Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-32663 | |
Entity Registrant Name | CLEAR CHANNEL OUTDOOR HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0318078 | |
Entity Address, Address Line One | 4830 North Loop 1604 West, | |
Entity Address, Address Line Two | Suite 111 | |
Entity Address, City or Town | San Antonio, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78249 | |
City Area Code | (210) | |
Local Phone Number | 547-8800 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | CCO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 483,009,818 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001334978 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 313,406 | $ 282,232 |
Accounts receivable, net | 441,536 | 453,683 |
Prepaid expenses | 50,612 | 44,989 |
Other current assets | 23,244 | 17,482 |
Current assets of discontinued operations | 41,449 | 322,530 |
Total Current Assets | 870,247 | 1,120,916 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 453,545 | 468,935 |
Other property, plant and equipment, net | 186,277 | 203,178 |
INTANGIBLE ASSETS AND GOODWILL | ||
Goodwill | 649,180 | 650,643 |
OTHER ASSETS | ||
Operating lease right-of-use assets | 1,444,263 | 1,404,269 |
Other assets | 51,176 | 48,449 |
Other assets of discontinued operations | 69,982 | 215,614 |
Total Assets | 4,648,929 | 5,086,011 |
CURRENT LIABILITIES | ||
Accounts payable | 55,310 | 73,429 |
Accrued expenses | 324,174 | 330,750 |
Current operating lease liabilities | 203,243 | 211,952 |
Accrued interest | 109,933 | 80,133 |
Deferred revenue | 72,845 | 47,930 |
Current portion of long-term debt | 556 | 21,203 |
Current liabilities of discontinued operations | 267,162 | 356,143 |
Total Current Liabilities | 1,033,223 | 1,121,540 |
NON-CURRENT LIABILITIES | ||
Long-term debt | 5,628,671 | 5,540,698 |
Non-current operating lease liabilities | 1,285,715 | 1,237,530 |
Deferred tax liabilities, net | 241,750 | 243,564 |
Other liabilities | 97,083 | 93,748 |
Other liabilities of discontinued operations | 25,014 | 111,737 |
Total Liabilities | 8,311,456 | 8,348,817 |
Commitments and Contingencies (Note 6) | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interests | 11,247 | 12,864 |
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (494,009,851 shares issued as of September 30, 2023; 483,639,206 shares issued as of December 31, 2022) | 4,940 | 4,836 |
Additional paid-in capital | 3,558,683 | 3,543,424 |
Accumulated deficit | (6,805,652) | (6,469,953) |
Accumulated other comprehensive loss | (408,179) | (335,189) |
Treasury stock (11,000,033 shares held as of September 30, 2023; 7,325,251 shares held as of December 31, 2022) | (23,566) | (18,788) |
Total Stockholders' Deficit | (3,662,527) | (3,262,806) |
Total Liabilities and Stockholders' Deficit | 4,648,929 | 5,086,011 |
Permits, net | ||
INTANGIBLE ASSETS AND GOODWILL | ||
Permits and other intangible assets, net | 681,800 | 723,061 |
Other intangible assets, net | ||
INTANGIBLE ASSETS AND GOODWILL | ||
Permits and other intangible assets, net | $ 242,459 | $ 250,946 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 2,350,000,000 | 2,350,000,000 |
Common stock issued (in shares) | 494,009,851 | 483,639,206 |
Treasury stock (in shares) | 11,000,033 | 7,325,251 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Income Statement [Abstract] | |||||
Revenue | $ 526,786 | $ 503,344 | $ 1,495,026 | $ 1,451,781 | |
Operating expenses: | |||||
Direct operating expenses | [1] | 271,377 | 241,389 | 790,206 | 721,342 |
Selling, general and administrative expenses | [1] | 87,083 | 90,381 | 266,292 | 263,689 |
Corporate expenses | [1] | 34,931 | 38,299 | 129,427 | 123,323 |
Depreciation and amortization | 57,699 | 49,871 | 186,409 | 152,352 | |
Impairment charges | 0 | 871 | 0 | 22,676 | |
Other operating expense, net | 6,179 | 1,863 | 10,122 | 676 | |
Operating income | 69,517 | 80,670 | 112,570 | 167,723 | |
Interest expense, net | (107,391) | (92,620) | (314,624) | (261,704) | |
Gain on extinguishment of debt | 3,817 | 0 | 3,817 | 0 | |
Other income (expense), net | (17,269) | (27,968) | 3,722 | (60,263) | |
Loss from continuing operations before income taxes | (51,326) | (39,918) | (194,515) | (154,244) | |
Income tax benefit attributable to continuing operations | 244 | 21,120 | 12,022 | 445 | |
Loss from continuing operations | (51,082) | (18,798) | (182,493) | (153,799) | |
Loss from discontinued operations | (211,736) | (19,982) | (152,326) | (40,027) | |
Consolidated net loss | (262,818) | (38,780) | (334,819) | (193,826) | |
Less: Net income attributable to noncontrolling interests | 672 | 977 | 880 | 1,463 | |
Net loss attributable to the Company | $ (263,490) | $ (39,757) | $ (335,699) | $ (195,289) | |
Net loss attributable to the Company per share of common stock — Basic and Diluted: | |||||
Net loss from continuing operations attributable to the Company per share of common stock - basic (in dollars per share) | $ (0.11) | $ (0.04) | $ (0.38) | $ (0.33) | |
Net loss from continuing operations attributable to the Company per share of common stock - diluted (in dollars per share) | (0.11) | (0.04) | (0.38) | (0.33) | |
Net loss from discontinued operations attributable to the Company per share of common stock - basic (in dollars per share) | (0.44) | (0.04) | (0.32) | (0.08) | |
Net loss from discontinued operations attributable to the Company per share of common stock - diluted (in dollars per share) | (0.44) | (0.04) | (0.32) | (0.08) | |
Net loss attributable to the Company per share of common stock — basic (in dollars per share) | (0.55) | (0.08) | (0.70) | (0.41) | |
Net loss attributable to the Company per share of common stock — diluted (in dollars per share) | $ (0.55) | $ (0.08) | $ (0.70) | $ (0.41) | |
[1]Excludes depreciation and amortization |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net loss attributable to the Company | $ (263,490) | $ (39,757) | $ (335,699) | $ (195,289) | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | 732 | 3,669 | (5,345) | 9,128 | |
Reclassification adjustment for realized gains from cumulative translation adjustments and pension related to sales of businesses | [1] | 0 | 0 | (67,648) | 0 |
Other comprehensive income (loss) | 732 | 3,669 | (72,993) | 9,128 | |
Comprehensive loss | (262,758) | (36,088) | (408,692) | (186,161) | |
Less amount attributable to noncontrolling interests | (5) | (10) | (3) | (27) | |
Comprehensive loss attributable to the Company | $ (262,753) | $ (36,078) | $ (408,689) | $ (186,134) | |
[1]Included in “Loss from discontinued operations” on Consolidated Statements of Loss |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Non-controlling Interests | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | ||
Beginning balance (in shares) at Dec. 31, 2021 | 474,480,862 | ||||||||
Beginning balance at Dec. 31, 2021 | $ (3,193,970) | $ 4,745 | $ 11,060 | $ 3,522,367 | $ (6,373,349) | $ (350,950) | $ (7,843) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (193,826) | 1,463 | (195,289) | ||||||
Release of stock awards and exercise of stock options (in shares) | 8,654,700 | ||||||||
Release of stock awards and exercise of stock options | (10,720) | $ 86 | (86) | (10,720) | |||||
Share-based compensation | 16,880 | 16,880 | |||||||
Payments to noncontrolling interests, net | (302) | (302) | |||||||
Foreign currency translation adjustments | 9,128 | (27) | 9,155 | ||||||
Disposition of businesses | [1] | 0 | |||||||
Ending balance (in shares) at Sep. 30, 2022 | 483,135,562 | ||||||||
Ending balance at Sep. 30, 2022 | (3,372,810) | $ 4,831 | 12,194 | 3,539,161 | (6,568,638) | (341,795) | (18,563) | ||
Beginning balance (in shares) at Jun. 30, 2022 | 482,887,254 | ||||||||
Beginning balance at Jun. 30, 2022 | (3,342,250) | $ 4,829 | 11,289 | 3,533,873 | (6,528,881) | (345,474) | (17,886) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (38,780) | 977 | (39,757) | ||||||
Release of stock awards and exercise of stock options (in shares) | 248,308 | ||||||||
Release of stock awards and exercise of stock options | (677) | $ 2 | (2) | (677) | |||||
Share-based compensation | 5,290 | 5,290 | |||||||
Payments to noncontrolling interests, net | (62) | (62) | |||||||
Foreign currency translation adjustments | 3,669 | (10) | 3,679 | ||||||
Disposition of businesses | [1] | 0 | |||||||
Ending balance (in shares) at Sep. 30, 2022 | 483,135,562 | ||||||||
Ending balance at Sep. 30, 2022 | $ (3,372,810) | $ 4,831 | 12,194 | 3,539,161 | (6,568,638) | (341,795) | (18,563) | ||
Beginning balance (in shares) at Dec. 31, 2022 | 483,639,206 | 483,639,206 | |||||||
Beginning balance at Dec. 31, 2022 | $ (3,262,806) | $ 4,836 | 12,864 | 3,543,424 | (6,469,953) | (335,189) | (18,788) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (334,819) | 880 | (335,699) | ||||||
Release of stock awards and exercise of stock options (in shares) | 10,370,645 | ||||||||
Release of stock awards and exercise of stock options | (4,778) | $ 104 | (104) | (4,778) | |||||
Share-based compensation | 15,363 | 15,363 | |||||||
Payments to noncontrolling interests, net | (2,494) | (2,494) | |||||||
Foreign currency translation adjustments | (5,345) | (3) | (5,342) | ||||||
Disposition of businesses | $ (67,648) | [1] | (67,648) | ||||||
Ending balance (in shares) at Sep. 30, 2023 | 494,009,851 | 494,009,851 | |||||||
Ending balance at Sep. 30, 2023 | $ (3,662,527) | $ 4,940 | 11,247 | 3,558,683 | (6,805,652) | (408,179) | (23,566) | ||
Beginning balance (in shares) at Jun. 30, 2023 | 493,857,081 | ||||||||
Beginning balance at Jun. 30, 2023 | (3,405,361) | $ 4,939 | 10,643 | 3,553,624 | (6,542,162) | (408,916) | (23,489) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (262,818) | 672 | (263,490) | ||||||
Release of stock awards and exercise of stock options (in shares) | 152,770 | ||||||||
Release of stock awards and exercise of stock options | (77) | $ 1 | (1) | (77) | |||||
Share-based compensation | 5,060 | 5,060 | |||||||
Payments to noncontrolling interests, net | (63) | (63) | |||||||
Foreign currency translation adjustments | 732 | (5) | 737 | ||||||
Disposition of businesses | [1] | $ 0 | |||||||
Ending balance (in shares) at Sep. 30, 2023 | 494,009,851 | 494,009,851 | |||||||
Ending balance at Sep. 30, 2023 | $ (3,662,527) | $ 4,940 | $ 11,247 | $ 3,558,683 | $ (6,805,652) | $ (408,179) | $ (23,566) | ||
[1]Included in “Loss from discontinued operations” on Consolidated Statements of Loss |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (334,819) | $ (193,826) |
Reconciling items: | ||
Depreciation, amortization and impairment charges | 202,148 | 201,506 |
Non-cash operating lease expense | 231,102 | 250,710 |
Gain on extinguishment of debt | (3,817) | 0 |
Deferred taxes | (1,706) | (4,677) |
Share-based compensation | 15,363 | 16,880 |
Loss (gain) on classification as held for sale and disposition of businesses and/or operating assets, net | 91,866 | (12,598) |
Foreign exchange transaction (gain) loss | (7,935) | 63,003 |
Other reconciling items, net | 10,645 | 7,050 |
Changes in operating assets and liabilities, net of effects of dispositions: | ||
Decrease in accounts receivable | 46,697 | 51,713 |
Increase in prepaid expenses and other operating assets | (48,384) | (31,308) |
Decrease in accounts payable and accrued expenses | (18,353) | (34,527) |
Decrease in operating lease liabilities | (245,808) | (259,415) |
Increase in accrued interest | 30,030 | 38,495 |
Increase in deferred revenue | 20,773 | 15,061 |
Increase in other operating liabilities | 10,676 | 5,921 |
Net cash (used for) provided by operating activities | (1,522) | 113,988 |
Cash flows from investing activities: | ||
Capital expenditures | (112,565) | (124,418) |
Asset acquisitions | (12,140) | (51,995) |
Net proceeds from disposition of businesses and/or assets | 103,118 | 20,785 |
Other investing activities, net | (962) | 136 |
Net cash used for investing activities | (22,549) | (155,492) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 750,000 | 0 |
Payments on long-term debt | (683,277) | (16,125) |
Debt issuance and modification costs | (12,457) | 0 |
Taxes paid related to net share settlement of equity awards | (4,778) | (10,720) |
Payments to noncontrolling interests, net | (2,494) | (302) |
Net cash provided by (used for) financing activities | 46,994 | (27,147) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,045 | (13,189) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 25,968 | (81,840) |
Cash, cash equivalents and restricted cash at beginning of period | 298,682 | 419,971 |
