Clear Channel Outdoor Holdings Inc (CCO) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel Outdoor Holdings 2023 Third Quarter Earnings Conference Call. (Operator Instructions) I will now turn the conference call 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。歡迎參加 Clear Channel Outdoor Holdings 2023 年第三季財報電話會議。 （操作員指示）我現在將電話會議轉交給東道主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. They will provide an overview of the 2023 third quarter operating performance of Clear Channel Outdoor Holdings, Inc. and Clear Channel International B.V. We recommend you download the earnings presentation located in the Financials section in our investor website and review the presentation during this call. After an introduction and a review of our results, we'll open the line for questions. And Justin Cochrane, CEO of Clear Channel U.K. and Europe; and Dave Sailer, CFO of Clear Channel Outdoor Americas, will join Scott and Brian during the Q&A portion of the call.

早安，感謝您加入我們的通話。今天參加電話會議的是我們的執行長 Scott Wells；和我們的財務長布萊恩科爾曼。他們將概述Clear Channel Outdoor Holdings, Inc. 和Clear Channel International B.V. 2023 年第三季度的經營業績。我們建議您下載我們投資者網站財務部分的收益演示文稿，並在本次電話會議期間查看該演示文稿。在介紹和審查我們的結果後，我們將開通提問熱線。賈斯汀·科克倫 (Justin Cochrane)，Clear Channel 英國和歐洲執行長； Clear Channel Outdoor Americas 財務長 Dave Sailer 將與 Scott 和 Brian 一起參加電話會議的問答部分。

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 goals. All forward-looking statements involve risks and uncertainties, and there could be no assurance that management's expectations, beliefs or projections will be achieved or that actual results will not differ from expectations. Please review the statements of risks contained in our earnings press release and our filings with the SEC.

在開始之前，我想提醒大家，在這次電話會議中，我們可能會做出有關公司的前瞻性陳述，包括有關其未來財務表現和策略目標的陳述。所有前瞻性陳述均涉及風險和不確定性，無法保證管理階層的期望、信念或預測能夠實現，或實際結果不會與預期不同。請查看我們的收益新聞稿和向 SEC 提交的文件中包含的風險聲明。

During today's call, we will also refer to certain 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 the earnings presentation. Also, please note that the information provided on this call speaks only to management's views as of today, November 8, 2023, and may no longer be accurate at the time of a replay.

在今天的電話會議中，我們也將提及某些不符合公認會計原則的措施。作為收益報告的一部分，我們提供了將這些非 GAAP 指標與我們按照 GAAP 報告的結果進行協調的時間表。另請注意，本次電話會議中提供的資訊僅代表截至今天（2023 年 11 月 8 日）管理層的觀點，重播時可能不再準確。

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

請翻到收益簡報中的投影片 4，我現在將把電話轉給 Scott。

Good morning, everyone, and thank you for taking the time to join us today. We're pleased to report we delivered consolidated revenue of $517 million for the third quarter, excluding movements in foreign exchange rates, reflecting a 2.7% increase as compared to the prior year. This revenue is within our guidance after excluding Europe-South, which was moved to discontinued operations.

大家早安，感謝您今天抽出時間加入我們。我們很高興地報告，第三季的綜合收入為 5.17 億美元，不包括匯率變動，比上一年增長 2.7%。排除已轉至已停止營運的歐洲南部地區後，此收入在我們的指導範圍內。

Airports and Europe-North stood out with the America segment lagging, as anticipated when we provided third quarter guidance in August. Brian will go deeper on the drivers in America, but the combination of soft national sales and our market mix drove the challenge. We are seeing improving trends domestically and believe we'll have a better performance in the U.S. in the fourth quarter.

正如我們在 8 月提供第三季指引時所預期的那樣，機場和歐洲北部地區表現突出，而美洲地區則表現落後。布萊恩將更深入地探討美國的驅動因素，但疲軟的全國銷售和我們的市場組合共同推動了這項挑戰。我們看到國內趨勢有所改善，並相信第四季度我們在美國會有更好的表現。

While we knew 2023 would be a challenging year for several reasons, including unwinding COVID rent abatements and absorbing higher costs on a large roadside contract, as previously described, we expect our full year 2023 results to be within the guidance we provided in February, excluding Europe-South, and are excited about the trajectory we are on as we head into 2024.

儘管我們知道2023 年將是充滿挑戰的一年，原因有多種，包括取消新冠疫情租金減免以及吸收大型路邊合約的更高成本（如前所述），但我們預計2023 年全年業績將在我們2 月提供的指導範圍內，不包括歐洲南部，我們對進入 2024 年的發展軌跡感到興奮。

As we've discussed previously, our management team and Board are focused on driving meaningful deleveraging over the near to medium term. There are 2 key levers to affect this: one, continuing to execute our operating plan to organically grow adjusted EBITDA and improve free cash flow, including taking actions to further optimize our cost structure; and two, methodically working to monetize our European assets while we focus on our higher-margin markets.

正如我們之前討論的，我們的管理團隊和董事會致力於在中短期內推動有意義的去槓桿化。有兩個關鍵槓桿可以影響這一點：一是繼續執行我們的營運計劃，以有機成長調整後的 EBITDA 並改善自由現金流，包括採取行動進一步優化我們的成本結構；第二，有條不紊地努力將我們的歐洲資產貨幣化，同時我們專注於利潤率較高的市場。

With our recently completed sale of our business in France, we have made significant progress on our portfolio this year, selling or agreeing to sell all of the businesses in our Europe-South segment. In addition, we have commenced the process to sell the businesses in our Europe-North segment, and potential buyers are reviewing preliminary information. We have also initiated a strategic review of our businesses in Latin America and have hired an adviser to explore options for these businesses. While we can't guarantee the outcome of either process, we are confident that upon the sale of these assets, we will be a more focused U.S.-centric, out-of-home operator with less debt and enhanced optionality to become a REIT.

隨著我們最近完成了法國業務的出售，我們今年在我們的投資組合方面取得了重大進展，出售或同意出售我們歐洲南部部門的所有業務。此外，我們已經開始出售北歐業務的流程，潛在買家正在審查初步資訊。我們也啟動了對拉丁美洲業務的策略審查，並聘請了一名顧問來探索這些業務的選擇。雖然我們無法保證這兩個過程的結果，但我們相信，在出售這些資產後，我們將成為一家更加專注於以美國為中心的戶外運營商，債務更少，並且成為房地產投資信託基金的選擇權更強。

We also know that we must increase our adjusted EBITDA in order to meaningfully reduce our leverage multiples. So while we are executing our international divestiture processes, we are simultaneously continuing to focus our energies on executing our operating plan, including growing adjusted EBITDA organically, expanding our advertiser base, optimizing our deployment of capital and reducing corporate expenses.

我們也知道，我們必須增加調整後的 EBITDA，才能有效降低槓桿倍數。因此，在我們執行國際剝離流程的同時，我們同時繼續專注於執行我們的營運計劃，包括有機成長調整後的 EBITDA、擴大我們的廣告商基礎、優化我們的資本部署和減少公司開支。

These actions include things like growing key verticals in the U.S., developing multiple channels to advertisers, turning around challenged markets, conducting a zero-based budget review of corporate expenses as our portfolio simplifies and the deployment of proceeds from our divestitures to improve our liquidity position, reducing debt. We believe these actions provide the road map to achieve meaningfully lower leverage multiples over the next few years, which in turn should enable us to generate stronger free cash flow to support further deleveraging and to unlock shareholder value.

這些行動包括在美國發展關鍵垂直行業、為廣告商開發多種管道、扭轉充滿挑戰的市場、隨著我們的投資組合簡化而對企業支出進行零基預算審查，以及利用資產剝離所得資金來改善我們的流動性狀況，減少債務。我們相信，這些行動為未來幾年實現大幅降低槓桿倍數提供了路線圖，這反過來又將使我們能夠產生更強勁的自由現金流，以支持進一步去槓桿化並釋放股東價值。

Let me share a few proof points that support our belief in our ability to deliver. In the second quarter of 2022, I stated that we were pivoting on our plan to sell all of Europe with the intention to sell the lower-margin, lower-priority European assets first, with the remaining businesses expected to have substantially higher adjusted EBITDA minus CapEx margins.

讓我分享一些支持我們對交付能力的信念的證據。在 2022 年第二季度，我表示我們正在轉向出售整個歐洲的計劃，目的是首先出售利潤率較低、優先級較低的歐洲資產，其餘業務預計將大幅提高調整後 EBITDA 減去資本支出利潤。

As you can see from Slide 5, which compares fiscal year 2022 actual results for the combined Europe-North and Europe-South segments to the Europe-North segment guidance for fiscal year 2023, we now have a business that is more digitized with higher segment adjusted EBITDA minus CapEx margins as compared to our combined European businesses in 2022. These results demonstrate our team's ability to execute our strategy, including expanding our digital footprint and programmatic platform, and underscore the strength of the out-of-home industry. We believe we now have a much more valuable and attractive Europe-North business. And while we are committed to selling these assets, we will be disciplined in doing so to maximize value.

正如您從幻燈片5 中看到的，該幻燈片將歐洲北部和歐洲南部細分市場的2022 財年實際結果與2023 財年歐洲北部細分市場的指導進行了比較，我們現在的業務數位化程度更高，細分市場更高與2022 年合併後的歐洲業務相比，調整後的EBITDA 減去資本支出利潤率。這些結果證明了我們團隊執行策略的能力，包括擴大我們的數位足跡和程式化平台，並強調了戶外產業的實力。我們相信，我們現在擁有更有價值、更有吸引力的歐洲北部業務。雖然我們致力於出售這些資產，但我們將遵守紀律，以實現價值最大化。

Second, let me share some insight on the fourth quarter. We expect 2 of our fastest-growing verticals in the U.S. will be pharma and packaged goods. These are verticals we've called out as opportunities for several quarters, and our sales teams are making good inroads in building business in both areas. In addition, we continue to see success in building our programmatic platform. Following a strong September, October has been our best month to date.

