Clear Channel Outdoor Holdings, Inc. Provides Financial Update

The Company will provide an update during its first quarter of 2020 earnings conference call.

(1) The Company’s first lien leverage ratio presented in this press release is calculated by dividing the Company’s first lien debt as of December 31, 2019, by the Company’s historical EBITDA (as defined by the New Senior Secured Credit Agreement) for the four quarters ended December 31, 2019. The following table presents the Company’s first lien debt as of December 31, 2019:

 

 

(In millions)

Four Quarters
Ended

December 31, 2019

Term Loan Facility

$

1,995.0

Clear Channel Outdoor Holdings 5.125% Senior Notes Due 2027


1,250.0

Other debt


4.2

Less: Cash and cash equivalents


(398.9)

Total first lien debt

$

2,850.3





The following table reflects a reconciliation of EBITDA (as defined by the New Senior Secured Credit Agreement) to operating income and net cash provided by operating activities for the four quarters ended December 31, 2019:


Four Quarters
Ended

(In millions)

December 31, 2019

EBITDA (as defined by the New Senior Secured Credit Agreement)

$

599.8


Less adjustments to EBITDA (as defined by the New Senior Secured Credit Agreement):


Charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance
expense or one-time compensation charges

(13.0)

 


Other items

2.5


Less: Depreciation and amortization, Impairment charges, Share-based compensation and Interest income

(336.4)


Operating income

252.9


Plus: Depreciation and amortization, Impairment charges, Loss (gain) on disposal of operating and other assets,
  net and Share-based compensation

328.5


Less: Interest expense, net

(418.2)


Less: Interest expense on Due from iHeartCommunications, net

(1.3)


Less: Current income tax expense

(48.2)


Less: Other expense, net

(15.4)


Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision
  for doubtful accounts, Amortization of deferred financing charges and note discounts, net, Foreign exchange
  transaction loss and Other reconciling items, net)

13.6


Change in operating assets and liabilities, net

102.6


Net cash provided by operating activities

$

214.5


About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO[2]) is one of the world’s largest outdoor advertising companies with a diverse portfolio of approximately 460,000 print and digital displays in 32 countries across Asia, Europe, Latin America and North America, reaching millions of people monthly. A growing digital platform includes more than 15,000 digital displays in international markets and more than 1,700 digital displays (excluding airports), including more than 1,400 digital billboards, in the U.S.

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