Company: CCO
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001334978-25-000012
Chunk: 3

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 3
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 March 31, 2025 compared to the same period in 2024. The increase was primarily driven by the new roadside billboard contract with the Metropolitan Transportation Authority (“MTA”) in the America segment and higher national advertising demand in the Airports segment.

21

Overall, consolidated revenue growth was attributable to an increase in digital revenue, partially offset by a decline in print revenue. The table below provides additional information about consolidated digital revenue:

(In thousands)Three Months EndedMarch 31,%20252024ChangeDigital revenue$138,881$126,8299.5%Percent of total consolidated revenue41.6 %38.8 %

Consolidated Direct Operating Expenses

Consolidated direct operating expenses increased by $13.5 million, or 8.7%, during the three months ended March 31, 2025 compared to the same period in 2024. This increase was primarily driven by higher site lease expense, mainly due to the new MTA contract in the America segment, as well as reduced rent abatements and revenue growth in the Airports segment.

The table below provides additional information about certain drivers of consolidated direct operating expenses:

(In thousands)Three Months EndedMarch 31,%20252024ChangeSite lease expense$139,573 $126,861 10.0%Reductions of rent expense on lease and non-lease contracts from rent abatements299 4,814 (93.8)%Restructuring and other costs5 634 (99.2)%

Consolidated Selling, 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