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]