Clear Channel Outdoor Holdings Inc (CCO) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Clear Channel Outdoor Holdings, Inc. 2023 fourth quarter earnings conference call. (Operator Instructions) Our question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Eileen McLaughlin, Vice President, Investor Relations. Please go ahead.

女士們、先生們，感謝大家的支持，歡迎參加 Clear Channel Outdoor Holdings, Inc. 2023 年第四季財報電話會議。（操作員說明）我們的問答環節將在正式演示之後進行。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將電話轉給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, will provide an overview of the 2023 fourth quarter operating performance of Clear Channel Outdoor Holdings, Inc. and Clear Channel International BV. We recommend you download the earnings presentation located in the financial 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 just in Cochrane, CEO. of Clear Channel UK and Europe, and David Seiler, CFO of Clear Channel Outdoor Americas will join Scott and Brian during the Q&A portion of the call.

早安，感謝您參加今天的電話會議，我們的首席執行官斯科特·威爾斯(Scott Wells) 和首席財務官布萊恩·科爾曼(Brian Coleman) 將概述Clear Channel Outdoor Holdings, Inc.和Clear Channel 2023 年第四季的營運業績國際有限公司。我們建議您下載位於我們投資者網站財務部分的收益演示文稿，並在介紹和審查我們的業績後在本次電話會議中查看演示文稿，我們將開通提問熱線，並由首席執行官科克倫( Cochrane) 提問。 Clear Channel 英國和歐洲的財務長 David Seiler 以及 Clear Channel Outdoor Americas 的財務長 David Seiler 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 can be no assurance that management's expectations, beliefs or projections will be achieved or that the 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預期、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 to confirm 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, February 26th, 2024 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（2024 年 2 月 26 日）管理層的觀點，重播時可能不再準確。

Please turn to slide 4 and earnings presentation and I will now turn the call over to Scott.

請參閱幻燈片 4 和收益演示，我現在將把電話轉給 Scott。

Good morning, everyone, and thank you for taking the time to join us today.

大家早安，感謝您今天抽出時間加入我們。

We generated consolidated revenue of $623 million for the fourth quarter, excluding movements in foreign exchange rates, reflecting a 10.8% increase as compared to the prior year and exceeding our fourth quarter guidance. Our results reflect a strong performance from airports in Europe, nor an improving business trends in the Americas segment with America returning to growth recapping the past year in our Americas segment, after a very encouraging upfront in the US, the theme for many of our clients was delayed decision making as they waited for signs of clarity on the direction of the economy.

不計匯率變動，我們第四季的綜合收入為 6.23 億美元，比去年同期成長 10.8%，超出了我們第四季的指導。我們的業績反映了歐洲機場的強勁表現，也反映了美洲地區業務趨勢的改善，美國恢復了增長，回顧了過去一年我們美洲地區的情況，在美國取得了非常令人鼓舞的前期業績，這是我們許多客戶的主題由於等待經濟方向明確的跡象，決策被推遲。

We also saw softness in select markets, particularly in the San Francisco Bay area, as well as in select categories led by media and entertainment, technology and auto. These factors, combined with difficulty in fully staffing our local sales teams made for a challenging year. The good news is that in the latter part of the year business starting to improve with demand picking up after Labor Day and continuing into the current quarter we're seeing some demand improvement in California. We have shown strong growth in the verticals we've been targeting, and we've made progress in hiring and onboarding salespeople in our local market, while there is still some level of uncertainty in the market.

我們也看到某些市場的疲軟，特別是在舊金山灣區，以及以媒體和娛樂、科技和汽車為主導的某些類別。這些因素，加上當地銷售團隊人員不足的困難，使我們度過了充滿挑戰的一年。好消息是，今年下半年，隨著勞動節後需求的回升，業務開始改善，並持續到本季度，我們看到加州的需求有所改善。我們在我們所瞄準的垂直領域表現出了強勁的成長，並且我們在本地市場的銷售人員招聘和入職方面取得了進展，儘管市場仍然存在一定程度的不確定性。

Advertisers are becoming more comfortable in making decisions, and we're continuing to see improving trends in the current quarter across key verticals and markets. Our airports team delivered a record fourth quarter and an exceptional year after a slow start driven by the investments we've made in digital, primarily related to the New York airports. But with strength across the portfolio, advertisers are focused on premium inventory, which benefits our airports business with the strength in travel and transportation, telco and banking, among other categories and the Europe North team continues to deliver with increased revenue across our products and most of the countries in which we operate, driven in part by increased demand deployment of digital additional digital displays and strong programmatic growth. We remain focused on delivering on our strategic roadmap, which is aimed at enhancing the profitability of our business, focusing on our higher-margin US markets and transforming into a technology fueled visual media powerhouse, reaching a growing audience.

廣告商在做出決策時變得更加自如，我們繼續看到本季關鍵垂直行業和市場的趨勢有所改善。在我們對數位投資（主要與紐約機場相關）的推動下，我們的機場團隊在開局緩慢後，第四季度取得了創紀錄的成績，也是非凡的一年。但憑藉整個產品組合的優勢，廣告商將重點放在優質廣告資源上，這有利於我們的機場業務，因為我們在旅行和運輸、電信和銀行等類別中的實力雄厚，而且北歐團隊繼續提供我們產品和大多數產品的收入增加。我們開展業務的國家/地區的成長，部分原因是數位附加數位顯示器的需求增加和強勁的計畫成長。我們仍然專注於實現我們的策略路線圖，旨在提高我們業務的獲利能力，專注於利潤率較高的美國市場，並轉型為技術驅動的視覺媒體巨頭，吸引越來越多的受眾。

Delivering a digital media experience remains central to our investment strategy, both in terms of expanding our footprint in the US and strengthening our ability to serve a greater range of advertisers and drive revenue growth. We're progressing and delivering the kind of experience advertisers expect from digital media, coupled with the mass reach and creative impact amount of home. Additionally, our investments in data and analytics and programmatic are enabling us to engage with advertisers that haven't typically invested in out-of-home. We're also experimenting with using AI capabilities to develop creative, increasing productivity and allowing us to help more customers Emageon their brands on out-of-home than we could with traditional tools. We believe this could prove to be a growth driver over time.

提供數位媒體體驗仍然是我們投資策略的核心，無論是擴大我們在美國的業務，還是增強我們為更廣泛的廣告商提供服務和推動收入成長的能力。我們正在不斷進步並提供廣告商期望從數位媒體獲得的體驗，以及家庭的廣泛影響力和創意影響力。此外，我們在數據、分析和程序化方面的投資使我們能夠與通常不投資戶外廣告的廣告商互動。我們也嘗試使用人工智慧功能來開發創意，提高生產力，並使我們能夠比使用傳統工具幫助更多的客戶在戶外使用 Emageon 他們的品牌。我們相信，隨著時間的推移，這可能會成為成長動力。

Drilling deeper into our America growth strategy. Our national sales team continues to work on penetrating new verticals and developing our planned direct sales approach, and we're continuing to see early success in both pharma and CPG.

更深入地研究我們的美國成長策略。我們的全國銷售團隊繼續致力於滲透新的垂直領域並開發我們計劃中的直銷方法，並且我們繼續在製藥和消費品領域取得早期成功。

Revenue in our pharma vertical doubled last year and was a large contributor to America revenue growth in 2023 due in large part to our focus on developing the insights and campaign measurement tools. The pharma industry requires. This is an excellent example of the power of Applied data dataflow. Another excellent example is the progress we're making in programmatic, which had a record fourth quarter and has driven our recent success within the CPG vertical. We wouldn't have been able to make inroads into CBG., which is traditionally not been a big user of out-of-home in the US and prefers data with its impressions.

去年，我們製藥垂直產業的營收翻了一番，是 2023 年美國營收成長的重要貢獻者，這在很大程度上要歸功於我們專注於開發洞察和活動衡量工具。製藥業需要。這是應用資料資料流強大功能的一個很好的例子。另一個很好的例子是我們在程序化方面的進展，第四季度取得了創紀錄的成績，並推動了我們最近在 CPG 垂直領域的成功。我們不可能進入 CBG，因為 CBG 傳統上並不是美國戶外活動的大用戶，更喜歡帶有印象的數據。

If we hadn't invested in our programmatic infrastructure. We've also started generating meaningful revenue through our new website in the US, and we believe these enhanced revenue streams have good growth potential over time. We're also focused on fully staffing our sales teams where our staffing levels has stubbornly lagged our post-COVID business recovery. We've made significant progress in our onboarding capability and in strengthening our training in line with the expansion of the solutions we offer.

如果我們沒有投資於我們的程式化基礎設施。我們也開始透過我們在美國的新網站產生有意義的收入，我們相信這些增強的收入流隨著時間的推移具有良好的成長潛力。我們也致力於為銷售團隊配備充足的人員，但我們的人員配備水準一直落後於新冠疫情後的業務復甦。隨著我們提供的解決方案的擴展，我們在入職能力和加強培訓方面取得了重大進展。

On the M&A front, we're continuing with the sales process of our businesses in Europe, North segments, and we have commenced the process to sell our businesses in Latin America as well as evaluating related paths to optimize our cost structure. The goal is to streamline our organization to focus on our US markets, further strengthen the operating leverage in our business and improve cash flow. It's worth giving our teams currently involved in these processes, a shout-out for their continued strong performance despite the distraction.

