Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 91

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 91
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 give effect to the anticipated net cash proceeds from the sales of our international businesses or any intended uses therefrom. Consequently, our first lien net leverage ratio as of December 31, 2024 is higher than in previous periods and may not be directly comparable to such periods.

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First Lien Net Debt

The following table presents a calculation of our first lien net debt as of December 31, 2024:

(In millions)December 31,2024Receivables-Based Credit Facility$— Revolving Credit Facility— Term Loan Facility425.0 Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 20271,250.0 Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028750.0 Clear Channel Outdoor Holdings 7.875% Senior Secured Notes Due 2030865.0 Finance leases4.0 Less: Cash and cash equivalents(109.7)First lien net debt(1)$3,184.3 

(1)Due to rounding, the total may not equal the sum of the line items in the table above.

EBITDA

As defined in the Senior Secured Credit Agreement, our EBITDA for the preceding four quarters of $482.7 million is calculated as operating income from continuing operations before depreciation, amortization, impairment charges and share-based compensation, further adjusted for unusual or nonrecurring gains, losses, charges or expenses, including restructuring, redundancy or severance expenses and one-time compensation charges, and various other items.

    The following table reconciles EBITDA to operating income from continuing operations and consolidated net cash provided by operating activities for the four quarters ended December 31, 2024:

Four Quarters Ended(In millions)December 31,2024EBITDA (as defined in the Senior Secured Credit Agreement)$482.7 Depreciation, amortization, impairment charges and share-based compensation(197.1)Unusual or nonrecurring gains, losses, charges or expenses, including restructuring, redundancy or severance expenses and one-time compensation charges(12.7)Other items(1)6.3 Operating income from continuing operations(2)279.2 Interest expense, net; loss on extinguishment of debt, net; other expense, net; and income tax benefit attributable to continuing operations(402.9)Loss from discontinued operations(52.1)Adjustments to reconcile consolidated net loss to net cash