Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 3

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 3
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 Segment Adjusted EBITDA are lowest in the first quarter and strongest in the fourth quarter, in line with seasonal advertising trends.

RESULTS OF OPERATIONS

The following discussion of our results of operations focuses on continuing operations and is presented on both a consolidated and segment basis.

•Our operating segment profit measure is Segment Adjusted EBITDA, which is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs. Restructuring and other costs are defined as costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs.

•Corporate expenses, depreciation and amortization, other operating income and expense, non-operating income and expenses, and income taxes are managed on a total company basis and are therefore only included in our discussion of consolidated results of continuing operations.

•Results of discontinued operations are presented and discussed below separately from results of continuing operations.

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Consolidated Results of Continuing Operations

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,% 20252024Change20252024ChangeRevenue$405,637 $375,188 8.1%$1,142,625 $1,078,511 5.9%Operating expenses:Direct operating expenses184,430 167,106 10.4%538,489 489,328 10.0%Selling, general and administrative expenses66,228 63,481 4.3%195,601 187,180 4.5%Corporate expenses30,282 31,302 (3.3)%81,185 95,223 (14.7)%Depreciation and amortization43,873 46,222 (5.1)%130,212 130,775 (0.4)%Other operating expense (income), net107 341 (5,993)(3,046)Operating income80,717 66,736 203,131 179,051 Interest expense, net(101,053)(99,662) (296,440)(301,477) Loss on extinguishment of debt, net(43,752)— (14,956)(2,393)Other income (expense), net69 (820) 981 (9,220) Loss from continuing operations before income taxes(64,019)(33,746) (107,284)(134,039) Income tax benefit attributable to continuing operations