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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 SEPTEMBER 30, 2023
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)
(210822-2828
(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 StockIHRTThe 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 November 6, 2023
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Class A Common Stock, $.001 par value123,309,506 
Class B Common Stock, $.001 par value21,347,363 




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)September 30,
2023
December 31,
2022
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents$213,479 $336,236 
Accounts receivable, net of allowance of $36,496 in 2023 and $29,171 in 2022
983,927 1,037,827 
Prepaid expenses136,692 79,098 
Other current assets14,901 19,618 
Total Current Assets1,348,999 1,472,779 
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net580,848 694,842 
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses and other1,112,751 1,476,319 
Other intangibles, net1,234,357 1,419,670 
Goodwill1,721,223 2,313,403 
OTHER ASSETS
Operating lease right-of-use assets713,941 788,280 
Other assets165,399 170,594 
Total Assets$6,877,518 $8,335,887 
CURRENT LIABILITIES  
Accounts payable$179,707 $240,454 
Current operating lease liabilities75,559 70,024 
Accrued expenses262,405 325,427 
Accrued interest52,626 64,165 
Deferred revenue171,973 131,084 
Current portion of long-term debt390 664 
Total Current Liabilities742,660 831,818 
Long-term debt5,228,316 5,413,503 
Noncurrent operating lease liabilities772,068 848,918 
Deferred income taxes377,247 483,810 
Other long-term liabilities164,048 73,332 
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS’ EQUITY (DEFICIT)
Noncontrolling interest8,868 9,609 
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 124,273,910 and 122,370,425 shares in 2023 and 2022, respectively
125 123 
Class B Common Stock, par value $.001 per share, authorized 1,000,000,000 shares, issued 21,347,363 and 21,477,181 shares in 2023 and 2022, respectively
21 21 
Special Warrants, 5,101,870 and 5,111,312 issued and outstanding in 2023 and 2022, respectively
  
Additional paid-in capital2,939,331 2,912,500 
Accumulated deficit(3,343,265)(2,227,482)
Accumulated other comprehensive loss(1,786)(1,331)
Cost of shares (979,162 in 2023 and 597,482 in 2022) held in treasury
(10,115)(8,934)
Total Stockholders' Equity (Deficit)(406,821)684,506 
Total Liabilities and Stockholders' Equity (Deficit)$6,877,518 $8,335,887 
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 September 30,Nine Months Ended September 30,
2023202220232022
Revenue$952,989 $988,930 $2,684,242 $2,786,393 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)379,997 371,719 1,079,678 1,067,625 
Selling, general and administrative expenses (excludes depreciation and amortization)393,628 399,892 1,190,202 1,163,293 
Depreciation and amortization106,451 109,305 323,028 334,144 
Impairment charges570 309,750 965,087 311,329 
Other operating expense, net3,378 9,451 3,338 25,985 
Operating income (loss)68,965 (211,187)(877,091)(115,983)
Interest expense, net99,509 87,890 293,659 248,603 
Gain (loss) on investments, net(7,381)(3,466)(19,924)4,359 
Equity in loss of nonconsolidated affiliates(3,514)(132)(3,518)(190)
Gain on extinguishment of debt23,947 6,892 51,474 15,095 
Other expense, net(738)(581)(1,109)(3,026)
Loss before income taxes(18,230)(296,364)(1,143,827)(348,348)
Income tax benefit (expense)9,261 (13,412)29,513 5,015 
Net loss(8,969)(309,776)(1,114,314)(343,333)
Less amount attributable to noncontrolling interest84 587 1,469 1,211 
Net loss attributable to the Company$(9,053)$(310,363)$(1,115,783)$(344,544)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments(332)(606)(455)(1,503)
Other comprehensive loss, net of tax(332)(606)(455)(1,503)
Comprehensive loss(9,385)(310,969)(1,116,238)(346,047)
Less amount attributable to noncontrolling interest    
Comprehensive loss attributable to the Company$(9,385)$(310,969)$(1,116,238)$(346,047)
Net loss attributable to the Company per common share:
     Basic$(0.06)$(2.09)$(7.48)$(2.33)
Weighted average common shares outstanding - Basic149,695 148,299 149,084 147,957 
     Diluted$(0.06)$(2.09)$(7.48)$(2.33)
Weighted average common shares outstanding - Diluted149,695 148,299 149,084 147,957 

