Financial Data and Key Metrics Changes - In Q4 2024, the company generated adjusted EBITDA of $246 million, an increase of 18.2% compared to the prior year [9][26] - Consolidated revenues for the quarter were up 4.8% year-over-year, but down 1.8% when excluding political impacts [10][24] - The company reported a GAAP operating income of $104.5 million, compared to $79.8 million in the prior year [26] - The net debt position at quarter end was approximately $4.52 billion, the lowest in the company's history, with total liquidity of $686 million [30][31] Business Line Data and Key Metrics Changes - The Digital Audio Group generated revenues of $339 million, up 6.7% year-over-year, contributing approximately 30% of total revenue [10][27] - The Multiplatform Group's revenues were $684 million, flat compared to the prior year, with adjusted EBITDA of $150 million, up 5.9% [15][29] - The Audio and Media Services Group saw revenues of $98 million, up 44.7% year-over-year, with adjusted EBITDA increasing 136% from $21 million in the prior year [19][29] Market Data and Key Metrics Changes - The company noted that broadcast radio has more listeners today than it did 20 years ago, maintaining strong audience reach compared to other media [17] - The Digital Audio Group's podcast revenues grew 5.7% year-over-year, with expectations for high teens growth in Q1 2025 [11][12] Company Strategy and Development Direction - The company completed a comprehensive exchange transaction that extended debt maturities by three years and reduced overall debt levels, enhancing financial flexibility [7][31] - The company is focused on modernizing operations, flattening the organization, and implementing cost-saving initiatives expected to generate $150 million in net savings [8][24] - The company aims to integrate broadcast radio inventory into programmatic platforms to align with digital buying behavior [21][22] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for the year ahead despite economic uncertainties, including tariffs, inflation, and consumer confidence declines [33][34] - The company expects Q1 2025 adjusted EBITDA in the range of $100 million to $110 million, with revenues anticipated to be down low single digits compared to the prior year [36][38] - Full year 2025 guidance includes flat revenues compared to 2024 and adjusted EBITDA of approximately $770 million [38][39] Other Important Information - The company recorded $33.5 million in restructuring expenses in Q4, impacting free cash flow [32] - The company launched a redesigned iHeartRadio app, receiving positive feedback from listeners [14] Q&A Session Summary Question: How is the company thinking about monetizing broadcast listening going forward? - Management emphasized the importance of programmatic and automated buying to fit broadcast radio inventory into digital-centric buying systems [44][45][46] Question: Can you address the video podcasting opportunity? - Management noted that while there is interest in video podcasting, the majority of podcast users prefer audio, and the focus remains on delivering what consumers want [54][56][57] Question: What are the expected drivers of growth in the podcasting business this year? - Growth drivers include expanding product offerings, audience, value, and pricing, with continued demand for podcasting [82][83] Question: Why was political advertising revenue lower than expected? - Management indicated that political campaigns are becoming more data-driven, and the company is preparing to enhance its offerings for future political cycles [85][86]

Fourth Quarter 2024 Investor Presentation February 27, 2025 NASDAQ: IHRT Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the "Company"), to be materially ...

Core Insights - iHeartMedia reported quarterly earnings of $0.76 per share, significantly exceeding the Zacks Consensus Estimate of $0.39 per share, and showing a substantial increase from $0.09 per share a year ago, resulting in an earnings surprise of 94.87% [1] - The company generated revenues of $1.12 billion for the quarter ended December 2024, which was 4.15% below the Zacks Consensus Estimate, but an increase from $1.07 billion year-over-year [2] - iHeartMedia's stock has increased by approximately 14.7% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] Earnings Outlook - The future performance of iHeartMedia's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4][6] - The current consensus EPS estimate for the next quarter is -$0.37 on revenues of $804.35 million, and for the current fiscal year, it is -$0.11 on revenues of $3.83 billion [7] Industry Context - The Broadcast Radio and Television industry, to which iHeartMedia belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2024, or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________. Commission File Number 001-38987 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registran ...

