Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 69

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 69
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As of September 30, 2025, we had $178.3 million of cash and cash equivalents, including $23.3 million held by discontinued operations in Spain and Brazil and $5.2 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 nine months ended September 30, 2025, net cash provided by operating activities was $58.6 million, compared to $50.5 million during the same period in 2024. The improvement primarily reflects lower cash interest payments, as described above; the absence of a $13.1 million payment to the SEC made during the third quarter of 2024 related to the resolution of the investigation of our former indirect, non-wholly-owned subsidiary, Clear Media; and the receipt in 2025 of $10.1 million in insurance proceeds related to the ongoing recovery of certain amounts previously incurred in connection with a resolved legal matter. These favorable impacts were partially offset by lower operating cash contributions from international businesses sold in the first quarter of 2025.

Dispositions

During the nine months ended September 30, 2025, we received $589.2 million in net cash proceeds from the sale of businesses, net of direct transaction costs paid and cash transferred with the businesses. This included $12.3 million from the sale of our businesses in Mexico, Peru and Chile, and $576.9 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 $14.3 million and $12.2 million in cash proceeds from asset dispositions during the nine months ended September 30, 2025 and 2024, respectively.

On October 1, 2025, we sold our business in Brazil for a purchase price of approximately $15.0 million, subject to certain customary adjustments. We intend to use the net proceeds from the sale, after payment of transaction-related fees and expenses, to improve liquidity and increase financial flexibility as permitted under our debt agreements.

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On September 7, 2025, we entered into a definitive agreement to sell our business in Spain for a purchase price of €115 million,