$1.6 B

CCO Mkt cap, 11-Jul-2018

$598.7 M

Clear Channel Outdoor Revenue Q1, 2018
Clear Channel Outdoor EBIT (Q1, 2018)-8.4 M
Clear Channel Outdoor Cash, 31-Mar-2018153.2 M
Clear Channel Outdoor EV6.7 B

Clear Channel Outdoor Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.9 b3 b2.8 b2.7 b2.6 b

Revenue growth, %

1%(5%)(4%)

General and administrative expense

126.7 m508.6 m

Operating expense total

126.7 m508.6 m

Depreciation and amortization

326 m

EBIT

292.2 m278.7 m261.3 m250.9 m232.4 m

EBIT margin, %

10%9%9%9%9%

Interest expense

88.7 m88.1 m89.6 m93.1 m381.1 m

Pre tax profit

37 m45.7 m37.4 m147.4 m(907.7 m)

Income tax expense

(17.9 m)6.3 m(69.9 m)(39.1 m)280.2 m

Net Income

(24.3 m)17.1 m(71.3 m)164.4 m(627.5 m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

723 m635.3 m781.2 m615 m722.8 m696.3 m590.7 m712.1 m673.1 m544.7 m672.3 m598.7 m

General and administrative expense

131.4 m132.9 m140.3 m135.6 m126.2 m115.8 m125.9 m127.4 m

Operating expense total

131.4 m132.9 m139.6 m135.6 m126.2 m115.8 m125.9 m127.4 m

Depreciation and amortization

84.1 m

EBIT

74 m(6 m)96 m(3.3 m)95.1 m53 m291.4 m34.5 m60.8 m21.6 m90.4 m(8.4 m)

EBIT margin, %

10%(1%)12%(1%)13%8%49%5%9%4%13%(1%)

Interest expense

88 m89.3 m88.2 m89.4 m88.6 m88.1 m93.9 m94.7 m93.3 m92.6 m94.6 m97.3 m

Pre tax profit

1.8 m(79.4 m)35.3 m(57.1 m)36.5 m(38 m)204 m(83 m)(27.3 m)(52.8 m)20.2 m(86 m)

Income tax expense

10.2 m(16.9 m)24.8 m24.1 m(27.2 m)22.8 m(62.9 m)21.7 m3.6 m21.8 m(18.4 m)(45.4 m)

Net Income

12 m(96.4 m)60.1 m(33 m)9.3 m(15.2 m)141.1 m(61.2 m)(23.7 m)(31 m)1.9 m

Clear Channel Outdoor Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

314.5 m186.2 m412.7 m542 m144.1 m

Accounts Receivable

Inventories

Current Assets

1.2 b1.1 b1.6 b1.3 b974.2 m

Goodwill

850.1 m817.1 m758.6 m696.3 m714 m

Total Assets

6.8 b6.4 b6.4 b5.7 b4.7 b

Accounts Payable

85.9 m75.9 m100.2 m86.9 m88 m

Dividends Payable

217 m

Short-term debt

16 m3.5 m4.3 m7 m573 k

Current Liabilities

773.6 m717.8 m920.6 m641.7 m657.5 m

Long-term debt

4.9 b4.9 b5.2 b5.1 b5.3 b

Total Debt

4.9 b4.9 b5.2 b5.1 b5.3 b

Common Stock

3.6 m3.6 m467 k479 k500 k

Additional Paid-in Capital

4.3 b4.2 b4 b3.4 b3.1 b

Retained Earnings

(4.2 b)(4.2 b)(4.3 b)(4.1 b)(4.8 b)

Total Equity

160.1 m(140.9 m)(569.7 m)(932.8 m)(1.8 b)

Debt to Equity Ratio

30.8 x-35 x-9.1 x-5.5 x

Debt to Assets Ratio

0.7 x0.8 x0.8 x0.9 x

Financial Leverage

42.2 x-45.1 x-11.2 x-6.1 x-2.5 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

418.6 m270.2 m226 m207.3 m129.9 m172.9 m489.6 m439.5 m394.3 m200.6 m163.1 m153.2 m