其次，讓我分享一些對第四季的看法。我們預計美國成長最快的兩個垂直產業將是製藥和包裝商品。我們在幾個季度中都將這些垂直行業稱為機遇，我們的銷售團隊在這兩個領域的業務建設方面都取得了良好進展。此外，我們在建立程序化平台方面繼續取得成功。繼九月表現強勁之後，十月是我們迄今為止表現最好的一個月。

Finally, let me return to where I started and call out that we believe our 2023 results will be within the guidance range we provided in February after excluding the Europe-South segment. Looking forward, we believe we are poised for significant organic adjusted EBITDA growth in 2024, and we will provide an in-depth outlook for 2024 on our Q4 call in February.

最後，讓我回到我開始的地方，並指出，在排除歐洲南部市場後，我們相信 2023 年的業績將在我們 2 月提供的指導範圍內。展望未來，我們相信我們將在 2024 年實現顯著的有機調整後 EBITDA 成長，並且我們將在 2 月的第四季度電話會議上提供 2024 年的深入展望。

So we know we have a lot of work ahead of us, but we believe we have the right team and strategy in place to deliver the full value we believe is inherent in our business. And on this score, I would like to share our appreciation for all the work our global team is doing as we focus on achieving our objectives. With that, let me hand the call over to Brian.

因此，我們知道我們還有很多工作要做，但我們相信我們擁有正確的團隊和策略，可以實現我們認為業務固有的全部價值。就這一點而言，我想對我們的全球團隊在專注於實現目標時所做的所有工作表示讚賞。接下來，讓我把電話轉給布萊恩。

Thank you, Scott. Good morning, everyone, and thank you for joining our call. Please turn to Slide 6. As Scott mentioned, Europe-South is now included in discontinued operations as announced on October 31, 2023. During the third quarter of 2023, our plan to sell the businesses comprising the Europe-South segment met the criteria to be reported as discontinued operations. As a result, each of the Europe-South segment businesses have been reclassified to discontinued operations in our financial statements for all periods presented, resulting in changes in presentation of certain amounts for prior periods.

謝謝你，斯科特。大家早安，感謝您加入我們的通話。請參閱投影片 6。正如 Scott 所提到的，歐洲南部現已納入 2023 年 10 月 31 日宣布的已終止經營業務。在 2023 年第三季度，我們出售歐洲南部部門業務的計劃符合以下標準：報告為已終止經營。因此，南歐分部的每項業務均已在我們列報的所有期間的財務報表中重新分類為非持續經營業務，從而導致前期某些金額的列報發生變化。

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 third quarter of 2023, and the percent changes are third quarter 2023 compared to third quarter 2022, unless otherwise noted.

提醒一下，當我們討論公認會計原則結果時，我也會討論不包括外匯匯率變動（一項非公認會計原則衡量標準）的結果。我們相信，這在評估我們的績效時提供了更大的可比性。直接營運費用和SG&A 費用包括調整後EBITDA 和部門調整EBITDA 中不包括的重組和其他成本，我提到的金額是2023 年第三季的金額，百分比變化是2023 年第三季與2022 年第三季度相比的情況， 除非另有說明。

Now on to the third quarter reported results. Consolidated revenue for the quarter was $527 million, a 4.7% increase. Excluding movements in the foreign exchange rates, consolidated revenue for the quarter was up 2.7% to $517 million. The third quarter consolidated revenue guidance we provided in August included a range of $70 million to $80 million for France and Spain and the Europe-South segment. Excluding the Europe-South segment, our third quarter consolidated revenue was within the adjusted guidance range of $500 million to $520 million. If we had included the Europe-South segment, consolidated revenue, excluding movements in foreign exchange rates, would have been $596 million, also in line with the guidance we provided in August of $570 million to $600 million.

現在報告第三季的業績。該季度綜合營收為 5.27 億美元，成長 4.7%。排除匯率變動，該季度綜合營收成長 2.7% 至 5.17 億美元。我們在 8 月提供的第三季綜合收入指引包括法國、西班牙以及歐洲南部地區的 7,000 萬至 8,000 萬美元範圍。不包括歐洲南部部分，我們第三季的合併收入在調整後的 5 億美元至 5.2 億美元的指導範圍內。如果我們將歐洲南部部分納入其中，排除匯率變動的綜合收入將為 5.96 億美元，這也符合我們 8 月提供的 5.7 億至 6 億美元的指引。

The loss from continuing operations was $51 million, an increase over the prior year's loss from continuing operations of $19 million. The consolidated net loss of $263 million included a $201 million net loss on disposal of assets related to the sale of France. Adjusted EBITDA was $139 million, up 0.9%. Excluding movements in foreign exchange rates, adjusted EBITDA was down slightly. As you will see in our results, rent abatements, which were down $11 million this quarter, continued to create a headwind. AFFO was $25 million in the third quarter, down 27.3%. Excluding movements in foreign exchange rates, AFFO was down 33.5%.

持續經營虧損為 5,100 萬美元，較上年持續經營虧損 1,900 萬美元增加。合併淨虧損 2.63 億美元，其中包括與出售法國相關的資產處分淨虧損 2.01 億美元。調整後 EBITDA 為 1.39 億美元，成長 0.9%。不計匯率變動，調整後 EBITDA 略有下降。正如您將在我們的結果中看到的那樣，本季租金減免減少了 1100 萬美元，並繼續帶來阻力。第三季AFFO為2,500萬美元，下降27.3%。不計外匯匯率變動，AFFO 下跌 33.5%。

On to Slide 7 for the America segment third quarter results. America revenue was $279 million, down 1.9% driven by weakness in our media entertainment vertical and the San Francisco/Bay Area market. Digital revenue, which accounted for 35% of America revenue, was up slightly to $98 million. National sales, which accounted for 32.7% of America revenue, were down 14.9%. Local sales showed strength and accounted for 67.3% of America revenue rising 6%.

幻燈片 7 展示了美國分部第三季的業績。由於我們的媒體娛樂垂直市場和舊金山/灣區市場疲軟，美國收入為 2.79 億美元，下降 1.9%。占美國收入 35% 的數位收入小幅成長至 9,800 萬美元。占美國收入 32.7% 的全國銷售額下降了 14.9%。本地銷售表現強勁，占美國營收的 67.3%，成長了 6 個百分點。

Direct operating and SG&A expenses were up 1.7% to $157 million. The increase was primarily due to a 10.4% increase in site lease expense to $90 million, driven by lease renewals and amendments as well as lower rent abatements, partially offset by lower property taxes related to a legal settlement and lower credit loss expense. Segment adjusted EBITDA was $121 million, down 6.4% with a segment adjusted EBITDA margin of 43.5%, down from Q3 of 2022.

直接營運和 SG&A 費用成長 1.7%，達到 1.57 億美元。這一增長主要是由於租賃續約和修訂以及較低的租金減免推動了場地租賃費用增加了10.4%，達到9000 萬美元，但部分被與法律和解相關的財產稅降低和信用損失費用降低所抵消。部門調整後 EBITDA 為 1.21 億美元，下降 6.4%，部門調整後 EBITDA 利潤率為 43.5%，較 2022 年第三季下降。

Please turn to Slide 8 for a review of the third quarter results for Airports. Airports revenue was $76 million, up 21.2%. The robust increase in revenue was driven by increased demand due to the continued recovery of air travel after COVID-19 and investment in digital infrastructure. Digital revenue, which accounted for 55.3% of Airports revenue, was up 15.6% to $42 million. National sales, which accounted for 56.8% of Airports revenue, were up 25.1%, and local sales accounted for 43.2% of Airports revenue and were up 16.6%.

請參閱投影片 8 查看機場第三季業績。機場收入為 7,600 萬美元，成長 21.2%。收入的強勁增長是由於 COVID-19 後航空旅行的持續復甦以及數位基礎設施的投資而導致的需求增加。數位收入佔機場收入的 55.3%，成長 15.6%，達到 4,200 萬美元。全國銷售額佔機場收入的 56.8%，成長 25.1%；本地銷售額佔機場收入的 43.2%，成長 16.6%。

Direct operating and SG&A expenses were up 27% to $60 million. The increase is primarily due to a 47.9% increase in site lease expense to $47 million, driven by lower rent abatements and higher revenue. Segment adjusted EBITDA was $16 million, up 3.1% with a segment adjusted EBITDA margin of 20.5%, which remains a bit elevated compared to normalized levels due to rent abatements.

直接營運和 SG&A 費用成長 27%，達到 6,000 萬美元。這一成長主要是由於租金減免減少和收入增加推動，場地租賃費用增加了 47.9%，達到 4,700 萬美元。部門調整後 EBITDA 為 1,600 萬美元，成長 3.1%，部門調整後 EBITDA 利潤率為 20.5%，由於租金減免，與正常水準相比仍略高。

Next, please turn to Slide 9 for a review of our performance in Europe-North. My commentary on Europe-North is on results that have been adjusted to exclude movements and foreign exchange rates. Europe-North revenue increased 4.5% to $142 million, driven primarily by higher revenues in the U.K., Belgium and Denmark, partially offset by lower revenues in Sweden and Norway. Digital accounted for 55.8% of Europe-North total revenue and was up 8.5% to $79 million.

