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 ...

Fourth Quarter 2021 Investor Presentation February 23, 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 material ...

iHeartMedia, Inc. (NASDAQ:IHRT) Q4 2021 Earnings Conference Call February 23, 2022 8:30 AM ET Company Participants Bob Pittman – Chairman & Chief Executive Officer Mike McGuinness – Executive Vice President, Deputy Chief Financial Officer & Head of Investor Relations Rich Bressler – President, Chief Operating Officer & Chief Financial Officer Conference Call Participants Steve Cahall – Wells Fargo Securities Steven Bossi – Goldman Sachs Ben Swinburne – Morgan Stanley Jim Goss – Barrington Research Dan Day ...

[PART I](index=4&type=section&id=PART%20I) [Business](index=4&type=section&id=Item%201.%20Business) iHeartMedia, a leading U.S. audio media company, operates three segments: Multiplatform, Digital Audio, and Audio & Media Services, leveraging a multi-platform strategy for growth and monetization - iHeartMedia is the **number one audio media company** in the U.S. by consumer reach, operating in the 'companionship' sector including radio and podcasting[19](index=19&type=chunk)[24](index=24&type=chunk) - Effective January 1, 2021, the company realigned its business into **three reportable segments** for enhanced performance visibility[15](index=15&type=chunk)[29](index=29&type=chunk)[33](index=33&type=chunk) Segment Revenue (2019-2021) | Segment | 2021 Revenue (in millions) | 2020 Revenue (in millions) | 2019 Revenue (in millions) | | :--- | :--- | :--- | :--- | | **Multiplatform Group** | $2,489.0 | $2,206.9 | $3,078.3 | | **Digital Audio Group** | $834.5 | $474.4 | $376.2 | | **Audio & Media Services Group** | $248.0 | $274.7 | $236.7 | [Business Segments](index=6&type=section&id=Business%20Segments) The company's operations are divided into three main segments: Multiplatform, Digital Audio, and Audio & Media Services, each with distinct revenue streams - The Multiplatform Group, including broadcast radio and networks, generated **$1.81 billion** from broadcast radio in 2021[29](index=29&type=chunk)[32](index=32&type=chunk) - The Digital Audio Group, encompassing podcasting and digital services, saw podcasting revenue grow to **$252.6 million** in 2021 from **$101.7 million** in 2020[39](index=39&type=chunk)[41](index=41&type=chunk) - The Audio & Media Services Group provides media representation through Katz Media and broadcast software through RCS to over **3,400** and **10,000** stations respectively[44](index=44&type=chunk)[48](index=48&type=chunk) [Growth Strategy](index=9&type=section&id=Growth%20Strategy) iHeartMedia's growth strategy focuses on leveraging multi-platform assets to capture advertising spend, broaden listener engagement, and drive higher CPMs through data-driven solutions - The company aims to capture a larger share of advertising spend across all mediums using its SmartAudio suite for data-driven targeting and attribution[46](index=46&type=chunk)[47](index=47&type=chunk) - A key strategy is to broaden audio engagement by launching new content networks and expanding presence on connected devices[50](index=50&type=chunk)[52](index=52&type=chunk) - iHeartMedia employs technology, including acquisitions like Unified, Voxnest, and Triton Digital, to create a complete ad tech and measurement solution for all audio forms[54](index=54&type=chunk) - The company aims to drive uplift in Cost Per Mille (CPM) by bundling advertising inventory, including high-value digital products like podcasts[55](index=55&type=chunk) [Regulation of our Business](index=13&type=section&id=Regulation%20of%20our%20Business) The company's radio broadcasting operations are extensively regulated by the FCC, covering licensing, ownership limits, and foreign ownership, with iHeartMedia authorized for up to 100% foreign ownership - Radio broadcasting is subject to extensive FCC regulation governing license issuance, renewal, transfer, ownership limits, and program content[73](index=73&type=chunk) - The Communications Act restricts foreign ownership to **25%**, but iHeartMedia received a November 2020 FCC ruling authorizing up to **100%** foreign ownership under conditions[82](index=82&type=chunk)[83](index=83&type=chunk) - The company pays significant license fees to PROs and SoundExchange for musical compositions and sound recordings, with rates subject to renegotiation and CRB review[87](index=87&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk) - The