Uncategorized
Clear Channel Outdoor Holdings, Inc. Reports Results for the Fourth Quarter and Full Year of 2023
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today reported financial results for the quarter and year ended December 31, 2023.
“Our fourth quarter consolidated revenue of $632.1 million increased 12.4%, or 10.8% excluding movements in foreign exchange rates, reflecting improving business trends and solid execution from our operating team. The Airports and Europe-North segments both performed very strongly, while the America segment returned to growth in the quarter. We see those trends continuing with the America segment, in particular, accelerating into the new year,” said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “We are delivering on our strategic roadmap to transform into a technology-fueled, visual media powerhouse reaching a growing audience.
“In the year ahead, we remain focused on driving our key initiatives to focus our organization on our higher-margin U.S. markets. The sale process of our Europe-North segment is ongoing, and we have initiated a sale process for our Latin American businesses. We are also evaluating paths to optimize our cost structure, while strategically investing in our technology and digital infrastructure. We believe these efforts will increase operating leverage in our business and enhance our ability to organically grow Adjusted EBITDA and free cash flow. These efforts all reflect our priority to reduce leverage over the next few years.
“The out-of-home industry is forecasted to deliver healthy growth in 2024, and we are optimistic about our outlook given the improving climate in our largest markets and the strength of our Airports segment, coupled with the investments we have made to expand the range of advertisers we serve. We remain committed to maintaining ample liquidity on our balance sheet and operating in a disciplined manner.”
Financial Highlights:
Financial highlights for the fourth quarter of 2023 as compared to the same period of 2022, including financial highlights excluding movements in foreign exchange rates (“FX”)1:
(In millions)
Three Months EndedDecember 31, 2023
% Change
Revenue:
Consolidated Revenue2
$ 632.1
12.4 %
Excluding movements in FX1,2
623.1
10.8 %
America Revenue
298.5
0.5 %
Airports Revenue
111.2
44.3 %
Europe-North Revenue
191.8
17.8 %
Excluding movements in FX1
184.6
13.4 %
Net Income:
Income from Continuing Operations
25.4
(76.2) %
Adjusted EBITDA1:
Adjusted EBITDA1,2
190.0
9.2 %
Excluding movements in FX1,2
188.0
8.1 %
America Segment Adjusted EBITDA3
136.2
0.6 %
Airports Segment Adjusted EBITDA3
30.1
42.7 %
Europe-North Segment Adjusted EBITDA3
52.5
17.5 %
Excluding movements in FX1
50.5
13.1 %
1
This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
2
Financial highlights exclude results of discontinued operations. See “Dispositions and Discontinued Operations” section herein for more information.
3
Segment Adjusted EBITDA is a GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
Dispositions and Discontinued Operations:
During the first three quarters of 2023, we sold our businesses in Switzerland and Italy (on March 31 and May 31, respectively) for aggregate cash proceeds, net of direct costs to transact the sales and cash sold, of $89.2 million. In May 2023, we also entered into an agreement to sell our business in Spain for cash consideration of approximately $64.3 million. This transaction is expected to close in 2024, upon satisfaction of regulatory approval and other customary closing conditions. We are using the net proceeds from these sales, after payment of transaction-related fees and expenses, to improve liquidity and increase financial flexibility of the business as permitted under our debt agreements.
On October 31, 2023, we sold our business in France to Equinox Industries (“Equinox”). We delivered our business in France to Equinox with $44.5 million of cash, subject to adjustment for related customary items, tax and other costs, to support ongoing operations of the business, and Equinox assumed the $29.7 million state-guaranteed loan held by Clear Channel France. In December 2023, Equinox repaid us $4.9 million to satisfy certain post-closing obligations. Additionally, we incurred certain direct costs to transact the sale. In total, cash delivered to the buyer (net of the repayment) and payment of these additional direct costs was $43.0 million, with an additional $0.8 million of accrued direct costs to be paid in 2024.
During 2023, our plan to sell these businesses (collectively comprising our entire Europe-South segment) met the criteria to be reported as discontinued operations. As a result, each of the Europe-South segment businesses has been reclassified to discontinued operations in our financial statements for all periods presented, resulting in changes to the presentation of certain amounts for prior periods. The discussion in this earnings release presents the results of continuing operations and excludes amounts related to discontinued operations for all periods presented, unless otherwise noted.
International Sales Processes:
We have initiated processes to sell the businesses in our Europe-North segment and in Latin America. There can be no assurance that these processes will result in any additional transactions or particular outcomes. We have not set a timetable for completion of these processes, may suspend the processes at any time and do not intend to make further announcements regarding the processes unless and until our Board approves a course of action for which further disclosure is appropriate.
Guidance:
Our expectations for the first quarter and full year of 2024 are as follows:
First Quarter of 2024
% change from prior year
(in millions)
Low
High
Low
High
Consolidated Revenue1,2
$ 465
$ 490
6 %
12 %
America
245
255
4 %
8 %
Airports
74
79
38 %
47 %
Europe-North1
130
140
1 %
9 %
1
Excludes movements in FX
2
Excludes results of discontinued operations
Full Year of 2024
% change from prior year
(in millions)
Low
High
Low
High
Consolidated Revenue1,2
$ 2,200
$ 2,260
3 %
6 %
America
1,135
1,165
3 %
6 %
Airports
345
360
11 %
16 %
Europe-North1
635
655
2 %
6 %
Loss from Continuing Operations1
(131)
(101)
(17) %
(36) %
Adjusted EBITDA1,2,3
550
585
3 %
9 %
Adjusted Funds from Operations (“AFFO”)1,2,3
75
100
(10) %
20 %
Capital Expenditures2
130
150
(10) %
4 %
1
Excludes movements in FX
2
Excludes results of discontinued operations
3
This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
Expected results and estimates may be impacted by factors outside of the Company’s control, and actual results may be materially different from this guidance. See “Cautionary Statement Concerning Forward-Looking Statements” herein.
Results:
Results provided herein exclude amounts related to discontinued operations for all periods presented.