接下來，請翻到投影片 9 回顧我們在歐洲北部的表現。我對歐洲北部的評論是針對經過調整以排除變動和外匯匯率的結果。北歐地區營收成長 4.5%，達到 1.42 億美元，主要受到英國、比利時和丹麥收入增加的推動，但部分被瑞典和挪威收入下降所抵銷。數位業務佔歐洲北部地區總收入的 55.8%，成長 8.5% 至 7,900 萬美元。

Europe-North direct operating and SG&A expenses were up 3.7% to $115 million. The increase is due to higher electricity prices, rental costs for additional digital displays and higher property tax. Site lease expense was down 0.7% to $53 million, driven by a contract renegotiation. Europe-North segment adjusted EBITDA was up 9.2% to $26 million, and the segment adjusted EBITDA margin was 18.7%, up from the prior year.

歐洲-北歐直接營運和銷售、一般管理費用成長 3.7%，達到 1.15 億美元。成長的原因是電價上漲、額外數位顯示器的租賃成本以及財產稅上漲。受合約重新談判推動，場地租賃費用下降 0.7% 至 5,300 萬美元。歐洲-北歐部門調整後 EBITDA 成長 9.2%，達到 2,600 萬美元，該部門調整後 EBITDA 利潤率為 18.7%，較上年有所成長。

Moving on to CCIBV on Slide 10. Clear Channel International B.V., referred to as CCIBV, is an indirect, wholly owned subsidiary of the company and the issuer of our 6 5/8 senior secured notes due 2025. 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. As the businesses in our Europe-South segment are considered discontinued operations, results of these businesses are now reported as a separate component of consolidated net loss in the CCIBV consolidated statements of loss for all periods presented and are excluded from the discussion below.

前往投影片10 上的CCIBV。Clear Channel International B.V.（簡稱CCIBV）是該公司的間接全資子公司，也是我們2025 年到期的6 5/8 高級擔保票據的發行人。它包括我們歐洲的業務-北歐和南歐細分市場以及新加坡，在 2022 年第四季度報告細分市場發生變化後，這些細分市場已包含在其他細分市場中。由於我們南歐部門的業務被視為已終止經營，因此這些業務的業績現在作為 CCIBV 合併虧損報表中所有期間的合併淨虧損的單獨組成部分進行報告，並且不包括在下面的討論中。

CCIBV results from continuing operations for the third quarter of 2023 as compared to the same period of 2022 are as follows. CCIBV revenue increased 10.3% to $154 million from $140 million. Excluding the $8 million impact of movements in FX, CCIBV revenue increased 4.6%, primarily driven by higher revenue in our Europe-North segment, as I just mentioned. Singapore represented less than 3% of CCIBV revenue from continuing operations for the 3 months ended September 30, 2023. CCIBV operating income was $9 million compared to $3 million in the same period of 2022.

CCIBV 2023 年第三季持續經營業績與 2022 年同期相比如下。 CCIBV 營收成長 10.3%，從 1.4 億美元增至 1.54 億美元。排除外匯波動帶來的 800 萬美元影響，CCIBV 收入成長了 4.6%，這主要是由我剛才提到的歐洲北部部門收入增加所推動的。截至 2023 年 9 月 30 日的三個月，新加坡在 CCIBV 持續營運收入中所佔比例不到 3%。CCIBV 營運收入為 900 萬美元，而 2022 年同期為 300 萬美元。

Now moving on to Slide 11 and a review of capital expenditures. CapEx totaled $33 million in the third quarter, a decrease of $5 million over the prior year due to a reduction in Airports and Europe-North CapEx. Airports CapEx was down due to large investments in the digital network in the prior year.

現在轉到投影片 11，回顧一下資本支出。第三季資本支出總額為 3,300 萬美元，比前一年減少 500 萬美元，原因是機場和歐洲北部資本支出減少。由於上一年對數位網路的大量投資，機場資本支出下降。

Now on to Slide 12. In June, we amended and extended our revolving credit lines. And in August, we issued $750 million aggregate principal amount of 9% senior secured notes due 2028. We used a portion of the net proceeds from the note offering to prepay $665 million of outstanding principal on the term loan facility, which we repurchased at a 1% discount. We incurred debt issuance costs of $12 million related to these transactions, and we intend to use the remaining proceeds of approximately $76 million for general corporate purposes.

現在轉到投影片 12。6 月份，我們修改並延長了循環信貸額度。 8 月份，我們發行了本金總額為7.5 億美元、利率為9%、2028 年到期的優先擔保票據。我們使用票據發行所得淨收益的一部分來預付定期貸款融資的6.65 億美元未償本金，並以1% 折扣。我們產生了與這些交易相關的 1,200 萬美元的債務發行成本，我們打算將剩餘的約 7,600 萬美元收益用於一般公司用途。

Additionally, our next debt maturity, the CCIBV notes in the amount of $375 million, is in August of 2025 with our next debt maturity with term loan in August of 2026. Our liquidity was $531 million as of September 30, 2023, up $80 million compared to liquidity at the end of the second quarter due to the increase in cash and cash equivalents. During the third quarter, cash and cash equivalents increased by $85 million to $313 million, and our debt was $5.6 billion as of September 30, 2023, a $71 million increase since June 30. These increases were driven in large part by the note offering I just mentioned.

此外，我們的下一個債務到期日（CCIBV 票據金額為3.75 億美元）將於2025 年8 月到期，而我們的下一個定期貸款債務到期日為2026 年8 月。截至2023 年9 月30 日，我們的流動性為5.31 億美元，增加了8,000 萬美元與第二季末的流動性相比，由於現金和現金等價物的增加。第三季度，現金和現金等價物增加了8,500 萬美元，達到3.13 億美元，截至2023 年9 月30 日，我們的債務為56 億美元，自6 月30 日以來增加了7,100 萬美元。這些成長在很大程度上是由票據發行推動的剛才提到的。

In September, we repurchased in the open market $5 million of the CCOH 7.75% senior notes and $10 million of the CCOH 7.5% senior notes at a discount, resulting in a gain on extinguishment of $3 million. The repurchased notes remain outstanding. Cash paid for interest on debt was $81 million during the third quarter, a $25 million increase compared to the same period in the prior year, primarily due to higher interest rates on our term loan facility and the timing of accrued interest payments.

9月份，我們在公開市場折價回購了500萬美元的CCOH 7.75%優先票據和1,000萬美元的CCOH 7.5%優先票據，產生了300萬美元的清償收益。回購票據仍未償還。第三季債務利息支付的現金為 8,100 萬美元，比上年同期增加 2,500 萬美元，主要是由於我們的定期貸款利率較高以及應計利息支付的時間安排。

Our weighted average cost of debt was 7.5%, slightly above the weighted average cost of debt as of June 30, 2023. As of September 30, 2023, our first lien leverage ratio was 5.59x calculated based on continuing operations, a slight increase as compared to June 30, 2023. The credit agreement covenant threshold is 7.1x.

我們的加權平均債務成本為7.5%，略高於截至2023 年6 月30 日的加權平均債務成本。截至2023 年9 月30 日，根據持續經營計算，我們的第一留置權槓桿率為5.59 倍，略有增加與 2023 年 6 月 30 日相比。信貸協議契約門檻為 7.1 倍。

Moving on to Slide 13 and our guidance for the fourth quarter and the full year of 2023. All consolidated guidance and Europe-North guidance exclude movements in foreign exchange rates, with the exception of capital expenditures and cash interest payments. Please note, our consolidated guidance has been adjusted to exclude the Europe-South segment.

接下來看投影片 13 以及我們對 2023 年第四季和全年的指導。所有綜合指導和北歐指導均不包括外匯匯率的變動，但資本支出和現金利息支付除外。請注意，我們的綜合指引已進行調整，以排除歐洲南部市場。

For the fourth quarter, we believe our consolidated revenue will be between $591 million and $618 million. We expect America revenues to be between $293 million and $305 million, and Airports revenue is expected to be between $100 million and $105 million, another really strong quarter as compared to the prior year. Europe-North revenue is expected to be between $170 million and $180 million, an increase over the prior year.

我們認為第四季的合併收入將在 5.91 億美元至 6.18 億美元之間。我們預計美國收入將在 2.93 億美元至 3.05 億美元之間，機場收入預計將在 1 億美元至 1.05 億美元之間，與前一年相比，又一個非常強勁的季度。歐洲北部地區的收入預計在 1.7 億至 1.8 億美元之間，比上年有所成長。

Moving on to our full year guidance. Given the change as a result of the Europe-South segment moving to discontinued operations, we thought it would be helpful to show the detail of how we adjusted the guidance we provided in August. As you can see on the slide, now that we are close to the end of the year, we have tightened the range for consolidated revenue.

接下來是我們的全年指導。鑑於歐洲-南部部分轉向停止營運而導致的變化，我們認為展示我們如何調整 8 月提供的指導的細節會有所幫助。正如您在幻燈片中看到的那樣，既然我們已接近年底，我們就收緊了合併收入的範圍。

We expect consolidated revenue to be between $2.091 billion and $2.118 billion. As Scott mentioned, this is also still within the guidance range provided in February, excluding discontinued operations. America revenue is expected to be between $1.095 billion and $1.107 billion. Airports is ending the year stronger than expected, with revenue expected to be between $300 million and $305 million. Europe-North revenue is expected to be between $604 million and $614 million, also an improvement over the August guidance.

我們預計綜合收入將在 20.91 億美元至 21.18 億美元之間。正如斯科特所提到的，這也仍在 2 月提供的指導範圍內，不包括已終止的業務。美國收入預計在 10.95 億美元至 11.07 億美元之間。機場年底的業績優於預期，營收預計在 3 億至 3.05 億美元之間。歐洲北部地區的收入預計在 6.04 億美元至 6.14 億美元之間，也比 8 月的指導有所改善。

On a consolidated basis, we expect adjusted EBITDA to be between $520 million and $542 million, a slight improvement over the guidance we provided in August, excluding discontinued operations. AFFO guidance is $67 million to $80 million. Capital expenditures are expected to be in the range of $143 million and $161 million with a continued focus on investing in our digital footprint in the U.S.

