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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________
Commission File Number
001-38987
IHEARTMEDIA, INC.
(Exact name of registrant as specified in its charter)
Delaware26-0241222
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
20880 Stone Oak Parkway
San Antonio, Texas78258
(Address of principal executive offices)(Zip Code)
(210) 822-2828
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.001 per shareIHRTThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated Filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at May 6, 2024
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Class A Common Stock, $.001 par value123,451,749 
Class B Common Stock, $.001 par value21,346,613 



IHEARTMEDIA, INC.
INDEX


PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)March 31,
2024		December 31,
2023
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents$361,403 $346,382 
Accounts receivable, net of allowance of $37,742 in 2024 and $38,055 in 2023
878,353 1,041,214 
Prepaid expenses135,234 93,131 
Other current assets38,082 26,189 
Total Current Assets1,413,072 1,506,916 
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net529,114 558,865 
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses and other1,114,479 1,113,979 
Other intangibles, net1,111,236 1,173,210 
Goodwill1,721,349 1,721,483 
OTHER ASSETS
Operating lease right-of-use assets693,545 704,992 
Other assets175,517 173,166 
Total Assets$6,758,312 $6,952,611 
CURRENT LIABILITIES  
Accounts payable$215,410 $236,162 
Current operating lease liabilities73,775 73,832 
Accrued expenses196,110 317,575 
Accrued interest53,164 61,987 
Deferred revenue163,310 158,540 
Current portion of long-term debt289 340 
Total Current Liabilities702,058 848,436 
Long-term debt5,216,503 5,214,810 
Noncurrent operating lease liabilities749,365 762,820 
Deferred income taxes315,679 339,768 
Other long-term liabilities173,281 171,535 
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS' DEFICIT
Noncontrolling interest6,400 9,397 
Preferred stock, par value $.001 per share, 100,000,000 shares authorized, no shares issued and outstanding
— — 
Class A Common Stock, par value $.001 per share, authorized 1,000,000,000 shares, issued and outstanding 124,416,225 and 124,299,288 shares in 2024 and 2023, respectively
125 125 
Class B Common Stock, par value $.001 per share, authorized 1,000,000,000 shares, issued and outstanding 21,346,613 and 21,347,363 shares in 2024 and 2023, respectively
21 21 
Special Warrants, 5,043,336 and 5,101,870 issued and outstanding in 2024 and 2023, respectively
— — 
Additional paid-in capital2,955,043 2,947,096 
Accumulated deficit(3,348,650)(3,330,142)
Accumulated other comprehensive loss(1,347)(1,128)
Cost of shares (999,647 in 2024 and 983,589 in 2023) held in treasury
(10,166)(10,127)
Total Stockholders' Deficit(398,574)(384,758)
Total Liabilities and Stockholders' Deficit$6,758,312 $6,952,611 
See Notes to Consolidated Financial Statements
1

IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
(In thousands, except per share data)Three Months Ended March 31,
20242023
Revenue$799,038 $811,239 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)341,360 344,620 
Selling, general and administrative expenses (excludes depreciation and amortization)385,144 402,801 
Depreciation and amortization105,162 108,512 
Impairment charges1,508 3,947 
Other operating expense, net572 221 
Operating loss(34,708)(48,862)
Interest expense, net95,515 95,457 
Gain (loss) on investments, net91,994 (6,505)
Equity in earnings (loss) of nonconsolidated affiliates(45)40 
Gain on extinguishment of debt— 4,625 
Other expense, net(496)(99)
Loss before income taxes(38,770)(146,258)
Income tax benefit (expense)20,662 (76,105)
Net loss(18,108)(222,363)
Less amount attributable to noncontrolling interest400 (103)
Net loss attributable to the Company$(18,508)$(222,260)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments(219)(46)
Other comprehensive loss, net of tax(219)(46)
Comprehensive loss(18,727)(222,306)
Less amount attributable to noncontrolling interest— — 
Comprehensive loss attributable to the Company$(18,727)$(222,306)
Net loss attributable to the Company per common share:
     Basic$(0.12)$(1.50)
Weighted average common shares outstanding - Basic149,795 148,365 
     Diluted$(0.12)$(1.50)
Weighted average common shares outstanding - Diluted149,795 148,365 

See Notes to Consolidated Financial Statements
2

IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(UNAUDITED)
(In thousands, except share data)Controlling Interest
Common Shares(1)
Non-
controlling
Interest		Common
Stock		Additional
Paid-in
Capital		Accumulated DeficitAccumulated
Other
Comprehensive Loss		Treasury
Stock
Class A SharesClass B
Shares		Special WarrantsTotal
Balances at
December 31, 2023
124,299,288 21,347,363 5,101,870 $9,397 $146 $2,947,096 $(3,330,142)$(1,128)$(10,127)$(384,758)
Net income (loss)400 — — (18,508)— — (18,108)
Vesting of restricted stock and other57,653 — — — — — (39)(39)
Share-based compensation
— — 7,947 — — — 7,947 
Dividends declared and paid to noncontrolling interests(3,397)— — — — — (3,397)
Conversion of Special Warrants to Class A and Class B Shares
58,534 — (58,534)— — — — — — — 
Conversion of Class B Shares to Class A Shares750 (750)— — — — — — — 
Other comprehensive loss— — — — (219)— (219)
Balances at
March 31, 2024
124,416,225 21,346,613 5,043,336 $6,400 $146 $2,955,043 $(3,348,650)$(1,347)$(10,166)$(398,574)

(In thousands, except share data)Controlling Interest
Common Shares(1)
Non-
controlling
Interest		Common
Stock		Additional
Paid-in
Capital		Accumulated DeficitAccumulated
Other
Comprehensive Loss		Treasury
Stock
Class A SharesClass B
Shares		Special WarrantsTotal
Balances at
December 31, 2022
122,370,425 21,477,181 5,111,312 $9,609 $144 $2,912,500 $(2,227,482)$(1,331)$(8,934)$684,506 
Net loss(103)— — (222,260)— — (222,363)
Vesting of restricted stock and other7,513 — — — — — (24)(24)
Share-based compensation
— — 10,152 — — — 10,152 
Dividends declared and paid to noncontrolling interests(321)— — — — — (321)
Conversion of Class B Shares to Class A Shares7,262 (7,262)— — — — — — — 
Other comprehensive loss— — — — (46)— (46)
Balances at
March 31, 2023
122,385,200 21,469,919 5,111,312 $9,185 $144 $2,922,652 $(2,449,742)$(1,377)$(8,958)$471,904 
(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022.
See Notes to Consolidated Financial Statements
3

IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)Three Months Ended March 31,
20242023
Cash flows from operating activities:
Net loss$(18,108)$(222,363)
Reconciling items:
Impairment charges1,508 3,947 
Depreciation and amortization105,162 108,512 
Deferred taxes(24,080)72,620 
Provision for doubtful accounts2,906 6,441 
Amortization of deferred financing charges and note discounts, net1,730 1,656 
Share-based compensation7,947 10,152 
(Gain) Loss on disposal of operating and other assets132 (278)
(Gain) Loss on investments(91,994)6,505 
Equity in (earnings) loss of nonconsolidated affiliates45 (40)
Gain on extinguishment of debt— (4,625)
Barter and trade income(8,749)(8,007)
Other reconciling items, net507 89 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable153,799 94,759 
Increase in prepaid & other current assets(54,484)(37,032)
(Increase) Decrease in other long-term assets368 (1,521)
Decrease in accounts payable(12,267)(63,187)
Decrease in accrued expenses(122,864)(71,459)
Decrease in accrued interest(8,823)(6,222)
Increase in deferred revenue8,260 16,829 
Increase in other long-term liabilities(272)(759)
Cash used for operating activities(59,277)(93,983)
Cash flows from investing activities:
Proceeds from sale of investments101,405 — 
Purchases of property, plant and equipment(21,582)(39,165)
Change in other, net(1,808)744 
Cash provided by (used for) investing activities78,015 (38,421)
Cash flows from financing activities:
Payments on long-term debt and credit facilities(111)(15,593)
Dividends and other payments to noncontrolling interests(3,397)(321)
Change in other, net(40)(24)
Cash used for financing activities(3,548)(15,938)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(169)39 
Net increase (decrease) in cash, cash equivalents and restricted cash15,021 (148,303)
Cash, cash equivalents and restricted cash at beginning of period346,382 336,661 
Cash, cash equivalents and restricted cash at end of period$361,403 $188,358 
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest$105,863 $101,759 
Cash paid for income taxes1,033 3,160 
See Notes to Consolidated Financial Statements
4


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 – BASIS OF PRESENTATION
Preparation of Interim Financial Statements
All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to iHeartMedia, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The Company reports based on three reportable segments:
▪the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;
▪the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and
▪the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling interest or is the primary beneficiary. Investments in companies which the Company does not control but exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process.
Economic Conditions
The Company's advertising revenue, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and inflation have contributed to a challenging macroeconomic environment since 2022. This challenging environment has led to broader market uncertainty and has delayed the Company's expected recovery and has had an adverse impact on the Company's revenues, cash flows, and trading values of the Company's debt and equity securities. The current market uncertainty and macroeconomic conditions, a recession, or a downturn in the U.S. economy could have a significant impact on the Company's ability to generate revenue and cash flows.
As of March 31, 2024, the Company had approximately $361.4 million in cash and cash equivalents, and the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility") had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. The Company's total available liquidity as of March 31, 2024 was approximately $788.2 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year.
Reclassifications
Certain prior period amounts have been reclassified to conform to the 2024 presentation.
Restricted Cash 
As of March 31, 2024 and December 31, 2023, the Company did not have any restricted cash balances on the Consolidated Balance Sheets.
Certain Relationships and Related Party Transactions
From time to time, certain companies in which the Company holds minority equity interests, purchase advertising in the ordinary course. None of these ordinary course transactions have had a material impact on the Company.
5


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
New Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of expenses provided to the CODM that are included within the reported measure of segment profit or loss. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard on our disclosures, including timing of adoption.
In December 2023, the FASB issued Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard on our annual disclosures, including timing of adoption.

NOTE 2 – REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three months ended March 31, 2024 and 2023:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended March 31, 2024
Revenue from contracts with customers:
  Broadcast Radio(1)
$359,338 $— $— $— $359,338 
  Networks(2)
102,051 — — — 102,051 
  Sponsorship and Events(3)
27,829 — — — 27,829 
  Digital, excluding Podcast(4)
— 148,344 — (1,185)147,159 
  Podcast(5)
— 90,624 — — 90,624 
  Audio & Media Services(6)
— — 69,168 (1,376)67,792 
  Other(7)
4,095 — — — 4,095 
     Total493,313 238,968 69,168 (2,561)798,888 
Revenue from leases(8)
150 — — — 150 
Revenue, total$493,463 $238,968 $69,168 $(2,561)$799,038 
Three Months Ended March 31, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$383,238 $— $— $— $383,238 
  Networks(2)
107,954 — — — 107,954 
  Sponsorship and Events(3)
32,587 — — — 32,587 
  Digital, excluding Podcast(4)
— 146,585 — (1,189)145,396 
  Podcast(5)
— 76,811 — — 76,811 
  Audio & Media Services(6)
— — 61,351 (1,332)60,019 
  Other(7)
4,924 — — — 4,924 
Total528,703 223,396 61,351 (2,521)810,929 
Revenue from leases(8)
310 310 
Revenue, total$529,013 $223,396 $61,351 $(2,521)$811,239 
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.
(2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies.
6


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent.
(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.
(5)Podcast revenue is generated through the sale of advertising on the Company's podcast network.
(6)Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.
(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.
(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.

Trade and Barter
Trade and barter transactions represent the exchange of advertising spots for merchandise, services, advertising and promotion or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots promised to the customer. The revenues and expenses may not be recognized in the same period depending on the timing of the services, advertising or promotion received in exchange for advertising spots. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
Three Months Ended
March 31,
(In thousands)20242023
  Trade and barter revenues$41,305 $45,029 
  Trade and barter expenses34,181 47,386 

In addition to the trade and barter revenue in the table above, the Company recognized $8.7 million and $8.0 million during the three months ended March 31, 2024 and 2023, respectively, in connection with investments made in companies in exchange for advertising services.

The following tables show the Company’s deferred revenue balance from contracts with customers:
Three Months Ended
March 31,
(In thousands)20242023
Deferred revenue from contracts with customers:
  Beginning balance(1)
$181,899 $157,910 
    Revenue recognized, included in beginning balance(73,928)(56,133)
    Additions, net of revenue recognized during period, and other77,864 68,904 
  Ending balance$185,835 $170,681 
(1) Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized.

7


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The Company’s contracts with customers generally have terms of one year or less; however, as of March 31, 2024, the Company expects to recognize $253.1 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with substantially all of this amount to be recognized over the next five years. Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales.
Revenue from Leases
As of March 31, 2024, the future lease payments to be received by the Company are as follows:
(In thousands)
2024$185 
2025132 
202672 
202730 
202815 
Thereafter— 
  Total$434 

NOTE 3 – LEASES
The Company enters into operating lease contracts for land, buildings, structures and other equipment. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases primarily include land and building lease contracts and leases of radio towers. Arrangements to lease building space consist primarily of the rental of office space, but may also include leases of other equipment, including automobiles and copiers. Operating leases are reflected on the Company's balance sheet within Operating lease right-of-use assets ("ROU assets") and the related short-term and long-term liabilities are included within Current and Noncurrent operating lease liabilities, respectively.
The Company's finance leases are included within Property, plant and equipment with the related liabilities included within Long-term debt.
ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term.
The Company tests for impairment of assets whenever events and circumstances indicate that such assets might be impaired.
During the three months ended March 31, 2024, and 2023, we recognized non-cash impairment charges of $1.5 million and $3.9 million, respectively, due to changes in sublease assumptions for ROU assets related to certain operating leases for which management has made proactive decisions to abandon and sublease in connection with strategic actions to streamline the Company’s real estate footprint.
The implicit rate within the Company's lease agreements is generally not determinable. As such, the Company uses the incremental borrowing rate ("IBR") to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC 842, is "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment."
8


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table provides supplemental cash flow information related to leases for the periods presented:
Three Months Ended March 31,
(In thousands)20242023
Cash paid for amounts included in measurement of operating lease liabilities$37,293 $32,963 
Lease liabilities arising from obtaining right-of-use assets(1)
5,751 4,821 
(1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2024 and 2023, respectively.
The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The non-cash operating lease expense was $15.6 million and $18.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

NOTE 4– PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)March 31,
2024		December 31,
2023
Land, buildings and improvements$319,589 $316,655 
Towers, transmitters and studio equipment197,895 195,609 
Computer equipment and software690,470 685,417 
Furniture and other equipment47,872 47,684 
Construction in progress18,321 16,473 
1,274,147 1,261,838 
Less: accumulated depreciation745,033 702,973 
Property, plant and equipment, net$529,114 $558,865 
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets primarily consist of Federal Communications Commission ("FCC") broadcast licenses in its Multiplatform Group segment.
Other Intangible Assets
Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.