Revenue:
(In thousands)
Three Months Ended
December 31,
%
Change
Year Ended
December 31,
%
Change
2023
2022
2023
2022
Revenue:
America
$ 298,520
$ 297,069
0.5 %
$ 1,100,846
$ 1,105,552
(0.4) %
Airports
111,213
77,095
44.3 %
311,605
256,402
21.5 %
Europe-North
191,779
162,781
17.8 %
619,557
566,119
9.4 %
Other
30,602
25,302
20.9 %
95,132
85,955
10.7 %
Consolidated Revenue
$ 632,114
$ 562,247
12.4 %
$ 2,127,140
$ 2,014,028
5.6 %
Revenue excluding movements in FX1:
America
$ 298,520
$ 297,069
0.5 %
$ 1,100,846
$ 1,105,552
(0.4) %
Airports
111,213
77,095
44.3 %
311,605
256,402
21.5 %
Europe-North
184,559
162,781
13.4 %
618,716
566,119
9.3 %
Other
28,791
25,302
13.8 %
89,674
85,955
4.3 %
Consolidated Revenue excluding movements in FX
$ 623,083
$ 562,247
10.8 %
$ 2,120,841
$ 2,014,028
5.3 %
1 This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
Revenue for the fourth quarter of 2023, as compared to the same period of 2022:
America: Revenue up 0.5%:
Billboards revenue up driven by digital deployments and programmatic growth
Digital revenue up 2.4% to $114.0 million from $111.3 million
National sales comprised 37.1% of America revenue, compared to 36.7% in the prior year
Airports: Revenue up 44.3%:
Revenue up across most airports and verticals; increased demand and continued investment in digital infrastructure
Digital revenue up 57.9% to $73.1 million from $46.3 million
National sales comprised 58.9% of Airports revenue, compared to 56.0% in the prior year
Europe-North: Revenue up 17.8%; excluding movements in FX, up 13.4%:
Revenue up across all products and countries, most notably the U.K. and Belgium, driven by increased demand, deployment of additional digital displays and new contracts
Digital revenue up 22.9% to $109.7 million from $89.2 million; digital revenue, excluding movements in FX, up 17.9% to $105.2 million
Other: Revenue up 20.9%; excluding movements in FX, up 13.8%:
Higher revenue in Brazil and Mexico
Direct Operating and SG&A Expenses1:
(In thousands)
Three Months Ended
December 31,
%
Change
Year Ended
December 31,
%
Change
2023
2022
2023
2022
Direct operating and SG&A expenses:
America
$ 162,863
$ 162,218
0.4 %
$ 633,021
$ 607,618
4.2 %
Airports
81,109
55,998
44.8 %
243,383
195,538
24.5 %
Europe-North
140,479
118,067
19.0 %
507,185
462,787
9.6 %
Other
23,380
18,254
28.1 %
80,740
73,625
9.7 %
Consolidated Direct operating and SG&A expenses2
$ 407,831
$ 354,537
15.0 %
$ 1,464,329
$ 1,339,568
9.3 %
Direct operating and SG&A expenses excluding movements in FX3:
America
$ 162,863
$ 162,218
0.4 %
$ 633,021
$ 607,618
4.2 %
Airports
81,109
55,998
44.8 %
243,383
195,538
24.5 %
Europe-North
135,224
118,067
14.5 %
509,520
462,787
10.1 %
Other
22,130
18,254
21.2 %
76,632
73,625
4.1 %
Consolidated Direct operating and SG&A expenses excluding movements in FX
$ 401,326
$ 354,537
13.2 %
$ 1,462,556
$ 1,339,568
9.2 %
1
“Direct operating and SG&A expenses” as presented throughout this earnings release refers to the sum of direct operating expenses (excluding depreciation and amortization) and selling, general and administrative expenses (excluding depreciation and amortization).
2
Includes restructuring and other costs of $2.2 million and $0.4 million during the three months ended December 31, 2023 and 2022, respectively, and $3.1 million and $1.8 million during the years ended December 31, 2023 and 2022, respectively.
3
This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
Direct operating and SG&A expenses for the fourth quarter of 2023, as compared to the same period of 2022:
America: Direct operating and SG&A expenses up 0.4%:
Site lease expense up 2.1% to $89.5 million from $87.7 million driven by lower rent abatements
Offset by lower property taxes related to a legal settlement, maintenance costs and credit loss expense
Airports: Direct operating and SG&A expenses up 44.8%:
Site lease expense up 46.4% to $64.9 million from $44.3 million driven by higher revenue
Higher variable incentive compensation costs
Europe-North: Direct operating and SG&A expenses up 19.0%; excluding movements in FX, up 14.5%:
Site lease expense up 15.7% to $63.5 million from $54.9 million; site lease expense, excluding movements in FX, up 12.0% to $61.5 million driven by higher revenue
Higher property taxes and compensation costs
Other: Direct operating and SG&A expenses up 28.1%; excluding movements in FX, up 21.2%:
Higher site lease expense driven by lower rent abatements and higher revenue
Restructuring costs to reduce scale of Singapore business following loss of contract
Corporate Expenses1:
(In thousands)
Three Months Ended
December 31,
%
Change
Year Ended
December 31,
%
Change
2023
2022
2023
2022
Corporate expenses2
$ 42,897
$ 38,529
11.3 %
$ 172,324
$ 161,852
6.5 %
Corporate expenses excluding movements in FX3
42,282
38,529
9.7 %
172,123
161,852
6.3 %
1
Certain costs that were historically allocated to the Company’s Europe-South segment and reported within SG&A expenses, totaling $0.9 million and $4.7 million during the three and twelve months ended December 31, 2022, respectively, have been deemed to be costs of continuing operations and are now reported within corporate expenses for all periods presented.
2
Includes restructuring and other costs of $1.2 million and $0.3 million during the three months ended December 31, 2023 and 2022, respectively, and $21.3 million and $10.0 million during the years ended December 31, 2023 and 2022, respectively. Restructuring and other costs during the years ended December 31, 2023 and 2022 include expenses of $19.0 million and $7.1 million, respectively, recorded for the resolution of the investigation of the Company’s former indirect, non-wholly-owned subsidiary, Clear Media Limited.
3
This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
Corporate expenses for the fourth quarter of 2023, as compared to the same period of 2022, up 11.3%; excluding movements in FX, up 9.7%, driven by higher employee compensation costs.
Income (Loss) from Continuing Operations:
(In thousands)
Three Months Ended
December 31,
%
Change
Year Ended
December 31,
%
Change
2023
2022
2023
2022
Income (loss) from continuing operations1
$ 25,386
$ 106,496
(76.2) %
$ (157,107)
$ (47,303)
NM
1
Percentage changes that are so large as to not be meaningful have been designated as “NM.”
