rates, down from fiscal year 2022 due primarily to increased interest expense.

排除這一變化，我們的指導仍然在我們 2 月份提供的範圍內，但資本支出支出的預測較低。我們預計收入在 25 億美元至 26.25 億美元之間，調整後的 EBITDA 在 5.25 億美元至 5.85 億美元之間，均不包括匯率變動。 AFFO 指引為 6500 萬至 1.15 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 $165 million and $185 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 $414 million, an increase over the prior year as a result of higher floating rate 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 1.65 億美元至 1.85 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 4.14 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。

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

現在讓我將電話轉回給斯科特，聽取他的結束語。

Thanks, Brian. Looking ahead, we continue to expect a positive year for our business, and we remain well on track with regard to the annual guidance, as Brian noted. On the operating side, we remain focused on improving execution, investing in our digital transformation and continuously improving the customer experience.

謝謝，布萊恩。展望未來，我們繼續期待我們的業務取得積極的一年，並且正如 Brian 指出的那樣，我們在年度指導方面仍保持良好的軌道。在運營方面，我們仍然專注於提高執行力，投資於我們的數字化轉型並不斷改善客戶體驗。

At the same time, we remain committed to enhancing our balance sheet, including taking steps to support the cash generation of our business and ultimately reduce our debt. Before going to Q&A, I want to highlight our new Clear Channel Outdoor website on Slide 14. This site is designed to be a strong lead funnel for our sales teams. As well, the enhanced user experience makes it easy for visitors to find the valuable information they're looking for from CCOA.

與此同時，我們仍然致力於改善我們的資產負債表，包括採取措施支持我們業務的現金產生並最終減少我們的債務。在進行問答之前，我想在幻燈片 14 上重點介紹我們新的 Clear Channel Outdoor 網站。該網站旨在成為我們銷售團隊的強大引導渠道。同樣，增強的用戶體驗使訪問者可以輕鬆地從 CCOA 中找到他們正在尋找的有價值的信息。

The site highlights our new branding visually shows the power of our medium and tells users how they can get more by working with us versus other media companies. I encourage you to log on and experience the site.

該網站突出了我們的新品牌，直觀地展示了我們媒體的力量，並告訴用戶與我們合作而不是與其他媒體公司合作可以獲得更多。我鼓勵您登錄並體驗該站點。

And now let me turn the call over to the operator for the Q&A session, and Justin Cochrane will join 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) First question today comes from Richard Choe from JPMorgan.

（操作員說明）今天的第一個問題來自摩根大通的 Richard Choe。

I just wanted to talk a little bit about the revenue guidance that you gave for the segments a little bit. Just want a little bit more color on the Americas business and the Airport, if you could.

我只想談談您為這些細分市場提供的收入指導。如果可以的話，只想在美洲業務和機場上多一點色彩。

Do you expect those categories to be up in a significant manner for the full year?

您預計這些類別在全年會大幅增長嗎？

You want to take this one, Brian, any 1.

你想拿這個，布賴恩，任何一個。

Yes. I mean I can take a stab at it, Scott, and you can come over the top. We don't provide segment guidance going forward. But I do think if you look at the Q1 performance for both of the businesses in the Americas.

是的。我的意思是我可以試一試，斯科特，你可以超越頂峰。我們不提供未來的細分指導。但我確實認為，如果你看看美洲兩家企業的第一季度業績。

So America and Airports, I think some of the headwinds that were experienced in each of those segments are likely to dissipate going forward. And I would expect growth in both the Americas business and the Airports business. We talk about Airports, some of the headwinds impacting Airports, just the timing of campaigns. We hope that those campaigns will come back over the rest of the year that we're able to fill the pipeline with other things. So I think we do expect improvement in the Airport segment.

因此，美國和機場，我認為在每個細分市場中經歷的一些不利因素可能會在未來消散。我預計美洲業務和機場業務都會增長。我們談論機場，一些影響機場的逆風，只是活動的時機。我們希望這些活動能夠在今年餘下的時間裡回歸，這樣我們就可以用其他東西來填補管道。所以我認為我們確實期望機場部門有所改善。

And I would say the same for the Americas segment. It's got some headwinds in the year in the first quarter that we expect to dissipate and we do expect top line improvement. The first quarter is not the strongest quarter for this business. It's very seasonal. And then we've got some quarterly impacts. But I think both of the segments in Americas, America and Airports will continue to improve as the year rolls on.

我會對美洲部分說同樣的話。今年第一季度我們遇到了一些不利因素，我們預計這些因素會消散，我們確實預計收入會有所改善。第一季度並不是該業務最強勁的季度。這是非常季節性的。然後我們有一些季度影響。但我認為美洲、美國和機場的這兩個部分都將隨著時間的推移繼續改善。

Yes. I think the thing I'd add, Richard, is we are reiterating our guidance. And so in order to be able to do that, the numbers that we put forth certainly had growth pretty much across the board. And you wouldn't be able to get the EBITDA growth that we're talking about, in particular, if the U.S. wasn't going to be performing.

是的。我想我要補充的是，理查德，我們正在重申我們的指導方針。因此，為了能夠做到這一點，我們提出的數字肯定會全面增長。而且你將無法獲得我們正在談論的 EBITDA 增長，特別是如果美國不打算表現的話。

So hopefully, that without getting into the business of trying to guide every individual segment, hopefully, that gives you a sense of where we're coming from.

因此，希望在不嘗試指導每個細分市場的情況下，希望能讓您了解我們來自哪裡。

Got it. And I don't know how much you can comment on this, but with Europe north and south kind of, I guess, normalizing and doing better and the numbers being more transferred to us, at least. Are you seeing more interest in those businesses? And do you think there is a better potential to sell more of the segments either by country or more as a group?