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
Shares
Class B
Shares
Special WarrantsTotal
Balances at
June 30, 2023
124,046,612 21,347,363 5,111,055 $10,351 $145 $2,931,598 $(3,334,212)$(1,454)$(9,886)$(403,458)
Net income (loss)84 — — (9,053)— — (8,969)
Vesting of restricted stock and other
218,113 — 1 (1)— — (229)(229)
Share-based compensation — — 7,734 — — — 7,734 
Conversion of Special Warrants to Class A or Class B Shares9,185 — (9,185)— — — — — — — 
Other
(1,567)— — — — — (1,567)
Other comprehensive loss— — — — (332)— (332)
Balances at
September 30, 2023
124,273,910 21,347,363 5,101,870 $8,868 $146 $2,939,331 $(3,343,265)$(1,786)$(10,115)$(406,821)


(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
June 30, 2022
122,068,221 21,391,972 5,293,055 $8,659 $143 $2,891,129 $(1,997,000)$(1,154)$(8,356)$893,421 
Net income (loss)587 — — (310,363)— — (309,776)
Vesting of restricted stock and other178,506 — 1 59 — — (539)(479)
Share-based compensation
— — 10,437 — — — 10,437 
Conversion of Special Warrants to Class A and Class B Shares
85,141 96,602 (181,743)— — — — — — — 
Conversion of Class B Shares to Class A Shares9,218 (9,218)— — — — — — — 
Other(187)— — — — — (187)
Other comprehensive loss— — — — (606)— (606)
Balances at
September 30, 2022
122,341,086 21,479,356 5,111,312 $9,059 $144 $2,901,625 $(2,307,363)$(1,760)$(8,895)$592,810 
(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2023 or 2022.
See Notes to Consolidated Financial Statements
3


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, 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 income (loss)1,469 — — (1,115,783)— — (1,114,314)
Vesting of restricted stock and other1,764,225 — 2 (2)— — (1,181)(1,181)
Share-based compensation
— — 26,833 — — — 26,833 
Conversion of Special Warrants to Class A and Class B Shares
9,383 59 (9,442)— — — — — — — 
Conversion of Class B Shares to Class A Shares129,877 (129,877)— — — — — — — 
Other(2,210)— — — — — (2,210)
Other comprehensive loss— — — — (455)— (455)
Balances at
September 30, 2023
124,273,910 21,347,363 5,101,870 $8,868 $146 $2,939,331 $(3,343,265)$(1,786)$(10,115)$(406,821)

(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, 2021
120,633,937 21,590,192 5,304,430 $8,410 $142 $2,876,571 $(1,962,819)$(257)$(6,282)$915,765 
Net income (loss)1,211 — — (344,544)— — (343,333)
Vesting of restricted stock and other1,403,195 — 2 472 — — (2,613)(2,139)
Share-based compensation
— — 24,582 — — — 24,582 
Conversion of Special Warrants to Class A and Class B Shares
96,516 96,602 (193,118)— — — — — — — 
Conversion of Class B Shares to Class A Shares207,438 (207,438)— — — — — — — 
Other(562)— — — — — (562)
Other comprehensive loss— — — — (1,503)— (1,503)
Balances at
September 30, 2022
122,341,086 21,479,356 5,111,312 $9,059 $144 $2,901,625 $(2,307,363)$(1,760)$(8,895)$592,810 
(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2023, 2022 or 2021.
See Notes to Consolidated Financial Statements
4


IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Net loss$(1,114,314)$(343,333)
Reconciling items:
Impairment charges965,087 311,329 
Depreciation and amortization323,028 334,144 
Deferred taxes(107,089)(31,304)
Provision for doubtful accounts22,914 10,137 
Amortization of deferred financing charges and note discounts, net5,026 4,589 
Share-based compensation26,833 24,582 
Loss on disposal of operating and other assets1,706 24,547 
(Gain) Loss on investments19,924 (4,359)
Equity in loss of nonconsolidated affiliates3,518 190 
Gain on extinguishment of debt(51,474)(15,095)
Barter and trade income(21,419)(27,174)
Other reconciling items, net800 1,504 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable30,769 38,685 
Increase in prepaid expenses and other current assets(56,835)(47,561)
Decrease (Increase) in other long-term assets401 (5,817)
Decrease in accounts payable(60,748)(927)
Decrease in accrued expenses(6,656)(84,308)
Decrease in accrued interest(11,539)(4,524)
Increase in deferred income42,497 18,392 
Increase in other long-term liabilities46,529 3,002 
Cash provided by operating activities58,958 206,699 
Cash flows from investing activities:
Purchases of property, plant and equipment(90,456)(112,567)
Proceeds from disposal of assets54,101 34,690 
Change in other, net(3,636)(4,930)
Cash used for investing activities(39,991)(82,807)
Cash flows from financing activities:
Payments on long-term debt and credit facilities(138,565)(173,990)
Change in other, net(3,392)(5,667)
Cash used for financing activities(141,957)(179,657)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(192)(965)
Net decrease in cash, cash equivalents and restricted cash(123,182)(56,730)
Cash, cash equivalents and restricted cash at beginning of period336,661 352,554 
Cash, cash equivalents and restricted cash at end of period$213,479 $295,824 
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest$304,216 $249,910 
Cash paid for income taxes13,254 12,054 
See Notes to Consolidated Financial Statements
5



