Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 48

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 48
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. For the three months ended March 31, 2025 and 2024, we incurred site lease expenses for continuing operations of $139.6 million and $126.9 million, respectively, which are included in “Direct operating expenses” on our Consolidated Statements of Income (Loss). During the three months ended March 31, 2024, we received rent abatements of $4.8 million. Rent abatements were immaterial for the three months ended March 31, 2025 and are not expected to continue.

Capital Expenditures and Acquisitions

We made the following capital expenditures during the three months ended March 31, 2025 and 2024:

(In thousands)Three Months Ended March 31,20252024America$9,819 $8,823 Airports2,234 1,639 Other12 10 Corporate1,166 832 Capital expenditures for continuing operations13,231 11,304 Capital expenditures for discontinued operations12,295 14,900 Total capital expenditures(1),(2)$25,526 $26,204 

(1)As of March 31, 2025 and 2024, we had accrued but unpaid capital expenditures for continuing operations of $3.4 million and $3.8 million, respectively. For discontinued operations, accrued but unpaid capital expenditures were $1.6 million and $6.6 million, respectively.

(2)Excludes asset acquisitions.

During the three months ended March 31, 2024, we acquired out-of-home advertising assets, primarily permits and digital billboard structures, in our America segment for cash consideration of $8.6 million. No asset acquisitions were made during the three months ended March 31, 2025.

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Debt Activity and Service Obligations

Debt Activity

In March 2024, we issued $865.0 million aggregate principal amount of CCOH 7.875% Senior Secured Notes and used a portion of the proceeds therefrom to prepay $835.0 million of borrowings outstanding under the Term Loan Facility. At the same time, we amended the Senior Secured Credit Agreement to refinance the remaining $425.0 million balance of the Term Loan Facility and extend its maturity date, subject to certain conditions. The refinanced term loans were issued at a 1% discount, and proceeds, along with cash on hand, were used to pay off