Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 13

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 13
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 future, we may seek supplemental liquidity through additional financing from banks or other lenders; offerings of public or private debt, equity or equity-linked securities; strategic partnerships; or a combination of these. From time to time, we have explored, and expect to continue exploring, transactions to improve our liquidity and/or refinance our indebtedness. However, there is no assurance that we will be able to secure financing alternatives, complete liquidity-generating transactions or refinance debt in sufficient amounts or on terms acceptable to us in the future, due to market conditions, our financial condition, liquidity constraints or other factors that may be beyond our control. Even if financing alternatives are available, we may not find them suitable or offered at reasonable interest rates, and the terms of our existing or future debt agreements may limit our ability to secure financing on favorable terms or at all.

If we cannot generate sufficient cash from operations or secure sources of supplemental liquidity as needed, we could face substantial liquidity challenges, which could have a material adverse effect on our financial condition and ability to meet our obligations.

Cash Requirements

Working Capital Needs

We utilize working capital to fund our operations and meet certain contractual obligations, including commitments under site leases and other non-cancelable contracts.

A significant cash requirement is site lease expense, which include payments for land or space used by our advertising displays. These costs consist of both minimum guaranteed payments and revenue-sharing arrangements under lease and non-lease contracts. For the nine months ended September 30, 2025 and 2024, we incurred site lease expense for continuing operations of $446.8 million and $401.8 million, respectively, which are included in “Direct operating expenses” in our Consolidated Statements of Income (Loss). During the nine months ended September 30, 2024, we received $5.9 million of rent abatements. Rent abatements totaled $1.4 million for the nine months ended September 30, 2025 and are not expected to continue.

31

Capital Expenditures and Acquisitions

Capital Expenditures

We made the following capital expenditures during the nine months ended September 30, 2025 and 2024:

(In thousands)Nine Months Ended September 30,20252024America$26,882 $35,679 Airports8,631 6,634 Other52 13 Corporate3,728 3,152 Capital expenditures for continuing operations39,293 45,478 Capital expenditures for discontinued operations(1)17,605