知道了。我不知道你對此有多少評論，但我想，隨著歐洲北部和南部的正常化和做得更好，至少更多的數字轉移給了我們。您是否對這些業務更感興趣？您是否認為按國家或按集團銷售更多細分市場的潛力更大？

I mean, Richard, it's a great question. And I mean I think as you think about Europe as a whole, when we announced that we were starting this process, we were still, frankly, in the COVID, I mean, Omicron came after we announced it. And COVID was very hard on a number of the European markets.

我的意思是，理查德，這是一個很好的問題。我的意思是，當你將歐洲視為一個整體時，我認為當我們宣布我們開始這個過程時，坦率地說，我們仍然處於 COVID 中，我的意思是，Omicron 在我們宣布之後就來了。 COVID 在許多歐洲市場上都非常艱難。

And so if you think about where we were when we started, and when we pivoted to doing country level, we had basically 1 good quarter Q4 of '21 in our pocket and a plan. And what has happened subsequent to that is that the business has actually performed quite well, and it's been inconsistent country to country.

因此，如果您考慮一下我們開始時所處的位置，以及當我們轉向國家層面時，我們基本上擁有 21 年第 4 季度的 1 個好季度和一個計劃。隨後發生的事情是，該業務實際上表現相當不錯，而且在不同國家/地區之間表現不一致。

But overall, now we have a half dozen quarters under our belt, not quite a half dozen yet, but it will be soon. And I do think that, that will help us when the time comes for us to market the part of Europe that we've articulated since the middle of last year, that's going to be higher margin and cash generative and so forth.

但總的來說，現在我們有六個季度，還不到六個，但很快就會有。而且我確實認為，當我們推銷我們自去年年中以來所闡述的歐洲部分時，這將有助於我們，這將是更高的利潤率和現金生成等等。

So I do think it helps. But you have to recognize these processes as we've all witnessed are slow. And when you're dealing at a country level and you get into an awful lot of minutia that there's an awful lot of back and forth on. And you may well have agreed a price a lot earlier in a process than when you actually get to the completion of it. So the point being -- this is not real-time bidding. This is advanced negotiation on the things that are actually in market right now. So hopefully, that gives you a little bit of color without me telling you anything more granular that would get me in trouble.

所以我認為這有幫助。但是你必須認識到這些過程是緩慢的，因為我們都目睹了這一點。當你在國家層面進行交易時，你會遇到很多細節問題，需要來回反复。而且您很可能在流程中比實際完成時更早地同意價格。所以重點是——這不是實時出價。這是對目前市場上實際存在的事物的高級談判。所以希望這能給你一點顏色，而不是我告訴你任何更細化的東西會讓我遇到麻煩。

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 here. One, we just dig a little bit more into America? You called out national account weakness rather than broader macro. Just could you put a context a little bit more, particularly as you guys remain confident for the year there.

這裡有一對。第一，我們只是更深入地了解美國？您指出國民賬戶疲軟而不是更廣泛的宏觀經濟。你能不能多說一點背景，尤其是你們對這一年仍然充滿信心。

Thanks, Avi. I think there's a couple of things going on. I mean we said this in our Q4 call, but maybe not everybody heard us. But the year started pretty rough. January and February were pretty rough years, particularly in the national account space, particularly in crypto and emerging tech. And what we have seen has been a steady progression of each month getting better.

謝謝，阿維。我認為有幾件事正在發生。我的意思是我們在第四季度的電話會議上說過這個，但可能不是每個人都聽到了。但這一年開始時相當艱難。 1 月和 2 月是相當艱難的幾年，尤其是在國民賬戶領域，尤其是在加密貨幣和新興技術領域。我們所看到的是每個月都在穩步進步。

You heard us talk about in the Q4 call about how we had the best upfront since we started recording it. And that is how the upfront wrapped up. And that gives us -- that's what's driving a lot of the confidence that we have along with the dialogue that we're having.

您在第 4 季度的電話會議中聽到我們談論自開始錄製以來我們如何擁有最好的前期。這就是前期如何結束的。這給了我們——這就是我們在進行對話時充滿信心的原因。

I mean, outdoor does get planned a fair bit in advance. And so we've got a pretty good idea what brands are planning to get after in the second part of the year. And so you take all of those different data points together and you take what's on our book right now, that's what gives us the confidence to say what we're saying how things are developing.

我的意思是，戶外確實提前計劃好了一點。因此，我們很清楚品牌計劃在今年下半年推出哪些產品。所以你把所有這些不同的數據點放在一起，你現在就拿我們書上的東西，這讓我們有信心說出我們所說的事情是如何發展的。

So there's a lot of data points into it in terms of what actually happened, I think we tried to lay this out very granularly in the script, but we have a lot of exposure to San Francisco. And San Francisco was a very tough ad market in Q1. I think that if you talk to any of the other players associated with it, that would resonate. And that's -- it's our second biggest market. So that has a real impact on us. And that's both at the national and the local level. In national, the emerging tech again overlap with the San Francisco thing was a big deal relative particularly to the year prior where that had been a very vibrant category in Q1 of the prior year.

因此，就實際發生的事情而言，其中有很多數據點，我認為我們試圖在腳本中非常精細地說明這一點，但我們對舊金山有很多了解。舊金山在第一季度是一個非常艱難的廣告市場。我認為，如果您與與之相關的任何其他玩家交談，那將會產生共鳴。那就是——這是我們的第二大市場。所以這對我們有真正的影響。這既是在國家層面，也是在地方層面。在全國范圍內，新興技術再次與舊金山重疊是一件大事，尤其是與前一年相比，前一年在前一年的第一季度是一個非常活躍的類別。

So I mean, I think those are the factors that contribute to what happened in Q1, and as we look forward, we do have a number of data points. Like everybody else, we're aware of the economy being a little bit murky and it being a little unclear where the macro is headed.