9


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands)March 31, 2024December 31, 2023
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,623 $(842,639)$1,652,623 $(800,377)
Talent and other contracts338,900 (214,143)338,900 (203,479)
Trademarks and tradenames335,912 (164,963)335,912 (156,468)
Other18,003 (12,457)18,003 (11,904)
Total$2,345,438 $(1,234,202)$2,345,438 $(1,172,228)
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2025$213,758 
2026201,512 
2027176,171 
2028160,395 
2029121,622 

Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of December 31, 2023(1)
$1,340,459 $311,426 $69,598 $1,721,483 
Foreign currency— (73)(61)(134)
Balance as of March 31, 2024
$1,340,459 $311,353 $69,537 $1,721,349 
(1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to our Multiplatform Group, $439.4 million related to our Digital Audio Group and $34.5 million related to our Audio & Media Services Group.
10


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 5 – LONG-TERM DEBT
Long-term debt outstanding for the Company consisted of the following:
(In thousands)March 31, 2024December 31, 2023
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2027(1)
— — 
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(2)
3,429 3,367 
Total consolidated secured debt4,318,681 4,318,619 
8.375% Senior Unsecured Notes due 2027
916,357 916,357 
Original issue discount(6,785)(7,558)
Long-term debt fees(11,461)(12,268)
Total debt5,216,792 5,215,150 
Less: Current portion289 340 
Total long-term debt$5,216,503 $5,214,810 
(1)As of March 31, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability.
(2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045.
The Company’s weighted average interest rate was 7.3% as of March 31, 2024 and December 31, 2023. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.0 billion and $4.2 billion as of March 31, 2024 and December 31, 2023, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. As of March 31, 2024, we were in compliance with all covenants related to our debt agreements.
On June 15, 2023, iHeartCommunications, Inc. ("iHeartCommunications"), a wholly-owned subsidiary of iHeartMedia, entered into an amendment to the credit agreement governing its term loan credit facilities (the "Term Loan Facility"). The amendment replaces the prior Eurocurrency interest rate, based upon LIBOR, with the Secured Overnight Financing Rate (“SOFR”) successor rate plus a SOFR adjustment as specified in the credit agreement. The Term Loan Facility margins remain the same with the Term Loan Facility due 2026 containing margins of 3.00% for Term SOFR Loans (as defined in the credit agreement) and 2.00% for Base Rate Loans (as defined in the credit agreement), and the incremental Term Loan Facility due 2026 containing margins of 3.25% for Term SOFR Loans with a floor of 0.50% and 2.25% for Base Rate Loans with a floor of 1.50%.
Surety Bonds and Letters of Credit
As of March 31, 2024, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $10.1 million and $23.2 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.

11


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 6 – COMMITMENTS AND CONTINGENCIES
The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial/contract disputes; defamation matters; employment and benefits related claims; intellectual property claims; real estate matters; governmental investigations; and tax disputes.
Alien Ownership Restrictions and FCC Declaratory Ruling
The Communications Act and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership to be in the public interest. On November 5, 2020, the FCC issued a declaratory ruling, which permits the Company to be up to 100% foreign owned, subject to certain conditions (the "2020 Declaratory Ruling").

NOTE 7 – INCOME TAXES
The Company’s income tax benefit (expense) consisted of the following components:
(In thousands)Three Months Ended
March 31,
20242023
Current tax expense$(3,418)$(3,485)
Deferred tax benefit (expense)24,080 (72,620)
Income tax benefit (expense)$20,662 $(76,105)

The effective tax rates for the three months ended March 31, 2024 and 2023 were 53.3% and (52.0)%, respectively. The effective tax rates were primarily impacted by the forecasted increase in valuation allowance against certain deferred tax assets, related primarily to disallowed interest expense carryforwards, due to uncertainty regarding the Company’s ability to utilize those assets in future periods.

NOTE 8 – STOCKHOLDERS' DEFICIT
Pursuant to the Company's 2019 Equity Incentive Plan (the "2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. On April 21, 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. Pursuant to the 2021 Plan, the Company will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals.

12


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Share-based Compensation
Share-based compensation expenses are recorded in Selling, general and administrative expenses and were $8.5 million and $10.2 million for the three months ended March 31, 2024 and 2023, respectively.
The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain market goals, performance goals, and continued service. The majority of these awards are being measured over an approximately 3-year period from the date of issuance, while certain Performance RSUs are measured over a 50-month period from the date of issuance. On February 25, 2024, the Company issued RSUs and Performance RSUs to certain key employees.

The following table presents the Company's total share based compensation expense by award type for the three months ended March 31, 2024 and 2023:

(In thousands)Three Months Ended
March 31,
20242023
RSUs$4,926 $6,102 
Performance RSUs2,789 1,931 
Options765 2,119 
Total Share Based Compensation Expense(1)
$8,480 $10,152 
(1) Total share based compensation expense includes $0.5 million of expense from cash settled awards for the three months ended March 31, 2024

As of March 31, 2024, there was $51.3 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 1.9 years and assumes Performance RSUs will be fully earned at target.
Special Warrants
Each Special Warrant issued under the special warrant agreement entered into in connection with the Company's emergence from bankruptcy in 2019 may be exercised by its holder to purchase one share of Class A common stock or Class B common stock at an exercise price of $0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99 percent of the Company's outstanding Class A common stock, (b) more than 22.5 percent of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any other applicable foreign ownership threshold or (d) violation of any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement. The Communications Act and FCC regulations prohibit foreign entities or individuals from indirectly (i.e., through a parent company) owning or voting more than 25 percent of a licensee’s equity, unless the FCC determines that greater indirect foreign ownership is in the public interest. As mentioned in Note 6 above, on November 5, 2020, the FCC issued the 2020 Declaratory Ruling, which permits the Company to be up to 100% foreign owned.

During the three months ended March 31, 2024, there were 58,534 Special Warrants exercised for shares of Class A common stock and none exercised for Class B common stock. During the three months ended March 31, 2023, there were no Special Warrants exercised for shares of Class A or Class B common stock.

13


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Computation of Loss per Share
(In thousands, except per share data)Three Months Ended
March 31,
 20242023
NUMERATOR:  
Net loss attributable to the Company – common shares$(18,508)$(222,260)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic149,795 148,365 
  Stock options and restricted stock(2):
— — 
Weighted average common shares outstanding - diluted149,795 148,365 
Net loss attributable to the Company per common share: 
Basic$(0.12)$(1.50)
Diluted(0.12)(1.50)
(1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2024 and 2023.
(2) Outstanding equity service awards representing 15.8 million and 11.7 million shares of Class A common stock of the Company for the three months ended March 31, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

NOTE 9 – SEGMENT DATA
The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in Selling, general and administrative expense.

14


IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables present the Company's segment results for the Company for the three months ended March 31, 2024 and 2023:
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2024
Revenue$493,463 238,968 $69,168 $— $(2,561)$799,038 
Operating expenses(1)
416,281 170,841 45,473 64,387 (2,561)694,421 
Segment Adjusted EBITDA(2)
$77,182 $68,127 $23,695 $(64,387)$— $104,617 
Depreciation and amortization(105,162)
Impairment charges(1,508)
Other operating expense, net(572)
Restructuring expenses(23,603)
Share-based compensation expense(8,480)
Operating loss$(34,708)
Intersegment revenues$— $1,185 $1,376 $— $— $2,561 
Capital expenditures11,704 5,427 2,257 2,194 — 21,582 
Share-based compensation expense— — — 8,480 — 8,480 

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2023
Revenue$529,013 $223,396 $61,351 $— $(2,521)$811,239 
Operating expenses(1)
441,961 169,277 46,007 63,091 (2,521)717,815 
Segment Adjusted EBITDA(2)
$87,052 $54,119 $15,344 $(63,091)$— $93,424 
Depreciation and amortization(108,512)
Impairment charges(3,947)
Other operating expense, net(221)
Restructuring expenses(19,454)
Share-based compensation expense(10,152)
Operating loss$(48,862)
Intersegment revenues$— $1,189 $1,332 $— $— $2,521 
Capital expenditures26,424 5,777 3,887 3,077 — 39,165 
Share-based compensation expense— — — 10,152 — 10,152 
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization.
(2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss to EBITDA and Adjusted EBITDA" in Item 2 of this Quarterly Report on Form 10-Q.
15

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Format of Presentation
Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with the consolidated financial statements and related footnotes contained in Part I, Item 1 of this Quarterly Report on Form 10-Q of iHeartMedia, Inc. (the "Company," "iHeartMedia," "we," "our," or "us"). 
We report based on three reporting segments:
▪the Multiplatform Group, which includes our Broadcast radio, Networks and Sponsorships and Events businesses;
▪the Digital Audio Group, which includes our Digital businesses, including Podcasting; and
▪the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), our full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
These reporting segments reflect how senior management operates the Company. This structure provides visibility into the underlying performance, results, and margin profiles of our distinct businesses and enables senior management to monitor trends at the operational level and address opportunities or issues as they arise via regular review of segment-level results and forecasts with operational leaders.

Our segment profitability metric is Segment Adjusted EBITDA, which is reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as Revenue less operating expenses, excluding Restructuring expenses (as defined below) and share-based compensation expenses.

We believe the presentation of our results by segment provides insight into our broadcast radio business and our digital business. We believe that our ability to generate cash flow from operations from our businesses and our current cash on hand will provide sufficient resources to fund and operate our business, fund capital expenditures and other obligations and make interest payments on our long-term debt for at least the next twelve months.
Description of our Business
Our strategy centers on delivering entertaining and informative content where our listeners want to find us across our various platforms.
Multiplatform Group

The primary source of revenue for our Multiplatform Group is from selling local and national advertising time on our radio stations, with contracts typically less than one year in duration. The programming formats of our radio stations are designed to reach audiences with targeted demographic characteristics. We work closely with our advertising and marketing partners to develop tools and leverage data to enable advertisers to effectively reach their desired audiences. Our Multiplatform Group also generates revenue from network syndication, nationally recognized events and other miscellaneous transactions.

Management looks at our Multiplatform Group's operations’ overall revenue as well as the revenue from each revenue stream including Broadcast Radio, Networks, and Sponsorship and Events. We periodically review and refine our selling structures in all regions and markets in an effort to maximize the value of our offering to advertisers and, therefore, our revenue.

Management also looks at Multiplatform Group's revenue by region and market size. Typically, larger markets can reach larger audiences with wider demographics than smaller markets. Additionally, management reviews our share of audio advertising revenues in markets where such information is available, as well as our share of target demographics listening in an average quarter hour. This metric gauges how well our formats are attracting and retaining listeners.

Management also monitors revenue generated through our programmatic ad-buying platform, and our data analytics advertising product, to measure the success of our enhanced marketing optimization tools. We have made significant
16

investments so we can provide the same ad-buying experience that once was only available from digital-only companies and enable our clients to better understand how our assets can successfully reach their target audiences.

Management monitors average advertising rates and cost per mille, the cost of every 1,000 advertisement impressions (“CPM”), which are principally based on the length of the spot and how many people in a targeted audience listen to our stations, as measured by an independent ratings service. In addition, our advertising rates are influenced by the time of day the advertisement airs, with morning and evening drive-time hours typically priced the highest. Our price and yield information systems enable our station managers and sales teams to adjust commercial inventory and pricing based on local market demand, as well as to manage and monitor different commercial durations in order to provide more effective advertising for our customers at what we believe are optimal prices given market conditions. Yield is measured by management in a variety of ways, including revenue earned divided by minutes of advertising sold.

A portion of our Multiplatform Group segment’s expenses vary in connection with changes in revenue. These variable expenses primarily relate to costs in our programming and sales departments, including profit sharing fees, and commissions.

Digital Audio Group

The primary source of revenue in the Digital Audio Group segment is the sale of advertising on our podcast network, iHeartRadio mobile application and website, and station websites. Revenues for digital advertising are recognized over time based on impressions delivered or time elapsed, depending upon the terms of the contract. Digital Audio Group’s contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations.

Through our Digital Audio Group, we continue to expand the choices for listeners. We derive revenue in this segment by developing and delivering our content and selling advertising across multiple digital distribution channels, including via our iHeartRadio mobile application, our station websites and other digital platforms that reach national, regional and local audiences.

Our strategy has enabled us to extend our leadership in the growing podcasting sector, and iHeartMedia is the number one podcast publisher in America. Our reach now extends across more than 500 platforms and thousands of different connected devices, and our digital business is comprised of podcasting, streaming, subscription, display advertisements, and other content that is disseminated over digital platforms.

A portion of our Digital Audio Group segment’s expenses vary in connection with changes in revenue. These variable expenses primarily relate to our content costs including profit sharing fees and third-party content costs, as well as sales commissions. Certain of our content costs, including digital music performance royalties, vary with the volume of listening hours on our digital platforms.

Audio & Media Services Group

Audio & Media Services Group revenue is generated by services provided to broadcast industry participants through our Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.