Cash, cash equivalents and restricted cash at end of period | 324,650 | 338,131 |
Supplemental disclosures: | ||
Cash paid for interest | 283,746 | 217,816 |
Cash paid for income taxes, net of refunds | $ 8,711 | $ 3,824 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation These consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Preparation of Interim Financial Statements The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on February 28, 2023. Use of Estimates The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Segment Presentation Changes and Discontinued Operations As described in the Company’s 2022 Annual Report on Form 10-K, the Company changed segments during the fourth quarter of 2022 to reflect changes in the way the business is managed and resources are allocated by the Company’s chief operating decision maker (“CODM”). As such, the Company has revised its segment disclosures for prior periods to conform to the current period presentation. |
DISPOSITIONS AND DISCONTINUED O
DISPOSITIONS AND DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND DISCONTINUED OPERATIONS | DISPOSITIONS AND DISCONTINUED OPERATIONS Strategic Review and Dispositions In 2022, the CCOH Board of Directors (the “Board”) authorized a review of strategic alternatives related to the potential disposal of certain of the Company’s lower-margin European assets (and/or other European assets of lower priority to the Company’s European business as a whole). Since that time, the Company has sold, or has entered into agreements to sell, its businesses in Switzerland, Italy, Spain and France, which comprised the Company’s entire Europe-South segment. Sale of Business in Switzerland In December 2022, Clear Channel International Limited, a wholly-owned subsidiary of the Company, entered into a definitive agreement to sell its business in Switzerland to Goldbach Group AG. As such, assets and liabilities of the Company’s business in Switzerland were presented as held for sale on the Company’s Consolidated Balance Sheet as of December 31, 2022. The conditions to closing were satisfied during the first quarter of 2023, and the sale of the Company’s business in Switzerland was completed on March 31, 2023. Upon sale, the Company recognized a gain of $96.4 million, included within “Loss from discontinued operations” on the Consolidated Statement of Loss. Cash proceeds, net of customary closing adjustments and cash sold, of $89.4 million are reflected as cash from investing activities within “Net proceeds from disposition of businesses and/or assets” on the Consolidated Statement of Cash Flows. Sale of Businesses in Italy and Spain On May 30, 2023, Clear Channel International Holdings B.V., a wholly-owned subsidiary of the Company, entered into agreements with subsidiaries of JCDecaux SE, among other related parties, with respect to the sales of the Company’s businesses in Italy and Spain. The sale of the Company’s business in Italy closed on May 31, 2023. Upon sale, the Company recognized a gain of $11.2 million, included within “Loss from discontinued operations” on the Consolidated Statement of Loss. Cash proceeds, net of customary closing adjustments and cash sold, of $5.1 million are reflected as cash from investing activities within “Net proceeds from disposition of businesses and/or assets” on the Consolidated Statement of Cash Flows. The sale of the Company’s business in Spain is expected to close in 2024, upon satisfaction of regulatory approval and other customary closing conditions, and assets and liabilities of this business are considered to be held for sale. The Company expects to receive cash consideration of approximately $64.3 million and to recognize a gain on sale when this transaction closes. Sale of Business in France On July 17, 2023, the Company announced that it had entered into exclusive discussions to sell its business in France to Equinox Industries (“Equinox”), subject to an information and consultation process with Clear Channel France’s employee works council, execution of a share purchase agreement and the satisfaction of customary closing conditions. As a result, assets and liabilities of this business were considered to be held for sale at September 30, 2023. In connection with the anticipated sale, the Company recognized a loss of $200.6 million during the third quarter of 2023, included within “Loss from discontinued operations” on the Consolidated Statement of Loss. The information and consultation process with the employee works council and execution of a share purchase agreement was completed in October, and the sale was completed on October 31, 2023. In accordance with the share purchase agreement, the Company delivered its business in France, including all related assets, to Equinox with approximately €42 million of cash, subject to adjustment for related customary items, tax and other costs, to support ongoing operations of the business, and Equinox assumed the €28.125 million state-guaranteed loan held by Clear Channel France. Equinox is required to repay the Company up to €4.5 million depending on the sold business’s full year 2023 revenue. The Company will record an adjustment to the loss during the fourth quarter as needed to reflect the final terms of the sale. Discontinued Operations The Company classifies a business as held for sale when the criteria prescribed by Accounting Standards Codification (“ASC”) Paragraph 205-20-45-1E are met, most notably when sale of the business is probable within the next year (with certain exceptions) and it is unlikely there will be significant changes to the plan of sale. Assets and liabilities held for sale are recorded at the lower of their carrying value or fair value less cost to sell. The Company classifies a business that has been disposed of or is classified as held for sale as a discontinued operation when the criteria prescribed by ASC Paragraph 205-20-45-1B are met. While the sales of, or agreements to sell, the Company’s businesses in Switzerland, Italy and Spain did not previously qualify for presentation as discontinued operations, the Company concluded that, in aggregate, the sales of these businesses along with the sale of its business in France (collectively comprising the Company’s entire Europe-South segment) met the criteria for discontinued operations presentation during the third quarter of 2023. As a result, each of these businesses has been reclassified to discontinued operations in these financial statements for all periods presented. As part of the sales agreements for each business, the Company has agreed to provide certain transitional services as defined within the respective Transition Services Agreement for a period of time after sale. Income and expenses related to these transitional services are presented as part of “Loss from continuing operations” on the Consolidated Statement of Loss. Assets and Liabilities of Discontinued Operations As previously described, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for all periods presented. The following table presents a reconciliation of the carrying amounts of the major classes of assets and liabilities of discontinued operations to the total assets and liabilities of discontinued operations as presented on the Company’s Consolidated Balance Sheets: (In thousands) September 30, (1) December 31, (2) Assets of discontinued operations: Cash and cash equivalents $ 1,139 $ 5,118 Accounts receivable, net 114,603 178,084 Prepaid expenses and other current assets 23,053 21,385 Property, plant and equipment, net 94,083 126,878 Intangible assets, net and goodwill 40 20,000 Operating lease right-of-use assets 63,618 160,841 Other assets 15,531 25,838 Valuation allowance on business in France (3) (200,636) — Total assets of discontinued operations on Consolidated Balance Sheets $ 111,431 $ 538,144 Liabilities of discontinued operations: Accounts payable and accrued expenses $ 144,194 $ 201,161 Operating lease liabilities 70,277 169,229 Deferred revenue 11,695 16,902 Long-term debt, including current portion 29,734 32,116 Other liabilities 36,276 48,472 Total liabilities of discontinued operations on Consolidated Balance Sheets $ 292,176 $ 467,880 (1) As of September 30, 2023, all assets and liabilities of the Company’s business in France are classified as current on the Consolidated Balance Sheet as the sale occurred on October 31, 2023. Assets and liabilities of the Company’s business in Spain are classified as current or non-current in accordance with ASC Subtopic 210-10 as the time required to receive regulatory approval and satisfy other customary closing conditions may extend beyond 12 months. (2) As of December 31, 2022, all assets and liabilities of the Company’s former business in Switzerland were classified as current on the Consolidated Balance Sheet as they were held for sale and the sale was expected to occur within a year of the balance sheet date. The remaining assets and liabilities of the Company’s discontinued operations are classified as current or non-current in accordance with their original classification at December 31, 2022. (3) The valuation allowance on the business in France represents the loss recorded upon classification of the business as held for sale in order to reduce the carrying value of the business to fair value less costs to sell. Letters of Credit, Surety Bonds and Guarantees A portion of the Company’s letters of credit, surety bonds and guarantees outstanding at September 30, 2023 related to discontinued operations that were held for sale as of this date. • Related to the business in France, the Company has a $20.2 million letter of credit in support of a $35.9 million surety bond outstanding at September 30, 2023. In connection with the sale of this business, and pursuant to the related share purchase agreement, the Company’s former French business and/or Equinox will either replace, or procure a counter-guarantee of, the Company’s payment obligation under the letter of credit. Furthermore, the Company’s former French business indemnified the Company for the remaining $15.7 million balance of the surety bond outstanding, and the Company will be released from any remaining obligation related to the surety bond by March 2025. Separately, the business in France had $7.3 million of bank guarantees outstanding at September 30, 2023, a portion of which was supported by $3.2 million of cash collateral. The guarantees and cash collateral will remain with the French business upon its sale. • Related to the business in Spain, the Company had a $6.5 million of letter of credit and $8.5 million of bank guarantees outstanding at September 30, 2023, a portion of which was supported by $0.7 million of cash collateral. These will remain obligations of the Company until the sale of this business closes in 2024 or, if sooner, their expiration date. Loss from Discontinued Operations The following table provides details about the major classes of line items constituting “Loss from discontinued operations” as presented on the Company’s Consolidated Statements of Loss: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, 2023 2022 2023 2022 Revenue $ 85,680 $ 99,563 $ 300,114 $ 320,194 Expenses: Direct operating expenses (1) 74,796 82,154 247,377 254,728 Selling, general and administrative expenses (1),(2) 19,389 27,021 68,685 78,265 Depreciation and amortization 348 7,975 15,739 26,478 Other expense, net 2,882 2,233 10,288 524 Loss from discontinued operations before net loss on disposal and/or classification as held for sale and income taxes (11,735) (19,820) (41,975) (39,801) Loss on disposal and/or classification as held for sale, net (200,636) — (93,132) — Income tax benefit (expense) attributable to discontinued operations (3) 635 (162) (17,219) (226) Loss from discontinued operations $ (211,736) $ (19,982) $ (152,326) $ (40,027) (1) Excludes depreciation and amortization. (2) Certain costs that were historically allocated to the Company’s Europe-South segment and reported within selling, general and administrative expenses on the Consolidated Statement of Loss have been deemed to be costs of continuing operations and are now reported within corporate expenses on the Consolidated Statement of Loss. As such, amounts for prior periods totaling $1.1 million and $3.8 million for the three and nine months ended September 30, 2022, respectively, have been reclassified to conform to the current period presentation. (3) The income tax expense attributable to discontinued operations for the nine months ended September 30, 2023 was largely driven by the sale of the Company’s former business in Switzerland. Capital Expenditures of Discontinued Operations The following table presents the capital expenditures for discontinued operations for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, 2023 2022 2023 2022 Capital expenditures (1) $ 4,764 $ 5,769 $ 16,129 $ 20,830 (1) In addition to payments that occurred during the period for capital expenditures, the Company had $3.5 million and $3.7 million of accrued capital expenditures related to discontinued operations that remained unpaid as of September 30, 2023 and 2022, respectively. |