Adjusted EBITDA1:
(In thousands)
Three Months Ended
December 31,
%
Change
Year Ended
December 31,
%
Change
2023
2022
2023
2022
Segment Adjusted EBITDA2:
America
$ 136,157
$ 135,328
0.6 %
$ 468,370
$ 499,390
(6.2) %
Airports
30,106
21,097
42.7 %
68,226
60,864
12.1 %
Europe-North
52,453
44,623
17.5 %
114,303
103,654
10.3 %
Other
7,804
7,048
10.7 %
14,974
12,330
21.4 %
Total Segment Adjusted EBITDA
226,520
208,096
8.9 %
665,873
676,238
(1.5) %
Adjusted Corporate expenses1,3
(36,533)
(34,150)
7.0 %
(130,657)
(131,377)
(0.5) %
Adjusted EBITDA1
$ 189,987
$ 173,946
9.2 %
$ 535,216
$ 544,861
(1.8) %
Segment Adjusted EBITDA excluding movements in FX1:
America
$ 136,157
$ 135,328
0.6 %
$ 468,370
$ 499,390
(6.2) %
Airports
30,106
21,097
42.7 %
68,226
60,864
12.1 %
Europe-North
50,465
44,623
13.1 %
111,105
103,654
7.2 %
Other
7,234
7,048
2.6 %
13,615
12,330
10.4 %
Total Segment Adjusted EBITDA
223,962
208,096
7.6 %
661,316
676,238
(2.2) %
Adjusted Corporate expenses excluding movements in FX1,3
(35,973)
(34,150)
5.3 %
(130,527)
(131,377)
(0.6) %
Adjusted EBITDA excluding movements in FX1
$ 187,989
$ 173,946
8.1 %
$ 530,789
$ 544,861
(2.6) %
1
This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
2
Segment Adjusted EBITDA is a GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
3
Certain costs that were historically included in Segment Adjusted EBITDA for the Europe-South segment have been deemed to be costs of continuing operationsand have been reclassified to Adjusted Corporate expenses for all periods presented.
AFFO1:
(In thousands)
Three Months Ended
December 31,
%
Change
Year Ended
December 31,
%
Change
2023
2022
2023
2022
AFFO1
$ 73,207
$ 56,226
30.2 %
$ 83,014
$ 163,987
(49.4) %
AFFO excluding movements in FX1
71,598
56,226
27.3 %
78,561
163,987
(52.1) %
1
This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.
Capital Expenditures:
(In thousands)
Three Months Ended
December 31,
%
Change
Year Ended
December 31,
%
Change
2023
2022
2023
2022
America
$ 23,587
$ 27,278
(13.5) %
$ 75,431
$ 79,529
(5.2) %
Airports
9,668
7,929
21.9 %
20,050
25,298
(20.7) %
Europe-North
10,286
11,580
(11.2) %
29,284
34,025
(13.9) %
Other
1,887
2,044
(7.7) %
6,421
4,571
40.5 %
Corporate
2,922
3,249
(10.1) %
13,600
12,245
11.1 %
Consolidated capital expenditures
$ 48,350
$ 52,080
(7.2) %
$ 144,786
$ 155,668
(7.0) %
Markets and Displays:
As of December 31, 2023, we operated more than 325,000 print and digital out-of-home advertising displays in 19 countries as part of our continuing operations, with the majority of our revenue generated by operations in the U.S. and Europe. As of December 31, 2023, we had presence in 84 Designated Market Areas (“DMAs”) in the U.S., including 43 of the top 50 U.S. markets, and in 12 countries throughout Europe, excluding markets that are considered discontinued operations.
Number of digitaldisplays added, net,in fourth quarter
Total number of displays as of December 31, 2023
Digital
Printed
Total
America1:
Billboards2
30
1,831
33,831
35,662
Other displays3
(6)
606
13,306
13,912
Airports4
(70)
2,453
10,426
12,879
Europe-North
98
15,256
241,590
256,846
Other
3
1,223
5,402
6,625
Total displays
55
21,369
304,555
325,924
1
As of December 31, 2023, our America segment had presence in 28 U.S. DMAs.
2
Billboards includes bulletins, posters, spectaculars and wallscapes.
3
Other displays includes street furniture and transit displays.
4
As of December 31, 2023, our Airports segment had displays across nearly 200 commercial and private airports in the U.S. and the Caribbean.
Clear Channel International B.V.
Clear Channel International B.V. (“CCIBV”), an indirect wholly-owned subsidiary of the Company and the issuer of our 6.625% Senior Secured Notes due 2025 (the “CCIBV Senior Secured Notes”), includes the operations of our Europe-North and Europe-South segments, as well as Singapore, which is included in “Other.” The financial results of Singapore are immaterial to the results of CCIBV. Revenue and the scale of the Company’s business in Singapore will be reduced in 2024 due to the loss of a contract, which terminated on December 31, 2023.
As the businesses in the Europe-South segment are considered discontinued operations, results of these businesses are now reported as a separate component of Consolidated net income (loss) in the CCIBV Consolidated Statements of Income (Loss) for all periods presented and are excluded from the discussion below.
CCIBV results from continuing operations for the fourth quarter of 2023 as compared to the same period of 2022 are as follows:
CCIBV revenue increased 17.0% to $198.1 million from $169.3 million. Excluding the $7.4 million impact of movements in FX, CCIBV revenue increased 12.6% driven by higher revenue in our Europe-North segment, as described in the above “Results” section of this earnings release. Singapore represented approximately 3% of CCIBV revenue from continuing operations for the three months ended December 31, 2023.
CCIBV operating income was $31.2 million compared to $22.1 million in the same period of 2022.
Liquidity and Financial Position:
Cash and Cash Equivalents:
As of December 31, 2023, we had $251.7 million of cash on our balance sheet, including $84.3 million of cash held outside the U.S. (excludes cash held by our business in Spain, which is discontinued operations).
The following table summarizes our cash flows for the year ended December 31, 2023 on a consolidated basis, including both continuing and discontinued operations:
(In thousands)
Year Ended
December 31, 2023
Net cash provided by operating activities
$ 31,254
Net cash used for investing activities1
(119,573)
Net cash provided by financing activities
45,638
Effect of exchange rate changes on cash, cash equivalents and restricted cash
4,540
Net decrease in cash, cash equivalents and restricted cash
$ (38,141)
Cash paid for interest
$ 404,398
Cash paid for income taxes, net of refunds
$ 10,346
1
Includes proceeds from the disposition of businesses, net of costs to sell and cash sold, of $46.1 million and capital expenditures for discontinued operations of $21.8 million.
