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

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 11
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,370 $51,507 11.4%$168,523 $148,347 13.6%Reductions of rent expense on lease and non-lease contracts from rent abatements12 236 (94.9)%1,432 5,834 (75.5)%

Airports SG&A Expenses

Airports SG&A expenses increased by $1.7 million, or 18.3%, for the three months ended September 30, 2025, and by $3.2 million, or 11.7%, for the nine months ended September 30, 2025, compared to the same periods in 2024. The increases were primarily driven by higher employee compensation, reflecting additional sales headcount and higher incentive-based pay.

Income (Loss) from Discontinued Operations

For the three months ended September 30, 2025, loss from discontinued operations was $9.3 million, reflecting a $4.2 million net loss on sold and held-for-sale businesses, primarily due to a fair value adjustment for the Brazil business. This period also includes operating results from our business in Spain and former business in Brazil, as well as transaction costs related to international sales processes.

For the nine months ended September 30, 2025, income from discontinued operations was $113.6 million, primarily driven by a $127.8 million net gain on sold and held-for-sale businesses, mainly resulting from the international sales completed in the first quarter. This period also includes operating results from our business in Spain, our former businesses in Brazil, Mexico, Peru and Chile, and our former Europe-North segment through their respective sale dates, offset by interest expense, a loss on debt extinguishment related to the CCIBV Term Loan Facility, and transaction costs related to international sales processes.

By comparison, discontinued operations generated losses of $3.5 million and $36.6 million for the three and nine months ended September 30, 2024, respectively. These prior-year periods included operating results from our business in Spain and the businesses sold in 2025, and also reflected expenses not incurred in 2025, such as depreciation and amortization (which ceased upon held-for-sale classification) and impairment charges on certain long-lived assets in Latin America, as well as higher interest expense and transaction costs related to international sales processes.

Refer to Note 2 to our Consolidated Financial Statements in Item 1 of Part I of this