Revenue Performance - Q4 2024 revenue reached $1,118 million, an increase of 4.8% year-over-year, while excluding political revenue, it decreased by 1.8%[4] - Full Year 2024 revenue totaled $3,855 million, a 3% increase year-over-year, remaining flat when excluding political revenue[5] - Revenue for Q4 2024 was $1,118,269,000, representing a 4.8% increase from $1,066,783,000 in Q4 2023[32] - Total revenue for the year ended December 31, 2024, was $3,854,532, an increase from $3,751,025 in 2023, representing a growth of approximately 2.8%[67] - The Multiplatform segment generated revenue of $1,164,515 in 2024, while the Digital Audio segment contributed $2,372,909, showing a significant revenue contribution from Digital Audio[67] Adjusted EBITDA and Profitability - Consolidated Adjusted EBITDA for Q4 2024 was $246 million, up 18.2% from $208 million in Q4 2023, marking the highest percentage increase in nearly three years[7] - Adjusted EBITDA for Q4 2024 was $246,208,000, an 18.2% increase compared to $208,210,000 in Q4 2023[43] - Adjusted EBITDA for the year ended December 31, 2024, was $705,617, compared to $696,598 in 2023, indicating stable operational performance[60] - The Adjusted EBITDA margin for the consolidated results was 22.0% in Q4 2024, compared to 19.5% in Q4 2023, indicating improved profitability[65] - The Adjusted EBITDA margin for the Digital Audio segment was 43.0% in 2024, compared to 32.6% in 2023, highlighting improved efficiency in this segment[67] Debt and Cash Flow - The company completed a debt exchange transaction, reducing net debt to approximately $4.52 billion, the lowest in its history, and extended maturities by three years[7] - Free Cash Flow for Q4 2024 was $(24) million, impacted by $89 million in debt exchange fees and $46 million in accrued interest payments[13] - Cash provided by operating activities for the year ended December 31, 2024, was $71,429,000, down from $213,062,000 in 2023[28] - The company had a cash balance of $259,600,000 and total available liquidity of $685,900,000 as of December 31, 2024[31] - Total debt as of December 31, 2024, was $5,071,500,000, with net debt at $4,517,900,000[30] Operational Efficiency and Future Guidance - The company expects to drive shareholder value and improve operational efficiency through new technologies and strategic initiatives[40] - Q1 2025 consolidated revenue is expected to decline in the low-single digits, with Adjusted EBITDA projected to be between $100 million and $110 million[4] - The company anticipates approximately flat consolidated revenue for the full year 2025 in a non-political year, with Adjusted EBITDA expected to be around $770 million[4] - The Company plans to provide guidance for Consolidated Revenue and Adjusted EBITDA for the quarter ending March 31, 2025, during the earnings call on February 27, 2025[59] Income and Expenses - Net income for the year ended December 31, 2024, was a loss of $1,009,494,000, improving from a loss of $1,100,339,000 in 2023[30] - Operating income for Q4 2024 was $104,547,000, compared to $79,780,000 in Q4 2023[43] - Operating loss for 2024 was $763,108, which is an improvement from the operating loss of $797,311 in 2023, reflecting a reduction in losses[67] - Operating expenses for 2024 totaled $3,148,915, compared to $3,054,427 in 2023, indicating an increase in operational costs[67] - Restructuring expenses for Q4 2024 were $33,456, compared to $13,882 in Q4 2023, reflecting ongoing efforts to streamline operations[65]

Core Points - iHeartMedia, The Martin Luther King III Foundation, and Legacy+ announced the launch of a new podcast series titled "My Legacy," which will premiere on January 20, 2025, focusing on the stories of influential leaders and public figures [1][2] - The podcast will feature notable guests such as Mel Robbins, Dr. Sanjay Gupta, David Oyelowo, and others, who will share their personal journeys alongside family members or trusted confidantes [2][3] - iHeartMedia will award a $5 million Spotlight Media Grant to the 'Realize the Dream' initiative, aimed at inspiring communities to perform 100 million hours of service by January 15, 2029, the 100th anniversary of Dr. King's birth [4] Company Overview - iHeartMedia is the leading audio media company in America, with a significant audience reach, including 90% of Americans listening to its broadcast radio monthly [14] - The company is the largest podcast publisher, with more downloads than its closest competitors combined, and has a strong social media presence [14] Initiative Details - The 'Realize the Dream' initiative is designed to encourage community service and promote Dr. King's vision of peace, justice, and equality [4][11] - The initiative aims to mobilize individuals and organizations to contribute to their communities through acts of love and goodwill [11]

