BofA raised the firm’s price target on iHeartMedia (IHRT) to $3 from $1.90 and keeps a Neutral rating on the shares. Following a recent balance sheet restructuring, the firm views the stock as fairly valued and awaits “more concrete signs of a true inflection in the Multiplatform group,” the analyst tells investors. The firm anticipates iHeart’s Q3 results will largely be in line with company guidance and it maintains its Q3 revenue estimate of $984M, the analyst added in a preview. Elevate Your Investing ...

Accessibility StatementSkip Navigation NEW YORK, Sept. 30, 2025 /PRNewswire/ --Â DeepIntent, the leading healthcare demand-side platform, today unveiled its HealthFirstâ"¢ Audio Package, offering healthcare advertisers premium, precision-targeted access to digital audio at scale. Featuring curated supply from iHeartMedia, SiriusXM Media, and more, the turnkey offering is designed to maximize campaign performance by connecting brands with patients and providers during high-attention, screen-free moments. "Au ...

NEW YORK--(BUSINESS WIRE)--iHeartMedia will celebrate the holiday season across the nation with its annual "iHeartRadio Jingle Ball Tour Presented by Capital One†– the season's iconic holiday music event, with the year's top artists including Alex Warren, BigXthaPlug, Conan Gray, Ed Sheeran, Jelly Roll, Jessie Murph, The Kid LAROI, Laufey, mgk, MONSTA X, Myles Smith, Nelly, Olivia Dean, Ravyn Lenae, Reneé Rapp, Shinedown, Zara Larsson and more. This year, the 2025 iHeartRadio Jingle Ball Tour. ...

Group 1 - iHeartMedia's Q1 results indicated signs of a potential turnaround, which was further reflected in the volatility of its Q2 results, with the stock experiencing a nearly 25% increase in after-hours trading [1] - The company has a beneficial long position in its shares, indicating confidence in its future performance [2] - The investment community is closely monitoring iHeartMedia's performance, as it may present investment opportunities based on its recent results [1] Group 2 - The article emphasizes the importance of analyzing past performance to gauge future potential, although it does not guarantee results [3] - There is a focus on the broader implications of iHeartMedia's performance within the media and entertainment industry [1] - The investment strategy includes oversight of significant assets, indicating a robust approach to managing investments in the sector [1]

Core Viewpoint - iHeartMedia reported a quarterly loss of $0.54 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.28, indicating a significant earnings surprise of -92.86% [1] Financial Performance - The company posted revenues of $933.65 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.58% and showing a slight increase from $929.09 million in the same quarter last year [2] - Over the last four quarters, iHeartMedia has exceeded consensus revenue estimates three times, but has only surpassed EPS estimates once [2] Stock Performance - iHeartMedia shares have declined approximately 19.2% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The stock currently holds a Zacks Rank of 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $966.8 million, while the estimate for the current fiscal year is -$1.80 on revenues of $3.74 billion [7] - The trend of estimate revisions for iHeartMedia has been unfavorable leading up to the earnings release, which may impact future stock movements [6] Industry Context - The Broadcast Radio and Television industry, to which iHeartMedia belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, suggesting a challenging environment for stock performance [8]

Financial Data and Key Metrics Changes - The company generated adjusted EBITDA of $156 million, which is at the upper end of the guidance range of $140 million to $160 million and represents a 4% increase compared to the prior year [4][15] - Consolidated revenue for the quarter was up 0.5% year over year, exceeding the guidance of down low single digits; excluding political impacts, revenue increased by 1.5% [4][12] Business Line Data and Key Metrics Changes - The Digital Audio Group reported revenue of $324 million, up 13.4% year over year, and adjusted EBITDA of $108 million, up 17.1% year over year, with adjusted EBITDA margins increasing to 33.2% from 32.2% [5][18] - Podcast revenue within the Digital Audio Group grew 28.5% year over year to $134 million, significantly above the guidance of low 20s [5][19] - The Multiplatform Group's revenue was $545 million, down 5.4% year over year, with adjusted EBITDA of $96 million, down 7.6% [7][19] - The Audio and Media Services Group reported revenue of $68 million, down 3.3% year over year, while adjusted EBITDA remained flat at $24 million [20] Market Data and Key Metrics Changes - The top 50 advertisers for the total company were up 9% year over year, and the four largest advertising agency groups were up 14% year over year [14] - The largest category gainers in advertising revenue included financial services, telecom, professional services, and healthcare, while the categories that declined included restaurants, political, media publishing, and entertainment [13] Company Strategy and Development Direction - The company is focused on cost management, aiming to generate $150 million in net savings in 2025, with $40 million in savings realized in Q2 [10][16] - The company is enhancing its ad tech platform to allow broadcast radio inventory to be bought and sold like digital advertising [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate positive financial results despite a still uncertain macro environment [4][10] - The company anticipates third quarter adjusted EBITDA in the range of $180 million to $220 million, with revenue expected to be down low single digits compared to the prior year [22][23] Other Important Information - The company’s net debt was approximately $4.6 billion, with total liquidity of $527 million and a cash balance of $236 million [20] - The company plans to pay back its ABL facility in the second half of the year as free cash flow builds [21] Q&A Session Summary Question: Follow-up on guidance and growth categories - Management indicated that while they haven't provided specific category growth trends for Q3, the performance of top advertisers and advertising agency relationships serves as a leading indicator for future performance [28][29] Question: Differences in growth trends between digital streaming and podcasting - Management noted that podcasting is experiencing significant growth, but did not provide detailed granularity on audience differences [30][31] Question: Clarification on EBITDA guidance range - Management explained that the wider EBITDA range reflects uncertainty in the marketplace and revenue mix considerations [34][37] Question: Expectations for net cost savings in Q3 - Management confirmed that the expected net cost savings for Q3 would be similar to Q2 at $40 million [38] Question: Inquiry about programmatic advertising and demand-side platforms - Management stated that progress has been made in programmatic advertising, and the new Chief Business Officer will help drive these efforts [42]

Q2 2025 Financial Performance - Q2 Revenue reached $934 million, a 0.5% increase year-over-year; excluding political revenue, the increase was 1.5%[10] - Consolidated Adjusted EBITDA increased by 3.9% to $156 million, compared to $150 million in Q2 2024[10] - Digital Audio Group revenue grew by 13% to $324 million[10] - Podcast revenue within the Digital Audio Group increased by 28% to $134 million[10] - Multiplatform Group revenue decreased by 5% to $545 million; excluding political revenue, the decrease remained at 5%[10] Segment Performance - Digital Audio Group Adjusted EBITDA margin was 33.2%[10] - Multiplatform Group Adjusted EBITDA margin was 17.7%[10] - Audio & Media Services Group Adjusted EBITDA margin was 35%[12] Modernization Program - The company is on track with its modernization program, expecting $150 million in net savings in 2025, primarily driven by technology and AI[33] - The modernization program aims for $200 million in gross savings[13] - 55% of net savings are expected from Sales, Marketing, & Support, 30% from Programming & Content, 10% from Product, Tech, & Other, and 5% from General & Admin[14] Podcast Leadership - iHeartMedia is the 1 podcast publisher in the US, leading in downloads, unique listeners, revenue, and earnings[69] - The company's average monthly podcast audience has more than doubled in 8 years, reaching 158 million in 2025 compared to 67 million in 2017[20, 21]