所以我的意思是，我認為這些是導致第一季度發生的事情的因素，而且正如我們所期待的那樣，我們確實有很多數據點。和其他人一樣，我們意識到經濟有點不明朗，而且宏觀經濟的走向有點不明朗。

But I'm encouraged as we've had the bumps over time with various financial services institutions and whatnot in the headlines, we have continued to have good dialogue with advertisers and we continue to be booking business. So we feel good about how the Europe is going to develop.

但我感到鼓舞的是，隨著時間的推移，我們在各種金融服務機構和頭條新聞中遇到了障礙，我們繼續與廣告商進行良好的對話，我們繼續預訂業務。因此，我們對歐洲將如何發展感到滿意。

Terrific. Okay. It looks like free cash flow implied usage maybe a little bit better here, the CapEx reduction a little bit more than the EBITDA related. Is that all related to Switzerland? Is there something else within that?

了不起。好的。看起來自由現金流隱含的使用在這裡可能會好一點，資本支出減少比 EBITDA 相關多一點。這一切都與瑞士有關嗎？那裡面還有別的東西嗎？

Yes. I'm not sure I follow the question. I know it was cash flow and that they kind of ended with the change...

是的。我不確定我是否聽懂了這個問題。我知道這是現金流量，而且他們有點隨著變化而結束......

$20 million of CapEx reduction, $15 million of kind of midpoint EBITDA, if I'm thinking about it right, maybe my math is wrong. I just want to make sure I'm...

2000 萬美元的資本支出減少，1500 萬美元的中點 EBITDA，如果我的想法是正確的，也許我的數學是錯誤的。我只是想確定我是...

Are we talking about adjusted guidance? It's still not tracking. I think that's what you're saying, free cash flow.

我們是在談論調整後的指導嗎？它仍然沒有跟踪。我想這就是你所說的，自由現金流。

Your full year guidance.

您的全年指導。

Yes. Okay. So well, I think it does reflect Switzerland. With respect to the CapEx number, it also reflects reduced anticipated spend in CapEx.

是的。好的。好吧，我認為它確實反映了瑞士。關於資本支出數字，它也反映了資本支出的預期支出減少。

Okay. Two very quick ones here. site lease expense in the first quarter, at least in Americas. Is that the right run rate for the year, and I apologize if you already said that.

好的。這裡有兩個非常快的。第一季度的場地租賃費用，至少在美洲。這是今年的正確運行率嗎？如果你已經這麼說了，我深表歉意。

I think our -- I think our margins -- EBITDA margins are adjusted for onetime items are pretty similar to what we had in 2019. I think that would be a decent run rate.

我認為我們的 - 我認為我們的利潤率 - 針對一次性項目調整的 EBITDA 利潤率與我們在 2019 年的非常相似。我認為這將是一個不錯的運行率。

Again, recognizing that there is a lot of seasonality in the business, Q1 is the softest quarter for us every year. So it's going to have the lowest margins because as you flow more dollars through you get that operating leverage.

同樣，認識到業務有很多季節性，第一季度對我們來說是每年最疲軟的季度。所以它的利潤率將是最低的，因為當你流過更多的美元時，你就會獲得經營槓桿。

Perfect. And then very last 1 for me. You're now have the cash in the door from Switzerland. Any changes to your prior answers on how you think about liquidity. I appreciate the time.

完美的。然後對我來說是最後一個。您現在已經收到了來自瑞士的現金。對您之前關於您如何看待流動性的回答的任何更改。我很感激時間。

No changes. We'll hold that cash on the balance sheet to help improve liquidity. And as you know, we'll need to reinvest it in the business pursuant to our debt documents, and that process continues. So no changes.

沒有變化。我們將在資產負債表上持有這些現金，以幫助提高流動性。如您所知，我們需要根據我們的債務文件將其再投資於業務，並且該過程仍在繼續。所以沒有變化。

Our next question comes from Steven Cahall from Wells Fargo.

我們的下一個問題來自富國銀行的 Steven Cahall。

This is Dan Osley.

這是丹·奧斯利。

On for Steve. Maybe just 1 for Scott or actually for Brian. So digital conversion has been additive to the top line in America, but how should we be thinking about the margin impact of the growing mix shift? And has your outlook for operating leverage in the business changed at all?

為史蒂夫。也許只有 1 給 Scott 或者實際上給 Brian。因此，數字轉換已經增加了美國的收入，但我們應該如何考慮不斷增長的混合轉變對利潤率的影響？您對企業運營槓桿的展望是否發生了根本性的變化？

We both can probably answer that one. Look, I think digital is -- we do expect it to be margin accretive. We continue to invest in it. Kind of lost my train of thought on what the second part of the question was.

我們都可能會回答那個問題。看，我認為數字是——我們確實希望它能增加利潤。我們繼續投資它。關於問題的第二部分是什麼，我有點失去了思路。

I mean I think as you think over time, there's a lot that goes into the margin part of the question because the nature of do you own the ground under the sign versus do you have a fixed lease versus do you have a variable lease and all those things come into play.

我的意思是，隨著時間的推移，我認為隨著時間的推移，問題的邊際部分涉及很多，因為您擁有標誌下的土地的性質，您是否擁有固定租約，您是否擁有可變租約等等這些事情開始發揮作用。

But over time, we do think digital should be a tailwind to margins. But we -- that is going to -- the impact of that tailwind to the question we were answering with hobby is going to be a little different in Q4 where we're at our heaviest quarter versus a Q1 where we're in our lightest quarter. But when you look at it over time, it should be a tailwind but probably not transformational, I guess, is how I would answer that.

