Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 122

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 122
---
31, 2024, the Company also had the following outstanding bank guarantees related to discontinued operations: $10.5 million related to the Europe-North businesses, $8.2 million related to the business in Spain, and $1.4 million related to the businesses in Latin America. In total, the Company had $4.7 million of cash collateral supporting these bank guarantees.Loss from Discontinued OperationsThe following table provides details about the major classes of line items constituting “Loss from discontinued operations” as presented on the Company’s Consolidated Statements of Loss:(In thousands)Year Ended December 31, 202420232022Revenue$843,220 $1,054,826 $1,099,570 Expenses:Direct operating expenses(1)528,065 717,008 739,199 Selling, general and administrative expenses(1)153,166 215,254 235,280 Corporate expenses(1)42,053 42,505 40,600 Depreciation and amortization47,501 61,533 80,083 Impairment charges(2)18,073 — 16,870 Interest expense, net(3)28,358 25,139 28,625 Other expense, net(4)21,592 15,384 46,147 Income (loss) from discontinued operations before loss on classification as held for sale or disposal, net, and income taxes4,412 (21,997)(87,234)Loss on classification as held for sale or disposal, net(44,442)(104,533)— Income tax expense attributable to discontinued operations(12,084)(22,842)(18,075)Loss from discontinued operations, net of income taxes$(52,114)$(149,372)$(105,309)(1)Excludes depreciation and amortization(2)Impairment charges in 2024 reflect the impairment of certain long-lived assets in the Company’s Latin American businesses. Impairment charges in 2022 reflect the impairment of the entire goodwill balance allocated to the Europe-South reporting unit, excluding the goodwill allocated to Switzerland, which was held for sale as of December 31, 2022.(3)Interest expense related to the CCIBV Term Loan Facility and CCIBV Senior Secured Notes is reported in discontinued operations because these costs are directly attributable to the Company’s European businesses, which comprise CCIB