Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 61

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 61
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Revenue growth by format was driven by both print and digital billboards, reflecting the addition of new boards to our portfolio, including those operated under the MTA contract, as well as higher advertiser demand. Digital revenue growth also benefited from increased programmatic sales. The table below provides additional information on America digital revenue.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeDigital revenue$113,113$105,7976.9%$316,537$292,4438.2%Percent of total segment revenue36.5 %36.1 %36.5 %35.1 %

Revenue growth by sales channel was primarily driven by local sales, reflecting sustained strength in local advertising demand across various markets, with national sales also contributing. National sales accounted for 36.5% and 36.3% of America revenue for the three months ended September 30, 2025 and 2024, respectively, and 34.9% and 35.3% for the nine months ended September 30, 2025 and 2024, respectively, with the remainder derived from local sales.

America Direct Operating Expenses

America direct operating expenses increased by $10.6 million, or 9.6%, for the three months ended September 30, 2025, and by $29.0 million, or 8.9%, for the nine months ended September 30, 2025, compared to the same periods in 2024. These increases were primarily driven by higher site lease expense, mainly attributable to the MTA contract and, to a lesser extent, the absence of a favorable adjustment to lessor property taxes recognized in the prior-year period. The table below provides information on America site lease expense.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeSite lease expense$95,736 $85,895 11.5%$278,186 $253,446 9.8%

America SG&A Expenses

America SG&A expenses increased by $1.4 million, or 2.5%, for the three months ended September 30, 2025, and by $6.8 million, or 4.3%, for the nine months ended September 30, 2025, compared to the same periods in 2024. The increases were primarily driven by higher employee