Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 64

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 64
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, Peru and Chile, and our former Europe-North segment through their respective sale dates, offset by interest expense, a loss on debt extinguishment related to the CCIBV Term Loan Facility, and transaction costs related to international sales processes.

By comparison, discontinued operations generated losses of $3.5 million and $36.6 million for the three and nine months ended September 30, 2024, respectively. These prior-year periods included operating results from our business in Spain and the businesses sold in 2025, and also reflected expenses not incurred in 2025, such as depreciation and amortization (which ceased upon held-for-sale classification) and impairment charges on certain long-lived assets in Latin America, as well as higher interest expense and transaction costs related to international sales processes.

Refer to Note 2 to our Consolidated Financial Statements in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details.

30

LIQUIDITY AND CAPITAL RESOURCES

Liquidity Analysis

Short-Term Liquidity

Our primary cash requirements include working capital to support business operations, capital expenditures and debt service obligations. We typically fund these needs through cash on hand, cash generated from operations and, when necessary, borrowings under our credit facilities. In 2025, we also received cash proceeds from the sales of our former Europe-North segment businesses and Latin American businesses. We believe these sources of liquidity will be sufficient to meet our cash requirements for at least the next 12 months.

Long-Term Liquidity

Our long-term cash requirements will depend on various factors, including the growth of our business, investments in digital conversions and new technologies, and the pursuit and outcome of strategic opportunities. Additionally, we have long-term cash requirements related to the repayment of our outstanding debt, which, following our August 2025 refinancing transactions, matures between 2028 and 2033.

As part of our long-term financing and investment strategy, we have repurchased, and may from time to time in the future repurchase, outstanding notes through open market purchases, privately negotiated transactions or other means. These repurchases could materially impact our liquidity, results of operations or leverage ratios, which in turn could affect our ability to comply with the covenants in our debt agreements. In the second quarter of 2025, we repurchased $229.7 million aggregate principal amount of 7.750% and 7.500% Senior Notes in open market transactions for a total cash payment of $203.