在併購方面，我們正在繼續歐洲、北方業務的出售流程，並已開始出售拉丁美洲業務的流程，並評估相關路徑以優化我們的成本結構。目標是精簡我們的組織，專注於美國市場，進一步增強我們業務的營運槓桿並改善現金流。值得讚揚我們目前參與這些流程的團隊，儘管他們受到干擾，但他們仍然表現出色。

Turning to our forecast, full year consolidated revenue is expected to reach between $2.2 billion and $2.26 billion, representing a mid-single digit increase over last year. Excluding movements in foreign exchange rates. Brian will provide a detailed overview of our guidance in a moment. In the first quarter, we're off to a good start and our business is growing in the Americas segment. We're seeing a better climate in the majority of our markets, including our largest markets in California with the San Francisco Bay Area, showing signs of improvement.

就我們的預測而言，全年綜合收入預計將達到 22 億至 22.6 億美元，較去年實現中個位數成長。不包括外匯匯率變動。Brian 稍後將詳細概述我們的指南。第一季度，我們有了一個良好的開端，我們的美洲業務正在成長。我們看到大多數市場的氣候有所改善，包括加州和舊金山灣區的最大市場，顯示出改善的跡象。

Our largest vertical business services remained strong as well as amusements and retail. And the end of the strikes has been a welcome development and is having a positive impact in the entertainment vertical in California and beyond airports continues to deliver excellent results, and the business remains strong given the premium nature of our inventory. Europe North is also off to a good start with ongoing strength in the UK and Sweden, our largest Europe North markets, offsetting the impact of contract losses, including a contract in Norway. So we're encouraged with the trends we're seeing and the opportunities we're pursuing to drive growth in the year ahead.

我們最大的垂直商業服務以及娛樂和零售仍然強勁。罷工的結束是一個值得歡迎的事態發展，並對加州和機場以外的娛樂垂直領域產生了積極影響，繼續取得優異的業績，鑑於我們庫存的優質性質，業務仍然強勁。北歐也有了一個良好的開端，我們最大的北歐市場英國和瑞典的持續強勁，抵消了合約損失（包括挪威合約）的影響。因此，我們對所看到的趨勢以及我們為推動未來一年的成長而尋求的機會感到鼓舞。

Finally, before turning the call over to Brian for the financial review, I would like to thank him for his many years of service to Clearchannel. He has been instrumental in charting our financial course through the often difficult process of managing the capital structure we inherited at separation from I Heart media. He has also contributed to our strategic plan and lead our finance team through many transactions, refinancing efforts and the like.

最後，在將電話轉給 Brian 進行財務審查之前，我要感謝他多年來為 Clearchannel 提供的服務。在管理我們從 I Heart media 分離時繼承的資本結構這一通常很困難的過程中，他在製定我們的財務路線方面發揮了重要作用。他也為我們的策略計劃做出了貢獻，並領導我們的財務團隊完成了許多交易、再融資工作等。

I look forward to continuing to work with him in his role as a consultant, along with our Board management team and financial advisers and delivering on the next stage of our plan, David Taylor, who will succeed Brian as CFO of Clear Channel on March 1 has been a proven leader, overseeing the financial strategy and operations of our America and airport segments. He has also been central to our efforts to streamline our portfolio with the responsibilities he's had as Head of Corporate Development. I believe his experience will be instrumental for us as we become a more focused US centric company.

我期待著繼續與他擔任顧問，以及我們的董事會管理團隊和財務顧問一起工作，並實現我們下一階段的計劃。大衛·泰勒(David Taylor) 將於3 月1 日接替布萊恩(Brian)擔任Clear Channel 財務長一直是一位久經考驗的領導者，負責監督我們美國和機場部門的財務策略和營運。身為企業發展主管，他在我們精簡產品組合的努力中發揮了核心作用。我相信，隨著我們成為一家更專注於美國的公司，他的經驗將對我們很有幫助。

With that, let me hand the call over to Brian.

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. All of is my last time speaking with you in this role, I strongly believe we are transitioning with a lot of positive momentum, as you will soon hear about as we discuss the Company's performance and expectations.

謝謝你，斯科特。大家早安，感謝您加入我們的通話。這是我最後一次以這個角色與您交談，我堅信我們正在以許多積極的勢頭進行轉型，正如您很快就會在我們討論公司的業績和期望時聽到的那樣。

Moving on to the presentation and slide 5, as a reminder, Europe South is now included in discontinued operations and 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.

繼續看簡報和投影片 5，提醒一下，歐洲南部現在已包含在已停止營運的業務中，在我們討論 GAAP 結果期間，我還將討論我們的結果。不包括外匯匯率的變動，我們認為這是一項非公認會計準則衡量標準，這在評估我們的業績時提供了更大的可比性。

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 fourth quarter of 2023 and the percent changes are Fourth Quarter 2023 compared to the fourth quarter of 2022 unless otherwise noted.

直接營運費用和SG&A 費用包括不包括在調整後EBITDA 和部門調整後EBITDA 中的重組和其他成本，我提到的金額是2023 年第四季度的金額，百分比變化是2023 年第四季度與2022 年第四季相比的情況，除非另有說明。

Now onto the fourth quarter reported results. Consolidated revenue for the quarter was $632 million, a 12.4% increase, excluding movements in foreign exchange rates. Consolidated revenue for the quarter was up 10.8% to $623 million. Income from continuing operations was $25 million, a decline over the prior year's income from continuing operations of $106 million. Consolidated net income of $26 million includes income from discontinued operations. Adjusted EBITDA was $190 million, up 9.2%, excluding movements in foreign exchange rates, adjusted EBITDA was up 8.1%. AFFO was $73 million in the fourth quarter, up 30.2%. Excluding movements in foreign exchange rates, the AFFO was up 27.3%.

現在報告第四季的業績。該季度合併收入為 6.32 億美元，成長 12.4%，不包括外匯匯率變動。該季度綜合營收成長 10.8%，達到 6.23 億美元。持續經營收入為 2,500 萬美元，比上年持續經營收入 1.06 億美元有所下降。2,600 萬美元的綜合淨利潤包括已終止經營業務的收入。調整後 EBITDA 為 1.9 億美元，成長 9.2%，排除匯率變動，調整後 EBITDA 成長 8.1%。第四季AFFO 為 7,300 萬美元，成長 30.2%。不計外匯匯率變動，AFFO 上漲 27.3%。

Now on to slide 6 from the Americas segment fourth-quarter results, America revenue was $299 million, up 0.5%, driven by digital deployments and programmatic growth. The business services and pharma verticals were up in the quarter while auto and media and entertainment were down, a majority of our markets delivered growth with the South Central and Southeast regions having set the strongest results, Northern California has improved relative to earlier in the year, although it was still down in the quarter, digital revenue, which accounted for 38.2% of America revenue was up 2.4% to $114 million. National sales, which accounted for 37.1% of America revenue were up 0.3%.

現在來看美洲部分第四季業績的幻燈片 6，在數位部署和程式化成長的推動下，美洲營收為 2.99 億美元，成長 0.5%。本季商業服務和製藥垂直產業有所成長，而汽車、媒體和娛樂產業則有所下降，我們的大多數市場都實現了成長，其中中南部和東南部地區取得了最強勁的業績，北加州相對於今年稍早有所改善儘管本季仍出現下滑，但占美國收入 38.2% 的數位收入成長了 2.4%，達到 1.14 億美元。占美國收入 37.1% 的全國銷售額成長了 0.3%。

Local sales accounted for 62.9% of America revenue rising 0.6%. Direct operating and SG&A expenses were up slightly to $163 million. Site lease expense was up 2.1% to $90 million, driven by lower rent abatements. This was offset by lower property taxes related to legal settlement, maintenance costs and credit loss expense. Segment adjusted EBITDA was $136 million, up 0.6% with a segment adjusted EBITDA margin of 45.6%.

本地銷售額占美國收入的 62.9%，成長 0.6%。直接營運和 SG&A 費用小幅上升至 1.63 億美元。由於租金減免幅度降低，場地租賃費用增加 2.1%，達到 9,000 萬美元。這被與法律解決、維護成本和信用損失費用相關的財產稅降低所抵消。部門調整後 EBITDA 為 1.36 億美元，成長 0.6%，部門調整後 EBITDA 利潤率為 45.6%。

Please see slide 7 for a review of the fourth quarter results for airports. Airports revenue was $111 million, up 44.3%. Revenue was up across most airports and verticals. Another really strong quarter. With the increase in revenue, driven by increased demand and continued investment in digital infrastructure, banking and financial services, as well as travel and transportation were among the top-performing verticals in the segment. Digital revenue, which accounted for 65.7% of airports, revenue was up 57.9% to $73 million. National sales, which accounted for 58.9% of airport revenue were up 42.4%. Local sales accounted for 41.1% of airports revenue and were up 46.9%.

