iHeartMedia(IHRT) - 2025 Q3 - Quarterly Results

Financial Performance - Q3 2025 revenue was $997 million, down 1.1% year-over-year; excluding political revenue, revenue increased by 2.8%[4] - GAAP operating loss was $116 million, compared to a GAAP operating income of $77 million in Q3 2024, including non-cash impairment charges of $209 million related to FCC licenses[4] - Consolidated Adjusted EBITDA was $205 million, flat compared to Q3 2024, with a slight increase from $204.6 million[10] - Multiplatform Group revenue decreased by 5% to $591 million, with an 8% decline in Adjusted EBITDA to $119 million[4] - The company reported a net loss of $65.8 million for the three months ended September 30, 2025, compared to a net loss of $41.3 million for the same period in 2024, indicating a deterioration in performance[56] - Operating loss for the three months ended September 30, 2025, was $(116.3) million, compared to an operating income of $76.7 million in the same period of 2024[39] - For the nine months ended September 30, 2025, total revenue was $2,737.8 million, showing a slight increase of 0.1% from $2,736.3 million in 2024[39] - Operating loss for the nine months ended September 30, 2025, was $106,341,000, an improvement from an operating loss of $867,655,000 in the same period of 2024[62] - The company reported impairment charges of $208.5 million for the three months ended September 30, 2025[39] - The company reported impairment charges of $213,908,000 for the nine months ended September 30, 2025, significantly lower than $922,144,000 in 2024[62] Digital Audio Group - Digital Audio Group revenue increased by 14% to $342 million, with podcast revenue up 22% to $140 million[4] - The Digital Audio Group's Adjusted EBITDA margin improved to 38.1%, up from 33.2% year-over-year[19] - The Digital Audio Group, which includes podcasting, reported a revenue increase of 22.5% for the three months ended September 30, 2025, reaching $139.7 million[28] - The Digital Audio Group revenue increased by 13.5% year-over-year for the three months ended September 30, 2025, reaching $341.7 million[59] Cash Flow and Liquidity - Cash used for operating activities was $10 million, with free cash flow at ($33) million[4] - As of September 30, 2025, the company had a cash balance of $192 million and total available liquidity of $510 million[4] - The cash balance was $192.2 million, with total available liquidity of $509.8 million, reflecting $100.0 million of outstanding borrowings under the ABL facility[27] - Free cash flow for the three months ended September 30, 2025, was negative at $(32.8) million, compared to positive free cash flow of $73.3 million in the same period of 2024[57] Debt and Financial Health - As of September 30, 2025, total debt of $5,120.3 million and net debt of $4,673.8 million[27] - Net debt as of September 30, 2025, was $4,673.8 million, calculated as total debt of $5,120.3 million minus cash and cash equivalents of $192.2 million[60] - The company’s stockholders' deficit increased to $(1,788.7) million as of September 30, 2025, from $(1,371.8) million as of December 31, 2024, indicating worsening financial health[40] Future Outlook - Q4 2025 consolidated revenue is expected to decline in low-single digits, while revenue excluding political impact is expected to increase in mid-single digits[4] - The company aims to achieve $150 million in net savings for 2025, with an additional $50 million in annual savings expected to begin in 2026[5] - The company provided guidance for consolidated revenue and Adjusted EBITDA for the quarter ending December 31, 2025, with further details expected in the earnings call on November 10, 2025[52] Operating Expenses - The company’s total operating expenses for the three months ended September 30, 2025, were $792,256,000, down from $803,548,000 in the same period of 2024[61] - The company incurred restructuring expenses of $54,763,000 for the nine months ended September 30, 2025, compared to $67,928,000 in 2024, indicating a reduction in restructuring costs[62]