Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 35

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 35
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 primarily driven by the repurchase of a portion of our Senior Notes in the second quarter of 2025 and lower average interest rates on our Term Loan Facility.

Gain (Loss) on Extinguishment of Debt

During the three and six months ended June 30, 2025, we recognized a gain on extinguishment of debt of $28.8 million related to the repurchase of a portion of our Senior Notes in open market transactions at a discount.

During the six months ended June 30, 2024, we recognized a loss on extinguishment of debt of $2.4 million related to the prepayment and amendment of the Term Loan Facility.

Other Income (Expense), Net

Other income (expense), net, is generally driven by equity in earnings of non-consolidated affiliates and totaled $0.7 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and $0.9 million for the six months ended June 30, 2025.

For the six-month period ended June 30, 2024, other expense, net, of $8.4 million was 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 (Expense) Attributable to Continuing Operations

The effective tax rates for continuing operations for the three and six months ended June 30, 2025 were 41.7% and (13.2)%, respectively, compared to 18.7% and 5.6% for the three and six months ended June 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 the Company’s ability to realize those assets in future periods.

America Results of Operations

(In thousands)Three Months EndedJune 30,%Six Months EndedJune 30,% 20252024Change20252024ChangeRevenue$303,111 $290,207 4.4%$557,304 $539,984 3.2%Direct operating expenses(1)120,394 109,065 10.4%232,814 214,447 8.6%SG&A expenses(1)55,116 54,269