Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 14

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 14
---
 intended use of those proceeds.

28

First Lien Debt

The following table presents the calculation of our first lien net debt as of March 31, 2025:

(In millions)March 31,2025Receivables-Based Credit Facility$— Revolving Credit Facility— Term Loan Facility425.0 Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 20271,250.0 Clear Channel Outdoor Holdings 9.000% Senior Secured Notes Due 2028750.0 Clear Channel Outdoor Holdings 7.875% Senior Secured Notes Due 2030865.0 Finance leases3.9 Less: Cash and cash equivalents(395.8)First lien net debt(1)$2,898.0 

(1)Due to rounding, the total may not equal the sum of the above line items.

EBITDA

As defined in the Senior Secured Credit Agreement, our EBITDA for the preceding four quarters of $472.0 million is calculated as operating income from continuing operations, adjusted for depreciation, amortization, impairment charges, share-based compensation, and other unusual or nonrecurring gains or losses, charges or expenses, including restructuring, redundancy or severance expenses, one-time compensation charges, and various other items.

    The following table reconciles EBITDA to operating income from continuing operations and consolidated net cash provided by operating activities for the four quarters ended March 31, 2025:

Four Quarters Ended(In millions)March 31,2025EBITDA (as defined by the Senior Secured Credit Agreement)$472.0 Depreciation and amortization, impairment charges and share-based compensation(198.9)Unusual or nonrecurring gains, losses, charges or expenses, including restructuring, redundancy or severance expenses and one-time compensation charges(1.2)Other items(1)8.3 Operating income from continuing operations(2)280.3 Interest expense, net; other income, net; and income tax benefit attributable to continuing operations(390.1)Income from discontinued operations86.3 Adjustments to reconcile consolidated net loss to net cash provided by operating activities:Reconciling items for non-cash and non-operating activity(3)431.7 Changes in operating assets and liabilities(278.7)Net cash provided by operating activities(2)$129.5 

(1)Primarily comprised of net gains from the disposition