但隨著時間的推移，我們確實認為數字化應該成為利潤率的助推器。但是我們 - 那將會 - 順風對我們用愛好回答的問題的影響將在我們最重的第四季度與我們最輕的第一季度有所不同四分之一。但是當你隨著時間的推移看它時，它應該是順風但可能不是變革性的，我想，我會如何回答這個問題。

Our next question comes from Cameron McVeigh from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Cameron McVeigh。

Could you discuss the geographic mix, large market versus small market and how that's driving growth and maybe the visibility so far into the second quarter.

您能否討論一下地域組合、大市場與小市場，以及這如何推動增長，以及到目前為止第二季度的可見性。

I'm going to take from that, that you're interested principally in the U.S. Is that a true statement? Or should I be trying to give you a global answer.

我將從中得出結論，您主要對美國感興趣。這是真的嗎？或者我應該試著給你一個全球性的答案。

Interested in both, but I'll take the U.S.

對兩者都感興趣，但我會選擇美國

Okay. So we are predominantly a top 20 market company, we probably get 80% of our revenue from the top 20 DMAs in the U.S. And as you look internationally, most of our countries are going to be capital city oriented. It's not only -- certainly when you get to bigger countries like France.

好的。因此，我們主要是前 20 名市場公司，我們可能從美國前 20 名 DMA 中獲得 80% 的收入。從國際上看，我們大多數國家都將以首都城市為導向。這不僅 - 當然是當你到達像法國這樣的大國家時。

France would be a little more like the U.S. where you would have some concentration in the biggest cities, but you have presence in a lot more cities. But I'm going to focus on the U.S. because I think that's where the most useful way to talk about it is. When you think about the out-of-home market in the U.S., there are kind of the top 2 cities, which are Los Angeles and New York, and we have a very, very strong presence in Los Angeles, and we have a pretty strong presence in New York, principally on Times Square and in the airports.

法國會有點像美國，在那裡你會集中在最大的城市，但你會在更多的城市開展業務。但我將重點關注美國，因為我認為這是談論它最有用的方式。當你想到美國的戶外市場時，有兩個最大的城市，即洛杉磯和紐約，我們在洛杉磯有非常非常強大的影響力，我們有一個漂亮的在紐約擁有強大的影響力，主要是在時代廣場和機場。

So we don't have a lot of street level in New York. But those 2 markets are the ones that are most impacted by national advertisers. The next 18 of the top 20 DMAs are going to be a little bit more idiosyncratic of what an advertiser is trying to do as to whether they come in.

所以我們在紐約沒有很多街道。但這兩個市場是受全國廣告商影響最大的市場。排名前 20 位的 DMA 中接下來的 18 個對於廣告商嘗試做的事情是否會變得更加特殊。

And this is 1 of the things that is quite different about out-of-home versus television is that you don't have people that buy truly nationally, where they're buying 200 DMAs and running their campaign everywhere. With out of home, it's a lot more -- they're trying to be targeted around which markets they're going to go into and depending what the product is and the campaign, it varies.

這是戶外廣告與電視節目的一大不同之處，那就是您沒有真正在全國范圍內購買的人，他們購買 200 個 DMA 並在各地開展活動。出門在外，情況要多得多——他們試圖圍繞他們將要進入的市場進行定位，並根據產品和活動的不同而有所不同。

And so in Q1, where national was soft, we're impacted by that more than, say, Lamar, which is more focused on small markets and more on low -- or local -- excuse me, local sales. And we're kind of impacted similarly as Outfront and maybe even a little bit harder than Outfront because we don't have as good a footprint in New York potentially.

因此，在第一季度，全國市場表現疲軟，我們受到的影響比 Lamar 更大，後者更專注於小型市場，更專注於低端 - 或本地 - 對不起，本地銷售。我們受到的影響與 Outfront 類似，甚至可能比 Outfront 更嚴重一些，因為我們在紐約的足跡可能不那麼好。

So that's kind of how it plays out. But this is a business that you need to be developing those national accounts, but you also need to be developing regional and local accounts. You can't just kind of rely on 1 part of the mix to drive the business. So hopefully, that gives you some color.

這就是它的結果。但這是一項業務，您需要開發這些國民賬戶，但您還需要開發區域和本地賬戶。您不能只依靠其中的一部分來推動業務發展。所以希望這能給你一些顏色。

Got it. Yes. That's helpful. One other follow-up. So you mentioned developing the CPG and Pharma categories. Curious if you could go a little more into that approach and the value offering and why 1 of these advertisers would choose Clear Channel over another out-of-home operator.

知道了。是的。這很有幫助。另一個跟進。所以你提到開發 CPG 和 Pharma 類別。想知道您是否可以更深入地了解這種方法和提供的價值，以及為什麼這些廣告商中的一個會選擇 Clear Channel 而不是另一個戶外運營商。

So when you think about advertising without a home, I think the first thing you want to think about is why somebody would choose out-of-home over other media as opposed to the driver of selecting 1 media owner versus another, within out-of-home is going to be more driven by do they have assets in a place that a person wants to advertise.

所以當你想到沒有家的廣告時，我想你首先要考慮的是為什麼有人會選擇戶外而不是其他媒體，而不是選擇一個媒體所有者而不是另一個媒體所有者，在戶外-家庭將更多地受到他們是否在一個人想要做廣告的地方擁有資產的驅動。

So like if you want to advertise in the New York airports, you're going to need to work with Clear Channel. If you want to advertise in the New York subway, you're going to have to work with Outfront. That's just -- that's how the business works, and that's the most stark differentiator. When we talk about building those categories, though, what we're getting at is we are working on bringing the insights and the data that those categories need in order to be confident that their marketing is working.

