Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 27

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 27
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 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 March 31, 2025, the Company had an outstanding $6.3 million letter of credit related to its business in Spain, which will remain in effect until the letter of credit expires in July 2025 or until the business is sold, whichever occurs first. As of March 31, 2025, the Company also had outstanding bank guarantees of $8.5 million related to its business in Spain, which were supported by $0.7 million of 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 Ended(In thousands)March 31, 2025(1)2024(1)Revenue$173,926 $177,393 Expenses:Direct operating expenses(2)129,822 125,316 Selling, general and administrative expenses(2)36,703 36,217 Corporate expenses(2)9,171 10,327 Depreciation and amortization— 12,238 Interest expense, net(3)7,360 5,960 Other expense, net(4),(5)11,037 7,099 Loss from discontinued operations before gains on sold or held-for-sale businesses and/or income taxes(20,167)(19,764)Gains on sold or held-for-sale businesses(6)139,614 — Income tax expense attributable to discontinued operations(932)(95)Income (loss) from discontinued operations, net of income taxes$118,515 $(19,859)(1)Discontinued operations for the three months ended March 31, 2025 and