請參閱投影片 7，以了解機場第四季業績回顧。機場營收為 1.11 億美元，成長 44.3%。大多數機場和垂直行業的收入都有所增長。另一個非常強勁的季度。隨著數位基礎設施需求增加和持續投資的推動，收入增加，銀行和金融服務以及旅行和運輸是該領域表現最好的垂直行業之一。數位收入佔機場的 65.7%，營收成長 57.9% 至 7,300 萬美元。其中佔機場收入58.9%的全國銷售年增42.4%。本地銷售佔機場收入的 41.1%，年增 46.9%。

Direct operating and SG&A expenses were up 44.8% to $81 million. The increase was primarily due to a 46.4% increase in site lease expense to $65 million, driven by higher revenue as well as higher variable incentive compensation costs. Segment adjusted EBITDA was $30 million, up 42.7% for the segment adjusted EBITDA margin of 27.1%.

直接營運和 SG&A 費用成長 44.8%，達到 8,100 萬美元。這一成長主要是由於收入增加以及可變激勵補償成本增加所致，場地租賃費用增加了 46.4%，達到 6,500 萬美元。部門調整後 EBITDA 為 3,000 萬美元，成長 42.7%，部門調整後 EBITDA 利潤率為 27.1%。

The next slide 8, for a review of our performance in Europe and North. My current commentary on Europe, North is on results that have been adjusted to exclude the movements in foreign exchange rates. Europe North revenue increased 13.4% to $185 million due to higher revenue across all products and countries, most notably the UK and Belgium, driven by increased demand, deployment of additional digital displays and new contracts. Digital accounted for 57% of Europe, more total revenue was up 17.9% to $105 million. Europe North direct operating and SG&A expenses were up 14.5% to $135 million due to an increase in site lease expense, up 12% to $62 million, driven by higher revenue as well as higher property taxes and compensation costs. Europe North segment, adjusted EBITDA was up 13.1% to $50 million, and the segment adjusted EBITDA margin was 27.3%.

下一張投影片 8 回顧了我們在歐洲和北歐的表現。我目前對歐洲、諾斯的評論是針對經過調整以排除外匯匯率變動的結果。北歐地區的收入成長了 13.4%，達到 1.85 億美元，這是由於需求增加、部署更多數位顯示器和新合約推動的所有產品和國家（尤其是英國和比利時）的收入增加。數位化佔歐洲的57%，總營收更成長17.9%，達1.05億美元。由於收入增加以及財產稅和賠償成本增加，場地租賃費用增加了 12%，達到 6,200 萬美元，導致歐洲北部的直接營運和銷售、一般管理費用增加了 14.5%，達到 1.35 億美元。北歐部門調整後 EBITDA 成長 13.1%，達到 5,000 萬美元，該部門調整後 EBITDA 利潤率為 27.3%。

Moving on to CCIBV on slide 9. Clear Channel International BV or CCIBV., an indirect wholly owned subsidiary of the company and the issuer of our six and five eight senior secured notes due 2025 includes the operations of our Europe, North and Europe, South segments, as well as Singapore, which is included in other the financial results of Singapore are immaterial to the results of CCIBV. and the revenue and the scaled companies business in Singapore will be further reduced in 2024 due to the loss of a contract which terminated on December 31, 2023, as the businesses in Europe South segment are considered discontinued operations.

轉到幻燈片 9 上的 CCIBV。Clear Channel International BV 或CCIBV. 是該公司的間接全資子公司，也是我們2025 年到期的六張和五張八張高級擔保票據的發行人，包括我們的歐洲、北歐和歐洲、南方部門以及新加坡的業務，其中新加坡的其他財務業績對 CCIBV 的業績並不重要。由於2023年12月31日終止的合約損失，新加坡的收入和規模公司業務將在2024年進一步減少，因為南歐分部的業務被視為已終止經營。

Results of these businesses are now reported as a separate component of consolidated net income in the CCIBV, the consolidated statement of income for all periods presented and are excluded from the discussion below CCIBV. The results from continuing operations for the fourth quarter of 2023 as compared to the same period of 2022 are as follows. CCIBV revenue increased 17% to $198 million from $169 million, excluding the $7 million impact of movements in foreign exchange. CCIBV revenue increased 12.6%, driven by higher revenue in our Europe North segment. As I just mentioned. Singapore represented approximately 3% of CCIBV revenue from continuing operations for the three months ended December 31, 2023, CCIBV., the operating income was $31 million compared to $22 million in the same period of 2020.

這些業務的業績現在作為 CCIBV（所有期間的合併損益表）中合併淨利潤的單獨組成部分進行報告，並且不包括在 CCIBV 下面的討論中。2023年第四季持續經營業績與2022年同期相比如下。CCIBV 營收成長 17%，從 1.69 億美元增至 1.98 億美元，其中不包括外匯變動帶來 700 萬美元的影響。受北歐業務收入成長的推動，CCIBV 營收成長 12.6%。正如我剛才提到的。截至 2023 年 12 月 31 日止三個月，新加坡業務約佔 CCIBV 持續營運收入的 3%。CCIBV 的營運收入為 3,100 萬美元，而 2020 年同期為 2,200 萬美元。

To now moving to Slide 10 and our review of capital expenditures. CapEx totaled $48 million in the fourth quarter, a decrease of $4 million over the prior year due to timing and a reduction in spend.

現在轉到投影片 10 和我們對資本支出的審查。由於時間安排和支出減少，第四季資本支出總計 4,800 萬美元，比前一年減少 400 萬美元。

Now on to Slide 11. Our liquidity was $486 million as of December 31, 2023, down $45 million compared to liquidity at the end of the third quarter due to a reduction in cash slightly offset by an increase in availability under the credit facilities.

現在轉到投影片 11。截至 2023 年 12 月 31 日，我們的流動性為 4.86 億美元，比第三季末的流動性減少 4,500 萬美元，原因是現金減少被信貸安排下可用資金的增加略有抵銷。

During the fourth quarter, cash and cash equivalents decreased by $62 million to $252 million, driven by interest payments, capital expenditures, cash delivered to the buyer related to the sale of our business in France and changes in working capital. Our debt was $5.6 billion as of December 31, 2023, basically flat with September 30, 2023. Cash paid for interest on debt was $121 million during the fourth quarter a $3 million decrease compared to the same period in the prior year, primarily due to differences in the timing of interest payments, partially offset by an increase in interest rates. Our weighted average cost of debt was 7.5%. And as of December 31, 2023, our first-lien leverage ratio was 5.54 times. The credit agreement covenant threshold of 7.1 times.

第四季度，現金和現金等價物減少了 6,200 萬美元，至 2.52 億美元，原因是利息支付、資本支出、與出售法國業務相關的交付給買方的現金以及營運資金的變化。截至2023年12月31日，我們的債務為56億美元，與2023年9月30日基本持平。第四季債務利息支付的現金為 1.21 億美元，比上年同期減少 300 萬美元，主要是由於利息支付時間的差異，但部分被利率上升所抵銷。我們的加權平均債務成本為 7.5%。截至2023年12月31日，我們的第一留置權槓桿率為5.54倍。信貸協議契約門檻為7.1倍。

Now on to slide 12. In our guidance for the first quarter and the full year of 2024, our consolidated guidance in Europe North guidance excludes movements in foreign exchange rates. With the exception of capital expenditures and cash interest payments for the first quarter, we believe our consolidated revenue will be between $465 million and $490 million, representing a 6% to 12% increase over the first quarter of 2023. We expect America revenue to be between $245 million and $255 million and airports revenues expected to be between $74 million and $79 million. North revenue is expected to be between $130 million and $140 million.

現在轉到投影片 12。在我們對 2024 年第一季和全年的指導中，我們對歐洲北部指導的綜合指導不包括外匯匯率的變動。除第一季的資本支出和現金利息支付外，我們認為我們的綜合收入將在 4.65 億至 4.9 億美元之間，比 2023 年第一季成長 6% 至 12%。我們預計美國收入將在 2.45 億美元至 2.55 億美元之間，機場收入預計將在 7,400 萬美元至 7,900 萬美元之間。North 的營收預計在 1.3 億至 1.4 億美元之間。

Moving on to our full year guidance, we expect consolidated revenue to be between $2.2 billion and $2.26 billion, representing 3% to 6% increase over 2023. America revenues expected to be between $1.135 billion and $1.165 billion airports revenues expected to be between $345 million and $360 million. Europe North revenues expected to be between $635 million and $655 million. On a consolidated basis, we expect adjusted EBITDA to be between $550 million and $585 million. The AFFO guidance is $75 million to $100 million. Capital expenditures are expected to be in the range of $130 million and $150 million with a continued focus on investing in our digital footprint in the US and lower corporate CapEx. Additionally, we anticipate having cash interest payment obligations of $448 million in 2024 and $408 million in 2025. The expected increase in cash interest payments in 2024 is largely due to the differences in timing of interest payments between the recently issued CCOH. 9% senior secured notes and the recent refinance portion of the term loan. We expect $100 million of cash interest expense to be paid in the first quarter. This guidance assumes that we do not re-financed or incur additional debt.

