UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 ☐ 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) (State or other jurisdiction of incorporati ...

Financial Data and Key Metrics Changes - In Q1 2020, consolidated revenue decreased by 1.9% year-over-year, and excluding political revenue from the prior year, the decline was 4.8% [51] - Direct operating expenses increased by 6.6%, primarily due to one-time costs related to modernization initiatives and higher content costs [52] - Adjusted EBITDA declined by 10.6% compared to the prior year, with a GAAP operating loss of $1.73 billion driven by a non-cash intangible impairment charge [54] Business Line Data and Key Metrics Changes - Broadcast revenue declined by 5.2%, while Networks revenue decreased by 2.6% year-over-year, attributed to the economic slowdown from March [55] - Digital revenue grew by 22.2%, primarily driven by podcasting and other digital revenue streams [55] - Sponsorship and events revenue decreased by $10.4 million due to the postponement or cancellation of events in response to COVID-19 [56] Market Data and Key Metrics Changes - The company experienced a significant drop in advertising revenue, particularly in broadcast radio, while SmartAudio and podcasting showed resilience [28][30] - Podcast revenue grew 80% year-over-year in Q1 and is currently pacing over 100% year-over-year for Q2 [16] - Digital audience reached an all-time high of 117 million uniques in March, a 32% increase year-over-year [25] Company Strategy and Development Direction - The company has focused on diversifying its platforms, including digital radio, podcasting, and SmartAudio, to strengthen its market position [50][41] - Strategic decisions made over the past decade have positioned the company favorably to capitalize on eventual recovery in advertising demand [47] - The company aims to capture ad demand across all platforms as the market recovers, leveraging its extensive reach and digital capabilities [67] Management Comments on Operating Environment and Future Outlook - Management acknowledged the significant impact of COVID-19 on revenue and the need for cost reductions to preserve liquidity [33][60] - The company has implemented $250 million in cost savings initiatives for 2020, alongside reductions in capital expenditures [62][63] - Management expressed confidence in the company's ability to weather the downturn and capitalize on recovery opportunities [66] Other Important Information - The company has adopted a short-term stockholder rights plan to protect stockholders during periods of market volatility [65] - The company has a robust liquidity position, with no material debt maturities until at least 2023, providing structural resilience [59] Q&A Session Summary Question: Insights on advertising trends and categories - Management noted that no single category exceeds 5% of revenue, minimizing exposure to downturns in specific sectors [73] - Political advertising is expected to remain robust, and there is optimism about the recovery of entertainment and sports advertising [74][75] Question: Comparison to past recessions - Management highlighted the diversified product mix today compared to previous downturns, which positions the company better for recovery [78][80] Question: Podcasting growth and CPMs - Podcast revenue is growing at a rate three times that of usage growth, indicating strong advertiser interest and engagement [88][90] - Effective CPMs for podcasting are comparable to online video, reflecting the medium's growing appeal to advertisers [91] Question: Advertising trends in different markets - Sales activity has increased in markets that are reopening, indicating a potential surge in demand for advertising [119][120] Question: Long-term changes to operating expenses - Management anticipates structural changes in operating expenses, particularly in travel and entertainment, as companies adapt to new norms [125]

MEDIA First Quarter 2020 May 7, 2020 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 different from any future results, ...

