Q1 2023 Financial Performance - iHeartMedia's Q1 2023 revenue was $811 million, a decrease of 38% year-over-year, but above the guidance range[7] - The company's consolidated Adjusted EBITDA for Q1 2023 was $93 million, exceeding the guidance range of $80 million to $90 million, but lower than the $145 million reported in Q1 2022[7] - Digital Audio Group revenue increased by 4% to $223 million, with podcast revenue up by 12% to $77 million[7] - Multiplatform Group revenue decreased by 7% to $529 million[8] Capital Structure and Liquidity - As of March 31, 2023, iHeartMedia had a cash balance of $188 million and total available liquidity of $601 million[8] - The company repurchased $20 million in principal balance of Senior Unsecured Notes for $15 million in cash during Q1 2023, expecting approximately $2 million in annualized interest savings[8, 40] - Total repurchases of notes reached $350 million for $315 million cash, expected to generate approximately $30 million of annualized interest savings[8, 57] Podcast Performance and Market Trends - iHeartPodcast Network's monthly downloads have grown more than the next two publishers combined since 2019[14] - Podcast reach is accelerating across every age group, hitting an all-time high in 2023[19] - Weekly podcast listeners in the U S now exceed Netflix subscribers, with 89 million weekly podcast listeners[25, 31] Q2 2023 Guidance - iHeartMedia expects Q2 2023 consolidated revenue to decline in the mid-single digits, and consolidated revenue excluding political impact to decline in the low-single digits[9] - The company anticipates Q2 2023 consolidated Adjusted EBITDA to be between $180 million and $200 million[9]