Debt:
We anticipate having cash interest payment obligations of approximately $448 million in 2024 and $408 million in 2025, assuming that we do not refinance or incur additional debt. The expected increase in cash interest payments in 2024 is largely due to differences in the timing of interest payments between the newly-issued CCOH 9.000% Senior Notes and the refinanced portion of the Term Loan.
Our next debt maturity is in August 2025 when the CCIBV Senior Secured Notes become due. Please refer to Table 3 in this earnings release for additional detail regarding our outstanding debt balance.
TABLE 1 – Financial Highlights of Clear Channel Outdoor Holdings, Inc. and its Subsidiaries:
(In thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Revenue
$ 632,114
$ 562,247
$ 2,127,140
$ 2,014,028
Operating expenses:
Direct operating expenses1
302,480
260,637
1,092,686
981,979
Selling, general and administrative expenses1
105,351
93,900
371,643
357,589
Corporate expenses1
42,897
38,529
172,324
161,852
Depreciation and amortization
55,419
65,483
241,828
217,835
Impairment charges
—
—
—
22,676
Other operating expense, net
1,647
1,457
11,769
2,133
Operating income
124,320
102,241
236,890
269,964
Interest expense, net
(106,810)
(98,895)
(421,434)
(360,599)
Gain on extinguishment of debt
—
—
3,817
—
Other income (expense), net
2,681
23,203
6,403
(37,060)
Income (loss) from continuing operations before income taxes
20,191
26,549
(174,324)
(127,695)
Income tax benefit attributable to continuing operations
5,195
79,947
17,217
80,392
Income (loss) from continuing operations
25,386
106,496
(157,107)
(47,303)
Income (loss) from discontinued operations2
617
(7,058)
(151,709)
(47,085)
Consolidated net income (loss)
26,003
99,438
(308,816)
(94,388)
Less: Net income attributable to noncontrolling interests
1,226
753
2,106
2,216
Net income (loss) attributable to the Company
$ 24,777
$ 98,685
$ (310,922)
$ (96,604)
1
Excludes depreciation and amortization.
2
Loss from discontinued operations for the year ended December 31, 2023 includes a loss of $212.0 million on the sale of our former business in France, partially offset by gains of $96.4 million and $11.2 million from the sales of our former businesses in Switzerland and Italy, respectively. Income (loss) from discontinued operations also reflects the net income (loss) collectively generated by operations of our Europe-South segment during the respective period and income tax expense driven by the sale of these businesses.
Weighted Average Shares Outstanding
(In thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Weighted average common shares outstanding – Basic
483,027
476,069
481,727
474,362
Weighted average common shares outstanding – Diluted
489,132
481,664
481,727
474,362
TABLE 2 – Selected Balance Sheet Information:
(In thousands)
December 31,2023
December 31,2022
Cash and cash equivalents
$ 251,652
$ 282,232
Total current assets1
957,401
1,120,916
Net property, plant and equipment
666,344
672,113
Total assets2
4,722,475
5,086,011
Current liabilities (excluding current portion of long-term debt)3
883,116
1,100,337
Long-term debt (including current portion of long-term debt)
5,631,903
5,561,901
Stockholders’ deficit
(3,450,743)
(3,262,806)
1
Total current assets includes assets of discontinued operations of $131.3 million and $322.5 million at December 31, 2023 and December 31, 2022, respectively.
2
Total assets includes assets of discontinued operations of $131.3 million and $538.1 million at December 31, 2023 and December 31, 2022, respectively.
3
Current liabilities includes liabilities of discontinued operations of $68.8 million and $356.1 million at December 31, 2023 and December 31, 2022, respectively.
TABLE 3 – Total Debt:
(In thousands)
December 31,2023
December 31,2022
Debt:
Term Loan Facility Due 20261,2
$ 1,260,000
$ 1,935,000
Revolving Credit Facility Due 20263
—
—
Receivables-Based Credit Facility Due 20264
—
—
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027
1,250,000
1,250,000
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 20282
750,000
—
Clear Channel Outdoor Holdings 7.750% Senior Notes Due 20285
995,000
1,000,000
Clear Channel Outdoor Holdings 7.500% Senior Notes Due 20295
1,040,000
1,050,000
Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025
375,000
375,000
Finance leases
4,202
4,682
Original issue discount
(2,690)
(5,596)
Long-term debt fees
(39,609)
(47,185)
Total debt
5,631,903
5,561,901
Less: Cash and cash equivalents
(251,652)
(282,232)
Net debt
$ 5,380,251
$ 5,279,669
1
The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. In accordance with these terms, we paid $10.0 million of the outstanding principal on the Term Loan Facility during the six months ended June 30, 2023. In August 2023, we made a prepayment, described in note (2) to this table, that satisfied the remaining quarterly payment obligations.
2
On August 22, 2023, we issued $750.0 million aggregate principal amount of 9.000% Senior Secured Notes due 2028. On the same date, we used a portion of the net proceeds from this issuance to prepay $665.0 million of outstanding principal on the Term Loan Facility.
3
In June 2023, the Senior Secured Credit Agreement was amended, extending the maturity date of the Revolving Credit Facility to August 2026 and reducing the aggregate revolving credit commitments of the Revolving Credit Facility to $150.0 million. The full $150.0 million will be available through August 23, 2024, and $115.8 million will be available through August 23, 2026. As of December 31, 2023, we had $43.2 million of letters of credit outstanding and $106.8 million of excess availability under the Revolving Credit Facility.
4
In June 2023, the Receivables-Based Credit Agreement was amended, extending its maturity to August 2026 and increasing its aggregate revolving credit commitments to $175.0 million. (The borrowing limit of the Receivables-Based Credit Facility is equal to the lesser of $175.0 million and the borrowing base, which is calculated based on our accounts receivable balance each period in accordance with our Receivables-Based Credit Agreement.) As of December 31, 2023, we had $47.6 million of letters of credit outstanding and $127.4 million of excess availability under the Receivables-Based Credit Facility.