Economic Conditions

Our advertising revenue, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and inflation have contributed to a challenging macroeconomic environment since 2022. This challenging environment has led to broader market uncertainty which has impacted our revenues and cash flows. The current market uncertainty and macroeconomic conditions, a recession, or a downturn in the U.S. economy could have a significant impact on our ability to generate revenue and cash flows.

17

Cost Savings Initiatives

We have implemented key modernization initiatives and operating-expense-saving initiatives to take advantage of the significant investments we have made in new technologies to deliver incremental cost efficiencies. We continue to explore opportunities for further efficiencies.

Impairment Charges

As part of our operating-expense-savings initiatives, we have taken proactive steps to streamline our real estate footprint and reduce related lease and operating expenses incurred by the Company. These strategic actions resulted in impairment charges due to the write-down of the affected right-of-use assets when changes to sublease assumptions occur.
    
18

Executive Summary
Consolidated revenues for the first quarter of 2024 decreased due to continued lower spending on radio advertising in connection with continued uncertain market conditions, partially offset by continued increases in demand for digital advertising and by increased political revenues as 2024 is a presidential election year.
The key developments that impacted our business during the quarter are summarized below:
•Consolidated Revenue of $799.0 million decreased $12.2 million, or 1.5%, during the quarter ended March 31, 2024 compared to Consolidated Revenue of $811.2 million in the prior year's first quarter.
•Multiplatform Group Revenue decreased $35.6 million, or 6.7%, and Segment Adjusted EBITDA decreased $9.9 million, or 11.3%, compared to the prior year's first quarter, respectively.
•Digital Audio Group Revenue increased $15.6 million, or 7.0%, and Segment Adjusted EBITDA increased $14.0 million, or 25.9%, compared to the prior year's first quarter, respectively.
•Audio & Media Services Group Revenue increased $7.8 million, or 12.7%, and Segment Adjusted EBITDA increased $8.4 million, or 54.4%, compared to the prior year's first quarter, respectively.
•Operating loss of $34.7 million improved $14.2 million from $48.9 million in the prior year’s first quarter driven primarily by a decrease in operating expenses, including trade and other variable expenses.
•Net loss of $18.1 million decreased $204.3 million from $222.4 million in the prior year's first quarter mainly due to the $101.4 million gain recognized on the sale of our investment in Broadcast Music, Inc. ("BMI") in the first quarter of 2024 and the income tax benefit recognized during the period compared to income tax expense recognized in the prior year's first quarter.
•Cash flows used for operating activities of $59.3 million decreased from $94.0 million in the prior year's first quarter.
•Adjusted EBITDA(1) of $104.6 million, was up $11.2 million from $93.4 million in prior year's first quarter.
•Free cash flow(2) of $(80.9) million improved from $(133.1) million in the prior year's first quarter.

The table below presents a summary of our historical results of operations for the periods presented:
(In thousands)Three Months Ended
March 31,
20242023
Revenue$799,038 $811,239 
Operating loss(34,708)(48,862)
Net loss(18,108)(222,363)
Cash used for operating activities(59,277)(93,983)
Adjusted EBITDA(1)
$104,617 $93,424 
Free cash flow(2)
(80,859)(133,148)
(1) For a definition of Adjusted EBITDA and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss to EBITDA and Adjusted EBITDA" in this MD&A.
(2) For a definition of Free cash flow and a reconciliation to Cash used for operating activities, the most closely comparable GAAP measure, please see “Reconciliation of Cash used for operating activities to Free cash flow” in this MD&A.

19

Results of Operations
The tables below present the comparison of our historical results of operations for the three months ended March 31, 2024 to the three months ended March 31, 2023:
(In thousands)Three Months Ended
March 31,
20242023
Revenue$799,038 $811,239 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)
341,360 344,620 
Selling, general and administrative expenses (excludes depreciation and amortization)
385,144 402,801 
Depreciation and amortization105,162 108,512 
Impairment charges1,508 3,947 
Other operating expense, net572 221 
Operating loss(34,708)(48,862)
Interest expense, net95,515 95,457 
Gain (loss) on investments, net91,994 (6,505)
Equity in earnings (loss) of nonconsolidated affiliates(45)40 
Gain on extinguishment of debt— 4,625 
Other expense, net(496)(99)
Loss before income taxes(38,770)(146,258)
Income tax benefit (expense)20,662 (76,105)
Net loss(18,108)(222,363)
Less amount attributable to noncontrolling interest
400 (103)
Net loss attributable to the Company$(18,508)$(222,260)

The table below presents the comparison of our revenue streams for the three months ended March 31, 2024 to the three months ended March 31, 2023:
(In thousands)Three Months Ended
March 31,		%
20242023Change
Broadcast Radio$359,338 $383,238 (6.2)%
Networks102,051 107,954 (5.5)%
Sponsorship and Events27,829 32,587 (14.6)%
Other4,245 5,234 (18.9)%
Multiplatform Group493,463 529,013 (6.7)%
Digital, excluding Podcast148,344 146,585 1.2 %
Podcast90,624 76,811 18.0 %
Digital Audio Group238,968 223,396 7.0 %
Audio & Media Services Group69,168 61,351 12.7 %
Eliminations(2,561)(2,521)
Revenue, total$799,038 $811,239 (1.5)%

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Consolidated results for the three months ended March 31, 2024 compared to the consolidated results for the three months ended March 31, 2023 were as follows:

Revenue
Consolidated revenue decreased $12.2 million during the three months ended March 31, 2024 compared to the same period of 2023. Multiplatform Group revenue decreased $35.6 million, or 6.7%, primarily resulting from a decrease in broadcast advertising in connection with continued uncertain market conditions and a decrease in non cash trade revenues related to the 2024 iHeartRadio Music Awards, partially offset by an increase in political revenues as 2024 is a presidential election year. Digital Audio Group revenue increased $15.6 million, or 7.0%, driven primarily by continuing increases in demand for podcast advertising. Audio & Media Services revenue increased $7.8 million primarily as a result of contract termination fees earned by Katz Media and due to higher political revenue.
Direct Operating Expenses
Consolidated direct operating expenses decreased $3.2 million during the three months ended March 31, 2024 compared to the same period of 2023. The decrease was primarily driven by certain lower variable content costs including broadcast profit sharing expense, third-party digital costs in connection with COVID-19 related advertisers, and event costs related to the timing of the 2024 iHeartRadio Music Awards, partially offset by certain higher variable content costs, including higher third-party digital costs and sales commissions related to the increase in digital revenues and an increase in broadcast music license fees.
Selling, General and Administrative (“SG&A”) Expenses
Consolidated SG&A expenses decreased $17.7 million during the three months ended March 31, 2024 compared to the same period of 2023. The decrease was driven primarily by lower non-cash trade expense due to the timing of the 2024 iHeartRadio Music Awards and lower bonus expense based on results, partially offset by an increase in certain costs incurred in connection with executing on our cost savings initiatives.

Depreciation and Amortization
Depreciation and amortization decreased $3.4 million during the three months ended March 31, 2024 compared to the same period of 2023, primarily as a result of a lower fixed asset base due to properties sold in 2022 and 2023 in connection with our real estate optimization initiatives.
Impairment Charges
During the three months ended March 31, 2024 and 2023, we recognized non-cash impairment charges of $1.5 million and $3.9 million, respectively, primarily related to changes in sublease assumptions for certain operating leases previously determined to be subleased as part of strategic actions to streamline our real estate footprint.

Interest Expense
Interest expense increased $0.1 million during the three months ended March 31, 2024 compared to the same period of 2023, primarily as a result of the increase in floating borrowing rates, largely offset by the lower outstanding aggregate principal of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 due to the repurchases of $204.0 million of the notes for $147.3 million in cash made during 2023.

Gain (Loss) on Investments, Net
During the three months ended March 31, 2024, we recognized a gain on investments, net of $92.0 million due to the $101.4 million gain recognized on the sale of our investment in BMI in the first quarter of 2024, partially offset by declines in the value of certain investments. During the three months ended March 31, 2023, we recognized a loss on investments, net of $6.5 million, related to declines in the value of our investments.

Gain on Extinguishment of Debt

During the three months ended March 31, 2023, we recognized a gain on extinguishment of debt of $4.6 million in connection with the open market repurchases of $20.0 million aggregate principal amount of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 for $15.4 million in cash. There were no repurchases during the three months ended March 31, 2024.

21

Income Tax Benefit (Expense)

The effective tax rates for the Company for the three months ended March 31, 2024 and 2023 were 53.3% and (52.0)%, respectively. The effective tax rates were primarily impacted by the forecasted increase in valuation allowance against certain deferred tax assets, related primarily to disallowed interest expense carryforwards due to uncertainty regarding the Company’s ability to utilize those assets in future periods.

Net Loss Attributable to the Company
Net loss attributable to the Company of $18.5 million during the three months ended March 31, 2024 reflected a decrease of $203.8 million compared to Net loss attributable to the Company of $222.3 million during the three months ended March 31, 2023, primarily due to the $101.4 million gain recognized on the sale of our investment in BMI in the first quarter of 2024 and the income tax benefit recognized during the period compared to income tax expense recognized in the prior year's first quarter.
Multiplatform Group Results
(In thousands)Three Months Ended
March 31,		%
20242023Change
Revenue$493,463 $529,013 (6.7)%
Operating expenses(1)
416,281 441,961 (5.8)%
Segment Adjusted EBITDA$77,182 $87,052 (11.3)%
Segment Adjusted EBITDA margin15.6 %16.5 %
(1) Operating expenses consist of Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses.
Revenue from our Multiplatform Group decreased $35.6 million compared to the prior year primarily due to a decrease in broadcast advertising in connection with continued uncertain market conditions and a decrease in non cash trade and barter revenues related to the 2024 iHeartRadio Music Awards, partially offset by an increase in political revenues. Broadcast revenue declined $23.9 million, or 6.2%, year-over-year, driven by lower spot revenue, partially offset by an increase political advertising. Networks declined $5.9 million, or 5.5%, year-over-year. Revenue from Sponsorship and Events decreased $4.8 million, or 14.6%, year-over-year.

Operating expenses decreased $25.7 million, driven primarily by lower non cash trade expense and live event costs due to the timing of the 2024 iHeartRadio Music Awards, as well as lower bonus expense based on results, partially offset by higher broadcast music license fees.

Digital Audio Group Results
(In thousands)Three Months Ended
March 31,		%
20242023Change
Revenue$238,968 $223,396 7.0 %
Operating expenses(1)
170,841 169,277 0.9 %
Segment Adjusted EBITDA$68,127 $54,119 25.9 %
Segment Adjusted EBITDA margin28.5 %24.2 %
(1) Operating expenses consist of Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses.
Revenue from our Digital Audio Group increased $15.6 million compared to the prior year, driven by Podcast revenue which increased by $13.8 million, or 18.0% year-over-year, driven primarily by continued increase in demand for podcasting from advertisers, and Digital, excluding Podcast revenue, which grew $1.8 million, or 1.2% year-over-year, driven by an increase in demand for digital advertising, partially offset by a decrease in COVID-19 related advertisers.
22

Operating expenses increased $1.6 million primarily driven by higher variable content costs, including higher third-party digital costs and sales commissions related to the increase in revenues, as well as higher merchandising and event costs, partially offset by lower third-party digital costs in connection with COVID-19 related advertisers and lower compensation expense.
Audio & Media Services Group Results
(In thousands)Three Months Ended
March 31,		%
20242023Change
Revenue$69,168 $61,351 12.7 %
Operating expenses(1)
45,473 46,007 (1.2)%
Segment Adjusted EBITDA$23,695 $15,344 54.4 %
Segment Adjusted EBITDA margin34.2 %24.9 %
(1) Operating expenses consist of Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses.
Revenue from our Audio & Media Services Group increased $7.8 million compared to the prior year period primarily due to contract termination fees earned by Katz Media and due to higher political revenue as 2024 is a presidential election year.
Operating expenses decreased $0.5 million primarily as a result of a favorable shift in the sales mix toward services.

Reconciliation of Operating loss to Adjusted EBITDA
(In thousands)Three Months Ended
March 31,
20242023
Operating loss$(34,708)$(48,862)
Depreciation and amortization105,162 108,512 
Impairment charges1,508 3,947 
Other operating expense, net572 221 
Restructuring expenses23,603 19,454 
Share-based compensation expense8,480 10,152 
Adjusted EBITDA(1)
$104,617 $93,424 

23


Reconciliation of Net loss to EBITDA and Adjusted EBITDA
(In thousands)Three Months Ended
March 31,
20242023
Net loss$(18,108)$(222,363)
Income tax (benefit) expense(20,662)76,105 
Interest expense, net95,515 95,457 
Depreciation and amortization105,162 108,512 
EBITDA $161,907 $57,711 
(Gain) loss on investments, net(91,994)6,505 
Gain on extinguishment of debt— (4,625)
Other expense, net496 99 
Equity in (earnings) loss of nonconsolidated affiliates45 (40)
Impairment charges1,508 3,947 
Other operating expense, net572 221 
Restructuring expenses23,603 19,454 
Share-based compensation expense8,480 10,152 
Adjusted EBITDA(1)
$104,617 $93,424 
(1)We define Adjusted EBITDA as consolidated Operating loss adjusted to exclude restructuring expenses included within Direct operating expenses and SG&A expenses, and share-based compensation expenses included within SG&A expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Impairment charges and Other operating expense, net. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Income tax (benefit) expense, Interest expense, net, Depreciation and amortization, (Gain) loss on investments, net, Gain on extinguishment of debt, Other expense, net, Equity in (earnings) loss of nonconsolidated affiliates, Impairment charges, Other operating expense, net, Share-based compensation expense, and restructuring expenses. Restructuring expenses primarily include expenses incurred in connection with cost-saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle. We use Adjusted EBITDA, among other measures, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of our operational strength and performance of our business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. We believe the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe it helps improve investors’ ability to understand our operating performance and makes it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe this measure is also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating income or net income (loss) as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of our ability to fund our cash needs. Because it excludes certain financial information compared with operating income and compared with consolidated net income (loss), the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.
24

Reconciliation of Cash used for operating activities to Free Cash Flow
(In thousands)Three Months Ended
March 31,
20242023
Cash used for operating activities$(59,277)$(93,983)
Purchases of property, plant and equipment(21,582)(39,165)
Free cash flow(1)
$(80,859)$(133,148)
(1)We define Free cash flow ("Free Cash Flow") as Cash used for operating activities less capital expenditures, which is disclosed as Purchases of property, plant and equipment in the Company's Consolidated Statements of Cash Flows. We use Free Cash Flow, among other measures, to evaluate the Company’s liquidity and its ability to generate cash flow. We believe that Free Cash Flow is meaningful to investors because we review cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered to be a necessary component of ongoing operations. In addition, we believe that Free Cash Flow helps improve investors' ability to compare our liquidity with other companies. Since Free Cash Flow is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, Cash provided by (used for) operating activities and may not be comparable to similarly titled measures employed by other companies. Free Cash Flow is not necessarily a measure of our ability to fund our cash needs.
Share-Based Compensation Expense
On April 21, 2021, our 2021 Long-Term Incentive Award Plan (the "2021 Plan") was approved by stockholders and replaced the prior plan. On February 23, 2023, our Board adopted an amendment to the 2021 Plan, which provided for an increase to the shares authorized for issuance under the 2021 Plan. At our 2023 Annual Meeting of Stockholders, the amendment was approved. Pursuant to our 2021 Plan, we may grant restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals.