Part I – Financial Information [Financial Statements](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) The Q1 2020 financial statements, reflecting the company as a Successor, show a **$1.69 billion net loss** driven by a **$1.73 billion impairment charge** due to COVID-19, reducing total assets to **$9.3 billion** [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2020, total assets decreased to **$9.31 billion** due to impairment charges, while cash increased to **$646.8 million** and total stockholders' equity fell to **$1.26 billion** Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $646,774 | $400,300 | | Indefinite-lived intangibles - licenses | $1,774,999 | $2,277,735 | | Goodwill | $2,101,204 | $3,325,622 | | **Total Assets** | **$9,312,060** | **$11,021,099** | | **Liabilities & Equity** | | | | Total Current Liabilities | $645,844 | $667,398 | | Long-term debt | $5,923,666 | $5,756,504 | | Retained earnings (Accumulated deficit) | ($1,577,657) | $112,548 | | **Total Stockholders' Equity** | **$1,259,302** | **$2,945,441** | | **Total Liabilities and Stockholders' Equity** | **$9,312,060** | **$11,021,099** | [Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) Q1 2020 saw a **$1.69 billion net loss**, primarily due to a **$1.73 billion impairment charge** on goodwill and FCC licenses, with revenue declining **1.9%** to **$780.6 million** Q1 2020 vs. Q1 2019 Performance (in thousands, except per share data) | Metric | Q1 2020 (Successor) | Q1 2019 (Predecessor) | | :--- | :--- | :--- | | Revenue | $780,634 | $795,797 | | Impairment charges | $1,727,857 | $91,382 | | Operating income (loss) | ($1,730,779) | $19,149 | | Net loss | ($1,688,736) | ($135,601) | | Net loss attributable to the Company | ($1,688,736) | ($114,383) | | Basic net loss per share | $(11.60) | $(1.34) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2020 cash flows show **$91.5 million** from operations, **$31.8 million** used in investing, and **$187.3 million** from financing, resulting in a **$246.5 million** net cash increase Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2020 | | :--- | :--- | | Net cash provided by operating activities | $91,540 | | Net cash used for investing activities | ($31,800) | | Net cash provided by financing activities | $187,283 | | Net increase in cash, cash equivalents and restricted cash | $246,499 | - Financing activities were primarily driven by proceeds of **$350.0 million** from long-term debt and credit facilities, offset by payments of **$162.4 million**[19](index=19&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail COVID-19 impacts, including **guidance withdrawal**, a **$350 million ABL draw**, and **impairment charges**, alongside fresh start accounting and debt structure - The company withdrew its fiscal year 2020 financial guidance due to uncertainty from the COVID-19 pandemic[25](index=25&type=chunk) - As a precautionary measure, the company borrowed **$350.0 million** under its ABL Facility to enhance financial flexibility amid the pandemic[25](index=25&type=chunk) - The company emerged from Chapter 11 on May 1, 2019, and adopted fresh start accounting, making financial statements after this date not comparable to prior periods[31](index=31&type=chunk)[32](index=32&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses COVID-19's impact, including a **1.9% revenue decline**, a **$1.7 billion impairment charge**, and proactive **$350 million ABL draw** and cost-saving measures, with **Adjusted EBITDA down 10.6%** - The company's revenue saw strong growth in January and February 2020 but experienced a sharp decline in March due to the COVID-19 pandemic[145](index=145&type=chunk)[146](index=146&type=chunk) - Due to the economic downturn caused by COVID-19, the company recorded non-cash impairment charges of **$1.7 billion** against goodwill and intangible assets[133](index=133&type=chunk)[146](index=146&type=chunk) - To preserve financial flexibility, the company borrowed **$350.0 million** from its ABL facility and implemented cost-reduction measures, including expense cuts, reduced capital expenditures, and management compensation reductions[132](index=132&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk) Q1 2020 Key Financial Metrics (in thousands) | Metric | Q1 2020 (Successor) | Q1 2019 (Predecessor) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $780,634 | $795,797 | (1.9)% | | Operating income (loss) | $(1,730,779) | $19,149 | nm | | Net loss | $(1,688,736) | $(135,601) | nm | | Adjusted EBITDA | $140,339 | $157,051 | (10.6)% | | Free cash flow from continuing operations | $69,876 | $113,713 | (38.6)% | [Impairment Charges](index=34&type=section&id=Impairment%20Charges) An interim impairment test due to COVID-19 resulted in a **$502.7 million non-cash charge** on FCC licenses and a **$1.2 billion non-cash charge** to goodwill - A non-cash impairment charge of **$502.7 million** was recognized on the company's indefinite-lived FCC licenses[136](index=136&type=chunk) - A non-cash impairment charge of **$1.2 billion** was recognized to reduce goodwill after the estimated fair value of a reporting unit fell below its carrying value[138](index=138&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Q1 2020 revenue decreased **1.9%** due to COVID-19's impact on broadcast and events, despite digital and political growth, leading to a **$1.73 billion operating loss** - Revenue decreased by **$15.2 million**, primarily due to a decline in broadcast spot revenue (**$25.6 million**) and sponsorship/events revenue (**$10.4 million**) caused by COVID-19[152](index=152&type=chunk) - The revenue decline was partially offset by a **$16.8 million** increase in Digital revenue (driven by podcasting) and a **$14.9 million** increase in political advertising revenue[152](index=152&type=chunk) - Direct operating expenses and SG&A expenses increased