SEGMENT DATA
SEGMENT DATA | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATAThe Company has four reportable segments, which it believes best reflect how the Company is currently managed: America, Airports, Europe-North and Europe-South. The Company's remaining operations in Latin America and Singapore are disclosed as “Other.” As described in Note 2, the Company’s Europe-South segment met the criteria to be reported as discontinued operations during the third quarter of 2023. As such, results of this segment are excluded from the table below, which only reflects continuing operations, for all periods presented. Segment Adjusted EBITDA is the profitability metric reported to the Company’s CODM for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs, which are defined as costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs. Segment information for total assets is not presented as this information is not used by the Company’s CODM in measuring segment performance or allocating resources between segments. The following table presents the Company’s reportable segment results for continuing operations for the three and nine months ended September 30, 2023 and 2022. As described in Note 1, the Company has revised its segment disclosures for the prior periods to conform to the current period presentation. (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue America $ 278,760 $ 284,201 $ 802,326 $ 808,483 Airports 75,558 62,318 200,392 179,307 Europe-North 149,366 135,522 427,778 403,338 Other 23,102 21,303 64,530 60,653 Total $ 526,786 $ 503,344 $ 1,495,026 $ 1,451,781 Capital Expenditures (1) America $ 16,148 $ 13,777 $ 51,844 $ 52,251 Airports 3,072 7,807 10,382 17,369 Europe-North 7,851 10,959 18,998 22,445 Other 1,577 1,234 4,534 2,527 Corporate 4,022 3,764 10,678 8,996 Total $ 32,670 $ 37,541 $ 96,436 $ 103,588 Segment Adjusted EBITDA America $ 121,335 $ 129,679 $ 332,213 $ 364,062 Airports 15,522 15,060 38,120 39,767 Europe-North 28,444 24,198 61,850 59,031 Other 3,290 2,991 7,170 5,282 Total $ 168,591 $ 171,928 $ 439,353 $ 468,142 Reconciliation of Segment Adjusted EBITDA to Loss From Continuing Operations Before Income Taxes Segment Adjusted EBITDA $ 168,591 $ 171,928 $ 439,353 $ 468,142 Less reconciling items: Corporate expenses (2) 34,931 38,299 129,427 123,323 Depreciation and amortization 57,699 49,871 186,409 152,352 Impairment charges — 871 — 22,676 Restructuring and other costs (3) 265 354 825 1,392 Other operating expense, net 6,179 1,863 10,122 676 Interest expense, net 107,391 92,620 314,624 261,704 Gain on extinguishment of debt (3,817) — (3,817) — Other (income) expense, net 17,269 27,968 (3,722) 60,263 Loss from continuing operations before income taxes $ (51,326) $ (39,918) $ (194,515) $ (154,244) (1) In addition to payments that occurred during the period for capital expenditures, the Company had $8.7 million and $12.4 million of accrued capital expenditures related to continuing operations that remained unpaid as of September 30, 2023 and 2022, respectively. (2) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including legal liabilities and related estimates), finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (3) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The Company generates revenue primarily from the sale of advertising space on printed and digital out-of-home advertising displays. Certain of these revenue transactions are considered leases for accounting purposes as the contracts convey to customers the right to control the use of the Company’s advertising displays for a period of time. The Company accounts for revenue from leases in accordance with ASC Topic 842, while the Company’s remaining revenue transactions are accounted for as revenue from contracts with customers in accordance with ASC Topic 606. Disaggregation of Revenue The following table shows revenue from contracts with customers, revenue from leases and total revenue from continuing operations, disaggregated by geography, for the three and nine months ended September 30, 2023 and 2022: (In thousands) Revenue from contracts with customers Revenue from leases Total revenue Three Months Ended September 30, 2023 U.S. (1) $ 184,506 $ 169,812 $ 354,318 Europe (2) 145,642 3,724 149,366 Other (3) 17,892 5,210 23,102 Total $ 348,040 $ 178,746 $ 526,786 Three Months Ended September 30, 2022 U.S. (1) $ 174,478 $ 172,041 $ 346,519 Europe (2) 132,772 2,750 135,522 Other (3) 16,354 4,949 21,303 Total $ 323,604 $ 179,740 $ 503,344 Nine Months Ended September 30, 2023 U.S. (1) $ 520,754 $ 481,964 $ 1,002,718 Europe (2) 419,253 8,525 427,778 Other (3) 48,625 15,905 64,530 Total $ 988,632 $ 506,394 $ 1,495,026 Nine Months Ended September 30, 2022 U.S. (1) $ 496,234 $ 491,556 $ 987,790 Europe (2) 391,895 11,443 403,338 Other (3) 45,502 15,151 60,653 Total $ 933,631 $ 518,150 $ 1,451,781 (1) U.S. revenue, which also includes revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments. (2) Europe revenue is comprised of revenue from the Company’s Europe-North segment. (3) Other includes the Company’s businesses in Latin America and Singapore. Revenue from Contracts with Customers The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 298,309 $ 274,143 $ 317,560 $ 322,789 Ending balance 304,620 278,067 304,620 278,067 Deferred revenue from contracts with customers: Beginning balance $ 40,947 $ 40,391 $ 23,596 $ 31,519 Ending balance 42,940 40,726 42,940 40,726 During the three months ended September 30, 2023 and 2022, respectively, the Company recognized $34.8 million and $34.4 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective quarters. During the nine months ended September 30, 2023 and 2022, respectively, the Company recognized $22.5 million and $29.8 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective years. The Company’s contracts with customers generally have terms of one year or less. However, as of September 30, 2023, the Company expected to recognize $92.0 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of greater than one year, with the majority of this amount to be recognized over the next five years. |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of September 30, 2023 and December 31, 2022 consisted of the following: (In thousands) September 30, December 31, Term Loan Facility Due 2026 (1),(2),(3) $ 1,260,000 $ 1,935,000 Revolving Credit Facility Due 2026 (4) — — Receivables-Based Credit Facility Due 2026 (5) — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028 (3) 750,000 — Clear Channel Outdoor Holdings 7.750% Senior Notes Due 2028 (6) 995,000 1,000,000 Clear Channel Outdoor Holdings 7.500% Senior Notes Due 2029 (6) 1,040,000 1,050,000 Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 375,000 375,000 Other debt (7) 4,221 4,682 Original issue discount (2,923) (5,596) Long-term debt fees (42,071) (47,185) Total debt 5,629,227 5,561,901 Less: Current portion (1) 556 21,203 Total long-term debt $ 5,628,671 $ 5,540,698 (1) The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. In accordance with these terms, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility during the six months ended June 30, 2023. During the three months ended September 30, 2023, the Company made a prepayment, described in note (3) to this table, that satisfied the remaining quarterly payment obligations. As such, the entire remaining balance is due in 2026 and is classified as non-current on the Consolidated Balance Sheet at September 30, 2023. (2) In February 2023, the Senior Secured Credit Agreement was amended to establish Adjusted Term Secured Overnight Financing Rate (“SOFR”) as the alternate rate of interest applicable to the Company’s Term Loan Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (3) On August 22, 2023, the Company issued $750.0 million aggregate principal amount of 9.000% Senior Secured Notes due 2028. On the same date, the Company used a portion of the net proceeds from this issuance to prepay $665.0 million of outstanding principal on the Term Loan Facility, which the Company repurchased at a 1% discount. The Company incurred costs of $12.3 million related to these transactions. (4) In June 2023, the Senior Secured Credit Agreement was amended to extend the maturity date of a substantial portion of the commitments under the Company’s Revolving Credit Facility to August 2026, reduce the aggregate revolving credit commitments of the Revolving Credit Facility, and replace the benchmark interest rates applicable to the Revolving Credit Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (5) In June 2023, the Receivables-Based Credit Agreement was amended to extend its maturity to August 2026, increase its aggregate revolving credit commitments, and replace the benchmark interest rates. Refer to the “Amendment to Receivables-Based Credit Facility” section below for more information. (6) In September 2023, the Company repurchased in the open market $5.0 million of the CCOH 7.750% Senior Notes and $10.0 million of the CCOH 7.500% Senior Notes at a discount, resulting in a gain on extinguishment of $3.2 million. The repurchased notes are to be held by a subsidiary of the Company and have not been cancelled. (7) Other debt includes finance leases and various borrowings utilized for general operating purposes. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.1 billion and $4.7 billion as of September 30, 2023 and December 31, 2022, respectively. Under the fair value hierarchy established by ASC Section 820-10-35, the inputs used to determine the market value of the Company’s debt are classified as Level 1. As of September 30, 2023, the Company was in compliance with all covenants contained in its debt agreements. Amendments to Senior Secured Credit Facilities On February 20, 2023, the Senior Secured Credit Agreement, which governs the Company’s Term Loan Facility and Revolving Credit Facility, was amended to establish Adjusted Term SOFR (as defined therein) as the alternate rate of interest applicable to the Company’s Term Loan Facility in connection with the cessation of London Interbank Offered Rate (“LIBOR”). On June 12, 2023, the Senior Secured Credit Agreement was further amended to, among other things, reduce the aggregate revolving credit commitments of the Revolving Credit Facility from $175.0 million to $150.0 million, with the full $150.0 million of revolving credit commitments available through August 23, 2024 and $115.8 million of such revolving credit commitments extending and available through August 23, 2026, and amend the benchmark interest rate provisions to replace LIBOR with alternative reference rates. These amendments are reflected in the information below. Size and Availability The Senior Secured Credit Agreement, as amended, provides for the Term Loan Facility in an aggregate principal amount of $2,000.0 million and the Revolving Credit Facility with $150.0 million of revolving credit commitments available through August 23, 2024, reducing to $115.8 million available through August 23, 2026. Interest Rate and Fees Effective June 12, 2023, new borrowings or the continuation of existing borrowings under the Senior Secured Credit Agreement bear interest at a rate per annum equal to the amended Applicable Rate (as defined therein) plus either: (a) a base rate equal to the highest of: (1) the rate of interest in effect for such date as publicly announced from time to time by the administrative agent as its “prime rate,” (2) the Federal Funds Rate plus 0.50%, (3) 0.00%, and (4) a rate based on the Secured Overnight Financing Rate (“Term SOFR”) plus an adjustment for a one-month tenor in effect on such day plus 1.00%; or (b)(1) a term rate based on Term SOFR plus an adjustment for loans denominated in dollars, the Canadian Dollar Offered Rate (“CDOR”) for loans denominated in Canadian dollars, and the Euro Interbank Offered Rate (“EURIBOR”) for loans denominated in euros, or (2) a