Accounts Receivable

703.9 m660.7 m741.7 m

Current Assets

1.3 b1.2 b1.2 b1.1 b1.1 b1.1 b1.4 b1.3 b1.3 b964.6 m964.2 m1 b

Goodwill

860.3 m852.5 m850.9 m800.3 m807.5 m801 m749.9 m744 m738.6 m699.8 m710.6 m718.7 m

Total Assets

6.9 b6.7 b6.7 b6.2 b6.2 b6.1 b5.7 b5.7 b5.7 b5.4 b5.4 b4.6 b

Accounts Payable

73.8 m101.1 m69.9 m74.2 m69.7 m74.6 m83.9 m85.2 m71.1 m70.6 m74.2 m120.6 m

Dividends Payable

Short-term debt

6.4 m15.6 m15.1 m2.7 m2.6 m2.3 m4.6 m4.6 m9.7 m6.7 m9.5 m487 k

Current Liabilities

774 m800.6 m771.4 m660.7 m669.1 m669 m666.2 m655.8 m666.8 m624.7 m636.3 m733.9 m

Long-term debt

4.9 b4.9 b4.9 b4.9 b4.9 b4.9 b5.1 b5.1 b5.1 b5.1 b5.1 b5.3 b

Total Debt

4.9 b4.9 b4.9 b4.9 b4.9 b4.9 b5.1 b5.1 b5.1 b5.1 b5.1 b5.3 b

Common Stock

3.6 m3.6 m3.6 m3.6 m3.6 m466 k471 k

Preferred Stock

Additional Paid-in Capital

4.5 b4.3 b4.3 b4.2 b4.2 b4.2 b3.4 b3.4 b3.4 b3.2 b3.2 b3.1 b

Retained Earnings

(4.2 b)(4.3 b)(4.2 b)(4.2 b)(4.2 b)(4.2 b)(4.1 b)(4.2 b)(4.2 b)(4.2 b)(4.2 b)(4.9 b)

Total Equity

336 m58.8 m103.3 m(255.3 m)(263.3 m)(297.8 m)(2 b)

Debt to Equity Ratio

47.8 x

Debt to Assets Ratio

0.7 x

Financial Leverage

20.6 x113.2 x64.6 x-24.2 x-23.5 x-20.6 x-2.3 x

Clear Channel Outdoor Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(24.3 m)17.1 m(71.3 m)164.4 m(627.5 m)

Depreciation and Amortization

403.2 m406.2 m376 m86 m326 m

Accounts Receivable

43.4 m(39 m)(57 m)30.3 m(39.8 m)

Inventories

Accounts Payable

(10.4 m)(4.5 m)30.6 m(3.8 m)(4.1 m)

Cash From Operating Activities

414.6 m348.4 m298.9 m310.3 m147.6 m

Purchases of PP&E

(206.2 m)(231.2 m)(218.3 m)(229.8 m)(224.2 m)

Cash From Investing Activities

(177.7 m)(206.4 m)(257.7 m)551.5 m(175.9 m)

Long-term Borrowings

(6.6 m)(48 k)(56 k)(2.3 m)(748 k)

Dividends Paid

(200 m)(175 m)(755.5 m)(332.8 m)

Cash From Financing Activities

(484.4 m)(261.3 m)199.1 m(726.5 m)(379.5 m)

Interest Paid

346.8 m347.8 m356 m368.1 m374.3 m

Income Taxes Paid

46.3 m43.3 m43.8 m40.2 m33.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

1.4 m(33 m)(23.7 m)(38.9 m)141.1 m79.8 m56.1 m(31 m)(29.1 m)

Depreciation and Amortization

296.2 m98.7 m197.5 m94.1 m187.5 m280.5 m85.4 m172.4 m258.1 m77.5 m155.8 m84.1 m

Accounts Receivable

49.3 m50.6 m(33.9 m)34.1 m(40.9 m)(37.3 m)80 m32.1 m49.7 m37.1 m(22.1 m)36.3 m

Accounts Payable

12.9 m(18.5 m)4.4 m(2.5 m)2.9 m(18.2 m)(26.5 m)30.6 m

Cash From Operating Activities

251.1 m28 m80.5 m9.7 m54.5 m126.2 m16.2 m88.8 m190.2 m(50.1 m)(20.2 m)5 m

Purchases of PP&E

(114.3 m)(38.6 m)(93 m)(41.8 m)(90 m)(138.6 m)(47.2 m)(97.1 m)(148 m)(36.3 m)(103.1 m)(28.7 m)

Cash From Investing Activities

(100 m)(37.8 m)(87.6 m)(40.9 m)(89.8 m)(134 m)523.5 m454.7 m411.7 m16.3 m(41 m)(27.3 m)

Long-term Borrowings

(5.5 m)(11 k)(23 k)(13 k)(27 k)(41 k)(517 k)(1.1 m)(2 m)(163 k)(348 k)(155 k)

Dividends Paid

(9.7 m)(754.2 m)(754.2 m)(755.1 m)(281.7 m)(282.1 m)(29.9 m)

Cash From Financing Activities

(293.2 m)(32.2 m)(80.9 m)58.1 m(17.1 m)5.4 m(466.5 m)(516.9 m)(619.2 m)(311.1 m)(324 m)30.5 m

Interest Paid

87.7 m174.6 m261.5 m86 m179 m271.8 m86.8 m183.4 m86.1 m

Income Taxes Paid

9.6 m19.2 m29.4 m14.6 m24.2 m34.8 m17.2 m23.7 m9.3 m

Clear Channel Outdoor Ratios

USDY, 2018

EV/EBIT

-795.4 x

EV/CFO

1.3 k x

Financial Leverage

-2.3 x
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