Share-based compensation expenses are recorded in SG&A expenses and were $8.5 million and $10.2 million for the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, there was $51.3 million of unrecognized compensation cost related to unvested share-based compensation arrangements with vesting based solely on service conditions. This cost is expected to be recognized over a weighted average period of approximately 1.9 years. See Note 8, Stockholders' Deficit, for more information.


25

LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
The following discussion highlights cash flow activities during the periods presented:
(In thousands)Three Months Ended
March 31,
20242023
Cash provided by (used for):
Operating activities$(59,277)$(93,983)
Investing activities78,015 (38,421)
Financing activities(3,548)(15,938)
Free Cash Flow(1)
(80,859)(133,148)
(1) For a definition of Free Cash Flow and a reconciliation to Cash used for operating activities, the most closely comparable GAAP measure, please see “Reconciliation of Cash used for operating activities to Free Cash Flow” in this MD&A.
Operating Activities
Cash used for operating activities was $59.3 million during the three months ended March 31, 2024 compared to $94.0 million during the three months ended March 31, 2023. The change was primarily due to improvement in the timing of receivable collections and timing of payable payments, partially offset by the decrease in broadcast radio revenue and an increase in cash bonus payments in 2024 compared to 2023.

Investing Activities
Cash provided by investing activities of $78.0 million during the three months ended March 31, 2024 primarily reflects $101.4 million of proceeds received from the sale of our investment in BMI, partially offset by $21.6 million in cash used for capital expenditures. For capital expenditures, we spent $11.7 million in our Multiplatform Group segment primarily related to our IT infrastructure and real estate optimization initiatives, $5.4 million in our Digital Audio Group segment primarily related to IT infrastructure, $2.3 million in our Audio & Media Services Group segment, primarily related to software, and $2.2 million in Corporate primarily related to equipment and software purchases.

Cash used for investing activities of $38.4 million during the three months ended March 31, 2023 primarily reflects $39.2 million in cash used for capital expenditures. We spent $26.4 million for capital expenditures in our Multiplatform Group segment primarily related to our real estate optimization initiatives, $5.8 million in our Digital Audio Group segment primarily related to IT infrastructure, $3.9 million in our Audio & Media Services Group segment, primarily related to software, and $3.1 million in Corporate primarily related to equipment and software purchases.

Financing Activities
Cash used for financing activities totaled $3.5 million during the three months ended March 31, 2024 primarily due to distributions to noncontrolling interest holders.

Cash used for financing activities totaled $15.9 million during the three months ended March 31, 2023 primarily due to the repurchases of $20.0 million aggregate principal amount of our 8.375% Senior Unsecured Notes due 2027 for $15.4 million in cash, reflecting a discounted purchase price from the face value of the notes.

26

Sources of Liquidity and Anticipated Cash Requirements
Our primary sources of liquidity are cash on hand, which consisted of cash and cash equivalents of $361.4 million as of March 31, 2024, cash flows from operations and borrowing capacity under our $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility"). As of March 31, 2024, iHeartCommunications had no amounts outstanding under the ABL Facility, a facility size of $450.0 million and $23.2 million in outstanding letters of credit, resulting in $426.8 million of borrowing base availability. Our total available liquidity1 as of March 31, 2024 was $788.2 million.

We regularly evaluate the impact of economic conditions on our business. A challenging macroeconomic environment has led to market uncertainty which has continued to negatively impact 2024 revenues and cash flows. For the three months ended March 31, 2024, our revenues decreased compared to the three months ended March 31, 2023 primarily due to the decrease in broadcast radio revenue, among other factors discussed in the Results of Operations section of the MD&A. Although we cannot predict future economic conditions or the impact of any potential contraction of economic growth on our business, we believe that we have sufficient liquidity to continue to fund our operations for at least the next twelve months.

We are a party to many contractual obligations involving commitments to make payments to third parties. These obligations impact our short-term and long-term liquidity and capital resource needs. Certain contractual obligations are reflected on the Consolidated Balance Sheet as of March 31, 2024, while others are considered future commitments. Our contractual obligations primarily consist of long-term debt and related interest payments, commitments under non-cancelable operating lease agreements, and employment and talent contracts. In addition to our contractual obligations, we expect that our primary anticipated uses of liquidity in 2024 will be to fund our working capital and maintain operations, make interest and tax payments, fund capital expenditures, make voluntary debt repayments and pursue other strategic opportunities.

Assuming the current level of borrowings and interest rates in effect at March 31, 2024, we anticipate that we will have approximately $284.2 million of cash interest payments in the remainder of 2024 compared to $291.0 million of cash interest payments during the same period in 2023, primarily due to the lower outstanding debt balance as a result of the note repurchases in 2023, partially offset by an increase in floating interest rates. Future increases in interest rates could have a significant impact on our cash interest payments.

We acknowledge the challenges posed by the market uncertainty as a result of global economic and geo-political conditions, current levels of interest rates, the continuing impact of inflation on consumer spending and in turn, advertising spend, and other macroeconomic trends. However, we remain confident in our business, our employees and our strategy. Further, we believe our available liquidity will allow us to fund capital expenditures and other obligations and make interest payments on our long-term debt. If these sources of liquidity need to be augmented, additional cash requirements would likely be financed through the issuance of debt or equity securities; however, there can be no assurances that we will be able to obtain additional debt or equity financing on acceptable terms or at all in the future.

We frequently evaluate strategic opportunities. We expect from time to time to pursue other strategic opportunities such as acquisitions or disposals of certain businesses, which may or may not be material.

1 Total available liquidity is defined as cash and cash equivalents plus available borrowings under the ABL Facility. We use total available liquidity to evaluate our capacity to access cash to meet obligations and fund operations.
27

Summary Debt Capital Structure
As of March 31, 2024 and December 31, 2023, we had the following debt outstanding, net of cash and cash equivalents:
(In thousands)March 31, 2024December 31, 2023
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2027— — 
6.375% Senior Secured Notes due 2026800,000 800,000 
5.25% Senior Secured Notes due 2027750,000 750,000 
4.75% Senior Secured Notes due 2028500,000 500,000 
Other Secured Subsidiary Debt3,429 3,367 
Total Secured Debt$4,318,681 $4,318,619 
8.375% Senior Unsecured Notes due 2027916,357 916,357 
Original issue discount(6,785)(7,558)
Long-term debt fees(11,461)(12,268)
Total Debt$5,216,792 $5,215,150 
Less: Cash and cash equivalents361,403 346,382 
Net Debt1
$4,855,389 $4,868,768 

1 Net Debt is a non-GAAP financial metric that is used by management and investors to assess our ability to meet financial obligations, including our ability to service our long-term debt obligations. We define Net Debt as Total Debt less Cash and cash equivalents.

Our ABL Facility contains a springing fixed charge coverage ratio that is effective if certain triggering events related to borrowing capacity under the ABL Facility occur. As of March 31, 2024, no triggering event had occurred and, as a result, we were not required to comply with any fixed charge coverage ratio as of or for the period ended March 31, 2024. Other than our ABL Facility, none of our long-term debt includes maintenance covenants that could trigger early repayment. As of March 31, 2024, we were in compliance with all covenants related to our debt agreements. For additional information regarding our debt, refer to Note 5, Long-Term Debt.
Our subsidiaries have from time to time repurchased certain debt obligations of iHeartCommunications, and may in the future, as part of various financing and investment strategies, purchase additional outstanding indebtedness of iHeartCommunications or its subsidiaries or our outstanding equity securities, in tender offers, open market purchases, privately negotiated transactions or otherwise. We or our subsidiaries may also sell certain assets, securities, or properties. These purchases or sales, if any, could have a material positive or negative impact on our liquidity available to repay outstanding debt obligations or on our consolidated results of operations. These transactions could also require or result in amendments to the agreements governing outstanding debt obligations or changes in our leverage or other financial ratios, which could have a material positive or negative impact on our ability to comply with the covenants contained in iHeartCommunications’ debt agreements. These transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Supplemental Financial Information under Debt Agreements
Pursuant to iHeartCommunications' material debt agreements, iHeartMedia Capital I, LLC ("Capital I"), the parent guarantor and a subsidiary of iHeartMedia, is permitted to satisfy its reporting obligations under such agreements by furnishing iHeartMedia’s consolidated financial information and an explanation of the material differences between iHeartMedia’s consolidated financial information, on the one hand, and the financial information of Capital I and its consolidated restricted subsidiaries, on the other hand. Because neither iHeartMedia nor iHeartMedia Capital II, LLC, a wholly-owned direct subsidiary of iHeartMedia and the parent of Capital I, have any operations or material assets or liabilities, there are no material differences between iHeartMedia’s consolidated financial information for the three months ended March 31, 2024, and Capital I’s and its consolidated restricted subsidiaries’ financial information for the same period. Further, as of March 31, 2024, we were in compliance with all covenants related to our debt agreements.
28

Commitments, Contingencies and Guarantees
We are currently involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued our estimate of the probable costs for resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings. Please refer to “Legal Proceedings” in Part II, Item 1 of this Quarterly Report on Form 10-Q.
Certain agreements relating to acquisitions provide for purchase price adjustments and other future contingent payments based on the financial performance of the acquired companies generally over a one to five-year period. The aggregate of these contingent payments, if performance targets are met, would not significantly impact our financial position or results of operations.
We have future cash obligations under various types of contracts. We lease office space, certain broadcast facilities and equipment. Some of our lease agreements contain renewal options and annual rental escalation clauses (generally tied to the consumer price index), as well as provisions for our payment of utilities and maintenance. We also have non-cancellable contracts in our radio broadcasting operations related to program rights and music license fees. In the normal course of business, our broadcasting operations have minimum future payments associated with employee and talent contracts. These contracts typically contain cancellation provisions that allow us to cancel the contract with good cause.
SEASONALITY
Typically, our businesses experience their lowest financial performance in the first quarter of the calendar year. We expect this trend to continue in the future. Due to this seasonality and certain other factors, the results for the interim periods may not be indicative of results for the full year. In addition, we are impacted by political cycles and generally experience higher revenues in congressional election years, and particularly in presidential election years. This may affect the comparability of results between years.
MARKET RISK
We are exposed to market risks arising from changes in market rates and prices, including movements in interest rates, foreign currency exchange rates and inflation.
Interest Rate Risk
A significant amount of our long-term debt bears interest at variable rates. Additionally, certain assumptions used within management's estimates are impacted by changes in interest rates. Accordingly, our earnings will be affected by changes in interest rates. As of March 31, 2024, approximately 43% of our aggregate principal amount of long-term debt bore interest at floating rates. Assuming the current level of borrowings and assuming a 100 bps change in floating interest rates, it is estimated that our interest expense for the three months ended March 31, 2024 would have changed by $5.7 million.
In the event of an adverse change in interest rates, management may take actions to mitigate our exposure. However, due to the uncertainty of the actions that would be taken and their possible effects, the preceding interest rate sensitivity analysis assumes no such actions. Further, the analysis does not consider the effects of the change in the level of overall economic activity that could exist in such an environment.
Inflation
Inflation is a factor in our business and we continue to seek ways to mitigate its effect. Inflation has affected our performance in terms of higher costs for employee compensation, equipment and third party services. Although we are unable to determine the exact impact of inflation, we believe the impact will continue to be immaterial considering the actions we may take in response to these higher costs that may arise as a result of inflation.
Critical Accounting Estimates
There have been no significant changes to our critical accounting policies and estimates disclosed in “Critical Accounting Estimates” of Item 7, Management’s Discussion and Analysis of our Annual Report on Form 10-K for the year ended December 31, 2023.

29

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. This report contains various forward-looking statements which represent our expectations or beliefs concerning future events, including, without limitation, our future operating and financial performance, financial position and results of operations, macroeconomic trends including inflation, interest rates and potential recessionary indicators, our expected costs, savings and timing of our modernization initiatives and other capital and operating expense reduction initiatives, debt repurchases, our business plans, strategies and initiatives, benefits of acquisitions and dispositions, our expectations about certain markets and businesses, expected cash interest payments, future impairment charges and our anticipated financial performance and liquidity. Statements expressing expectations and projections with respect to future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We caution that these forward-looking statements involve a number of risks and uncertainties and are subject to many variables which could impact our future performance. These statements are made on the basis of management’s views and assumptions, as of the time the statements are made, regarding future events and performance. There can be no assurance, however, that management’s expectations will necessarily come to pass. Actual future events and performance may differ materially from the expectations reflected in our forward-looking statements. We do not intend, nor do we undertake any duty, to update any forward-looking statements.
A wide range of factors could materially affect future developments and performance, including but not limited to:
•risks associated with weak or uncertain global economic and geopolitical conditions and their impact on the level of expenditures for advertising;
•risks related to the COVID-19 pandemic or other future pandemics, or public health crises and any related reduction in demand for advertising;
•intense competition including increased competition from alternative media platforms and technologies;
•dependence upon the performance of on-air talent, program hosts and management as well as maintaining or enhancing our master brand;
•fluctuations in operating costs and other factors within or beyond our control;
•technological changes and innovations;
•shifts in population and other demographics;
•the impact of our substantial indebtedness;
•the impact of acquisitions, dispositions and other strategic transactions;
•legislative or regulatory requirements;
•the impact of legislation, ongoing litigation or royalty audits on music licensing and royalties;
•regulations and consumer concerns regarding privacy and data protection, and breaches of information security measures;
•risks related to our Class A common stock;
•regulations impacting our business and the ownership of our securities; and
•certain other factors set forth in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by other filings with the Securities and Exchange Commission (“SEC”).

