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 ...

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 ...

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 ...

iHeartMedia, Inc. (NASDAQ:IHRT) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET Company Participants Michael McGuinness - EVP, Deputy Chief Financial Officer & Head of IR Robert Pittman - Chairman & Chief Executive Officer Richard Bressler - President, Chief Operating Officer & Chief Financial Officer Conference Call Participants Jessica Reif Ehrlich - BofA Securities Steven Cahall - Wells Fargo Sebastiano Petti - JPMorgan Daniel Day - B. Riley Securities Operator Good day, and thank you for stand ...