daily rate based on the Sterling Overnight Index Average (“SONIA”) plus an adjustment for loans denominated in pounds sterling. In addition to paying interest on outstanding principal under the Senior Secured Credit Agreement, the Company is required to pay a commitment fee to the lenders under the Senior Secured Credit Agreement in respect of the unutilized revolving commitments thereunder. The Company is also required to pay a customary letter of credit and fronting fee for each issued letter of credit. Amortization and Maturity The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. The Revolving Credit Facility also matures on August 23, 2026 in the amounts set forth above. Amendment to Receivables-Based Credit Facility On June 12, 2023, the Company entered into an amendment to the Receivables-Based Credit Agreement, which governs the Company’s Receivables-Based Credit Facility, to, among other things, extend the maturity date of the Receivables-Based Credit Facility from August 23, 2024 to August 23, 2026, increase the aggregate revolving credit commitments from $125.0 million to $175.0 million, and amend the benchmark interest rate provisions to replace LIBOR with alternative reference rates. These amendments are reflected in the information below. Size and Availability The Receivables-Based Credit Agreement provides for an asset-based revolving credit facility, with amounts available from time to time (including in respect of letters of credit) equal to the lesser of (a) the borrowing base, which equals 85.0% of the eligible accounts receivable of the borrower and the subsidiary borrowers, subject to customary eligibility criteria minus any reserves, and (b) the aggregate revolving credit commitments, which is $175.0 million. Interest Rate and Fees Effective June 12, 2023, new borrowings or the continuation of existing borrowings under the Receivables-Based Credit Agreement bear interest at a rate per annum equal to an amended Applicable Rate (defined therein) plus either: (a) a base rate equal to the highest of: (1) the rate of interest in effect for such date as publicly announced from time to time by the administrative agent as its “prime rate,” (2) the Federal Funds Rate plus 0.50%, (3) 0.00%, and (4) Term SOFR plus an adjustment for a one-month tenor in effect on such day plus 1.00%; or (b)(1) a term rate based on Term SOFR plus an adjustment for loans denominated in dollars, the CDOR rate for loans denominated in Canadian dollars, and the EURIBOR rate for loans denominated in euros, or (2) a daily rate based on the SONIA plus an adjustment for loans denominated in pounds sterling. In addition to paying interest on outstanding principal under the Receivables-Based Credit Agreement, the Company is required to pay a commitment fee to the lenders under the Receivables-Based Credit Agreement in respect of the unutilized revolving commitments thereunder. The Company is also required to pay a customary letter of credit and fronting fee for each issued letter of credit. Maturity Borrowings under the Receivables-Based Credit Agreement mature, and lending commitments thereunder terminate, on August 23, 2026. CCOH 9.000% Senior Secured Notes Due 2028 On August 22, 2023, the Company completed the sale of $750.0 million in aggregate principal amount of 9.000% Senior Secured Notes due 2028 (the “CCOH 9.000% Senior Secured Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States in compliance with Regulation S under the Securities Act. The CCOH 9.000% Senior Secured Notes were issued pursuant to an indenture, dated as of August 22, 2023 (the “CCOH 9.000% Senior Secured Notes Indenture”), among the Company, the subsidiaries of the Company acting as guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and as collateral agent. The CCOH 9.000% Senior Secured Notes mature on September 15, 2028 and bear interest at a rate of 9.000% per annum. Interest on the CCOH 9.000% Senior Secured Notes is payable to the holders thereof semi-annually on March 15 and September 15 of each year, beginning on March 15, 2024. Guarantees and Security The CCOH 9.000% Senior Secured Notes are guaranteed fully and unconditionally on a senior secured basis by the subsidiaries of the Company acting as guarantors thereto and any of the Company’s future wholly-owned domestic subsidiaries that guarantee the Company’s obligations under the Senior Secured Credit Facilities and the Receivables-Based Credit Facility. The CCOH 9.000% Senior Secured Notes and the guarantees thereof are secured on a first-priority basis by security interests in all of the Company’s and guarantors’ assets securing the Senior Secured Credit Facilities and the CCOH 5.125% Senior Secured Notes, subject to certain exceptions, and on a second-priority basis by security interests in all of the Company’s and guarantors’ assets securing the Company’s Receivables-Based Credit Facility on a first-priority basis, in each case, other than any excluded assets. Redemptions The Company may redeem all or a portion of the CCOH 9.000% Senior Secured Notes at the redemption prices set forth in the CCOH 9.000% Senior Secured Notes Indenture. Certain Covenants The CCOH 9.000% Senior Secured Notes Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to, among other things: incur or guarantee additional debt or issue certain preferred stock; redeem, purchase or retire subordinated debt; make certain investments; create restrictions on the payment of dividends or other amounts from the Company’s restricted subsidiaries that are not guarantors of the debt; enter into certain transactions with affiliates; merge or consolidate with another person or sell or otherwise dispose of all or substantially all of the Company’s assets; sell certain assets, including capital stock of the Company’s subsidiaries; designate the Company’s subsidiaries as unrestricted subsidiaries; pay dividends, redeem or repurchase capital stock or make other restricted payments; and incur certain liens. As of September 30, 2023, the Company was in compliance with all covenants contained in the CCOH 9.000% Senior Secured Notes Indenture. Letters of Credit, Surety Bonds and Guarantees The Company has letters of credit, surety bonds and bank guarantees related to various operational matters, including insurance, bid, concession and performance bonds, as well as other items. As of September 30, 2023, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $106.8 million of remaining excess availability, and $40.2 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $111.1 million of excess availability. Additionally, as of September 30, 2023, the Company had $79.2 million and $29.2 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $8.0 million of cash collateral. A portion of these letters of credit, surety bonds and guarantees at September 30, 2023 related to discontinued operations that were held for sale at September 30, 2023. Please refer to Note 2 for additional information. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes, employment and benefits related claims, land use and zoning disputes, governmental fines, intellectual property claims and tax disputes. China Investigation Prior to the Company’s separation from iHeartCommunications, Inc. in 2019, two former employees of Clear Media Limited (“Clear Media”), a former indirect, non-wholly-owned subsidiary of the Company, were convicted in China of certain crimes, including the crime of misappropriation of Clear Media funds, and sentenced to imprisonment after a police investigation. The Company is not aware of any litigation, claim or assessment pending against the Company in relation to this proceeding. The Company advised both the SEC and the U.S. Department of Justice (the “DOJ”) of the investigation of Clear Media. Subsequent to the announcement that the Company was considering a strategic review of its stake in Clear Media, in March 2020, the Company received a subpoena from the staff of the SEC and a Grand Jury subpoena from the U.S. Attorney’s Office for the Eastern District of New York in connection with the investigation of Clear Media. In May 2020, the Company finalized the sale of its 50.91% stake in Clear Media. As previously disclosed, the Company engaged with the SEC and the DOJ regarding the potential resolution of this matter and, during the first quarter of 2022, recorded an estimated liability of $7.1 million related to such matter. Having reached an agreement in principle with the SEC to settle the claims against the Company, and based on the Company’s expectations relating to a definitive order, the Company recorded an incremental liability of $19.0 million for the second quarter of 2023 to equal the amount of the expected settlement payment. In September 2023, the Company reached a settlement with the SEC. Without admitting or denying the underlying allegations, the Company has agreed to pay a total of approximately $26.1 million in disgorgement, civil penalties and prejudgment interest to the SEC in a series of installments over the next year, of which approximately $13 million was paid in October 2023. As of June 30, 2023, the Company had recorded a liability for the full amount of the potential settlement payment in anticipation of such settlement. In connection with the settlement, the DOJ declined to pursue any charges against the Company related to this matter. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Benefit Attributable to Continuing Operations The Company’s income tax benefit attributable to continuing operations for the three and nine months ended September 30, 2023 and 2022 consisted of the following components: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current tax expense attributable to continuing operations $ (2,830) $ (1,299) $ (6,442) $ (3,493) Deferred tax benefit attributable to continuing operations 3,074 22,419 18,464 3,938 Income tax benefit attributable to continuing operations $ 244 $ 21,120 $ 12,022 $ 445 The effective tax rates for continuing operations for the three and nine months ended September 30, 2023 were 0.5% and 6.2%, respectively, compared to 52.9% and 0.3% for the three and nine months ended September 30, 2022, respectively. The effective tax rates for each period were impacted by the valuation allowance recorded against current period deferred tax assets resulting from losses and interest expense carryforwards in the U.S. and certain foreign jurisdictions due to uncertainty regarding the Company’s ability to realize those assets in future periods. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The Company’s property, plant and equipment consisted of the following classes of assets as of September 30, 2023 and December 31, 2022: (In thousands) September 30, December 31, Structures (1) $ 2,133,246 $ 2,098,547 Furniture and other equipment 220,453 211,319 Land, buildings and improvements (1) 142,119 131,758 Construction in progress 38,239 67,047 Property, plant and equipment, gross 2,534,057 2,508,671 Less: Accumulated depreciation (1,894,235) (1,836,558) Property, plant and equipment, net $ 639,822 $ 672,113 (1) During the nine months ended September 30, 2023, the Company acquired billboard structures and land of $1.5 million and $0.1 million, respectively, as part of asset acquisitions. |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of September 30, 2023 and December 31, 2022: (In thousands) September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Permits (1) $ 746,126 $ (64,326) $ 739,119 $ (16,058) Transit, street furniture and other outdoor contractual rights 350,763 (318,046) 352,663 (315,144) Permanent easements (1) 163,293 — 160,688 — Trademarks 83,569 (37,133) 83,569 (30,889) Other 1,094 (1,081) 1,146 (1,087) Total intangible assets $ 1,344,845 $ (420,586) $ 1,337,185 $ (363,178) (1) During the nine months ended September 30, 2023, the Company acquired permits and permanent easements of $7.0 million and $3.8 million, respectively, as part of asset acquisitions. The acquired permits have amortization periods ranging from 11 to 16 years. The Company performs its annual impairment test for indefinite-lived intangible assets as of July 1 of each year, and more frequently as events or changes in circumstances warrant, as described in the Company's 2022 Annual Report on Form 10-K. In 2022, the Company tested certain of its then-indefinite-lived permits for impairment during the second quarter due to rising interest rates and inflation, resulting in an impairment charge of $21.8 million. Additionally, the Company’s annual impairment test as of July 1, 2022 resulted in an impairment charge of $0.9 million related to its permanent easements during the third quarter of 2022. No impairment was recognized during the nine months ended September 30, 2023, and there were no indicators of impairment as of this date. Goodwill The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the nine months ended September 30, 2023: (In thousands) America Airports Europe-North Consolidated Balance as of December 31, 2022 (1) $ 482,937 $ 24,882 $ 142,824 $ 650,643 Foreign currency impact — — (1,463) (1,463) Balance as of September 30, 2023 $ 482,937 $ 24,882 $ 141,361 $ 649,180 (1) The balance at December 31, 2022 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North and $90.4 million for Other. The Company performs its annual impairment test for goodwill as of July 1 of each year, and more frequently as events or changes in circumstances warrant, as described in the Company's 2022 Annual Report on Form 10-K. No goodwill impairment was recognized during the nine months ended September 30, 2023 or 2022. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
