Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 6

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 6
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 6.7%, during the three months ended March 31, 2025 compared to the same period in 2024. The increase was driven by costs associated with the new MTA contract, most significantly site lease expense.

The table below provides information about America site lease expense:

(In thousands)Three Months EndedMarch 31,%20252024ChangeSite lease expense$88,335 $82,848 6.6%

America SG&A Expenses

America SG&A expenses increased by $4.6 million, or 9.3%, during the three months ended March 31, 2025 compared to the same period in 2024. The increase was mainly driven by higher credit loss expense, largely due to a favorable adjustment recorded in the prior-year period, and increased employee compensation resulting from a larger sales headcount and pay increases.

Airports Results of Operations

(In thousands)Three Months EndedMarch 31,% 20252024ChangeRevenue$79,983 $76,926 4.0%Direct operating expenses(1)56,109 49,067 14.4%SG&A expenses(1)9,561 8,873 7.8%Segment Adjusted EBITDA14,313 19,082 (25.0)%

(1)Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.

Airports Revenue

Airports revenue increased by $3.1 million, or 4.0%, during the three months ended March 31, 2025 compared to the same period in 2024. The increase was driven by strong national advertising demand, most notably at Louis Armstrong New Orleans International Airport, which benefited from Super Bowl LIX. 

Overall, strong growth in digital revenue was partially offset by a decline in print revenue. The table below provides additional information about Airports digital revenue:

(In thousands)Three Months EndedMarch 31,%20252024ChangeDigital revenue$49,257$42,61015.6%Percent of total segment revenue61.6 %55.4 %

National sales accounted for 64.6% and 55.2% of Airports revenue for the three months ended March 31, 2025 and 2024, respectively, with the remainder derived from local sales.

Airports Direct Operating Expenses

Airports direct operating expenses increased by $7.0 million, or 14.4%, during the three months ended March 31,