business is subject to evolving privacy and data protection laws like CCPA, which can restrict data collection and impact targeted advertising capabilities[95](index=95&type=chunk)[96](index=96&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks including COVID-19 impact, economic uncertainty, intense competition, substantial indebtedness, extensive FCC regulation, and evolving data privacy laws - The COVID-19 pandemic has adversely impacted and is expected to continue impacting the business through reduced ad budgets, event changes, and increased competition[100](index=100&type=chunk)[101](index=101&type=chunk) - The company faces intense competition from other radio businesses, streaming audio services, satellite radio, and podcasts for audiences and advertising revenues[104](index=104&type=chunk)[106](index=106&type=chunk) - Substantial indebtedness, including **$4.3 billion** in secured debt and **$1.45 billion** in unsecured debt, may limit operating flexibility[119](index=119&type=chunk) - Extensive FCC regulation could limit operations, and potential legislation or litigation may require additional music royalties, adversely affecting financial results[122](index=122&type=chunk)[124](index=124&type=chunk) - Evolving data privacy regulations like CCPA and GDPR could hinder operations by restricting listener data use for targeted advertising and increasing compliance costs[128](index=128&type=chunk)[129](index=129&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) The company's corporate headquarters are leased in San Antonio, with radio station properties including offices, studios, and transmitter/antenna sites, mostly leased - Corporate headquarters are leased in San Antonio, TX, with radio station properties (offices, studios, transmitter/antenna sites) either owned or leased[153](index=153&type=chunk)[154](index=154&type=chunk) - The company leases substantially all towers and antennas, while owning most other business equipment[155](index=155&type=chunk) [Legal Proceedings](index=31&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in legal proceedings, including an FCC foreign ownership matter where a December 2021 ruling approved GMEI Investors' stake and authorized up to 100% aggregate foreign ownership - The company filed a Remedial PDR with the FCC after Global Media & Entertainment Investments Ltd (GMEI Investors) acquired over **5%** of its stock, inconsistent with foreign ownership rules[160](index=160&type=chunk) - On December 22, 2021, the FCC granted the Remedial PDR, approving GMEI Investors' stake, allowing increases up to **14.99%**, and restating authorization for up to **100%** aggregate foreign ownership[162](index=162&type=chunk) [PART II](index=34&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A common stock trades on Nasdaq under 'IHRT'; no public market exists for Class B, and the company does not intend to pay dividends - Class A common stock trades on Nasdaq under **\"IHRT\"**, with no public market for Class B common stock[167](index=167&type=chunk)[168](index=168&type=chunk) Outstanding Shares and Warrants (as of Feb 18, 2022) | Security | Outstanding | | :--- | :--- | | Class A Common Stock | 120,270,406 | | Class B Common Stock | 21,589,449 | | Special Warrants | 5,293,069 | - The company currently has no intention to pay dividends on its Class A common stock[171](index=171&type=chunk) Issuer Purchases of Equity Securities (Q4 2021) | Period | Total Shares Purchased | Average Price Paid per Share (USD) | | :--- | :--- | :--- | | Oct 1 - Oct 31 | 73 | $24.99 | | Nov 1 - Nov 30 | 1,799 | $24.23 | | Dec 1 - Dec 31 | 4,095 | $21.88 | | **Total** | **5,967** | **$22.63** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, iHeartMedia's financial performance showed significant recovery, with consolidated revenue up **20.7%** to **$3.56 billion**, operating income turning positive, and strong liquidity Key Financial Results (2021 vs. 2020) | Metric | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $3,558.3 | $2,948.2 | 20.7% | | Operating Income (Loss) | $154.9 | $(1,737.6) | NM | | Net Loss | $(158.4) | $(1,915.2) | NM | | Adjusted EBITDA | $811.1 | $538.7 | 50.6% | | Free Cash Flow | $147.2 | $130.7 | 12.6% | - The significant improvement in operating income and net loss in 2021 is primarily due to the absence of **$1.7 billion** in goodwill and FCC license impairment charges recorded in 