NET LOSS PER SHARE | NET LOSS PER SHARE The following table presents the computation of net loss per share for the three and nine months ended September 30, 2023 and 2022: (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerators: Loss from continuing operations $ (51,082) $ (18,798) $ (182,493) $ (153,799) Less: Net income from continuing operations attributable to noncontrolling interests 648 977 823 1,529 Net loss from continuing operations attributable to the Company (51,730) (19,775) (183,316) (155,328) Loss from discontinued operations (211,736) (19,982) (152,326) (40,027) Less: Net income (loss) from discontinued operations attributable to noncontrolling interests 24 — 57 (66) Net loss from discontinued operations attributable to the Company (211,760) (19,982) (152,383) (39,961) Net loss attributable to the Company $ (263,490) $ (39,757) $ (335,699) $ (195,289) Denominators: Weighted average common shares outstanding – Basic 482,945 475,612 481,289 473,787 Weighted average common shares outstanding – Diluted 482,945 475,612 481,289 473,787 Net loss attributable to the Company per share of common stock — Basic: Net loss from continuing operations attributable to the Company per share of common stock $ (0.11) $ (0.04) $ (0.38) $ (0.33) Net loss from discontinued operations attributable to the Company per share of common stock (0.44) (0.04) (0.32) (0.08) Net loss attributable to the Company per share of common stock — Basic $ (0.55) $ (0.08) $ (0.70) $ (0.41) Net loss attributable to the Company per share of common stock — Diluted: Net loss from continuing operations attributable to the Company per share of common stock $ (0.11) $ (0.04) $ (0.38) $ (0.33) Net loss from discontinued operations attributable to the Company per share of common stock (0.44) (0.04) (0.32) (0.08) Net loss attributable to the Company per share of common stock — Diluted $ (0.55) $ (0.08) $ (0.70) $ (0.41) Outstanding equity awards of 29.2 million and 24.2 million shares for the three months ended September 30, 2023 and 2022, respectively, and 23.0 million and 25.2 million shares for the nine months ended September 30, 2023 and 2022, respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
OTHER INFORMATION
OTHER INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows: (In thousands) September 30, December 31, Cash and cash equivalents in the Balance Sheets $ 313,406 $ 282,232 Cash and cash equivalents included in Current assets of discontinued operations 1,139 5,118 Restricted cash included in: Other current assets 1,859 1,953 Current assets of discontinued operations 842 1,322 Other assets 4,234 4,149 Other assets of discontinued operations 3,170 3,908 Total cash, cash equivalents and restricted cash in the Statements of Cash Flows $ 324,650 $ 298,682 Accounts Receivable The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets: (In thousands) September 30, December 31, Accounts receivable $ 455,193 $ 467,776 Less: Allowance for credit losses (13,657) (14,093) Accounts receivable, net $ 441,536 $ 453,683 Credit loss expense related to accounts receivable of continuing operations was less than $0.1 million and $1.7 million during the three months ended September 30, 2023 and 2022, respectively, and $1.7 million and $2.9 million during the nine months ended September 30, 2023 and 2022, respectively. Accrued Expenses The following table discloses the components of “Accrued expenses” as of September 30, 2023 and December 31, 2022: (In thousands) September 30, December 31, Accrued rent $ 89,790 $ 86,892 Accrued employee compensation and benefits 49,360 86,630 Accrued taxes 44,367 37,590 Accrued other 140,657 119,638 Total accrued expenses $ 324,174 $ 330,750 Share-Based Compensation On May 2, 2023, the Compensation Committee of the Board approved grants of 14.7 million restricted stock units (“RSUs”) and 3.4 million performance stock units (“PSUs”) to certain of employees of its continuing operations. • The RSUs generally vest in three equal annual installments on each of April 1, 2024, April 1, 2025 and April 1, 2026, provided that the recipient is still employed by, or providing services to, the Company on each such vesting date. • The PSUs vest and become earned based on the achievement of the Company’s total shareholder return relative to the Company’s peer group (the “Relative TSR”) over a performance period commencing on April 1, 2023 and ending on March 31, 2026 (the “Performance Period”). If the Company achieves Relative TSR at the 75 th percentile or higher, the PSUs will be earned at 150% of the target number of shares; if the Company achieves Relative TSR at the 50 th percentile, the PSUs will be earned at 100% of the target number of shares; if the Company achieves Relative TSR at the 25 th percentile, the PSUs will be earned at 50% of the target number of shares; and if the Company achieves Relative TSR below the 25 th percentile, no PSUs will be earned. To the extent Relative TSR is between achievement levels, the portion of the PSUs that is earned will be determined using straight-line interpolation. Notwithstanding the foregoing, to the extent the Company’s absolute total shareholder return over the Performance Period is less than 0%, the maximum payout shall not be greater than 100% of the target number of shares. The PSUs are considered market-condition awards pursuant to ASC Topic 260, Earnings Per Share . Other Income (Expense), Net During the three months ended September 30, 2023, the Company recognized a net foreign currency transaction loss related to continuing operations of $13.7 million, and during the nine months ended September 30, 2023, the Company recognized a net foreign currency transaction gain related to continuing operations of $7.4 million. During the three and nine months ended September 30, 2022, the Company recognized foreign currency transaction losses related to continuing operations of $28.8 million and $63.0 million, respectively. Other Comprehensive Income (Loss) There were no significant changes in deferred income tax liabilities resulting from adjustments to other comprehensive income (loss) during the three and nine months ended September 30, 2023 and 2022. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net loss attributable to the Company | $ (263,490) | $ (39,757) | $ (335,699) | $ (195,289) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Preparation of Interim Financial Statements | These consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Preparation of Interim Financial Statements The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on February 28, 2023. |
Use of Estimates | The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Segment Presentation Changes | As described in the Company’s 2022 Annual Report on Form 10-K, the Company changed segments during the fourth quarter of 2022 to reflect changes in the way the business is managed and resources are allocated by the Company’s chief operating decision maker (“CODM”). As such, the Company has revised its segment disclosures for prior periods to conform to the current period presentation. |
Discontinued Operations | the Company’s plan to sell the businesses comprising its Europe-South segment met the criteria to be reported as discontinued operations. In accordance with GAAP, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets, and results of discontinued operations are reported as a separate component of Consolidated net loss in the Consolidated Statements of Loss, for all periods presented, resulting in changes to the presentation of certain prior period amounts. |
DISPOSITIONS AND DISCONTINUED_2
DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale and Operations Reflected in Discontinued Operations | The following table presents a reconciliation of the carrying amounts of the major classes of assets and liabilities of discontinued operations to the total assets and liabilities of discontinued operations as presented on the Company’s Consolidated Balance Sheets: (In thousands) September 30, (1) December 31, (2) Assets of discontinued operations: Cash and cash equivalents $ 1,139 $ 5,118 Accounts receivable, net 114,603 178,084 Prepaid expenses and other current assets 23,053 21,385 Property, plant and equipment, net 94,083 126,878 Intangible assets, net and goodwill 40 20,000 Operating lease right-of-use assets 63,618 160,841 Other assets 15,531 25,838 Valuation allowance on business in France (3) (200,636) — Total assets of discontinued operations on Consolidated Balance Sheets $ 111,431 $ 538,144 Liabilities of discontinued operations: Accounts payable and accrued expenses $ 144,194 $ 201,161 Operating lease liabilities 70,277 169,229 Deferred revenue 11,695 16,902 Long-term debt, including current portion 29,734 32,116 Other liabilities 36,276 48,472 Total liabilities of discontinued operations on Consolidated Balance Sheets $ 292,176 $ 467,880 (1) As of September 30, 2023, all assets and liabilities of the Company’s business in France are classified as current on the Consolidated Balance Sheet as the sale occurred on October 31, 2023. Assets and liabilities of the Company’s business in Spain are classified as current or non-current in accordance with ASC Subtopic 210-10 as the time required to receive regulatory approval and satisfy other customary closing conditions may extend beyond 12 months. (2) As of December 31, 2022, all assets and liabilities of the Company’s former business in Switzerland were classified as current on the Consolidated Balance Sheet as they were held for sale and the sale was expected to occur within a year of the balance sheet date. The remaining assets and liabilities of the Company’s discontinued operations are classified as current or non-current in accordance with their original classification at December 31, 2022. (3) The valuation allowance on the business in France represents the loss recorded upon classification of the business as held for sale in order to reduce the carrying value of the business to fair value less costs to sell. The following table provides details about the major classes of line items constituting “Loss from discontinued operations” as presented on the Company’s Consolidated Statements of Loss: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, 2023 2022 2023 2022 Revenue $ 85,680 $ 99,563 $ 300,114 $ 320,194 Expenses: Direct operating expenses (1) 74,796 82,154 247,377 254,728 Selling, general and administrative expenses (1),(2) 19,389 27,021 68,685 78,265 Depreciation and amortization 348 7,975 15,739 26,478 Other expense, net 2,882 2,233 10,288 524 Loss from discontinued operations before net loss on disposal and/or classification as held for sale and income taxes (11,735) (19,820) (41,975) (39,801) Loss on disposal and/or classification as held for sale, net (200,636) — (93,132) — Income tax benefit (expense) attributable to discontinued operations (3) 635 (162) (17,219) (226) Loss from discontinued operations $ (211,736) $ (19,982) $ (152,326) $ (40,027) (1) Excludes depreciation and amortization. (2) Certain costs that were historically allocated to the Company’s Europe-South segment and reported within selling, general and administrative expenses on the Consolidated Statement of Loss have been deemed to be costs of continuing operations and are now reported within corporate expenses on the Consolidated Statement of Loss. As such, amounts for prior periods totaling $1.1 million and $3.8 