Part I – Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q1 2023 saw total assets decrease to **$8.04 billion**, a **$222.4 million** net loss, and **$94.0 million** cash used for operations Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$8,035,191** | **$8,335,887** | | Cash and cash equivalents | $187,933 | $336,236 | | Total Current Liabilities | $656,696 | $831,818 | | Long-term debt | $5,394,932 | $5,413,503 | | **Total Stockholders' Equity** | **$471,904** | **$684,506** | Consolidated Statement of Comprehensive Loss Highlights (Unaudited) | (In thousands, except per share data) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Revenue | $811,239 | $843,458 | | Operating income (loss) | $(48,862) | $12,335 | | **Net loss attributable to the Company** | **$(222,260)** | **$(48,582)** | | Basic and Diluted EPS | $(1.50) | $(0.33) | Consolidated Cash Flow Highlights (Unaudited) | (In thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Cash used for operating activities | $(93,983) | $(52,212) | | Cash used for investing activities | $(38,421) | $(19,690) | | Cash used for financing activities | $(15,938) | $(461) | | **Net decrease in cash** | **$(148,303)** | **$(72,446)** | [Note 1 – Basis of Presentation](index=8&type=section&id=Note%201%20%E2%80%93%20BASIS%20OF%20PRESENTATION) U.S. GAAP statements cover three segments, facing macroeconomic headwinds impacting Q1 2023 advertising revenue, with **$601 million** liquidity - The company's advertising revenue is correlated to economic conditions, and the challenging macroeconomic environment that began in Q3 2022 continued to impact revenue in Q1 2023[20](index=20&type=chunk) - As of March 31, 2023, total available liquidity was approximately **$601 million**, comprising **$187.9 million** in cash and **$413.3 million** in borrowing availability under the ABL Facility[22](index=22&type=chunk) - The company reports its business in three segments: Multiplatform Group (Broadcast radio, Networks, Sponsorships), Digital Audio Group (Digital, Podcasting), and Audio & Media Services Group (Katz Media, RCS)[19](index=19&type=chunk)[22](index=22&type=chunk) [Note 2 – Revenue](index=10&type=section&id=Note%202%20%E2%80%93%20REVENUE) Q1 2023 total revenue decreased to **$811.2 million**, with Multiplatform Group declining and Digital Audio Group growing via podcasting Revenue by Segment (Three Months Ended March 31) | (In thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Multiplatform Group | $529,013 | $571,160 | | Digital Audio Group | $223,396 | $214,219 | | Audio & Media Services Group | $61,351 | $60,857 | | **Total Revenue** | **$811,239** | **$843,458** | Key Revenue Streams (Three Months Ended March 31) | (In thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Broadcast Radio | $383,238 | $415,242 | | Digital, excluding Podcast | $145,396 | $144,406 | | Networks | $107,954 | $117,558 | | Podcast | $76,811 | $68,544 | [Note 5 – Long-Term Debt](index=15&type=section&id=Note%205%20%E2%80%93%20LONG-TERM%20DEBT) Total long-term debt was **$5.4 billion** at **7.1%** weighted average interest, with **$20.0 million** notes repurchased for a **$4.6 million** gain Long-Term Debt Composition | (In thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total consolidated secured debt | $4,319,548 | $4,319,714 | | 8.375% Senior Unsecured Notes | $1,100,366 | $1,120,366 | | **Total long-term debt** | **$5,394,932** | **$5,413,503** | - In Q1 2023, the company repurchased **$20.0 million** of its 8.375% Senior Unsecured Notes at a discount, realizing a gain of **$4.6 million**[50](index=50&type=chunk) - The ABL Facility had no outstanding borrowings and **$413.3 million** of availability as of March 31, 2023[49](index=49&type=chunk) [Note 9 – Segment Data](index=18&type=section&id=Note%209%20%E2%80%93%20SEGMENT%20DATA) Q1 2023 Multiplatform Group Adjusted EBITDA declined significantly, Digital Audio Group's slightly increased, and corporate expenses rose Segment Performance (Three Months Ended March 31) | (In thousands) | Revenue 2023 | Revenue 2022 | Segment Adjusted EBITDA 2023 | Segment Adjusted EBITDA 2022 | | :--- | :--- | :--- | :--- | :--- | | Multiplatform Group | $529,013 | $571,160 | $87,052 | $133,907 | | Digital Audio Group | $223,396 | $214,219 | $54,119 | $52,508 | | Audio & Media Services Group | $61,351 | $60,857 | $15,344 | $16,387 | | **Consolidated Adjusted EBITDA** | | | **$93,424** | **$145,218** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2023 revenue decreased **3.8%** due to macroeconomic factors, resulting in a **$48.9 million** operating loss and **$222.4 million** net loss, despite **$601 million** liquidity - Consolidated revenue decreased by **3.8%** in Q1 2023, primarily due to lower spending on radio advertising in the Multiplatform Group, which was impacted by uncertain market conditions[90](index=90&type=chunk)[92](index=92&type=chunk) - Digital Audio Group revenue grew **4.3%**, driven by a **12.1%** increase in Podcast revenue[92](index=92&type=chunk)[94](index=94&type=chunk) Key Financial Metrics (Q1 2023 vs Q1 2022) | (In thousands) | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenue | $811,239 | $843,458 | | Operating income (loss) | $(48,862) | $12,335 | | Net loss | $(222,363) | $(48,739) | | Adjusted EBITDA | $93,424 | $145,218 | - The company believes its available liquidity of approximately **$601 million** is sufficient to fund operations for at least the next twelve months despite market uncertainty[123](index=123&type=chunk)[126](index=126&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q1 2023 revenue declined **3.8%** (Multiplatform **-7.4%**, Digital Audio **+4.3%**), with increased operating and interest expenses, leading to a **$222.3 million** net loss Revenue Stream Comparison (Q1 2023 vs Q1 2022) | (In thousands) | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Multiplatform Group | $529,013 | $571,160 | (7.4)% | | Digital Audio Group | $223,396 | $214,219 | 4.3% | | Audio & Media Services Group | $61,351 | $60,857 | 0.8% | | **Total Revenue** | **$811,239** | **$843,458** | **(3.8)%** | - Direct operating expenses increased by **$14.1 million**, primarily due to higher variable content costs related to digital revenue growth[95](index=95&type=chunk) - SG&A expenses increased by **$18.5 million**, driven by higher share-based compensation, employee compensation, and costs for cost reduction initiatives[96](index=96&type=chunk) - Interest expense increased by **$16.2 million** primarily due to higher LIBOR borrowing rates[99](index=99&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Total liquidity is **$601 million** (cash and ABL), with cash used for operations increasing to **$94.0 million**, deemed sufficient for the next year - Total available liquidity as of March 31, 2023, was approximately **$601 million**, consisting of **$187.9 million** in cash and **$413.3 million** of borrowing availability under the ABL Facility[123](index=123&type=chunk) - Cash used for operating activities increased to **$94.0 million** in Q1 2023 from **$52.2 million** in Q1 2022, primarily due to decreased broadcast radio revenue and higher interest payments[118](index=118&type=chunk) Net Debt Summary | (In thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Debt | $5,395,457 | $5,414,167 | | Less: Cash and cash equivalents | $187,933 | $336,236 | | **Net Debt** | **$5,207,524** | **$5,077,931** | [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risks include interest rates, foreign currency, and inflation; **42%** of debt is variable, with a **100 basis point** LIBOR change impacting interest expense by **$5.7 million** - As of March 31, 2023, approximately **42%** of the company's long-term debt bore interest at floating rates[139](index=139&type=chunk) - A **100 basis point** change in LIBOR is estimated to change interest expense by **$5.7 million** for the three months ended March 31, 2023[139](index=139&type=chunk) - Inflation has increased costs for employee compensation, equipment, and third-party services, but management believes the overall impact remains immaterial[141](index=141&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures as of March 31, 2023, with no material changes to internal financial reporting controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[148](index=148&type=chunk) - No material changes were made to the internal control over financial reporting during the quarter ended March 31, 2023[149](index=149&type=chunk) Part II – Other Information [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, accruing for probable costs, with potential material impact on future results - The company is involved in a variety of legal proceedings arising in the ordinary course of business and has accrued for estimated probable costs[152](index=152&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the December 31, 2022 Annual Report on Form 10-K - No material changes in risk factors were reported since the last Annual Report on Form 10-K[153](index=153&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **3,043** Class A common shares at **$7.77** per share from employees for tax withholding related to restricted stock vesting Class A Common Stock Purchases (Q1 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 1 - Jan 31 | 712 | $6.92 | | Feb 1 - Feb 28 | 2,331 | $8.03 | | Mar 1 - Mar 31 | — | — | | **Total** | **3,043** | **$7.77** | - The share purchases were made from employees to cover tax withholding obligations upon the vesting of restricted stock[154](index=154&type=chunk)

