Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 44

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 44
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 compared to the same period in 2024. The increase was primarily driven by the new MTA contract. 

By format, the increase was attributable to growth in digital revenue, driven by the new MTA contract and the deployment of new digital billboards. The table below provides additional information about America digital revenue:

(In thousands)Three Months EndedMarch 31,%20252024ChangeDigital revenue$89,624$84,2196.4%Percent of total segment revenue35.3 %33.7 %

23

By sales channel, the increase was primarily driven by local sales, reflecting continued strength in local advertising demand across various markets. National sales accounted for 34.3% and 34.5% of America revenue for the three months ended March 31, 2025 and 2024, respectively, with the remainder derived from local sales.

America Direct Operating Expenses

America direct operating expenses increased by $7.0 million, or 6.7%, during the three months ended March 31, 2025 compared to the same period in 2024. The increase was driven by costs associated with the new MTA contract, most significantly site lease expense.

The table below provides information about America site lease expense:

(In thousands)Three Months EndedMarch 31,%20252024ChangeSite lease expense$88,335 $82,848 6.6%

America SG&A Expenses

America SG&A expenses increased by $4.6 million, or 9.3%, during the three months ended March 31, 2025 compared to the same period in 2024. The increase was mainly driven by higher credit loss expense, largely due to a favorable adjustment recorded in the prior-year period, and increased employee compensation resulting from a larger sales headcount and pay increases.

Airports Results of Operations

(In thousands)Three Months EndedMarch 31,% 20252024ChangeRevenue$79,983 $76,926 4.0%Direct operating expenses(1)56,109 49,067 14.4%SG&A expenses(1)9,561 8,873 7.8%Segment Adjusted EBITDA14,313 19,082 (25.0)%

(1)Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.

Airports Revenue

Airports revenue increased by $3.1 million, or 4.0%, during the three months ended March 31,