在綜合基礎上，我們預計調整後 EBITDA 將在 5.2 億美元至 5.42 億美元之間，比我們 8 月提供的指導略有改善（不包括已終止的業務）。 AFFO 指導值為 6,700 萬至 8,000 萬美元。資本支出預計在 1.43 億美元至 1.61 億美元之間，並繼續專注於投資我們在美國的數位足跡。

Additionally, our cash interest payment obligations for 2023 are expected to be approximately $405 million, up over the prior year due to higher floating rate interest on our term loan B facility but down versus the August guidance due to timing of interest payments related to the transactions I described earlier. We expect $121 million of cash interest expense to be paid in the fourth quarter. This guidance assumes that we do not refinance or incur additional debt. And now let me turn the call back to Scott for his closing remarks.

此外，由於我們的定期貸款B 設施的浮動利率較高，我們2023 年的現金利息支付義務預計約為4.05 億美元，高於上一年，但由於與交易相關的利息支付時間安排，低於8月份的指引我之前描述過。我們預計第四季將支付 1.21 億美元的現金利息費用。本指南假設我們不進行再融資或承擔額外債務。現在讓我把電話轉回給史考特，讓他發表結束語。

Thanks, Brian. Looking ahead, we remain confident in our annual guidance. We continue to execute on our plan to streamline our business, concentrate on our domestic assets and position our organization for growth and improved profitability. We believe the steps we are taking to modernize our organization and elevate our position as a visual media powerhouse will only strengthen our ability to drive revenue and adjusted EBITDA growth.

謝謝，布萊恩。展望未來，我們對年度指引仍充滿信心。我們繼續執行我們的計劃，以精簡我們的業務，專注於我們的國內資產，並為我們的組織定位以實現成長和提高獲利能力。我們相信，我們為實現組織現代化和提升我們作為視覺媒體巨頭的地位而採取的步驟，只會增強我們推動收入和調整後 EBITDA 成長的能力。

As we progress in the sale of our Europe-North businesses and the strategic review of our businesses in Latin America and work on organically growing adjusted EBITDA, we believe we will ultimately begin to reduce our indebtedness and deliver improved free cash flow and drive material equity value creation.

隨著我們在出售歐洲北部業務、對拉丁美洲業務進行策略審查方面取得進展，並努力實現調整後 EBITDA 的有機成長，我們相信我們最終將開始減少債務、改善自由現金流並推動物質權益創造價值。

And now let me turn over the call to the operator for the Q&A session, and Justin Cochrane and Dave Sailer 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) 和戴夫·塞勒 (Dave Sailer) 將加入我們的通話。

(Operator Instructions) You have our first question. It comes from Avi Steiner from JPMorgan.

（操作員說明）您有我們的第一個問題。它來自摩根大通的阿維·斯坦納。

I just want to start with the ad environment, if I can, and if you could just discuss maybe ex San Fran, what you're seeing in this fourth quarter and any material differences in Airports versus your traditional city boards. And then I've got a couple of follow-ups.

如果可以的話，我只想從廣告環境開始，如果你能討論舊金山之前的情況，你在第四季度看到的情況以及機場與傳統城市委員會的任何重大差異。然後我有一些後續行動。

Avi, thanks for the question. This has been a really strange ad market year. And so I'm a little hesitant to give you too sweeping of generalizations. If you just look at what we reported nationally for our roadside business in America versus nationally for Airports, you can see one of the strange dynamics that has been going on, which kind of has been going on all year, the whole focus on superpremium assets. It's been a very premium market this year, and we're seeing that continue into Q4.

阿維，謝謝你的提問。今年是廣告市場非常奇怪的一年。所以我有點猶豫是否要給你過於籠統的概括。如果你看看我們在全國範圍內報告的美國路邊業務與全國範圍內機場的情況，你會發現一直在發生的一種奇怪的動態，這種情況全年都在發生，整個重點都集中在超優質資產上。今年這是一個非常優質的市場，我們看到這種情況會持續到第四季。

I think big picture, we think media and entertainment now that the writers are back working, and I know the actors aren't there yet, but we'll hopefully see some progress there. Obviously, the auto strikes have cleared up. That's not a huge vertical for us, not a huge impact. And we're starting to get to a point where we're seeing tech companies talking about investing in their brands a little more aggressively. I think there are a number of things that suggest we're headed in a good direction.

我認為從大局來看，我們認為媒體和娛樂現在編劇們已經回來工作了，我知道演員們還沒有到那裡，但我們希望看到一些進展。顯然，汽車罷工已經結束。這對我們來說並不是一個巨大的垂直領域，也不是一個巨大的影響。我們開始看到科技公司開始更積極地談論對其品牌的投資。我認為有很多事情表明我們正朝著好的方向前進。

For us, specifically, I do think the trends that we've seen year-to-date of some challenges in the Bay Area and frankly California and the Midwest, more generally, have been not great markets, whereas we've seen a lot of goodness in Texas, in Florida and along the East Coast. But it's a much more -- I think I referred to this on some other calls. It's a much more normal market in that you have normal local dynamics driving what's going on.

具體來說，對於我們來說，我確實認為我們今年迄今為止在灣區以及坦率地說加州和中西部地區所看到的一些挑戰的趨勢並不是很好的市場，儘管我們已經看到了很多德克薩斯州、佛羅裡達州和東海岸沿線的善良。但它的意義遠不止於此——我想我在其他一些電話中也提到過這一點。這是一個更正常的市場，因為有正常的當地動態推動著正在發生的事情。

So it's a tough market to generalize on, Avi. But I'd say that in general, I'd characterize it as firming up and that there are indications that there's some strength in categories that had pulled back this year. And then obviously, in the call, we referred to seeing some growth in areas we've been investing in with pharma and CPG. So hopefully, that gives you a flavor.

所以，Avi，這是一個很難概括的市場。但我想說的是，總的來說，我將其描述為走強，並且有跡象表明，今年回落的類別有一定的實力。顯然，在電話會議中，我們提到我們在製藥和消費品領域的投資領域出現了一些成長。希望這能帶給你味道。

Very helpful. Appreciate it. And then if I could turn to the expense side and corporate, if I could. I believe it was down almost 14% this quarter, adjusted corporate expenses, you can correct me if I'm wrong. But as we think about this line item going forward, I know Europe-South is now discontinued, there's some moving pieces. But how should we think about corporate? And then if you can remind us what corporate savings will come through once Europe-North is sold. And then I've got a couple more.

很有幫助。欣賞它。然後我是否可以轉向費用方面和公司，如果可以的話。我相信本季調整後的公司費用下降了近 14%，如果我錯了，你可以糾正我。但當我們考慮這個計畫的未來時，我知道歐洲南部現在已經停止，有一些變化。但我們該如何看待企業呢？然後，您是否可以提醒我們，一旦歐洲北部出售，企業將節省哪些資金。然後我還有更多。

Sure, Avi. I'll take that one. A lot of the reduction you're seeing this year is unfortunately a variable compensation expense as business hasn't performed as expected and particularly in America. But I think the bigger question about corporate expense is we are looking to reduce it. We look at opportunities to make savings, and that's kind of regardless of activities that are going on within the business.

當然，阿維。我會接受那個。不幸的是，今年你看到的大部分減少都是可變的補償費用，因為業務表現沒有達到預期，特別是在美國。但我認為關於企業開支的更大問題是我們正在尋求減少它。我們尋找節省成本的機會，這與企業內部正在進行的活動無關。

You pointed to divestitures. That is something that will be a catalyst for further examination of corporate expense. We've said in the past, with the divestiture of the international businesses, we would expect at least $30 million of corporate expenses to be reduced. That doesn't include shared cost or embedded cost in the corporate center. That also will need to be examined, but may take a longer period of time to extract from the business. So that's why we use the at least kind of qualifier there.

你提到了資產剝離。這將成為進一步審查公司支出的催化劑。我們過去曾說過，隨著國際業務的剝離，我們預計公司開支將減少至少 3,000 萬美元。這不包括公司中心的共享成本或嵌入成本。這也需要進行檢查，但可能需要更長的時間才能從業務中提取。這就是為什麼我們在那裡使用至少一種限定符。

But look, I think over time, we'll have a little bit of headwinds next year as we hope the business will rebound a little bit in that variable compensation expense, which we'll be happy to pay if this does rebound, comes back. But working the other way will be a sharp focus both on corporate expense reduction in general as well as capturing corporate expense that are tied or related to the divestitures.

但看，我認為隨著時間的推移，明年我們會遇到一些阻力，因為我們希望業務在可變補償費用方面能有所反彈，如果這種情況確實反彈，我們將很樂意支付這筆費用。但相反，我們將重點放在企業整體開支的削減以及與資產剝離相關的企業開支。

Super helpful, and I certainly agree with that last, happy to pay when the revenue is coming in. Two more for me. But first, Brian, I think you had historically said you would only buy back bonds when you had confidence around liquidity and the outlook. I just want to make sure I heard that right, and we should read the buyback as such. And I know it's not a big number, but $15 million is the first we've seen in a bit. And on the buyback side, I'm curious what the rationale is for keeping those bonds outstanding and not retiring them. Is that a covenant, liquidity or other consideration?

