Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 62

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 62
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 compensation, reflecting additional sales headcount and higher incentive-based pay. 

For the three-month period, higher employee compensation was partially offset by lower payment processing fees. For the nine-month period, the increase also reflected higher credit loss expense, primarily due to a favorable adjustment recognized in the prior-year period.

Airports Results of Operations

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,% 20252024Change20252024ChangeRevenue$95,610 $82,331 16.1%$275,278 $245,476 12.1%Direct operating expenses(1)62,924 56,261 11.8%184,155 163,085 12.9%SG&A expenses(1)10,820 9,145 18.3%30,597 27,400 11.7%Segment Adjusted EBITDA21,866 16,925 29.2%60,526 55,089 9.9%

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

Airports Revenue

Airports revenue increased by $13.3 million, or 16.1%, for the three months ended September 30, 2025, and by $29.8 million, or 12.1%, for the nine months ended September 30, 2025, compared to the same periods in 2024. These increases were driven by strong advertising demand, with the most significant year-over-year growth at San Francisco International Airport, the Port Authority of New York and New Jersey, and other major hub airports.

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Revenue growth by format was driven by higher digital revenue, partially offset by lower print revenue. The table below provides additional information on Airports digital revenue.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeDigital revenue$57,850$42,08937.4%$170,615$133,00928.3%Percent of total segment revenue60.5 %51.1 %62.0 %54.2 %

Revenue growth by sales channel was primarily driven by national sales, which accounted for 63.8% and 58.6% of Airports revenue for the three months ended September 30, 2025 and 2024, respectively, and 62.4% and 57.2% for