[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Q2 2025 Consolidated Financial Highlights](index=1&type=section&id=Financial%20Highlights%3A%20Q2%202025%20Consolidated%20Results) iHeartMedia reported solid Q2 2025 consolidated results, with slight revenue growth, a significant improvement in GAAP Operating Income from a loss to a profit, and an increase in Adjusted EBITDA | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :--------- | | Revenue | $934M | $929M | 0.5% | | Revenue (Excl. Political) | - | - | 1.5% | | GAAP Operating Income (Loss) | $35M | ($910M) | N/A | | Consolidated Adjusted EBITDA | $156M | $150M | 3.9% | | Cash provided by operating activities | $7M | - | N/A | | Free Cash Flow | ($13M) | - | N/A | | Cash balance (as of Jun 30, 2025) | $236M | - | N/A | | Total available liquidity (as of Jun 30, 2025) | $527M | - | N/A | [Q2 2025 Digital Audio Group Highlights](index=1&type=section&id=Financial%20Highlights%3A%20Q2%202025%20Digital%20Audio%20Group%20Results) The Digital Audio Group demonstrated strong performance in Q2 2025, driven by significant growth in podcast revenue and overall digital advertising demand, leading to increased Adjusted EBITDA and margin expansion | Metric | Q2 2025 (in millions) | Change (%) | | :-------------------------------- | :-------------------- | :--------- | | Digital Audio Group Revenue | $324M | 13% | | Podcast Revenue | $134M | 28% | | Digital Revenue excluding Podcast | $190M | 5% | | Segment Adjusted EBITDA | $108M | 17% | | Digital Audio Group Adjusted EBITDA margin | 33.2% | N/A | [Q2 2025 Multiplatform Group Highlights](index=1&type=section&id=Financial%20Highlights%3A%20Q2%202025%20Multiplatform%20Group%20Results) The Multiplatform Group experienced a decline in Q2 2025 revenue and Adjusted EBITDA, primarily due to a decrease in broadcast advertising | Metric | Q2 2025 (in millions) | Change (%) | | :-------------------------------- | :-------------------- | :--------- | | Multiplatform Group Revenue | $545M | (5%) | | Multiplatform Group Revenue (Excl. Political) | - | (5%) | | Segment Adjusted EBITDA | $96M | (8%) | | Multiplatform Group Adjusted EBITDA margin | 17.7% | N/A | [Q3 2025 Guidance](index=1&type=section&id=Financial%20Highlights%3A%20Guidance) For Q3 2025, iHeartMedia anticipates a low-single digit decline in consolidated revenue, but an increase when excluding political revenue, and a target range for Consolidated Adjusted EBITDA - Q3 Consolidated Revenue is expected to decline **low-single digits**, but increase in the **low-single digits** excluding the impact of Political Revenue[4](index=4&type=chunk) - Q3 Consolidated Adjusted EBITDA is expected to be approximately **$180 million to $220 million**[4](index=4&type=chunk) [Statement from Senior Management](index=2&type=section&id=Statement%20from%20Senior%20Management) Senior management highlighted solid Q2 performance, exceeding initial expectations for Adjusted EBITDA and consolidated revenue. Strategic progress includes advancing the ad tech platform for broadcast radio and ongoing modernization initiatives expected to yield $150 million in net savings in 2025 - Q2 adjusted EBITDA of **$156 million** was at the upper end of guidance and **4%** above prior year, with consolidated revenue up **0.5%** above prior year[5](index=5&type=chunk) - Progress is being made on the ad tech platform to enable broadcast radio inventory to be bought and sold like digital advertising, with Lisa Coffey joining as Chief Business Officer to drive these efforts[5](index=5&type=chunk) - Modernization initiatives are on track to generate net savings of **$150 million** in 2025 compared to 2024[5](index=5&type=chunk) [Consolidated Results of Operations](index=3&type=section&id=Consolidated%20Results%20of%20Operations) [Q2 2025 Consolidated Financial Performance](index=3&type=section&id=Second%20Quarter%202025%20Consolidated%20Results) Consolidated revenue increased slightly by 0.5% in Q2 2025, driven by a 13.4% increase in Digital Audio revenue, which offset a 5.4% decrease in Multiplatform Group revenue and a 3.3% decrease in Audio & Media Services revenue. GAAP Operating income significantly improved from a substantial loss in Q2 2024 to a profit in Q2 2025, while Adjusted EBITDA saw a modest increase | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :-------------------------------- | :-------------------- | :-------------------- | :----- | | Consolidated Revenue | $933.7M | $929.1M | 0.5% | | Digital Audio Revenue | $323.9M | $285.6M | 13.4% | | Multiplatform Group Revenue | $544.6M | $575.9M | (5.4%) | | Audio & Media Services Revenue | $67.7M | $70.1M | (3.3%) | | GAAP Operating Income (Loss) | $35.4M | ($909.7M) | N/A | | Adjusted EBITDA | $156.1M | $150.2M | 3.9% | | Cash provided by operating activities | $6.8M | $26.7M | (74.5%) | | Free Cash Flow | ($13.2M) | $5.6M | N/A | [Operating Expenses Analysis](index=3&type=section&id=Operating%20Expenses%20Analysis) Consolidated direct operating expenses increased by 2.4% in Q2 2025, primarily due