展望全年指引，我們預計綜合收入將在 22 億美元至 22.6 億美元之間，比 2023 年增長 3% 至 6%。美國收入預計在 11.35 億美元至 11.65 億美元之間，機場收入預計在 3.45 億美元至 3.6 億美元之間。北歐收入預計在 6.35 億美元至 6.55 億美元之間。在合併基礎上，我們預計調整後 EBITDA 將在 5.5 億美元至 5.85 億美元之間。AFFO 的指導值為 7,500 萬至 1 億美元。資本支出預計在 1.3 億美元至 1.5 億美元之間，繼續專注於投資我們在美國的數位足跡並降低企業資本支出。此外，我們預計 2024 年和 2025 年的現金利息支付義務分別為 4.48 億美元和 4.08 億美元。預計2024年現金利息支付的增加主要是由於最近發行的CCOH之間的利息支付時間差異。 9% 的優先擔保票據和定期貸款的近期再融資部分。我們預計第一季將支付 1 億美元的現金利息費用。本指南假設我們不會再融資或產生額外債務。

And finally, before I turn the call back to Scott for his closing remarks, I'd like to thank him for his kind words and just camaraderie and support over the years as well as extend my appreciation to the entire Clearchannel team for their hard work and dedication to pursuing our vision. We've made substantial progress in pursuing our objectives, and I believe we'll continue to deliver in the year ahead and beyond.

最後，在我將電話轉回給 Scott 致結束語之前，我要感謝他多年來的善意之言、友誼和支持，並向整個 Clearchannel 團隊的辛勤工作表示感謝並致力於追求我們的願景。我們在實現目標方面取得了實質進展，我相信我們將在未來一年及以後繼續實現這一目標。

I'd also like to congratulate Dave on assuming the CFO position. I've worked with Dave for about 10 years more closely since the separation from IR media. And I know he will do a great job in his expanded role at the company. This is a smooth transition, and I look forward to continuing to work with Scott and Dave as well as our Board and advisors as a consultant as we continue to focus on moving our plan forward.

我還要祝賀戴夫就任財務長一職。自從與 IR 媒體分開後，我與 Dave 的合作更加密切了大約 10 年。我知道他會在公司擴大的職責範圍內做得很好。這是一個平穩的過渡，我期待著繼續與斯科特和戴夫以及我們的董事會和顧問作為顧問合作，因為我們將繼續專注於推進我們的計劃。

With that, let me turn the call back to Scott.

接下來，讓我把電話轉回給史考特。

Thanks, Brian. Looking ahead, we remain focused on delivering profitable growth, strengthening our balance sheet and further demonstrating the operating leverage of our business. These efforts all reflect our priority to reduce leverage over the next few years. As our guidance indicates, we expect we will see growth in America after a lackluster 2023. We believe the recovery in some key markets plus execution of our specific growth plans should provide that acceleration. We're committed to exiting Europe and Latin America at values consistent with the quality of these assets as we streamline our business and concentrate on our higher-margin US-based assets, the work we've done already to strengthen our financial performance in Europe, nor puts us in a position of strength from which to work. As this is an active time in both processes, we will provide updates as and when we are able, I would like to express my gratitude for all the work our company wide team is doing. We're making good progress operationally and financially, as we continue our disciplined pursuit of cash flow growth.

謝謝，布萊恩。展望未來，我們仍然專注於實現獲利成長、強化資產負債表並進一步展示我們業務的營運槓桿。這些努力都體現了我們未來幾年降槓桿的首要任務。正如我們的指引所示，我們預計美國在 2023 年的低迷之後將出現成長。我們相信，一些關鍵市場的復甦加上我們具體成長計畫的執行應該會帶來這種加速。我們致力於以與這些資產品質一致的價值退出歐洲和拉丁美洲，同時精簡我們的業務並專注於利潤率較高的美國資產，這是我們為加強我們在歐洲的財務業績所做的工作，也不能讓我們處於工作的有利位置。由於這兩個流程都處於活躍時期，我們將在可能的情況下提供更新，我謹對我們公司範圍內的團隊所做的所有工作表示感謝。隨著我們繼續嚴格追求現金流成長，我們在營運和財務方面取得了良好進展。

And now let me turn the call over to the operator and Justin Cochrane and Dave Saylor will join us on the call.

現在讓我將電話轉給接線員，賈斯汀·科克倫 (Justin Cochrane) 和戴夫·塞勒 (Dave Saylor) 將加入我們的通話。

Before we begin the Q&A this morning, Brian Coleman would like to make a quick statement. Can we move directly into the Q&A.

在我們今天早上開始問答之前，布萊恩·科爾曼（Brian Coleman）想做一個簡短的聲明。我們可以直接進入問答環節嗎？

Thanks, Kevin. This morning, we issued a press release announcing a refinancing transaction whereby the company intends to issue new senior secured notes to repay a portion of the company's term loan B facility and to extend the maturity of the remainder of the facility. Please note that at this time, we cannot comment further on these transactions.

謝謝，凱文。今天上午，我們發布了一份新聞稿，宣布一項再融資交易，公司擬發行新的高級擔保票據，以償還公司定期貸款 B 融資的一部分，並延長該融資剩餘部分的期限。請注意，目前我們無法對這些交易進一步發表評論。

Additionally, while the company still plans to present at JPMorgan's 2024 Global High Yield and Leveraged Finance Conference on February 27, 2024 the company, no longer plans to make available on its Investor website. A webcast or a replay of this presentation now I will turn the call back to the operator for Q&A. Thank you.

此外，雖然該公司仍計劃在 2024 年 2 月 27 日舉行的摩根大通 2024 年全球高收益和槓桿金融會議上進行展示，但該公司不再計劃在其投資者網站上進行展示。現在，透過網路廣播或重播此演示文稿，我會將電話轉回給接線員進行問答。謝謝。

Thank you, and I'll be conducting a question-and-answer session. (Operator Instructions)

謝謝，我將進行問答環節。（操作員說明）

Cameron McVeigh, Morgan Stanley.

卡梅倫‧麥克維，摩根士丹利。

Hey, guys. Thanks for taking my questions. I just had a couple. I'm curious if you hit the midpoint of the Americas revenue guide, should we see operating leverage flow through and see margin expansion?

大家好。感謝您回答我的問題。我剛喝了幾個。我很好奇，如果您達到美洲收入指南的中點，我們是否應該看到營運槓桿流動並看到利潤率擴張？

Yes, I think I think as we continue to see revenue growth, you should expect to expect to see margin expansion in the business. Dave, if you have anything additional to add. But I think that's what we're kind of seeing and forecasting.

是的，我認為隨著我們繼續看到收入成長，您應該期望業務利潤率擴大。戴夫，如果您還有什麼要補充的。但我認為這就是我們所看到和預測的。

You know, I think that's correct. I mean, what does that mean when you think about our margins for our Americas business. As you get higher revenue, you will get a little bit higher flow through on the other side last dollar coming in. Is that going to be more advantageous than that first. So you'll see slight margin improvement.

你知道，我認為這是正確的。我的意思是，當你考慮我們美洲業務的利潤時，這意味著什麼。當你獲得更高的收入時，你將在另一邊獲得更多的最後一美元的流量。這會比第一個更有利嗎？所以你會看到利潤率略有改善。

Great, thanks.

萬分感謝。

And then secondly, your airports have been performing incredibly well recently. Could you discuss some of the growth drivers and how much of an impact general ridership trends have over digital conversions and then just BUDGET share shift?

其次，你們的機場最近表現非常好。您能否討論一些成長驅動因素以及整體客流量趨勢對數位轉換以及預算份額變化的影響有多大？

Thanks.

謝謝。

Yes, Cameron, I'll take that, that one. So I think there's a number of things going on with airports. I mean, obviously, we secured the New York New Jersey Port Authority it during COVID. So in the early part of 2020, we were negotiating that we started operating in 2021 and we completed build-outs on that. We're lapping we're in the process of lapping in the number of the airports, most notably terminal A. came online at the beginning of 2023 at a terminal, a New York came online the beginning of 2023. And so Q4 would have been the first and lap of that important new inventory. And so I think I think there's that contract effect, you know, the the growth in our overall portfolio we have that we have the kind of extraordinary growth that we're lapping because of the build-outs in New York. But the overall portfolio has performed very strongly as well. And that definitely correlates with the strong air travel and I think it also correlates with the market trend toward really high-quality, really well defined on audience delivery. And we've seen that in the America business on at the super premium end of that, that spectrum. So and there's a lot of factors going into.