iHeartMedia, Inc. (NASDAQ:IHRT) Q4 2022 Earnings Conference Call February 28, 2023 4:30 PM ET Company Participants Mike McGuinness – Head-Investor Relations Bob Pittman – Chairman and Chief Executive Officer Rich Bressler – President, Chief Operating Officer and Chief Financial Officer Conference Call Participants Steven Cahall – Wells Fargo Dan Day – B. Riley Securities Jim Goss – Barrington Sebastiano Petti – JPMorgan Operator Good day, everyone. My name is Kelly, and I’ll be your conference operator for ...

2 This presentation includes information that does not conform to U.S. generally accepted accounting principles (GAAP), such as (i) Adjusted EBITDA and Adjusted EBITDA margin, (ii) Free cash flow, (iii) Free cash flow including net proceeds from real estate sales, (iv) net debt and net leverage, and (v) revenue excluding the effects of political revenue. Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022, or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________. Commission File Number 001-38987 IHEARTMEDIA, INC. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sec ...

iHeartMedia, Inc. (NASDAQ:IHRT) Q3 2022 Results Conference Call November 3, 2022 4:30 PM ET Company Participants Mike McGuinness - Deputy CFO and Head IR Bob Pittman - Chairman and CEO Rich Bressler - President, COO and CFO Conference Call Participants Steven Cahall - Wells Fargo Dan Day - B. Riley Securities Jim Goss - Barrington Research Operator Good afternoon. My name is Rob, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the iHeartMedia Third Quarter 2022 Earn ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number 001-38987 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 20880 Stone Oak Parkway San Antonio, Texas 78258 (Address of principal executive offices) (Zip Code) Delaware 26-0241222 (I.R.S. Employer Identification No.) (210) 822-2828 (Registrant's telephone number, including area code) Securities registered pursuant to S ...

iHeartMedia, Inc. (NASDAQ:IHRT) Q2 2022 Results Conference Call August 4, 2022 4:30 PM ET Company Participants Mike McGuinness - EVP, Deputy CFO and Head, IR Bob Pittman - Chairman and CEO Rich Bressler - President, COO and CFO Conference Call Participants Daniel Day - B. Riley Steve Cahall - Wells Fargo Mike McGuinness Good afternoon, everyone, and thank you for taking the time to join us for our second quarter 2022 earnings call. Joining me for today's discussion are Bob Pittman, our Chairman and CEO; and ...

