2015 Second Quarter Resultscompany.clearchanneloutdoor.com/wp-content/files... · Transit & Street...

2015 Second Quarter Results

July 30, 2015

Safe Harbor Statement

2

Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries, including iHeartMedia Capital I, LLC, iHeartCommunications, Inc. and Clear Channel Outdoor Holdings, Inc., to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: the impact of the Company’s substantial indebtedness, including the effect of the Company’s leverage on its financial position and earnings; the Company’s ability to generate sufficient cash from operations and other liquidity-generating transactions to make payments on its indebtedness; weak or uncertain global economic conditions; changes in business, political and economic conditions in the United States and in other countries in which the Company currently does business; industry conditions, including competition; the level of expenditures on advertising; legislative or regulatory requirements; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in capital expenditure requirements; risks of doing business in foreign countries fluctuations in exchange rates and currency values; the outcome of pending and future litigation; taxes and tax disputes; changes in interest rates; shifts in population and other demographics; access to capital markets and borrowed indebtedness; the Company’s ability to implement its business strategies; risks relating to the successful integration of the operations of acquired businesses; and risks that the Company may not achieve or sustain anticipated cost savings from strategic revenue and efficiency initiatives. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. Other key risks are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s, iHeartCommunications, Inc.’s, Clear Channel Outdoor Holdings, Inc.’s and iHeartMedia Capital I, LLC’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this presentation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Non-GAAP Financial Measures This presentation includes information that does not conform to U.S. generally accepted accounting principles (GAAP), such as OIBDAN and operating results on a constant dollar basis (excluding the impacts of movements in foreign exchange rates). These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on Forms 10-K, 10-Q, and 8-K. These reports are available on the Investor Relations page of www.iheartmedia.com and www.clearchanneloutdoor.com. Reconciliations of non-GAAP measures to GAAP measures are included at the end of this presentation. The Company uses OIBDAN, among other things, to evaluate the Company's operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company's operational strength and performance of its business because it provides a link between profitability and net income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company's management. The Company believes it helps improve investors’ ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that have different capital structures, equity compensation structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry. In addition, because a significant portion of the Company’s advertising operations are conducted in foreign markets, principally the Euro area, the U.K. and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign currency adjustment is made to show the actual foreign revenues, expenses and OIBDAN for a given period at average foreign exchange rates for the comparable period in the prior year) allows for comparison of operations independent of foreign exchange rate movements. This presentation should be read in conjunction with the 2015 Second Quarter earnings releases of iHeartMedia, Inc. and Clear Channel Outdoor Holdings, Inc. and Form 10-Q filings of iHeartMedia, Inc., iHeartMedia Capital I, LLC, iHeartCommunications, Inc. and Clear Channel Outdoor Holdings, Inc. available at www.iheartmedia.com and www.clearchanneloutdoor.com Numbers may not sum due to rounding. Figures above exclude FX impact unless otherwise noted. In this presentation, OIBDAN is defined as consolidated net income (loss) adjusted to exclude non-cash compensation expenses, lease expense arising from sale-leaseback transactions, amortization of deferred system implementation costs, as well as the following line items presented in the Statements of Operations: income tax benefit; other operating income (expense)-net; equity in earnings (loss) of nonconsolidated affiliates; gain (loss) on marketable securities; interest expense; other operating income-net; impairment charges; and depreciation and amortization. Certain financial information shown in this presentation excludes the effects of foreign exchange rates. See reconciliations in the Appendix.

iHeartRadio.com 2,100+ live stations

& custom radio

Social 75+ million Facebook likes

& Twitter followers

Personality & Local Station Sites

80+ million average monthly reach

via 900+ websites

Mobile 675+ million app

downloads & upgrades

National Spot & Network Radio 5,900+ affiliate broadcast stations

Local Broadcast 850+ stations & 150+ local markets

Traffic & Weather 99.6% of commuter coverage

National & Local Personalities 99 syndicated properties

Airports

Transit & Street Furniture

Traditional Billboards

Digital Outdoor

iHeartRadio Music Festival & Village

Jingle Ball, Country Festival, Awards, Pool Party & Fiesta Latina

iHeartRadio Theaters New York & Los Angeles

Local Market Festivals & Concerts 20,000+ events a year

Network TV

3

Q2 2015 Key Financial Highlights (Excluding Impact of FX)

4

•  Revenue: $1.7 billion (+2% year over year)

•  +4% at iHM

•  +2% at International outdoor

•  +1% at Americas outdoor

•  Expenses: $1.1 billion (+3% year over year)

