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10-Q Filing

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. CIK: 1334978 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001334978-21-000016
Period End Date 20210331
Filing Date 20210510
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance cco-20210331_htm.xml
Balance Sheet 78 line items
Line Item Tag Value Unit Period
Common stock par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $785.31M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $642.19M USD Point-in-time
Common stock authorized (in shares) CommonStockSharesAuthorized 2.35B shares Point-in-time
Common stock authorized (in shares) CommonStockSharesAuthorized 2.35B shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $358.50M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $468.33M USD Point-in-time
Common stock issued (in shares) CommonStockSharesIssued 469.22M shares Point-in-time
Common stock issued (in shares) CommonStockSharesIssued 468.70M shares Point-in-time
Treasury stock (in shares) TreasuryStockShares 1.36M shares Point-in-time
Prepaid expenses PrepaidExpenseCurrent $55.98M USD Point-in-time
Treasury stock (in shares) TreasuryStockShares 1.36M shares Point-in-time
Prepaid expenses PrepaidExpenseCurrent $49.51M USD Point-in-time
Other current assets OtherAssetsCurrent $31.61M USD Point-in-time
Other current assets OtherAssetsCurrent $31.05M USD Point-in-time
Total Current Assets AssetsCurrent $1.09B USD Point-in-time
Total Current Assets AssetsCurrent $1.33B USD Point-in-time
Structures, net BuildingsAndImprovementsGross $650.80M USD Point-in-time
Structures, net BuildingsAndImprovementsGross $688.95M USD Point-in-time
Other property, plant and equipment, net PropertyPlantAndEquipmentOther $189.49M USD Point-in-time
Other property, plant and equipment, net PropertyPlantAndEquipmentOther $199.88M USD Point-in-time
Indefinite-lived permits IndefiniteLivedIntangibleAssetsExcludingGoodwill $826.53M USD Point-in-time
Indefinite-lived permits IndefiniteLivedIntangibleAssetsExcludingGoodwill $707.58M USD Point-in-time
Other intangible assets, net OtherIntangibleAssetsNet $292.75M USD Point-in-time
Other intangible assets, net OtherIntangibleAssetsNet $289.44M USD Point-in-time
Goodwill Goodwill $701.05M USD Point-in-time
Goodwill Goodwill $709.64M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $1.63B USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $1.62B USD Point-in-time
Other assets OtherAssetsNoncurrent $70.11M USD Point-in-time
Other assets OtherAssetsNoncurrent $69.07M USD Point-in-time
Total Assets Assets $5.76B USD Point-in-time
Total Assets Assets $5.32B USD Point-in-time
Accounts payable AccountsPayableCurrent $101.16M USD Point-in-time
Accounts payable AccountsPayableCurrent $96.63M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $398.05M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $444.49M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $347.72M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $343.79M USD Point-in-time
Accrued interest InterestAndDividendsPayableCurrent $59.33M USD Point-in-time
Accrued interest InterestAndDividendsPayableCurrent $115.05M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $86.31M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $64.31M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $21.40M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $21.35M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.09B USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.01B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $5.60B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $5.55B USD Point-in-time
Non-current operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.31B USD Point-in-time
Non-current operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.34B USD Point-in-time
Deferred tax liabilities, net DeferredIncomeTaxLiabilitiesNet $329.90M USD Point-in-time
Deferred tax liabilities, net DeferredIncomeTaxLiabilitiesNet $356.27M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $198.75M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $194.69M USD Point-in-time
Total Liabilities Liabilities $8.45B USD Point-in-time
Total Liabilities Liabilities $8.54B USD Point-in-time
Commitments and Contingencies (Note 5) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (Note 5) CommitmentsAndContingencies - USD Point-in-time
Noncontrolling interest MinorityInterest $10.86M USD Point-in-time
Noncontrolling interest MinorityInterest $9.63M USD Point-in-time
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (469,223,507 shares issued as of March 31, 2021; 468,703,164 shares issued as of December 31, 2020) CommonStockValue $4.69M USD Point-in-time
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (469,223,507 shares issued as of March 31, 2021; 468,703,164 shares issued as of December 31, 2020) CommonStockValue $4.69M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $3.51B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $3.50B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-6.27B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-5.94B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-358.52M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-376.91M USD Point-in-time
Treasury stock (1,364,443 shares held as of March 31, 2021; 1,360,252 shares held as of December 31, 2020) TreasuryStockValue $3.08M USD Point-in-time
Treasury stock (1,364,443 shares held as of March 31, 2021; 1,360,252 shares held as of December 31, 2020) TreasuryStockValue $3.09M USD Point-in-time
Total Stockholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.36B USD Point-in-time