5
In September 2023, we repurchased in the open market $5.0 million of the CCOH 7.750% Senior Notes and $10.0 million of the CCOH 7.500% Senior Notes. The repurchased notes are held by a subsidiary of the Company and have not been cancelled.
Supplemental Disclosures:
Reportable Segments and Segment Adjusted EBITDA
The Company has four reportable segments, which it believes best reflect how the Company is currently managed: America, which consists of the Company’s U.S. operations excluding airports; Airports, which includes revenue from U.S. and Caribbean airports; Europe-North, which consists of operations in the U.K., the Nordics and several other countries throughout northern and central Europe; and Europe-South, which consists of operations in Spain, and prior to their sales on March 31, 2023, May 31, 2023 and October 31, 2023, respectively, Switzerland, Italy and France. The Company’s remaining operations in Latin America and Singapore are disclosed as “Other.” As described in the “Dispositions and Discontinued Operations” section of this earnings release, the Company’s Europe-South segment met the criteria to be reported as discontinued operations during 2023. As such, results of this segment are excluded from this earnings release, which only reflects continuing operations, for all periods presented.
Segment Adjusted EBITDA is the profitability metric reported to the Company’s chief operating decision maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is a GAAP financial measure that is calculated as Revenue less Direct operating expenses and SG&A expenses, excluding restructuring and other costs. Restructuring and other costs include costs associated with cost savings initiatives such as severance, consulting and termination costs and other special costs.
Non-GAAP Financial Information
This earnings release includes information that does not conform to U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted Corporate expenses, Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”). The Company presents this information because the Company believes these non-GAAP measures help investors better understand the Company’s operating performance as compared to other out-of-home advertisers, and these metrics are widely used by such companies in practice. Please refer to the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures below.
The Company defines, and uses, these non-GAAP financial measures as follows:
Adjusted EBITDA is defined as income (loss) from continuing operations, plus: income tax expense (benefit) attributable to continuing operations; all non-operating expenses (income), including other expense (income), gain on extinguishment of debt and interest expense, net; other operating expense (income), net; depreciation, amortization and impairment charges; share-based compensation expense included within corporate expenses; and restructuring and other costs included within operating expenses. Restructuring and other costs include costs associated with cost savings initiatives such as severance, consulting and termination costs and other special costs.The Company uses Adjusted EBITDA as one of the primary measures for the planning and forecasting of future periods, as well as for measuring performance for compensation of Company executives and other members of Company management. The Company believes Adjusted EBITDA is useful for investors because it allows investors to view performance in a manner similar to the method used by Company management and helps improve investors’ ability to understand the Company’s operating performance, making it easier to compare the Company’s results with other companies that have different capital structures or tax rates. In addition, the Company believes Adjusted EBITDA is 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.
As part of the calculation of Adjusted EBITDA, the Company also presents the non-GAAP financial measure of “Adjusted Corporate expenses,” which the Company defines as corporate expenses excluding share-based compensation expense and restructuring and other costs.
The Company uses the National Association of Real Estate Investment Trusts (“Nareit”) definition of FFO, which is consolidated net income (loss) before: depreciation, amortization and impairment of real estate; gains or losses from the disposition of real estate; and adjustments to eliminate unconsolidated affiliates and noncontrolling interests. The Company defines AFFO as FFO excluding discontinued operations and before the following adjustments for continuing operations: maintenance capital expenditures; straight-line rent effects; depreciation, amortization and impairment of non-real estate; amortization of deferred financing costs and discounts; share-based compensation expense; deferred taxes; restructuring and other costs; transaction costs; foreign exchange transaction gain or loss; non-service related pension costs or benefits; and other items, including adjustment for unconsolidated affiliates and noncontrolling interest and nonrecurring infrequent or unusual gains or losses.The Company is not a Real Estate Investment Trust (“REIT”). However, the Company competes directly with REITs that present the non-GAAP measures of FFO and AFFO and, accordingly, believes that presenting such measures will be helpful to investors in evaluating the Company’s operations with the same terms used by the Company’s direct competitors. The Company calculates FFO in accordance with the definition adopted by Nareit. Nareit does not restrict presentation of non-GAAP measures traditionally presented by REITs by entities that are not REITs. In addition, the Company believes FFO and AFFO are already among the primary measures used externally by the Company’s investors, analysts and competitors in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry. The Company does not use, and you should not use, FFO and AFFO as an indication of the Company’s ability to fund its cash needs or pay dividends or make other distributions. Because the Company is not a REIT, the Company does not have an obligation to pay dividends or make distributions to stockholders and does not intend to pay dividends for the foreseeable future. Moreover, the presentation of these measures should not be construed as an indication that the Company is currently in a position to convert into a REIT.
A significant portion of the Company’s advertising operations is conducted in foreign markets, principally Europe, and Company management reviews the results from its foreign operations on a constant dollar basis. The Company presents the GAAP measures of revenue, direct operating and SG&A expenses, corporate expenses and Segment Adjusted EBITDA, as well as the non-GAAP financial measures of Adjusted EBITDA, Adjusted Corporate expenses, FFO and AFFO, excluding movements in foreign exchange rates because Company management believes that viewing certain financial results without the impact of fluctuations in foreign currency rates facilitates period-to-period comparisons of business performance and provides useful information to investors. These measures, which exclude the effects of foreign exchange rates, are calculated by converting the current period’s amounts in local currency to U.S. dollars using average monthly foreign exchange rates for the same period of the prior year.
Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance or, in the case of Adjusted EBITDA, FFO and AFFO, the Company’s ability to fund its cash needs. In addition, these measures may not be comparable to similar measures provided by other companies. See reconciliations of loss from continuing operations to Adjusted EBITDA, corporate expenses to Adjusted Corporate expenses, and consolidated net loss to FFO and AFFO in the tables set forth below. This data should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, Form 10-Qs and Form 8-Ks, which are available on the Investor Relations page of the Company’s website at investor.clearchannel.com.
