Here are 5 things about Clear Channel Outdoor which SignValue learned from comparing Clear Channel Outdoor’s 2024 10k to prior years.

A smaller more focused company.

Clear Channel has has moved international assets into discontinued operations which has resulted in a much smaller but more focused company which is almost entirely US airports and US billboards.   Here’s a comparison of 2024 financials from continuing operations with financials from 2021, the last year before the financials were restated.  Revenue is down by a third.  Expenses are down by half.

Billboards down and airport displays up

Clear Channel Outdoor’s US billboards declined by 2% in 2024.  Airport displays increased by 2%.  We don’t expect to see a huge increase in Clear Channel Outdoor billboards in the future.  The company has no money for acquisitions.  Clear Channel Outdoor is looking for joint ventures in which it can manage out of home assets and generate cash without having to use capital.

The in-between billboards

Lamar billboards tend to be in smaller markets with lower revenues.  OUTFRONT billboards tend to be in urban markets with higher revenues.  Clear Channel billboards fall in the middle.   Here’s a chart which compares Clear Channel Outdoor Americas average monthly revenue per billboard display with Lamar and OUTFRONT.

Few Acquisitions

Clear Channel Outdoor made few acquisitions during the past two years due to high leverage.

Why debt needs to come down.

Interest totaled $404 million during 2024 which is 90% of cashflow from continuing operations.  This leaves little money for digital conversions or acquisitions.

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