PART I – FINANCIAL INFORMATION Presents unaudited consolidated financial statements and management's discussion for Q2 and H1 2025 and 2024 [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements, including balance sheets, income, equity, cash flows, and detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Financial position as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and equity | (In thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------------------------------------------- | :-------------- | :------------------ | | **Total Assets** | $5,379,317 | $5,571,696 | | **Total Current Liabilities** | $899,077 | $870,280 | | **Long-term debt** | $5,063,792 | $5,048,968 | | **Total Stockholders' Deficit** | $(1,726,249) | $(1,371,780) | - Total Assets decreased by **$192.38 million** from December 31, 2024, to June 30, 2025[9](index=9&type=chunk) - Total Stockholders' Deficit increased by **$354.469 million** from December 31, 2024, to June 30, 2025[9](index=9&type=chunk) [Consolidated Statements of Comprehensive Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) Revenues, operating income, and net loss for Q2 and H1 2025 and 2024 | (In thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | **Revenue** | $933,653 | $929,092 | $1,740,754 | $1,728,130 | | **Operating income (loss)** | $35,370 | $(909,667) | $9,936 | $(944,375) | | **Net loss attributable to the Company** | $(83,480) | $(981,658) | $(364,704) | $(1,000,166) | | **Basic Net loss per common share** | $(0.54) | $(6.50) | $(2.38) | $(6.65) | - Revenue for the three months ended June 30, 2025, increased by **$4.561 million (0.5%)** compared to the same period in 2024[11](index=11&type=chunk) - Operating income significantly improved from a loss of **$(909.667) million** in Q2 2024 to an income of **$35.370 million** in Q2 2025, primarily due to lower impairment charges[11](index=11&type=chunk) - Net loss attributable to the Company improved by **$898.178 million** for the three months ended June 30, 2025, compared to the same period in 2024[11](index=11&type=chunk) [Consolidated Statements of Changes in Stockholders' Deficit](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit) Outlines changes in the company's equity, including accumulated deficit, for the periods ended June 30, 2025, and December 31, 2024 | (In thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :-------------- | :------------------ | | **Accumulated Deficit** | $(4,704,787) | $(4,340,083) | | **Total Stockholders' Deficit** | $(1,726,249) | $(1,371,780) | - Accumulated deficit increased by **$364.704 million** from December 31, 2024, to June 30, 2025, primarily due to net loss[14](index=14&type=chunk) - Total Stockholders' Deficit increased by **$354.469 million** from December 31, 2024, to June 30, 2025[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Reports cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | **Cash flows from operating activities** | $(54,123) | $(32,548) | | **Cash flows from investing activities** | $(40,648) | $55,871 | | **Cash flows from financing activities** | $70,681 | $(4,816) | | **Net increase (decrease) in cash, cash equivalents and restricted cash** | $(23,648) | $18,362 | | **Cash, cash equivalents and restricted cash at end of period** | $235,932 | $364,744 | - Cash used for operating activities increased to **$54.123 million** in H1 2025 from **$32.548 million** in H1 2024[17](index=17&type=chunk) - Investing activities shifted from providing **$55.871 million** in H1 2024 to using **$40.648 million** in H1 2025, primarily due to the absence of the BMI investment sale[17](index=17&type=chunk) - Financing activities provided **$70.681 million** in H1 2025, a significant increase from using **$4.816 million** in H1 2024, driven by ABL facility borrowings[17](index=17&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed explanations supporting financial statements, covering revenue, leases, debt, and segments [NOTE 1 – BASIS OF PRESENTATION](index=8&type=section&id=NOTE%201%20%E2%80%93%20BASIS%20OF%20PRESENTATION) Reporting segments, accounting policies, and current economic environment - The Company operates with three reportable segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group[20](index=20&type=chunk)[27](index=27&type=chunk) - Economic conditions, including higher interest rates and inflation, continue to create a challenging macroeconomic environment impacting the Company's revenues and cash flows[21](index=21&type=chunk) Metric | Metric | June 30, 2025 (in thousands) | | :------------------------------------ | :--------------------------- | | Cash and cash equivalents | $235,932 | | ABL Facility outstanding borrowings | $100,000 | | ABL Facility available for borrowing | $290,800 | | Total available liquidity | $526,700 | [NOTE 2 – REVENUE](index=10&type=section&id=NOTE%202%20%E2%80%93%20REVENUE) Revenue disaggregation by stream, trade/barter, and future contract revenue Revenue Stream Performance | Revenue Stream (in thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :---------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Broadcast Radio | $395,789 | $425,490 | (7.0)% | $736,525 | $784,828 | (6.2)% | | Networks | $107,813 | $106,591 | 1.1% | $207,276 | $208,642 | (0.7)% | | Sponsorship and Events | $36,485 | $39,121 | (6.7)% | $65,106 | $66,950 | (2.8)% | | Digital, excluding Podcast | $188,407 | $179,918 | 4.7% | $348,527 | $327,077 | 6.5% | | Podcast | $134,296 | $104,521 | 28.5% | $250,332 | $195,145 | 28.3% | | Audio & Media Services | $66,352 | $68,746 | (3.5)% | $124,319 | $136,538 | (8.8)% | | **Consolidated Total Revenue** | **$933,653** | **$929,092** | **0.5%** | **$1,740,754** | **$1,728,130** | **0.7%** | Trade and Barter Revenues and Expenses | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Trade and barter revenues | $75,995 | $69,277 | $125,360 | $110,582 | | Trade and barter expenses | $64,769 | $57,786 | $98,563 | $91,967 | - The Company expects to recognize **$264.7 million** of revenue in future periods from current contracts with customers that have an original expected duration greater than one year, mostly within the next five years[33](index=33&type=chunk) [NOTE 3 – LEASES](index=13&type=section&id=NOTE%203%20%E2%80%93%20LEASES) Lease accounting, ROU asset impairment, and cash flows for lease liabilities - The Company recognized non-cash impairment charges of **$2.6 million** and **$5.4 million** for the three and six months ended June 30, 2025, respectively, related to ROU assets due to changes in sublease assumptions for operating leases[37](index=37&type=chunk) Lease Liabilities Cash Flows | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------- | :----------------------------- | :----------------------------- | | Cash paid for amounts included in measurement of operating lease liabilities | $72,805 | $75,069 | | Lease liabilities arising from obtaining right-of-use assets | $12,241 | $13,022 | [NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL](index=14&type=section&id=NOTE%204%20%E2%80%93%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT%2C%20INTANGIBLE%20ASSETS%20AND%20GOODWILL) Balances and amortization for fixed assets, intangibles, and goodwill Asset Balances | (In thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :-------------- | :------------------ | | Property, plant and equipment, net | $451,250 | $489,843 | | Indefinite-lived intangibles - licenses | $809,928 | $809,928 | | Other intangibles, net | $820,145 | $927,582 | | Goodwill | $1,105,507 | $1,105,156 | - Total amortization expense for definite-lived intangible assets was **$53.7 million** for Q2 2025 (down from **$61.2 million** in Q2 2024) and **$107.4 million** for H1 2025 (down from **$123.1 million** in H1 2024)[44](index=44&type=chunk) Estimated Amortization Expense | (In thousands) | Estimated Amortization Expense | | :------------- | :----------------------------- | | 2026 | $201,512 | | 2027 | $176,171 | | 2028 | $160,395 | | 2029 | $121,622 | | 2030 | $16,430 | [NOTE 5 – LONG-TERM DEBT](index=15&type=section&id=NOTE%205%20%E2%80%93%20LONG-TERM%20DEBT) Debt structure, interest rates, market value, and covenant compliance Debt Structure | (In thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :-------------- | :------------------ | | **Total Debt** | $5,137,518 | $5,071,469 | | Less: Current portion | $73,726 | $22,501 | | **Total long-term debt** | $5,063,792 | $5,048,968 | | Weighted average interest rate | 9.2% | 9.4% | | Aggregate market value of debt | ~$3.7 billion | ~$4.1 billion | - The Company borrowed **$100.0 million** under the ABL Facility on May 22, 2025, for short-term liquidity management[47](index=47&type=chunk) - As of June 30, 2025, the Company was in compliance with all covenants related to its debt agreements[47](index=47&type=chunk) [NOTE 6 – COMMITMENTS AND CONTINGENCIES](index=16&type=section&id=NOTE%206%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) Legal proceedings, probable costs, and FCC foreign ownership rules - The Company is involved in various legal proceedings, accruing estimates for probable costs where loss is probable and estimable[49](index=49&type=chunk) - The FCC issued a declaratory ruling on November 5, 2020, permitting the Company to be up to **100% foreign-owned**, subject to certain conditions[51](index=51&type=chunk) [NOTE 7 – INCOME TAXES](index=16&type=section&id=NOTE%207%20%E2%80%93%20INCOME%20TAXES) Income tax benefit/expense and effective tax rates, impacted by valuation allowances Income Tax Benefit (Expense) and Effective Tax Rate | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Income tax benefit (expense) | $(18,253) | $23,959 | $(153,612) | $44,621 | | Effective tax rate | (27.8)% | 2.4% | (72.7)% | 4.3% | - The effective tax rates were primarily impacted by a forecasted increase in valuation allowance against certain deferred tax assets, mainly due to disallowed interest expense carryforwards[52](index=52&type=chunk) - The 2024 effective tax rates were also impacted by impairment charges to non-deductible goodwill[52](index=52&type=chunk) [NOTE 8 – STOCKHOLDERS' DEFICIT](index=16&type=section&id=NOTE%208%20%E2%80%93%20STOCKHOLDERS'%20DEFICIT) Share-based compensation, net loss per share, and unrecognized compensation costs Share-Based Compensation and Net Loss Per Share | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Total Share Based Compensation Expense | $7,260 | $7,220 | $16,289 | $15,700 | | Basic Net loss per common share | $(0.54) | $(6.50) | $(2.38) | $(6.65) | | Diluted Net loss per common share | $(0.54) | $(6.50) | $(2.38) | $(6.65) | - As of June 30, 2025, there was **$21.4 million** of unrecognized compensation