Reconciliation of Income (Loss) from Continuing Operations to Adjusted EBITDA
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands)
2023
2022
2023
2022
Income (loss) from continuing operations
$ 25,386
$ 106,496
$ (157,107)
$ (47,303)
Adjustments:
Income tax benefit attributable to continuing operations
(5,195)
(79,947)
(17,217)
(80,392)
Other (income) expense, net
(2,681)
(23,203)
(6,403)
37,060
Gain on extinguishment of debt
—
—
(3,817)
—
Interest expense, net
106,810
98,895
421,434
360,599
Other operating expense, net
1,647
1,457
11,769
2,133
Impairment charges
—
—
—
22,676
Depreciation and amortization
55,419
65,483
241,828
217,835
Share-based compensation
5,196
4,121
20,330
20,512
Restructuring and other costs1
3,405
644
24,399
11,741
Adjusted EBITDA
$ 189,987
$ 173,946
$ 535,216
$ 544,861
1
Restructuring and other costs during the years ended December 31, 2023 and 2022 include expenses of $19.0 million and $7.1 million, respectively, recorded for the resolution of the investigation of the Company’s former indirect, non-wholly-owned subsidiary, Clear Media Limited.
Reconciliation of Corporate Expenses to Adjusted Corporate Expenses
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands)
2023
2022
2023
2022
Corporate expenses
$ (42,897)
$ (38,529)
$ (172,324)
$ (161,852)
Share-based compensation
5,196
4,121
20,330
20,512
Restructuring and other costs1
1,168
258
21,337
9,963
Adjusted Corporate expenses
$ (36,533)
$ (34,150)
$ (130,657)
$ (131,377)
1
Restructuring and other costs during the years ended December 31, 2023 and 2022 include expenses of $19.0 million and $7.1 million, respectively, recorded for the resolution of the investigation of the Company’s former indirect, non-wholly-owned subsidiary, Clear Media Limited.
Reconciliation of Consolidated Net Income (Loss) to FFO and AFFO
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands)
2023
2022
2023
2022
Consolidated net income (loss)
$ 26,003
$ 99,438
$ (308,816)
$ (94,388)
Depreciation and amortization of real estate
48,738
66,271
226,724
217,856
Net loss on disposition of real estate (excludes condemnation proceeds)1
10,229
984
108,322
8,066
Impairment of real estate
—
—
—
22,676
Adjustment for unconsolidated affiliates and non-controlling interests
(1,858)
(1,055)
(3,849)
(4,219)
Funds From Operations (FFO)
83,112
165,638
22,381
149,991
Less: FFO from discontinued operations
12,913
1,043
(34,759)
(19,503)
FFO from continuing operations
70,199
164,595
57,140
169,494
Capital expenditures–maintenance
(12,110)
(17,526)
(44,977)
(44,983)
Straight-line rent effect
617
814
4,730
1,877
Depreciation and amortization of non-real estate
7,457
7,379
29,542
30,809
Gain on extinguishment of debt
—
—
(3,817)
—
Amortization of deferred financing costs and discounts
2,878
2,855
11,666
11,236
Share-based compensation
5,196
4,121
20,330
20,512
Deferred taxes
(10,580)
(85,037)
(29,044)
(88,975)
Restructuring and other costs2
3,405
644
24,399
11,741
Transaction costs
6,555
871
13,262
10,482
Foreign exchange transaction (gain) loss
(4,450)
(23,301)
(11,895)
39,666
Other items3
4,040
811
11,678
2,128
Adjusted Funds From Operations (AFFO)
$ 73,207
$ 56,226
$ 83,014
$ 163,987
1
Net loss on disposition of real estate for the three months ended December 31, 2023 includes a loss of $11.4 million on the sale of our former business in France and, for the year ended December 31, 2023, includes a loss of $212.0 million on the sale of our former business in France, partially offset by gains of $96.4 million and $11.2 million from the sales of our former businesses in Switzerland and Italy, respectively.
2
Restructuring and other costs during the years ended December 31, 2023 and 2022 include expenses of $19.0 million and $7.1 million, respectively, recorded for the resolution of the investigation of the Company’s former indirect, non-wholly-owned subsidiary, Clear Media Limited.
3
Other items for the year ended December 31, 2023 include expenses related to the CCOH 9.000% Senior Secured Notes issuance and Term Loan Facility prepayment.
Reconciliation of Loss from Continuing Operations Guidance1 to Adjusted EBITDA Guidance1
Full Year of 2024
(in millions)
Low
High
Loss from continuing operations
$ (131)
$ (101)
Adjustments:
Income tax expense attributable to continuing operations
9
9
Other expense, net
1
1
Interest expense, net
422
427
Other operating expense, net
13
13
Depreciation and amortization
215
215
Share-based compensation
16
16
Restructuring and other costs
5
5
Adjusted EBITDA
$ 550
$ 585
1
Guidance excludes movements in FX
Reconciliation of Loss from Continuing Operations Guidance1 to AFFO Guidance1
Full Year of 2024
(in millions)
Low
High
Loss from continuing operations
$ (131)
$ (101)
Depreciation and amortization of real estate
184
184
Net gain on disposition of real estate (excludes condemnation proceeds)
(1)
(1)
Adjustment for unconsolidated affiliates and non-controlling interests
(6)
(6)
FFO from continuing operations
46
76
Capital expenditures–maintenance
(42)
(47)
Straight-line rent effect
(8)
(8)
Depreciation and amortization of non-real estate
31
31
Amortization of deferred financing costs and discounts
11
11
Share-based compensation
16
16
Deferred taxes
(7)
(7)
Restructuring and other costs
5
5
Other items
23
23
Adjusted Funds From Operations (AFFO)
$ 75
$ 100
1
Guidance excludes movements in FX.
Conference Call
The Company will host a conference call to discuss these results on February 26, 2024 at 8:30 a.m. Eastern Time. The conference call number is 866-424-2432 (U.S. callers) or +1 215-268-9862 (international callers). A live audio webcast of the conference call will be available on the “Events and Presentations” section of the Company’s investor website (investor.clearchannel.com). A replay of the webcast will be available after the live conference call on the “Events and Presentations” section of the Company’s investor website.
The post Clear Channel Outdoor Holdings, Inc. Reports Results for the Fourth Quarter and Full Year of 2023 appeared first on HIPTHER Alerts.
AI servers, driven by Nvidia’s GB200 superchip, have experienced significant growth. The cutting-edge B200 chip, due to its high thermal design power, requires direct-to-chip cooling. Supermicro announced that it had shipped over 2000 direct-liquid-cooled AI server racks by the end of August 2024, and it has expanded its manufacturing capacity to 5000 racks per month. Supermicro reported that it has around 75% of the liquid-cooled AI server rack market, and IDTechEx believes that this production capacity expansion will lead to a surge in liquid-cooled server racks, as well as the number of cold plates. The projections for the number of cold plates for AI servers in IDTechEx’s new report, “Thermal Management for Data Centers 2025-2035: Technologies, Markets, and Opportunities”, align with Supermicro’s latest announcement.