2020[214](index=214&type=chunk)[221](index=221&type=chunk) - As of December 31, 2021, the company had total available liquidity of approximately **$775 million**, including **$352.1 million** in cash and **$423.1 million** ABL facility availability[283](index=283&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Consolidated revenue increased **20.7%** to **$3.56 billion** in 2021, driven by strong Digital Audio growth and Multiplatform recovery, with operating income turning positive Revenue by Segment (2021 vs. 2020) | Segment | 2021 Revenue (in millions) | 2020 Revenue (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Multiplatform Group** | $2,489.0 | $2,206.9 | 12.8% | | **Digital Audio Group** | $834.5 | $474.4 | 75.9% | | **Audio & Media Services Group** | $248.0 | $274.7 | (9.8)% | | **Total Revenue** | **$3,558.3** | **$2,948.2** | **20.7%** | - The Digital Audio Group's revenue growth was driven by a **148.4%** increase in Podcast revenue and a **56.1%** increase in Digital (excluding Podcast) revenue[224](index=224&type=chunk) - The Multiplatform Group's revenue increased due to stronger broadcast advertising demand and the return of live events, with Sponsorship and Events revenue up **48.9%**[222](index=222&type=chunk) - Operating expenses increased due to higher variable costs from revenue growth, including compensation, digital costs, and live event expenses, partially offset by cost-saving initiatives[211](index=211&type=chunk)[212](index=212&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is strong, with **$775 million** available, driven by **$330.6 million** cash from operations, while investing activities included the Triton Digital acquisition and debt was reduced to **$5.74 billion** Cash Flow Summary (2021 vs. 2020) | Cash Flow Activity (in millions) | 2021 | 2020 | | :--- | :--- | :--- | | Operating Activities | $330.6 | $215.9 | | Investing Activities | $(346.8) | $(147.8) | | Financing Activities | $(352.1) | $241.2 | - Key uses of cash in 2021 included the acquisition of Triton Digital for **$228.5 million** and a voluntary debt prepayment of **$250.0 million** on Term Loan facilities[276](index=276&type=chunk)[280](index=280&type=chunk) Debt Summary (as of Dec 31) | (In millions) | 2021 | 2020 | | :--- | :--- | :--- | | Total Debt | $5,738.9 | $6,016.9 | | Less: Cash & cash equivalents | $352.1 | $720.7 | | **Net Debt** | **$5,386.7** | **$5,296.3** | - Capital expenditures increased to **$183.4 million** in 2021 from **$85.2 million** in 2020, reflecting increased spending on infrastructure and IT[298](index=298&type=chunk) [Critical Accounting Estimates](index=64&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates include the valuation of indefinite-lived intangible assets (FCC licenses) and goodwill, tested annually for impairment, and other estimates like allowance for doubtful accounts and lease accounting - The valuation of indefinite-lived intangible assets (FCC licenses) and goodwill are critical estimates, with no impairment recorded in the July 1, 2021 test[323](index=323&type=chunk)[328](index=328&type=chunk) - The fair value of FCC licenses is sensitive to assumptions; a **100 basis point** increase in discount rate would decrease fair value by an estimated **$459.4 million**[323](index=323&type=chunk)[324](index=324&type=chunk) - Goodwill fair value is sensitive to assumptions; a **100 basis point** increase in discount rate would decrease Multiplatform and Digital units by estimated **$650 million** and **$270 million** respectively[329](index=329&type=chunk)[330](index=330&type=chunk) - Other critical estimates include allowance for doubtful accounts, lease accounting, income tax provisions, and litigation accruals[312](index=312&type=chunk)[314](index=314&type=chunk)[331](index=331&type=chunk) [Financial Statements and Supplementary Data](index=70&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2021, including balance sheets, income statements, cash flows, and detailed notes on accounting policies, segment data, debt, and fresh start accounting [Note 2 – REVENUE](index=88&type=section&id=Note%202%20%E2%80%93%20REVENUE) This note disaggregates 2021 revenue by segment: Multiplatform Group generated **$2.49 billion**, Digital Audio Group **$834.5 million**, and Audio & Media Services Group **$248.0 million** Disaggregated Revenue by Segment and Stream (2021) | Segment | Revenue Stream | Revenue (in millions) | | :--- | :--- | :--- | | **Multiplatform