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, 2022.
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 is impacted by changes in economic conditions. Increasing interest rates and high 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 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 the Company's ability to generate revenue and cash flows.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES Act”) was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company was able to defer the payment of $29.3 million in certain employment taxes during 2020, half of which was due and paid on January 3, 2022, and the other half of which was due and paid on January 3, 2023. In addition, the Company claimed $12.4 million in refundable payroll tax credits related to the CARES Act provisions, of which $0.7 million was received in 2020, $3.8 million was received in 2021 and $7.9 million was received in January 2022.

Economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues, cash flows, and trading values of the Company's debt and equity securities which indicated a need for the Company to perform an interim impairment test as of June 30, 2023 on the goodwill recorded in its reporting units, as well as its indefinite-lived Federal Communication Commission ("FCC") licenses. The June 30, 2023 testing resulted in non-cash impairment charges of $595.5 million and $363.6 million to reduce the goodwill and FCC license balances, respectively. No impairment was required in the third quarter as part of the 2023 annual impairment testing.

6



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
As of September 30, 2023, the Company had approximately $213.5 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 borrowing base of $436.7 million, no outstanding borrowings and $24.9 million of outstanding letters of credit, resulting in $411.8 million of borrowing base availability. The Company's total available liquidity as of September 30, 2023 was approximately $625 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 2023 presentation.

Restricted Cash 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flows:
(In thousands)September 30,
2023
December 31,
2022
Cash and cash equivalents$213,479 $336,236 
Restricted cash included in:
  Other current assets 425 
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows$213,479 $336,661 
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 Recently Adopted
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The Company adopted this guidance during the first quarter of 2023. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows.
7



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 2 – REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three and nine months ended September 30, 2023 and 2022:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended September 30, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$455,103 $ $ $ $455,103 
  Networks(2)
116,334    116,334 
  Sponsorship and Events(3)
49,500    49,500 
  Digital, excluding Podcast(4)
 164,559  (1,222)163,337 
  Podcast(5)
 102,663   102,663 
  Audio & Media Services(6)
  61,979 (1,373)60,606 
  Other(7)
5,210    5,210 
     Total626,147 267,222 61,979 (2,595)952,753 
Revenue from leases(8)
236    236 
Revenue, total$626,383 $267,222 $61,979 $(2,595)$952,989 
Three Months Ended September 30, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$484,812 $ $ $ $484,812 
  Networks(2)
127,239    127,239 
  Sponsorship and Events(3)
42,562    42,562 
  Digital, excluding Podcast(4)
 162,700  (1,314)161,386 
  Podcast(5)
 91,253   91,253 
  Audio & Media Services(6)
  77,794 (1,287)76,507 
  Other(7)
4,865   (112)4,753 
Total659,478 253,953 77,794 (2,713)988,512 
Revenue from leases(8)
418 418 
Revenue, total$659,896 $253,953 $77,794 $(2,713)$988,930 

8



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Nine Months Ended September 30, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,267,493 $ $ $ $1,267,493 
  Networks(2)
346,456    346,456 
  Sponsorship and Events(3)
120,297    120,297 
  Digital, excluding Podcast(4)
 475,291  (3,627)471,664 
  Podcast(5)
 276,181   276,181 
  Audio & Media Services(6)
  189,134 (4,077)185,057 
  Other(7)
15,719    15,719 
     Total1,749,965 751,472 189,134 (7,704)2,682,867 
Revenue from leases(8)
1,375    1,375 
Revenue, total$1,751,340 $751,472 $189,134 $(7,704)$2,684,242 
Nine Months Ended September 30, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,362,601 $ $ $ $1,362,601 
  Networks(2)
372,329    372,329 
  Sponsorship and Events(3)
114,226    114,226 
  Digital, excluding Podcast(4)
 475,254  (3,959)471,295 
  Podcast(5)
 245,479   245,479 
  Audio & Media Services(6)
  209,716 (4,006)205,710 
  Other(7)
14,127   (447)13,680 
Total1,863,283 720,733 209,716 (8,412)2,785,320 
Revenue from leases(8)
1,073    1,073 
Revenue, total$1,864,356 $720,733 $209,716 $(8,412)$2,786,393 

(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.
9



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

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
September 30,
Nine Months Ended
September 30,
(In thousands)2023202220232022
  Trade and barter revenues$77,228 $57,236 $175,492 $130,557 
  Trade and barter expenses49,995 38,001 128,902 113,752 

