Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 2

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 2
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, with the strongest performance typically occurring in the fourth quarter due to seasonal trends in advertising spend.

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.

Consolidated Results of Continuing Operations

(In thousands)Three Months EndedMarch 31,% 20252024ChangeRevenue$334,180 $326,840 2.2%Operating expenses:Direct operating expenses(1)168,529 155,054 8.7%Selling, general and administrative expenses(1)63,662 59,272 7.4%Corporate expenses(1)19,780 29,874 (33.8)%Depreciation and amortization43,004 42,052 2.3%Other operating income, net(5,785)(3,297)Operating income44,990 43,885 Interest expense, net(99,361)(101,695) Loss on extinguishment of debt— (2,393)Other income (expense), net249 (8,849) Loss from continuing operations before income taxes(54,122)(69,052) Income tax expense attributable to continuing operations(1,180)(172) Loss from continuing operations(55,302)(69,224) Income (loss) from discontinued operations118,515 (19,859)Consolidated net income (loss)63,213 (89,083)Less: Net income attributable to noncontrolling interests704 584  Net income (loss) attributable to the Company$62,509 $(89,667) 

(1)Excludes depreciation and amortization

Consolidated Revenue

Consolidated revenue increased by $7.3 million, or 2.2%, during the three months ended