to higher variable content costs associated with increased digital revenues, including podcast profit share and third-party digital costs. This increase was partially mitigated by reduced employee compensation costs from 2024 modernization initiatives - Consolidated direct operating expenses increased **$9.1 million**, or **2.4%**, driven by higher variable content costs (podcast profit share, third-party digital costs) related to increased digital revenues[7](index=7&type=chunk) - The increase was partially offset by a decrease in employee compensation cost due to modernization initiatives taken in 2024[7](index=7&type=chunk) [SG&A Expenses Analysis](index=3&type=section&id=SG%26A%20Expenses%20Analysis) Consolidated Selling, General & Administrative (SG&A) expenses decreased by 4.3% in Q2 2025, mainly due to cost savings initiatives, including lower employee compensation from modernization efforts and reduced sales commissions. This was partially offset by increases in non-cash trade and barter expense and employee benefit expense from the reestablishment of the 401(k) match program - Consolidated SG&A expenses decreased **$18.5 million**, or **4.3%**, primarily due to decreased costs from cost savings initiatives, including lower employee compensation and sales commissions[8](index=8&type=chunk) - The decrease was partially offset by increases in non-cash trade and barter expense and employee benefit expense related to the reestablishment of the 401(k) match program in Q1 2025[8](index=8&type=chunk) [Business Segment Performance](index=4&type=section&id=Business%20Segments%3A%20Results%20of%20Operations) [Multiplatform Group Results](index=4&type=section&id=Second%20Quarter%202025%20Multiplatform%20Group%20Results) The Multiplatform Group's revenue declined by 5.4% year-over-year in Q2 2025, primarily due to a decrease in broadcast advertising. Despite a 5.0% reduction in operating expenses, Segment Adjusted EBITDA decreased by 7.6%, and the Adjusted EBITDA margin slightly narrowed | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :--------- | | Revenue | $544,598 | $575,907 | (5.4%) | | Operating expenses | $448,234 | $471,644 | (5.0%) | | Segment Adjusted EBITDA | $96,364 | $104,263 | (7.6%) | | Segment Adjusted EBITDA margin | 17.7% | 18.1% | (0.4 pp) | - Revenue decreased due to a **$29.7 million** (**7.0%**) decline in broadcast revenue, driven by lower spot revenue, and a **$2.6 million** (**6.7%**) decrease in Sponsorship and Events revenue[11](index=11&type=chunk) - Operating expenses decreased primarily due to lower employee compensation from modernization initiatives and reduced sales commissions[12](index=12&type=chunk) [Digital Audio Group Results](index=4&type=section&id=Second%20Quarter%202025%20Digital%20Audio%20Group%20Results) The Digital Audio Group achieved robust growth in Q2 2025, with revenue increasing by 13.4% year-over-year, largely fueled by a 28.5% surge in Podcast revenue. This strong top-line performance, despite an 11.6% rise in operating expenses, led to a 17.1% increase in Segment Adjusted EBITDA and an improved Adjusted EBITDA margin | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :--------- | | Revenue | $323,856 | $285,614 | 13.4% | | Operating expenses | $216,246 | $193,744 | 11.6% | | Segment Adjusted EBITDA | $107,610 | $91,870 | 17.1% | | Segment Adjusted EBITDA margin | 33.2% | 32.2% | 1.0 pp | - Podcast revenue increased **$29.8 million** (**28.5%**) to **$134.3 million** due to continued advertiser demand, and Digital, excluding Podcast revenue, increased **$8.5 million** (**4.7%**) to **$189.6 million**[14](index=14&type=chunk) - Operating expenses increased primarily due to higher variable content costs, including podcast profit share and third-party digital costs, related to revenue growth[15](index=15&type=chunk) [Audio & Media Services Group Results](index=5&type=section&id=Second%20Quarter%202025%20Audio%20%26%20Media%20Services%20Group%20Results) The Audio & Media Services Group experienced a 3.3% year-over-year revenue decrease in Q2 2025, mainly due to lower political revenues (2024 being a presidential election year) and a decline in broadcast advertising. Despite a decrease in operating expenses, Segment Adjusted EBITDA saw a marginal decline, though the Adjusted EBITDA margin improved | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :--------- | | Revenue | $67,736 | $70,082 | (3.3%) | | Operating expenses | $44,015 | $46,233 | (4.8%) | | Segment Adjusted EBITDA | $23,721 | $23,849 | (0.5%) | | Segment Adjusted EBITDA margin | 35.0% | 34.0% | 1.0 pp | - Revenue decreased primarily due to lower political revenues (2024 was a presidential election year) and a decrease in broadcast advertising, partially offset by increased digital advertising demand[17](index=17&type=chunk) - Operating expenses decreased due to reduced employee compensation costs from modernization initiatives[18](index=18&type=chunk) [Liquidity and Financial Position](index=6&type=section&id=Liquidity%20and%20Financial%20Position) [Liquidity