Group** | Broadcast Radio | $1,812.3 | | | Networks | $503.1 | | | Sponsorship and Events | $160.3 | | | Other | $13.4 | | **Digital Audio Group** | Digital, excluding Podcast | $581.9 | | | Podcast | $252.6 | | **Audio & Media Services Group** | Audio & Media Services | $248.0 | - Trade and barter transactions generated **$175.5 million** in revenue and resulted in **$149.8 million** in expenses in 2021[434](index=434&type=chunk) [Note 6 – LONG-TERM DEBT](index=100&type=section&id=Note%206%20%E2%80%93%20LONG-TERM%20DEBT) As of December 31, 2021, total debt was **$5.74 billion**, comprising **$4.32 billion** secured and **$1.45 billion** unsecured debt, with a **$250.0 million** voluntary prepayment on Term Loan facilities Long-Term Debt Outstanding (as of Dec 31, 2021) | Debt Instrument | Principal Amount (in millions) | | :--- | :--- | | Term Loan Facility due 2026 | $2,265.3 | | 6.375% Senior Secured Notes due 2026 | $800.0 | | 5.25% Senior Secured Notes due 2027 | $750.0 | | 4.75% Senior Secured Notes due 2028 | $500.0 | | 8.375% Senior Unsecured Notes due 2027 | $1,450.0 | | Other Debt | $5.4 | | **Total Principal** | **$5,770.7** | - In July 2021, the company amended Term Loan facilities, reduced interest rates, and voluntarily prepaid **$250.0 million** of borrowings[292](index=292&type=chunk)[486](index=486&type=chunk) - The company has a **$450.0 million** ABL Facility due 2023, with no outstanding borrowings and **$423.1 million** availability as of December 31, 2021[472](index=472&type=chunk)[475](index=475&type=chunk) [Note 15 - FRESH START ACCOUNTING](index=131&type=section&id=Note%2015%20-%20FRESH%20START%20ACCOUNTING) Upon emerging from bankruptcy on May 1, 2019, the company adopted fresh start accounting, revaluing assets and liabilities to fair values, resulting in **$3.32 billion** goodwill and non-comparable financial statements - The company adopted fresh start accounting on **May 1, 2019**, upon emergence from Chapter 11 bankruptcy[612](index=612&type=chunk) - Enterprise value was estimated at **$8.75 billion**, resulting in a reorganization value of **$10.71 billion**, allocated to assets and liabilities at fair value[615](index=615&type=chunk)[620](index=620&type=chunk) Key Fresh Start Intangible Asset Valuations | Intangible Asset | Estimated Fair Value (in millions) | Estimated Useful Life | | :--- | :--- | :--- | | FCC licenses | $2,281.7 | Indefinite | | Customer / advertiser relationships | $1,643.7 | 5 - 15 years | | Talent contracts | $373.0 | 2 - 10 years | | Trademarks and tradenames | $321.9 | 7 - 15 years | - The application of fresh start accounting resulted in the recognition of **$3.32 billion** in goodwill[639](index=639&type=chunk) [Controls and Procedures](index=148&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2021, with an unqualified opinion from Ernst & Young LLP - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2021**[658](index=658&type=chunk) - Management assessed internal control over financial reporting based on the COSO 2013 framework and concluded it was effective as of **December 31, 2021**[661](index=661&type=chunk) - Ernst & Young LLP, the independent auditor, issued an unqualified opinion on the company's internal control over financial reporting[662](index=662&type=chunk)[666](index=666&type=chunk) [PART III](index=151&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=151&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance, including the Code of Business Conduct and Ethics, is largely incorporated by reference from the 2022 Definitive Proxy Statement - Information regarding directors, executive officers, and corporate governance is largely incorporated by reference from the 2022 Definitive Proxy Statement[677](index=677&type=chunk)[679](index=679&type=chunk) [Executive Compensation](index=151&type=section&id=Item%2011.