超級有幫助，我當然同意最後一點，當收入進來時很樂意付款。我還有兩個。但首先，布萊恩，我認為你歷來說過，只有當你對流動性和前景有信心時，你才會回購債券。我只是想確保我沒聽錯，我們應該這樣解讀回購。我知道這不是一個大數字，但 1500 萬美元是我們最近第一次看到的。在回購方面，我很好奇保持這些債券未償付而不是退休的理由是什麼。這是契約、流動性還是其他考量？

So on the buyback, I think you're correct in characterizing it as something that we wouldn't spend the liquidity on unless we thought it was worth the return. And buying back bonds are a function of a number of things, including what is the return, your comfort with liquidity, availability of bonds and the liquidity of bonds in the marketplace. We also have to be very mindful of the windows of opportunities for us with a number of strategic activities going on, including the divestiture process of Europe-South and now the process that's been undertaken in Europe-North.

因此，在回購方面，我認為您將其描述為我們不會花費流動性的東西是正確的，除非我們認為它值得回報。回購債券取決於多種因素，包括回報率、您對流動性的滿意度、債券的可用性以及市場上債券的流動性。我們還必須非常注意我們正在進行的許多戰略活動的機會之窗，包括歐洲南部的剝離進程以及現在在歐洲北部正在進行的進程。

There are only a few windows where we are not in possession of MNPI and would be comfortable buying back bonds. And I think that also -- the disciplined approach to an acceptable return and the limited windows of opportunity kind of limit the amount of bonds you can buy back. And so that's part of the reason why there's only $15 million of repurchase.

只有少數幾個窗口我們不持有 MNPI，並且可以輕鬆回購債券。我認為，為獲得可接受的回報而採取的嚴格方法以及有限的機會窗口也限制了您可以回購的債券數量。這就是為什麼回購金額只有 1500 萬美元的部分原因。

So with respect to not retiring, that's not a requirement. I mean, we could have the option to retire them. That's final. Once you retire them, you can't un-retire them. So I think just holding on to them for now gives us more optionality. Whether or not ultimately that leads to anything else, I think, is undetermined at this point. For accounting purposes, they'll be eliminated upon consolidation. So you will see a positive benefit in that the debt will come off the balance sheet and the interest expense associated therewith will also come out of the income statement. I think I answered all your questions. But if I didn't feel, free to...

因此，就不退休而言，這不是一個要求。我的意思是，我們可以選擇讓他們退休。這是最終的。一旦您退休了它們，您就無法取消它們的退休。所以我認為暫時保留它們會給我們更多的選擇。我認為，這最終是否會導致其他結果目前尚未確定。出於會計目的，它們將在合併時被消除。因此，您將看到一個積極的好處，因為債務將從資產負債表中扣除，與之相關的利息費用也將從損益表中扣除。我想我回答了你所有的問題。但如果我沒有感覺，可以自由地...

Avi, I'd just chip in one other thing about the confidence and liquidity profile. The technical way that we paid off the term loan, we actually generated about $6.5 million of savings in that, and we also avoided payment of amortization to the tune of about $20 million a year. So that's really how to think about the kind of sources, the uses, obviously, we're doing everything Brian just described.

阿維，我想補充一下關於信心和流動性狀況的另一件事。透過我們還清定期貸款的技術方式，我們實際上節省了約 650 萬美元，而且我們也避免了每年約 2000 萬美元的攤銷。這就是如何思考來源和用途的方式，顯然，我們正在做布萊恩剛才描述的一切。

Terrific. And my last question, and I really appreciate the time, Scott, and for you, Brian, if you'd like, but you clearly have a methodical plan here to move the chains as it were. But as kind of I build my bridge from where Clear Channel is today to where the company would like to get to leverage-wise, even with the asset sales, EBITDA growth in the core U.S. business and the debt buybacks reported today, it seems like maybe a little bit more work needs to be done.

了不起。我的最後一個問題，我真的很感謝斯科特和你的時間，布萊恩，如果你願意的話，但你顯然有一個系統的計劃來移動鏈條。但當我從 Clear Channel 今天的狀況到公司希望達到的槓桿水平之間建立橋樑時，即使考慮到資產出售、美國核心業務的 EBITDA 增長以及今天報告的債務回購，似乎也許還需要做更多的工作。

And I'm curious, among the many of options you're clearly looking at and thinking about, has the company had discussions with some of its bigger debt and equity holders around perhaps raising equity-like instruments or entertaining debt for equity swaps at all? Or is it just a little too early? And again, appreciate the time as always.

我很好奇，在您清楚關注和考慮的眾多選擇中，該公司是否與一些較大的債務和股權持有人就可能籌集類似股票的工具或通過債務進行股權交換進行了討論？還是只是有點太早了？再次，一如既往地珍惜時間。

Yes. Avi, I'll take a stab at that and then have Scott or Dave weigh in if they want to go into more detail. Look, you hit upon some of the things that we're looking at. So taking a step back, our strategy, I'll put in 3 categories. One is EBITDA growth. You mentioned that. That's certainly something we're focused on. That's at the core of everything we do. And ultimately, we need to drive growth in the businesses to change our leverage profile going forward.

是的。阿維，我會嘗試一下，然後讓斯科特或戴夫權衡一下，如果他們想了解更多細節的話。聽著，你突然發現了我們正在研究的一些東西。因此，退一步來說，我們的策略，我將分為 3 類。一是 EBITDA 成長。你提到過這一點。這當然是我們關注的重點。這是我們所做一切的核心。最終，我們需要推動業務成長，以改變我們未來的槓桿狀況。

You mentioned M&A. So I think another category is M&A, but I would look at it in a broad way, a broad sense. It not only includes what we've done in Europe-South, the process we've launched in Europe-North, the strategic review we've announced in Latin America. But it could be further expanded into, okay, consideration with respect to U.S. markets, which we've talked about and are very sensitive to. Maybe the way we look at future investments. Maybe we do that in a partnership where it requires less capital. So it can have a much broader meaning than some of the things we're talking about.

您提到了併購。所以我認為另一個類別是併購，但我會從更廣泛的角度、更廣泛的意義上來看待它。它不僅包括我們在歐洲南部所做的事情、我們在歐洲北部啟動的進程以及我們在拉丁美洲宣布的戰略審查。但它可以進一步擴展到，好吧，考慮到美國市場，我們已經討論過並且對此非常敏感。也許是我們看待未來投資的方式。也許我們可以透過合作關係來做到這一點，因為這樣需要的資金較少。因此它的含義比我們正在談論的一些事情要廣泛得多。

It's a little more difficult to talk about the third bucket, the liability management activities, because it can mean a lot of things, and maybe some of those things you don't want to talk about before you implement them. But you've seen some baby steps in the debt repurchases we've talked about. We'll obviously have proceeds that are coming in from some of the divestitures and what are the most -- what are the optimal ways to apply those proceeds, to reduce debt or otherwise invest in the business.

談論第三個桶，即責任管理活動，有點困難，因為它可能意味著很多事情，也許有些事情是你在實施之前不想談論的。但你已經看到了我們討論過的債務回購的一些小步驟。顯然，我們將從一些資產剝離中獲得收益，其中最多的是——應用這些收益、減少債務或以其他方式投資於業務的最佳方式是什麼。

But to get to the -- I guess, the point of your question, have we had conversations with our investor base about other alternatives, I think the fair way to answer that, Avi, is we always have conversations with our investors. And some of those have been inbounds, and some of those have been just the questions and responses and working through ideas that are out there. Nothing is tangible enough that we would be required to make any kind of disclosure on it. Nothing really has risen to the point where it's worth talking about.

但為了解決這個問題——我想，你的問題的重點是，我們是否與我們的投資者基礎就其他選擇進行了對話，我認為回答這個問題的公平方法是，阿維，我們總是與我們的投資者進行對話。其中有些是內在的，有些只是問題和回應，以及透過現有的想法進行工作。沒有什麼是有形的，以至於我們需要對其進行任何形式的披露。沒有什麼事情真正發展到值得談論的地步。

But I think we're always in dialogue with our investors. And that's not -- that's something that the company has always been open to. And so we're happy to have that dialogue, listen to creative ideas. And if something is interesting, we'll certainly give it thought. Scott or Dave, I don't know if you have anything to add.

但我認為我們一直在與投資者對話。但這並不是公司一直持開放態度的事情。因此，我們很高興進行對話，聆聽創意。如果某件事有趣，我們一定會考慮。史考特或戴夫，我不知道你們是否有什麼要補充的。

No, I think you captured it.

不，我想你抓住了它。

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 wanted to follow up. The guidance implies a ramp into 4Q. Just wanted to get a sense of what you're seeing now. And I know it's a little early, but how are you feeling about the America and Airports business going to next year?

我想跟進。該指引意味著將進入第四季。只是想了解一下您現在所看到的情況。我知道現在有點早，但您對明年的美國和機場業務有何看法？

Okay. Thanks, Richard. I'll take this. And again, if Brian, Dave have anything to add, we can do so. We talked a lot in August about how the couple of things we were looking for was, where we going to see an uptick in cancellations, that would be on the negative side obviously, and where we going to actually see people step back into the market post Labor Day, which is what the buzz had been. And I'm pleased to report that we didn't see the uptick in cancellations, and we did see people step back into the market. And it is a more constructive market right now than what we were looking at in August. So that's all for the good.

好的。謝謝，理查。我要這個。再說一次，如果 Brian、Dave 有什麼要補充的，我們可以這樣做。我們在八月談了很多關於我們正在尋找的幾件事，我們將在哪裡看到取消訂單的增加，這顯然是負面的，以及我們將在哪裡真正看到人們重返市場勞動節過後，這就是人們所熱議的。我很高興地報告說，我們沒有看到取消訂單的增加，而且我們確實看到人們重新回到市場。現在的市場比我們八月看到的更有建設性。所以這都是為了好的。

On the second part of your question, in terms of looking at 2024, we are only just now beginning our up-front process. The dialogues that we've had to date are encouraging. I referenced in Avi's question that we are hearing some tech companies that have been a little more circumspect on investing coming back in. We are excited about the progress we're making in some of the categories that we've been trying to crack, and we feel good about what's happening in the programmatic marketplace. And there is definitely a buzz among CMOs that programmatic out-of-home is going to be a thing in 2024. I'm not sure I'm going to believe it until I see it, because we definitely have heard positive things before.