This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative and is not intended to be exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Required information is presented under “Market Risk” within Item 2 of this Part I.

30

ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Limitations on Effectiveness of Controls and Procedures
In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2024. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2024. 
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

31

PART II -- OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are involved in a variety of legal proceedings in the ordinary course of business and a large portion of our litigation arises in the following contexts: commercial/contract disputes; defamation matters; employment and benefits related claims; intellectual property claims; real estate matters; governmental investigations; and tax disputes. As required, we have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on our financial condition or results of operations.

ITEM 1A.  RISK FACTORS
There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth our purchases of shares of our Class A common stock made during the quarter ended March 31, 2024:
Period
Total Number of Shares Purchased(1)
Average Price Paid per Share(1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 through January 312,907 $2.29 — $— 
February 1 through February 292,325 2.79 — — 
March 1 through March 3110,826 2.39 — — 
Total16,058 $2.43 — $— 
(1)The shares indicated consist of shares of our Class A common stock tendered by employees to us during the three months ended March 31, 2024 to satisfy the employees’ tax withholding obligation in connection with the vesting and release of restricted stock, which are repurchased by us based on their fair market value on the date the relevant transaction occurs.
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
    Not applicable.
ITEM 4.  MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.  OTHER INFORMATION
(a)None.
(b)None.
(c)During the three months ended March 31, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
32

ITEM 6. EXHIBITS
Exhibit
Number		Description
3.1

3.2

10.1

10.2

10.3

10.4

10.5

10.6

10.7

10.8

10.9*

31.1*

31.2*

32.1**

32.2**

101.INS*Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document
33

101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*Inline XBRL Taxonomy Extension Definition Document
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
____________
*    Filed herewith.
**    Furnished herewith.
34

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
IHEARTMEDIA, INC.
Date:May 9, 2024/s/ SCOTT D. HAMILTON
Scott D. Hamilton
Senior Vice President, Chief Accounting Officer and Assistant Secretary
35

IHEARTMEDIA, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

(EFFECTIVE MAY 18, 2023)

Eligible Directors (as defined below) on the board of directors (the “Board”) of iHeartMedia, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”). The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each member of the Board who is not an employee of the Company or any of its parents, affiliates or subsidiaries other than a director who is determined by the Board to not be eligible to receive compensation under this Program (each, an “Eligible Director”) unless such Eligible Director declines the receipt of such cash or equity compensation by written notice to the Company.

This Program shall become effective upon the date set forth above (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 2 of this Program.

1.Cash Compensation.

a.Annual Retainers. Each Eligible Director shall be eligible to receive an annual cash retainer of $150,000 for service on the Board.

b.Additional Annual Retainers. An Eligible Director shall be eligible to receive the following additional annual retainers, as applicable:

i.Lead Independent Director. An Eligible Director serving as Lead Independent Director shall be eligible to receive an additional annual retainer of $50,000 for such service.

ii.Audit Committee. An Eligible Director serving as Chairperson of the Audit Committee shall be eligible to receive an additional annual retainer of $25,000 for such service. An Eligible Director serving as a member of the Audit Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $15,000 for such service.

iii.Compensation Committee. An Eligible Director serving as Chairperson of the Compensation Committee shall be eligible to receive an additional annual retainer of $20,000 for such service. An Eligible Director serving as a member of the Compensation Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $10,000 for such service.

iv.Nominating and Corporate Governance Committee. An Eligible Director serving as Chairperson of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $20,000 for such service. An Eligible Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $7,500 for such service.



c.Payment of Retainers. The annual cash retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each calendar quarter. Annual cash retainers will be pro-rated for any partial calendar quarter of service. Eligible Directors may be permitted to elect to receive vested shares of the Company’s common stock on a current or deferred basis in lieu of annual cash retainers (excluding annual cash retainers with respect to Committee service) in accordance with the terms and conditions of the Equity Plan (as defined below) and, in the case of deferred shares, in accordance with the Company’s Deferred Compensation Plan for Directors.

2.Equity Compensation.

a.General. Eligible Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2021 Long-Term Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Equity Plan.

b.Initial Awards. Each Eligible Director who is initially elected or appointed to serve on the Board on or after the Effective Date automatically shall be granted a Restricted Stock Unit award (each, an “Initial Award”). The number of Restricted Stock Units subject to an Initial Award will be determined by dividing the Pro-Rated Value by the closing price for the Company’s Class A common stock on the applicable grant date. Each Initial Award shall be granted on the date on which such Eligible Director is initially appointed or elected to serve on the Board (the “Election Date”). The Initial Award shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next Annual Meeting (as defined below) following the grant date, subject to continued service through the applicable vesting date. The “Pro-Rated Value” shall equal $150,000, multiplied by a fraction, (i) the numerator of which is the difference between 365 and the number of days from the immediately preceding Annual Meeting date through the appointment or election date and (ii) the denominator of which is 365.

c.Annual Awards. An Eligible Director who is serving on the Board as of the date of the annual meeting of the Company’s stockholders (each, an “Annual Meeting”) each calendar year beginning with calendar year 2023 shall be granted a Restricted Stock Unit award with a value of $150,000 (each, an “Annual Award”, and together with the Initial Award, the “Director Award”). The number of Restricted Stock Units subject to an Annual Award will be determined by dividing $150,000 by the closing price for the Company’s Class A common stock on the applicable grant date. Each Annual Award shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next Annual Meeting following the grant date, subject to continued service through the applicable vesting date.

d.Accelerated Vesting Events. Notwithstanding the foregoing, an Eligible Director’s Director Award(s) shall vest in full immediately prior to the occurrence of a Change in


Control, to the extent outstanding and unvested at such time. In addition, unless otherwise determined by the Board in its sole discretion, if an Eligible Director is removed from the Board, or if the Company fails to nominate an Eligible Director for re-election to the Board, in each case, for reasons other than for cause or due to such Eligible Director’s death or Disability (as defined in the Equity Plan), then such Eligible Director’s outstanding Initial Award or Annual Award(s), as applicable, shall vest on a pro-rated basis with respect to a portion of such award based on dividing (i) the number of months such Eligible Director remained in service from (and including) the award’s grant date by (ii) 12.

3.Compensation Limits. Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time.

*****




EXHIBIT 31.1 - CERTIFICATION PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Robert W. Pittman, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of iHeartMedia, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 9, 2024

/s/ Robert W. Pittman
Robert W. Pittman
Chairman and Chief Executive Officer


EXHIBIT 31.2 - CERTIFICATION PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Richard J. Bressler, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of iHeartMedia, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 9, 2024
/s/ Richard J. Bressler
Richard J. Bressler
President and Chief Financial Officer


EXHIBIT 32.1 – CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
This certification is provided pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and accompanies the Quarterly Report on Form 10-Q for the year ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”) of iHeartMedia, Inc. (the “Company”).  The undersigned hereby certifies that to his knowledge, the Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: May 9, 2024

By:/s/ Robert W. Pittman
Name:Robert W. Pittman
Title:Chairman and Chief Executive Officer


*EXHIBIT 32.2 – CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
This certification is provided pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and accompanies the Quarterly Report on Form 10-Q for the year ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”) of iHeartMedia, Inc. (the “Company”).  The undersigned hereby certifies that to his knowledge, the Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: May 9, 2024

By:/s/ Richard J. Bressler
Name:Richard J. Bressler
Title:President and Chief Financial Officer

