We delivered consolidated revenue of $371 million, down 32% compared to the prior year, excluding China and FX.
Based on the information we have, for the second quarter, we expect Americas revenues to be between $265 million and $275 million with adjusted EBITDA margin improving sequentially from the first quarter.
They include the latest in cutting edge digital signage and represent one of the largest exterior LED building displays in the U.S. delivering over 135,000 square feet of digital signage.
With regard to our technology investments, we added 14 new digital billboards in the first quarter giving us a total of more than 1,400 digital billboards across the United States.
Turning to our business in Europe, based on the information we have today, we expect second quarter segment revenues to be between $200 million and $220 million, excluding the impact of foreign exchange.
Meanwhile, we are continuing to see promising signs in some of our other markets, particularly in the U.K., our second largest market, where the Phase 3 opening is well under way supported by a countrywide vaccination rate exceeding 50%.
We added 355 digital displays in the first quarter for a total of over 16,500 screens now live.
In the first quarter, consolidated revenue decreased to 32.7% to $371 million.
Adjusting for foreign exchange revenue was down 34.8%.
If you exclude China and adjust for foreign exchange, the decline in revenue was 31.7%.
Consolidated net loss in the first quarter was $333 million compared to a consolidated net loss of $289 million in Q1 of 2020.
Consolidated adjusted EBITDA was negative $33 million in Q1 of 2021 as compared to consolidated adjusted EBITDA of $51 million in Q1 of 2020.
Excluding FX, consolidated adjusted EBITDA was negative $27 million in Q1 of 2021.
The Americas segment revenue was $212 million in the first quarter of 2021, down 28.4% compared to the prior year with a decline in revenue across all of our products.
National was down approximately 33% and local down approximately 25%.
As I noted earlier, the Americas team delivered an exceptional quarter in Q1 of 2020 with 8.5% revenue growth over the prior year.
Direct operating and SG&A expenses were down 21.1% due in part to lower site lease expenses, which declined 22.6% to $83 million related to lower revenue and renegotiated fixed site lease expense.
Segment adjusted EBITDA was $64 million down 40.5% compared to the first quarter of last year with an adjusting EBITDA margin of approximately 30%.
Transit was down 61.5% and airports decreased 62.4% to $20 million.
Our billboard and other was down 20.7%.
Rent continues to be a bit more resilient than digital and was down 19.1% with digital down 24.2% in the first quarter of 2020.
And on to Slide 8, within transit, print declined 52.5% and digital was down 72.8%.
Europe revenue of $150 million was down 29.4% and excluding foreign exchange, revenue was down 35.2% in the first quarter.
Digital revenue was down 38.9%, excluding the impact of foreign exchange.
Adjusted direct operating and SG&A expense were down 11.6% compared to the first quarter of last year, excluding the impact of foreign exchange, both direct operating expenses and SG&A expenses decreased in most countries in which we operate with the largest decrease occurring in France and U.K. and Sweden.
The largest drivers of the decline in direct operating expenses was lower site lease expense has declined 10% to $93 million after adjusting for foreign exchange.
Segment adjusted EBITDA was negative $62 [Phonetic] million after adjusting for foreign exchange.
This compared to negative $14 million in Q1 of 2020.
As discussed above, Europe and CCI B.V. revenue decreased $62 million during the first quarter of 2021 compared to the same period of 2020 to $150 million.
After adjusting for a $12 million impact from movement in foreign exchange rates, Europe and CCI B.V. revenue decreased $75 million.
CCI B.V. operating loss was $100 million in the first quarter of 2021 compared to $46 million in the same period of 2020.
Latin American revenue was $10 million in the first quarter, down $9 million compared to the same period last year due the impact of COVID-19.
Direct operating expense and SG&A from our Latin American business were $13 million, down $3 million compared to the first quarter in the prior year due in part to lower revenue and cost savings initiatives.
Latin America adjusted EBITDA was a negative $4 million.
Capital expenditures totaled $18 million in the first quarter, a decline of $18 million compared to the prior year period as we continue to focus on preserving liquidity given the current operating conditions.
On to Slide 12, Clear Channel Outdoor's consolidated cash and cash equivalents totaled $642 million as of March 31st, 2021.
Our debt was $5.6 billion, up slightly due to the refinancing of the senior notes and cash paid for interest on the debt was $145 million during the first quarter.
Our weighted average cost of debt was 5.9% as of March 31st, 2021.
We expect this plan to be substantially complete by the end of the first quarter of 2023, an estimate that total charges for the Europe portion of the international restructuring plan, including $10 million of charges already incurred will be in a range of approximately $51 million to $56 million.
We expect a Europe portion of the plan to result in a pre-tax annual cost savings in excess of $28 million.
Additionally, we continue to work on negotiating six site lease savings and have achieved $23 million in rent abatements in the first quarter on a consolidated basis.
Also, we received European governmental support and wage subsidies in response to COVID-19 of $5 million in the first quarter.
Moving on to our financial flexibility initiatives as previously announced, we successfully completed an offering of $1 billion of 7.75% senior notes due 2028.
We use the net proceeds from the offering to redeem $940 million of our 9.25% senior notes due 2024.
For the second quarter of 2021, Americas' segment revenue is expected to be in the range of $265 million to $275 million and adjusted EBITDA margin is expected to improve sequentially over the first quarter of 2021.
While our Europe segment revenue is expected to be in the range of $200 million to $220 million, excluding the impact of foreign exchange.
Additionally, we expect cash interest payments of $216 million in the last nine months of 2021 and $334 million throughout 2022.
We expect consolidated capital expenditures to be in the $155 million to $165 million range in 2021.
We anticipate our consolidated revenue in the second half of 2021 to reach nearly 90% of 2019 levels excluding China.
Lastly, we expect ending liquidity for 2021, including unrestricted cash and availability under the company's revolving credit facilities to be approximately $425 million to $475 million, but that could vary based on timing of cash receipts, and our payments.

Summary:
Based on the information we have, for the second quarter, we expect Americas revenues to be between $265 million and $275 million with adjusted EBITDA margin improving sequentially from the first quarter.
Turning to our business in Europe, based on the information we have today, we expect second quarter segment revenues to be between $200 million and $220 million, excluding the impact of foreign exchange.
For the second quarter of 2021, Americas' segment revenue is expected to be in the range of $265 million to $275 million and adjusted EBITDA margin is expected to improve sequentially over the first quarter of 2021.
While our Europe segment revenue is expected to be in the range of $200 million to $220 million, excluding the impact of foreign exchange.