Group 1 - The article discusses the implications of high leverage on company equity, indicating that when things go wrong, equity may become a "stub" with value derived from its convexity [1] - It highlights the probability that conditions may improve before any restructuring or debt equitization occurs, suggesting a potential for recovery [1]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $205 million for Q3 2024, within the guidance range of $200 million to $220 million [15][33] - Consolidated revenues increased by 5.8% year-over-year, aligning with the guidance of mid-single digits [15][31] - Consolidated direct operating expenses rose by 7.8%, primarily due to higher variable content costs related to increased digital revenues [31][32] Business Line Data and Key Metrics Changes - The Digital Audio Group generated revenues of $301 million, up 12.7% year-over-year, representing approximately 30% of total revenue [16][34] - The Multiplatform Group's revenues were $620 million, down 1.1% year-over-year, and adjusted EBITDA was $130 million, down from $162 million in the prior year [22][36] - The Audio & Media Services Group saw revenues of $90 million, up 45.3% year-over-year, with adjusted EBITDA increasing to $44 million from $17 million [28][37] Market Data and Key Metrics Changes - The company noted strong momentum in the podcast business and digital advertising, contributing to the overall revenue growth [14][15] - Political advertising had a positive impact, although the company expects political revenues to be slightly lower than previous cycles [44][45] Company Strategy and Development Direction - The company is focused on modernizing its operations, which includes flattening the organization and leveraging technology to improve efficiency and reduce costs by approximately $200 million in 2025 [11][12][42] - A Transaction Support Agreement was entered with debtholders representing approximately 80% of outstanding debt, aimed at extending debt maturities and reducing overall debt levels [6][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a recovery year for advertising revenues, with expectations for continued growth in the digital and podcast segments [13][52] - The company anticipates a slight dip in political revenues but expects non-political spending to resume post-election [45][46] Other Important Information - The company reported a net debt position of approximately $4.79 billion, the lowest in its history, with total liquidity of $858 million [41][40] - Free cash flow for Q3 was $73 million, compared to $68 million in the prior year [41] Q&A Session All Questions and Answers Question: Insights on 2025 guidance and advertising market - Management indicated confidence in the advertising market improving, citing consumer engagement and the effectiveness of ad tech [51][52] Question: Concerns about on-air talent and quality - Management clarified that technology allows for better talent allocation without reducing on-air talent, enhancing the quality of offerings [61][62] Question: Details on the Transaction Support Agreement and cash allocation - Management explained that the agreement will extend maturities and maintain cash interest expenses, with a focus on reducing leverage over time [73][75]

Core Viewpoint - iHeartMedia's stock experienced a significant surge due to a combination of a reasonable earnings report and a successful debt restructuring, despite mixed earnings results [1]. Financial Performance - iHeartMedia's Q3 sales increased by 5.8% year over year, reaching $1.01 billion, largely driven by political advertising [2]. - The company reported a net loss of $41.3 million, which is worse than the previous year's loss of $9 million [2]. - Adjusted EBITDA remained stable at $204.6 million, with digital audio services showing strong revenue growth while other operations remained flat [3]. Debt Restructuring - Management successfully renegotiated 80% of the company's debt during Q3, extending the maturity dates on $4.1 billion of debt by three years without increasing interest rates [4]. - The guidance indicates a projected $200 million in positive free cash flows by 2025, with plans to use some of this cash to reduce debt [4]. - The debt-to-EBITDA leverage ratio is expected to decrease from 7.2x to approximately 3.2 by the end of 2028, which should alleviate interest payments currently at $95.7 million for the quarter [5]. Digital Strategy - iHeartMedia's digital revenues grew by 13% year over year, reflecting a strong online strategy [6]. - Despite the digital growth, the company continues to rely heavily on its traditional radio presence, which may limit its long-term strategy [7].

Core Insights - iHeartMedia reported a quarterly loss of $0.16 per share, significantly worse than the Zacks Consensus Estimate of a $0.02 loss, marking a 900% earnings surprise [1] - The company's revenues for the quarter ended September 2024 were $1.01 billion, exceeding the Zacks Consensus Estimate by 0.55% and up from $952.99 million a year ago [2] - iHeartMedia shares have declined approximately 34.8% year-to-date, contrasting with the S&P 500's gain of 24.3% [3] Financial Performance - Over the last four quarters, iHeartMedia has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $0.51 on revenues of $1.18 billion, while for the current fiscal year, it is -$6.11 on revenues of $3.91 billion [7] Market Outlook - The earnings outlook for iHeartMedia is unfavorable, leading to a Zacks Rank of 4 (Sell), indicating expected underperformance in the near future [6] - The Broadcast Radio and Television industry, to which iHeartMedia belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, suggesting potential challenges ahead [8]