v3.24.1.u1
Cover - shares
 3 Months Ended
Mar. 31, 2024
May 06, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-38987  
Entity Registrant Name IHEARTMEDIA, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0241222  
Entity Address, Address Line One 20880 Stone Oak Parkway  
Entity Address, City or Town San Antonio,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78258  
City Area Code 210  
Local Phone Number 822-2828  
Title of 12(b) Security Class A Common Stock, par value $0.001 per share  
Trading Symbol IHRT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Bankruptcy Proceedings, Reporting Current true  
Entity Central Index Key 0001400891  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Shares    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   123,451,749
Class B Shares    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   21,346,613
v3.24.1.u1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 361,403 $ 346,382
Accounts receivable, net of allowance of $37,742 in 2024 and $38,055 in 2023 878,353 1,041,214
Prepaid expenses 135,234 93,131
Other current assets 38,082 26,189
Total Current Assets 1,413,072 1,506,916
PROPERTY, PLANT AND EQUIPMENT    
Property, plant and equipment, net 529,114 558,865
INTANGIBLE ASSETS AND GOODWILL    
Indefinite-lived intangibles - licenses and other 1,114,479 1,113,979
Other intangibles, net 1,111,236 1,173,210
Goodwill 1,721,349 1,721,483
OTHER ASSETS    
Operating lease right-of-use assets 693,545 704,992
Other assets 175,517 173,166
Total Assets 6,758,312 6,952,611
CURRENT LIABILITIES    
Accounts payable 215,410 236,162
Current operating lease liabilities 73,775 73,832
Accrued expenses 196,110 317,575
Accrued interest 53,164 61,987
Deferred revenue 163,310 158,540
Current portion of long-term debt 289 340
Total Current Liabilities 702,058 848,436
Long-term debt 5,216,503 5,214,810
Noncurrent operating lease liabilities 749,365 762,820
Deferred income taxes 315,679 339,768
Other long-term liabilities 173,281 171,535
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS' DEFICIT    
Noncontrolling interest 6,400 9,397
Preferred stock, par value $.001 per share, $100,000,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in capital 2,955,043 2,947,096
Accumulated deficit (3,348,650) (3,330,142)
Accumulated other comprehensive loss (1,347) (1,128)
Cost of shares (999,647 in 2024 and 983,589 in 2023) held in treasury (10,166) (10,127)
Total Stockholders' Deficit (398,574) (384,758)
Total Liabilities and Stockholders' Deficit 6,758,312 6,952,611
Class A Common Stock    
STOCKHOLDERS' DEFICIT    
Common stock 125 125
Class B Common Stock    
STOCKHOLDERS' DEFICIT    
Common stock 21 21
Special Warrants    
STOCKHOLDERS' DEFICIT    
Common stock $ 0 $ 0
v3.24.1.u1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Allowance for receivables $ 37,742 $ 38,055
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Shares held in treasury (in shares) 999,647 983,589
Class A Common Stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 124,416,225 124,299,288 [1]
Common stock, shares outstanding (in shares) 124,416,225 124,299,288
Class B Common Stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 21,346,613 21,347,363 [1]
Common stock, shares outstanding (in shares) 21,346,613 21,347,363 [1]
Special Warrants    
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 5,043,336 5,101,870 [1]
Common stock, shares outstanding (in shares) 5,043,336 5,101,870 [1]
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022.
v3.24.1.u1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Revenue $ 799,038 $ 811,239
Operating expenses:    
Direct operating expenses (excludes depreciation and amortization) 341,360 344,620
Selling, general and administrative expenses (excludes depreciation and amortization) 385,144 402,801
Depreciation and amortization 105,162 108,512
Impairment charges 1,508 3,947
Other operating expense, net 572 221
Operating loss (34,708) (48,862)
Interest expense, net 95,515 95,457
Gain (loss) on investments, net 91,994 (6,505)
Equity in earnings (loss) of nonconsolidated affiliates (45) 40
Gain on extinguishment of debt 0 4,625
Other expense, net (496) (99)
Loss before income taxes (38,770) (146,258)
Income tax benefit (expense) 20,662 (76,105)
Net loss (18,108) (222,363)
Less amount attributable to noncontrolling interest 400 (103)
Net loss attributable to the Company (18,508) (222,260)
Other comprehensive loss, net of tax:    
Foreign currency translation adjustments (219) (46)
Other comprehensive loss, net of tax (219) (46)
Comprehensive loss (18,727) (222,306)
Less amount attributable to noncontrolling interest 0 0
Comprehensive loss attributable to the Company $ (18,727) $ (222,306)
Net loss attributable to the Company per common share:    
Basic (in dollars per share) $ (0.12) $ (1.50)
Weighted average common shares outstanding - Basic (in shares) 149,795 148,365
Diluted (in dollars per share) $ (0.12) $ (1.50)
Weighted average common shares outstanding - Diluted (in shares) 149,795 148,365
v3.24.1.u1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($)
$ in Thousands
Total
Class A Shares
Class B Shares
Special Warrants
Common Stock
Common Stock
Class A Shares
Common Stock
Class B Shares
Common Stock
Special Warrants
Non- controlling Interest
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022 [1]           122,370,425 21,477,181 5,111,312          
Beginning balance at Dec. 31, 2022 $ 684,506       $ 144       $ 9,609 $ 2,912,500 $ (2,227,482) $ (1,331) $ (8,934)
Increase (Decrease) in Stockholders' Equity                          
Net income (loss) (222,363)               (103)   (222,260)    
Vesting of restricted stock and other (in shares) [1]           7,513              
Vesting of restricted stock and other (24)                       (24)
Share-based compensation 10,152                 10,152      
Dividends declared and paid to noncontrolling interests (321)               (321)        
Conversion of Special Warrants to Class A and Class B Shares (in shares)   0 0                    
Conversion of Class B Shares to Class A Shares (in shares) [1]           7,262 (7,262)            
Other comprehensive loss (46)                     (46)  
Ending balance (in shares) at Mar. 31, 2023 [1]           122,385,200 21,469,919 5,111,312          
Ending balance at Mar. 31, 2023 471,904       144       9,185 2,922,652 (2,449,742) (1,377) (8,958)
Beginning balance (in shares) at Dec. 31, 2023   124,299,288 21,347,363 [1] 5,101,870 [1]   124,299,288 [1] 21,347,363 [1] 5,101,870 [1]          
Beginning balance at Dec. 31, 2023 (384,758)       146       9,397 2,947,096 (3,330,142) (1,128) (10,127)
Increase (Decrease) in Stockholders' Equity                          
Net income (loss) (18,108)               400   (18,508)    
Vesting of restricted stock and other (in shares) [1]           57,653              
Vesting of restricted stock and other (39)                       (39)
Share-based compensation 7,947                 7,947      
Dividends declared and paid to noncontrolling interests (3,397)               (3,397)        
Conversion of Special Warrants to Class A and Class B Shares (in shares)     0     58,534 [1]   (58,534) [1]          
Conversion of Class B Shares to Class A Shares (in shares) [1]           750 (750)            
Other comprehensive loss (219)                     (219)  
Ending balance (in shares) at Mar. 31, 2024   124,416,225 21,346,613 5,043,336   124,416,225 [1] 21,346,613 [1] 5,043,336 [1]          
Ending balance at Mar. 31, 2024 $ (398,574)       $ 146       $ 6,400 $ 2,955,043 $ (3,348,650) $ (1,347) $ (10,166)
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022.
v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (18,108) $ (222,363)
Reconciling items:    
Impairment charges 1,508 3,947
Depreciation and amortization 105,162 108,512
Deferred taxes (24,080) 72,620
Provision for doubtful accounts 2,906 6,441
Amortization of deferred financing charges and note discounts, net 1,730 1,656
Share-based compensation 7,947 10,152
(Gain) Loss on disposal of operating and other assets 132 (278)
(Gain) Loss on investments (91,994) 6,505
Equity in (earnings) loss of nonconsolidated affiliates 45 (40)
Gain on extinguishment of debt 0 (4,625)
Barter and trade income (8,749) (8,007)
Other reconciling items, net 507 89
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Decrease in accounts receivable 153,799 94,759
Increase in prepaid & other current assets (54,484) (37,032)
(Increase) Decrease in other long-term assets 368 (1,521)
Decrease in accounts payable (12,267) (63,187)
Decrease in accrued expenses (122,864) (71,459)
Decrease in accrued interest (8,823) (6,222)
Increase in deferred revenue 8,260 16,829
Increase in other long-term liabilities (272) (759)
Cash used for operating activities (59,277) (93,983)
Cash flows from investing activities:    
Proceeds from sale of investments 101,405 0
Purchases of property, plant and equipment (21,582) (39,165)
Change in other, net (1,808) 744
Cash provided by (used for) investing activities 78,015 (38,421)
Cash flows from financing activities:    
Payments on long-term debt and credit facilities (111) (15,593)
Dividends and other payments to noncontrolling interests (3,397) (321)
Change in other, net (40) (24)
Cash used for financing activities (3,548) (15,938)
Cash used for financing activities (169) 39
Net increase (decrease) in cash, cash equivalents and restricted cash 15,021 (148,303)
Cash, cash equivalents and restricted cash at beginning of period 346,382 336,661
Cash, cash equivalents and restricted cash at end of period 361,403 188,358
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 105,863 101,759
Cash paid for income taxes $ 1,033 $ 3,160
v3.24.1.u1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Preparation of Interim Financial Statements
All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to iHeartMedia, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The Company reports based on three reportable segments:
▪the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;
▪the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and
▪the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling interest or is the primary beneficiary. Investments in companies which the Company does not control but exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process.
Economic Conditions
The Company's advertising revenue, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and inflation have contributed to a challenging macroeconomic environment since 2022. This challenging environment has led to broader market uncertainty and has delayed the Company's expected recovery and has had an adverse impact on the Company's revenues, cash flows, and trading values of the Company's debt and equity securities. The current market uncertainty and macroeconomic conditions, a recession, or a downturn in the U.S. economy could have a significant impact on the Company's ability to generate revenue and cash flows.
As of March 31, 2024, the Company had approximately $361.4 million in cash and cash equivalents, and the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility") had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. The Company's total available liquidity as of March 31, 2024 was approximately $788.2 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year.
Reclassifications
Certain prior period amounts have been reclassified to conform to the 2024 presentation.
Restricted Cash 
As of March 31, 2024 and December 31, 2023, the Company did not have any restricted cash balances on the Consolidated Balance Sheets.
Certain Relationships and Related Party Transactions
From time to time, certain companies in which the Company holds minority equity interests, purchase advertising in the ordinary course. None of these ordinary course transactions have had a material impact on the Company.
New Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of expenses provided to the CODM that are included within the reported measure of segment profit or loss. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard on our disclosures, including timing of adoption.
In December 2023, the FASB issued Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard on our annual disclosures, including timing of adoption.
v3.24.1.u1
REVENUE
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three months ended March 31, 2024 and 2023:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended March 31, 2024
Revenue from contracts with customers:
  Broadcast Radio(1)
$359,338 $— $— $— $359,338 
  Networks(2)
102,051 — — — 102,051 
  Sponsorship and Events(3)
27,829 — — — 27,829 
  Digital, excluding Podcast(4)
— 148,344 — (1,185)147,159 
  Podcast(5)
— 90,624 — — 90,624 
  Audio & Media Services(6)
— — 69,168 (1,376)67,792 
  Other(7)
4,095 — — — 4,095 
     Total493,313 238,968 69,168 (2,561)798,888 
Revenue from leases(8)
150 — — — 150 
Revenue, total$493,463 $238,968 $69,168 $(2,561)$799,038 
Three Months Ended March 31, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$383,238 $— $— $— $383,238 
  Networks(2)
107,954 — — — 107,954 
  Sponsorship and Events(3)
32,587 — — — 32,587 
  Digital, excluding Podcast(4)
— 146,585 — (1,189)145,396 
  Podcast(5)
— 76,811 — — 76,811 
  Audio & Media Services(6)
— — 61,351 (1,332)60,019 
  Other(7)
4,924 — — — 4,924 
Total528,703 223,396 61,351 (2,521)810,929 
Revenue from leases(8)
310 310 
Revenue, total$529,013 $223,396 $61,351 $(2,521)$811,239 
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.
(2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies.
(3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent.
(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.
(5)Podcast revenue is generated through the sale of advertising on the Company's podcast network.
(6)Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.
(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.
(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.

Trade and Barter
Trade and barter transactions represent the exchange of advertising spots for merchandise, services, advertising and promotion or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots promised to the customer. The revenues and expenses may not be recognized in the same period depending on the timing of the services, advertising or promotion received in exchange for advertising spots. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
Three Months Ended
March 31,
(In thousands)20242023
  Trade and barter revenues$41,305 $45,029 
  Trade and barter expenses34,181 47,386 

In addition to the trade and barter revenue in the table above, the Company recognized $8.7 million and $8.0 million during the three months ended March 31, 2024 and 2023, respectively, in connection with investments made in companies in exchange for advertising services.

The following tables show the Company’s deferred revenue balance from contracts with customers:
Three Months Ended
March 31,
(In thousands)20242023
Deferred revenue from contracts with customers:
  Beginning balance(1)
$181,899 $157,910 
    Revenue recognized, included in beginning balance(73,928)(56,133)
    Additions, net of revenue recognized during period, and other77,864 68,904 
  Ending balance$185,835 $170,681 
(1) Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized.
The Company’s contracts with customers generally have terms of one year or less; however, as of March 31, 2024, the Company expects to recognize $253.1 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with substantially all of this amount to be recognized over the next five years. Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales.
Revenue from Leases
As of March 31, 2024, the future lease payments to be received by the Company are as follows:
(In thousands)
2024$185 
2025132 
202672 
202730 
202815 
Thereafter— 
  Total$434 
v3.24.1.u1
LEASES
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
LEASES LEASES
The Company enters into operating lease contracts for land, buildings, structures and other equipment. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases primarily include land and building lease contracts and leases of radio towers. Arrangements to lease building space consist primarily of the rental of office space, but may also include leases of other equipment, including automobiles and copiers. Operating leases are reflected on the Company's balance sheet within Operating lease right-of-use assets ("ROU assets") and the related short-term and long-term liabilities are included within Current and Noncurrent operating lease liabilities, respectively.
The Company's finance leases are included within Property, plant and equipment with the related liabilities included within Long-term debt.
ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term.
The Company tests for impairment of assets whenever events and circumstances indicate that such assets might be impaired.
During the three months ended March 31, 2024, and 2023, we recognized non-cash impairment charges of $1.5 million and $3.9 million, respectively, due to changes in sublease assumptions for ROU assets related to certain operating leases for which management has made proactive decisions to abandon and sublease in connection with strategic actions to streamline the Company’s real estate footprint.
The implicit rate within the Company's lease agreements is generally not determinable. As such, the Company uses the incremental borrowing rate ("IBR") to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC 842, is "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment."
The following table provides supplemental cash flow information related to leases for the periods presented:
Three Months Ended March 31,
(In thousands)20242023
Cash paid for amounts included in measurement of operating lease liabilities$37,293 $32,963 
Lease liabilities arising from obtaining right-of-use assets(1)
5,751 4,821 
(1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2024 and 2023, respectively.
The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The non-cash operating lease expense was $15.6 million and $18.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively.
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)March 31,
2024		December 31,
2023
Land, buildings and improvements$319,589 $316,655 
Towers, transmitters and studio equipment197,895 195,609 
Computer equipment and software690,470 685,417 
Furniture and other equipment47,872 47,684 
Construction in progress18,321 16,473 
1,274,147 1,261,838 
Less: accumulated depreciation745,033 702,973 
Property, plant and equipment, net$529,114 $558,865 
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets primarily consist of Federal Communications Commission ("FCC") broadcast licenses in its Multiplatform Group segment.
Other Intangible Assets
Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands)March 31, 2024December 31, 2023
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,623 $(842,639)$1,652,623 $(800,377)
Talent and other contracts338,900 (214,143)338,900 (203,479)
Trademarks and tradenames335,912 (164,963)335,912 (156,468)
Other18,003 (12,457)18,003 (11,904)
Total$2,345,438 $(1,234,202)$2,345,438 $(1,172,228)
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2025$213,758 
2026201,512 
2027176,171 
2028160,395 
2029121,622 

Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of December 31, 2023(1)
$1,340,459 $311,426 $69,598 $1,721,483 
Foreign currency— (73)(61)(134)
Balance as of March 31, 2024
$1,340,459 $311,353 $69,537 $1,721,349 
(1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to our Multiplatform Group, $439.4 million related to our Digital Audio Group and $34.5 million related to our Audio & Media Services Group.
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)March 31,
2024		December 31,
2023
Land, buildings and improvements$319,589 $316,655 
Towers, transmitters and studio equipment197,895 195,609 
Computer equipment and software690,470 685,417 
Furniture and other equipment47,872 47,684 
Construction in progress18,321 16,473 
1,274,147 1,261,838 
Less: accumulated depreciation745,033 702,973 
Property, plant and equipment, net$529,114 $558,865 
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets primarily consist of Federal Communications Commission ("FCC") broadcast licenses in its Multiplatform Group segment.
Other Intangible Assets
Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands)March 31, 2024December 31, 2023
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,623 $(842,639)$1,652,623 $(800,377)
Talent and other contracts338,900 (214,143)338,900 (203,479)
Trademarks and tradenames335,912 (164,963)335,912 (156,468)
Other18,003 (12,457)18,003 (11,904)
Total$2,345,438 $(1,234,202)$2,345,438 $(1,172,228)
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2025$213,758 
2026201,512 
2027176,171 
2028160,395 
2029121,622 

Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of December 31, 2023(1)
$1,340,459 $311,426 $69,598 $1,721,483 
Foreign currency— (73)(61)(134)
Balance as of March 31, 2024
$1,340,459 $311,353 $69,537 $1,721,349 
(1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to our Multiplatform Group, $439.4 million related to our Digital Audio Group and $34.5 million related to our Audio & Media Services Group.
v3.24.1.u1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt outstanding for the Company consisted of the following:
(In thousands)March 31, 2024December 31, 2023
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2027(1)
— — 
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(2)
3,429 3,367 
Total consolidated secured debt4,318,681 4,318,619 
8.375% Senior Unsecured Notes due 2027
916,357 916,357 
Original issue discount(6,785)(7,558)
Long-term debt fees(11,461)(12,268)
Total debt5,216,792 5,215,150 
Less: Current portion289 340 
Total long-term debt$5,216,503 $5,214,810 
(1)As of March 31, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability.
(2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045.
The Company’s weighted average interest rate was 7.3% as of March 31, 2024 and December 31, 2023. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.0 billion and $4.2 billion as of March 31, 2024 and December 31, 2023, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. As of March 31, 2024, we were in compliance with all covenants related to our debt agreements.
On June 15, 2023, iHeartCommunications, Inc. ("iHeartCommunications"), a wholly-owned subsidiary of iHeartMedia, entered into an amendment to the credit agreement governing its term loan credit facilities (the "Term Loan Facility"). The amendment replaces the prior Eurocurrency interest rate, based upon LIBOR, with the Secured Overnight Financing Rate (“SOFR”) successor rate plus a SOFR adjustment as specified in the credit agreement. The Term Loan Facility margins remain the same with the Term Loan Facility due 2026 containing margins of 3.00% for Term SOFR Loans (as defined in the credit agreement) and 2.00% for Base Rate Loans (as defined in the credit agreement), and the incremental Term Loan Facility due 2026 containing margins of 3.25% for Term SOFR Loans with a floor of 0.50% and 2.25% for Base Rate Loans with a floor of 1.50%.
Surety Bonds and Letters of Credit
As of March 31, 2024, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $10.1 million and $23.2 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.
v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial/contract disputes; defamation matters; employment and benefits related claims; intellectual property claims; real estate matters; governmental investigations; and tax disputes.
Alien Ownership Restrictions and FCC Declaratory Ruling
The Communications Act and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership to be in the public interest. On November 5, 2020, the FCC issued a declaratory ruling, which permits the Company to be up to 100% foreign owned, subject to certain conditions (the "2020 Declaratory Ruling").
v3.24.1.u1
INCOME TAXES
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s income tax benefit (expense) consisted of the following components:
(In thousands)Three Months Ended
March 31,
20242023
Current tax expense$(3,418)$(3,485)
Deferred tax benefit (expense)24,080 (72,620)
Income tax benefit (expense)$20,662 $(76,105)

The effective tax rates for the three months ended March 31, 2024 and 2023 were 53.3% and (52.0)%, respectively. The effective tax rates were primarily impacted by the forecasted increase in valuation allowance against certain deferred tax assets, related primarily to disallowed interest expense carryforwards, due to uncertainty regarding the Company’s ability to utilize those assets in future periods.
v3.24.1.u1
STOCKHOLDERS' DEFICIT
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS' DEFICIT STOCKHOLDERS' DEFICIT
Pursuant to the Company's 2019 Equity Incentive Plan (the "2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. On April 21, 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. Pursuant to the 2021 Plan, the Company will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals.
Share-based Compensation
Share-based compensation expenses are recorded in Selling, general and administrative expenses and were $8.5 million and $10.2 million for the three months ended March 31, 2024 and 2023, respectively.
The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain market goals, performance goals, and continued service. The majority of these awards are being measured over an approximately 3-year period from the date of issuance, while certain Performance RSUs are measured over a 50-month period from the date of issuance. On February 25, 2024, the Company issued RSUs and Performance RSUs to certain key employees.