In addition to the trade and barter revenue in the table above, the Company recognized $9.7 million and $14.9 million during the three months ended September 30, 2023 and 2022, respectively, and $21.4 million and $27.2 million during the nine months ended September 30, 2023 and 2022, 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
September 30,
Nine Months Ended
September 30,
(In thousands)2023202220232022
Deferred revenue from contracts with customers:
  Beginning balance(1)
$184,827 $189,679 $157,910 $161,114 
    Revenue recognized, included in beginning balance(73,407)(76,172)(102,588)(111,443)
    Additions, net of revenue recognized during period, and other84,600 64,879 140,698 128,715 
  Ending balance$196,020 $178,386 $196,020 $178,386 
(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 September 30, 2023, the Company expects to recognize $313.5 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.

10



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Revenue from Leases
As of September 30, 2023, the future lease payments to be received by the Company are as follows:
(In thousands)
2023$200 
2024449 
2025248 
2026132 
202780 
Thereafter96 
  Total$1,205 

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.
On September 29, 2023, the Company completed the sale of 122 of our broadcast tower sites and related assets for $45.3 million and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other Operating Expense, net in the Statement of Comprehensive Loss. The leases are for an initial term of ten years and include four optional five-year renewal periods. In connection with the transaction, the Company recorded ROU assets and lease liabilities with aggregate values of $26.3 million related to these leases.
The Company tests for impairment of assets whenever events and circumstances indicate that such assets might be impaired. During the three and nine months ended September 30, 2023, the Company recognized non-cash impairment charges of $0.6 million and $6.1 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. During the three and nine months ended September 30, 2023, there were no non-cash impairment charges related to leasehold improvements.
During the three months ended September 30, 2022, the Company recognized non-cash impairment charges of $7.6 million, including $7.1 million related to ROU assets and $0.5 million related to leasehold improvements. During the nine months ended September 30, 2022, the Company recognized non-cash impairment charges of $9.2 million, including $8.5 million related to ROU assets, and $0.7 million related to leasehold improvements. These charges were primarily 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."
11



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:
Nine Months Ended September 30,
(In thousands)20232022
Cash paid for amounts included in measurement of operating lease liabilities$104,784 $109,158 
Lease liabilities arising from obtaining right-of-use assets(1)
37,736 153,866 
(1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the nine months ended September 30, 2023 and 2022, 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 operating lease expense was $50.9 million and $65.6 million for the nine months ended September 30, 2023 and 2022, 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 as of September 30, 2023 and December 31, 2022, respectively:
(In thousands)September 30,
2023
December 31,
2022
Land, buildings and improvements$330,565 $340,692 
Towers, transmitters and studio equipment195,741 215,655 
Computer equipment and software653,171 617,794 
Furniture and other equipment48,977 41,924 
Construction in progress30,364 29,091 
1,258,818 1,245,156 
Less: accumulated depreciation677,970 550,314 
Property, plant and equipment, net$580,848 $694,842 

On September 29, 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other Operating Expense, net in the Statement of Comprehensive Loss.
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.

The Company performs its annual impairment test on goodwill and indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of other intangible assets whenever events and circumstances indicate that such assets might be impaired.

As discussed in Note 1, Basis of Presentation, economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues and cash flows. In addition, the economic uncertainty has had a significant impact on the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2023 on its FCC licenses, which resulted in a non-cash impairment charge of $363.6 million to the FCC licenses balance in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter.

12



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
In connection with its interim impairment testing as of June 30, 2023, the Company also assessed its other intangible assets. Based on the Company’s assessment, no impairment indicators were identified related to the definite-lived intangible assets.
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of September 30, 2023 and December 31, 2022, respectively:
(In thousands)September 30, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,455 $(758,798)$1,652,455 $(633,352)
Talent and other contracts338,900 (192,816)338,900 (160,500)
Trademarks and tradenames335,862 (147,972)335,862 (122,403)
Other18,443 (11,717)18,443 (9,735)
Total$2,345,660 $(1,111,303)$2,345,660 $(925,990)

Total amortization expense related to definite-lived intangible assets for the Company for the three months ended September 30, 2023 and 2022 was $61.7 million and $63.4 million, respectively. Total amortization expense related to definite-lived intangible assets for the Company for the nine months ended September 30, 2023 and 2022 was $185.3 million and $189.9 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)
2024$244,707 
2025213,514 
2026201,512 
2027176,171 
2028160,395 

13



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

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 January 1, 2023(1)
$1,462,022 $747,350 $104,031 2,313,403 
Impairment$(121,563)$(439,383)$(34,515)(595,461)
Acquisitions 3,375  3,375 
Foreign currency (62)(32)(94)
Balance as of September 30, 2023
$1,340,459 $311,280