Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 43

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 43
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 partially offset by transaction costs associated with structural initiatives and financial advisory services, which totaled $0.6 million and $1.7 million for the three months ended March 31, 2025 and 2024, respectively.

Interest Expense, Net

Interest expense, net, decreased by $2.3 million during the three months ended March 31, 2025 compared to the same period in 2024, primarily driven by the impact of lower average interest rates on our Term Loan Facility.

Loss on Extinguishment of Debt 

During the three months ended March 31, 2024, we recognized a loss of $2.4 million on extinguishment of debt related to the prepayment and amendment of the Term Loan Facility. There was no extinguishment of debt related to continuing operations during the three months ended March 31, 2025.

Other Income (Expense), Net

Other income, net, was $0.2 million for the three months ended March 31, 2025. Other expense, net, of $8.8 million for the three months ended March 31, 2024 was primarily driven by $9.8 million of debt modification expense related to the issuance of the CCOH 7.875% Senior Secured Notes and the associated prepayment and refinancing of the Term Loan Facility.

Income Tax Expense Attributable to Continuing Operations

The effective tax rates for continuing operations for the three months ended March 31, 2025 and 2024 were (2.2)% and (0.2)%, respectively. These rates were primarily impacted by the valuation allowance recorded against current-period deferred tax assets, mainly related to interest expense carryforwards, due to uncertainty regarding the Company’s ability to realize those assets in future periods.

America Results of Operations

(In thousands)Three Months EndedMarch 31,% 20252024ChangeRevenue$254,193 $249,777 1.8%Direct operating expenses(1)112,420 105,382 6.7%SG&A expenses(1)53,907 49,302 9.3%Segment Adjusted EBITDA87,871 95,464 (8.0)%

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

America Revenue

America revenue increased by $4.4 million, or 1.8%, during the three months ended March 31, 2025