Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 41

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 41
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-generating transactions or refinance debt in sufficient amounts or on terms acceptable to us in the future, due to market conditions, our financial condition, liquidity constraints or other factors that may be beyond our control. Even if financing alternatives are available, we may not find them suitable or offered at reasonable interest rates, and the terms of our existing or future debt agreements may limit our ability to secure financing on favorable terms or at all.

If we cannot generate sufficient cash from operations or secure sources of supplemental liquidity as needed, we could face substantial liquidity challenges, which could have a material adverse effect on our financial condition and ability to meet our obligations.

Cash Requirements

Working Capital Needs

We utilize working capital to fund our operations and meet certain contractual obligations, including commitments under site leases and other non-cancelable contracts.

A significant cash requirement is site lease expense, which include payments for land or space used by our advertising displays. These costs consist of both minimum guaranteed payments and revenue-sharing arrangements under lease and non-lease contracts. For the six months ended June 30, 2025 and 2024, we incurred site lease expense for continuing operations of $293.6 million and $264.4 million, respectively, which are included in “Direct operating expenses” in our Consolidated Statements of Income (Loss). During the six months ended June 30, 2024, we received $5.6 million of rent abatements. Rent abatements totaled $1.4 million for the six months ended June 30, 2025 and are not expected to continue.

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Capital Expenditures and Acquisitions

We made the following capital expenditures during the six months ended June 30, 2025 and 2024:

(In thousands)Six Months Ended June 30,20252024America$18,646 $22,273 Airports4,793 3,446 Other52 13 Corporate2,567 1,883 Capital expenditures for continuing operations26,058 27,615 Capital expenditures for discontinued operations(1)16,022 24,213 Total capital expenditures(2),(3)$42,080 $51,828 

(1)Capital expenditures for discontinued operations decreased following the sales of our former Europe-North segment businesses and certain Latin American businesses in the first quarter of 2025.

(2)As of June 30, 2025 and 2024, we had accrued but unpaid capital expenditures for continuing operations of $3.5