•  OIBDAN: $499 million (+3% year over year)

•  +3% at iHM

•  +2% at Americas outdoor

•  (-1%) at International outdoor

Figures above exclude FX impact unless otherwise noted. Notes: In this presentation, OIBDAN is defined as consolidated net income (loss) adjusted to exclude non-cash compensation expenses, lease expense arising from sale-leaseback transactions, amortization of deferred system implementation costs, as well as the following line items presented in the Statements of Operations: income tax benefit; other operating income (expense)-net; equity in earnings (loss) of nonconsolidated affiliates; gain (loss) on marketable securities; interest expense; other operating income-net; impairment charges; and depreciation and amortization. Certain financial information shown in this presentation excludes the effects of foreign exchange rates. See reconciliations in the Appendix.

Key Non-Financial Highlights: iHeartMedia

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•  Surpassed 71 million iHeartRadio registered users (40% growth YOY) •  Total listening hours up 23% in Q2 (mobile represented 60% of iHeartRadio’s TLH in Q2’15)

Key Announcements

•  Partnering with marketing technology platform Unified to deliver unprecedented insights to marketing partners

•  Launching the iHeartRadio Discover Channel on Snapchat showcasing iHeartRadio’s short-form content with artists and celebrities

•  Launching iHeartRadio as the first live streaming radio application available on AT&T’s U-verse TV

•  Partnering with Virgin America to bring six new, branded music stations curated by iHeartRadio to the airline’s customers via its award-winning Red® in-flight entertainment system

•  Extended and expanded partnership with nationally-known media personality Ryan Seacrest

Events Forging a multi-year agreement to simulcast the iHeartRadio Music Awards live on Turner Broadcasting’s TBS, TNT and truTV networks.

Key Non-Financial Highlights: Outdoor

6

Key Announcements

Digital

•  Named Bob McCuin as President of Sales, Americas Outdoor

•  Americas Outdoor Launched our in-airport TV network, ClearVision, at Denver International Airport, the sixth airport to join the program

•  International Outdoor won the contract for one of the largest supermarket and mall chains in France, Carrefour, commencing in January 2016

•  12 new digital billboards for an end of quarter total of 1,205 across 38 markets in North America

•  261 new digital displays for an end of quarter total of more than 5,000 across 21 markets

iHeartMedia: Financial Results

7

•  Revenue: -  Revenue +4%

-  Key Drivers: Strength across the business (core local and national broadcast advertising revenue, traffic and weather business, syndication business and events)

-  Top Advertiser Categories: Auto, Medical & Healthcare, Financial Services

•  Expenses: -  Expenses +5%

-  Key Drivers: Event production costs, timing of barter and trade expenses, sales compensation expense and costs related to music licenses and performance royalties

•  OIBDAN: -  OIBDAN +3%

Three Months Ended June 30,2015 2014 VAR

Revenue $841 $806 4%Operating Expenses $503 $478 5%OIBDAN $338 $329 3%

$USD in Millions

Americas Outdoor: Financial Results

8

•  Revenue:

-  Revenue +1%

-  Key Drivers: Digital billboards, as well as higher revenues from our Times Square spectaculars

-  Top Advertiser Categories: Business Services, Electronic Equipment, Retail

•  Expenses:

-  Expenses slightly down $1 million

•  OIBDAN:

-  OIBDAN +2% (third consecutive quarter of year-over-year growth)

Three Months Ended June 30,Reported Excluding FX

2015 2014 VARRevenue $341 $344 (1%)Operating Expenses $207 $212 (2%)OIBDAN $134 $132 2%

Three Months Ended June 30,Excluding FX

2015 2014 VAR$346 $344 1%$211 $212 (0%)$135 $132 2%

$USD in Millions

International Outdoor: Financial Results

9

•  Revenue:

-  Revenue +2%

-  Key Drivers: Growth in Europe (Italy, France and Sweden) as well as Australia

•  Expenses:

-  Expenses +3%

-  Key Drivers: Higher variable costs and compensation expense associated with higher revenue

•  OIBDAN:

-  OIBDAN down 1%

Three Months Ended June 30,Reported Excluding FX

2015 2014 VARRevenue $382 $437 (13%)Operating Expenses $298 $341 (13%)OIBDAN $84 $96 (13%)

Three Months Ended June 30,Excluding FX

2015 2014 VAR$446 $437 2%$351 $341 3%$95 $96 (1%)

$USD in Millions

Items Impacting Comparability at iHeartMedia, Inc.