是的，卡梅倫，我接受那個，那個。所以我認為機場正在發生很多事情。我的意思是，顯然，我們在新冠疫情期間確保了紐約新澤西港務局的安全。因此，在 2020 年初，我們正在談判於 2021 年開始運營，並在此基礎上完成了擴建。我們正在研究機場數量，尤其是 A 航站樓，該航站樓於 2023 年初投入使用，紐約的一個航站樓於 2023 年初投入使用。因此，第四季將是該重要新庫存的第一季和第二季。因此，我認為存在合約效應，你知道，我們整體投資組合的成長，我們由於紐約的擴建而實現了非凡的成長。但整體投資組合的表現也非常強勁。這肯定與強勁的航空旅行有關，我認為這也與市場趨勢相關，即真正高品質、真正明確的受眾交付。我們已經在美國的高端業務中看到了這一點。所以，有很多因素在起作用。

I guess the last thing I'd give a call out, it's not just on the large advertisers, the local teams have been doing really well and the local teams in conjunction with our roadside local teams as well. We cracked the code on cross-selling between those businesses a couple of years ago, and that's only accelerated. And we're starting to do some pretty innovative things in terms of thinking about on almost a sponsorship type of model in different in different geographies, particularly where we have Roadside and on airport inventory, that's pretty interesting. So we're doing some pretty innovative things in terms of how we're selling as well, I think, but I think those are all factors.

我想我要指出的最後一件事，不僅僅是大型廣告商，本地團隊做得非常好，本地團隊與我們的路邊本地團隊也做得很好。幾年前，我們破解了這些企業之間交叉銷售的密碼，而且這一進程還在加速。我們開始做一些非常創新的事情，考慮在不同地區的不同贊助類型的模型，特別是在我們有路邊和機場庫存的地方，這非常有趣。因此，我認為，我們在銷售方式方面也做了一些相當創新的事情，但我認為這些都是因素。

Makes sense.

說得通。

Thank you.

謝謝。

Thank you. Our next question today is coming from Steven Cahall from Wells Fargo. Your line is now live.

謝謝。今天我們的下一個問題來自富國銀行的史蒂文·卡霍爾。您的線路現已上線。

Thank you, Scott. Maybe just follow up on Cameron's first question and put a finer point on it. I think in Americas in 23 you had some site lease expense that increased somewhat idiosyncratic way. Just trying to understand if there's anything in Americas that's also kind of a one-off in 2024. I think typically, you've talked about the business having about 50% fixed costs. So as we think about revenue growth in Americas in 2024, any good way to think about the fixed versus variable costs? And then also, I think you talked about cost reductions or cost optimization that you're looking at in the press release. Could you provide a little more color as to where we might see those exist either in airports or Americas is this proactively taking out some of the corporate costs as you move towards the divestitures? And then finally, is there any good way to think about EBITDA ranges for either Europe North or Lat Am since those are now valuation bases in divestiture scenario?

謝謝你，斯科特。也許只是跟進卡梅倫的第一個問題並提出更具體的觀點。我認為在 23 年的美洲，一些場地租賃費用以某種特殊的方式增加了。只是想了解 2024 年美洲是否會出現類似的情況。我認為通常情況下，您談到的業務大約有 50% 的固定成本。因此，當我們考慮 2024 年美洲的收入成長時，有什麼好方法可以考慮固定成本與變動成本嗎？另外，我認為您談到了您在新聞稿中關注的成本降低或成本優化。您能否提供更多信息，說明我們可能會在機場或美洲看到這些存在的地方，這是否是您在進行資產剝離時主動削減了一些企業成本？最後，是否有任何好方法來考慮北歐或拉丁美洲的 EBITDA 範圍，因為這些現在是剝離情境中的估值基礎？

Thank you.

謝謝。

Okay, Steve, I'm going to trying to get all of these, but I'm sure you kept the list in case in case we miss any of them are the on the on one hand, the one-off, I do think we are finally getting to a place where we're going to have a pretty clean year in America. We have lapped that site lease increase. I'm going to let Dave speak to where we are relative to relative to onetime abatements, but those largely washed out in the case of 2023. There may be a couple of things still lurking out there, but nothing nothing that large. Dave, do you want to talk for just a second about the operating leverage.

好吧，史蒂夫，我會盡力獲得所有這些，但我確信你保留了這份清單，以防萬一我們錯過其中任何一個，這是一方面，一次性的，我確實認為我們終於要在美國度過一個乾淨的一年了。我們已經完成了場地租賃的增加。我將讓戴夫談談我們相對於一次性減排的情況，但在 2023 年的情況下，這些減排基本上被淘汰了。可能還有一些東西潛伏在那裡，但沒有那麼大。戴夫，您想談談營運槓桿嗎？

And absolutely from an Americas standpoint like that, for the large contract that we have talked about that has lagged. So as we get into 2024. I mean, you'll have a little things here and there about a and it's really going to structurally move your cost structure from a sightly standpoint from a from some abatements from. And from an airport standpoint, that's a little bit different. Those are still kind of trickling in. So when we're talking about airports, you know, those margins will be slightly elevated. They were in 2023, and they will probably be again in 2024. Then I'll we'll expect those to kind of cycle out throughout 2024 and then in that period will be old or from from a site lease standpoint for airports on abatements.

絕對從美國的角度來看，我們談論的大合約已經落後了。進入 2024 年。我的意思是，你會在這裡和那裡有一些關於a的小事情，從一些削減的視覺角度來看，它確實會在結構上改變你的成本結構。從機場的角度來看，情況有些不同。這些仍然在源源不絕地湧入。因此，當我們談論機場時，您知道，這些利潤會略有提高。這是 2023 年的事，而且很可能會在 2024 年再次發生。然後，我們預計這些將在 2024 年期間循環淘汰，然後在這段時間內將變得陳舊，或者從機場場地租賃的角度來看會減少。

Thanks, Dave.

謝謝，戴夫。

And then the second question was around cost optimization and I do think the principal cost optimization you'll see over the next 12 or 18 months with us are probably more toward the latter part of that, that window because it will it'll take time as you as you unwind, but it's going to be related to corporate overhead related to the divestitures we're talking about and we've discussed before at least 30 million of savings. And there's nothing we've seen that causes. I think that's not a good thing, a good, a good sort of zip code to speak to on that. And then in terms of the guide on Europe, North and Lat-Am because of everything that's in flight. And I don't think those are numbers we're going to we're going to give at this point. But if you look at the scale of what those businesses did, I mean you've got a nice fresh, 12 months in the K and you presume that their growth is on, you know, Europe is going to actually revert a little bit, I think relative to what we saw in 2023 on Lat-Am, you know that the 2023 growth may be a little a little closer to what we see. But those are not those are not things it just with the experience of moving things to disc ops and everything like that, the guides become so complicated. When you start getting down into the subsegments, we just didn't think. And that was that that was appropriate, you know, at some point in the not-too-distant future, it will be a much simpler business to talk about. So I don't know, Dave or Brian, if you have anything you'd add on on the Europe North or Lat-Am?

第二個問題是圍繞成本優化，我確實認為在接下來的 12 或 18 個月內，您將看到的主要成本優化可能更傾向於後半部分，即那個窗口，因為這需要時間當您放鬆時，但這將與我們正在談論的資產剝離相關的公司管理費用有關，我們之前已經討論過至少3000 萬的節省。我們還沒有看到任何原因。我認為這不是一件好事，一個很好的郵遞區號。然後是關於歐洲、北美和拉丁美洲的指南，因為所有航班都在飛行中。我認為我們目前不會給出這些數字。但如果你看看這些企業所做的規模，我的意思是，你已經在 K 中度過了 12 個月的美好時光，並且你認為它們正在增長，你知道，歐洲實際上會稍微恢復，我認為相對於我們2023 年在拉丁美洲看到的情況，您知道2023 年的成長可能會更接近我們所看到的情況。但那些不是那些不是東西，只是有了將東西轉移到光碟操作的經驗以及類似的事情，指南變得如此複雜。當你開始深入細分時，我們只是沒有想到。這就是說，這是合適的，你知道，在不久的將來的某個時候，這將是一件更容易談論的事情。所以我不知道，戴夫或布萊恩，您是否有任何關於北歐或拉丁美洲的補充？

No, I think that covers it.

不，我認為這涵蓋了它。

Great.

偉大的。

Thanks, Steve.

謝謝，史蒂夫。

Back.

後退。

Your next question is coming from Jonathan membership from TD. calendar line and hello, thank you.

您的下一個問題來自 TD 的 Jonathan 會員資格。日曆線，你好，謝謝。

Good morning, Jonathan.

早安，喬納森。

On for Lance. My first one is on national sales and the competition had in American airports. It was better than 4Q last year. So and given that there were some concerns with national throughout 23, did you see national pickup towards the end of 4Q or towards the beginning, that trend was ongoing in 24 so far?