關於你問題的第二部分，就 2024 年而言，我們現在才剛開始我們的前期流程。迄今為止我們所進行的對話令人鼓舞。我在阿維的問題中提到，我們聽到一些科技公司在投資方面更加謹慎。我們對在我們一直試圖破解的一些領域取得的進展感到興奮，並且我們對程序化市場中發生的事情感到滿意。 CMO 中肯定有一種說法，即戶外程序化將在 2024 年成為主流。在親眼目睹之前，我不確定自己是否會相信這一點，因為我們之前肯定聽說過積極的事情。

But I think in an environment where you've got an ad market that is going to have political consuming a lot of the scatter and up-front markets and other media, I think out-of-home is going to be positioned really well in that we've been doing enough test and learns with brands that suggest they're getting good return on using our out-of-home assets in that way that, that could be a positive. But this is speculation at this point, Richard. We don't have enough money in the books to be declaring anything, but I would characterize the outlook for 2024 as positive. Anything you'd add, Brian or Dave?

但我認為，在一個廣告市場將有政治消費大量分散和前期市場以及其他媒體的環境中，我認為戶外廣告將在以下領域處於非常有利的位置：我們已經對品牌進行了足夠的測試和學習，表明他們以這種方式使用我們的戶外資產獲得了良好的回報，這可能是積極的。但這只是猜測，理查德。我們帳面上沒有足夠的資金來宣布任何事情，但我認為 2024 年的前景是積極的。布萊恩或戴夫，你還有什麼要補充的嗎？

Great. And is there anything on the programmatic side that you could do to maybe prep for higher demand? Or will that kind of take care of itself?

偉大的。在程序化方面，您可以做些什麼來為更高的需求做好準備嗎？或者這種情況會自行解決嗎？

The beauty of programmatic is that it's highly scalable. So we've done -- if you think back to when we first started this, there was a lot more manual intervention on our part to make it work. It's still not perfect, but we are in a position to absorb demand as it goes. And I dream about a world where I'm so constrained on capacity that I'm having to tell programmatic people that we're not able to fulfill their demand, because that will only help us on the direct business.

程式化的美妙之處在於它具有高度可擴展性。所以我們已經完成了——如果你回想一下我們第一次開始這項工作時，我們需要進行更多的手動幹預才能使其發揮作用。它仍然不完美，但我們有能力吸收不斷變化的需求。我夢想著這樣一個世界：我的能力非常有限，以至於我不得不告訴程式化人員我們無法滿足他們的需求，因為這只會對我們的直接業務有所幫助。

No, that would be a great position to be in. Last one for me, Europe-North continues to outperform and do well. How is that impacting the strategic review and the way maybe other bidders are looking at the process and how you're viewing the business at this point? Because it seems like it's doing pretty well.

不，這將是一個很好的位置。最後一個對我來說，歐洲北部繼續表現出色並且表現良好。這對策略審查以及其他投標者看待流程的方式以及您目前如何看待業務有何影響？因為看起來它做得很好。

So it is doing pretty well. And I actually think it's worth, Justin, maybe saying something about the why on that, but let me answer your question first. When we pivoted the middle of last year to doing the tough markets first and to cleaning up the portfolio, that was with an understanding with the Europe-North team that the focus that they would have and that the continued digital conversion, the continued investment in LaunchPAD and programmatic tools, things along those lines, would help them achieve what's been achieved when you look at our Page 5 of our slide deck.

所以它做得很好。賈斯汀，我實際上認為這是值得的，也許可以談談為什麼，但讓我先回答你的問題。去年年中，當我們轉向首先應對艱難的市場並清理投資組合時，我們與歐洲北部團隊達成了共識，他們將關注的重點以及持續的數位轉型、持續的投資LaunchPAD 和編程工具以及類似的東西將幫助他們實現您在投影片第5 頁所取得的成就。

I can't speak to what potential buyers are thinking as they see it, but the kind of basic feedback that we've gotten is that people appreciate that we have adapted our portfolio. They appreciate the work that we've done with our portfolio and that they're impressed with how Europe-North has overdelivered relative to the SIP that we published in January of '22. And that's about all I can say on the process at this point. It is still early days. But Justin, why don't you give us just 30 seconds on drivers of the performance? Because it's been pretty special.

我無法說出潛在買家的想法，但我們得到的基本回饋是，人們讚賞我們調整了我們的產品組合。他們讚賞我們對我們的投資組合所做的工作，並且他們對歐洲北部相對於我們 22 年 1 月發布的 SIP 的超額交付印象深刻。關於這一點我能說的就這麼多了。現在還為時過早。但是賈斯汀，為什麼不給我們 30 秒的時間來介紹表演的驅動程式呢？因為它非常特別。

Yes. Sure. Thanks, Scott. Well, I think the biggest driver is continued digital rollout, and that's especially across what we're doing on the roadside assets, mainly street furniture and in markets like the U.K., where we've continued with the plan and continue to see growth.

是的。當然。謝謝，斯科特。嗯，我認為最大的推動力是持續的數位化推廣，尤其是我們在路邊資產（主要是街道設施）和英國等市場所做的事情，我們在英國繼續執行該計劃並繼續看到成長。

Programmatic is small but has had quite a big impact. It's because most of the revenue we take there is incremental. And when you have that alongside a digital footprint that's growing, that really helps the business. So I think there's a couple of things that really helped drive that. It can only be good for the process, I'm assuming. But yes, so a strong continued digital rollout with programmatic adding a bit extra on top.

程序化雖然規模很小，但產生了相當大的影響。這是因為我們在那裡獲得的大部分收入都是增量的。當你擁有這一點以及不斷增長的數位足跡時，這對業務確實有幫助。所以我認為有幾件事真正幫助推動了這一點。我認為這只會對整個過程有利。但是，是的，如此強大的持續數位化推出，加上程式化的補充。

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卡梅倫·麥克維。

Just a couple. On the Europe-North point, yes, I know that there -- over 50% of revenue is from digital. Just curious how you guys are thinking about digital conversions, I guess, in the U.S. going forward and what the ideal revenue contribution is

只是一對。在歐洲北點，是的，我知道那裡 50% 以上的收入來自數位化。我只是好奇你們如何看待美國的數位轉型以及理想的收入貢獻是什麼

(technical difficulty)

（技術難度）

both for the U.S. and Airports.

適用於美國和機場。

Thanks, Cameron. So let me start with the America business. The U.S. is really a patchwork of regulatory environments. We have a number of markets that are similar in profile to our Europe-North business in that they're producing 40% to 60% of their revenue digitally. We also have markets that are 0 because of the regulatory environment. And the way that this has played out over years, I think that there's a long-term trend to being able to digitize. But I think the likely outcome in America is probably not as high as it is globally until you think about a very long time away from now, just because of the regulatory constraints and the challenges there.

謝謝，卡梅倫。讓我從美國業務開始。美國的監管環境其實是拼湊而成的。我們有許多市場與我們的歐洲北部業務相似，他們 40% 到 60% 的收入都是數位化的。由於監管環境的原因，我們也有一些市場為 0。從多年來的發展來看，我認為數位化是一種長期趨勢。但我認為，美國的可能結果可能不會像全球那麼高，直到你考慮到距離現在很長一段時間，這只是因為那裡的監管限制和挑戰。

In Airports, I think it's different. And you've seen our digital business grow really, really rapidly. Anybody who's traveled through the New York airports, which are our most contemporary airport implementation, has seen just how much digital we use within it. And it really lends itself to the airport environment. Not to say that there's not plays for static and places where static could make sense. But it -- the operational flexibility of the digital and the immediacy of it is extremely attractive in that environment.

在機場，我認為情況有所不同。您已經看到我們的數位業務成長得非常非常快。任何去過紐約機場（我們最現代化的機場實施）的人都知道我們在其中使用了多少數位化技術。它確實非常適合機場環境。並不是說沒有靜態的遊戲和靜態可以有意義的地方。但數位化的操作靈活性和即時性在這種環境下極具吸引力。

So we're already in the 50s in the airport in terms of digital penetration, and I could definitely see that going higher. And the pacing on that will be refreshes of airports and frankly where it makes sense. Because while digital has gotten cheaper, the kind of implementations we're doing at JFK and LaGuardia are not going to make sense at regional airports. And so there's a balance to be struck. But I do think that you'll see digital as a higher proportion of that airport space. Hopefully, that addresses your question.

因此，就數位滲透率而言，我們機場的數位滲透率已經達到了 50 多歲，而且我肯定會看到這一數字會更高。其節奏將是機場的更新，坦白說，這是有意義的。因為雖然數位化已經變得更便宜，但我們在甘迺迪機場和拉瓜迪亞機場所做的那種實施在支線機場沒有意義。因此需要取得平衡。但我確實認為，數位化在機場空間中所佔的比例會更高。希望這能解決您的問題。

It does, definitely. And then last one, just on the rent abatements, how much longer do you guys expect to continue receiving these abatements?

確實如此，絕對如此。最後一個，關於租金減免，你們預計會繼續享受這些減免多久？

I'll take a stab, and then maybe you can comment on Americas. I think we're seeing them cycle through. We haven't seen anything in Europe. I think we're done. On the America side, we continue to pursue what we can, but we're also seeing the business cycle through that. I think most of them are largely in the airport business, but I'll turn it over to Dave Sailer, CFO of Americas, to talk about that.