10

iHM Tower Transaction: Loss of ~$2.7 million in co-location revenue as a result of the sale of the majority of our broadcast tower portfolio.

Legal Expenses: $9 million compared to $4 million of such expenses in the prior year

Revenue and OIBDAN

Strategic Revenue and Efficiency Initiatives

~$7 million of costs incurred in connection with improving our businesses (down $14 million YOY)

Key drivers:

•  iHeartMedia: $2 million (down $6 million YOY)

•  Americas Outdoor: <$1 million

•  International Outdoor: ~$1.2 million

•  Corporate: $3 million (down $4 million YOY)

Expenses

Capital Expenditures

11

iHeartMedia, Inc.

Clear Channel Outdoor Holdings, Inc.

Key Drivers: •  Americas Outdoor: Digital

billboards •  International Outdoor:

billboard and street furniture advertising structures

•  iHeartMedia: Software development and leasehold improvements

2015 Full-Year Capex Guidance

•  $300 million - $350 million for iHeartMedia, Inc.

Quarter EndedJune 30,

OutdoorAmericasInternational

Total OutdooriHeartMediaOtherCorporate

Total Capex


2015 2014 % $

$16 $22 (28%) ($6)$32 $32 (0%) ($0)$47 $53 (11%) ($6)$15 $10 48% $5

$2 $1 94% $1$3 $9 (62%) ($6)

$68 $74 (8%) ($6)


AmericasInternationalCorporate

Total Capex


2015 2014 % $

$16 $22 (28%) ($6)$32 $32 (0%) ($0)

$1 $1 (9%) ($0)

$48 $54 (11%) ($6)

$USD in Millions

Debt

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•  Total Debt: $20.4 billion

•  Cash interest requirements of ~$862 million for remainder of 2015

Upcoming Key Maturities

•  2016: $196 million

•  2018: $934 million

Notes: Certain iHeartCommunications’ balances include debt at Clear Channel Outdoor Holdings.

Maturity $ ChangeiHeartCommunications, Inc.Term Loan B 2016 - $916 (916)Term Loan C 2016 - $15 (15)Term Loan D 2019 $5,000 $5,000 - Term Loan E 2019 $1,300 $1,300 - Receivables Based Credit Facility 2017 - - - Priority Guarantee Notes - 9.00% 2019 $2,000 $2,000 - Priority Guarantee Notes - 9.00% 2021 $1,750 $1,750 - Priority Guarantee Notes - 11.25% 2021 $575 $575 - Priority Guarantee Notes - 9.00% 2022 $1,000 $1,000 - Priority Guarantee Notes - 10.625% 2023 $950 - 950Other Secured Subsidiary Debt $17 $19 (2)Senior Notes - 14.00% 2021 $1,678 $1,662 16Senior Notes - 5.50% 2016 $193 $193 - Senior Notes - 10.00% 2018 $730 $730 - Senior Notes - 6.875% 2018 $175 $175 - Senior Notes - 7.25% 2027 $300 $300 -

Clear Channel Outdoor Holdings, Inc.

6.5% Series A Senior Notes 2022 $736 $736 - 6.5% Series B Senior Notes 2022 $1,989 $1,989 - 7.625% Series A Senior Sub Notes 2020 $275 $275 - 7.625% Series B Senior Sub Notes 2020 $1,925 $1,925 - Senior Revolving Credit Facility 2018 - - - Other Debt $11 $15 (4)Original Issue Discount ($6) ($6) 0Total Debt $4,931 $4,934 (3)

Other Subsidiary Debt $0 $1 (1)Purchase Accounting Adjustments and OID ($219) ($235) 16Total Debt $20,375 $20,326 49Weighted Average Cost of Debt 8.4% 8.1%

6/30/15 12/31/14

$USD in Millions

Balance Sheet Information and Debt Ratios

13

Recent Transactions

•  Repaid $120 million that was b o r r o w e d u n d e r t h e Receivables Based Credit Faci l i ty dur ing the f i rst quarter 2015

June 30, December 31, Change2015 2014

iHeartCommunications, Inc.Cash & Equivalents $387 $457Total Debt $20,375 $20,326

Secured Leverage Ratio 6.4x 6.3x

Clear Channel Outdoor Holdings, Inc.Cash & Equivalents $130 $186Total Debt $4,931 $4,934

Senior Leverage Ratio 3.6x 3.6xConsolidated Leverage Ratio 6.6x 6.4x

Appendix

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2015 Second Quarter Resultscompany.clearchanneloutdoor.com/wp-content/files... · Transit & Street...

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