and Financial Position Overview](index=6&type=section&id=Liquidity%20and%20Financial%20Position%20Overview) As of June 30, 2025, iHeartMedia maintained a cash balance of $235.9 million and total available liquidity of $526.7 million. The company reported cash used for operating activities of $54.1 million and capital expenditures of $39.7 million for the six months ended June 30, 2025, with total debt at $5,137.5 million and Net Debt at $4,635.3 million | Metric | As of June 30, 2025 (in millions) | | :-------------------------------- | :-------------------------------- | | Cash balance | $235.9 | | Total available liquidity | $526.7 | | Cash used for operating activities (6 months) | $54.1 | | Cash used for investing activities (6 months) | $40.6 | | Cash provided by financing activities (6 months) | $70.7 | | Capital expenditures (6 months) | $39.7 | | Total debt | $5,137.5 | | Net Debt | $4,635.3 | [Revenue Streams Overview](index=7&type=section&id=Revenue%20Streams) [Q2 2025 Revenue by Stream](index=7&type=section&id=Q2%202025%20Revenue%20by%20Stream) A detailed breakdown of revenue streams for Q2 2025 shows that Digital Audio Group, particularly Podcast revenue, was the primary growth driver, while Broadcast Radio and Sponsorship and Events within the Multiplatform Group experienced declines. Overall consolidated revenue increased slightly | Revenue Stream | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | **Multiplatform Group** | | | | | Broadcast Radio | $395,789 | $425,490 | (7.0%) | | Networks | $107,813 | $106,591 | 1.1% | | Sponsorship and Events | $36,485 | $39,121 | (6.7%) | | Other | $4,511 | $4,705 | (4.1%) | | *Total Multiplatform Group* | *$544,598* | *$575,907* | *(5.4%)* | | **Digital Audio Group** | | | | | Digital ex. Podcast | $189,560 | $181,093 | 4.7% | | Podcast | $134,296 | $104,521 | 28.5% | | *Total Digital Audio Group* | *$323,856* | *$285,614* | *13.4%* | | **Audio & Media Services Group** | *$67,736* | *$70,082* | *(3.3%)* | | **Revenue, total** | *$933,653* | *$929,092* | *0.5%* | [Company Information](index=8&type=section&id=About%20iHeartMedia%2C%20Inc.) [About iHeartMedia, Inc.](index=8&type=section&id=About%20iHeartMedia%2C%20Inc.%20Description) iHeartMedia is the leading audio company in the United States, reaching nine out of ten Americans monthly through its three business groups: Multiplatform, Digital Audio, and Audio & Media Services. These groups encompass broadcast radio, national sales, live events, podcasting, digital services, ad tech, and media representation - iHeartMedia is the **number one** audio company in the United States, reaching **nine out of 10 Americans** every month[28](index=28&type=chunk) - The Multiplatform Group includes **over 860** live broadcast stations, National Sales, live and virtual events, Premiere Networks, and SmartAudio for analytics and targeting[29](index=29&type=chunk) - The Digital Audio Group comprises the **number one** podcast publisher, the iHeartRadio digital service, digital sites, newsletters, digital advertising technology companies, and a strong social media presence[30](index=30&type=chunk) - The Audio & Media Services segment includes Katz Media Group (**largest** media representation company) and RCS (**leading** provider of broadcast and webcast software)[31](index=31&type=chunk) [Conference Call Information](index=8&type=section&id=Conference%20Call) iHeartMedia, Inc. will host a conference call on August 11, 2025, at 4:30 p.m. Eastern Time to discuss Q2 2025 results and business outlook, with replay options available for thirty days - Conference call to discuss results and business outlook on August 11, 2025, at 4:30 p.m. Eastern Time[27](index=27&type=chunk) - Dial-in numbers: (888) 596-4144 (U.S.) and +1 (646) 968-2525 (International), passcode 8885116[27](index=27&type=chunk) - A live audio webcast will be available on investors.iheartmedia.com, with a replay available for thirty days[27](index=27&type=chunk) [Forward-Looking Statements](index=9&type=section&id=Forward-Looking%20Statements) [Forward-Looking Statements Disclaimer](index=9&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section contains forward-looking statements regarding iHeartMedia's future performance, strategic initiatives, and financial outlook, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on these statements - Statements regarding guidance, beliefs, expectations, estimates, and forecasts are forward-looking and involve known and unknown risks and uncertainties[33](index=33&type=chunk) - Examples of forward-looking statements include those related to realizing debt exchange benefits, positioning in uncertain economic environments, anticipated growth, cost savings, new technologies, advertising demand, and future liquidity[33](index=33&type=chunk) - Key risks include global economic uncertainty, dependence on advertising revenues, competition, operating cost fluctuations, technological changes, and risks related to indebtedness and regulatory requirements[33](index=33&type=chunk) [Appendix: Financial Tables & Non-GAAP Reconciliations](index=10&type=section&id=APPENDIX) [Consolidated Operating Performance Comparison](index=10&type=section&id=TABLE%201%20-%20Comparison%20of%20operating%20performance) This table provides a comparison of consolidated operating performance for the three and six months ended June 30, 2025 and 2024, detailing revenue, various operating expenses, and Adjusted EBITDA | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $933,653 | $929,092 | $1,740,754 | $1,728,130 | | Direct operating expenses | $391,194 | $382,049 | $747,520 | $723,409 | | Selling, general and administrative expenses | $413,082 | $431,614 | $793,876 | $816,758 | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Operating income (loss) | $35,370 | ($909,667) | $9,936 | ($944,375) | | Adjusted EBITDA | $156,127 | $150,207 | $260,715 | $254,824 | [Consolidated Statements of Operations](index=11&type=section&id=TABLE%202%20-%20Statements%20of%20Operations) This table presents the full consolidated statements of operations, including revenue, operating expenses, interest expense, net loss, and net loss attributable to the company for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $933,653 | $929,092 | $1,740,754 | $1,728,130 | | Operating income (loss) | $35,370 | ($909,667) | $9,936 | ($944,375) | | Interest expense, net | $100,894 | $95,577 | $201,280 | $191,092 | | Loss before income taxes | ($65,735) | ($1,005,948) | ($211,259) | ($1,044,718) | | Income tax benefit (expense) | ($18,253) | $23,959 | ($153,612) | $44,621 | | Net loss | ($83,988) | ($981,989) | ($364,871) | ($1,000,097) | | Net loss attributable to the Company | ($83,480) | ($981,658) | ($364,704) | ($1,000,166) | [Selected Balance Sheet Information](index=11&type=section&id=TABLE%203%20-%20Selected%20Balance%20Sheet%20Information) This table provides selected balance sheet information, highlighting key assets, liabilities, and stockholders' deficit as of June 30, 2025, compared to December 31, 2024 | (In millions) | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Cash | $235.9 | $259.6 | | Total Current Assets | $1,348.2 | $1,361.8 | | Net Property, Plant and Equipment | $451.3 | $489.8 | | Total Assets | $5,379.3 | $5,571.7 | | Current Liabilities (excl. current portion of long-term debt) | $825.4 | $847.8 | | Long-term Debt (incl. current portion) | $5,137.5 | $5,071.5 | | Stockholders' Deficit | ($1,726.2) | ($1,371.8) | [Supplemental Disclosure Regarding Non-GAAP Financial Information](index=12&type=section&id=Supplemental%20Disclosure%20Regarding%20Non-GAAP%20Financial%20Information) This section defines iHeartMedia's non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, revenue excluding political advertising, and Net Debt. It explains how these measures are calculated, their utility for management and investors in evaluating operating performance and liquidity, and clarifies their limitations as non-GAAP metrics - **Adjusted EBITDA** is defined as consolidated Operating income (loss) adjusted for restructuring, share-based compensation, depreciation, amortization, impairment, and other operating expenses, used to evaluate operating performance and for management compensation[39](index=39&type=chunk)[40](index=40&type=chunk) - **Free Cash Flow** is defined as Cash provided by (used for) operating activities less capital expenditures, used to evaluate liquidity and ability to generate cash flow after necessary ongoing operations[43](index=43&type=chunk) - **Net Debt** is defined as Total Debt less Cash and cash equivalents and Debt Premium, used to evaluate the Company's ability to service long-term debt obligations[46](index=46&type=chunk) [Reconciliation of Operating Income (Loss) to Adjusted EBITDA](index=14&type=section&id=Reconciliation%20of%20Operating%20income%20%28loss%29%20to%20Adjusted%20EBITDA) This table provides a reconciliation of GAAP Operating income (loss) to Adjusted EBITDA, detailing the adjustments made for non-cash and non-recurring items for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating income (loss) | $35,370 | ($909,667) | $9,936 | ($944,375) | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Other operating expense | $1,086 | $516 | $1,745 | $1,088 | | Restructuring expenses | $19,490 | $27,558 | $45,068 | $51,161 | | Share-based compensation expense | $7,260 | $7,220 | $16,289 | $15,700 | | Adjusted EBITDA | $156,127 | $150,207 | $260,715 | $254,824 | [Reconciliation of Net Loss to EBITDA and Adjusted EBITDA](index=15&type=section&id=Reconciliation%20of%20Net%20loss%20to%20EBITDA%20and%20Adjusted%20EBITDA) This table reconciles GAAP Net loss to EBITDA and then to Adjusted EBITDA, providing a comprehensive view of adjustments for non-operating and non-cash items for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | ($83,988) | ($981,989) | ($364,871) | ($1,000,097) | | Income tax expense (benefit) | $18,253 | ($23,959) | $153,612 | ($44,621) | | Interest expense, net | $100,894 | $95,577 | $201,280 | $191,092 | | Depreciation