IDTechEx believes that this production capacity expansion is expected to drive a rapid increase in the deployment of liquid-cooled racks across the AI and high-performance computing (HPC) sectors, along with a notable rise in the use of cold plates. Cold plates are integral to direct-liquid-cooling systems, as they are responsible for absorbing and dissipating the significant heat generated by high-performance chips like Nvidia’s B200. IDTechEx’s recent research into thermal management for data centers echoes Supermicro’s projections, highlighting the increasing importance of liquid cooling technologies in managing the heat loads associated with next-generation AI and HPC hardware.
Direct-to-chip (D2C) cooling, also known as cold plate cooling, is a sophisticated cooling method wherein a cold plate is mounted directly onto the chip (GPU or CPU). The plate facilitates the transfer of heat from the chip to a circulating coolant, which then dissipates the heat. D2C cooling can be divided into two main categories: single-phase and two-phase systems, depending on the type of coolant used. Single-phase D2C typically uses a water-glycol mixture, which circulates through the system and transfers heat away from the chip via convection. This type of cooling is efficient for systems with moderate TDPs, as the coolant remains in a liquid state throughout the process. In contrast, two-phase D2C cooling uses a coolant like fluorinated refrigerant, which absorbs heat through a phase change. As the coolant transitions from liquid to gas, it provides significantly greater cooling power, making it well-suited for systems with extremely high TDPs.
The rapid increase in chip TDPs is driving the demand for more advanced cooling solutions. AI and HPC applications, in particular, are pushing the limits of current cooling technologies, as these workloads require chips with significantly higher power consumption to handle complex computations. Nvidia’s GPU roadmap, combined with Intel’s recent announcement of its Falcon Shores GPU – expected to have a TDP of 1,500W – suggests that GPUs and CPUs with TDPs exceeding 1,500W likely become common within the next one to two years. IDTechEx predicts that this ongoing rise in TDP will eventually lead to a shift from single-phase to two-phase D2C cooling systems, as the latter offers superior heat dissipation capabilities required for these high-power chips despite the unclear timeline.
In addition to direct-to-chip cooling, immersion cooling has garnered significant attention as an alternative solution for high-performance systems. Similar to D2C, immersion cooling can be split into two categories: single-phase immersion cooling (1-PIC) and two-phase immersion cooling (2-PIC). However, unlike D2C, immersion cooling involves submerging the entire server into a bath of coolant, which absorbs heat directly from all components. This method is highly effective for cooling densely packed systems with high power requirements, as it eliminates the need for air-based cooling entirely. In single-phase immersion cooling, the coolant remains in a liquid state, similar to single-phase D2C. Two-phase immersion, however, leverages a phase change in the coolant, similar to two-phase D2C, to provide even more efficient heat dissipation.
While immersion cooling offers numerous advantages in terms of thermal efficiency, it comes with several challenges. The process of submerging servers requires extensive retrofitting of existing infrastructure, as well as rigorous material compatibility tests to ensure that the components can withstand prolonged exposure to the coolant. This results in higher upfront costs compared to D2C cooling systems. Additionally, immersion cooling systems, especially two-phase variants, face regulatory challenges. For example, 3M’s Novec products, commonly used as two-phase coolants, are set to be discontinued by the end of 2025. As of now, no PFAS-free or “forever chemical”-free two-phase coolants have been officially announced, adding another layer of complexity for companies considering immersion cooling solutions.
Cooling in data centers occurs at various levels, ranging from chip-level to facility-level cooling. Each level requires different cooling strategies, with technologies like D2C and immersion cooling primarily focusing on chip, server, and rack-level thermal management. At the room and facility levels, air-based cooling remains the most common approach in 2024. Computer room air conditioning (CRAC) units and computer room air handling (CRAH) units are widely used to cool entire server rooms or data center floors. However, the growing heat loads generated by high-performance AI and HPC systems are pushing the limits of air cooling, prompting the adoption of more efficient liquid-based solutions.
One such solution is liquid-to-liquid (L2L) cooling, which is becoming increasingly popular for facility-level heat management. In L2L cooling, a cooling distribution unit (CDU) transfers heat from one liquid loop to another, enhancing heat exchange efficiency. This system is particularly effective for data centers dealing with higher heat loads from AI and HPC workloads. Supermicro’s CEO has predicted that liquid-cooled data centers, which currently represent around 1% of the market, will grow to 30% by 2026. IDTechEx shares this optimistic outlook, noting that while L2L cooling is gaining traction, its widespread adoption will likely be concentrated in newly constructed data centers due to the significant retrofitting required for existing facilities. However, many existing data centers, particularly those using CRAH units, already have facility water systems in place, which can be leveraged for L2L cooling retrofits. These existing water systems are often the starting point for upgrading older data centers to accommodate more advanced liquid cooling technologies.
In conclusion, the rapid rise of AI and HPC applications is driving a fundamental shift in data center cooling strategies. As chips like Nvidia’s B200 and Intel’s Falcon Shores GPU push the limits of thermal design power, direct-to-chip and immersion cooling solutions are becoming critical to managing the heat loads in modern data centers. This unprecedented transition brings significant opportunities to players in the data center cooling value chain, including but not limited to coolant suppliers, server makers, system integrators, cold plate manufacturers, materials suppliers, and cooling equipment (e.g., HVAC) suppliers. More details about the opportunities can be found in IDTechEx’s latest research report, “Thermal Management for Data Centers 2025-2035: Technologies, Markets, and Opportunities”.
The post The Rise of AI Drives 9 Fold Surge in Liquid Cooling Technology appeared first on HIPTHER Alerts.
Uncategorized
OTM recognised as the ‘Leading Travel Trade Show in India and Asia’, in a customised study by NielsenIQ commissioned by Fairfest Media
OTM Mumbai has been named the #1 travel trade show in India and Asia in a customised market research study commissioned by Fairfest Media Limited which was conducted by NielsenIQ – the world’s leading consumer intelligence company. The customised research, conducted among participants and visitors who have attended two or more travel trade shows in the region, found a ‘significantly higher quantum of respondents stating OTM (Mumbai) to be the leading show at a National, Regional and Asia level’ — outperforming other major shows in the region, including ITB Asia, ITB India and SATTE Delhi.