為蘭斯而戰。我的第一個是關於全國銷售和美國機場的競爭。好於去年第四季。因此，考慮到 23 月份全國範圍內存在一些擔憂，您是否看到全國範圍在第四季度末或年初出現回升，到目前為止，這種趨勢在 24 月份仍在持續？

Thanks, Jonathan. Yes, you know if you've listened to a number of calls, you know, I always bristle a little at National because it really correlates more to the channel that it's coming through the large advertisers than that. It's truly national the way on the syndicated business in radio or television works ARM. But for that for that large advertiser segment, and we definitely saw some improvement on toward the beginning of Q4. And it is correlated with on the advertisers that were using the programmatic tools that the large advertisers using the programmatic toolset is where is where we really saw that first, and we have seen that continue into this year, but it's really not national is kind of a a poor description of it. It's really not I think one of our one of our partners describes national as airports plus New York and LA, which you know, that doesn't really doesn't really do national on the way that I think other other segments think of it. But the stuff that we call national is is performing better than it was. And it seems like seems like it's on a good trend line.

謝謝，喬納森。是的，你知道，如果你聽過很多電話，你知道，我總是對國家電視台有點惱火，因為它確實與透過大型廣告商提供的管道有更多的相關性。ARM 廣播電視業務的聯合業務確實是全國性的。但對於大型廣告客戶群來說，我們在第四季初確實看到了一些改善。它與使用程序化工具的廣告商相關，使用程序化工具集的大型廣告商是我們第一次真正看到這一點的地方，而且我們已經看到這種情況持續到今年，但這確實不是全國性的。對它的描述很差。我認為我們的一位合作夥伴將全國機場描述為機場加上紐約和洛杉磯，這確實不是，我認為其他細分市場的想法並沒有真正做到全國機場。但我們稱之為「國產」的東西現在表現得比以前更好了。看起來似乎處於良好的趨勢線上。

Got it.

知道了。

And so on that note, can we also expect, let's say, the typical seasonality of every quarter building on each other or because there is there perhaps a catch-up on national that will occur sometime during the first and second quarter that can solve that typical Seasonale?

在這一點上，我們是否也可以預期，比方說，每個季度的典型季節性相互依賴，或者因為可能會在第一季度和第二季度的某個時候出現全國性的追趕，這可以解決這個問題典型的季節性？

Yes, I'm not 100%.

是的，我不是100%。

Sure.

當然。

How to think about the idea of a catch-up on because this is, you know, our numbers are comprised of hundreds of campaigns and I don't think I don't think most marketers wake up focused on.

如何思考追趕的想法，因為我們的數據由數百個行銷活動組成，我認為大多數行銷人員醒來時都關注這一點。

Okay. I got to catch up the outdoor guys on?

好的。我要趕上戶外活動的人嗎？

I think what you what you ought to think about is last year was a very choppy year on. We had a really tough January and February on March and April were better, May and June a little less good. And ITO Q. three was was pretty tough throughout. And then as you got into September, it started to get better. And Q4 was it was a pretty strong quarter. So as you think about on how the business just was very choppy last year, and I'm hoping that we don't have on the same, especially not the kind of, hey, we're going to check out from June to Labor Day dynamic that that a lot of those large advertisers had but it's not it's not for me to say precisely what they're going to do. When we think about our guide, we don't really build it at the advertiser level. We build it a lot more looking at the market, looking at the inventory position, looking at what we're seeing in the local as well as the national what's happening with our principal client investment in terms of key accounts, there's a whole lot of there's a whole lot of things that go into it. We don't really just build it off of a National Court forecast local forecast. I don't know, Dave, if there's more color you'd want to provide on on how we get to that guide you and I know I mean, you covered most of it.

我認為你應該考慮的是去年是非常動蕩的一年。我們度過了非常艱難的一月和二月，三月和四月情況較好，五月和六月則稍差一些。伊藤問題三從頭到尾都非常艱難。進入九月後，情況開始好轉。第四季是一個非常強勁的季度。因此，當你想到去年的業務非常不穩定時，我希望我們不會出現同樣的情況，尤其是那種，嘿，我們將從六月到工黨期間檢查一下許多大型廣告商都有這樣的一天動態，但事實並非如此，我無法準確地說出他們將要做什麼。當我們考慮我們的指南時，我們並沒有真正在廣告商層面上建立它。我們在建立它時更專注於市場，專注於庫存狀況，關注我們在當地以及全國看到的情況，我們的主要客戶投資在關鍵客戶方面的情況，有很多其中涉及很多事情。我們實際上不僅僅是根據國家法院的預測和當地的預測來建構它。我不知道戴夫，您是否想提供更多關於我們如何實現這一目標的信息，我知道我的意思是，您已經涵蓋了其中的大部分內容。

The other area I'd also talked about is just the geography of it. When you think about where we were last year and how Scott was talking about how the year kind of laid out, certain parts of the country obviously were weaker in certain parts were stronger. So as we get into this year, that all kind of plays into when we're setting up our guide on what parts of the country we do. You will you see a little more strength as we're getting into the early parts of 2024 so I think that that I don't look at it as like kind of like a bounce back, but just more, where does it get stronger across certain parts of the country and in even certain verticals as well.

我還談到的另一個領域就是它的地理位置。當你想想我們去年的處境以及斯科特如何談論這一年的佈局時，你會發現這個國家的某些地區顯然較弱，某些地區則較強。因此，當我們進入今年時，當我們為我們在該國的哪些地區開展業務制定指南時，所有這些都會發揮作用。隨著我們進入 2024 年初，你會看到更多的力量，所以我認為我不會將其視為反彈，而是更多，它在哪裡變得更強該國的某些地區，甚至某些垂直領域也是如此。

Got it.

知道了。

Thank you.

謝謝。

And my last one is just on the litigation payment. I found in the 10 K that 13 million was paid in October and the balance is expected to be sometime, I think, in multiple payments throughout 24.

我的最後一個是關於訴訟費用的。我發現 10 K 中 10 月份支付了 1300 萬，我認為餘額預計將在 24 年內多次支付。

And And can we expect, let's say, an even distribution throughout four quarters or is there perhaps a quarter that would be heavier in terms of that 13 million?

比方說，我們是否可以預期四個季度的分佈均勻，或者是否有一個季度的數量會比這 1300 萬更多？

Thank you.

謝謝。

I think I think all we've said is that those payments will be made before the end of 2024. And I think we probably have you expanded on that.

我認為我們所說的只是這些付款將在 2024 年底之前支付。我想我們可能已經讓你對此進行了擴展。

Your next question is from Alan.

你的下一個問題來自艾倫。

Thanks a lot.

多謝。

Our next question is coming from Aaron Watts from Deutsche Bank. Your line is now live.

我們的下一個問題來自德意志銀行的 Aaron Watts。您的線路現已上線。

Everyone. Thanks for having me on Brian and I will certainly miss peppering you with questions on these calls and at our conferences even if you won't miss that quite as much.

每個人。感謝您接受布萊恩的採訪，我肯定會懷念在這些電話會議和我們的會議上向您提出各種問題，即使您不會那麼想念。

So that is garnering questions for me.

這給我帶來了一些問題。

Yes, of course.

是的當然。

A couple of questions for me. I guess first, just to clarify in your remarks around margin, given the moving parts you highlighted it, should we sort of be a relatively stable walk this year as we head to that 25, 26% context implied by your guide or were those factors or the choppiness last year caused some movements on a quarterly basis?

有幾個問題問我。我想首先，只是為了澄清您關於利潤率的言論，考慮到您強調的移動部分，當我們走向您的指南暗示的25%、26% 背景時，我們今年是否應該相對穩定地走下去，或者是這些因素還是去年的波動導致了季度的一些波動？

I mean, definitely from a quarterly standpoint, our margins will be different and certain quarters, but a little bit lower earlier in the year and a stronger towards the end of the year as just because you have more revenue in the second half that's going that's going to increase your margins. But I think that 25 you're talking about probably probably makes sense. Obviously, it breaks out different across our segments across America airports and in Europe. But overall, I think that's fair. And then you'll see a little bit, as I mentioned earlier in the call, you're still going to be getting relief on the Airport segment. So that will be slightly elevated in 24. And I think that will settle down as you get out past 2024 from us. And that cycle of relief.

我的意思是，絕對從季度的角度來看，我們的利潤率在某些季度會有所不同，但在今年早些時候會稍低一些，到年底會更強，因為下半年的收入會增加將增加您的利潤。但我認為你所說的 25 可能是有道理的。顯然，美國機場和歐洲機場的各個細分市場的情況有所不同。但總的來說，我認為這是公平的。然後你會看到，正如我之前在電話中提到的，你仍然會在機場部分得到緩解。因此，24 日這一數字將略有上升。我認為，當你離開我們 2024 年之後，這種情況就會穩定下來。以及那種緩解的循環。

Okay.

好的。

Helpful.

有幫助。

And then on the housekeeping side, I apologize if I missed this, but how should we be thinking about cash taxes? And that's here?