因此，如果您想在紐約機場做廣告，您將需要與 Clear Channel 合作。如果您想在紐約地鐵做廣告，您將不得不與 Outfront 合作。這就是——這就是企業的運作方式，這是最明顯的區別。但是，當我們談論構建這些類別時，我們的意思是我們正在努力提供這些類別所需的見解和數據，以便確信他們的營銷正在發揮作用。

And so in CPG, that might be looking at sales in particular retail channels. It might be looking at case sales from IRI and comparing that to the places that they ran campaigns. With Pharmaceuticals, that would be looking at script generation.

因此，在 CPG 中，可能會關注特定零售渠道的銷售情況。它可能會查看 IRI 的案例銷售並將其與他們開展活動的地方進行比較。對於 Pharmaceuticals，這將著眼於腳本生成。

And so that's -- this is the cutting edge of where out-of-home is going in terms of being able to provide the same insight and confidence in marketing spend that has made digital so successful over the last decade. So that's what we're getting at. And it's less that we're necessarily trying to take out other out-of-home players.

這就是——就能夠提供與過去十年數字營銷如此成功的營銷支出相同的洞察力和信心而言，這是戶外活動的前沿。這就是我們的意思。而且我們不一定要淘汰其他外出球員。

It's more that we're trying to pull money in from the digital channels and the TV channels. I mean we care about all of it. But in the end, the amount spent in out of home, if we spend all our time knocking the brains out of the other out-of-home players that would not really be that helpful because it's not that big a part of ad spending. Hopefully, that makes sense.

更重要的是，我們正試圖從數字頻道和電視頻道中賺錢。我的意思是我們關心這一切。但最終，在戶外花費的金額，如果我們把所有的時間都花在敲打其他戶外玩家的大腦上，那實際上並沒有那麼大的幫助，因為它在廣告支出中所佔的比例並不大。希望這是有道理的。

Our next question comes from Aaron Watts with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Aaron Watts。

Thanks for having me on. Scott, any themes you'd call out on pricing and/or occupancy across your U.S. footprint? Any greater pushback on pricing than you might have experienced over the last couple of years given the macro backdrop?

謝謝你邀請我。 Scott，您會提出關於您在美國足跡中的定價和/或入住率的任何主題嗎？鑑於宏觀背景，在過去幾年中您可能遇到過比您更大的定價阻力嗎？

Thanks, Aaron. It's interesting. We've talked about this dynamic a little bit on recent earnings calls. But we continue to be in a very premium market in the sense that the most premium locations, there's more demand for them than there is supply, and that's not just us, that's across all media owners.

謝謝，亞倫。這真有趣。我們在最近的財報電話會議上談到了這種動態。但我們仍然處於一個非常優質的市場，因為在最優質的地點，對它們的需求多於供應，而且不僅僅是我們，所有媒體所有者都是如此。

I hear this complaint frequently from agencies that they just can't lay their hands on the kind of iconic locations in key cities. And so that dynamic is very strong. It's a very strong occupancy dynamic, and it's a very strong pricing dynamic. As you get down into the next tier, which would be a lot of your major highway arterial signage, that's a nice and healthy marketplace.

我經常從機構那裡聽到這樣的抱怨，他們就是無法在主要城市的那種標誌性地點下手。所以這種動力非常強大。這是一個非常強大的入住動態，也是一個非常強大的定價動態。當您進入下一層時，這將是您的許多主要高速公路幹線標誌，這是一個美好而健康的市場。

We're not seeing a lot of pushback per se. It's less about the pricing, and it's more about is the brand investing. The place where we're seeing dialogue with people is I'm not sure if I'm going to launch my campaign this month because I'm not sure what's happening in the demand profile but I want to be ready to launch it next month in case I feel like things are better. And that was really the state of the art of the conversation in January and February.

我們本身並沒有看到很多阻力。這與定價無關，而與品牌投資有關。我們看到與人們對話的地方是我不確定我是否會在本月啟動我的活動，因為我不確定需求概況中發生了什麼，但我想準備好在下個月啟動它以防萬一我覺得情況更好。這確實是 1 月和 2 月談話的最新進展。

That's part of why January and February were so rough was you had a lot of people kind of waiting for the go signal. And I think as we got into March and particularly April and as we look out towards the rest of the year, we're feeling better that people are going to be placing those.

這就是為什麼 1 月和 2 月如此艱難的部分原因是你有很多人在等待開始信號。而且我認為，當我們進入 3 月，尤其是 4 月時，當我們展望今年剩餘時間時，我們感覺更好，因為人們會放置這些東西。

So our yields are up. They're up more on price than on occupancy, but it does vary by the product and it does vary by where you are geographically in the market. Hopefully, that gives you some color.

所以我們的收益率上升了。它們的價格上漲幅度大於入住率，但它確實因產品而異，而且確實因您在市場中所處的地理位置而異。希望這能給你一些顏色。

Got it. That's helpful. And just 1 other one, if I could. To circle back on some of your earlier comments around expenses and margins. bridging the first quarter margins to those implied in your full year guide, the biggest driver of that is that the layering on of revenue growth that you expect to see on a bit more elevated expense base or are there other kind of big levers, maybe more on the expense side that would move within that as well?

知道了。這很有幫助。如果可以的話，還有另外一個。回到你之前關於費用和利潤的一些評論。將第一季度利潤率與全年指南中隱含的利潤率聯繫起來，其中最大的驅動因素是收入增長的分層，您希望在更高的費用基礎上看到收入增長，或者是否存在其他類型的大槓桿，也許更多在費用方面也會在其中移動嗎？

Yes. I think it does reflect top line growth through the remainder of the year. And I think it also reflects, as you roll forward through the quarters, some improvement in expense comparison as the abatements started to trail off, that will be less of a -- it was a headwind in Q1. So I think those are probably some of the biggest drivers when we talk about comps as we go through '23 quarters versus '22 quarters.

