Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 58

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 58
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 Months EndedJune 30,%Six Months EndedJune 30,%20252024Change20252024ChangeSite lease expense$94,115 $84,703 11.1%$182,450 $167,551 8.9%

America SG&A Expenses

America SG&A expenses increased by $0.8 million, or 1.6%, for the three months ended June 30, 2025, and by $5.5 million, or 5.3%, for the six months ended June 30, 2025, compared to the same periods in 2024. These increases were primarily driven by higher employee compensation, reflecting a larger sales headcount. For the six-month period, the increase also included higher credit loss expense due to a favorable adjustment in the prior-year period.

Airports Results of Operations

(In thousands)Three Months EndedJune 30,%Six Months EndedJune 30,% 20252024Change20252024ChangeRevenue$99,685 $86,219 15.6%$179,668 $163,145 10.1%Direct operating expenses(1)65,122 57,757 12.8%121,231 106,824 13.5%SG&A expenses(1)10,216 9,382 8.9%19,777 18,255 8.3%Segment Adjusted EBITDA24,347 19,082 27.6%38,660 38,164 1.3%

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

Airports Revenue

Airports revenue increased by $13.5 million, or 15.6%, for the three months ended June 30, 2025, and by $16.5 million, or 10.1%, for the six months ended June 30, 2025, compared to the same periods in 2024. These increases were driven by strong advertising demand, most notably at the Port Authority of New York and New Jersey, San Francisco and Hartsfield-Jackson Atlanta airports.

Overall, strong growth in digital revenue was partially offset by a decline in print revenue. The table below provides additional information on Airports digital revenue:

(In thousands)Three Months EndedJune 30,%Six Months EndedJune 30,%20252024Change20252024ChangeDigital revenue$63,508$48,31031.5