我會嘗試一下，然後也許你可以對美洲發表評論。我認為我們正在看到它們循環。我們在歐洲什麼也沒看到。我想我們已經完成了。在美國方面，我們繼續盡我們所能，但我們也從中看到了商業週期。我認為他們中的大多數人主要從事機場業務，但我會把它交給美洲財務長戴夫·塞勒(Dave Sailer)來談談。

Yes. Sure. I'll start on the Airports segment. They're definitely starting to trickle off as we further get away from COVID. But I'd probably point out, in the third quarter of 2022, it definitely was a lot -- there was a more significant amount of relief as we get into 2023. And that's going to roll off over time. But the Airports group, they're still trickling some in Q4 and some into 2024, but we're definitely at the tail end of it.

是的。當然。我將從機場部分開始。隨著我們進一步遠離新冠病毒，它們肯定會開始逐漸減少。但我可能會指出，在 2022 年第三季度，這絕對是很多——隨著我們進入 2023 年，會有更顯著的緩解。而且這種緩解會隨著時間的推移而減少。但機場集團仍在第四季度和 2024 年提供一些，但我們肯定已經處於尾聲了。

On the America front, we're definitely seeing the end of the relief from a COVID standpoint. And when you think about our slightly -- I mean, I'd probably say our biggest headwind as we got into this year, and we've mentioned this before, was really that one large contract that we kind of renegotiated. And that's going to roll off at the end of the third quarter. So as we get into next year, a little bit more left on Airports, but I think we've seen the end of that rope from an America standpoint.

在美國方面，從新冠疫情的角度來看，我們肯定會看到救濟的結束。當你稍微考慮一下我們的情況時——我的意思是，我可能會說我們今年遇到的最大阻力，我們之前已經提到過，實際上是我們重新談判的一份大型合約。這將在第三季末開始實施。因此，當我們進入明年時，機場方面還剩下一些，但我認為從美國的角度來看，我們已經看到了這條繩子的盡頭。

Our next question comes from Lance Vitanza from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Lance Vitanza。

Nice job on the quarter. Scott, I think you said that October was maybe the best month this year after a strong September. I'm wondering if you could just refresh what you said there and then comment on whether that's just sort of the favorable seasonality that we'd expect as we get into the fourth quarter. Or would you say there's real improvement on -- if we were to sort of think about a seasonally adjusted kind of a series, would we still feel that October is kind of the best month year-to-date?

本季工作做得很好。史考特，我想你說過十月可能是繼強勁的九月之後今年最好的一個月。我想知道您是否可以回顧一下您在那裡所說的內容，然後評論一下這是否正是我們進入第四季度時所期望的有利季節性。或者你會說，如果我們考慮一下季節性調整後的系列，我們仍然會覺得十月是今年迄今為止最好的一個月？

So Lance, the comment was directed at programmatic. It was our best month ever in programmatic. So that was not indicative of the overall business. So it was a little narrower, I think, than you might have interpreted.

所以蘭斯，這個評論是針對程式化的。這是我們有史以來在程式化方面表現最好的一個月。所以這並不代表整體業務。所以我認為它比你可能理解的要窄一些。

And then is the momentum that you're taking -- that you're seeing, is that -- are you taking share from other out-of-home advertisers? Or is the out-of-home medium taking share from other media? Or are you just sensing a general improvement in ad spending than you had forecast?

然後是你所看到的勢頭——你是否從其他戶外廣告商那裡獲得了份額？或者戶外媒體是否正在搶佔其他媒體的份額？還是您只是感覺到廣告支出比您預期的整體改善？

So I do think that out-of-home certainly relative to traditional media is gaining share relative to traditional media. You've heard the digital companies report, and they've had pretty good results. So not going to say that we're taking a lot from that channel. But I think it's an optimization thing.

因此，我確實認為，相對於傳統媒體而言，戶外廣告無疑正在獲得更多份額。你已經聽過數位公司的報告，他們取得了相當不錯的成果。因此，並不是說我們從該管道獲取了很多東西。但我認為這是一個優化的事情。

We are a relatively small part of the media ecosystem, and advertisers are very much trying to figure out the optimal mix of media. And what we have is a high-reach, hard-working medium that a lot of advertisers know us well and use us in that regard. And they're seeing the synergies that we've called out with digital media, in particular, pretty regularly.

我們只是媒體生態系統中相對較小的一部分，廣告主正在努力找出最佳的媒體組合。我們擁有的是一個覆蓋面廣、工作努力的媒體，許多廣告商都非常了解我們並在這方面使用我們。他們尤其經常看到我們與數位媒體所帶來的協同效應。

And so we're seeing ourselves get included in campaigns alongside those sort of media. And I think that's an important growth driver for us going forward. But it's very hard to generalize across the thousands and thousands of advertisers. I do think that we're well positioned as a hard-working, high-reach medium.

因此，我們看到自己與此類媒體一起參與活動。我認為這是我們前進的重要成長動力。但很難對成千上萬的廣告商進行概括。我確實認為我們作為一個勤奮、影響力廣泛的媒體處於有利地位。

And then the last one for me, just to come back to Airports for a second. You mentioned that you're ending the year stronger than you'd expected, and I'm just wondering if we could sort of think about what the drivers are there. I see 3 sources of potential upside, right? You get more displays in place than you thought, more passengers passing through the airports than you thought or advertisers just embracing the medium more so than perhaps you'd budgeted.

然後是我的最後一個，只是為了回到機場一會兒。你提到你今年結束時的表現比你預期的要好，我只是想知道我們是否可以考慮一下驅動因素是什麼。我看到了 3 個潛在的上漲來源，對嗎？你會得到比你想像的更多的展示，比你想像的更多的乘客通過機場，或者廣告商對媒體的接受程度可能超出了你的預算。

So of those 3 or maybe there are others that I'm missing here, but how would you sort of attribute the relative strength that you're seeing versus what you had been thinking earlier in the year?

那麼，在這三個因素中，或者可能還有其他我在這裡遺漏的因素，但是您如何將您所看到的相對強度與您今年早些時候的想法進行比較？

Thanks, Lance. Look, I think it's all 3, but let me unpack it just a little bit for it. I'd add a fourth, which is just timing of inventory deployment. So we knew this year was going to be strong for Airports because we had very, very strong build-out. You just look at the CapEx that we deployed in Airports the prior periods. We've had very strong build-out, particularly in our New York franchise. And so part of it is just mainstreaming a bunch of inventory that's come online in the last 12 months.

謝謝，蘭斯。看，我想這都是 3 個，但讓我稍微解開一下。我想新增第四個，這只是庫存部署的時間。所以我們知道今年對機場來說將會是強勁的一年，因為我們有非常非常強大的擴建。您只需查看我們之前在機場部署的資本支出。我們有非常強大的擴建，特別是在我們的紐約特許經營權中。因此，其中一部分就是將過去 12 個月內上線的大量庫存納入主流。

But when I think about it, airport traffic is up double digits relative to 2022. It's really left 2019 in the dust at this point. That was what we used to really fixate on. It's really now growing in its own right. So it's up double digits. The digitization has continued, and we talked about that a minute ago.

但仔細想想，機場客流量較 2022 年增長了兩位數。此時此刻，確實將 2019 年拋在了身後。這就是我們過去真正關注的事情。它現在確實是靠自己的力量成長。所以上漲了兩位數。數位化仍在繼續，我們剛才談到了這一點。

And just in terms of advertisers, it's been well suited to the advertising market. I referred a number of times to how 2023 has been a superpremium market, which means spectaculars. It means airports. It means iconic locations in iconic places, whether that's in New York or Miami or L.A. or Vegas. That part of the market has been red, red hot, and Airports has benefited from that dynamic. But I think those 3 things that you named all contributed along with us bringing online a lot of great inventory in New York.

就廣告商而言，它非常適合廣告市場。我多次提到 2023 年是一個超級市場，這意味著壯觀的市場。意思是機場。它意味著標誌性地點的標誌性地點，無論是在紐約、邁阿密、洛杉磯還是維加斯。這部分市場已經非常紅火，機場也從這種動態中受益。但我認為你提到的這三件事都為我們在紐約帶來大量優質庫存做出了貢獻。

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史蒂文·卡霍爾。

Sorry if I missed this earlier, but I was wondering if you could just talk a little bit to performance in your Los Angeles market. I think that's your largest market pretty significantly. And related, I know M&E has been a bit of a drag. Obviously, the reasons for that are clear with the strikes. It looks like those are going to be solved relatively soon. So how can we think about maybe what the improvement could be in 2024, if you just see M&E and/or L.A. kind of getting back to normal?

抱歉，如果我之前錯過了這一點，但我想知道您是否可以談論洛杉磯市場的表現。我認為這是你們最大的市場。與此相關的是，我知道 M&E 有點拖累。顯然，罷工的原因很清楚。看來這些問題很快就會解決。那麼，如果您看到 M&E 和/或洛杉磯恢復正常，我們該如何考慮 2024 年可能會有哪些改進？

And then maybe to follow up on some of the Europe-North questions. Assuming that you do get to a successful resolution of that process, excluding what you might be divesting in Europe-North, do you have additional corporate or overhead costs that you might be able to also unwind once you finish that asset? Just trying to understand some of the overall impact on EBITDA.

然後也許會跟進一些北歐問題。假設您確實成功解決了該流程，不包括您可能在歐洲北部剝離的資產，您是否還有額外的公司或管理費用，一旦您完成該資產，您也可以將其釋放？只是想了解對 EBITDA 的一些整體影響。

Thanks, Steve. And the L.A. question is very specific. I'm going to try to answer it, but I'm going to try to answer it in a way that I can. And then I'm going to hand it to Brian to talk about the corporate costs. On L.A., the media and entertainment strikes have -- the writers' strike and the actors' strike have impacted not just media and entertainment, which they have impacted media and entertainment, but they've also impacted just general activity in L.A. With all of the folks impacted by those strikes, advertisers have potentially been a little less -- and this is local as well as national advertisers, a little less inclined to maybe be launching campaigns into that environment. We are seeing that abate in Q4.