and amortization | $90,369 | $104,356 | $182,270 | $209,518 | | EBITDA | $125,528 | ($806,015) | $172,291 | ($644,108) | | (Gain) loss on investments, net | $901 | $412 | $19,495 | ($91,582) | | Loss on extinguishment of debt | $263 | — | $1,460 | — | | Impairment charges | $2,552 | $920,224 | $5,407 | $921,732 | | Restructuring expenses | $19,490 | $27,558 | $45,068 | $51,161 | | Share-based compensation expense | $7,260 | $7,220 | $16,289 | $15,700 | | Adjusted EBITDA | $156,127 | $150,207 | $260,715 | $254,824 | [Reconciliation of Cash Provided by (Used for) Operating Activities to Free Cash Flow](index=15&type=section&id=Reconciliation%20of%20Cash%20provided%20by%20%28used%20for%29%20operating%20activities%20to%20Free%20Cash%20Flow) This table reconciles cash provided by (used for) operating activities to Free Cash Flow by deducting capital expenditures for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cash provided by (used for) operating activities | $6,821 | $26,729 | ($54,123) | ($32,548) | | Purchases of property, plant and equipment | ($19,997) | ($21,172) | ($39,727) | ($42,754) | | Free cash flow | ($13,176) | $5,557 | ($93,850) | ($75,302) | [Reconciliation of Revenue to Revenue Excluding Political Advertising](index=16&type=section&id=Reconciliation%20of%20Revenue%20to%20Revenue%20excluding%20Political%20Advertising) This table provides a reconciliation of total revenue to revenue excluding political advertising for consolidated results and each business segment, illustrating the impact of political revenue on reported figures for the three and six months ended June 30, 2025 and 2024 | (In thousands) | Q2 2025 Revenue (in thousands) | Q2 2024 Revenue (in thousands) | Q2 2025 Excl. Political (in thousands) | Q2 2024 Excl. Political (in thousands) | | :------------------------------------------ | :----------------------------- | :----------------------------- | :------------------------------------- | :------------------------------------- | | Consolidated revenue | $933,653 | $929,092 | $927,500 | $914,185 | | Multiplatform Group revenue | $544,598 | $575,907 | $540,606 | $567,882 | | Digital Audio Group revenue | $323,856 | $285,614 | $322,543 | $284,404 | | Audio & Media Group Services revenue | $67,736 | $70,082 | $66,888 | $64,410 | [Reconciliation of Total Debt to Net Debt](index=16&type=section&id=Reconciliation%20of%20Total%20Debt%20to%20Net%20Debt) This table reconciles the company's total debt to Net Debt as of June 30, 2025, by subtracting debt premium and cash and cash equivalents | (In thousands) | June 30, 2025 | | :-------------------------- | :------------ | | Current portion of long-term debt | $73,726 | | Long-term debt | $5,063,792 | | Total debt | $5,137,518 | | Less: Debt premium | $266,302 | | Less: Cash and cash equivalents | $235,932 | | Net debt | $4,635,284 | [Detailed Segment Results](index=18&type=section&id=Segment%20Results) These tables present detailed segment results for the Multiplatform, Digital Audio, and Audio & Media Services Groups, including revenue, operating expenses, Segment Adjusted EBITDA, and Adjusted EBITDA margin for the three and six months ended June 30, 2025 and 2024, along with consolidated operating income/loss | (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Consolidated | | :-------------------------- | :------------------ | :------------------ | :--------------------------- | :----------- | | **Three Months Ended June 30, 2025** | | | | | | Revenue | $544,598 | $323,856 | $67,736 | $933,653 | | Operating expenses | $448,234 | $216,246 | $44,015 | $777,526 | | Segment Adjusted EBITDA | $96,364 | $107,610 | $23,721 | $156,127 | | Adjusted EBITDA margin | 17.7% | 33.2% | 35.0% | 16.7% | | Operating income | | | | $35,370 | | **Three Months Ended June 30, 2024** | | | | | | Revenue | $575,907 | $285,614 | $70,082 | $929,092 | | Operating expenses | $471,644 | $193,744 | $46,233 | $778,885 | | Segment Adjusted EBITDA | $104,263 | $91,870 | $23,849 | $150,207 | | Adjusted EBITDA margin | 18.1% | 32.2% | 34.0% | 16.2% | | (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Consolidated | | :-------------------------- | :------------------ | :------------------ | :--------------------------- | :----------- | | **Six Months Ended June 30, 2025** | | | | | | Revenue | $1,017,576 | $601,143 | $127,059 | $1,740,754 | | Operating expenses | $851,205 | $406,450 | $87,540 | $1,480,039 | | Segment Adjusted EBITDA | $166,371 | $194,693 | $39,519 | $260,715 | | Adjusted EBITDA margin | 16.3% | 32.4% | 31.1% | 15.0% | | Operating income | | | | $9,936 | | **Six Months Ended June 30, 2024** | | | | | | Revenue | $1,069,370 | $524,582 | $139,250 | $1,728,130 | | Operating expenses | $887,925 | $364,585 | $91,706 | $1,473,306 | | Segment Adjusted EBITDA | $181,445 | $159,997 | $47,544 | $254,824 | | Adjusted EBITDA margin | 17.0% | 30.5% | 34.1% | 14.7% | | Operating loss | | | | ($944,375) |

