Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 65

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 65
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 than 7.10 to 1.00. As of June 30, 2025, these conditions were not met, and the covenant was not in effect. Accordingly, we have not presented the first lien net leverage ratio calculation in this Quarterly Report on Form 10-Q. Refer to the “Credit Facilities” section below for additional information on facility borrowings and excess availability as of June 30, 2025.

Sources of Capital and Liquidity

Cash On Hand

As of June 30, 2025, we had $147.1 million of cash and cash equivalents, including $8.5 million held by discontinued operations (Spain and Brazil) and $4.1 million held by continuing operations subsidiaries outside the U.S., primarily in the Caribbean. At present, any remaining excess foreign cash could be repatriated with minimal U.S. tax consequences, and dividend distributions from international subsidiaries are not expected to trigger U.S. federal income tax liability.

Cash Flow from Operations

During the six months ended June 30, 2025, net cash provided by operating activities was $2.3 million, compared to a net cash outflow of $4.0 million during the same period in 2024. The improvement was primarily driven by the receipt of $10.1 million in insurance proceeds related to the ongoing recovery of certain amounts previously incurred in connection with a resolved legal matter, and a reduction in cash interest payments. 

Dispositions

During the six months ended June 30, 2025, we received net cash proceeds of $589.3 million from the sale of businesses, net of direct transaction costs paid and cash transferred with the businesses. This includes $12.6 million from the sale of our businesses in Mexico, Peru and Chile, and $576.7 million from the sale of the businesses constituting our Europe-North segment, prior to the prepayment of the CCIBV Term Loan Facility and related accrued interest.

Additionally, we received $10.0 million and $10.3 million in cash proceeds from asset dispositions during the six months ended June 30, 2025 and 2024, respectively. 

We expect to receive approximately $14.7 million in cash proceeds from the sale of our business in Brazil (based on the prevailing exchange rate as of June 30, 2025), subject to certain customary adjustments. The transaction is expected to close later in 2025, pending regulatory approval and the satisfaction of other customary closing