Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 60

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 60
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 30, 2024, other expense, net, was $9.2 million, primarily due to $10.0 million of debt modification expense related to the issuance of the 7.875% Senior Secured Notes and the associated prepayment and refinancing of the Term Loan Facility.

Income Tax Benefit Attributable to Continuing Operations

The effective tax rates for continuing operations for the three and nine months ended September 30, 2025 were 22.5% and 8.1%, respectively, compared to 16.8% and 8.5% for the three and nine months ended September 30, 2024, respectively. The rates were primarily impacted by a valuation allowance recorded against current-period deferred tax assets, primarily related to interest expense carryforwards, due to uncertainty regarding our ability to realize those assets in future periods.

In the third quarter of 2025, we recognized the effects of the applicable provisions of the One Big Beautiful Bill Act (“OBBB”). The impacts were favorable but not material to our current period consolidated financial statements. Certain provisions of the OBBB are expected to reduce federal current tax expense in future periods.

America Results of Operations

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,% 20252024Change20252024ChangeRevenue$309,959 $292,821 5.9%$867,263 $832,805 4.1%Direct operating expenses(1)121,460 110,847 9.6%354,274 325,294 8.9%SG&A expenses(1)55,061 53,706 2.5%164,084 157,277 4.3%Segment Adjusted EBITDA133,441 128,372 3.9%348,913 350,816 (0.5)%

(1)Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.

America Revenue

America revenue increased by $17.1 million, or 5.9%, for the three months ended September 30, 2025, and by $34.5 million, or 4.1%, for the nine months ended September 30, 2025, compared to the same periods in 2024. These increases were primarily driven by the MTA contract and, to a lesser extent, improved performance in the San Francisco/Bay Area market. 

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