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Clear Channel Outdoor CLEAR CHANNEL OUTDOOR HOLDINGS , INC . REPORTS RESULTS FOR 2021 FIRST QUARTER San Antonio , TX , May 10 , 2021 - Clear Channel Outdoor Holdings , Inc. ( NYSE : CCO ) ( the “ Company ” ) today reported financial results for the quarter ended March 31 , 2021 . " During the first quarter , we continued to execute on our strategy to maximize the revenue potential of our global portfolio and optimize our ability to take full advantage of the economic recovery , " said William Eccleshare , Chief Executive Officer of Clear Channel Outdoor Holdings , Inc. “ Our financial results were in line with our expectations and reflect the continued impact of the pandemic on global advertising spend coupled with a tough comparison against our strong performance in the comparable period last year . We are beginning to see improvement in mobility and advertising activity across many of our markets as the vaccination process gains traction and restrictions are eased . We expect the market environment to continue to improve as the year progresses , with consolidated revenue returning to growth in the second quarter as compared to the prior year . " Looking ahead , we are continuing to direct our investments in technology , including expanding our digital platform and further strengthening our data analytics and programmatic capability , with the aim of maximizing the potential of our digital boards . As we elevate our ability to demonstrate the effectiveness of our assets in influencing consumer behavior and continue to make our inventory easier to buy , we will look to expand our revenue growth potential . At same time , we will continue to carefully manage our costs , while preserving our liquidity as we navigate the evolving macroeconomic climate and focus on driving profitable growth over the long - term . " Financial Highlights : Financial highlights for the first quarter of 2021 , as compared to the same period of 2020 : Americas : • Revenue was $ 211.9 million compared to $ 295.8 million . • Segment Adjusted EBITDA¹ was $ 64.2 million compared to $ 108.0 million . Europe : Revenue was $ 149.5 million compared to $ 211.7 million . Revenue , excluding movements in foreign exchange rates ( " FX " ) , was $ 137.1 million compared to $ 211.7 million . Segment Adjusted EBITDA¹ was $ ( 67.6 ) million compared to $ ( 14.1 ) million . Segment Adjusted EBITDA¹ , excluding movements in FX , was $ ( 61.7 ) million compared to $ ( 14.1 ) million . See " Supplemental Disclosure Regarding Non - GAAP Financial Information and Segment Adjusted EBITDA ” section herein for an explanation of this financial measure . COVID - 19 Impacts and Mitigating Liquidity Measures : COVID - 19 Impacts : During the first quarter of 2021 , we continued to see revenues remain significantly below historic norms in all of our segments . • • In our Americas segment , our airport display revenue was the most significantly impacted . The U.S. experienced a decrease in reported daily COVID - 19 cases and improvement in mobility levels during the first quarter of 2021 as compared to the fourth quarter of 2020 . In Europe , an increase in reported daily cases and hospitalizations resulted in the reinstatement of mobility restrictions in certain countries which created significant volatility in our Europe segment booking activity , particularly in France and the United Kingdom ( “ U.K. ” ) . Additionally , mobility levels remained significantly below pre - COVID - 19 levels .