million for the three and nine months ended September 30, 2022, respectively, have been reclassified to conform to the current period presentation. (3) The income tax expense attributable to discontinued operations for the nine months ended September 30, 2023 was largely driven by the sale of the Company’s former business in Switzerland. The following table presents the capital expenditures for discontinued operations for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, 2023 2022 2023 2022 Capital expenditures (1) $ 4,764 $ 5,769 $ 16,129 $ 20,830 (1) In addition to payments that occurred during the period for capital expenditures, the Company had $3.5 million and $3.7 million of accrued capital expenditures related to discontinued operations that remained unpaid as of September 30, 2023 and 2022, respectively. |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Results | The following table presents the Company’s reportable segment results for continuing operations for the three and nine months ended September 30, 2023 and 2022. As described in Note 1, the Company has revised its segment disclosures for the prior periods to conform to the current period presentation. (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue America $ 278,760 $ 284,201 $ 802,326 $ 808,483 Airports 75,558 62,318 200,392 179,307 Europe-North 149,366 135,522 427,778 403,338 Other 23,102 21,303 64,530 60,653 Total $ 526,786 $ 503,344 $ 1,495,026 $ 1,451,781 Capital Expenditures (1) America $ 16,148 $ 13,777 $ 51,844 $ 52,251 Airports 3,072 7,807 10,382 17,369 Europe-North 7,851 10,959 18,998 22,445 Other 1,577 1,234 4,534 2,527 Corporate 4,022 3,764 10,678 8,996 Total $ 32,670 $ 37,541 $ 96,436 $ 103,588 Segment Adjusted EBITDA America $ 121,335 $ 129,679 $ 332,213 $ 364,062 Airports 15,522 15,060 38,120 39,767 Europe-North 28,444 24,198 61,850 59,031 Other 3,290 2,991 7,170 5,282 Total $ 168,591 $ 171,928 $ 439,353 $ 468,142 Reconciliation of Segment Adjusted EBITDA to Loss From Continuing Operations Before Income Taxes Segment Adjusted EBITDA $ 168,591 $ 171,928 $ 439,353 $ 468,142 Less reconciling items: Corporate expenses (2) 34,931 38,299 129,427 123,323 Depreciation and amortization 57,699 49,871 186,409 152,352 Impairment charges — 871 — 22,676 Restructuring and other costs (3) 265 354 825 1,392 Other operating expense, net 6,179 1,863 10,122 676 Interest expense, net 107,391 92,620 314,624 261,704 Gain on extinguishment of debt (3,817) — (3,817) — Other (income) expense, net 17,269 27,968 (3,722) 60,263 Loss from continuing operations before income taxes $ (51,326) $ (39,918) $ (194,515) $ (154,244) (1) In addition to payments that occurred during the period for capital expenditures, the Company had $8.7 million and $12.4 million of accrued capital expenditures related to continuing operations that remained unpaid as of September 30, 2023 and 2022, respectively. (2) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including legal liabilities and related estimates), finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (3) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table shows revenue from contracts with customers, revenue from leases and total revenue from continuing operations, disaggregated by geography, for the three and nine months ended September 30, 2023 and 2022: (In thousands) Revenue from contracts with customers Revenue from leases Total revenue Three Months Ended September 30, 2023 U.S. (1) $ 184,506 $ 169,812 $ 354,318 Europe (2) 145,642 3,724 149,366 Other (3) 17,892 5,210 23,102 Total $ 348,040 $ 178,746 $ 526,786 Three Months Ended September 30, 2022 U.S. (1) $ 174,478 $ 172,041 $ 346,519 Europe (2) 132,772 2,750 135,522 Other (3) 16,354 4,949 21,303 Total $ 323,604 $ 179,740 $ 503,344 Nine Months Ended September 30, 2023 U.S. (1) $ 520,754 $ 481,964 $ 1,002,718 Europe (2) 419,253 8,525 427,778 Other (3) 48,625 15,905 64,530 Total $ 988,632 $ 506,394 $ 1,495,026 Nine Months Ended September 30, 2022 U.S. (1) $ 496,234 $ 491,556 $ 987,790 Europe (2) 391,895 11,443 403,338 Other (3) 45,502 15,151 60,653 Total $ 933,631 $ 518,150 $ 1,451,781 (1) U.S. revenue, which also includes revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments. (2) Europe revenue is comprised of revenue from the Company’s Europe-North segment. (3) Other includes the Company’s businesses in Latin America and Singapore. |
Schedule of Contract with Customer | The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 298,309 $ 274,143 $ 317,560 $ 322,789 Ending balance 304,620 278,067 304,620 278,067 Deferred revenue from contracts with customers: Beginning balance $ 40,947 $ 40,391 $ 23,596 $ 31,519 Ending balance 42,940 40,726 42,940 40,726 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of September 30, 2023 and December 31, 2022 consisted of the following: (In thousands) September 30, December 31, Term Loan Facility Due 2026 (1),(2),(3) $ 1,260,000 $ 1,935,000 Revolving Credit Facility Due 2026 (4) — — Receivables-Based Credit Facility Due 2026 (5) — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028 (3) 750,000 — Clear Channel Outdoor Holdings 7.750% Senior Notes Due 2028 (6) 995,000 1,000,000 Clear Channel Outdoor Holdings 7.500% Senior Notes Due 2029 (6) 1,040,000 1,050,000 Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 375,000 375,000 Other debt (7) 4,221 4,682 Original issue discount (2,923) (5,596) Long-term debt fees (42,071) (47,185) Total debt 5,629,227 5,561,901 Less: Current portion (1) 556 21,203 Total long-term debt $ 5,628,671 $ 5,540,698 (1) The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. In accordance with these terms, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility during the six months ended June 30, 2023. During the three months ended September 30, 2023, the Company made a prepayment, described in note (3) to this table, that satisfied the remaining quarterly payment obligations. As such, the entire remaining balance is due in 2026 and is classified as non-current on the Consolidated Balance Sheet at September 30, 2023. (2) In February 2023, the Senior Secured Credit Agreement was amended to establish Adjusted Term Secured Overnight Financing Rate (“SOFR”) as the alternate rate of interest applicable to the Company’s Term Loan Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (3) On August 22, 2023, the Company issued $750.0 million aggregate principal amount of 9.000% Senior Secured Notes due 2028. On the same date, the Company used a portion of the net proceeds from this issuance to prepay $665.0 million of outstanding principal on the Term Loan Facility, which the Company repurchased at a 1% discount. The Company incurred costs of $12.3 million related to these transactions. (4) In June 2023, the Senior Secured Credit Agreement was amended to extend the maturity date of a substantial portion of the commitments under the Company’s Revolving Credit Facility to August 2026, reduce the aggregate revolving credit commitments of the Revolving Credit Facility, and replace the benchmark interest rates applicable to the Revolving Credit Facility. Refer to the “Amendments to Senior Secured Credit Facilities” section below for more information. (5) In June 2023, the Receivables-Based Credit Agreement was amended to extend its maturity to August 2026, increase its aggregate revolving credit commitments, and replace the benchmark interest rates. Refer to the “Amendment to Receivables-Based Credit Facility” section below for more information. (6) In September 2023, the Company repurchased in the open market $5.0 million of the CCOH 7.750% Senior Notes and $10.0 million of the CCOH 7.500% Senior Notes at a discount, resulting in a gain on extinguishment of $3.2 million. The repurchased notes are to be held by a subsidiary of the Company and have not been cancelled. (7) Other debt includes finance leases and various borrowings utilized for general operating purposes. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit | The Company’s income tax benefit attributable to continuing operations for the three and nine months ended September 30, 2023 and 2022 consisted of the following components: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current tax expense attributable to continuing operations $ (2,830) $ (1,299) $ (6,442) $ (3,493) Deferred tax benefit attributable to continuing operations 3,074 22,419 18,464 3,938 Income tax benefit attributable to continuing operations $ 244 $ 21,120 $ 12,022 $ 445 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of September 30, 2023 and December 31, 2022: (In thousands) September 30, December 31, Structures (1) $ 2,133,246 $ 2,098,547 Furniture and other equipment 220,453 211,319 Land, buildings and improvements (1) 142,119 131,758 Construction in progress 38,239 67,047 Property, plant and equipment, gross 2,534,057 2,508,671 Less: Accumulated depreciation (1,894,235) (1,836,558) Property, plant and equipment, net $ 639,822 $ 672,113 (1) During the nine months ended September 30, 2023, the Company acquired billboard structures and land of $1.5 million and $0.1 million, respectively, as part of asset acquisitions. |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of September 30, 2023 and December 31, 2022: (In thousands) September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Permits (1) $ 746,126 $ (64,326) $ 739,119 $ (16,058) Transit, street furniture and other outdoor contractual rights 350,763 (318,046) 352,663 (315,144) Permanent easements (1) 163,293 — 160,688 — Trademarks 83,569 (37,133) 83,569 (30,889) Other 1,094 (1,081) 1,146 (1,087) Total intangible assets $ 1,344,845 $ (420,586) $ 1,337,185 $ (363,178) (1) During the nine months ended September 30, 2023, the Company acquired permits and permanent easements of $7.0 million and $3.8 million, respectively, as part of asset acquisitions. The acquired permits have amortization periods ranging from 11 to 16 years. |
Schedule of Goodwill | The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the nine months ended September 30, 2023: (In thousands) America Airports Europe-North Consolidated Balance as of December 31, 2022 (1) $ 482,937 $ 24,882 $ 142,824 $ 650,643 Foreign currency impact — — (1,463) (1,463) Balance as of September 30, 2023 $ 482,937 $ 24,882 $ 141,361 $ 649,180 (1) The balance at December 31, 2022 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North and $90.4 million for Other. |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Net Loss Per Share | The following table presents the computation of net loss per share for the three and nine months ended September 30, 2023 and 2022: (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerators: Loss from continuing operations $ (51,082) $ (18,798) $ (182,493) $ (153,799) Less: Net income from continuing operations attributable to noncontrolling interests 648 977 823 1,529 Net loss from continuing operations attributable to the Company (51,730) (19,775) (183,316) (155,328) Loss from discontinued operations (211,736) (19,982) (152,326) (40,027) Less: Net income (loss) from discontinued operations attributable to noncontrolling interests 24 — 57 (66) Net loss from discontinued operations attributable to the Company (211,760) (19,982) (152,383) (39,961) Net loss attributable to the Company $ (263,490) $ (39,757) $ (335,699) $ (195,289) Denominators: Weighted average common shares outstanding – Basic 482,945 475,612 481,289 473,787 Weighted average common shares outstanding – Diluted 482,945 475,612 481,289 473,787 Net loss attributable to the Company per share of common stock — Basic: Net loss from continuing operations attributable to the Company per share of common stock $ (0.11) $ (0.04) $ (0.38) $ (0.33) Net loss from discontinued operations attributable to the Company per share of common stock (0.44) (0.04) (0.32) (0.08) Net loss attributable to the Company per share of common stock — Basic $ (0.55) $ (0.08) $ (0.70) $ (0.41) Net loss attributable to the Company per share of common stock — Diluted: Net loss from continuing operations attributable to the Company per share of common stock $ (0.11) $ (0.04) $ (0.38) $ (0.33) Net loss from discontinued operations attributable to the Company per share of common stock (0.44) (0.04) (0.32) (0.08) Net loss attributable to the Company per share of common stock — Diluted $ (0.55) $ (0.08) $ (0.70) $ (0.41) |
OTHER INFORMATION (Tables)