Total Stockholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.78B USD Point-in-time
Total Stockholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.13B USD Point-in-time
Total Stockholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.05B USD Point-in-time
Total Liabilities and Stockholders' Deficit LiabilitiesAndStockholdersEquity $5.76B USD Point-in-time
Total Liabilities and Stockholders' Deficit LiabilitiesAndStockholdersEquity $5.32B USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Revenue Revenues $370.91M USD 1 Quarter
Revenue Revenues $550.81M USD 1 Quarter
Direct operating expenses (excludes depreciation and amortization) DirectOperatingCosts $350.27M USD 1 Quarter
Direct operating expenses (excludes depreciation and amortization) DirectOperatingCosts $283.29M USD 1 Quarter
Selling, general and administrative expenses (excludes depreciation and amortization) SellingGeneralAndAdministrativeExpense $97.57M USD 1 Quarter
Selling, general and administrative expenses (excludes depreciation and amortization) SellingGeneralAndAdministrativeExpense $123.70M USD 1 Quarter
Corporate expenses (excludes depreciation and amortization) OtherGeneralAndAdministrativeExpense $34.04M USD 1 Quarter
Corporate expenses (excludes depreciation and amortization) OtherGeneralAndAdministrativeExpense $36.34M USD 1 Quarter
Depreciation, amortization and impairment charges DepreciationDepletionAndAmortization $75.75M USD 1 Quarter
Depreciation, amortization and impairment charges DepreciationDepletionAndAmortization $61.85M USD 1 Quarter
Impairment charges ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill $123.14M USD 1 Quarter
Impairment charges ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill $118.95M USD 1 Quarter
Other operating income, net OtherOperatingIncomeExpenseNet $-117.00K USD 1 Quarter
Other operating income, net OtherOperatingIncomeExpenseNet $-6.02M USD 1 Quarter
Operating loss OperatingIncomeLoss $-164.41M USD 1 Quarter
Operating loss OperatingIncomeLoss $-224.91M USD 1 Quarter
Interest expense, net InterestExpense $90.14M USD 1 Quarter
Interest expense, net InterestExpense $92.69M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-51.10M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Other income (expense), net NonoperatingIncomeExpense $-18.89M USD 1 Quarter
Other income (expense), net NonoperatingIncomeExpense $6.55M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-362.15M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-273.44M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $15.78M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $-28.70M USD 1 Quarter
Consolidated net loss ProfitLoss $-289.22M USD 1 Quarter
Consolidated net loss ProfitLoss $-333.46M USD 1 Quarter
Less amount attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-1.10M USD 1 Quarter
Less amount attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-11.73M USD 1 Quarter
Net loss attributable to the Company NetIncomeLoss $-277.49M USD 1 Quarter
Net loss attributable to the Company NetIncomeLoss $-332.35M USD 1 Quarter
Net loss attributable to the Company per share of common stock - basic (in dollars per share) EarningsPerShareBasic $-0.71 USD 1 Quarter
Net loss attributable to the Company per share of common stock - basic (in dollars per share) EarningsPerShareBasic $-0.60 USD 1 Quarter
Net loss attributable to the Company per share of common stock - diluted (in dollars per share) EarningsPerShareDiluted $-0.60 USD 1 Quarter
Net loss attributable to the Company per share of common stock - diluted (in dollars per share) EarningsPerShareDiluted $-0.71 USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Consolidated net loss ProfitLoss $-289.22M USD 1 Quarter
Consolidated net loss ProfitLoss $-333.46M USD 1 Quarter
Depreciation, amortization and impairment charges DepreciationAmortizationAndAssetImpairmentCharges $198.89M USD 1 Quarter
Depreciation, amortization and impairment charges DepreciationAmortizationAndAssetImpairmentCharges $180.80M USD 1 Quarter
Non-cash operating lease expense NoncashOperatingLeaseExpense $100.70M USD 1 Quarter
Non-cash operating lease expense NoncashOperatingLeaseExpense $88.50M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-51.10M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Foreign exchange transaction loss (gain) ForeignCurrencyTransactionGainLossBeforeTax $-18.75M USD 1 Quarter
Foreign exchange transaction loss (gain) ForeignCurrencyTransactionGainLossBeforeTax $5.43M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $-26.63M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $17.74M USD 1 Quarter
Other reconciling items, net OtherNoncashIncomeExpense $-13.15M USD 1 Quarter
Other reconciling items, net OtherNoncashIncomeExpense $-4.86M USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInAccountsReceivable $-75.23M USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInAccountsReceivable $-115.00M USD 1 Quarter
Increase in prepaid expenses and other operating assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $14.26M USD 1 Quarter
Increase in prepaid expenses and other operating assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $10.19M USD 1 Quarter
Decrease in accounts payable and accrued expenses IncreaseDecreaseInAccruedLiabilities $-36.70M USD 1 Quarter
Decrease in accounts payable and accrued expenses IncreaseDecreaseInAccruedLiabilities $-40.10M USD 1 Quarter
Decrease in operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-106.28M USD 1 Quarter
Decrease in operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-115.14M USD 1 Quarter
Decrease in accrued interest IncreaseDecreaseInInterestPayableNet $-56.88M USD 1 Quarter
