Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 4

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 4
---
 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 partially offset by transaction costs associated with structural initiatives and financial advisory services, which totaled $0.6 million and $1.7 million for the three months ended March 31, 2025 and 2024, respectively.

Interest Expense, Net

Interest expense, net, decreased by $2.3 million during the three months ended March 31, 2025 compared to the same period in 2024, primarily driven by the impact of lower average interest rates on our Term Loan Facility.

Loss on Extinguishment of Debt 

During the three months ended March 31, 2024, we recognized a loss of $2.4 million on extinguishment of debt related to the prepayment and amendment of the Term Loan Facility. There was no extinguishment of debt related to continuing operations during the three months ended March 31, 2025.

Other Income (Expense), Net

Other income, net, was $0.2