Revenue Performance - Consolidated revenue for Q3 2024 was $1,008.1 million, an increase of $55.1 million or 5.8% compared to $953.0 million in Q3 2023[102] - Digital Audio Group revenue increased by $33.8 million or 12.7%, and Segment Adjusted EBITDA increased by $6.3 million or 6.8% compared to the prior year's third quarter[102] - Audio & Media Services Group revenue increased by $28.1 million or 45.3%, with Segment Adjusted EBITDA rising by $27.4 million or 161.6%, primarily driven by increased political revenue[102] - Consolidated revenue increased by $55.1 million, or 5.8%, to $1,008.1 million for the three months ended September 30, 2024, compared to the same period in 2023[107] - Digital Audio Group revenue rose by $33.8 million, or 12.7%, driven by increased demand for digital advertising[107] - Revenue from the Multiplatform Group decreased by $62.4 million, or 3.6%, for the nine months ended September 30, 2024, primarily due to a decline in broadcast advertising[108] - Podcast revenue grew by $11.4 million, or 11.1%, year-over-year, driven by increased demand from advertisers[133] - Consolidated revenues increased for the nine months ended September 30, 2024, primarily driven by growth in the Digital Audio Group and political revenue, despite lower revenue in the Multiplatform Group[156] Operating Income and Expenses - Operating income for Q3 2024 was $76.7 million, an increase of $7.7 million from $69.0 million in Q3 2023[102] - Direct operating expenses increased by $29.7 million, or 7.8%, during the three months ended September 30, 2024, mainly due to higher variable content costs[109] - SG&A expenses rose by $25.2 million, or 6.4%, during the three months ended September 30, 2024, driven by higher non-cash trade expenses related to major events[111] - Operating expenses for the Digital Audio Group rose by $27.5 million, primarily due to higher variable content costs[134] - Operating expenses for the Audio & Media Services Group increased by $0.6 million, primarily due to higher sales commissions related to increased demand for digital advertising[138] Net Loss and Adjusted EBITDA - Net loss for Q3 2024 was $41.3 million, an increase of $32.3 million from $9.0 million in Q3 2023[102] - Net loss attributable to the Company was $41.3 million for the three months ended September 30, 2024, an increase of $32.2 million compared to the same period in 2023[124] - Adjusted EBITDA for Q3 2024 was $204.6 million, a slight increase of $0.8 million from $203.8 million in Q3 2023[102] - Adjusted EBITDA for the three months ended September 30, 2024, was $204.6 million, slightly up from $203.8 million for the same period in 2023[140] Cash Flow and Liquidity - Cash flows from operating activities were $102.8 million, up from $96.2 million in the prior year's third quarter[102] - Free cash flow for Q3 2024 was $73.3 million, an increase from $67.7 million in the prior year's third quarter[102] - Free cash flow for the three months ended September 30, 2024, was $73.3 million, compared to $67.7 million for the same period in 2023[143] - Cash provided by operating activities increased to $70.2 million for the nine months ended September 30, 2024, up from $59.0 million in the same period of 2023, reflecting improved receivable collections[149] - Total available liquidity as of September 30, 2024, was $858.1 million, consisting of $431.8 million in cash and cash equivalents and $426.3 million in borrowing base availability[155] Impairment Charges - Non-cash impairment charges of $304.1 million and $616.1 million were recorded for FCC licenses and goodwill, respectively, due to economic uncertainty[99] - Impairment charges recorded were $922.1 million for the nine months ended September 30, 2024, down from $965.1 million in the same period of 2023[115] - The company experienced a $304.1 million impairment of indefinite-lived intangible assets as of June 30, 2024, resulting in a carrying value of $809.9 million for FCC licenses[184] - A $616.1 million impairment of goodwill was recorded as of June 30, 2024, due to the carrying values of certain reporting units exceeding their fair values[189] Debt and Interest - As of September 30, 2024, total debt was $5.22 billion, with net debt at $4.79 billion after accounting for cash and cash equivalents[168] - The company anticipates approximately $85.4 million in cash interest payments for the remainder of 2024, a decrease from $88.5 million in the same period of 2023, due to lower interest rates[158] - Interest expense decreased by $3.8 million during the three months ended September 30, 2024, due to lower outstanding principal on senior unsecured notes[117] - As of September 30, 2024, approximately 43% of the company's long-term debt bore interest at floating rates, with an estimated interest expense change of $17.2 million for a 100 bps change in floating interest rates[177] Market Conditions and Future Outlook - Economic uncertainty due to higher interest rates since 2022 has led to lower advertising spending, adversely impacting revenue and cash flows[181] - The company is exposed to market risks from changes in interest rates, foreign currency exchange rates, and inflation[176] - The company anticipates a 2.0% over-the-air revenue growth and 3.0% digital revenue growth beyond the initial five-year period, with a 1.0% revenue growth assumed in the terminal period[185] - Operating margins are projected to increase from 8.0% in the first year to an industry average margin of up to 16.3% by year 3, depending on market size[185] - The company expects its lowest financial performance in the first quarter of the calendar year, a trend anticipated to continue in the future[175] - Future cash flows are projected based on detailed multi-year forecasts reflecting the current advertising outlook across the company's businesses[190] Strategic Agreements - The company entered into a Transaction Support Agreement on November 6, 2024, with lenders representing approximately 77% of its outstanding senior secured notes due 2026[161] - The anticipated cash payments related to the exchange offer transactions are estimated to range from $250 million to $295 million[166] - The company remains confident in its strategy and available liquidity to fund capital expenditures and other obligations despite market uncertainties[159]