%20Executive%20Compensation) All information concerning executive compensation is incorporated by reference from the company's forthcoming 2022 Definitive Proxy Statement - Details on executive compensation are incorporated by reference from the Definitive Proxy Statement[680](index=680&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=151&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details equity compensation plans, including **10,136,602** securities to be issued upon exercise and **6,077,022** available for future issuance, with other information incorporated by reference Equity Compensation Plan Information | Plan Category | Securities to be issued upon exercise (A) | Weighted-Average exercise price of outstanding options (B) (USD) | Securities remaining available for future issuance (C) | | :--- | :--- | :--- | :--- | | **Approved by security holders** | 111,030 | $ — | 6,077,022 | | **Not approved by security holders** | 10,025,572 | $16.14 | — | | **Total** | **10,136,602** | **$16.14** | **6,077,022** | [Certain Relationships and Related Transactions, and Director Independence](index=151&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) All information concerning certain relationships, related party transactions, and director independence is incorporated by reference from the 2022 Definitive Proxy Statement - Details on related party transactions and director independence are incorporated by reference from the Definitive Proxy Statement[683](index=683&type=chunk) [Principal Accountant Fees and Services](index=152&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) The company's independent auditor is Ernst & Young LLP, with all information concerning accountant fees and services incorporated by reference from the 2022 Definitive Proxy Statement - The company's independent auditor is Ernst & Young LLP; details on fees and services are incorporated by reference from the Definitive Proxy Statement[684](index=684&type=chunk) [PART IV](index=152&type=section&id=PART%20IV) [Exhibits and Financial Statement Schedules](index=152&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K report, including Financial Statement Schedule II and a comprehensive list of exhibits - This item lists all financial statements, schedules, and exhibits filed with the 10-K report[686](index=686&type=chunk) - Financial Statement Schedule II, Valuation and Qualifying Accounts, is included, detailing changes in the allowance for doubtful accounts and deferred tax asset valuation allowance[688](index=688&type=chunk)[690](index=690&type=chunk)[691](index=691&type=chunk)

Financial Data and Key Metrics Changes - The company reported a consolidated revenue growth of 25% year-over-year in Q3 2021, exceeding the guidance of 20% [8][34] - Adjusted EBITDA for Q3 2021 was $230 million, reflecting a 42% increase compared to the prior year [8][38] - Free cash flow generated in Q3 2021 was $45 million, with a total of $54 million when including net proceeds from real estate asset sales [50][51] - The company achieved a net debt-to-EBITDA leverage of 6.9x, with a target to reach approximately 4x [49] Business Line Data and Key Metrics Changes - The Multiplatform Group's revenue grew by 19% year-over-year, with adjusted EBITDA margins at 32% [10][41] - The Digital Audio Group saw a revenue increase of 77% year-over-year, with adjusted EBITDA up 91% [9][39] - Podcast revenue surged by 184% year-over-year, while non-podcast digital revenue grew by 51% [9][15] Market Data and Key Metrics Changes - The company's revenue in Q3 2021 was 98% of the revenue in Q3 2019, indicating a strong recovery trend [8][36] - The Multiplatform Group's revenues were down only 17% compared to 2019, showing sequential improvement [18][41] - The digital audio market is expected to continue expanding, with the Digital Audio Group projected to grow to levels beyond the Multiplatform Group [12] Company Strategy and Development Direction - The company is focused on a data-led digital transformation and podcasting, leveraging its extensive audience reach and ad tech capabilities [6][30] - A strategic partnership with DraftKings was announced, aimed at capitalizing on the growing sports betting advertising market [30][31] - The company aims to return to 2019 adjusted EBITDA levels by the end of 2021, with continued growth expected into 2022 [54][56] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising revenue impact from COVID-19 appears to be behind them, with no material impact from supply chain issues [27][70] - The company is well-positioned to benefit from shifts in advertising strategies, particularly as advertisers seek more efficient media options [72][76] - Management expressed confidence in the growth potential of both the Multiplatform and Digital Audio Groups, supported by their unique assets and market position [32][92] Other Important Information - The company has approximately $5.4 billion of net debt outstanding, with a cash balance of $369 million [46] - Significant progress has been made in modernization and cost reduction