OTHER INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows: (In thousands) September 30, December 31, Cash and cash equivalents in the Balance Sheets $ 313,406 $ 282,232 Cash and cash equivalents included in Current assets of discontinued operations 1,139 5,118 Restricted cash included in: Other current assets 1,859 1,953 Current assets of discontinued operations 842 1,322 Other assets 4,234 4,149 Other assets of discontinued operations 3,170 3,908 Total cash, cash equivalents and restricted cash in the Statements of Cash Flows $ 324,650 $ 298,682 |
Schedule of Accounts Receivable and Allowance for Credit Losses | The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets: (In thousands) September 30, December 31, Accounts receivable $ 455,193 $ 467,776 Less: Allowance for credit losses (13,657) (14,093) Accounts receivable, net $ 441,536 $ 453,683 |
Schedule of Accrued Expenses | The following table discloses the components of “Accrued expenses” as of September 30, 2023 and December 31, 2022: (In thousands) September 30, December 31, Accrued rent $ 89,790 $ 86,892 Accrued employee compensation and benefits 49,360 86,630 Accrued taxes 44,367 37,590 Accrued other 140,657 119,638 Total accrued expenses $ 324,174 $ 330,750 |
DISPOSITIONS AND DISCONTINUED_3
DISPOSITIONS AND DISCONTINUED OPERATIONS - Narrative (Details) € in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
May 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Oct. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss from discontinued operations | $ (211,736) | $ (19,982) | $ (152,326) | $ (40,027) | ||||
Cash and cash equivalents included in Current assets of discontinued operations | 1,139 | 1,139 | $ 5,118 | |||||
France | Forecast | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale of business, contingent consideration | € | € 4,500 | |||||||
France | Subsequent Event | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash and cash equivalents included in Current assets of discontinued operations | € | 42,000 | |||||||
Loan assumed by Equinox | € | € 28,125 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Goldbach Group AG | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposition of business | $ 96,400 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Goldbach Group AG | Switzerland | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from divestiture of businesses, net | $ 89,400 | |||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | JCDecaux SE | Italy | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from divestiture of businesses, net | $ 5,100 | |||||||
Disposition of businesses | 11,200 | |||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | JCDecaux SE | Spain | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal group, including discontinued operation, consideration | $ 64,300 | |||||||
Discontinued Operations, Disposed of by Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss from discontinued operations | (200,636) | |||||||
Cash and cash equivalents included in Current assets of discontinued operations | $ 1,139 | $ 1,139 | $ 5,118 |
DISPOSITIONS AND DISCONTINUED_4
DISPOSITIONS AND DISCONTINUED OPERATIONS - Major Classes of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets of discontinued operations: | ||
Cash and cash equivalents | $ 1,139 | $ 5,118 |
Discontinued Operations, Disposed of by Sale | ||
Assets of discontinued operations: | ||
Cash and cash equivalents | 1,139 | 5,118 |
Accounts receivable, net | 114,603 | 178,084 |
Prepaid expenses and other current assets | 23,053 | 21,385 |
Property, plant and equipment, net | 94,083 | 126,878 |
Intangible assets, net and goodwill | 40 | 20,000 |
Operating lease right-of-use assets | 63,618 | 160,841 |
Other assets | 15,531 | 25,838 |
Valuation allowance on business in France | 0 | |
Total assets of discontinued operations on Consolidated Balance Sheets | 111,431 | 538,144 |
Liabilities of discontinued operations: | ||
Accounts payable and accrued expenses | 144,194 | 201,161 |
Operating lease liabilities | 70,277 | 169,229 |
Deferred revenue | 11,695 | 16,902 |
Long-term debt, including current portion | 29,734 | 32,116 |
Other liabilities | 36,276 | 48,472 |
Total liabilities of discontinued operations on Consolidated Balance Sheets | $ 292,176 | $ 467,880 |
DISPOSITIONS AND DISCONTINUED_5
DISPOSITIONS AND DISCONTINUED OPERATIONS - Letters of Credit, Surety Bonds and Guarantees (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Surety bonds | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations | $ 79.2 |
Bank Guarantees | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations | 29.2 |
France | Discontinued Operations, Held-for-Sale | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Letters of credit outstanding | 20.2 |
Guarantor obligations, indemnified amount | 15.7 |
Guarantee obligations, collateral, cash | 3.2 |
France | Discontinued Operations, Held-for-Sale | Surety bonds | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations | 35.9 |
France | Discontinued Operations, Held-for-Sale | Bank Guarantees | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations | 7.3 |
Spain | Discontinued Operations, Held-for-Sale | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Letters of credit outstanding | 6.5 |
Guarantee obligations, collateral, cash | 0.7 |
Spain | Discontinued Operations, Held-for-Sale | Bank Guarantees | Europe-South | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations | $ 8.5 |
DISPOSITIONS AND DISCONTINUED_6
DISPOSITIONS AND DISCONTINUED OPERATIONS - Loss from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | $ 85,680 | $ 99,563 | $ 300,114 | $ 320,194 |
Expenses: | ||||
Direct operating expenses | 74,796 | 82,154 | 247,377 | 254,728 |
Selling, general and administrative expenses | 19,389 | 27,021 | 68,685 | 78,265 |
Depreciation and amortization | 348 | 7,975 | 15,739 | 26,478 |
Other expense, net | 2,882 | 2,233 | 10,288 | 524 |
Loss from discontinued operations before net loss on disposal and/or classification as held for sale and income taxes | (11,735) | (19,820) | (41,975) | (39,801) |
Loss on disposal and/or classification as held for sale, net | (200,636) | 0 | (93,132) | 0 |
Income tax benefit (expense) attributable to discontinued operations | 635 | (162) | (17,219) | (226) |
Loss from discontinued operations | $ (211,736) | (19,982) | $ (152,326) | (40,027) |
Europe-South | ||||
Expenses: | ||||
Selling, general and administrative expenses | $ 1,100 | $ 3,800 |
DISPOSITIONS AND DISCONTINUED_7
DISPOSITIONS AND DISCONTINUED OPERATIONS - Capital Expenditures for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | $ 4,764 | $ 5,769 | $ 16,129 | $ 20,830 |
Accrued capital expenditures | 8,700 | 12,400 | ||
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Accrued capital expenditures | $ 3,500 | $ 3,700 |
SEGMENT DATA - Schedule of Repo
SEGMENT DATA - Schedule of Reportable Segment Results (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | ||
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 4 | ||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 526,786 | $ 503,344 | $ 1,495,026 | $ 1,451,781 | |
Capital Expenditures | 32,670 | 37,541 | 96,436 | 103,588 | |
Segment Adjusted EBITDA | 168,591 | 171,928 | 439,353 | 468,142 | |
Corporate expenses | [1] | 34,931 | 38,299 | 129,427 | 123,323 |
Depreciation and amortization | 57,699 | 49,871 | 186,409 | 152,352 | |
Impairment charges | 900 | 0 | |||
Restructuring and other costs | 265 | 354 | 825 | 1,392 | |
Other operating expense, net | 6,179 | 1,863 | 10,122 | 676 | |
Interest expense, net | 107,391 | 92,620 | 314,624 | 261,704 | |
Gain on extinguishment of debt | (3,817) | 0 | (3,817) | 0 | |
Other (income) expense, net | 17,269 | 27,968 | (3,722) | 60,263 | |
Loss from continuing operations before income taxes | (51,326) | (39,918) | (194,515) | (154,244) | |
Accrued capital expenditures | 8,700 | 12,400 | |||
Operating segments | America | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 278,760 | 284,201 | 802,326 | 808,483 | |
Capital Expenditures | 16,148 | 13,777 | 51,844 | 52,251 | |
Segment Adjusted EBITDA | 121,335 | 129,679 | 332,213 | 364,062 | |
Operating segments | Airports | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 75,558 | 62,318 | 200,392 | 179,307 | |
Capital Expenditures | 3,072 | 7,807 | 10,382 | 17,369 | |
Segment Adjusted EBITDA | 15,522 | 15,060 | 38,120 | 39,767 | |
Operating segments | Europe-North | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 149,366 | 135,522 | 427,778 | 403,338 | |
Capital Expenditures | 7,851 | 10,959 | 18,998 | 22,445 | |
Segment Adjusted EBITDA | 28,444 | 24,198 | 61,850 | 59,031 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 23,102 | 21,303 | 64,530 | 60,653 | |
Capital Expenditures | 1,577 | 1,234 | 4,534 | 2,527 | |
Segment Adjusted EBITDA | 3,290 | 2,991 | 7,170 | 5,282 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Capital Expenditures | 4,022 | 3,764 | 10,678 | 8,996 | |
Corporate expenses | $ 34,931 | $ 38,299 | $ 129,427 | $ 123,323 | |
[1]Excludes depreciation and amortization |
REVENUE - Schedule of Disaggreg
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 348,040 | $ 323,604 | $ 988,632 | $ 933,631 |
Revenue from leases | $ 178,746 | $ 179,740 | $ 506,394 | $ 518,150 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | Revenue | Revenue | Revenue |
Revenue | $ 526,786 | $ 503,344 | $ 1,495,026 | $ 1,451,781 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 184,506 | 174,478 | 520,754 | 496,234 |
Revenue from leases | 169,812 | 172,041 | 481,964 | 491,556 |
Revenue | 354,318 | 346,519 | 1,002,718 | 987,790 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 145,642 | 132,772 | 419,253 | 391,895 |
Revenue from leases | 3,724 | 2,750 | 8,525 | 11,443 |
Revenue | 149,366 | 135,522 | 427,778 | 403,338 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17,892 | 16,354 | 48,625 | 45,502 |
Revenue from leases | 5,210 | 4,949 | 15,905 | 15,151 |
Revenue | $ 23,102 | $ 21,303 | $ 64,530 | $ 60,653 |
REVENUE - Schedule of Contract
REVENUE - Schedule of Contract with Customer (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 |
Accounts receivable, net of allowance, from contracts with customers: | |||||
Beginning balance | $ 298,309 | $ 317,560 | $ 278,067 | $ 274,143 | $ 322,789 |
Ending balance | 304,620 | 298,309 | 317,560 | 278,067 | 274,143 |
Deferred revenue from contracts with customers: | |||||
Beginning balance | 40,947 | 23,596 | 40,726 | 40,391 | 31,519 |
Ending balance | $ 42,940 | $ 40,947 | $ 23,596 | $ 40,726 | $ 40,391 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract liabilities, revenue recognized | $ 34.8 | $ 34.4 | $ 22.5 | $ 29.8 |
Revenue, remaining performance obligation | $ 92 | $ 92 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, remaining performance obligation, period | 5 years | 5 years |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Aug. 22, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||
Total debt | $ 5,629,227,000 | $ 5,629,227,000 | $ 5,561,901,000 | |||
Original issue discount | (2,923,000) | (2,923,000) | (5,596,000) | |||
Long-term debt fees | (42,071,000) | (42,071,000) | (47,185,000) | |||
Less: Current portion | 556,000 | 556,000 | 21,203,000 | |||
Total long-term debt | 5,628,671,000 | 5,628,671,000 | 5,540,698,000 | |||
Gain on extinguishment of debt | 3,817,000 | $ 0 | 3,817,000 | $ 0 | ||
Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs, gross | $ 12,300,000 | |||||
Term Loan Facility Due 2026 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 1,260,000,000 | $ 1,260,000,000 | 1,935,000,000 | |||
Debt instrument original principal amount quarterly amortization percentage | 1% | |||||
Payments of debt | $ 10,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 0 | 0 | |||
Receivables-Based Credit Facility Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 0 | 0 | |||
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 1,250,000,000 | $ 1,250,000,000 | 1,250,000,000 | |||
Stated interest rate (as a percent) | 5.125% | 5.125% | ||||
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028(3) | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 750,000,000 | $ 750,000,000 | 0 | |||
Stated interest rate (as a percent) | 9% | 9% | ||||
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028(3) | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of note | 750,000,000 | |||||
Clear Channel Outdoor Holdings 7.750% Senior Notes Due 2028(6) | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 995,000,000 | $ 995,000,000 | 1,000,000,000 | |||
Stated interest rate (as a percent) | 7.75% | 7.75% | ||||
Debt instrument, repurchase amount | $ 5,000,000 | $ 5,000,000 | ||||