Exhibit 99.1 rtMEDIA IHEARTMEDIA, INC. REPORTS RESULTS FOR 2024 THIRD QUARTER New York, NY, November 7, 2024 – iHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter ended September 30, 2024. Financial Highlights: 1 Announced Debt Exchange Transactions and Cost Efficiency Actions ▪ Entered into a transaction support agreement with a group of debt holders representing approximately 80% of the Company's outstanding term loan and notes to exchange $4.1 billion of existing debt; exten ...

Hundreds of jobs will be slashed at iHeart Media as the debt-ridden radio and podcast giant has been crushed by music streaming, The Post has learned.The company headed by CEO Bob Pittman has cut less than 5% of a workforce of more than 10,000 employees, a source with knowledge said, amounting to hundreds of job losses as the company streamlines its business and eliminates redundancies.Wendy Goldberg, an iHeart spokeswoman, confirmed the layoffs. She noted that the company has focused on expanding its Gen Z ...

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Investors in iHeartMedia, Inc. (IHRT) need to pay close attention to the stock based on moves in the options market lately. That is because the Oct 18, 2024 $5.00 Put had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could als ...

iHeartMedia, Inc. (NASDAQ:IHRT) Q2 2024 Results Conference Call August 8, 2024 8:30 AM ET Company Participants Mike McGuinness - Head, Investor Relations Bob Pittman - Chairman and CEO Rich Bressler - President, Chief Operating Officer and CFO Conference Call Participants Jim Goss - Barrington Research Jessica Reif Ehrlich - Bank of America Securities Stephen Laszczyk - Goldman Sachs David Hamburger - Morgan Stanley Marlane Pereiro - Bank of America Securities Operator Good morning, and welcome to the iHear ...

IHeartMedia (IHRT) came out with a quarterly loss of $0.23 per share versus the Zacks Consensus Estimate of a loss of $0.31. This compares to loss of $5.93 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 25.81%. A quarter ago, it was expected that this radio company would post a loss of $0.55 per share when it actually produced a loss of $0.12, delivering a surprise of 78.18%. Over the last four quarters, the company has surp ...

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, 2024 ☐ 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) Delaware 26-0241222 (State or other jurisdi ...

Exhibit 99.1 rtMEDIA IHEARTMEDIA, INC. REPORTS RESULTS FOR 2024 SECOND QUARTER New York, NY, August 8, 2024 – iHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter ended June 30, 2024. Financial Highlights: 1 Q2 2024 Consolidated Results ▪ Q2 Revenue of $929 million, up 1.0%; above guidance of approximately flat • Excluding Q2 Political Revenue, Q2 Revenue flat ▪ GAAP Operating loss of $910 million vs. $897 million in Q2 2023, including non-cash impairment charges of $920 million ...

First Quarter 2024 Investor Presentation May 9, 2024 NASDAQ: IHRT 2 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, performance or a ...