Financial Performance - Consolidated revenue for the second quarter of 2022 was $954.0 million, an increase of $92.4 million, or 10.7%, compared to $861.6 million in the prior year's second quarter[112] - Operating income rose to $82.9 million, up $54.8 million from $28.1 million in the prior year's second quarter[112] - Net income for the quarter was $15.2 million, an increase of $47.2 million from a net loss of $32.0 million in the prior year's second quarter[112] - Cash provided by operating activities increased to $155.8 million from $29.1 million in the prior year's second quarter[112] - Adjusted EBITDA for the quarter was $237.2 million, up $52.7 million from $184.5 million in the prior year's second quarter[112] - Free cash flow improved to $106.1 million from a negative $3.0 million in the prior year's second quarter[112] - For the six months ended June 30, 2022, consolidated revenue rose by $229.2 million, or 14.6%, totaling $1.797 billion, up from $1.568 billion in 2021[115] - Operating income for the six months ended June 30, 2022, was $95.2 million, compared to a loss of $48.2 million in the prior year[146] - Adjusted EBITDA for the six months ended June 30, 2022, was $382.4 million, up from $286.8 million in the prior year[146] - Free cash flow for the six months ended June 30, 2022, was $31.4 million, compared to $49.8 million in the prior year[149] Revenue Breakdown - Revenue from the Multiplatform Group increased by $27.5 million, while Segment Adjusted EBITDA rose by $13.1 million compared to the prior year's second quarter[112] - Revenue from the Digital Audio Group increased by $54.6 million, with Segment Adjusted EBITDA up by $24.6 million compared to the prior year's second quarter[112] - Revenue from the Audio & Media Services Group increased by $9.9 million, with Segment Adjusted EBITDA rising by $1.6 million compared to the prior year's second quarter[112] - Digital Audio Group revenue surged by $54.6 million, or 27.6%, for the three months ended June 30, 2022, driven by increased demand for digital advertising and podcasting[114] - Revenue from the Multiplatform Group increased by $100.7 million year-over-year, with Broadcast revenue up by $70.1 million (8.7%) and Networks revenue up by $6.4 million (2.7%) [133] - Digital Audio Group revenue increased by $111.3 million year-over-year, with Digital revenue (excluding Podcast) growing by $48.9 million (18.5%) and Podcast revenue increasing by $62.4 million (68.0%) [138] - Revenue from the Audio & Media Services Group increased by $15.6 million year-over-year, attributed to higher political advertising revenue [144] Expenses - Direct operating expenses increased by $44.9 million, or 12.5%, to $365.4 million for the three months ended June 30, 2022, primarily due to higher variable content costs[116] - SG&A expenses rose by $6.4 million, or 1.7%, to $379.1 million for the three months ended June 30, 2022, driven by increased employee compensation and sales commission expenses[118] - Operating expenses for the Digital Audio Group rose by $74.2 million, driven by higher employee compensation, talent costs, and increased content and production costs [139] - Operating expenses for the Audio & Media Services Group increased by $13.0 million, primarily due to higher employee compensation related to seasonal staffing [145] Tax and Impairment - The effective tax rate for the Company was 10.5% for the three months ended June 30, 2022, influenced by a forecasted increase in valuation allowance against certain deferred tax assets[127] - Impairment charges recognized during the six months ended June 30, 2022, were $1.6 million, a decrease from $37.7 million in the same period of 2021[122] Cash Flow and Liquidity - Cash provided by operating activities for the six months ended June 30, 2022, was $103.6 million, an increase from $100.9 million in the same period of 2021, primarily due to recovery from COVID-19 impacts[156] - Cash used for investing activities was $49.7 million during the six months ended June 30, 2022, primarily reflecting $72.2 million in capital expenditures[157] - Total available liquidity as of June 30, 2022, was approximately $715 million, consisting of $294.8 million in cash and cash equivalents and $420.6 million in borrowing base availability[161] Debt and Interest - As of June 30, 2022, total debt was $5.6 billion, with $294.8 million in cash and cash equivalents, resulting in net debt of approximately $5.3 billion[166] - Approximately 40% of the company's long-term debt bore interest at floating rates as of June 30, 2022, with an estimated interest expense change of $2.5 million for a 50% change in LIBOR[173] - The company anticipates approximately $168 million in cash interest payments for the remainder of 2022[163] Future Outlook and Risks - The company expects to continue funding operations and capital expenditures for at least the next twelve months, despite potential economic challenges[164] - The company is involved in various legal proceedings and has accrued estimates for probable costs related to these claims[169] - Inflation has impacted the company through higher costs for employee compensation, equipment, and third-party services, but the overall effect on historical results is believed to be immaterial[175] - Forward-looking statements regarding future performance are subject to risks and uncertainties, including economic trends, COVID-19 impacts, and competition from alternative media platforms[177] - Factors affecting future performance include weak global economic conditions, intense competition, and the impact of substantial indebtedness[178] - The company acknowledges the risks associated with technological changes and innovations that could affect its business[178] - Legislative and regulatory requirements, as well as ongoing litigation related to music licensing and royalties, are potential risks to future performance[178] - The company has a significant number of outstanding warrants related to its Class A common stock, which presents additional risks[178] - The impact of shifts in population demographics is recognized as a factor that could influence future business performance[178] - The company does not intend to update any forward-looking statements, emphasizing the uncertainty of future events[177]

First Quarter 2022 Investor Presentation May 5, 2022 NASDAQ: IHRT Safe Harbor Statement 2 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 diff ...