Core Insights - Businesses are preparing for significant changes in 2025, with AI applications moving beyond pilot phases to deliver measurable returns, enhancing customer experiences through advanced tools and data intelligence [12][15][16] Group 1: AI and Predictive Analytics Driving Growth - 65% of senior executives view AI and predictive analytics as primary growth drivers, enabling efficient large-scale personalization [17][18] - 61% of executives believe personalized experiences are critical for growth, with 53% reporting significant improvements in team efficiency due to generative AI [19][21] - Companies plan to increase investments in technology, data analytics, and digital media, with 80% intending to invest in new technologies and 79% in customer data and analytics [21][25] Group 2: Challenges in Customer Experience and Personalization - Despite recognizing the need to improve customer experiences, only 14% of practitioners can deliver exceptional digital experiences, a decline from 25% the previous year [33][34] - 71% of consumers expect brands to anticipate their needs, but only 34% of brands meet this expectation; 78% expect seamless experiences across channels, yet only 45% achieve this [35][36] - Data fragmentation hinders real-time personalization, with 75% of practitioners affected by this issue [42][44] Group 3: Generative AI and Agentic AI Opportunities - Generative AI is rapidly evolving, with nearly half of market leaders having implemented AI solutions, while followers struggle to demonstrate ROI [55][56] - Agentic AI presents new opportunities for enhancing workflows and customer experiences, with consumers increasingly preferring AI-powered assistance over traditional methods [74][75] - Successful AI applications require urgency and precision, with early adopters establishing robust ROI frameworks [60][66] Group 4: Organizational and Data Integration Challenges - Organizations face significant hurdles in integrating customer data, with privacy and governance concerns being major obstacles [15][51] - The ownership of the customer journey is often fragmented, leading to inconsistent experiences and wasted resources [15][33] - Companies are beginning to address these challenges by investing in unified data ecosystems and enhancing collaboration between marketing and technology teams [52][66]

Industry Collaboration - Two largest US radio broadcasters, Audacy and iHeartMedia, are partnering in a program distribution deal [1] Strategic Objectives - The deal aims to reach more listeners [1] - The collaboration seeks to better compete with streaming leader Spotify [1]

Financial Performance & Guidance - LiveOne reported Q3 FY2025 consolidated revenue of $29.4 million and adjusted EBITDA of $1.5 million[14] - Full Year FY2024 consolidated revenue was $118.4 million and adjusted EBITDA was $11.0 million[14] - Full FY2025 guidance projects consolidated revenue between $112 million and $120 million, with adjusted EBITDA between $6 million and $10 million[14] - The Audio Division (Slacker and PodcastOne) reported FY2024 revenue of $109.3 million and adjusted EBITDA of $20.6 million[14] - Audio Division's FY2025 revenue guidance is $106 million to $115 million, with adjusted EBITDA between $12 million and $20 million[14] PodcastOne (PODC) Highlights - PodcastOne reported Q3 FY2025 revenue of $12.7 million and adjusted EBITDA of -$670K[33] - Full Year FY2024 revenue for PodcastOne was $43.3 million and adjusted EBITDA was $663K[33] - LiveOne owns approximately 72% of PodcastOne's common stock[33] User & Content Metrics - LiveOne's Slacker Radio has over 50 million tracks in its music catalog and over 400,000 hours of podcast episodes[30] - Slacker Radio has over 100 million app downloads[30] - PodcastOne produces over 350 episodes weekly, resulting in over 600 million annual downloads[32] - PodcastOne has over 5.2 million monthly unique listeners[32] Market Opportunity - The global video streaming market is expected to reach $252 billion by 2029[21] - The live streaming pay-per-view market is expected to reach $2.3 billion by 2027, with a CAGR of 15% from 2020 to 2027[21] - The global licensed merchandise market is expected to reach $500 billion by 2030[21]

Group 1 - The media industry, particularly traditional broadcast radio companies, has faced significant challenges in recent years, exacerbated by the Covid-19 pandemic [1] - Prior to the pandemic, some companies in this sector appeared to be recovering from previous financial difficulties and were managing their debt loads effectively [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies discussed [2][3]

这是美国流行文化有史以来最糟糕的时代吗？ 最近，《大西洋月刊》（The Atlantic）旗下撰稿人Spencer Kornhaber写了一篇文章来论述这个命题，引发了不少音乐行业从业者关注。 这位记者采访了美国知名音乐历史学者Ted Gioia，后者直言不讳地指出，当代文化创作已陷入创造力枯竭的困境，艺术与娱乐的整体质感正在肉眼可见地 滑坡，其影响甚至辐射至一个国家的社会情绪与政治稳定。 尤其是音乐行业，愈来愈多的观察者质疑，音乐越来越不像一项艺术创作，更像一项由资本驱动的资产管理。甚至认为，大批私募公司的涌入，让经典曲 库不断侵蚀新作品的曝光与流通空间，令音乐生态逐渐趋于封闭与保守。 那么，在收听人群愈加全球化、创作环境空前开放的背景下，这种"经典老歌压倒新音乐"的论调真的成立吗？私募公司是否真正搅乱了音乐行业的市场？ 音乐行业的"衰落论" 近几年，音乐市场的"衰落叙事"已经成为美国顶级文学刊物中的敏感话题。 2023年，《纽约时报》一篇报道宣称，我们正处于自印刷术发明以来，文化上最缺乏创新、最缺乏变革、最缺乏开拓精神的世纪。 最近，数据分析公司YouGov的民意调查显示，美国人认为2020年代是一个世纪 ...