cost related to share-based compensation, expected to be recognized over approximately **1.8 years**[56](index=56&type=chunk) - No Special Warrants were exercised for Class A or Class B common stock during the three or six months ended June 30, 2025[58](index=58&type=chunk)[59](index=59&type=chunk) [NOTE 9 – SEGMENT DATA](index=18&type=section&id=NOTE%209%20%E2%80%93%20SEGMENT%20DATA) Financial performance for Multiplatform, Digital Audio, and Audio & Media Services segments - Segment Adjusted EBITDA is the primary profitability metric used by the Chief Operating Decision Maker (CEO) for resource allocation and performance assessment[62](index=62&type=chunk)[63](index=63&type=chunk) Q2 2025 Segment Performance | (In thousands) | Multiplatform Group (Q2 2025) | Digital Audio Group (Q2 2025) | Audio & Media Services Group (Q2 2025) | | :---------------------------- | :---------------------------- | :---------------------------- | :------------------------------------- | | Revenue | $544,598 | $323,856 | $67,736 | | Segment Adjusted EBITDA | $96,364 | $107,610 | $23,721 | | Segment Adjusted EBITDA margin | 17.7% | 33.2% | 35.0% | H1 2025 Segment Performance | (In thousands) | Multiplatform Group (H1 2025) | Digital Audio Group (H1 2025) | Audio & Media Services Group (H1 2025) | | :---------------------------- | :---------------------------- | :---------------------------- | :------------------------------------- | | Revenue | $1,017,576 | $601,143 | $127,059 | | Segment Adjusted EBITDA | $166,371 | $194,693 | $39,519 | | Segment Adjusted EBITDA margin | 16.3% | 32.4% | 31.1% | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's perspective on financial condition, operations, segment results, and market risks [Format of Presentation](index=21&type=section&id=Format%20of%20Presentation) Segment reporting structure and key profitability metrics used by the CEO - The Company reports based on three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group[68](index=68&type=chunk)[76](index=76&type=chunk) - Segment Adjusted EBITDA is the key profitability metric used by the Chief Operating Decision Maker (CEO) for resource allocation and performance assessment[69](index=69&type=chunk) [Description of our Business](index=21&type=section&id=Description%20of%20our%20Business) Overview of business segments, their revenue sources, and primary expenses [Multiplatform Group](index=21&type=section&id=Multiplatform%20Group) Revenue from radio advertising and events, with related variable expenses - Primary revenue source is selling local and national advertising time on radio stations, with contracts typically less than one year[72](index=72&type=chunk) - Revenue is also generated from network syndication, nationally recognized events, and other miscellaneous transactions[72](index=72&type=chunk) - Variable expenses primarily relate to programming and sales departments, including profit sharing fees and commissions[78](index=78&type=chunk) [Digital Audio Group](index=22&type=section&id=Digital%20Audio%20Group) Revenue from podcast and digital advertising, highlighting market position and content costs - Primary revenue source is selling advertising on the podcast network, iHeartRadio mobile application, website, and station websites[79](index=79&type=chunk) - iHeartMedia is the **number one podcast publisher** in America, with reach across over 500 platforms[81](index=81&type=chunk) - Variable expenses primarily relate to content costs, including podcast profit sharing, third-party digital costs, and sales commissions[82](index=82&type=chunk) [Audio & Media Services Group](index=22&type=section&id=Audio%20%26%20Media%20Services%20Group) Revenue generation through media representation and broadcast software services - Revenue is generated by services to broadcast industry participants through Katz Media (media representation commissions) and RCS (broadcast software, media streaming, research services)[83](index=83&type=chunk) [Economic Conditions](index=22&type=section&id=Economic%20Conditions) Impact of macroeconomic factors and recent tax legislation on financial performance - Higher interest rates and inflation continue to create a challenging macroeconomic environment, impacting advertising revenue, cash flows, and cost of capital[84](index=84&type=chunk) - The U.S. government enacted the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, introducing significant changes to federal income tax, effective 2025, including restoration of **100% bonus depreciation** and immediate expensing of R&D costs[85](index=85&type=chunk) - The Company expects significant reductions in cash taxes paid due to the OBBBA, but the full financial effect is still being assessed[86](index=86&type=chunk) [Modernization Initiatives](index=23&type=section&id=Modernization%20Initiatives) Anticipated operating expense savings from strategic initiatives implemented in 2024 - Operating expense savings initiatives implemented in 2024, including headcount reductions, are anticipated to result in approximately **$150 million** of net savings for full year 2025[87](index=87&type=chunk) [Executive Summary](index=24&type=section&id=Executive%20Summary) Consolidated revenues for Q2 2025 increased slightly due to continued demand for digital advertising, partially offset by lower radio advertising spending. Operating income and net loss significantly improved compared to the prior year, primarily due to substantially lower non-cash impairment charges. Cash flows from operating activities decreased, while Adjusted EBITDA increased. Q2 2025 Financial Highlights | (In thousands) | Q2 2025 | Q2 2024 | YoY Change | | :-------------------------- | :------ | :------ | :--------- | | Consolidated Revenue | $933,653 | $929,092 | +0.5% | | Operating income (loss) | $35,370 | $(909,667) | +$945.0M | | Net loss | $(83,988) | $(981,989) | +$898.0M | | Cash provided by operating activities | $6,821 | $26,729 | -$19.9M | | Adjusted EBITDA | $156,127 | $150,207 | +$5.9M | | Free cash flow | $(13,176) | $5,557 | -$18.7M | - Digital Audio Group Revenue increased by **$38.2 million (13.4%)** and Segment Adjusted EBITDA increased by **$15.7 million (17.1%)** in Q2 2025[91](index=91&type=chunk) - Multiplatform Group Revenue decreased by **$31.3 million (5.4%)** and Segment Adjusted EBITDA decreased by **$7.9 million (7.6%)** in Q2 2025[91](index=91&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Consolidated revenue saw a modest increase, driven by strong growth in Digital Audio (especially podcasting), which offset declines in Multiplatform Group (broadcast radio) and Audio & Media Services. Operating expenses increased due to higher variable content costs, while SG&A decreased due to modernization initiatives. Significant improvement in operating income and net loss was primarily due to substantially lower impairment charges in 2025 compared to 2024. [Revenue](index=26&type=section&id=Revenue) Consolidated and segment-specific revenue trends, highlighting growth drivers and declines Consolidated and Segment Revenue | Revenue Stream (in thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :---------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Multiplatform Group | $544,598 | $575,907 | (5.4)% | $1,017,576 | $1,069,370 | (4.8)% | | Digital Audio Group | $323,856 | $285,614 | 13.4% | $601,143 | $524,582 | 14.6% | | Audio & Media Services | $67,736 | $70,082 | (3.3)% | $127,059 | $139,250 | (8.8)% | | **Consolidated Total Revenue** | **$933,653** | **$929,092** | **0.5%** | **$1,740,754** | **$1,728,130** | **0.7%** | - Digital Audio Group revenue growth was primarily driven by podcast advertising, which increased by **28.5%** in Q2 2025 and **28.3%** in H1 2025[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - Audio & Media Services revenue decreased due to lower political revenues (2024 was a presidential election year) and nonrecurring contract termination fees in 2024[93](index=93&type=chunk)[94](index=94&type=chunk) [Direct Operating Expenses](index=26&type=section&id=Direct%20Operating%20Expenses) Changes in direct operating expenses, driven by variable content costs and employee compensation Consolidated Direct Operating Expenses | (In thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :---------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Consolidated Direct Operating Expenses | $391,194 | $382,049 | 2.4% | $747,520 | $723,409 | 3.3% | - The increase was primarily driven by higher variable content costs, including podcast profit share and third-party digital costs, partially offset by decreased employee compensation due to modernization initiatives[95](index=95&type=chunk) [Selling, General and Administrative Expenses](index=26&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) Decrease in SG&A expenses due to cost savings and lower sales commissions Consolidated SG&A Expenses | (In thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :------------------------------------ | :------ | :------ | :------------- | :------ | :------ | :------------- | | Consolidated SG&A Expenses | $413,082 | $431,614 | (4.3)% | $793,876 | $816,758 | (2.8)% | - The decrease was primarily due to lower costs from cost savings initiatives, including reduced employee compensation from modernization and lower sales commissions, partially offset by increased non-cash trade and barter expense and employee benefit expense[96](index=96&type=chunk) [Depreciation and Amortization](index=26&type=section&id=Depreciation%20and%20Amortization) Decrease in D&A, primarily due to a lower fixed asset base Depreciation and Amortization | (In thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :-------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Depreciation and Amortization | $90,369 | $104,356 | (13.5)% | $182,270 | $209,518 | (13.0)% | - The decrease was primarily a result of a lower fixed asset base due to reduced capital expenditures[97](index=97&type=chunk) [Impairment Charges](index=26&type=section&id=Impairment%20Charges) Significant reduction in impairment charges in 2025 compared to the prior year Impairment Charges | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--------------- | :------ | :------ | :------ | :------ | | Impairment Charges | $2,552 | $920,224 | $5,407 | $921,732 | - Impairment charges in 2025 were primarily related to changes in sublease assumptions for operating leases[98](index=98&type=chunk) - Impairment charges in 2024 were primarily to reduce the carrying values of indefinite-lived FCC licenses and goodwill[99](index=99&type=chunk) [Interest Expense, net](index=26&type=section&id=Interest%20Expense%2C%20net) Increase in net interest expense due to higher contractual interest rates from debt exchange Interest Expense, net | (In thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :-------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Interest Expense, net | $100,894 | $95,577 | 5.6% | $201,280 | $191,092 | 5.3% | - The increase was primarily due to higher contractual interest rates resulting from the debt exchange transaction in Q4 2024[100](index=100&type=chunk) [Gain (Loss) On Investments, Net](index=27&type=section&id=Gain%20(Loss)%20On%20Investments%2C%20Net) Impact of investment gains and losses, including prior year's BMI sale Gain (Loss) on Investments, Net | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Gain (Loss) on investments, net | $(901) | $(412) | $(19,495) | $91,582 | - H1 2024 included a **$101.4 million** gain from the sale of the investment in Broadcast Music, Inc. (BMI)[102](index=102&type=chunk) [Income Tax Benefit (Expense)](index=27&type=section&id=Income%20Tax%20Benefit%20(Expense)) Income tax benefit/expense and effective tax rates, influenced by valuation allowances Income Tax Benefit (Expense) and Effective Tax Rate | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Income tax benefit (expense) | $(18,253) | $23,959 | $(153,612) | $44,621 | | Effective tax rate | (27.8)% | 2.4% | (72.7)% | 4.3% | - Effective tax rates were primarily impacted by a forecasted increase in valuation allowance against deferred tax assets, related to disallowed interest expense carryforwards[103](index=103&type=chunk) [Net Loss Attributable to the Company](index=27&type=section&id=Net%20Loss%20Attributable%20to%20the%20Company) Significant improvement in net loss, primarily due to lower impairment charges Net Loss Attributable to the Company | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Net loss attributable to the Company | $(83,480) | $(981,658) | $(364,704) | $(1,000,166) | - Net loss improved by **$898.2 million** in Q2 2025 and **$635.5 million** in H1 2025, primarily due to significantly lower non-cash impairment charges in 2025 compared to 2024[104](index=104&type=chunk)[105](index=105&type=chunk) - The H1 2025 improvement was partially offset by the **$101.4 million** gain from the BMI sale in H1 2024[105](index=105&type=chunk) [Multiplatform Group Results](index=27&type=section&id=Multiplatform%20Group%20Results) Revenue, operating expenses, and Adjusted EBITDA for the Multiplatform Group Multiplatform Group Performance | (In thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :-------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Revenue | $544,598 | $575,907 | (5.4)% | $1,017,576 | $1,069,370 | (4.8)% | | Operating expenses | $448,234 | $471,644 | (5.0)% | $851,205 | $887,925 | (4.1)% | | Segment Adjusted EBITDA | $96,364 | $104,263 | (7.6)% | $166,371 | $181,445 | (8.3)% | | Segment Adjusted EBITDA margin | 17.7% | 18.1% | | 16.3% | 17.0% | | - Revenue decreased primarily due to lower broadcast advertising, influenced by uncertain market conditions and lower political revenues in H1 2025[108](index=108&type=chunk)[110](index=110&type=chunk) - Operating expenses decreased due to reduced employee compensation from modernization initiatives and lower sales commissions[109](index=109&type=chunk)[111](index=111&type=chunk) [Digital Audio Group Results](index=28&type=section&id=Digital%20Audio%20Group%20Results) Revenue, operating expenses, and Adjusted EBITDA for the Digital Audio Group Digital Audio Group Performance | (In thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :-------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Revenue | $323,856 | $285,614 | 13.4% | $601,143 | $524,582 | 14.6% | | Operating expenses | $216,246 | $193,744 | 11.6% | $406,450 | $364,585 | 11.5% | | Segment Adjusted EBITDA | $107,610 | $91,870 | 17.1% | $194,693 | $159,997 | 21.7% | | Segment Adjusted EBITDA margin | 33.2% | 32.2% | | 32.4% | 30.5% | | - Revenue growth was driven by a **28.5%** increase in Podcast revenue in Q2 2025 and a **28.3%** increase in H1 2025, reflecting continued advertiser demand[113](index=113&type=chunk)[115](index=115&type=chunk) - Operating expenses increased primarily due to higher variable content costs, including podcast profit share and third-party digital costs, linked to increased revenues[114](index=114&type=chunk)[116](index=116&type=chunk) [Audio & Media Services Group Results](index=28&type=section&id=Audio%20%26%20Media%20Services%20Group%20Results) Revenue, operating expenses, and Adjusted EBITDA for the Audio & Media Services Group Audio & Media Services Group Performance | (In thousands) | Q2 2025 | Q2 2024 | YoY Change (%) | H1 2025 | H1 2024 | YoY Change (%) | | :-------------------------- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Revenue | $67,736 | $70,082 | (3.3)% | $127,059 | $139,250 | (8.8)% | | Operating expenses | $44,015 | $46,233 | (4.8)% | $87,540 | $91,706 | (4.5)% | | Segment Adjusted EBITDA | $23,721 | $23,849 | (0.5)% | $39,519 | $47,544 | (16.9)% | | Segment Adjusted EBITDA margin | 35.0% | 34.0% | | 31.1% | 34.1% | | - Revenue decreased due to lower broadcast advertising, reduced political revenues (2024 was a presidential election year), and nonrecurring contract termination fees in H1 2024, partially offset by increased digital advertising demand[118](index=118&type=chunk)[119](index=119&type=chunk) - Operating expenses decreased primarily due to reduced employee compensation costs from modernization initiatives[118](index=118&type=chunk)[120](index=120&type=chunk) [Reconciliation of Operating income (loss) to EBITDA and Adjusted EBITDA](index=29&type=section&id=Reconciliation%20of%20Operating%20income%20(loss)%20to%20EBITDA%20and%20Adjusted%20EBITDA) Provides a reconciliation of operating income (loss) to EBITDA and Adjusted EBITDA, detailing adjustments Operating Income (Loss) to Adjusted EBITDA Reconciliation | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Operating income (loss) | $35,370 | $(909,667) | $9,936 | $(944,375) | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Restructuring expenses | $19,490 | $27,558 | $45,068 | $51,161 | | Share-based compensation expense | $7,260 | $7,220 | $16,289 | $15,700 | | **Adjusted EBITDA** | **$156,127** | **$150,207** | **$260,715** | **$254,824** | [Reconciliation of Net loss to EBITDA and Adjusted EBITDA](index=30&type=section&id=Reconciliation%20of%20Net%20loss%20to%20EBITDA%20and%20Adjusted%20EBITDA) Presents a reconciliation of net loss to EBITDA and Adjusted EBITDA, including various non-GAAP adjustments Net Loss to Adjusted EBITDA Reconciliation | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Net loss | $(83,988) | $(981,989) | $(364,871) | $(1,000,097) | | Income tax (benefit) expense | $18,253 | $(23,959) | $153,612 | $(44,621) | | Interest expense, net | $100,894 | $95,577 | $201,280 | $191,092 | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | **EBITDA** | **$125,528** | **$(806,015)** | **$172,291** | **$(644,108)** | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Restructuring expenses | $19,490 | $27,558 | $45,068 | $51,161 | | Share-based compensation expense | $7,260 | $7,220 | $16,289 | $15,700 | | **Adjusted EBITDA** | **$156,127** | **$150,207** | **$260,715** | **$254,824** | - Adjusted EBITDA is defined as consolidated Operating income (loss) adjusted for restructuring expenses, share-based compensation, depreciation and amortization, impairment charges, and other operating expense[122](index=122&type=chunk) [Reconciliation of Cash provided by (used for) operating activities to Free Cash Flow](index=31&type=section&id=Reconciliation%20of%20Cash%20provided%20by%20(used%20for)%20operating%20activities%20to%20Free%20Cash%20Flow) Reconciles cash flows from operating activities to Free Cash Flow, accounting for capital expenditures Cash Flow to Free Cash Flow Reconciliation | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Cash provided by (used for) operating activities | $6,821 | $26,729 | $(54,123) | $(32,548) | | Purchases of property, plant and equipment | $(19,997) | $(21,172) | $(39,727) | $(42,754) | | **Free cash flow** | **$(13,176)** | **$5,557** | **$(93,850)** | **$(75,302)** | - Free Cash Flow is defined as Cash provided by (used for) operating activities less capital expenditures[123](index=123&type=chunk) [Share-Based Compensation Expense](index=31&type=section&id=Share-Based%20Compensation%20Expense) Share-based compensation expenses and unrecognized compensation costs for future periods Share-Based Compensation Expenses | (In thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Share-based compensation