Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 29

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 29
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 Company had accrued but unpaid capital expenditures for discontinued operations of $1.6 million and $6.6 million as of March 31, 2025 and 2024, respectively.

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Table of ContentsCLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIESCONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

NOTE 3 – SEGMENT DATA

The Company operates two reportable segments, which it believes best reflect how the Company is currently managed: America and Airports, with remaining operations in Singapore reported as “Other.” The America segment serves markets across the U.S., while the Airports segment offers out-of-home advertising at airports in the U.S. and the Caribbean.Segment Adjusted EBITDA is the profitability metric reported to the Company’s chief operating decision maker (“CODM”). It is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs. Restructuring and other costs include costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs.The following table presents revenue, significant expenses, Segment Adjusted EBITDA and capital expenditures for each reportable segment for the three months ended March 31, 2025 and 2024. Segment information for total assets is not presented as this information is not used by the CODM to measure segment performance or allocate resources between segments.(In thousands)Three Months Ended March 31, 20252024AmericaRevenue$254,193 $249,777 Site lease expense(1)88,335 82,848 Employee compensation costs(2)42,034 40,703 Other segment expenses(3)35,953 30,762 Segment Adjusted EBITDA$87,871 $95,464 Capital expenditures$9,819 $8,823 AirportsRevenue$79,983 $76,926 Site lease expense(1)51,238 44,013 Employee compensation costs(2)7,419 7,044 Other segment expenses(3)7,013 6,787 Segment Adjusted EBITDA$14,313 $19,082 Capital expenditures$2,234 $1,639 (1)Site lease expense includes rent for both lease and non-lease contracts and consists of payments for land or space used by the Company’s advertising displays, including minimum guaranteed payments and revenue-sharing arrangements