initiatives, with a target of achieving $200 million in savings [51][52] - The company is actively monitoring market conditions to optimize its capital structure [49] Q&A Session Summary Question: Can you provide more details on the DraftKings partnership and its exclusivity? - Management indicated that the partnership is not exclusive, allowing for other sports betting deals, and highlighted the significance of their audio sports assets [66][68] Question: How is the podcasting market affecting costs and industry growth? - Management noted that despite increased competition, they continue to gain market share and maintain control over costs, emphasizing the importance of having hit shows [61][62] Question: What trends are being observed in the advertising market? - Management observed that advertisers are seeking efficiencies, potentially shifting share into audio due to its cost-effectiveness compared to other media [72][76] Question: What is the expected trajectory for SmartAudio's contribution to sales? - Management expects SmartAudio's contribution to increase as it allows for integrated audience buying across platforms [78][80] Question: What are the priorities for free cash flow once leverage targets are met? - Management stated that they will evaluate options for returning capital to shareholders, including debt repayment and potential acquisitions [88][90]

Q3 2021 Consolidated Results - Q3 2021 Consolidated Revenue reached $928 million, a 25% year-over-year increase, exceeding prior guidance of approximately 20%[5] - Excluding the impact of political revenue, Q3 revenue increased by 31% year-over-year[5] - Consolidated Adjusted EBITDA was $230 million, compared to $162 million in Q3 2020[5] - Consolidated Adjusted EBITDA margin was 25%, up 340 bps from 21% in Q2 2021 and up 300 bps from 22% in Q3 2020[5] Digital Audio Group Performance - Digital Audio Group Revenue increased by 77% year-over-year[6] - Podcast Revenue increased by 184% year-over-year, and Digital Revenue excluding Podcast increased by 51% year-over-year[6] - Segment Adjusted EBITDA for the Digital Audio Group was $67 million, a 91% increase year-over-year[6] - Digital Audio Group Adjusted EBITDA margin was 33%, up 520 bps from 27% in Q2 2021 and up 230 bps from 30% in Q3 2020[6] Multiplatform Group Performance - Multiplatform Group Revenue increased by 19% year-over-year[6] - Excluding the impact of political revenue, Q3 revenue increased by 22% year-over-year[6] - Segment Adjusted EBITDA for the Multiplatform Group was $208 million[6] - Multiplatform Group Adjusted EBITDA margin was 32%, up 170 bps from 30% in Q2 2021 and up 660 bps from 25% in Q3 2020[6] Cash Flow and Capital Structure - Free Cash Flow was $45 million, and including $9 million of proceeds from real estate sales, Free Cash Flow including net proceeds from real estate sales was $54 million[7] - The company reduced its Term Loan by $250 million and repurchased $60 million of Preferred Stock[7] Q4 2021 Guidance - Q4 consolidated revenue is expected to be up approximately 10% year-over-year; Excluding the impact of Political, Q4 revenue is expected to increase by approximately 22% year-over-year[8]

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 2021 Earnings Conference Call August 5, 2021 4:30 PM ET Company Participants Michael McGuinness - EVP, Deputy CFO & Head, IR Robert Pittman - Chairman & CEO Richard Bressler - President, COO, CFO & Director Conference Call Participants Jessica Reif Ehrlich - Bank of America Merrill Lynch Steven Cahall - Wells Fargo Securities Sebastiano Petti - JPMorgan Chase & Co. James Goss - Barrington Research Associates Benjamin Swinburne - Morgan Stanley Stephen Laszczyk - Goldman Sa ...

(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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number 001-38987 IHEARTMEDIA, INC. (Registrant's telephone number, including area code) Securities registered pursuant to S ...

iHeartMedia, Inc. (NASDAQ:IHRT) Q1 2021 Earnings Conference Call May 6, 2021 4:30 PM ET Company Participants Michael McGuinness - Deputy CFO, Head of IR Richard Bressler - President, COO, CFO, Director Robert Pittman - Chairman & CEO Conference Call Participants Jessica Ehrlich - Bank of America Steven Cahall - Wells Fargo Jim Goss - Barrington Research Sebastiano Petti - JP Morgan Operator Ladies and gentlemen welcome to the iHeartMedia Q1 2021 Earnings Call. My name is _ and I will be coordinating your c ...