The following table presents the Company's total share based compensation expense by award type for the three months ended March 31, 2024 and 2023:

(In thousands)Three Months Ended
March 31,
20242023
RSUs$4,926 $6,102 
Performance RSUs2,789 1,931 
Options765 2,119 
Total Share Based Compensation Expense(1)
$8,480 $10,152 
(1) Total share based compensation expense includes $0.5 million of expense from cash settled awards for the three months ended March 31, 2024

As of March 31, 2024, there was $51.3 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 1.9 years and assumes Performance RSUs will be fully earned at target.
Special Warrants
Each Special Warrant issued under the special warrant agreement entered into in connection with the Company's emergence from bankruptcy in 2019 may be exercised by its holder to purchase one share of Class A common stock or Class B common stock at an exercise price of $0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99 percent of the Company's outstanding Class A common stock, (b) more than 22.5 percent of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any other applicable foreign ownership threshold or (d) violation of any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement. The Communications Act and FCC regulations prohibit foreign entities or individuals from indirectly (i.e., through a parent company) owning or voting more than 25 percent of a licensee’s equity, unless the FCC determines that greater indirect foreign ownership is in the public interest. As mentioned in Note 6 above, on November 5, 2020, the FCC issued the 2020 Declaratory Ruling, which permits the Company to be up to 100% foreign owned.

During the three months ended March 31, 2024, there were 58,534 Special Warrants exercised for shares of Class A common stock and none exercised for Class B common stock. During the three months ended March 31, 2023, there were no Special Warrants exercised for shares of Class A or Class B common stock.
Computation of Loss per Share
(In thousands, except per share data)Three Months Ended
March 31,
 20242023
NUMERATOR:  
Net loss attributable to the Company – common shares$(18,508)$(222,260)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic149,795 148,365 
  Stock options and restricted stock(2):
— — 
Weighted average common shares outstanding - diluted149,795 148,365 
Net loss attributable to the Company per common share: 
Basic$(0.12)$(1.50)
Diluted(0.12)(1.50)
(1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2024 and 2023.
(2) Outstanding equity service awards representing 15.8 million and 11.7 million shares of Class A common stock of the Company for the three months ended March 31, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
v3.24.1.u1
SEGMENT DATA
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in Selling, general and administrative expense.
The following tables present the Company's segment results for the Company for the three months ended March 31, 2024 and 2023:
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2024
Revenue$493,463 238,968 $69,168 $— $(2,561)$799,038 
Operating expenses(1)
416,281 170,841 45,473 64,387 (2,561)694,421 
Segment Adjusted EBITDA(2)
$77,182 $68,127 $23,695 $(64,387)$— $104,617 
Depreciation and amortization(105,162)
Impairment charges(1,508)
Other operating expense, net(572)
Restructuring expenses(23,603)
Share-based compensation expense(8,480)
Operating loss$(34,708)
Intersegment revenues$— $1,185 $1,376 $— $— $2,561 
Capital expenditures11,704 5,427 2,257 2,194 — 21,582 
Share-based compensation expense— — — 8,480 — 8,480 

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2023
Revenue$529,013 $223,396 $61,351 $— $(2,521)$811,239 
Operating expenses(1)
441,961 169,277 46,007 63,091 (2,521)717,815 
Segment Adjusted EBITDA(2)
$87,052 $54,119 $15,344 $(63,091)$— $93,424 
Depreciation and amortization(108,512)
Impairment charges(3,947)
Other operating expense, net(221)
Restructuring expenses(19,454)
Share-based compensation expense(10,152)
Operating loss$(48,862)
Intersegment revenues$— $1,189 $1,332 $— $— $2,521 
Capital expenditures26,424 5,777 3,887 3,077 — 39,165 
Share-based compensation expense— — — 10,152 — 10,152 
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization.
(2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss to EBITDA and Adjusted EBITDA" in Item 2 of this Quarterly Report on Form 10-Q.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) Attributable to Parent $ (18,508) $ (222,260)
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The Company reports based on three reportable segments:
▪the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;
▪the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and
▪the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling interest or is the primary beneficiary. Investments in companies which the Company does not control but exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process.
Reclassifications
Reclassifications
Certain prior period amounts have been reclassified to conform to the 2024 presentation.
New Accounting Pronouncements Recently Adopted
New Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of expenses provided to the CODM that are included within the reported measure of segment profit or loss. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard on our disclosures, including timing of adoption.
In December 2023, the FASB issued Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard on our annual disclosures, including timing of adoption.
v3.24.1.u1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables show revenue streams for the three months ended March 31, 2024 and 2023:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended March 31, 2024
Revenue from contracts with customers:
  Broadcast Radio(1)
$359,338 $— $— $— $359,338 
  Networks(2)
102,051 — — — 102,051 
  Sponsorship and Events(3)
27,829 — — — 27,829 
  Digital, excluding Podcast(4)
— 148,344 — (1,185)147,159 
  Podcast(5)
— 90,624 — — 90,624 
  Audio & Media Services(6)
— — 69,168 (1,376)67,792 
  Other(7)
4,095 — — — 4,095 
     Total493,313 238,968 69,168 (2,561)798,888 
Revenue from leases(8)
150 — — — 150 
Revenue, total$493,463 $238,968 $69,168 $(2,561)$799,038 
Three Months Ended March 31, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$383,238 $— $— $— $383,238 
  Networks(2)
107,954 — — — 107,954 
  Sponsorship and Events(3)
32,587 — — — 32,587 
  Digital, excluding Podcast(4)
— 146,585 — (1,189)145,396 
  Podcast(5)
— 76,811 — — 76,811 
  Audio & Media Services(6)
— — 61,351 (1,332)60,019 
  Other(7)
4,924 — — — 4,924 
Total528,703 223,396 61,351 (2,521)810,929 
Revenue from leases(8)
310 310 
Revenue, total$529,013 $223,396 $61,351 $(2,521)$811,239 
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.
(2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies.
(3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent.
(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.
(5)Podcast revenue is generated through the sale of advertising on the Company's podcast network.
(6)Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.
(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.
(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.
Schedule of Barter and Trade Revenues and Expenses Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
Three Months Ended
March 31,
(In thousands)20242023
  Trade and barter revenues$41,305 $45,029 
  Trade and barter expenses34,181 47,386 
Schedule of Contract with Customer, Asset and Liability
The following tables show the Company’s deferred revenue balance from contracts with customers:
Three Months Ended
March 31,
(In thousands)20242023
Deferred revenue from contracts with customers:
  Beginning balance(1)
$181,899 $157,910 
    Revenue recognized, included in beginning balance(73,928)(56,133)
    Additions, net of revenue recognized during period, and other77,864 68,904 
  Ending balance$185,835 $170,681 
(1) Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized.
Schedule of Future Lease Payments to be Received
As of March 31, 2024, the future lease payments to be received by the Company are as follows:
(In thousands)
2024$185 
2025132 
202672 
202730 
202815 
Thereafter— 
  Total$434 
v3.24.1.u1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
The following table provides supplemental cash flow information related to leases for the periods presented:
Three Months Ended March 31,
(In thousands)20242023
Cash paid for amounts included in measurement of operating lease liabilities$37,293 $32,963 
Lease liabilities arising from obtaining right-of-use assets(1)
5,751 4,821 
(1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables)
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)March 31,
2024		December 31,
2023
Land, buildings and improvements$319,589 $316,655 
Towers, transmitters and studio equipment197,895 195,609 
Computer equipment and software690,470 685,417 
Furniture and other equipment47,872 47,684 
Construction in progress18,321 16,473 
1,274,147 1,261,838 
Less: accumulated depreciation745,033 702,973 
Property, plant and equipment, net$529,114 $558,865 
Schedule of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands)March 31, 2024December 31, 2023
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,623 $(842,639)$1,652,623 $(800,377)
Talent and other contracts338,900 (214,143)338,900 (203,479)
Trademarks and tradenames335,912 (164,963)335,912 (156,468)
Other18,003 (12,457)18,003 (11,904)
Total$2,345,438 $(1,234,202)$2,345,438 $(1,172,228)
Schedule of Future Amortization Expense The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2025$213,758 
2026201,512 
2027176,171 
2028160,395 
2029121,622 
Schedule of Changes in Carrying Amount of Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of December 31, 2023(1)
$1,340,459 $311,426 $69,598 $1,721,483 
Foreign currency— (73)(61)(134)
Balance as of March 31, 2024
$1,340,459 $311,353 $69,537 $1,721,349 
(1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to our Multiplatform Group, $439.4 million related to our Digital Audio Group and $34.5 million related to our Audio & Media Services Group.
v3.24.1.u1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Outstanding
Long-term debt outstanding for the Company consisted of the following:
(In thousands)March 31, 2024December 31, 2023
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2027(1)
— — 
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(2)
3,429 3,367 
Total consolidated secured debt4,318,681 4,318,619 
8.375% Senior Unsecured Notes due 2027
916,357 916,357 
Original issue discount(6,785)(7,558)
Long-term debt fees(11,461)(12,268)
Total debt5,216,792 5,215,150 
Less: Current portion289 340 
Total long-term debt$5,216,503 $5,214,810 
(1)As of March 31, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability.
(2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045.
v3.24.1.u1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Benefit (Expense)
The Company’s income tax benefit (expense) consisted of the following components:
(In thousands)Three Months Ended
March 31,
20242023
Current tax expense$(3,418)$(3,485)
Deferred tax benefit (expense)24,080 (72,620)
Income tax benefit (expense)$20,662 $(76,105)
v3.24.1.u1
STOCKHOLDERS' DEFICIT (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Share-Based Payment Arrangement, Cost by Plan
The following table presents the Company's total share based compensation expense by award type for the three months ended March 31, 2024 and 2023:

(In thousands)Three Months Ended
March 31,
20242023
RSUs$4,926 $6,102 
Performance RSUs2,789 1,931 
Options765 2,119 
Total Share Based Compensation Expense(1)
$8,480 $10,152 
(1) Total share based compensation expense includes $0.5 million of expense from cash settled awards for the three months ended March 31, 2024
Schedule of Computation of Income (Loss) per Share
(In thousands, except per share data)Three Months Ended
March 31,
 20242023
NUMERATOR:  
Net loss attributable to the Company – common shares$(18,508)$(222,260)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic149,795 148,365 
  Stock options and restricted stock(2):
— — 
Weighted average common shares outstanding - diluted149,795 148,365 
Net loss attributable to the Company per common share: 
Basic$(0.12)$(1.50)
Diluted(0.12)(1.50)
(1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2024 and 2023.
(2) Outstanding equity service awards representing 15.8 million and 11.7 million shares of Class A common stock of the Company for the three months ended March 31, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
v3.24.1.u1
SEGMENT DATA (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Segment Results
The following tables present the Company's segment results for the Company for the three months ended March 31, 2024 and 2023:
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2024
Revenue$493,463 238,968 $69,168 $— $(2,561)$799,038 
Operating expenses(1)
416,281 170,841 45,473 64,387 (2,561)694,421 
Segment Adjusted EBITDA(2)
$77,182 $68,127 $23,695 $(64,387)$— $104,617 
Depreciation and amortization(105,162)
Impairment charges(1,508)
Other operating expense, net(572)
Restructuring expenses(23,603)
Share-based compensation expense(8,480)
Operating loss$(34,708)
Intersegment revenues$— $1,185 $1,376 $— $— $2,561 
Capital expenditures11,704 5,427 2,257 2,194 — 21,582 
Share-based compensation expense— — — 8,480 — 8,480 

