Clear Channel Outdoor Holdings, Inc.CCO
Clear Channel Outdoor Holdings, Inc. Segments Disclosure
SEGMENT DATA
Reportable Segments
As described in Note 1, the Company operates two reportable segments, which it believes best reflect how the Company is currently managed: America and Airports, with remaining operations in Singapore reported as “Other.” The America segment serves markets across the U.S., generating over 90% of its revenue from roadside billboard displays, while the Airports segment offers out-of-home advertising at airports in the U.S. and the Caribbean.
Segment Adjusted EBITDA and Other Segment Information
Segment Adjusted EBITDA is the profitability metric reported to the Company’s chief operating decision maker (“CODM”), the Company’s President and Chief Executive Officer, for purposes of allocating resources and assessing segment performance. Segment Adjusted EBITDA is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs. Restructuring and other costs include costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs.
The following table presents revenue, significant expenses, Segment Adjusted EBITDA and capital expenditures for each reportable segment for 2025, 2024 and 2023. Segment information for total assets is not presented as this information is not used by the CODM to measure segment performance or allocate resources between segments.
| (In thousands) | Year Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
America | |||||||||||||||||
Revenue | $ | 1,196,824 | $ | 1,143,510 | $ | 1,100,846 | |||||||||||
Site lease expense(1) | 376,908 | 346,171 | 348,229 | ||||||||||||||
Employee compensation costs(2) | 176,019 | 170,219 | 155,431 | ||||||||||||||
Other segment expenses(3) | 142,859 | 139,130 | 128,816 | ||||||||||||||
Segment Adjusted EBITDA | $ | 501,038 | $ | 487,990 | $ | 468,370 | |||||||||||
Capital expenditures | $ | 44,202 | $ | 63,354 | $ | 75,431 | |||||||||||
Airports | |||||||||||||||||
Revenue | $ | 407,127 | $ | 361,488 | $ | 311,605 | |||||||||||
Site lease expense(1) | 247,130 | 215,355 | 191,191 | ||||||||||||||
Employee compensation costs(2) | 34,254 | 30,445 | 29,438 | ||||||||||||||
Other segment expenses(3) | 30,524 | 27,828 | 22,750 | ||||||||||||||
Segment Adjusted EBITDA | $ | 95,219 | $ | 87,860 | $ | 68,226 | |||||||||||
Capital expenditures | $ | 12,751 | $ | 12,619 | $ | 20,050 | |||||||||||
(1)Site lease expense includes rent for both lease and non-lease contracts and consists of payments for land or space used by the Company’s advertising displays, including minimum guaranteed payments and revenue-sharing arrangements.
(2)Employee compensation costs include employee salaries and wages, sales commissions and guarantees, bonuses, employee benefits and payroll taxes. The costs presented in this table exclude restructuring and other costs, such as severance, which are not included in the calculation of Segment Adjusted EBITDA.
(3)Other segment expenses consist of expenses within “Direct operating expenses” and “Selling, general and administrative expenses” on the Consolidated Statements of Income (Loss), excluding site lease expense, employee compensation costs, and restructuring and other costs (as previously defined). Specifically, other segment expenses include production, installation and maintenance costs related to the printing, transporting, posting and maintaining of advertising copy; costs to operate out-of-home displays, including electricity, repair and maintenance costs; and other general operating expenses, such as marketing, facilities and information technology costs.
The following table reconciles certain of the reportable segment measures disclosed in the above table to the Company’s consolidated measures for its continuing operations:
| (In thousands) | Year Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue | |||||||||||||||||
| America | $ | 1,196,824 | $ | 1,143,510 | $ | 1,100,846 | |||||||||||
| Airports | 407,127 | 361,488 | 311,605 | ||||||||||||||
| Other | 189 | 232 | 21,735 | ||||||||||||||
| Total | $ | 1,604,140 | $ | 1,505,230 | $ | 1,434,186 | |||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
| America | $ | 501,038 | $ | 487,990 | $ | 468,370 | |||||||||||
| Airports | 95,219 | 87,860 | 68,226 | ||||||||||||||
| Other | (1,137) | (1,142) | 2,914 | ||||||||||||||
| Total | $ | 595,120 | $ | 574,708 | $ | 539,510 | |||||||||||
| Reconciliation of Segment Adjusted EBITDA to Loss From Continuing Operations Before Income Taxes | |||||||||||||||||
| Segment Adjusted EBITDA | $ | 595,120 | $ | 574,708 | $ | 539,510 | |||||||||||
| Less reconciling items: | |||||||||||||||||
Corporate expenses(1) | 110,925 | 126,904 | 129,248 | ||||||||||||||
Restructuring and other costs(2) | 1,386 | 2,963 | 1,130 | ||||||||||||||
| Depreciation and amortization | 174,952 | 173,998 | 196,811 | ||||||||||||||
| Other operating income, net | (2,749) | (8,340) | (4,488) | ||||||||||||||
| Interest expense, net | 395,649 | 401,541 | 398,050 | ||||||||||||||
Loss (gain) on extinguishment of debt, net | 14,956 | 2,393 | (3,817) | ||||||||||||||
Other expense (income), net | (1,199) | 8,378 | 5,699 | ||||||||||||||
| Loss from continuing operations before income taxes | $ | (98,800) | $ | (133,129) | $ | (183,123) | |||||||||||
Capital Expenditures(3) | |||||||||||||||||
| America | $ | 44,202 | $ | 63,354 | $ | 75,431 | |||||||||||
| Airports | 12,751 | 12,619 | 20,050 | ||||||||||||||
Other | 52 | 13 | 298 | ||||||||||||||
| Corporate | 4,779 | 4,731 | 5,714 | ||||||||||||||
| Total | $ | 61,784 | $ | 80,717 | $ | 101,493 | |||||||||||
(1)Corporate expenses primarily consist of infrastructure and support costs related to our information technology, human resources, legal (including estimated costs for legal liabilities), finance, business services and administrative functions, as well as overall executive and support functions. Share-based compensation and certain restructuring and other costs are also included in corporate expenses.
(2)Restructuring and other costs presented in this table exclude those related to corporate functions, which are included within the “Corporate expenses” line item.
(3)In addition to capital expenditures paid during the period, the Company had accrued but unpaid capital expenditures for continuing operations of $7.2 million, $6.7 million and $6.0 million as of December 31, 2025, 2024, and 2023, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 5, 2019 | |
| 2017 | May 3, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.