Clear Channel Outdoor Holdings 7.500% Senior Notes Due 2029(6) | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 1,040,000,000 | $ 1,040,000,000 | 1,050,000,000 | |||
Stated interest rate (as a percent) | 7.50% | 7.50% | ||||
Debt instrument, repurchase amount | $ 10,000,000 | $ 10,000,000 | ||||
Gain on extinguishment of debt | 3,200,000 | |||||
Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 375,000,000 | $ 375,000,000 | 375,000,000 | |||
Stated interest rate (as a percent) | 6.625% | 6.625% | ||||
Other debt | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 4,221,000 | $ 4,221,000 | $ 4,682,000 | |||
Term Loan Facility | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Payments of debt | $ 665,000,000 | |||||
Debt instrument discount percentage | 1% |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | 9 Months Ended | |||||||
Jun. 12, 2023 | Sep. 30, 2023 | Aug. 24, 2024 | Aug. 22, 2023 | Jun. 30, 2023 | May 31, 2023 | Dec. 31, 2022 | Aug. 23, 2019 | |
Surety bonds | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Guarantee obligations | $ 79,200,000 | |||||||
Bank Guarantees | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Guarantee obligations | 29,200,000 | |||||||
Bank guarantees backed by cash collateral | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Guarantee obligations | 8,000,000 | |||||||
Secured Debt | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0% | |||||||
Secured Debt | Federal Funds Rate | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||
Secured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1% | |||||||
Revolving Credit Facility | Line of Credit | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | $ 175,000,000 | |||||
Revolving Credit Facility | Line of Credit | Forecast | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | $ 115,800,000 | |||||||
Term Loan Facility | Secured Debt | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | $ 2,000,000,000 | |||||||
Term Loan Facility Due 2026 | Secured Debt | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Debt instrument original principal amount quarterly amortization percentage | 1% | |||||||
Receivables-Based Credit Facility | Line of Credit | Revolving Credit Facility | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | $ 125,000,000 | |||||||
Debt instrument, basis spread on variable rate | 0% | |||||||
Receivables-Based Credit Facility | Line of Credit | Federal Funds Rate | Revolving Credit Facility | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||
Receivables-Based Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1% | |||||||
Receivables-Based Credit Facility Due 2026 | Line of Credit | Revolving Credit Facility | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | $ 175,000,000 | $ 175,000,000 | ||||||
Percentage of eligible accounts receivable | 85% | |||||||
Letters of credit outstanding | $ 40,200,000 | |||||||
Excess borrowing capacity | $ 111,100,000 | |||||||
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028(3) | Secured Debt | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Stated interest rate (as a percent) | 9% | |||||||
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028(3) | Senior Notes | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Principal amount of note | $ 750,000,000 | |||||||
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 | Secured Debt | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Stated interest rate (as a percent) | 5.125% | |||||||
Revolving Credit Facility | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Letters of credit outstanding | $ 43,200,000 | |||||||
Excess borrowing capacity | 106,800,000 | |||||||
Level 1 | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Aggregate market value of debt | $ 5,100,000,000 | $ 4,700,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2019 employee | Jun. 30, 2023 USD ($) | Mar. 31, 2022 USD ($) | May 31, 2020 | |
Income Tax Examination [Line Items] | ||||||
Number of employees convicted | employee | 2 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Clear Media Limited | ||||||
Income Tax Examination [Line Items] | ||||||
Ownership percentage sold | 50.91% | |||||
Loss contingency liability | $ 19 | $ 7.1 | ||||
Claim settlement | $ 26.1 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Clear Media Limited | Subsequent Event | ||||||
Income Tax Examination [Line Items] | ||||||
Payments for legal settlements | $ 13 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Current tax expense attributable to continuing operations | $ (2,830) | $ (1,299) | $ (6,442) | $ (3,493) |
Deferred tax benefit attributable to continuing operations | 3,074 | 22,419 | 18,464 | 3,938 |
Income tax benefit attributable to continuing operations | $ 244 | $ 21,120 | $ 12,022 | $ 445 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (as a percent) | 0.50% | 52.90% | 6.20% | 0.30% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,534,057 | $ 2,508,671 |
Less: Accumulated depreciation | (1,894,235) | (1,836,558) |
Property, plant and equipment, net | 639,822 | 672,113 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,133,246 | 2,098,547 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 220,453 | 211,319 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 142,119 | 131,758 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 38,239 | $ 67,047 |
Billboard Structures | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions of property, plant and equipment | 1,500 | |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions of property, plant and equipment | $ 100 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (420,586) | $ (363,178) |
Total intangible assets | 1,344,845 | 1,337,185 |
Permanent Easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, indefinite-lived | 163,293 | 160,688 |
Indefinite-lived intangible assets acquired | 3,800 | |
Permits, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 746,126 | 739,119 |
Accumulated Amortization | (64,326) | (16,058) |
Finite-lived intangible assets acquired | $ 7,000 | |
Permits, net | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life of intangibles (in years) | 11 years | |
Permits, net | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life of intangibles (in years) | 16 years | |
Transit, street furniture and other outdoor contractual rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | $ 350,763 | 352,663 |
Accumulated Amortization | (318,046) | (315,144) |
Permanent Easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | 0 | 0 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 83,569 | 83,569 |
Accumulated Amortization | (37,133) | (30,889) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 1,094 | 1,146 |
Accumulated Amortization | $ (1,081) | $ (1,087) |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 900,000 | $ 0 | ||
Goodwill, impairment | $ 0 | $ 0 | ||
Permits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 21,800,000 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Beginning balance | $ 650,643 | |
Foreign currency impact | (1,463) | |
Ending balance | 649,180 | |
America | ||
Goodwill | ||
Beginning balance | 482,937 | |
Foreign currency impact | 0 | |
Ending balance | 482,937 | |
Goodwill, cumulative impairment | $ 2,600,000 | |
Airports | ||
Goodwill | ||
Beginning balance | 24,882 | |
Foreign currency impact | 0 | |
Ending balance | 24,882 | |
Europe-North | ||
Goodwill | ||
Beginning balance | 142,824 | |
Foreign currency impact | (1,463) | |
Ending balance | $ 141,361 | |
Goodwill, cumulative impairment | 79,400 | |
Other | ||
Goodwill | ||
Goodwill, cumulative impairment | $ 90,400 |
NET LOSS PER SHARE - Schedule o
NET LOSS PER SHARE - Schedule of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerators: | ||||
Loss from continuing operations | $ (51,082) | $ (18,798) | $ (182,493) | $ (153,799) |
Less: Net income from continuing operations attributable to noncontrolling interests | 648 | 977 | 823 | 1,529 |
Net loss from continuing operations attributable to the Company | (51,730) | (19,775) | (183,316) | (155,328) |
Loss from discontinued operations | (211,736) | (19,982) | (152,326) | (40,027) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests | 24 | 0 | 57 | (66) |
Net loss from discontinued operations attributable to the Company | (211,760) | (19,982) | (152,383) | (39,961) |
Net loss attributable to the Company | $ (263,490) | $ (39,757) | $ (335,699) | $ (195,289) |
Denominators: | ||||
Weighted average common shares outstanding - basic (in shares) | 482,945 | 475,612 | 481,289 | 473,787 |
Weighted average common shares outstanding - diluted (in shares) | 482,945 | 475,612 | 481,289 | 473,787 |
Net loss attributable to the Company per share of common stock — Basic: | ||||
Net loss from continuing operations attributable to the Company per share of common stock - basic (in dollars per share) | $ (0.11) | $ (0.04) | $ (0.38) | $ (0.33) |
Net loss from discontinued operations attributable to the Company per share of common stock - basic (in dollars per share) | (0.44) | (0.04) | (0.32) | (0.08) |
Net loss attributable to the Company per share of common stock — basic (in dollars per share) | (0.55) | (0.08) | (0.70) | (0.41) |
Net loss attributable to the Company per share of common stock — Diluted: | ||||
Net loss from continuing operations attributable to the Company per share of common stock - diluted (in dollars per share) | (0.11) | (0.04) | (0.38) | (0.33) |
Net loss from discontinued operations attributable to the Company per share of common stock - diluted (in dollars per share) | (0.44) | (0.04) | (0.32) | (0.08) |
Net loss attributable to the Company per share of common stock — diluted (in dollars per share) | $ (0.55) | $ (0.08) | $ (0.70) | $ (0.41) |
Outstanding equity awards not included in computation of diluted earnings per share (in shares) | 29,200 | 24,200 | 23,000 | 25,200 |
OTHER INFORMATION - Schedule of
OTHER INFORMATION - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents in the Balance Sheets | $ 313,406 | $ 282,232 | ||
Cash and cash equivalents included in Current assets of discontinued operations | 1,139 | 5,118 | ||
Restricted cash included in: | ||||
Total cash, cash equivalents and restricted cash in the Statements of Cash Flows | 324,650 | 298,682 | $ 338,131 | $ 419,971 |
Continuing Operations | ||||
Restricted cash included in: | ||||
Other current assets | 1,859 | 1,953 | ||
Other assets | 4,234 | 4,149 | ||
Discontinued Operations | ||||
Restricted cash included in: | ||||
Other current assets | 842 | 1,322 | ||
Other assets | $ 3,170 | $ 3,908 |
OTHER INFORMATION - Schedule _2
OTHER INFORMATION - Schedule of Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Income and Expenses [Abstract] | ||
Accounts receivable | $ 455,193 | $ 467,776 |
Less: Allowance for credit losses | (13,657) | (14,093) |
Accounts receivable, net | $ 441,536 | $ 453,683 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) shares in Millions | 3 Months Ended | 9 Months Ended | |||
May 02, 2023 installment shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Credit loss expense (reversal) | $ 100,000 | $ 1,700,000 | $ 1,700,000 | $ 2,900,000 | |
Foreign currency transaction loss | 13,700,000 | 28,800,000 | 63,000,000 | ||
Foreign currency transaction gain | 7,400,000 | ||||
Increase (decrease) of pensions on deferred income tax liabilities | $ 0 | $ 0 | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (in shares) | shares | 14.7 | ||||
Number of vesting installments | installment | 3 | ||||
Performance Stock Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (in shares) | shares | 3.4 | ||||
Performance Stock Units (PSUs) | TSR at 90th percentile or higher | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 150% | ||||
Performance Stock Units (PSUs) | TSR at 60th percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 100% | ||||
Performance Stock Units (PSUs) | TSR at 30th percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 50% | ||||
Performance Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Relative TSR percentage achieved | 100% | ||||
Total shareholder return percentage | 0% |
OTHER INFORMATION - Schedule _3
OTHER INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Income and Expenses [Abstract] | ||
Accrued rent | $ 89,790 | $ 86,892 |
Accrued employee compensation and benefits | 49,360 | 86,630 |
Accrued taxes | 44,367 | 37,590 |
Accrued other | 140,657 | 119,638 |
Total accrued expenses | $ 324,174 | $ 330,750 |