The comprehensive survey evaluated 18 international travel trade shows across Asia and 20 regional shows in India. In addition to identifying the leading travel trade show, the survey highlighted key findings related to exhibitors’ and visitors’ overall experience, satisfaction, and willingness to attend again.
Key Survey Findings:
OTM as the Top Trade Show in India: 59% of respondents across India selected OTM as their preferred trade show, a significantly higher percentage than any other event in the country.
Leadership in Asia: In the broader Asia-wide context, OTM secured 42% of the vote, significantly higher than other events in Asia, further reinforcing its position as a market leader.
Exhibitor and Visitor Satisfaction: OTM outperformed its competitors in terms of satisfaction with the quality of exhibits and the profile of visitors.
Venue Quality: OTM garnered ‘significantly higher satisfaction regarding the quality of the venue across all competition on Top Box Satisfaction,’ says the customised study conducted by NielsenIQ & commissioned by Fairfest Media.
The survey extensively covered several granular aspects of satisfaction, including the quality of exhibits, the profile of visitors, the relevance of speakers and conference sessions, and the quality of venue and other services. A copy of the report submitted to Fairfest Media by NielsenIQ is available here. (link)
The fieldwork by NielsenIQ is done in an unbiased manner without intervention from Fairfest Media Limited and quality control procedures were followed strictly. The date of the fieldwork is 2nd Aug to 4th Sept 2024. The areas covered in the customised study (conducted by NielsenIQ & commissioned by Fairfest Media) include India, Vietnam, Bangladesh, Singapore, Sri Lanka, Nepal, United Kingdom, Kenya, Bahrain, Thailand, Maldives, Rwanda, Greece, Malaysia, Seoul, Philippines, Ethiopia, Nigeria and South Africa. The population covered includes exhibitors and visitors of travel trade shows. The sample size was overall (N=312); exhibitors (N=23), visitors (N=289). The total usable database of visitors shared with NielsenIQ was over 14,000 and of exhibitors was over 2,200. The sampling method was online, purposive sampling.
These findings confirm that OTM consistently delivers high-quality buyers and offers the highest return on investment (ROI) for participants. The survey results reinforce OTM’s status as the leading B2B show in Asia for travel industry professionals.The next edition of OTM, from 30 January to 1 February 2025, at the Jio World Convention Centre in Mumbai, is expected to be the largest ever, further strengthening its substantial lead in both the country and the region, according to the organisers. It will bring together over 40,000 travel industry professionals from over 60 countries, with pre-qualified buyers from India, Asia and beyond.
The post OTM recognised as the ‘Leading Travel Trade Show in India and Asia’, in a customised study by NielsenIQ commissioned by Fairfest Media appeared first on HIPTHER Alerts.
The 2024 World Internet Conference (WIC) Wuzhen Summit, themed “Embracing a People-Centered and AI-for-Good Digital Future – Building a Community with a Shared Future in Cyberspace,” will take place from Nov 19 to 22 in Wuzhen, East China’s Zhejiang province, as announced by the WIC on Sept 30. A representative from the WIC secretariat stated on Sept 30 that the upcoming 2024 WIC Wuzhen Summit will focus on artificial intelligence, bringing new ideas and highlights to capture global attention.
This year, the WIC will introduce the WIC Distinguished Contribution Award, establish the WIC Specialized Committee on Artificial Intelligence (SC on AI), initiate the WIC Think Thank Cooperation Program, launch the WIC Digital Academy and feature the WIC Global Elite Training at the 2024 summit.
The summit will include 24 sub-forums, with discussions focusing on digital cooperation under the Global Development Initiative, digital and green development, digital economy, open-source, data governance, rule of law in cyberspace, cultural exchange, digital education, youth and digital future, AI innovation and governance, cybersecurity, and international collaboration.
The signature events of the summit are progressing smoothly. Preparations are well underway for the release of “Outstanding Cases of Jointly Building a Community with a Shared Future in Cyberspace” and the award ceremony of the World Internet Conference Awards for Pioneering Science and Technology. Meanwhile, the “Light of Internet” Expo continues to accept exhibitors, and the “Straight to Wuzhen” Competition is gearing up for its finals. Additionally, the second cohort of young leaders selected for the 2024 Global Youth Leadership Program will be invited to the 2024 WIC Wuzhen Summit, where they will contribute their voices on internet development and governance from a youth perspective.
The WIC, headquartered in Beijing, China, is committed to build a global Internet platform for extensive consultation, joint contribution and shared benefits, promote the international community to follow the trend of digitization, networking and intelligence in the information age, work together to address security challenges for common development, and build a community with a shared future in cyberspace.
Since 2014, the WIC Wuzhen Summit has been successfully held for 10 consecutive years, attracting thousands of representatives from government agencies, international organizations, leading internet companies, industry associations, and academic institutions from around the world to exchange ideas and build consensus annually.
The post 2024 WIC Wuzhen Summit set for November appeared first on HIPTHER Alerts.
-
Artificial Intelligence5 days agoBIZCLIK MEDIA LAUNCHES OCTOBER EDITIONS OF TECHNOLOGY, CYBER & DATA CENTRE MAGAZINES
-
Artificial Intelligence5 days agoBrain Computer Interface (BCI) Market is expected to generate a revenue of USD 10.86 Billion by 2031, Globally, at 14.61% CAGR: Verified Market Research®
-
Artificial Intelligence5 days agoAIoT Market worth $79.13 billion by 2030 – Exclusive Report by MarketsandMarkets™
-
Artificial Intelligence5 days ago
System-on-Chip (SoC) Market worth $205.97 billion by 2029 – Exclusive Report by MarketsandMarkets™
-
Artificial Intelligence6 days agoCareEdge announces entry into Global Scale Ratings with launch of Sovereign Ratings for 39 Countries
-
Artificial Intelligence6 days agoCommercial HVAC System Shipments Valued at US$354 Billion in 2030 Driven by Innovations in Cooling, Energy Efficiency, and Sustainability
-
Uncategorized5 days agoDigital Domain Teams Up with AWS to Scale Autonomous Virtual Human Technology and Introduces Generative AI-Powered Features
-
Artificial Intelligence5 days agoClarivate in partnership with Abiquifi Announces Annual Summit LATAM Agenda