by **$18.8 million** and **$19.2 million**, respectively, driven by costs related to modernization initiatives, higher digital content costs, and increased bad debt expense[153](index=153&type=chunk)[154](index=154&type=chunk) - Depreciation and amortization increased by **$58.5 million** primarily due to higher asset values resulting from the application of fresh start accounting[156](index=156&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company's liquidity, including **$646.8 million cash** and a **$350 million ABL draw**, is bolstered by cost-saving measures, with sufficient funds for the next 12 months despite anticipated **$258 million** in interest payments - As of March 31, 2020, the company had **$646.8 million** in cash on hand, which includes a **$350.0 million** precautionary draw on its ABL Facility[181](index=181&type=chunk) - The company implemented several cost-saving measures in response to COVID-19, including: suspension of hiring, T&E, and 401(k) match; reduction in planned capital expenditures; and compensation reductions for senior management[184](index=184&type=chunk) - The company anticipates cash interest payments of approximately **$86 million** in Q2 2020 and **$258 million** for the remainder of 2020[182](index=182&type=chunk) - On February 3, 2020, the company made a **$150.0 million** prepayment on its Term Loan Facility and amended the facility to reduce the interest rate by **100 bps**[149](index=149&type=chunk)[186](index=186&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risk from **42% variable-rate debt**, with a **50% LIBOR change** impacting interest expense by **$5.3 million**, and manages inflation risk through advertising rate adjustments - The company has significant interest rate risk, with **42%** of its long-term debt at variable rates as of March 31, 2020[198](index=198&type=chunk) - A **50% change** in LIBOR is estimated to change quarterly interest expense by **$5.3 million**[198](index=198&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2020, with no material impact on internal controls from the shift to remote work due to COVID-19 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2020[208](index=208&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[209](index=209&type=chunk) Part II – Other Information [Legal Proceedings](index=49&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) The company faces ordinary legal proceedings and a significant FCC Foreign Ownership Rule issue, having filed a PDR to permit up to **100% foreign ownership**, with uncertain outcome - The company is involved in various legal proceedings arising in the ordinary course of business[212](index=212&type=chunk)[213](index=213&type=chunk) - A significant issue is compliance with the FCC's Foreign Ownership Rule. The company has filed a Petition for Declaratory Ruling (PDR) to allow for higher foreign ownership, which is pending review[214](index=214&type=chunk)[216](index=216&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the ongoing adverse impact of the COVID-19 pandemic on advertising and operations, alongside anti-takeover provisions and a new stockholder rights plan - The COVID-19 pandemic has adversely impacted and is expected to continue to adversely impact the business, results of operations, and financial position[218](index=218&type=chunk) - Specific pandemic-related risks include reduced ad spending, event cancellations, inability of customers to pay, and potential for additional goodwill impairment charges[220](index=220&type=chunk) - The company's certificate of incorporation, bylaws, and a new stockholder rights plan contain anti-takeover provisions that may prevent or delay a change in control[222](index=222&type=chunk)[225](index=225&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2020, the company repurchased **4,965 Class A common shares** at an average of **$17.53** per share, primarily for employee tax withholding Share Repurchases in Q1 2020 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2020 | 863 | $16.61 | | February 2020 | 4,102 | $17.72 | | March 2020 | — | — | | **Total** | **4,965** | **$17.53** | [Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable for the current reporting period [Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable for the current reporting period [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) No other material information is reported in this section [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Plan of Reorganization, corporate governance documents, and CEO/CFO certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2019, or (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Class A Common Stock, par value $0.001 per share iHRT The Nasdaq Stock Market LLC Title of each class Trading Symbol(s) Name of each exchange on which registered Securities registe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019 [ ] 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 000-53354 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) Delaware 26-0241222 (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019 [ ] 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 000-53354 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) Delaware 26-0241222 (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019 [ ] 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 000-53354 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) Delaware 26-0241222 (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K Commission File Number 000-53354 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) Delaware 26-0241222 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 20880 Stone Oak Parkway San Antonio, Texas 78258 (Address of principal executive offices) (Zip code) (210) 822-2828 (Registrant's telephone number, including area code) Securities registered pursuant to S ...