Here are the results from the Clear Channel Outdoor 1Q 2022 earnings release, Clear Channel Outdoor 1Q 2022 investor presentation and conference call.

• Revenue increased by 42% to $525 million during the first quarter of 2022.  European revenues grew 45% and US revenue grew 39%.
• Cashflow (EBIDTA) increased by to $66 million during the first quarter of 2022 versus a loss of 33 million for the first quarter of 2021.   The company’s Americas operations are generating significant cashflow.  The company’s European operations are still running at a cash deficit.
• Capital expenditures were $36 million during the first quarter.  The company added 13 new digital displays in the United States and 979 new digital displays in Europe.
• The company has $5.6 billion in debt.  The company’s adjusted EBIDTA of $66 million for the quarter failed to cover interest expense of $82 million.  The weighted average cost of debt is 5.6%.
• Here’s a snapshot of the company’s Americas division (largely US)

• Wells and Coleman wouldn’t comment on a sale of Europe.

CEO Scott Wells says Clear Channel will consider small M&A deals.

We are realistic about our balance sheet so our ability to go after really big targets is not what it might ideally be but what looks good to us is someplace adjacent to where we operate currently, someplace where we can bring revenue…some operating efficiency…

Wells says occupancy and rate are up.

When I look at our yields I see upticks on both the occupancy and the rate aspects…this is not just a pure price play.  It is a good price environment but we are seeing occupancy come up as well.

Coleman on why corporate overhead increased by 17% to $30 million in 1Q 2022.

The growth in corporate expense is Q1 you can kind of divided into two buckets.  One is the restructuring bucket which I don’t think repeats itself…including an increase in our legal liabilities.  Then I think the other half is something that you’ll continue to see is largely related to compensation benefits due to the operating performance.

Billboard Insider’s Take:  The market wasn’t pleased.  Maybe because no progress on Europe sale.  Clear Channel Outdoor declined  9% on a day when Lamar was down 0.1%, OUTFRONT was up 0.2% and the S&P stock market increased by 0.3%.

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