expenses | $7,260 | $7,220 | $16,289 | $15,700 | - As of June 30, 2025, **$21.4 million** of unrecognized compensation cost related to share-based arrangements is expected to be recognized over a weighted average period of approximately **1.8 years**[126](index=126&type=chunk) [LIQUIDITY AND CAPITAL RESOURCES](index=32&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company's liquidity is supported by cash on hand and available ABL facility borrowings, totaling $526.7 million as of June 30, 2025. Cash used for operating activities increased, while investing activities shifted from providing to using cash, primarily due to the absence of a major asset sale seen in the prior year. Financing activities provided cash due to ABL facility borrowings. The company expects sufficient liquidity for the next twelve months despite market uncertainties and increased debt service payments. [Cash Flows](index=32&type=section&id=Cash%20Flows) Summarizes cash flows from operating, investing, and financing activities for the six-month periods Cash Flow Summary | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Cash provided by (used for) Operating activities | $(54,123) | $(32,548) | | Cash provided by (used for) Investing activities | $(40,648) | $55,871 | | Cash provided by (used for) Financing activities | $70,681 | $(4,816) | | Free Cash Flow | $(93,850) | $(75,302) | [Operating Activities](index=32&type=section&id=Operating%20Activities) Changes in cash used for operating activities, driven by timing of collections and payments - Cash used for operating activities increased to **$54.1 million** in H1 2025 from **$32.5 million** in H1 2024, primarily due to timing of receivable collections and payable payments, partially offset by interest payment timing[128](index=128&type=chunk) [Investing Activities](index=32&type=section&id=Investing%20Activities) Cash flows from investing activities, including capital expenditures and asset sales - Cash used for investing activities was **$40.6 million** in H1 2025, primarily for **$39.7 million** in capital expenditures across segments (Multiplatform: **$16.6 million**, Digital Audio: **$10.3 million**, Audio & Media Services: **$8.4 million**, Corporate: **$4.4 million**)[129](index=129&type=chunk) - Cash provided by investing activities was **$55.9 million** in H1 2024, reflecting **$101.4 million** from the sale of BMI, partially offset by **$42.8 million** in capital expenditures[130](index=130&type=chunk) [Financing Activities](index=32&type=section&id=Financing%20Activities) Cash flows from financing activities, primarily from ABL facility borrowings and debt payments - Cash provided by financing activities totaled **$70.7 million** in H1 2025, primarily due to **$100.0 million** borrowed under the ABL Facility, partially offset by term loan amortization and debt premium payments[131](index=131&type=chunk) - Cash used for financing activities totaled **$4.8 million** in H1 2024, primarily due to distributions to noncontrolling interest holders[132](index=132&type=chunk) [Sources of Liquidity and Anticipated Cash Requirements](index=33&type=section&id=Sources%20of%20Liquidity%20and%20Anticipated%20Cash%20Requirements) Available liquidity, anticipated debt service, and management's outlook on funding needs Available Liquidity | Metric | June 30, 2025 (in millions) | | :------------------------------------ | :--------------------------- | | Cash and cash equivalents | $235.9 | | ABL Facility available for borrowing | $290.8 | | Total available liquidity | $526.7 | - The Company anticipates cash payments of approximately **$238.4 million** for debt service in the remainder of 2025, including interest, term loan amortization, and debt premium payments[135](index=135&type=chunk) - Management believes current liquidity is sufficient to fund operations, capital expenditures, and debt payments for at least the next twelve months[133](index=133&type=chunk)[136](index=136&type=chunk) [Summary Debt Capital Structure](index=34&type=section&id=Summary%20Debt%20Capital%20Structure) Presents the company's total and net debt, along with compliance with debt covenants Debt Capital Structure | (In thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :-------------- | :------------------ | | Total Debt | $5,137,518 | $5,071,469 | | Net Debt | $4,635,284 | $4,522,137 | - The ABL Facility contains a springing fixed charge coverage ratio, which was not effective as of June 30, 2025, as no triggering event occurred[138](index=138&type=chunk) - As of June 30, 2025, the Company was in compliance with all covenants related to its debt agreements[138](index=138&type=chunk) [Supplemental Financial Information under Debt Agreements](index=35&type=section&id=Supplemental%20Financial%20Information%20under%20Debt%20Agreements) No material differences in financial information relevant to debt agreements - There are no material differences between iHeartMedia's consolidated financial information and that of Capital I and its consolidated restricted subsidiaries for the three and six months ended June 30, 2025[140](index=140&type=chunk) [Commitments, Contingencies and Guarantees](index=35&type=section&id=Commitments%2C%20Contingencies%20and%20Guarantees) Legal proceedings, accrued costs, and future cash obligations from contracts - The Company is involved in various legal proceedings and accrues estimates for probable costs, acknowledging the inherent uncertainty of litigation[141](index=141&type=chunk) - Future cash obligations include long-term debt, non-cancelable operating lease agreements, employment and talent contracts, and music license fees[143](index=143&type=chunk) [SEASONALITY](index=35&type=section&id=SEASONALITY) Seasonal patterns of business and impact of election years on revenues - The Company's businesses typically experience their lowest financial performance in the first quarter of the calendar year[144](index=144&type=chunk) - Revenues are generally higher in congressional election years, especially presidential election years, impacting comparability between years[144](index=144&type=chunk) [MARKET RISK](index=35&type=section&id=MARKET%20RISK) Exposure to market risks, including interest rate fluctuations and inflation - The Company is exposed to market risks from changes in interest rates, foreign currency exchange rates, and inflation[145](index=145&type=chunk) [Interest Rate Risk](index=35&type=section&id=Interest%20Rate%20Risk) Impact of floating interest rates on debt and potential changes in interest expense - Approximately **46%** of the Company's aggregate principal amount of long-term debt bore interest at floating rates as of June 30, 2025[146](index=146&type=chunk) - A **100 basis point change** in floating interest rates would change interest expense by an estimated **$11.3 million** for the six months ended June 30, 2025[146](index=146&type=chunk) [Inflation](index=36&type=section&id=Inflation) Effects of inflation on costs and the company's mitigation strategies - Inflation has affected costs for employee compensation, equipment, and third-party services, but the Company believes its impact will remain immaterial due to mitigation actions[148](index=148&type=chunk) [Critical Accounting Estimates](index=36&type=section&id=Critical%20Accounting%20Estimates) No significant changes to critical accounting policies and estimates - There have been no significant changes to critical accounting policies and estimates from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[149](index=149&type=chunk) [CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS](index=36&type=section&id=CAUTIONARY%20STATEMENT%20CONCERNING%20FORWARD-LOOKING%20STATEMENTS) Warnings about forward-looking statements, inherent risks, and factors causing actual results to differ - The report contains forward-looking statements regarding future operating and financial performance, macroeconomic trends, anticipated tax benefits, modernization initiatives, and other strategic matters[150](index=150&type=chunk) - These statements involve risks and uncertainties, and actual future events and performance may differ materially from expectations[150](index=150&type=chunk) - Key risk factors include weak economic conditions, advertising revenue fluctuations, intense competition, dependence on talent, technological changes, substantial indebtedness, and regulatory requirements[151](index=151&type=chunk)[152](index=152&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Refers to the 'Market Risk' section in Item 2 for disclosures on interest rate, foreign currency, and inflation risks - Required information on quantitative and qualitative disclosures about market risk is presented under the 'Market Risk' section within Item 2 of Part I[153](index=153&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective; no material changes in internal control over financial reporting [Disclosure Controls and Procedures](index=37&type=section&id=Disclosure%20Controls%20and%20Procedures) Acknowledges inherent limitations of disclosure controls, providing reasonable assurance - Management acknowledges that controls and procedures provide only reasonable assurance due to inherent limitations and resource constraints[154](index=154&type=chunk) [Evaluation of Disclosure Controls and Procedures](index=37&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Effectiveness of disclosure controls and procedures at reasonable assurance level as of June 30, 2025 - The CEO and CFO concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025[155](index=155&type=chunk) [Changes in Internal Control over Financial Reporting](index=37&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) No material changes in internal control over financial reporting during the quarter - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that materially affected or are reasonably likely to materially affect internal control over financial reporting[156](index=156&type=chunk) PART II – OTHER INFORMATION This section provides additional information including legal proceedings, risk factors, equity sales, and exhibits [ITEM 1. LEGAL PROCEEDINGS](index=38&type=section&id=Item%201.