Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 9

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 9
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.3% of America revenue for the three months ended September 30, 2025 and 2024, respectively, and 34.9% and 35.3% for the nine months ended September 30, 2025 and 2024, respectively, with the remainder derived from local sales.

America Direct Operating Expenses

America direct operating expenses increased by $10.6 million, or 9.6%, for the three months ended September 30, 2025, and by $29.0 million, or 8.9%, 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, mainly attributable to the MTA contract and, to a lesser extent, the absence of a favorable adjustment to lessor property taxes recognized in the prior-year period. The table below provides information on America site lease expense.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeSite lease expense$95,736 $85,895 11.5%$278,186 $253,446 9.8%

America SG&A Expenses

America SG&A expenses increased by $1.4 million, or 2.5%, for the three months ended September 30, 2025, and by $6.8 million, or 4.3%, for the nine months ended September 30, 2025, compared to the same periods in 2024. The increases were primarily driven by higher employee compensation, reflecting additional sales headcount and higher incentive-based pay. 

For the three-month period, higher employee compensation was partially offset by lower payment processing fees. For the nine-month period, the increase also reflected higher credit loss expense, primarily due to a favorable adjustment recognized in the prior-year period.

Airports Results of Operations

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,% 20252024Change20252024ChangeRevenue$95,610 $82,331 16.1%$275,278 $245,476 12.1%Direct operating expenses(1)62,924 56,261 11.8%184,155 163,085 12.9%SG&A expenses(1)10,820 9,145 18.3%30,597 27,400 11.7