Here are three things Billboard Insider learned after reading Clear Channel Outdoor’s 2022 10k.

North America is less about bulletins…

Bulletins still account for a huge portion of Clear Channel Outdoor’s north american revenue but the figure is declining by 1%/year.  It was 75% in 2020, 74% in 2021 and 73% in 2022.

And more about digitals screens…

Digital screen revenues are steadily climbing as a % of Americas revenue 29% in 2020 to 33% in 2021 and 34% in 2022.

One good, two middling and one bad…

Look at the performance of the four Clear Channel Outdoor business groups:

• Americas (e.g. North America)
• Airports (US and Caribbean airports)
• Europe North (US, Sweden, Norway, Netherlands, Belgium, Finland, the Netherlands, Ireland, Poland, Denmark, Estonia, Latvia and Lithuania)
• Europe South (e.g. France, Spain, Italy, Switzerland).

Clear Channel Americas is carrying the company.  Airports and Europe north are fair to middling.  Europe South has a terrible margin and is a net capital drain.  It had segment EDIBTA of $15 million in 2022 against capital expenditures of $29 million.  The cashflow margin is 3%.  Clear Channel Outdoor CEO Scott Wells talks about wanting Clear Channel Outdoor business groups to self fund.  Not happening in Europe South where 2022 capital spending was almost double EBIDTA.

2022 Performance at Clear Channel Outdoor Business Groups

Billboard Insider’s take:  Unfortunate that Clear Channel is spending a majority of the capital budget on the lowest margin groups.  Europe South had negative cashflow for two of the last three years and did not fund itself in 2022.  Spin it off or shut it down.

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