Core Insights - iHeartMedia reported a quarterly loss of $0.63 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.47, and a significant decline from a loss of $0.12 per share a year ago, indicating a surprise of -34.04% [1] - The company generated revenues of $807.1 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 2.19% and showing a slight increase from $799.04 million in the same quarter last year [2] - iHeartMedia's stock has declined approximately 36.4% year-to-date, contrasting with the S&P 500's decline of -3.8% [3] Earnings Outlook - The earnings outlook for iHeartMedia is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.16 on revenues of $907.39 million, and for the current fiscal year at -$0.31 on revenues of $3.71 billion [7] - The company's Zacks Rank is currently 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [6] Industry Context - The Broadcast Radio and Television industry, to which iHeartMedia belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated adjusted EBITDA of $105 million, flat compared to the prior year, and consolidated revenue increased by 1% year-over-year, exceeding guidance of a low single-digit decline [6][14] - The consolidated direct operating expenses rose by 4.4%, primarily due to higher variable content costs associated with digital growth [13] - The company reported a GAAP operating loss of $25.4 million, an improvement from a loss of $34.7 million in the prior year [14][18] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenue was $277 million, up 16% year-over-year, with adjusted EBITDA of $87 million, reflecting a 27.8% increase [7][16] - Podcast revenue within the Digital Audio Group grew by 28% year-over-year to $116 million, significantly above guidance [8][17] - The Multi-Platform Group's revenue was $473 million, down 4.2% year-over-year, with adjusted EBITDA declining by 9.3% to $70 million [9][17] - The Audio and Media Services Group reported revenue of $59 million, down 14.2% year-over-year, with adjusted EBITDA of $16 million, down 33.3% [10][18] Market Data and Key Metrics Changes - iHeartMedia's share of advertising revenue in measured markets grew to 40%, indicating a strong position among national advertisers [10][11] - The company noted that the largest gains in advertising revenue came from professional services, tech and telco, beauty and fitness, and education, while declines were seen in restaurants, auto, gambling, and political categories [12][13] Company Strategy and Development Direction - The company is focused on leveraging new technologies, including programmatic and AI, to enhance operational efficiency and drive growth [5][6] - The modernization program is expected to generate $150 million in net savings in 2025, primarily through technology and AI [11][14] - The company aims to continue its leadership in podcasting while also revitalizing growth in its broadcast radio business [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the advertising marketplace, noting stable ad spend despite economic uncertainties [5][19] - The company anticipates Q2 adjusted EBITDA in the range of $140 million to $160 million, with revenue expected to decline low single digits compared to the prior year [19] - Management highlighted the importance of macroeconomic improvements for maintaining full-year guidance [19] Other Important Information - The company reported a net debt of approximately $4.6 billion and total liquidity of $569 million, with a cash balance of $168 million [18] - Free cash flow for Q1 was negative $80.7 million, consistent with the prior year, but positive free cash flow is expected in the remaining quarters of 2025 [18] Q&A Session Summary Question: Insights on the advertising market and visibility - Management noted that larger advertisers are maintaining their spending, while small and medium-sized businesses are more affected by economic news [24][25] Question: Market share and terrestrial radio industry outlook - Management emphasized that broadcast radio has more listeners than a decade ago, and the focus is on monetization as the industry transitions to digital platforms [28][29] Question: Podcasting growth drivers - Management attributed podcasting growth to having popular content and a large audience, with a diversified portfolio across categories [39][40] Question: Impact of Nielsen's updated ratings methodology - Management expressed optimism about Nielsen's efforts to capture more accurate listening data, which is crucial for advertising effectiveness [55] Question: Programmatic advertising adoption - Management indicated that while programmatic advertising is progressing, it has not yet materially impacted Premier Networks' performance [59] Question: Podcasting revenue growth sources - Management confirmed that growth in podcasting revenue comes from both increased rates and volume of impressions delivered [61]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated adjusted EBITDA of $105 million, flat compared to the prior year, and consolidated revenue increased by 1% year-over-year, exceeding guidance of a low single-digit decline [6][15][20] - The company's net debt was approximately $4.6 billion, with total liquidity of $569 million and a cash balance of $168 million, resulting in a net debt to adjusted EBITDA ratio of 6.5 times [19] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenue was $277 million, up 16% year-over-year, with adjusted EBITDA of $87 million, a 27.8% increase, and adjusted EBITDA margins improved to 31.4% from 28.5% [7][18] - The Multi-Platform Group's revenue was $473 million, down 4.2% year-over-year, with adjusted EBITDA of $70 million, down 9.3% [9][18] - The Audio and Media Services Group's revenue was $59 million, down 14.2% year-over-year, with adjusted EBITDA of $16 million, down 33.3% [19] Market Data and Key Metrics Changes - iHeartMedia's share of advertising revenue in measured markets grew to 40%, indicating a strong position among national advertisers [10][11] - The company reported that the largest gains in advertising revenue came from professional services, tech and telco, beauty and fitness, and education, while declines were seen in