Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 12

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 12
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 Financial Statements in Item 1 of Part I of this Quarterly Report on Form 10-Q. 

Sources of Capital and Liquidity

Cash On Hand

As of March 31, 2025, we had $401.3 million of cash and cash equivalents, including $5.5 million held by discontinued operations (Spain and Brazil) and $2.9 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 three months ended March 31, 2025, net cash provided by operating activities was $14.9 million, compared to a net cash outflow of $34.8 million during the same period in 2024. The primary driver of the operating cash outflow in the first quarter of 2024 was cash paid for interest, which exceeded other operating net cash inflows due to the timing of interest payments on debt transactions, as previously discussed. The $38.1 million decrease in cash paid for interest during the first quarter of 2025 contributed to the improvement in cash flow from operations. Additionally, during the three months ended March 31, 2025, we received $9.9 million in insurance proceeds related to the ongoing recovery of certain amounts previously incurred in connection with a resolved legal matter.

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Dispositions

During the three months ended March 31, 2025, we received net cash proceeds of $609.3 million from the sale of businesses, net of direct transaction costs paid and cash sold with the businesses. This includes $16.0 million from the sale of our businesses in Mexico, Peru and Chile, and $593.3 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. As previously disclosed, we expect to prioritize using the remaining net proceeds or cash on hand to retire the most advantageous debt in our capital structure, as permitted under our debt agreements. 

Additionally, during the three months ended March 31, 2025 and 2024, we received cash proceeds from asset dispositions of $8.0 million and $7.7 million, respectively.

Credit Facilities

We have access to a Revolving Credit Facility and Receivables-Based Credit Facility, each