是的。我認為它確實反映了今年剩餘時間的收入增長。而且我認為這也反映出，隨著你在季度中向前推進，隨著削減開始減少，費用比較有所改善，這將不再是 - 這是第一季度的逆風。因此，我認為當我們在 23 個季度和 22 個季度中談論 comps 時，這些可能是一些最大的驅動因素。

All right. And Brian, just remind me, were there any other larger lease renewals coming up similar to the 1 that you've called out? Or that was really a bit of a one-off?

好的。布賴恩，請提醒我，還有其他更大的租約續約與您所說的 1 類似嗎？或者這真的有點一次性？

Well, I would say that's a one-off in terms of magnitude. We obviously have lots of leases that come up and are renegotiated. But I really view the rest of them as a portfolio not materially impacting the business as they come up for renegotiation. Now that all being said, we still have certain leases that reflect some COVID relief.

好吧，我會說這是一次性的。我們顯然有很多租約出現並重新談判。但我確實將其餘部分視為一個組合，在重新談判時不會對業務產生實質性影響。話雖如此，我們仍然有某些租約反映了一些 COVID 救濟。

It wasn't an abatement, but the terms of the lease were based on perhaps things that were impacted by COVID. And as we get out of code and have these comparative periods that will continue to be an expense item that we'll have to face. But to answer your question kind of directly, none of that rises to the magnitude of the 1 lease renegotiation that we identified last quarter.

這不是減排，但租約條款可能是基於受 COVID 影響的事情。隨著我們擺脫代碼並擁有這些比較期，這些比較期將繼續成為我們必鬚麵對的費用項目。但要直接回答你的問題，這些都沒有達到我們上個季度確定的 1 次租約重新談判的程度。

Our next question comes from Jim Goss with Barrington Research.

我們的下一個問題來自 Barrington Research 的 Jim Goss。

All right. I was wondering, first, were the gains in Europe, do you think more ex FX, more recovery from the COVID era? Or are they underlying growth?

好的。我想知道，首先，是歐洲的收益，你認為更多的 ex FX，更多的從 COVID 時代復甦？或者它們是潛在的增長？

I think it's a two-pronged story. I'll hit it and maybe Scott or Justin wants to circle back up. I think in Southern Europe, it is largely COVID story and the winning of some contracts.

我認為這是一個雙管齊下的故事。我會擊中它，也許 Scott 或 Justin 想繞回來。我認為在南歐，這主要是 COVID 的故事和一些合同的贏得。

But in Europe-South, that business had not reached pre-COVID 2019 levels. And I think they are climbing back and approaching that in submarkets at or better. So I think a lot of it is a recovery story. But I don't want to set aside some of the victories that we've had in those countries, particularly in Spain in terms of new contracts.

但在歐洲南部，該業務尚未達到 2019 年 COVID 之前的水平。而且我認為他們正在回升並在子市場中接近或更好。所以我認為其中很多是一個複甦的故事。但我不想擱置我們在這些國家取得的一些勝利，特別是在西班牙的新合同方面。

So I think it's a mix of both. Northern Europe, on the other hand, I think, largely have recovered from COVID. The exception would be some of our change in agreement. So it's kind of Scandinavian heavy. That has been a recovery, particularly in Q1. But there, I think you see growth in the Northern European markets. in places like Belgium and Denmark its contract wins that helped drive the growth in the U.K. is just continued use of the digital network that we have there. I don't know, Scott or Justin, if you have something more you wanted to add.

所以我認為這是兩者的結合。另一方面，我認為北歐基本上已經從 COVID 中恢復過來。例外情況是我們對協議的一些更改。所以它有點斯堪的納維亞風格。這是一種複蘇，尤其是在第一季度。但在那裡，我認為你看到了北歐市場的增長。在比利時和丹麥等地，它贏得的合同幫助推動了英國的增長，只是繼續使用我們在那裡的數字網絡。我不知道，Scott 或 Justin，您是否還有其他要添加的內容。

Nothing for me. Justin, anything you'd add?

對我沒意義。賈斯汀，你有什麼要補充的嗎？

No, I think it's a very good summary, Brian. That's exactly what it is. A bit of COVID recovery coming back in the South and in transit. There is underlying growth in other markets, but I think Brian got spot on.

不，我認為這是一個非常好的總結，Brian。就是這樣。一些 COVID 恢復在南部和運輸途中返回。其他市場有潛在的增長，但我認為布賴恩是正確的。

Okay. And sort of on a related basis, I was interested in the discussion you just had about the last 4 to 6 quarters gaining sort of information about each of the markets. And I'm wondering if some of the good results in Europe are causing you to either slow down the process of seeking buyers? Or does it wind up getting even more aggressive in price expectations? Or maybe you've chosen which markets you want to keep versus which markets you might want to sell and maybe that shifted around a little bit.

好的。在某種相關的基礎上，我對你剛剛進行的關於過去 4 到 6 個季度的討論感興趣，以獲得有關每個市場的信息。我想知道在歐洲取得的一些好成績是否讓你們放慢了尋找買家的進程？還是最終價格預期變得更加激進？或者，也許您已經選擇了要保留哪些市場而不是可能要出售哪些市場，並且可能會發生一些變化。

Yes. I think, Jim, the thing about it is, I think we've been real clear and real consistent that in the long term, we see ourselves as a U.S.-focused business. But that doesn't mean that as we make that transition, our #1, 2 and 3 goal is delivering value to our shareholders. .

是的。我認為，吉姆，關於它的事情是，我認為我們一直非常清楚和真正一致，從長遠來看，我們將自己視為一家以美國為中心的企業。但這並不意味著在我們進行轉型時，我們的第一、第二和第三目標是為我們的股東創造價值。 .

And so you're absolutely right, as we get more data and as the businesses perform, it will give the counterparties more confidence in buying and it will give us more confidence in selling. And so we'll work our way through that. But the results that we're achieving there, they're not really a surprise to us. And we feel good about the assets we have. We feel good about the teams running them.

