Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 11

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 11
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 segment and in Mexico, Peru and Chile. As previously described, the Company’s Europe-North segment businesses and its businesses in Mexico, Peru and Chile were sold in the first quarter of 2025.(3)The valuation allowance on the 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 June 30, 2025, the Company had an outstanding $6.8 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 EndedSix Months Ended(In thousands)June 30,June 30, 2025(1)2024(2)2025(2)2024(2)Revenue$42,579 $214,033 $216,505 $391,426 Expenses:Direct operating expenses(3)23,585 133,798 153,407 259,114 Selling, general and administrative expenses(3)7,119 37,501 43,822 73,718 Corporate expenses(3)1,050 10,809 10,221 21,136 Depreciation and amortization— 11,382 — 23,620 Impairment charges(4)— 18,073 — 18,073 Interest expense (income), net(5)(137)7,290 7,223 13,250 Other expense (income), net(6)(3,505)5,031