Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 42

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 42
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, General and Administrative (“SG&A”) Expenses

Consolidated SG&A expenses increased by $4.4 million, or 7.4%, during the three months ended March 31, 2025 compared to the same period in 2024. The increase was mainly driven by higher credit loss expense and increased employee compensation.

These increases were partially offset by lower restructuring and other costs. Expenses incurred in the prior-year period included, among other items, costs related to the Company’s decision to reduce the scale of its business in Singapore. The table below provides additional detail on restructuring and other costs included within SG&A expenses:

(In thousands)Three Months EndedMarch 31,%20252024ChangeRestructuring and other costs$— $992 (100.0)%

Corporate Expenses

Corporate expenses decreased by $10.1 million, or 33.8%, during the three months ended March 31, 2025 compared to the same period in 2024. This decrease was primarily driven by $9.9 million in insurance proceeds received during the three months ended March 31, 2025, related to the ongoing recovery of certain amounts previously incurred in connection with a resolved legal matter. These proceeds are reflected in “Restructuring and other costs (reversals)” in the table below.

The table below provides additional information about certain drivers of corporate expenses:

(In thousands)Three Months EndedMarch 31,%20252024ChangeShare-based compensation expense(1)$5,424 $4,594 18.1%Restructuring and other costs (reversals)(2)(8,381)1,758 NM

(1)Excludes share-based compensation expense for employees of discontinued operations.

(2)Percentage changes that are so large as to not be meaningful have been designated as “NM.”

22

Depreciation and Amortization

Depreciation and amortization increased by $1.0 million, or 2.3%, during the three months ended March 31, 2025 compared to the same period in 2024. This increase was primarily driven by higher estimated costs for asset retirement obligations, which are capitalized and depreciated over the asset’s useful life.

Other Operating Income, Net

Other operating income, net, of $5.8 million and $3.3 million for the three months ended March 31, 2025 and 2024, respectively, primarily reflects net gains from the disposition of operating assets. These gains were