所以你是絕對正確的，隨著我們獲得更多的數據和企業的表現，它會讓交易對手更有信心購買，也會讓我們更有信心出售。因此，我們將努力解決這個問題。但是我們在那裡取得的成果，對我們來說並不令人驚訝。我們對自己擁有的資產感覺良好。我們對運行它們的團隊感覺良好。

The issue is just 1 of how do you manage your path through the process that we work through that. in an environment where there's a lot of complexity. And so we're working it. We remain committed to that vision of being a U.S.-focused business. But we're not going to be foolish in doing transactions that are unattractive.

問題只是您如何在我們處理的流程中管理您的路徑之一。在一個有很多複雜性的環境中。所以我們正在努力。我們仍然致力於成為一家以美國為中心的企業的願景。但我們不會愚蠢地進行沒有吸引力的交易。

Okay. And 1 final one. Your assessment of the recession potential from your bottoms-up approach, it appears a little more encouraging than some of the macro observers, is that a fair take?

好的。還有 1 個最後一個。你自下而上的方法對經濟衰退潛力的評估似乎比一些宏觀觀察家更令人鼓舞，這是公平的嗎？

I really can't get in the heads of other macro observers. I think I would characterize our view as data-driven and based on what we can see. We've been told, Jim, since March of '22, that the apocalypse was (inaudible), and we've continued to run our business and bring in as much revenue and EBITDA as we can. And I think that's the mindset that I'd characterize that we have.

我真的無法進入其他宏觀觀察者的頭腦。我想我會將我們的觀點描述為數據驅動的，並且基於我們所看到的。吉姆，我們被告知，自 22 年 3 月以來，世界末日就在（聽不清），我們繼續經營我們的業務，並儘可能多地帶來收入和 EBITDA。我認為這就是我所描述的我們所擁有的心態。

We're looking to drive our business and bring in as much revenue and EBITDA as we can. In the end, that's what our shareholders care about, not about our macro forecasting in particular. Obviously, people want us to be forthright on what we see, which is what we're striving to do with the information that we shared today. But I can't really comment on our viewpoint relative to other macro forecasters.

我們正在尋求推動我們的業務，並儘可能多地帶來收入和 EBITDA。最後，這就是我們的股東關心的，而不是我們的宏觀預測。顯然，人們希望我們對所見所聞直言不諱，而這正是我們對今天分享的信息所做的努力。但我無法真正評論我們相對於其他宏觀預測者的觀點。

Our next question comes from Lance Vitanza with TD Cowen.

我們的下一個問題來自 Lance Vitanza 和 TD Cowen。

A quick 1 on costs and then I'd like to talk about domestic M&A environment. But on the cost side, just to confirm, you don't provide quarterly guidance on costs or EBITDA. So how did costs and EBITDA in the first quarter fall relative to your internal expectations.

關於成本的快速 1，然後我想談談國內的併購環境。但在成本方面，只是為了確認，您沒有提供有關成本或 EBITDA 的季度指導。那麼第一季度的成本和 EBITDA 相對於您的內部預期是如何下降的。

Well, I think if I take Europe first, I think that, that -- there was some outperformance. And that's good, and the recovery in Southern Europe versus the COVID quarter the reflection of some new contract wins exceeded expectations. Now we were expecting COVID recovery, so maybe it's the pace of the recovery.

好吧，我認為如果我首先考慮歐洲，我認為，那 - 有一些表現出色。這很好，與 COVID 季度相比，南歐的複蘇反映了一些新合同贏得超出預期。現在我們期待 COVID 恢復，所以也許這是恢復的速度。

But when you're talking about Europe, you also got to remember, Q1 is really small relative to their business. And so you've got the lots of small numbers or large numbers that you have to put it in the right context. We talked about Europe North, that business is just really performing strongly.

但是當你談論歐洲時，你也必須記住，第一季度相對於他們的業務來說真的很小。所以你有很多小數字或大數字，你必須把它放在正確的上下文中。我們談到了歐洲北部，該業務確實表現強勁。

And so it's not surprising, but it was good to see the recovery in the transit business in Scandinavia. We don't have a lot of underground transit, but that's where our exposure is, and it's coming back.

因此，這並不奇怪，但很高興看到斯堪的納維亞半島的運輸業務復甦。我們沒有很多地下交通，但那是我們的曝光地，而且它正在回歸。

But a lot of that growth is really, again, new contracts and the use of our digital networks, particularly in the United Kingdom. So I think exceeded expectations in both Europe-North and Europe-South. We were disappointed in the Americas. I can't say it was completely unexpected. We've known that we had some tough comps. Scott may want to weigh in on the top line. But I think on the cost side, the abatements rolling off, we knew about. We had some credit charges that we don't think are reflective of the larger environment. There are 2 or 3 unique situations that we do not expect to recur that was a headwind.

但是，這種增長的很大一部分實際上又是新合同和我們數字網絡的使用，尤其是在英國。所以我認為在歐洲北部和歐洲南部都超出了預期。我們對美洲感到失望。我不能說這是完全出乎意料的。我們知道我們有一些艱難的比賽。斯科特可能想權衡頂線。但我認為在成本方面，我們知道減排正在減少。我們有一些我們認為不能反映更大環境的信貸費用。有 2 或 3 種我們不希望再次出現的獨特情況是不利的。

We have some contracts that are adjusting for the post-COVID environment. So I think I would say that the headwinds in Americas and airports not unexpected, but we're disappointed. So I'll leave it at that, Scott. I don't know if you have more to say.