謝謝，史蒂夫。洛杉磯的問題非常具體。我會嘗試回答這個問題，但我會嘗試以我能做到的方式回答它。然後我將把它交給布萊恩來討論公司成本。在洛杉磯，媒體和娛樂業的罷工——作家的罷工和演員的罷工不僅影響了媒體和娛樂業，而且還影響了洛杉磯的一般活動。受這些罷工影響的人們，廣告商可能會更少——這是本地和全國的廣告商，不太願意在這種環境中發起廣告活動。我們看到這種情況在第四季有所減弱。

But I'd think about L.A. in the context of California. So California is very complicated relative to auto insurers. California is important for technology, and technology has been a down category much of this year. And then you have the media and entertainment impacts. So there have been a lot of things impacting it. And you're right, it's our largest market. San Francisco is our third largest market. So you combine the impacts of those verticals, the impacts of California dynamics, that's explanatory of the vast majority of our challenges this year.

但我會在加州的背景下考慮洛杉磯。因此，相對於汽車保險公司而言，加州的情況非常複雜。加州對科技很重要，而科技今年大部分時間都處於低迷狀態。然後你就會產生媒體和娛樂影響。所以影響它的因素很多。你是對的，這是我們最大的市場。舊金山是我們的第三大市場。因此，您可以將這些垂直領域的影響和加州動態的影響結合起來，這可以解釋我們今年面臨的絕大多數挑戰。

And we are seeing signs that those things will be moving in a better direction going forward. I think getting the writers back to work will really be helpful. Hopefully, the actors will get through, and we'll be able to pick that up. But I feel like it's always hard to call a trough moment. But I think Q3 has indicators that it could be a trough moment for our challenges in California and L.A. Brian, why don't I hand it to you on the corporate costs part?

我們看到有跡象表明這些事情將朝著更好的方向發展。我認為讓編劇們重新開始工作確實會有幫助。希望演員們能夠通過，我們就能接住它。但我覺得總是很難稱之為低谷時刻。但我認為第三季有跡象表明，這可能是我們在加州和洛杉磯面臨的挑戰的低谷時刻。布萊恩，我為什麼不把企業成本部分交給你呢？

Sure. Thanks. And we talked a little bit about this earlier. But I think your question really goes to the company has said that we could take out at least $30 million post international divestitures. And I think the way to think about it is that $30 million are kind of the direct costs that are easily identifiable that will leave at or around the time of the divestiture. And then the at least in that statement is other opportunities that we see.

當然。謝謝。我們之前討論過這個問題。但我認為你的問題實際上是針對該公司的，該公司表示，我們可以在國際資產剝離後拿出至少 3000 萬美元。我認為思考這個問題的方法是，3000 萬美元是一種易於識別的直接成本，將在剝離時或剝離前後留下。然後至少在該聲明中是我們看到的其他機會。

And so when we drill down into that, if you think about, okay, well, there's kind of the corporate overhead that's directly related to the European business, that goes, that's easy to think about, it's easy to segregate, what is the other part? And that other part are the costs that are kind of intertwined or embedded in the top-level corporate structure.

因此，當我們深入研究這個問題時，如果你想一想，好吧，有一種與歐洲業務直接相關的公司管理費用，這很容易思考，很容易分離，其他是什麼部分？另一部分是與高層公司結構交織在一起或嵌入的成本。

An example might be there's a corporate treasury staff, for example. They would not necessarily be needed. They would go with the business, but they're not direct corporate overhead that's associated with that business. There may be people that work on international things, but at the corporate level. And maybe after those things unwind after a period of time, they would need to go.

一個例子可能是公司財務人員。不一定需要它們。它們會與業務相關，但它們不是與該業務相關的直接公司管理費用。可能有人從事國際事務，但是是在公司層級。也許在一段時間後這些事情平息下來後，他們就需要離開了。

I think it's important to point out some new language that we introduced in the script about zero-based analysis, cost-based analysis when we take a look at this. So post divestiture, we're going to take a hard look. We're going to build up from the bottom. We're going to make sure we capture all those costs that are in that structure.

我認為當我們看這個時，指出我們在腳本中引入的一些關於基於零的分析、基於成本的分析的新語言很重要。因此，剝離後，我們將認真審視。我們將從底層開始建造。我們將確保捕獲該結構中的所有成本。

Our next question comes from Aaron Watts from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Aaron Watts。

Just 2 questions for me. You covered a lot of ground today. In the U.S., what are some of the key factors driving the relative softness of the print format versus digital? Is that being driven by some of the specific verticals you've called out that are soft at the moment or the specific markets you've talked about that are maybe weighted more towards print?

只要問我 2 個問題。你今天講了很多內容。在美國，導致印刷格式與數位格式相對疲軟的一些關鍵因素是什麼？這是由您所指出的目前疲軟的某些特定垂直市場所驅動的，還是您所談論的可能更偏向於印刷的特定市場所驅動的？

So that's a very micro question. I'm going to give you a macro answer because of time and also, I don't know that it will actually help that much. The drivers of what's going on in print are it's the overall factors that we've got going on. The markets that are down are a little more weighted to print than other markets. I think a lot of -- not having auto insurance come back as much as we had hoped for this year has been a drag on print. That would be the only incremental thing I'd name to the kind of overall challenges in the U.S. But we look at this very closely market to market, and I think those macro characterizations are the big ones.

所以這是一個非常微觀的問題。由於時間原因，我將給你一個宏觀的答案，而且，我不知道它實際上會有多大幫助。印刷中發生的事情的驅動因素是我們正在發生的整體因素。下跌的市場比其他市場的印刷權重稍大。我認為，汽車保險今年沒有像我們希望的那樣恢復，這對印刷業造成了拖累。這將是我對美國整體挑戰的唯一增量。但我們非常仔細地審視這個市場，我認為這些宏觀特徵是最重要的。

Okay. Got it. And then secondly, as you close out '23 and roll into '24 and as digital continues to expand in importance, can you remind us how to think about the margin profile of digital versus the legacy static boards for the Americas platform? And at this stage of the rollout, should we think about each new digital board added as margin accretive? Or if not, what are the mitigating factors there?

好的。知道了。其次，當您結束「23」並進入「24」以及數位化的重要性不斷擴大時，您能否提醒我們如何考慮美洲平台的數位化與傳統靜態董事會的利潤狀況？在推出的這個階段，我們是否應該考慮增加每個新的數位板以增加利潤？或者如果不是，有哪些緩解因素？

So yes, I mean, digital, there's a lot packed into that as well. But we always do try to secure the ground underneath our digital signs and/or get a long-term lease when we convert them. They are inherently a higher-margin product. But our roadside business, our America business is a high-margin product overall outside of the spectaculars and a few urban locations. So you should think of it as a margin tailwind, but it's not a tsunami. I guess that's the pithy way to put that one.

所以是的，我的意思是，數位化，裡面也包含了很多東西。但我們總是盡力保護數位看板下方的地面和/或在轉換數位看板時獲得長期租約。它們本質上是一種利潤率較高的產品。但我們的路邊業務，我們的美國業務總體來說是一個高利潤產品，除了壯觀的景色和一些城市地點之外。因此，您應該將其視為利潤順風，但它不是海嘯。我想這就是最簡潔的表達方式。

I was just going to comment, we don't have any further questions. So I will hand back to you for closing remarks.

我只是想發表評論，我們沒有任何進一步的問題。因此，我將向您交回閉幕詞。

Great. And thank you, everyone, for joining us today. I know that we've been able to say we're improving our guidance on the strength of Airports and Northern Europe, and our investors are most interested in America. When I look at year-to-date in America, I just want to remind everyone of a couple of things.

偉大的。感謝大家今天加入我們。我知道我們可以說我們正在改進機場和北歐實力的指導，而我們的投資者對美國最感興趣。當我回顧美國今年迄今為止的情況時，我只想提醒大家幾件事。

On the revenue side, more than half our markets have grown for the year, and one market accounts for almost twice of our total decline year-to-date. That one market is accounting for twice the total decline. In addition, we're seeing double-digit growth in programmatic for the first time since early this year and category

在收入方面，我們一半以上的市場今年實現了成長，而一個市場的收入幾乎占我們今年迄今總跌幅的兩倍。這一市場的跌幅是總跌幅的兩倍。此外，自今年年初以來，我們首次看到程序化和品類出現兩位數成長

(technical difficulty)

（技術難度）

this is moving in the right direction. On the EBITDA side, we're coming out of the long absorption of the large contract that we refreshed this year and have almost fully lapped the onetime abatements related to COVID. So couple that with the demonstration of our ability to get hard things done in our portfolio, the performance of our Airports and Northern Europe teams and the focus areas we shared throughout the call, we believe there's a lot of reasons to see brighter days ahead for CCO.

這正在朝著正確的方向發展。在 EBITDA 方面，我們正在擺脫對今年更新的大型合約的長期吸收，並且幾乎完全完成了與新冠病毒相關的一次性削減。因此，再加上我們在投資組合中完成艱鉅任務的能力、我們機場和北歐團隊的表現以及我們在整個電話會議中分享的重點領域，我們相信有很多理由可以看到未來更加光明的日子科科。

With that, we'll wrap it up. Thank you all, and we'll talk with you again next quarter.

至此，我們就結束了。謝謝大家，我們將在下個季度再次與您交談。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。