Clear Channel Outdoor Holdings, Inc.

Hello and welcome to Clear Channel Outdoor Holdings Inc third quarter 2025 earnings conference call and webcast. We ask that you please hold all questions until the completion of the formal remarks at which time you will be given instructions for the question and answer session. Also as a reminder this conference call is being recorded today if you have any objections please disconnect at this time. It's now my pleasure to turn the call over to Laura Kiernan, VP of Investor Relations. Laura, please go ahead.

Good morning, and thank you for joining our call. On the call today are Scott Wells, our CEO, and David Saylor, our CFO. They will provide an overview of the third quarter 2025 operating performance of Clear Channel Outdoor Holdings, Inc. We recommend that you download the third quarter 2025 earnings presentation from located in the financial information section of our investor relations website and review the presentation during this call. After an introduction and review of our results, we will open the line for questions. Before we begin, I would like to remind everyone that during this call, we will make forward-looking statements regarding the company, including statements about its future financial performance and its strategic goals. All forward-looking statements involve risks and uncertainties, and there can be no assurance that management's expectations, beliefs, or projections will be achieved or that actual results will not differ from expectations. Please review the statements of risk contained in our earnings press release and on our filings with the SEC. During today's call, we will also refer to certain measures that do not conform to generally accepted accounting principles. We provide schedules that reconcile these non gap measures with our reported results on a gap basis as part of the earnings presentation. When reviewing the earnings presentation, it is important to reiterate that all European and Latin American operations are reported as discontinued operations for all periods presented. This includes our current business in Spain, our former business in Brazil, which was sold on October 1st, our former businesses in Mexico, Chile, and Peru, which were sold on February 5th, and our former Europe North segment, which was sold on March 31st. Our reported consolidated results include the America and airport segments and Singapore. Also, please note that the information provided on this call speaks only to management's views as of today, November 6th, 2025, and may no longer be accurate at the time of replay. Please see slide four in the earnings presentation, and I will now turn the call over to Scott.

Good morning, everyone, and thank you for taking the time to join us today. Many thanks to those of you who were able to participate in our Investor Day in September. We hope you came away with a clear understanding of our vision, strategy, and financial goals as we center all our efforts on accelerating our revenue growth in the U.S., increasing our cash generation, and reducing debt. Turning to our results, on a consolidated basis, we generated revenue of $405.6 million, representing a year-over-year increase of 8.1%. This was driven by record third quarter revenue levels in both segments. Our America segment grew 5.9% with our 18th consecutive quarter of year-over-year local revenue growth. And airports delivered another great quarter with 16.1% year-over-year revenue growth. We saw growth in key markets, including New York and San Francisco, in national and local sales channels, and in digital and programmatic sales. Categories that continue to perform well across the company include banking, legal services, and technology, including AI. We remain on track to achieve our financial guidance for the year as we benefit from our focus on customer centricity, accelerating technology capabilities, and sales execution, and further strengthening our balance sheet. Our transition into a US-focused company has improved our risk profile while allowing us to focus our management team on a range of initiatives to drive more business across our platform while pursuing operating efficiencies through our zero-based budgeting effort. In addition to our financial results, we announced some important milestones during and shortly after the third quarter as we continue simplifying and de-risking our company. On September 7th, we entered into an agreement to sell our business in Spain to Atres Media for approximately $135 million. On October 1st, we closed the sale of our business in Brazil for $15 million. Once the Spanish sale closes, we will have completed international divestitures worth nearly $900 million. We also continue to de-risk our capital structure and extend our debt maturity profile with the August debt refinancing. We continue to strategically reinvest in our business, and our digital conversion plan remains key as we leverage our reach, data analytics capabilities, and verticalized sales teams to expand our presence in the broader advertising market and gain share. Last quarter, I spoke about the success we were having with Pharma driven by our advances in technology, analytics, and our go-to-market strategy. This quarter, I would like to share another example of how we are leveraging the power of our out-of-home scale to serve brands in major cities like New York with global events like the recent US Open Tennis Tournament. For this year's tournament, we executed multiple campaigns for national advertisers looking to connect with the massive and highly attractive audience attending the U.S. Open. We delivered an unmatched advertising platform covering thousands of tennis fans throughout their journey, from our inventory in the New York airports as they arrived, to our newly expanded New York roadside inventory as they traveled to and from the city, and finally through our high-profile inventory in and around Citi Field, adjacent to the U.S. Open venue. Our business is increasingly surrounding live events with powerful advertising displays in dynamic and integrated ways. This is also a great example of how we're performing on our expanded New York inventory. And I'm pleased to announce that we're ahead of our internal projections for these assets. They are on track to be cashflow positive in year one. We've lapped the fixed cost site lease headwind and expect to see accelerating growth as we've now fully incorporated them into our network. Diving deeper into our Airports platform to show the power of our inventory, a recent study by Nielsen Scarborough found that Airports media is the perfect canvas on which to tell a brand's story. According to the study, among frequent flyers who noticed airport advertising, 82% read the ads, 61% recalled seeing them, and 57% took action after viewing an ad, a clear demonstration of the impact of this medium. Additionally, the study shows that experiential marketing works well in airport settings, and in-person brand experiences are highly appealing, with 89% of frequent flyers wanting to sample food or beverages and 62% interested in trying new products they had seen advertised in airports. As we execute on our revenue-driving initiatives, we are also on track to deliver a further reduction in our corporate costs. This is enabled by a combination of direct savings related to the sale of international businesses, as well as the additional efficiency opportunities stemming from our zero-based budgeting efforts, as I previously noted. We are on track to deliver the $50 million in corporate cost savings announced during our RIT Investor Day. To sum it up, our business remains healthy in the fourth quarter, and we are on track to deliver on our financial guidance for the year. We now have 90% of our Q4 revenue guidance under contract, and our business pipeline remains strong. In addition, we remain on track in pursuing the multi-year goals we discussed on Investor Day of 6% to 8% adjusted EBITDA growth, $200 million in AFFO, and net leverage of 7 to 8 times by the end of 2028. So the future looks bright for our company as we actively pursue what we believe is a substantial opportunity to unlock shareholder value as a U.S.-focused organization and leader in our space. And with that, I will turn the call over to Dave for the financial review.