我們有一些合同正在針對後 COVID 環境進行調整。所以我想我會說美洲和機場的逆風並不意外，但我們感到失望。所以我就此打住，斯科特。不知道你還有沒有想說的。

Yes. I mean I think we talked about -- I mean we tried to be very explicit in the script that this was not the expectation that we had that we are dissatisfied with what America and Airports did in Q1 and that we believe we're going to see improvement as the year builds. .

是的。我的意思是我認為我們談到了——我的意思是我們試圖在腳本中非常明確地表明這不是我們對美國和機場在第一季度所做的事情不滿意的期望，我們相信我們會隨著時間的推移看到改進。 .

And when we work to put our finger on the bottom line driver that revenue aspect of it, operating leverage, we talk about it all the time because it is a really big thing. And so when your most attractive market doesn't deliver the revenue that you're aiming for, that's going to be a big driver. And again, we try to be very explicit in the discussion of where those differences were.

當我們努力將手指放在它的收入方面的底線驅動因素上時，運營槓桿，我們一直在談論它，因為它真的是一件大事。因此，當您最具吸引力的市場無法提供您所期望的收入時，這將成為一個重要的驅動因素。再一次，我們試圖在討論這些差異所在時非常明確。

Okay. No. I appreciate the follow-up there. And then on the domestic M&A, it looks like you're continuing to make some smallish acquisitions presumably in the U.S. I see you spent another $6 million or so in the first quarter.

好的。不，我很欣賞那裡的後續行動。然後在國內併購方面，您似乎繼續在美國進行一些小型收購。我看到您在第一季度又花費了 600 萬美元左右。

Could you talk about the type of assets. And I know -- and maybe even if you could just sort of remind me rough numbers how much you spent on U.S. assets in 2022? And then just sort of talk about where or what type national versus local or rural versus big city airport versus billboard, just anything with respect to the strategy of kind of like what you're looking for as you continue to tweak the portfolio?

你能談談資產的類型嗎？我知道——也許即使你能提醒我一些粗略的數字，你在 2022 年在美國資產上花了多少錢？然後只是談論國家與地方或農村與大城市機場與廣告牌的位置或類型，就像您在繼續調整投資組合時正在尋找的策略一樣？

So I'm going to let Brian take the quantity question in terms of spend and what not, I'm going to give him a minute to pull that up. But just in terms of philosophy, it is entirely U.S. road side. When we talk about acquisitions, it's entirely U.S. road side that we're doing. It's entirely U.S. road side, and we are doing acquisitions. These are not companies that we're buying for the most part. These are a few signs here and there. We're not picking up a lot of staff or a lot of -- it's generally -- if it goes really well, you pick up some easements where you have the ground underneath the sign.

所以我要讓 Brian 從支出的角度來回答數量問題，而不是，我要給他一分鐘的時間來解決這個問題。但就理念而言，完全是美國的路邊。當我們談論收購時，我們正在做的完全是美國的路邊。這完全是美國路邊，我們正在進行收購。這些不是我們大部分購買的公司。這些都是一些跡象。我們不會招募很多員工或很多——一般來說——如果一切順利，你會在標誌下面有地面的地方獲得一些地役權。

But we're looking for things that are accretive to our footprint and accretive to our P&L overall. Brian, do you want to take the quantity question?

但我們正在尋找能夠增加我們的足跡並增加我們整體損益的東西。布賴恩，你想回答數量問題嗎？

Sure. Well, we're going to report CapEx and acquisitions of about $38 million for the quarter in 2023. We've given guidance on capital expenditures the range, $165 million to $185 million for the full year.

當然。好吧，我們將報告 2023 年本季度的資本支出和收購金額約為 3800 萬美元。我們已經給出了全年資本支出範圍為 1.65 億美元至 1.85 億美元的指導。

In terms of just pure acquisitions, in the quarter, we had about $6 million, mostly in Americas, there was some in Northern Europe and there's been a reduction in Southern Europe. And so largely digital in both Northern Europe and Americas, where we spent the CapEx in the acquisition -- sorry, the acquisitions largely in the U.S. and largely digital.

就純收購而言，本季度我們有大約 600 萬美元，主要在美洲，北歐有一些，南歐有所減少。在北歐和美洲，我們在很大程度上是數字化的，我們在收購中花費了資本支出——抱歉，這些收購主要是在美國進行的，而且主要是數字化的。

I think on the acquisition side, that's not included in the CapEx guidance that we gave. That will remain small. I think we've got some of the pipeline we're likely to close. I think in the current business environment, we'll preserve liquidity and I don't have to be particularly accretive if we continue to pursue it. But I think it will largely be in this smallish tuck-in category, unless the environment changes and then we can become more aggressive.

我認為在收購方面，這不包括在我們提供的資本支出指南中。那將保持很小。我認為我們有一些可能會關閉的管道。我認為在當前的商業環境中，我們將保持流動性，如果我們繼續追求流動性，我不必特別增加。但我認為它主要屬於這種小的塞入類別，除非環境發生變化然後我們可以變得更加積極。

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

我們的問答到此結束。我現在將交還給首席執行官 Scott Wells，聽取任何最後的評論。

All right. Thank you very much, and thank you all for the questions. I mean, look, as we look out at the year, we feel good about where our business is headed. We feel good about our ability to bring in revenue and to drive growth over the course of the year.

好的。非常感謝，也感謝大家的提問。我的意思是，看，當我們展望這一年時，我們對我們的業務發展方向感到滿意。我們對我們在這一年中帶來收入和推動增長的能力感到滿意。

And as we look forward, we're hoping that we will be in a position to provide some updates on our European process in the coming quarters. and we appreciate everyone's engagement. But the bottom line is that we look forward and we feel good about our business. Have a great day, everyone.

展望未來，我們希望能夠在未來幾個季度提供有關我們歐洲進程的一些最新信息。我們感謝大家的參與。但最重要的是，我們向前看，我們對我們的業務感覺良好。祝大家有個美好的一天。

Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。