Financial Data and Key Metrics Changes - In Q3 2025, the company generated an EBITDA of $205 million, slightly above the midpoint of the guidance range of $180-$220 million and flat compared to the prior year [4][15] - Consolidated revenue for the quarter was down 1.1% year-over-year, at the high end of the guidance of down low single digits [12][20] - Excluding political impacts, consolidated revenue was up 2.8% [12][20] - The company reported a GAAP operating loss of $116 million, including a $209 million impairment charge related to FCC licenses [15] Business Line Data and Key Metrics Changes - The Digital Audio Group generated revenue of $342 million, up 13.5% year-over-year, and adjusted EBITDA of $130 million, up 30.3% [4][16] - Podcast revenue within the Digital Audio Group was $140 million, growing 22.5% year-over-year [17] - Non-podcast digital revenue grew 8% year-over-year to $202 million [17] - The Multi-Platform Group's revenue was $591 million, down 4.6% year-over-year, with adjusted EBITDA of $119 million, down 8.3% [6][17] - The Audio and Media Services Group revenue was $67 million, down 26% year-over-year [18] Market Data and Key Metrics Changes - The largest advertising category gainers were healthcare, telecom, professional services, and retail, while political, financial services, food and beverage, and entertainment saw declines [12][13] - The company has diversified advertising revenue, with no category exceeding 5% of total advertising revenue [12] Company Strategy and Development Direction - The company aims to achieve full-year adjusted EBITDA margins in the mid-30s and is focused on maximizing operational efficiency through technology and cost management [5][10] - A new partnership with TikTok was announced, which will integrate TikTok creators into iHeart's ecosystem, enhancing monetization opportunities [6][22] - The company is investing in its proprietary audience database to improve targeting and measurement capabilities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the advertising environment, noting positive discussions with advertisers despite potential uncertainties from a government shutdown [10][30] - The company expects to generate meaningful free cash flow in Q4 and anticipates a strong revenue cycle for political advertising in the upcoming election year [19][27] Other Important Information - The company is on track to generate $150 million in net savings for 2025, with an additional $50 million in savings expected to begin in 2026 [9][15] - The net debt at the end of the quarter was approximately $4.7 billion, with total liquidity of $510 million [20] Q&A Session Summary Question: Free cash flow and debt repayment strategy - Management acknowledged the negative free cash flow in Q3 but expects meaningful cash flow in Q4, with plans to repay the ABL facility [24][25] Question: Multi-Platform Group revenue trends - Management confirmed that Q3 revenue for the Multi-Platform Group met expectations and expressed confidence in future growth [26][27] Question: Programmatic initiatives and revenue impact - Management stated that agreements with major DSPs are in place, and programmatic initiatives are expected to grow similarly to podcasting revenue [33][34] Question: Podcasting growth sustainability - Management indicated that podcasting revenue growth remains strong, with local advertising contributing significantly [51][54] Question: Competitive advertising environment - Management noted that radio advertising is experiencing a renaissance, with studies showing its effectiveness in campaigns [59][60] Question: Sponsorship and events revenue outlook - Management clarified that the decline in sponsorship revenue is due to minor issues and expects stability moving forward [75][76]

Third Quarter 2025 Investor Presentation 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 different from any future results, performance or achievements expressed or im ...

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 [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]

Q1 2025 Consolidated Results - Q1 Revenue reached $807 million, a 10% increase year-over-year; excluding political revenue, the increase was 18%[10] - Consolidated Adjusted EBITDA remained flat at $105 million compared to Q1 2024[10] - The company's cash balance and total available liquidity stood at $168 million and $559 million, respectively, as of March 31, 2025[10] - Free Cash Flow was $(81) million[10] Digital Audio Group Results - Digital Audio Group Revenue increased by 16% to $277 million[10] - Podcast Revenue grew by 28% to $116 million[10] - Digital Revenue excluding Podcast increased by 9% to $161 million[10] - Digital Audio Group Adjusted EBITDA margin was 314%[10] Multiplatform Group Results - Multiplatform Group Revenue decreased by 4% to $473 million; excluding political revenue, the decrease was 3%[10] - Multiplatform Group Adjusted EBITDA margin was 148%[10] Modernization Program - The company is on track with its modernization program, expecting $150 million in net savings in 2025, primarily driven by technology and AI[28]