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2023
Revenue$529,013 $223,396 $61,351 $— $(2,521)$811,239 
Operating expenses(1)
441,961 169,277 46,007 63,091 (2,521)717,815 
Segment Adjusted EBITDA(2)
$87,052 $54,119 $15,344 $(63,091)$— $93,424 
Depreciation and amortization(108,512)
Impairment charges(3,947)
Other operating expense, net(221)
Restructuring expenses(19,454)
Share-based compensation expense(10,152)
Operating loss$(48,862)
Intersegment revenues$— $1,189 $1,332 $— $— $2,521 
Capital expenditures26,424 5,777 3,887 3,077 — 39,165 
Share-based compensation expense— — — 10,152 — 10,152 
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization.
(2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss to EBITDA and Adjusted EBITDA" in Item 2 of this Quarterly Report on Form 10-Q.
v3.24.1.u1
BASIS OF PRESENTATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Short-Term Debt [Line Items]    
Number of reportable segments | segment 3  
Cash and cash equivalents $ 361,403,000 $ 346,382,000
Total available liquidity amount 788,200,000  
Subsidiary | Revolving Credit Facility | Asset-based Revolving Credit Facility due 2027 | Line of Credit    
Short-Term Debt [Line Items]    
Debt instrument, face amount 450,000,000  
Maximum borrowings provided under credit facility 450,000,000  
Long-term line of credit 0  
Letters of credit outstanding 23,200,000  
Line of credit, remaining borrowing availability $ 426,800,000  
v3.24.1.u1
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers $ 798,888 $ 810,929
Revenue from leases 150 310
Revenue, total 799,038 811,239
Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 359,338 383,238
Networks    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 102,051 107,954
Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 27,829 32,587
Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 147,159 145,396
Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 90,624 76,811
Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 67,792 60,019
Other    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 4,095 4,924
Operating segments | Multiplatform Group    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 493,313 528,703
Revenue from leases 150 310
Revenue, total 493,463 529,013
Operating segments | Multiplatform Group | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 359,338 383,238
Operating segments | Multiplatform Group | Networks    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 102,051 107,954
Operating segments | Multiplatform Group | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 27,829 32,587
Operating segments | Multiplatform Group | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Multiplatform Group | Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Multiplatform Group | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Multiplatform Group | Other    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 4,095 4,924
Operating segments | Digital Audio Group    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 238,968 223,396
Revenue from leases 0
Revenue, total 238,968 223,396
Operating segments | Digital Audio Group | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Networks    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 148,344 146,585
Operating segments | Digital Audio Group | Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 90,624 76,811
Operating segments | Digital Audio Group | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Other    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 69,168 61,351
Revenue from leases 0
Revenue, total 69,168 61,351
Operating segments | Audio & Media Services Group | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Networks    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 69,168 61,351
Operating segments | Audio & Media Services Group | Other    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Eliminations    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers (2,561) (2,521)
Revenue from leases 0
Revenue, total (2,561) (2,521)
Eliminations | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Eliminations | Networks    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Eliminations | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Eliminations | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers (1,185) (1,189)
Eliminations | Podcast    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers 0 0
Eliminations | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers (1,376) (1,332)
Eliminations | Other    
Disaggregation of Revenue [Line Items]    
Total revenue from contracts with customers $ 0 $ 0
v3.24.1.u1
REVENUE - Schedule of Barter and Trade Revenue and Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Trade and barter revenues $ 798,888 $ 810,929
Trade and Barter Transactions    
Disaggregation of Revenue [Line Items]    
Trade and barter revenues 41,305 45,029
Trade and barter expenses $ 34,181 $ 47,386
v3.24.1.u1
REVENUE - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Trade and barter revenues $ 798,888 $ 810,929
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation $ 253,100  
Revenue, remaining performance obligation, period 5 years  
Advertising Trade and Barter Transactions    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Trade and barter revenues $ 8,700 $ 8,000
v3.24.1.u1
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Deferred revenue from contracts with customers:    
Beginning balance $ 181,899 $ 157,910
Revenue recognized, included in beginning balance (73,928) (56,133)
Additions, net of revenue recognized during period, and other 77,864 68,904
Ending balance $ 185,835 $ 170,681
v3.24.1.u1
REVENUE - Revenue From Leases (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]  
2024 $ 185
2025 132
2026 72
2027 30
2028 15
Thereafter 0
Total $ 434
v3.24.1.u1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Non-cash impairment charge on operating lease $ 1.5 $ 3.9
Operating lease expense $ 15.6 $ 18.1
v3.24.1.u1
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Cash paid for amounts included in measurement of operating lease liabilities $ 37,293 $ 32,963
Lease liabilities arising from obtaining right-of-use assets $ 5,751 $ 4,821
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,274,147 $ 1,261,838
Less: accumulated depreciation 745,033 702,973
Property, plant and equipment, net 529,114 558,865
Land, buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 319,589 316,655
Towers, transmitters and studio equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 197,895 195,609
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 690,470 685,417
Furniture and other equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 47,872 47,684
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 18,321 $ 16,473
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Property, Plant and Equipment [Abstract]    
Total amortization expense related to definite-lived intangible assets $ 61.9 $ 61.8
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,345,438 $ 2,345,438
Accumulated Amortization (1,234,202) (1,172,228)
Customer / advertiser relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,652,623 1,652,623
Accumulated Amortization (842,639) (800,377)
Talent and other contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 338,900 338,900
Accumulated Amortization (214,143) (203,479)
Trademarks and tradenames    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 335,912 335,912
Accumulated Amortization (164,963) (156,468)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 18,003 18,003
Accumulated Amortization $ (12,457) $ (11,904)
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expense (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Property, Plant and Equipment [Abstract]  
2025 $ 213,758
2026 201,512
2027 176,171
2028 160,395
2029 $ 121,622
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Changes In Carrying Amount Of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Goodwill    
Beginning balance $ 1,721,483  
Foreign currency (134)  
Ending balance 1,721,349  
Multiplatform Group    
Goodwill    
Beginning balance 1,340,459  
Foreign currency 0  
Ending balance 1,340,459  
Goodwill accumulated impairment losses   $ 1,300,000
Digital Audio Group    
Goodwill    
Beginning balance 311,426  
Foreign currency (73)  
Ending balance 311,353  
Goodwill accumulated impairment losses   439,400
Audio & Media Services Group    
Goodwill    
Beginning balance 69,598  
Foreign currency (61)  
Ending balance $ 69,537  
Goodwill accumulated impairment losses   $ 34,500
v3.24.1.u1
LONG-TERM DEBT - Schedule Of Long-Term Debt Outstanding (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 5,216,792,000 $ 5,215,150,000
Original issue discount (6,785,000) (7,558,000)
Long-term debt fees (11,461,000) (12,268,000)
Less: Current portion 289,000 340,000
Total long-term debt 5,216,503,000 5,214,810,000
Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 4,318,681,000 4,318,619,000
Secured Debt | Term Loan Facility due 2026    
Debt Instrument [Line Items]    
Long-term debt 1,864,032,000 1,864,032,000
Secured Debt | Incremental Term Loan Facility due 2026    
Debt Instrument [Line Items]    
Long-term debt 401,220,000 401,220,000
Secured Debt | Asset-based Revolving Credit Facility due 2027    
Debt Instrument [Line Items]    
Long-term debt $ 0 0
Secured Debt | 6.375% Senior Secured Notes due 2026    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 6.375%  
Long-term debt $ 800,000,000 800,000,000
Secured Debt | 5.25% Senior Secured Notes due 2027    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 5.25%  
Long-term debt $ 750,000,000 750,000,000
Secured Debt | 4.75% Senior Secured Notes due 2028    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.75%  
Long-term debt $ 500,000,000 500,000,000
Secured Debt | Other secured subsidiary debt    
Debt Instrument [Line Items]    
Long-term debt $ 3,429,000 3,367,000
Unsecured Debt | 8.375% Senior Unsecured Notes due 2027    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 8.375%  
Long-term debt $ 916,357,000 $ 916,357,000
Line of Credit | Asset-based Revolving Credit Facility due 2027 | Subsidiary | Revolving Credit Facility    
Debt Instrument [Line Items]    
Maximum borrowings provided under credit facility 450,000,000  
Long-term line of credit 0  
Letters of credit outstanding 23,200,000  
Line of credit, remaining borrowing availability $ 426,800,000  
v3.24.1.u1
LONG-TERM DEBT - Narrative (Details) - USD ($)
$ in Billions
Jun. 15, 2023
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Weighted average interest rate (as a percent)   7.30%  
Aggregate market value of debt   $ 4.0 $ 4.2
Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 3.00%    
Term Loan Facility due 2026 | Secured Debt | Base Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 2.00%    
Incremental Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 3.25%    
Debt instrument, floor rate 0.50%    
Incremental Term Loan Facility due 2026 | Secured Debt | Base Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 2.25%    
Debt instrument, floor rate 1.50%    
v3.24.1.u1
LONG-TERM DEBT - Surety Bonds and Letters of Credit (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Surety bonds  
Debt Instrument [Line Items]  
Guarantees obligations $ 10.1
Commercial standby letters of credit  
Debt Instrument [Line Items]  
Guarantees obligations $ 23.2
v3.24.1.u1
COMMITMENTS AND CONTINGENCIES (Details) - Special Warrants
Nov. 05, 2020
Jul. 25, 2019
Loss Contingencies [Line Items]    
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to)   25.00%
FCC petitions for declaratory ruling, foreign owned percentage permitted 100.00%  
v3.24.1.u1
INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Current tax expense $ (3,418) $ (3,485)
Deferred tax benefit (expense) 24,080 (72,620)
Income tax benefit (expense) $ 20,662 $ (76,105)
v3.24.1.u1
INCOME TAXES - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Effective tax rates (as a percent) 53.30% (52.00%)
v3.24.1.u1
STOCKHOLDERS' DEFICIT - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 01, 2019
Mar. 31, 2024
Mar. 31, 2023
Nov. 05, 2020
Jul. 25, 2019
Class of Stock [Line Items]          
Share-based compensation expense   $ 8,480 $ 10,152    
Award vesting period (in months)   3 years      
Class A Shares          
Class of Stock [Line Items]          
Conversion of Special Warrants to Class A and Class B Shares (in shares)     0    
Class B Shares          
Class of Stock [Line Items]          
Conversion of Special Warrants to Class A and Class B Shares (in shares)   0 0    
Special Warrants          
Class of Stock [Line Items]          
Special warrants, number of securities called by each warrant (in shares) 1        
Special warrants, exercise price per share (in dollars per share) $ 0.001        
Special warrants, conversion terms, ownership percentage of common stock (as a percent) 4.99%        
Special warrants, conversion terms, ownership percentage of capital stock or voting interests (as a percent) 22.50%        
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to)         25.00%
FCC petitions for declaratory ruling, foreign owned percentage permitted       100.00%  
Awards Vesting Based On Service Conditions          
Class of Stock [Line Items]          
Unrecognized compensation cost   $ 51,300      
Unrecognized compensation cost, weighted average period (in years)   1 year 10 months 24 days      
Performance RSUs          
Class of Stock [Line Items]          
Share-based compensation expense   $ 2,789 $ 1,931    
Award vesting period (in months)   50 months      
v3.24.1.u1
STOCKHOLDERS' DEFICIT - Share Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Class of Stock [Line Items]    
Share-based compensation expense $ 8,480 $ 10,152
Expense from cash settled awards 500  
RSUs    
Class of Stock [Line Items]    
Share-based compensation expense 4,926 6,102
Performance RSUs    
Class of Stock [Line Items]    
Share-based compensation expense 2,789 1,931
Options    
Class of Stock [Line Items]    
Share-based compensation expense $ 765 $ 2,119
v3.24.1.u1
STOCKHOLDERS' DEFICIT - Computation of Income (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
NUMERATOR:    
Net loss attributable to the Company – common shares, basic $ (18,508) $ (222,260)
Net loss attributable to the Company – common shares, diluted $ (18,508) $ (222,260)
DENOMINATOR:    
Weighted average common shares outstanding - basic (in shares) 149,795 148,365
Stock options and restricted stock (in shares) 0 0
Weighted average common shares outstanding - diluted (in shares) 149,795 148,365
Net loss attributable to the Company per common share:    
Basic (in dollars per share) $ (0.12) $ (1.50)
Diluted (in dollars per share) $ (0.12) $ (1.50)
Outstanding equity awards excluded from computation of diluted earnings per share (in shares) 15,800 11,700
v3.24.1.u1
STOCKHOLDERS' DEFICIT - Common Stock and Special Warrants (Details) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Class A Common Stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 124,416,225 124,299,288 [1]
Class B Common Stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 21,346,613 21,347,363 [1]
Special Warrants    
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 5,043,336 5,101,870 [1]
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022.
v3.24.1.u1
SEGMENT DATA (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Revenue $ 799,038 $ 811,239
Operating expenses 694,421 717,815
Segment Adjusted EBITDA 104,617 93,424
Depreciation and amortization (105,162) (108,512)
Impairment charges (1,508) (3,947)
Other operating expense, net (572) (221)
Restructuring expenses (23,603) (19,454)
Share-based compensation expense (8,480) (10,152)
Operating loss (34,708) (48,862)
Capital expenditures 21,582 39,165
Operating segments | Multiplatform Group    
Segment Reporting Information [Line Items]    
Revenue 493,463 529,013
Operating expenses 416,281 441,961
Segment Adjusted EBITDA 77,182 87,052
Share-based compensation expense 0 0
Capital expenditures 11,704 26,424
Operating segments | Digital Audio Group    
Segment Reporting Information [Line Items]    
Revenue 238,968 223,396
Operating expenses 170,841 169,277
Segment Adjusted EBITDA 68,127 54,119
Share-based compensation expense 0 0
Capital expenditures 5,427 5,777
Operating segments | Audio & Media Services Group    
Segment Reporting Information [Line Items]    
Revenue 69,168 61,351
Operating expenses 45,473 46,007
Segment Adjusted EBITDA 23,695 15,344
Share-based compensation expense 0 0
Capital expenditures 2,257 3,887
Corporate and other reconciling items    
Segment Reporting Information [Line Items]    
Revenue 0 0
Operating expenses 64,387 63,091
Segment Adjusted EBITDA (64,387) (63,091)
Share-based compensation expense (8,480) (10,152)
Capital expenditures 2,194 3,077
Eliminations    
Segment Reporting Information [Line Items]    
Revenue (2,561) (2,521)
Operating expenses (2,561) (2,521)
Segment Adjusted EBITDA 0 0
Share-based compensation expense 0 0
Capital expenditures 0 0
Intersegment revenues    
Segment Reporting Information [Line Items]    
Revenue 2,561 2,521
Intersegment revenues | Multiplatform Group    
Segment Reporting Information [Line Items]    
Revenue 0 0
Intersegment revenues | Digital Audio Group    
Segment Reporting Information [Line Items]    
Revenue 1,185 1,189
Intersegment revenues | Audio & Media Services Group    
Segment Reporting Information [Line Items]    
Revenue $ 1,376 $ 1,332
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