Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 7

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 7
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2025 compared to the same period in 2024. This increase was driven by higher site lease expense, primarily due to lower rent abatements and revenue growth. 

24

The table below provides additional information about Airports site lease expense and rent abatements:

(In thousands)Three Months EndedMarch 31,%20252024ChangeSite lease expense$51,238 $44,013 16.4%Reductions of rent expense on lease and non-lease contracts from rent abatements299 4,799 (93.8)%

Airports SG&A Expenses

Airports SG&A expenses increased by $0.7 million, or 7.8%, during the three months ended March 31, 2025 compared to the same period in 2024. This increase was primarily driven by higher payment processing fees, employee compensation and credit loss expense.

Income (Loss) from Discontinued Operations

Discontinued operations for the three months ended March 31, 2025 and 2024 reflect the results of our businesses in Spain, Europe-North and Latin America through their respective dates of sale, where applicable.

Income from discontinued operations was $118.5 million for the three months ended March 31, 2025, compared to a loss of $19.9 million for the same period in 2024. The current-period income was primarily driven by a gain of $139.6 million primarily related to the sales of our businesses in Mexico, Peru and Chile and our former Europe-North segment businesses.

Revenue from discontinued operations declined compared to the prior-year period primarily due to the sale of our businesses in Mexico, Chile and Peru on February 5, 2025. Operating expenses increased, driven by higher employee compensation, site lease and other rental costs in our European businesses. However, these increases were more than offset by lower depreciation and amortization expense, which ceased following the classification of these businesses as held-for-sale.

Income (loss) from discontinued operations also includes expenses related to CCIBV’s debt, including interest expense. In March 2024, CCIBV entered into the CCIBV Term Loan Facility and used the proceeds therefrom to fully redeem the CCIBV Senior Secured Notes, resulting in $4.4 million of debt extinguishment and modification costs. In March 2025, the CCIBV Term Loan Facility was repaid in full, resulting in a $5.4 million loss on extinguishment of debt.

Refer