Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 63

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 63
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 the nine months ended September 30, 2025 and 2024, respectively. The remainder was derived from local sales.

Airports Direct Operating Expenses

Airports direct operating expenses increased by $6.7 million, or 11.8%, for the three months ended September 30, 2025, and by $21.1 million, or 12.9%, for the nine months ended September 30, 2025, compared to the same periods in 2024. The increases were primarily driven by higher site lease expense, reflecting revenue growth, with the nine-month period also impacted by lower rent abatements. The table below provides additional information on Airports site lease expense and rent abatements.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeSite lease expense$57,370 $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