然後，在內政方面，如果我錯過了這一點，我深表歉意，但我們應該如何考慮現金稅？那是這裡嗎？

I wouldn't take them too much differently than what we've seen in the past, and that is fairly minimal cash taxes, mostly related to international and local sales and local taxes in the US, we have an election that we make that that minimizes our federal income tax obligations, and we would expect that Now all that being said, Aaron, that doesn't include potential asset sales. We have made the statement that we believe that our European North sales would not attract and any material but cash taxes. And that, of course, is dependent on how those sales are conducted But as of right now, I wouldn't see any kind of significant change in our cash tax payments or the range.

我不會認為它們與我們過去看到的有太大不同，這是相當小的現金稅，主要與國際和當地銷售以及美國的地方稅有關，我們進行了一次選舉最大限度地減少我們的聯邦所得稅義務，亞倫，我們預計這不包括潛在的資產出售。我們已聲明，我們相信我們歐洲北部的銷售不會吸引現金稅以外的任何物質稅。當然，這取決於這些銷售的進行方式，但截至目前，我認為我們的現金納稅或範圍不會發生任何重大變化。

Okay.

好的。

Perfect. And then last one for me and appreciate the time, you recently announced some changes to your Board. Just curious if that signals any change in the day-to-day operating motives for the business or and or kind of the future strategic direction for Clearchannel beyond the Americas centric focus you've been highlighting. Thank you.

完美的。最後一個是我的，感謝您的時間，您最近宣布了董事會的一些變更。我只是好奇這是否表明該業務的日常營運動機或 Clearchannel 的未來策略方向發生了任何變化，超出了您一直強調的以美洲為中心的重點。謝謝。

But thanks, Aaron. I don't think that, Tom. I mean, look, our Board on is this is a challenging board and having a good mix of perspectives on the board is incredibly valuable. And I think that's how to read what maneuvering we have done. This is a business where because of our capital structure and because of where we live and in the spectrum of media, you need to be able to think fast and slow and you need to have a long term plan, coupled with a lot of agility to be able to go and do things like what we're doing with the refinancing that we're working on right now.

但謝謝，亞倫。我不這麼認為，湯姆。我的意思是，看，我們的董事會是一個具有挑戰性的董事會，在董事會上擁有良好的觀點組合是非常有價值的。我認為這就是解讀我們所做的操作的方式。在這個行業，由於我們的資本結構、我們居住的地方以及媒體的範圍，你需要能夠快速和緩慢地思考，你需要有一個長期計劃，再加上大量的敏捷性能夠去做一些事情，就像我們現在正在進行的再融資一樣。

Touch wood we'll see that as that process works out. And so it's important to have fresh perspective on the board. And it's important to have people who understand the world in which you're operating. And I think that's the sum total of of what we're doing with the Board.

觸摸木頭，當這個過程完成時我們就會看到這一點。因此，董事會擁有新的視野非常重要。擁有了解您所在世界的人員非常重要。我認為這就是我們與董事會所做的工作的總和。

Thanks, guys.

多謝你們。

Your next question today is coming from Richard Choe from JPMorgan. Your line is now live.

今天你們的下一個問題來自摩根大通的 Richard Choe。您的線路現已上線。

I just wanted to follow up on the Americas strength for the first quarter.

我只是想跟進美洲第一季的實力。

How much of that is coming from the digital programmatic trends versus maybe, but just kind of the rebound you talked about with regions in terms of like Northern California?

其中有多少來自數位程式化趨勢，也許只是你談到的北加州等地區的反彈？

Hello.

你好。

Thanks, Richard.

謝謝，理查。

You know that the the piece parts are all are all pretty intertwined. I mean, when you think about the the first quarter that we had last year, the challenge was actually less in America than it was in airports, particularly the early part of the quarter. On. But no, no part of the business had a great start to last year. And so coming out of the gate, strong is very, very helpful. And programmatic is definitely strong But interestingly, last last first quarter, programmatic was actually quite strong as well. And so it's not it's not just that. And I do think that some of the development work we've done on some of our emerging verticals. We have a couple of scale, our new clients that we brought in directly that are coming online in Q1. So there's a number of things contributing to it. And just frankly, getting past, where are we first started seeing trouble in in Northern California in the latter part of 2022, really manifesting in the beginning of 2023. So we're lapping that and, you know, our numbers, some are not so large that that doesn't have an effect on it. So I think it's it's kind of it's kind of all of the above. I wish it was a simple, a simple thing and I go do a lot more of that simple thing, but it's the combination of a number of a number of factors.

你知道，各個部分都是交織在一起的。我的意思是，當你想到去年第一季時，美國面臨的挑戰實際上比機場小，尤其是本季初期。在。但事實並非如此，去年公司的所有業務部門都沒有良好的開局。因此，走出大門後，堅強是非常非常有幫助的。程序化肯定很強大但有趣的是，上個第一季度，程序化實際上也相當強大。所以事實並非如此。我確實認為我們在一些新興垂直領域所做的一些開發工作。我們有一些規模，我們直接引入的新客戶將在第一季上線。所以有很多因素促成了這一點。坦白說，2022 年下半年，我們首先在北加州哪裡開始看到麻煩，真正在 2023 年初顯現出來。所以我們正在研磨它，你知道，我們的數字，有些並沒有那麼大，以至於不會對其產生影響。所以我認為這就是以上所有的情況。我希望這是一件簡單的事情，我會做更多這樣簡單的事情，但它是許多因素的結合。

And you mentioned pharma really kind of thing.

你提到製藥確實是一種東西。

The growth driver is that skews too. Americas are airports a little bit more.

成長動力也是傾斜的。美洲更多的是機場。

Does it help with both.

對兩者都有幫助嗎。

It is principally in America and right now where we're seeing the strength of it. I think it could translate into into airports, but the real sweet spot of what we're doing in pharma are four drugs that have a very broad application and that lends itself to the roadside asset and even more so than airports where you get you get more of a segmented audience that's being delivered on. So I think that's the it is definitely more skewed toward the roadside business.

它主要在美國，現在我們看到了它的力量。我認為它可以轉化為機場，但我們在製藥領域所做的真正的最佳點是四種藥物，它們具有非常廣泛的應用，並且適合路邊資產，甚至比您獲得的機場更適合更多的是正在交付的細分受眾。所以我認為這肯定更偏向路邊業務。

Great.

偉大的。

Thank you.

謝謝。

And your next question is coming from Jim Goss from Barrington Research.

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

Your line is now live for.

您的線路現已上線。

I think you got a couple about airports. First, the rebound in air travel seem to command pretty well, but it seemed to be more in terms of personnel rather than business travel. So I'm wondering if the if that shift in mix in favor, personal versus business travel is still true and does that impact demographics and our pricing and strategy of the answer you'd put out?

我想你有一些關於機場的事情。首先，航空旅行的反彈似乎相當不錯，但似乎更多是在人員旅行而不是商務旅行方面。因此，我想知道個人旅行與商務旅行的混合趨勢是否仍然正確，這是否會影響人口統計數據以及我們的定價和您提出的答案的策略？

Thanks, Jim. You know, it's a it's a good question and there's some there's a couple of things that go into it. First of all, I do believe that the rebound is still more skewed to personal then business, but you have seen some international travel including international travel, Asia start to perk up on which oftentimes I mean, I think one of the big trends I've certainly seen a number of articles about this is people bundling business trips with personal trips, bringing family members along when they're going on an extended commercial trip and then tacking on a vacation. I think some of those dynamics are playing out on, but we definitely have seen business travel rebound. It's probably not all the way back to where it was before pandemic, but I'm not sure how well we've ever really had how good the metrics are that are around that in terms of how that translates with the with the buy, it depends a lot on the customer, the client that you're talking about the advertiser you're talking about because we have B2B oriented advertisers on that target particular airports, particular terminals within airports or they go after the private jet FBOs. And we have B. two C. of products. And the thing about the B2B, oftentimes they kind of get a double dip because they might be very focused on paying for that business traveler, which is a subset. You know, many of the people who travel for personal things are also business decision makers. And so and so you get both. So you know, it is it is not a <unk>. It is not a simple pricing discussion. It usually has a lot to do with, you know, the scale that you're going for, how many airports you're going for on how deep within those airports you want to get on. There's a lot of there's a lot of factors that go into it beyond just the passenger counts and just the mix of personal versus business. But those trends are definitely helping support the great performance we're seeing in airports.

謝謝，吉姆。你知道，這是一個很好的問題，其中涉及一些事情。首先，我確實相信，反彈仍然更傾向於個人而非商業，但你已經看到一些國際旅行，包括國際旅行，亞洲開始復蘇，我的意思是，我認為這是我的大趨勢之一。我們肯定看過很多關於這方面的文章，人們將商務旅行與個人旅行捆綁在一起，在進行長途商務旅行時攜帶家人一起旅行，然後再去度假。我認為其中一些動態正在發揮作用，但我們肯定已經看到商務旅行的反彈。它可能不會一直回到大流行之前的狀態，但我不確定我們是否真正掌握了圍繞這一點的指標有多好，就如何與購買轉換而言，它很大程度上取決於客戶，即您所談論的廣告商的客戶，因為我們有針對特定機場、機場內特定航站樓的B2B 廣告商，或者他們追隨私人飛機固定運營基地(FBO)。我們有 B. 兩個 C. 的產品。至於 B2B 業務，他們常常會遭遇雙重衰退，因為他們可能非常專注於為商務旅客付費，而商務旅客只是其中的一個子集。您知道，許多因私人事務而旅行的人也是商業決策者。某某你兩者都得到了。因此，您知道，這不是。這不是簡單的定價討論。你知道，這通常與你想要的規模、你想要的機場數量以及你想要到達的機場深度有很大關係。除了乘客數量以及個人與商業的混合之外，還有很多因素會影響它。但這些趨勢無疑有助於支持我們在機場看到的出色表現。

I hope that answers your question at least a little bit and yes, that's good.

