Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 33

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 33
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 Sheets$109,431 $775,210 (1)As of September 30, 2025, the balances comprise assets and liabilities related to the Company’s business in Spain and its former business in Brazil. As noted above, the Company’s business in Brazil was sold on October 1, 2025.(2)As of December 31, 2024, the balances comprise assets and liabilities related to the Company’s business in Spain and its former businesses in the Europe-North segment and in Mexico, Peru, Chile and Brazil. As noted above, the Europe-North segment and businesses in Mexico, Peru and Chile were sold in the first quarter of 2025, and the business in Brazil was sold on October 1, 2025.(3)The valuation allowance on the former business in Brazil represents the cumulative loss recorded to reduce the carrying value of the business to fair value, less costs to sell. The valuation allowance includes a contra-asset recorded up to the carrying value of the business’s assets, with the remainder recognized as a liability.Letters of Credit and GuaranteesAs of December 31, 2024, the Company had an outstanding letter of credit for $20.2 million related to its former business in France. This letter of credit was canceled in March 2025, and the Company was released from any payment obligation.As of September 30, 2025, the Company had an outstanding $7.0 million letter of credit and $9.3 million in bank guarantees, both related to its business in Spain. The bank guarantees were supported by $0.7 million in cash collateral.

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Table of ContentsCLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIESCONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

Income (Loss) from Discontinued OperationsThe following table provides details about the major classes of line items constituting “Income (loss) from discontinued operations” as presented in the Company’s Consolidated Statements of Income (Loss):Three Months EndedNine Months Ended(In thousands)September 30,September 30, 2025(1)2024(2)2025(2)2024(2)Revenue$30,376 $206,168 $246,881 $597,594 Expenses:Direct operating expenses(3)23,387 136,247 176,794 395,361 Selling, general and administrative