restaurants, auto, gambling, and political categories [13] Company Strategy and Development Direction - The company remains committed to leveraging new technologies, including programmatic and AI, to enhance operational efficiency and drive growth [5][11] - The modernization program is on track to generate $150 million in net savings in 2025, primarily through technology and AI [11][15] Management's Comments on Operating Environment and Future Outlook - Management noted generally stable ad spend but emphasized the need to monitor the advertising marketplace closely due to economic uncertainty [5] - The company expects Q2 2025 adjusted EBITDA to be in the range of $140 million to $160 million, with consolidated revenue anticipated to decline low single digits compared to the prior year [20] Other Important Information - Podcast revenue grew by 28% year-over-year, significantly exceeding guidance, and the company is experiencing a flywheel effect in podcast publishing [8][18] - The company has a large sales force of approximately 1,000 people selling podcasts and other products, contributing to its competitive advantage [44] Q&A Session Summary Question: Insights on the ad market and visibility - Management indicated that larger advertisers are maintaining their spending, while small and medium-sized businesses are more affected by economic news [26][30] Question: Market share and terrestrial radio industry - Management expressed confidence in increasing market share beyond 40% due to a strong listener base and ongoing transformation in monetization strategies [30][34] Question: Podcasting growth and competition with video - Management highlighted the strength of their podcast offerings and audience, asserting that podcasting remains distinct from video content [40][42] Question: Cost savings and future opportunities - The $27 million in cost savings for Q1 was not a run rate but an actual impact, with expectations of continued savings throughout the year [52] Question: Nielsen's updated ratings methodology - Management welcomed Nielsen's efforts to capture more accurate listening data, which is crucial for advertising effectiveness [56] Question: Programmatic advertising adoption - Management noted that while programmatic advertising is progressing, it has not yet materially impacted Premier Networks' revenue [60]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated adjusted EBITDA of $105 million, flat compared to the prior year, and consolidated revenue increased by 1% year-over-year, exceeding guidance of a low single-digit decline [5][11][13] - The consolidated direct operating expenses rose by 4.4%, primarily due to higher variable content costs associated with digital growth [12] - The company reported a GAAP operating loss of $25.4 million, an improvement from a loss of $34.7 million in the prior year [13][17] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenue was $277 million, up 16% year-over-year, with adjusted EBITDA of $87 million, a 27.8% increase [6][14] - Podcast revenue within the Digital Audio Group grew by 28% year-over-year, significantly above guidance [6][15] - The Multi-Platform Group's revenue was $473 million, down 4.2% year-over-year, with adjusted EBITDA of $70 million, down 9.3% [7][16] - The Audio and Media Services Group's revenue decreased by 14.2% year-over-year to $59 million, with adjusted EBITDA down 33.3% [9][17] Market Data and Key Metrics Changes - iHeartMedia's share of advertising revenue in measured markets grew to 40%, indicating a strong position among national advertisers [8][9] - The company noted that the largest gains in advertising revenue came from professional services, tech and telco, beauty and fitness, and education, while declines were seen in restaurants, auto, gambling, and political categories [11][12] Company Strategy and Development Direction - The company is focused on leveraging new technologies, including programmatic and AI, to enhance operational efficiency and drive growth [4][5] - A modernization program is expected to generate $150 million in net savings in 2025, primarily through technology and AI [9][13] - The company aims to reignite growth in its broadcast radio business while maintaining leadership in podcasting [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the advertising marketplace, noting stable ad spend despite economic uncertainties [4][11] - The company anticipates Q2 2025 adjusted EBITDA in the range of $140 million to $160 million, with revenue expected to decline low single digits compared to the prior year [18] - Future guidance remains contingent on macroeconomic conditions improving in the latter half of the year [19] Other Important Information - The company reported a net debt of approximately $4.6 billion and total liquidity of $569 million, with a cash balance of $168 million [17] - Free cash flow for Q1 was negative $80.7 million, consistent with the prior year, but positive free cash flow is expected in the remaining quarters of 2025 [17] Q&A Session Summary Question: Insights on the advertising market and visibility - Management noted that larger advertisers are maintaining their spending, while small and medium-sized businesses are more affected by economic news [22][23] Question: Market share in terrestrial radio - Management highlighted that broadcast radio has more listeners than a decade ago, and the focus is on monetization through digital platforms [27][28] Question: Podcasting growth drivers - The company emphasized its strong podcast portfolio and audience, which continues to grow, contributing to revenue acceleration [35][38] Question: Cost savings and future opportunities - The $27 million in cost savings for Q1 was actual impact, with expectations of continued savings throughout the year [50][51] Question: Nielsen's updated ratings methodology - Management expressed optimism about Nielsen's efforts to capture more accurate listening data, which is crucial for advertising effectiveness [53][54] Question: Programmatic advertising adoption - Management indicated that while programmatic advertising is progressing, it has not yet materially impacted Premier Networks' performance [58][59]