我希望這至少能回答你的問題一點點，是的，這很好。

It's good to get some thinking about it in there. And I was wondering, too, if there any potential airports up for bid and that might be available and of interest to you? And also sort of maybe on a related note, does the duration of the contract and influence your CapEx decisions and strategies and those areas?

在那裡思考一下是件好事。我也想知道是否有任何潛在的機場可供競標，並且您可能感興趣？另外，也許與此相關的是，合約的期限是否會影響您的資本支出決策和策略以及這些領域？

Yes, Dave, you want to take the CapEx. And when you talk about the bid, the bid to you've got visibility that, you know, I mean permit.

是的，戴夫，你想承擔資本支出。當你談論出價時，出價對你來說具有可見性，你知道，我的意思是允許。

Yes, I mean, if it's a longer term contract that will definitely go into it because it gives you a longer chance to kind of monetize those assets. So and if you're doing a 10-year deal and also depends on the size of the airport, the available inventory. But on average, you're probably spending more CapEx on a longer term deal. Then you're going to say it's five years as far as you know, contracts are that are coming up. I mean, when you look at the airports across across the US And there's airports coming all of all the time. So we actively pursue. We'll look at each individual airport as it makes sense to fit in into our portfolio. Do we think it and it's the strategy of what we're trying to accomplish within our airports division, and we're definitely in a look at them and the ones that make sense. We're obviously going to move forward. And in there, there's airports that we feel don't fit exactly into our portfolio and we pass on and on. But we're constantly evaluating them as they come up.

是的，我的意思是，如果這是一份長期合同，那麼肯定會加入其中，因為它給了你更長的機會將這些資產貨幣化。因此，如果您簽訂的是 10 年期協議，也取決於機場的規模和可用庫存。但平均而言，您可能會在長期交易上花費更多的資本支出。然後你會說據你所知，這是五年，合約即將到期。我的意思是，當你看看美國各地的機場時，你會發現一直有機場來。所以我們積極追求。我們將研究每個單獨的機場，因為它適合我們的投資組合。我們是否認為這是我們在機場部門內試圖實現的策略，我們肯定會研究它們以及那些有意義的策略。顯然我們會繼續前進。在那裡，我們覺得有些機場不完全適合我們的投資組合，所以我們就繼續放棄。但我們會在它們出現時不斷對其進行評估。

But there's nothing material in the in the next 12 months in terms of renewals that we're facing. And I think one of the interesting things we don't we don't talk about this a lot, but as our airport results have been going up our port count has actually gone down because we've been we've been focusing on on airports where we have greater network effect, airports where we have the ability to have roadside sales along with them things along those lines. So we have been evolving the footprint of airports over the last the last several years and really trying to focus that capital on the places where we think there's the strongest return perspective.

但在接下來的 12 個月裡，我們面臨的續約並沒有什麼實質的進展。我認為有趣的事情之一我們沒有談論太多，但隨著我們機場業績的上升，我們的港口數量實際上已經減少，因為我們一直專注於我們擁有更大網絡效應的機場，我們有能力進行路邊銷售的機場以及類似的東西。因此，在過去的幾年裡，我們一直在不斷發展機場的足跡，並努力將資金集中在我們認為回報前景最強的地方。

Okay.

好的。

And maybe one final one, and you called out the San Francisco in particular, is one of those markets not necessarily for airports, but just in general, that has had some challenges. I'm wondering if you look at that and some of the other markets around the country that have been under pressure is there a rebound potential in those markets that might have have the possibility of lifting some of your domestic billboard revenue, then the rates of growth?

也許最後一個，你特別提到了舊金山，是那些不一定是機場市場的市場之一，但總的來說，它遇到了一些挑戰。我想知道您是否看看這個市場以及全國其他一些一直面臨壓力的市場，這些市場是否存在反彈潛力，可能有可能提高您的一些國內廣告看板收入，那麼生長？

Yes, Jim, that's a good question. I think as you as you think about, I don't think there's like a post-COVID snapback sort of scenario that you're going to see and that's going to cause our numbers to just take off. I think if that were to happen, that would be because of success we're having in some of the verticals that we're working on or because the the advertisers evolve their behavior, which it can and does happen. I don't think it's necessarily just on the back of a regional snapback, but I do think just like just like throughout 2023. Some regional budgets were headwinds for us and they could very easily become tailwinds for us if the commercial environment in those markets gets better. And if and as some of the underlying challenges get addressed, which I actually think they are particularly in Northern California. I think that and you are seeing some political will on being exerted and in some behavior to trying to drive some change in some of the dynamics that have dragged those markets down and being being a long bull on on California, I would not bet against the Fed against our friends, rebounding those those markets. And so but I don't think it's going to I don't think it's going to cause us to suddenly on double our guides or anything like that.

是的，吉姆，這是個好問題。我認為，正如您所想的那樣，我不認為您會看到新冠疫情後的快速恢復情景，而這會導致我們的數字猛增。我認為，如果這種情況發生，那將是因為我們在某些​​垂直領域取得了成功，或者是因為廣告商改變了他們的行為，而這種情況可能而且確實發生了。我認為這不一定只是區域經濟回升的結果，但我確實認為就像整個 2023 年一樣。一些地區的預算對我們來說是逆風，如果這些市場的商業環境變得更好，它們很容易成為我們的順風。如果一些潛在的挑戰得到解決，我實際上認為這些挑戰尤其是在北加州。我認為，你會看到一些政治意願正在發揮作用，並在某些行為中試圖推動一些拖累這些市場下跌的動態發生一些變化，並且看好加州，我不會打賭反對美聯儲反對我們的朋友，反彈那些市場。所以，但我不認為這會導致我們突然將指南加倍或類似的事情。

It's just not that it's part of a it's part of a much bigger portfolio.

這並不是說它是一個更大的產品組合的一部分。

All right.

好的。

Thanks. And Brian, I wish you well, in this transition, you've been through a lot over the past 20 years. So congratulations on the success.

謝謝。Brian，我祝福你一切順利，在這個轉變過程中，你在過去 20 年裡經歷了很多。那麼恭喜你成功了。

Thank you, Jim. Appreciate.

謝謝你，吉姆。欣賞。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the portfolio back over to Scott Wells for any further closing comments.

謝謝。我們的問答環節結束了。我想將作品集轉回給斯科特威爾斯（Scott Wells）以徵求進一步的結束意見。

Thanks, Kevin. I appreciate it. Just on Jim's last point, the thing that I would just point to we are we are a company that have our challenges on our balance sheet and we have our challenges where site lease goes up for things like that from time to time. But we are a company that is driven to excel, and that does things right. And I view this transition from Brian to David as just a great leading indicator for every one of our ability to manage multiple complex things. At the same time, these two guys have done just a phenomenal job of collaborating and making the transition for the team go really, really well, and I want to call that to our investors' attention because it is important that our financial operations are seamless. We wouldn't be able to be going to market like we are right now if we had a choppy crazy transition going on the fact that we were able to do this smoothly and still be in the marketplace and still be operating is a testament to the culture and the behavior of the company. So I just thought it was important to call that out. And I thank you all for your interest and look forward to updating you as we have more information as 2024 builds.

謝謝，凱文。我很感激。就吉姆的最後一點而言，我想指出的是，我們是一家在資產負債表上面臨挑戰的公司，而且我們也面臨著場地租賃不時因此類問題而上漲的挑戰。但我們是一家追求卓越、正確行事的公司。我認為從布萊恩到大衛的轉變是我們管理多種複雜事物的能力的一個很好的領先指標。同時，這兩個人在合作方面做得非常出色，使團隊的過渡進展得非常非常順利，我想引起我們投資者的注意，因為我們的財務運營無縫銜接非常重要。如果我們經歷了一次波濤洶湧的瘋狂轉型，我們就無法像現在這樣進入市場，事實上我們能夠順利地做到這一點，並且仍然在市場上並且仍然在運營，這證明了公司文化和行為。所以我認為指出這一點很重要。感謝大家的關注，並期待在 2024 年發布更多資訊時向您通報最新情況。

Thank you.

謝謝。

That does conclude today's teleconference and webcast. You may disconnect your line at this time.

今天的電話會議和網路廣播到此結束。此時您可以斷開線路。

And have a wonderful day.

祝你有美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。