Decrease in accrued interest IncreaseDecreaseInInterestPayableNet $-55.66M USD 1 Quarter
Increase in deferred revenue IncreaseDecreaseInContractWithCustomerLiability $9.57M USD 1 Quarter
Increase in deferred revenue IncreaseDecreaseInContractWithCustomerLiability $11.57M USD 1 Quarter
Increase (decrease) in other operating liabilities IncreaseDecreaseInOtherOperatingLiabilities $-20.46M USD 1 Quarter
Increase (decrease) in other operating liabilities IncreaseDecreaseInOtherOperatingLiabilities $1.58M USD 1 Quarter
Net cash used for operating activities NetCashProvidedByUsedInOperatingActivities $-98.62M USD 1 Quarter
Net cash used for operating activities NetCashProvidedByUsedInOperatingActivities $-124.34M USD 1 Quarter
Purchases of property, plant and equipment and concession rights PaymentsToAcquirePropertyPlantAndEquipment $17.92M USD 1 Quarter
Purchases of property, plant and equipment and concession rights PaymentsToAcquirePropertyPlantAndEquipment $35.89M USD 1 Quarter
Other investing activities, net PaymentsForProceedsFromOtherInvestingActivities $50.00K USD 1 Quarter
Other investing activities, net PaymentsForProceedsFromOtherInvestingActivities $-273.00K USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-17.64M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-35.94M USD 1 Quarter
Draws on credit facilities ProceedsFromLinesOfCredit $150.00M USD 1 Quarter
Draws on credit facilities ProceedsFromLinesOfCredit - USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $1.00B USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $989.01M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $5.07M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $11.79M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $534.00K USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $204.00K USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $-117.00K USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $144.60M USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $-920.00K USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-880.00K USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-8.69M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.34M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-143.79M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $418.42M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $651.27M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $795.06M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $417.07M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $418.42M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $651.27M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $795.06M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $417.07M USD Point-in-time
Cash paid for interest InterestPaidNet $145.21M USD 1 Quarter
Cash paid for interest InterestPaidNet $145.94M USD 1 Quarter
Cash paid for income taxes, net of refunds IncomeTaxesPaid $8.26M USD 1 Quarter
Cash paid for income taxes, net of refunds IncomeTaxesPaid $1.10M USD 1 Quarter
Stockholders Equity 19 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.36B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.78B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.13B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.05B USD Point-in-time
Net loss ProfitLoss $-289.22M USD 1 Quarter
Net loss ProfitLoss $-333.46M USD 1 Quarter
Exercise of stock options and release of stock awards StockIssuedDuringPeriodValueStockOptionsExercised $-8.00K USD 1 Quarter
Exercise of stock options and release of stock awards StockIssuedDuringPeriodValueStockOptionsExercised $326.00K USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensationGross $3.78M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensationGross $3.95M USD 1 Quarter
Payments to noncontrolling interests MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $109.00K USD 1 Quarter
Payments to noncontrolling interests MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $118.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-16.42M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-18.40M USD 1 Quarter
Other StockholdersEquityOther $-3.00K USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.36B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.78B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.13B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.05B USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net loss attributable to the Company NetIncomeLoss $-277.49M USD 1 Quarter
Net loss attributable to the Company NetIncomeLoss $-332.35M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-19.35M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-16.42M USD 1 Quarter
Reclassification adjustments OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax - USD 1 Quarter
Reclassification adjustments OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax $-944.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-16.42M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-18.40M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-293.91M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-350.75M USD 1 Quarter
Less amount attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-2.25M USD 1 Quarter
Less amount attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-10.00K USD 1 Quarter
Comprehensive loss attributable to the Company ComprehensiveIncomeNetOfTax $-291.66M USD 1 Quarter
Comprehensive loss attributable to the Company ComprehensiveIncomeNetOfTax $-350.75M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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