Company: CCO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001334978-25-000027
Chunk: 54

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 54
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24Change20252024ChangeSite lease expense$154,030 $137,532 12.0%$293,603 $264,393 11.0%Reductions of rent expense on lease and non-lease contracts from rent abatements1,121 814 37.7%1,420 5,628 (74.8)%Restructuring and other costs— 344 (100.0)%5 978 (99.5)%

Consolidated Selling, General and Administrative (“SG&A”) Expenses

Consolidated SG&A expenses increased by $1.3 million, or 2.0%, for the three months ended June 30, 2025, and by $5.7 million, or 4.6%, 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 reflected higher credit loss expense.

These increases were partially offset by lower restructuring and other costs, as the three and six months ended June 30, 2024 included expenses related to the Company’s decision to reduce the scale of its operations in Singapore. The table below provides additional information on restructuring and other costs included within SG&A expenses:

(In thousands)Three Months EndedJune 30,%Six Months EndedJune 30,%20252024Change20252024ChangeRestructuring and other costs$— $443 (100.0)%$— $1,435 (100.0)%

Corporate Expenses

Corporate expenses decreased by $2.9 million, or 8.6%, for the three months ended June 30, 2025, and by $13.0 million, or 20.4%, for the six months ended June 30, 2025, compared to the same periods in 2024.

The decrease for the three-month period was primarily driven by certain legal costs recorded in the prior year related to property and casualty settlements, as well as lower employee compensation related to insurance benefits and bonuses. Excluding share-based compensation, these cost decreases totaled $4.4 million.

The decrease for the six-month period was primarily attributable to the receipt of $10.1 million in insurance proceeds in the current year, related to the ongoing recovery of certain amounts previously incurred in connection with a resolved legal matter. These proceeds are reflected in