%20Legal%20Proceedings) Various legal proceedings in the ordinary course of business, with accrued estimates for probable costs - The Company is involved in a variety of legal proceedings in the ordinary course of business, including commercial/contract disputes, defamation, employment, intellectual property, real estate, governmental investigations, and tax disputes[159](index=159&type=chunk) - Estimates of probable costs for claims where loss is probable and estimable have been accrued, but future results could be materially affected by changes in assumptions or strategies[159](index=159&type=chunk) [ITEM 1A. RISK FACTORS](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the Annual Report on Form 10-K for December 31, 2024 - There have been no material changes in the Company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024[160](index=160&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity sales; repurchased shares for employee tax withholding - The Company did not issue or sell any shares of its common stock or any other equity securities pursuant to unregistered transactions during the three months ended June 30, 2025[161](index=161&type=chunk) Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :----------------------- | :------------------------------- | :--------------------------- | | April 1 through April 30 | 12,536 | $1.26 | | May 1 through May 31 | 461,142 | $1.25 | | June 1 through June 30 | 757 | $1.50 | | **Total** | **474,435** | **$1.25** | - The repurchased shares were Class A common stock tendered by employees to satisfy tax withholding obligations related to restricted stock vesting[162](index=162&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - This item is not applicable[163](index=163&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - This item is not applicable[164](index=164&type=chunk) [ITEM 5. OTHER INFORMATION](index=39&type=section&id=Item%205.%20Other%20Information) No other material information; no director or officer trading arrangement changes - No director or officer of the Company adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three months ended June 30, 2025[167](index=167&type=chunk) [ITEM 6. EXHIBITS](index=39&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including certificates and SOX certifications - The exhibits include the Fifth Amended and Restated Certificate of Incorporation, certifications pursuant to the Sarbanes-Oxley Act, and Inline XBRL documents[165](index=165&type=chunk) [Signatures](index=40&type=section&id=Signatures) The report is signed by Michael B. McGuinness, Executive Vice President – Finance, Deputy Chief Financial Officer and Head of Investor Relations, as the Principal Accounting Officer and Authorized Officer - The report is signed by Michael B. McGuinness, Executive Vice President – Finance, Deputy Chief Financial Officer and Head of Investor Relations, as the Principal Accounting Officer and Authorized Officer[170](index=170&type=chunk)

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Q2 2025 Consolidated Financial Highlights](index=1&type=section&id=Financial%20Highlights%3A%20Q2%202025%20Consolidated%20Results) iHeartMedia reported solid Q2 2025 consolidated results, with slight revenue growth, a significant improvement in GAAP Operating Income from a loss to a profit, and an increase in Adjusted EBITDA | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :--------- | | Revenue | $934M | $929M | 0.5% | | Revenue (Excl. Political) | - | - | 1.5% | | GAAP Operating Income (Loss) | $35M | ($910M) | N/A | | Consolidated Adjusted EBITDA | $156M | $150M | 3.9% | | Cash provided by operating activities | $7M | - | N/A | | Free Cash Flow | ($13M) | - | N/A | | Cash balance (as of Jun 30, 2025) | $236M | - | N/A | | Total available liquidity (as of Jun 30, 2025) | $527M | - | N/A | [Q2 2025 Digital Audio Group Highlights](index=1&type=section&id=Financial%20Highlights%3A%20Q2%202025%20Digital%20Audio%20Group%20Results) The Digital Audio Group demonstrated strong performance in Q2 2025, driven by significant growth in podcast revenue and overall digital advertising demand, leading to increased Adjusted EBITDA and margin expansion | Metric | Q2 2025 (in millions) | Change (%) | | :-------------------------------- | :-------------------- | :--------- | | Digital Audio Group Revenue | $324M | 13% | | Podcast Revenue | $134M | 28% | | Digital Revenue excluding Podcast | $190M | 5% | | Segment Adjusted EBITDA | $108M | 17% | | Digital Audio Group Adjusted EBITDA margin | 33.2% | N/A | [Q2 2025 Multiplatform Group Highlights](index=1&type=section&id=Financial%20Highlights%3A%20Q2%202025%20Multiplatform%20Group%20Results) The Multiplatform Group experienced a decline in Q2 2025 revenue and Adjusted EBITDA, primarily due to a decrease in broadcast advertising | Metric | Q2 2025 (in millions) | Change (%) | | :-------------------------------- | :-------------------- | :--------- | | Multiplatform Group Revenue | $545M | (5%) | | Multiplatform Group Revenue (Excl. Political) | - | (5%) | | Segment Adjusted EBITDA | $96M | (8%) | | Multiplatform Group Adjusted EBITDA margin | 17.7% | N/A | [Q3 2025 Guidance](index=1&type=section&id=Financial%20Highlights%3A%20Guidance) For Q3 2025, iHeartMedia anticipates a low-single digit decline in consolidated revenue, but an increase when excluding political revenue, and a target range for Consolidated Adjusted EBITDA - Q3 Consolidated Revenue is expected to decline **low-single digits**, but increase in the **low-single digits** excluding the impact of Political Revenue[4](index=4&type=chunk) - Q3 Consolidated Adjusted EBITDA is expected to be approximately **$180 million to $220 million**[4](index=4&type=chunk) [Statement from Senior Management](index=2&type=section&id=Statement%20from%20Senior%20Management) Senior management highlighted solid Q2 performance, exceeding initial expectations for Adjusted EBITDA and consolidated revenue. Strategic progress includes advancing the ad tech platform for broadcast radio and ongoing modernization initiatives expected to yield $150 million in net savings in 2025 - Q2 adjusted EBITDA of **$156 million** was at the upper end of guidance and **4%** above prior year, with consolidated revenue up **0.5%** above prior year[5](index=5&type=chunk) - Progress is being made on the ad tech platform to enable broadcast radio inventory to be bought and sold like digital advertising, with Lisa Coffey joining as Chief Business Officer to drive these efforts[5](index=5&type=chunk) - Modernization initiatives are on track to generate net savings of **$150 million** in 2025 compared to 2024[5](index=5&type=chunk) [Consolidated Results of Operations](index=3&type=section&id=Consolidated%20Results%20of%20Operations) [Q2 2025 Consolidated Financial Performance](index=3&type=section&id=Second%20Quarter%202025%20Consolidated%20Results) Consolidated revenue increased slightly by 0.5% in Q2 2025, driven by a 13.4% increase in Digital Audio revenue, which offset a 5.4% decrease in Multiplatform Group revenue and a 3.3% decrease in Audio & Media Services revenue. GAAP Operating income significantly improved from a substantial loss in Q2 2024 to a profit in Q2 2025, while Adjusted EBITDA saw a modest increase | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :-------------------------------- | :-------------------- | :-------------------- | :----- | | Consolidated Revenue | $933.7M | $929.1M | 0.5% | | Digital Audio Revenue | $323.9M | $285.6M | 13.4% | | Multiplatform Group Revenue | $544.6M | $575.9M | (5.4%) | | Audio & Media Services Revenue | $67.7M | $70.1M | (3.3%) | | GAAP Operating Income (Loss) | $35.4M | ($909.7M) | N/A | | Adjusted EBITDA | $156.1M | $150.2M | 3.9% | | Cash provided by operating activities | $6.8M | $26.7M | (74.5%) | | Free Cash Flow | ($13.2M) | $5.6M | N/A | [Operating Expenses Analysis](index=3&type=section&id=Operating%20Expenses%20Analysis) Consolidated direct operating expenses increased by 2.4% in Q2 2025, primarily due to higher variable content costs associated with increased digital revenues, including podcast profit share and third-party digital costs. This increase was partially mitigated by reduced employee compensation costs from 2024 modernization initiatives - Consolidated direct operating expenses increased **$9.1 million**, or **2.4%**, driven by higher variable content costs (podcast profit share, third-party digital costs) related to increased digital revenues[7](index=7&type=chunk) - The increase was partially offset by a decrease in employee compensation cost due to modernization initiatives taken in 2024[7](index=7&type=chunk) [SG&A Expenses Analysis](index=3&type=section&id=SG%26A%20Expenses%20Analysis) Consolidated Selling, General & Administrative (SG&A) expenses decreased by 4.3% in Q2 2025, mainly due to cost savings initiatives, including lower employee compensation from modernization efforts and reduced sales commissions. This was partially offset by increases in non-cash trade and barter expense and employee benefit expense from the reestablishment of the 401(k) match program - Consolidated SG&A expenses decreased **$18.5 million**, or **4.3%**, primarily due to decreased costs from cost savings initiatives, including lower employee compensation and sales commissions[8](index=8&type=chunk) - The decrease was partially offset by increases in non-cash trade and barter expense and employee benefit expense related to the reestablishment of the 401(k) match program in Q1 2025[8](index=8&type=chunk) [Business Segment Performance](index=4&type=section&id=Business%20Segments%3A%20Results%20of%20Operations) [Multiplatform Group Results](index=4&type=section&id=Second%20Quarter%202025%20Multiplatform%20Group%20Results) The Multiplatform Group's revenue declined by 5.4% year-over-year in Q2 2025, primarily due to a decrease in broadcast advertising. Despite a 5.0% reduction in operating expenses, Segment Adjusted EBITDA decreased by 7.6%, and the Adjusted EBITDA margin slightly narrowed | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :--------- | | Revenue | $544,598 | $575,907 | (5.4%) | | Operating expenses | $448,234 | $471,644 | (5.0%) | | Segment Adjusted EBITDA | $96,364 | $104,263 | (7.6%) | | Segment Adjusted EBITDA margin | 17.7% | 18.1% | (0.4 pp) | - Revenue decreased due to a **$29.7 million** (**7.0%**) decline in broadcast revenue, driven by lower spot revenue, and a **$2.6 million** (**6.7%**) decrease in Sponsorship and Events revenue[11](index=11&type=chunk) - Operating expenses decreased primarily due to lower employee compensation from modernization initiatives and reduced sales commissions[12](index=12&type=chunk) [Digital Audio Group Results](index=4&type=section&id=Second%20Quarter%202025%20Digital%20Audio%20Group%20Results) The Digital Audio Group achieved robust growth in Q2 2025, with revenue increasing by 13.4% year-over-year, largely fueled by a 28.5% surge in Podcast revenue. This strong top-line performance, despite an 11.6% rise in operating expenses, led to a 17.1% increase in Segment Adjusted EBITDA and an improved Adjusted EBITDA margin | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :--------- | | Revenue | $323,856 | $285,614 | 13.4% | | Operating expenses | $216,246 | $193,744 | 11.6% | | Segment Adjusted EBITDA | $107,610 | $91,870 | 17.1% | | Segment Adjusted EBITDA margin | 33.2% | 32.2% | 1.0 pp | - Podcast revenue increased **$29.8 million** (**28.5%**) to **$134.3 million** due to continued advertiser demand, and Digital, excluding Podcast revenue, increased **$8.5 million** (**4.7%**) to **$189.6 million**[14](index=14&type=chunk) - Operating expenses increased primarily due to higher variable content costs, including podcast profit share and third-party digital costs, related to revenue growth[15](index=15&type=chunk) [Audio & Media Services Group Results](index=5&type=section&id=Second%20Quarter%202025%20Audio%20%26%20Media%20Services%20Group%20Results) The Audio & Media Services Group experienced a 3.3% year-over-year revenue decrease in Q2 2025, mainly due to lower political revenues (2024 being a presidential election year) and a decline in broadcast advertising. Despite a decrease in operating expenses, Segment Adjusted EBITDA saw a marginal decline, though the Adjusted EBITDA margin improved | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :--------- | | Revenue | $67,736 | $70,082 | (3.3%) | | Operating expenses | $44,015 | $46,233 | (4.8%) | | Segment Adjusted EBITDA | $23,721 | $23,849 | (0.5%) | | Segment Adjusted EBITDA margin | 35.0% | 34.0% | 1.0 pp | - Revenue decreased primarily due to lower political revenues (2024 was a presidential election year) and a decrease in broadcast advertising, partially offset by increased digital advertising demand[17](index=17&type=chunk) - Operating expenses decreased due to reduced employee compensation costs from modernization initiatives[18](index=18&type=chunk) [Liquidity and Financial Position](index=6&type=section&id=Liquidity%20and%20Financial%20Position) [Liquidity and Financial Position Overview](index=6&type=section&id=Liquidity%20and%20Financial%20Position%20Overview) As of June 30, 2025, iHeartMedia maintained a cash balance of $235.9 million and total available liquidity of $526.7 million. The company reported cash used for operating activities of $54.1 million and capital expenditures of $39.7 million for the six months ended June 30, 2025, with total debt at $5,137.5 million and Net Debt at $4,635.3 million | Metric | As of June 30, 2025 (in millions) | | :-------------------------------- | :-------------------------------- | | Cash balance | $235.9 | | Total available liquidity | $526.7 | | Cash used for operating activities (6 months) | $54.1 | | Cash used for investing activities (6 months) | $40.6 | | Cash provided by financing activities (6 months) | $70.7 | | Capital expenditures (6 months) | $39.7 | | Total debt | $5,137.5 | | Net Debt | $4,635.3 | [Revenue Streams Overview](index=7&type=section&id=Revenue%20Streams) [Q2 2025 Revenue by Stream](index=7&type=section&id=Q2%202025%20Revenue%20by%20Stream) A detailed breakdown of revenue streams for Q2 2025 shows that Digital Audio Group, particularly Podcast revenue, was the primary growth driver, while Broadcast Radio and Sponsorship and Events within the Multiplatform Group experienced declines. Overall consolidated revenue increased slightly | Revenue Stream | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | **Multiplatform Group** | | | | | Broadcast Radio | $395,789 | $425,490 | (7.0%) | | Networks | $107,813 | $106,591 | 1.1% | | Sponsorship and Events | $36,485 | $39,121 | (6.7%) | | Other | $4,511 | $4,705 | (4.1%) | | *Total Multiplatform Group* | *$544,598* | *$575,907* | *(5.4%)* | | **Digital Audio Group** | | | | | Digital ex. Podcast | $189,560 | $181,093 | 4.7% | | Podcast | $134,296 | $104,521 | 28.5% | | *Total Digital Audio Group* | *$323,856* | *$285,614* | *13.4%* | | **Audio & Media Services Group** | *$67,736* | *$70,082* | *(3.3%)* | | **Revenue, total** | *$933,653* | *$929,092* | *0.5%* | [Company Information](index=8&type=section&id=About%20iHeartMedia%2C%20Inc.) [About iHeartMedia, Inc.](index=8&type=section&id=About%20iHeartMedia%2C%20Inc.%20Description) iHeartMedia is the leading audio company in the United States, reaching nine out of ten Americans monthly through its three business groups: Multiplatform, Digital Audio, and Audio & Media Services. These groups encompass broadcast radio, national sales, live events, podcasting, digital services, ad tech, and media representation - iHeartMedia is the **number one** audio company in the United States, reaching **nine out of 10 Americans** every month[28](index=28&type=chunk) - The Multiplatform Group includes **over 860** live broadcast stations, National Sales, live and virtual events, Premiere Networks, and SmartAudio for analytics and targeting[29](index=29&type=chunk) - The Digital Audio Group comprises the **number one** podcast publisher, the iHeartRadio digital service, digital sites, newsletters, digital advertising technology companies, and a strong social media presence[30](index=30&type=chunk) - The Audio & Media Services segment includes Katz Media Group (**largest** media representation company) and RCS (**leading** provider of broadcast and webcast software)[31](index=31&type=chunk) [Conference Call Information](index=8&type=section&id=Conference%20Call) iHeartMedia, Inc. will host a conference call on August 11, 2025, at 4:30 p.m. Eastern Time to discuss Q2 2025 results and business outlook, with replay options available for thirty days - Conference call to discuss results and business outlook on August 11, 2025, at 4:30 p.m. Eastern Time[27](index=27&type=chunk) - Dial-in numbers: (888) 596-4144 (U.S.) and +1 (646) 968-2525 (International), passcode 8885116[27](index=27&type=chunk) - A live audio webcast will be available on investors.iheartmedia.com, with a replay available for thirty days[27](index=27&type=chunk) [Forward-Looking Statements](index=9&type=section&id=Forward-Looking%20Statements) [Forward-Looking Statements Disclaimer](index=9&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section contains forward-looking statements regarding iHeartMedia's future performance, strategic initiatives, and financial outlook, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on these statements - Statements regarding guidance, beliefs, expectations, estimates, and forecasts are forward-looking and involve known and unknown risks and uncertainties[33](index=33&type=chunk) - Examples of forward-looking statements include those related to realizing debt exchange benefits, positioning in uncertain economic environments, anticipated growth, cost savings, new technologies, advertising demand, and future liquidity[33](index=33&type=chunk) - Key risks include global economic uncertainty, dependence on advertising revenues, competition, operating cost fluctuations, technological changes, and risks related to indebtedness and regulatory requirements[33](index=33&type=chunk) [Appendix: Financial Tables & Non-GAAP Reconciliations](index=10&type=section&id=APPENDIX) [Consolidated Operating Performance Comparison](index=10&type=section&id=TABLE%201%20-%20Comparison%20of%20operating%20performance) This table provides a comparison of consolidated operating performance for the three and six months ended June 30, 2025 and 2024, detailing revenue, various operating expenses, and Adjusted EBITDA | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $933,653 | $929,092 | $1,740,754 | $1,728,130 | | Direct operating expenses | $391,194 | $382,049 | $747,520 | $723,409 | | Selling, general and administrative expenses | $413,082 | $431,614 | $793,876 | $816,758 | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Operating income (loss) | $35,370 | ($909,667) | $9,936 | ($944,375) | | Adjusted EBITDA | $156,127 | $150,207 | $260,715 | $254,824 | [Consolidated Statements of Operations](index=11&type=section&id=TABLE%202%20-%20Statements%20of%20Operations) This table presents the full consolidated statements of operations, including revenue, operating expenses, interest expense, net loss, and net loss attributable to the company for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $933,653 | $929,092 | $1,740,754 | $1,728,130 | | Operating income (loss) | $35,370 | ($909,667) | $9,936 | ($944,375) | | Interest expense, net | $100,894 | $95,577 | $201,280 | $191,092 | | Loss before income taxes | ($65,735) | ($1,005,948) | ($211,259) | ($1,044,718) | | Income tax benefit (expense) | ($18,253) | $23,959 | ($153,612) | $44,621 | | Net loss | ($83,988) | ($981,989) | ($364,871) | ($1,000,097) | | Net loss attributable to the Company | ($83,480) | ($981,658) | ($364,704) | ($1,000,166) | [Selected Balance Sheet Information](index=11&type=section&id=TABLE%203%20-%20Selected%20Balance%20Sheet%20Information) This table provides selected balance sheet information, highlighting key assets, liabilities, and stockholders' deficit as of June 30, 2025, compared to December 31, 2024 | (In millions) | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Cash | $235.9 | $259.6 | | Total Current Assets | $1,348.2 | $1,361.8 | | Net Property, Plant and Equipment | $451.3 | $489.8 | | Total Assets | $5,379.3 | $5,571.7 | | Current Liabilities (excl. current portion of long-term debt) | $825.4 | $847.8 | | Long-term Debt (incl. current portion) | $5,137.5 | $5,071.5 | | Stockholders' Deficit | ($1,726.2) | ($1,371.8) | [Supplemental Disclosure Regarding Non-GAAP Financial Information](index=12&type=section&id=Supplemental%20Disclosure%20Regarding%20Non-GAAP%20Financial%20Information) This section defines iHeartMedia's non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, revenue excluding political advertising, and Net Debt. It explains how these measures are calculated, their utility for management and investors in evaluating operating performance and liquidity, and clarifies their limitations as non-GAAP metrics - **Adjusted EBITDA** is defined as consolidated Operating income (loss) adjusted for restructuring, share-based compensation, depreciation, amortization, impairment, and other operating expenses, used to evaluate operating performance and for management compensation[39](index=39&type=chunk)[40](index=40&type=chunk) - **Free Cash Flow** is defined as Cash provided by (used for) operating activities less capital expenditures, used to evaluate liquidity and ability to generate cash flow after necessary ongoing operations[43](index=43&type=chunk) - **Net Debt** is defined as Total Debt less Cash and cash equivalents and Debt Premium, used to evaluate the Company's ability to service long-term debt obligations[46](index=46&type=chunk) [Reconciliation of Operating Income (Loss) to Adjusted EBITDA](index=14&type=section&id=Reconciliation%20of%20Operating%20income%20%28loss%29%20to%20Adjusted%20EBITDA) This table provides a reconciliation of GAAP Operating income (loss) to Adjusted EBITDA, detailing the adjustments made for non-cash and non-recurring items for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating income (loss) | $35,370 | ($909,667) | $9,936 | ($944,375) | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Other operating expense | $1,086 | $516 | $1,745 | $1,088 | | Restructuring expenses | $19,490 | $27,558 | $45,068 | $51,161 | | Share-based compensation expense | $7,260 | $7,220 | $16,289 | $15,700 | | Adjusted EBITDA | $156,127 | $150,207 | $260,715 | $254,824 | [Reconciliation of Net Loss to EBITDA and Adjusted EBITDA](index=15&type=section&id=Reconciliation%20of%20Net%20loss%20to%20EBITDA%20and%20Adjusted%20EBITDA) This table reconciles GAAP Net loss to EBITDA and then to Adjusted EBITDA, providing a comprehensive view of adjustments for non-operating and non-cash items for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | ($83,988) | ($981,989) | ($364,871) | ($1,000,097) | | Income tax expense (benefit) | $18,253 | ($23,959) | $153,612 | ($44,621) | | Interest expense, net | $100,894 | $95,577 | $201,280 | $191,092 | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | EBITDA | $125,528 | ($806,015) | $172,291 | ($644,108) | | (Gain) loss on investments, net | $901 | $412 | $19,495 | ($91,582) | | Loss on extinguishment of debt | $263 | — | $1,460 | — | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Restructuring expenses | $19,490 | $27,558 | $45,068 | $51,161 | | Share-based compensation expense | $7,260 | $7,220 | $16,289 | $15,700 | | Adjusted EBITDA | $156,127 | $150,207 | $260,715 | $254,824 | [Reconciliation of Cash Provided by (Used for) Operating Activities to Free Cash Flow](index=15&type=section&id=Reconciliation%20of%20Cash%20provided%20by%20%28used%20for%29%20operating%20activities%20to%20Free%20Cash%20Flow) This table reconciles cash provided by (used for) operating activities to Free Cash Flow by deducting capital expenditures for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cash provided by (used for) operating activities | $6,821 | $26,729 | ($54,123) | ($32,548) | | Purchases of property, plant and equipment | ($19,997) | ($21,172) | ($39,727) | ($42,754) | | Free cash flow | ($13,176) | $5,557 | ($93,850) | ($75,302) | [Reconciliation of Revenue to Revenue Excluding Political Advertising](index=16&type=section&id=Reconciliation%20of%20Revenue%20to%20Revenue%20excluding%20Political%20Advertising) This table provides a reconciliation of total revenue to revenue excluding political advertising for consolidated results and each business segment, illustrating the impact of political revenue on reported figures for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Q2 2025 Revenue (in thousands) | Q2 2024 Revenue (in thousands) | Q2 2025 Excl. Political (in thousands) | Q2 2024 Excl. Political (in thousands) | | :------------------------------------------ | :----------------------------- | :----------------------------- | :------------------------------------- | :------------------------------------- | | Consolidated revenue | $933,653 | $929,092 | $927,500 | $914,185 | | Multiplatform Group revenue | $544,598 | $575,907 | $540,606 | $567,882 | | Digital Audio Group revenue | $323,856 | $285,614 | $322,543 | $284,404 | | Audio & Media Group Services revenue | $67,736 | $70,082 | $66,888 | $64,410 | [Reconciliation of Total Debt to Net Debt](index=16&type=section&id=Reconciliation%20of%20Total%20Debt%20to%20Net%20Debt) This table reconciles the company's total debt to Net Debt as of June 30, 2025, by subtracting debt premium and cash and cash equivalents | (In thousands) | June 30, 2025 | | :-------------------------- | :------------ | | Current portion of long-term debt | $73,726 | | Long-term debt | $5,063,792 | | Total debt | $5,137,518 | | Less: Debt premium | $266,302 | | Less: Cash and cash equivalents | $235,932 | | Net debt | $4,635,284 | [Detailed Segment Results](index=18&type=section&id=Segment%20Results) These tables present detailed segment results for the Multiplatform, Digital Audio, and Audio & Media Services Groups, including revenue, operating expenses, Segment Adjusted EBITDA, and Adjusted EBITDA margin for the three and six months ended June 30, 2025 and 2024, along with consolidated operating income/loss | (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Consolidated | | :-------------------------- | :------------------ | :------------------ | :--------------------------- | :----------- | | **Three Months Ended June 30, 2025** | | | | | | Revenue | $544,598 | $323,856 | $67,736 | $933,653 | | Operating expenses | $448,234 | $216,246 | $44,015 | $777,526 | | Segment Adjusted EBITDA | $96,364 | $107,610 | $23,721 | $156,127 | | Adjusted EBITDA margin | 17.7% | 33.2% | 35.0% | 16.7% | | Operating income | | | | $35,370 | | **Three Months Ended June 30, 2024** | | | | | | Revenue | $575,907 | $285,614 | $70,082 | $929,092 | | Operating expenses | $471,644 | $193,744 | $46,233 | $778,885 | | Segment Adjusted EBITDA | $104,263 | $91,870 | $23,849 | $150,207 | | Adjusted EBITDA margin | 18.1% | 32.2% | 34.0% | 16.2% | | (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Consolidated | | :-------------------------- | :------------------ | :------------------ | :--------------------------- | :----------- | | **Six Months Ended June 30, 2025** | | | | | | Revenue | $1,017,576 | $601,143 | $127,059 | $1,740,754 | | Operating expenses | $851,205 | $406,450 | $87,540 | $1,480,039 | | Segment Adjusted EBITDA | $166,371 | $194,693 | $39,519 | $260,715 | | Adjusted EBITDA margin | 16.3% | 32.4% | 31.1% | 15.0% | | Operating income | | | | $9,936 | | **Six Months Ended June 30, 2024** | | | | | | Revenue | $1,069,370 | $524,582 | $139,250 | $1,728,130 | | Operating expenses | $887,925 | $364,585 | $91,706 | $1,473,306 | | Segment Adjusted EBITDA | $181,445 | $159,997 | $47,544 | $254,824 | | Adjusted EBITDA margin | 17.0% | 30.5% | 34.1% | 14.7% | | Operating loss | | | | ($944,375) |

Group 1 - The media industry, particularly traditional broadcast radio companies, has faced significant challenges in recent years, exacerbated by the Covid-19 pandemic [1] - Prior to the pandemic, some companies in this sector appeared to be recovering from previous financial difficulties and were managing their debt loads effectively [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies discussed [2][3]