Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 57

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 57
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963$147,88615.6%$487,152$425,45214.5%Percent of total consolidated revenue42.1 %39.4 %42.6 %39.4 %

Consolidated Direct Operating Expenses

Consolidated direct operating expenses increased by $17.3 million, or 10.4%, for the three months ended September 30, 2025, and by $49.2 million, or 10.0%, for the nine months ended September 30, 2025, compared to the same periods in 2024. These increases were primarily driven by higher site lease expense, reflecting the impact of the MTA contract in the America segment and revenue growth in the Airports segment. For the nine-month period, the increase also reflected lower rent abatements.

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The table below provides additional information on certain drivers of consolidated direct operating expenses.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeSite lease expense$153,165 $137,402 11.5%$446,768 $401,795 11.2%Reductions of rent expense on lease and non-lease contracts from rent abatements12 251 (95.2)%1,432 5,879 (75.6)%Restructuring and other costs3 86 (96.5)%8 1,064 (99.2)%

Consolidated Selling, General and Administrative (“SG&A”) Expenses

Consolidated SG&A expenses increased by $2.7 million, or 4.3%, for the three months ended September 30, 2025, and by $8.4 million, or 4.5%, for the nine months ended September 30, 2025, compared to the same periods in 2024. These increases were primarily driven by higher employee compensation, reflecting additional sales headcount and higher incentive-based pay across segments. 

These increases were partially offset by lower restructuring and other costs, as the prior-year periods included expenses related to the Company’s decision to reduce the scale of its operations in Singapore. The table below provides additional information on restructuring and other costs included within SG&A expenses.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeRestructuring and other costs$— $300 (100.