What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-11 compared with 2025-05-12 · 201 added, 55 removed, 481 unchanged (35% of the section changed)

3 unchanged sentences

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data) March 31,

(In thousands, except share and per share data) June 30,

2025 December 31,

45 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data) Three Months Ended March 31,

(In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Revenue $ 933,653 $ 929,092 $ 1,740,754 $ 1,728,130

5 unchanged sentences

Other operating expense 1,086 516 1,745 1,088

Operating loss ( 25,434 ) ( 34,708 )

Operating income (loss) 35,370 ( 909,667 ) 9,936 ( 944,375 )

Interest expense, net 100,894 95,577 201,280 191,092

Gain (loss) on investments, net ( 901 ) ( 412 ) ( 19,495 ) 91,582

Equity in earnings (loss) of nonconsolidated affiliates 50 ( 45 )

Equity in loss of nonconsolidated affiliates ( 51 ) ( 61 ) ( 1 ) ( 106 )

Loss on extinguishment of debt ( 263 ) — ( 1,460 ) —

28 unchanged sentences

Shares Special Warrants Total

December 31, 2024

March 31, 2025

128,285,283 21,187,567 5,039,323 $ 5,245 $ 149 $ 2,983,169 $ ( 4,621,307 ) $ ( 1,783 ) $ ( 11,596 ) $ ( 1,646,123 )

Net income (loss) 341 — — ( 281,224 ) — — ( 280,883 )

Net loss ( 508 ) — — ( 83,480 ) — — ( 83,988 )

Vesting of restricted stock and other 3,022,309 — 3 ( 3 ) — — ( 593 ) ( 593 )

1 unchanged sentence

Dividend declared and paid to noncontrolling interests ( 483 ) — — — — — ( 483 )

Conversion of Class B Shares to Class A Shares 98,347 ( 98,347 ) — — — — — — —

Other comprehensive income — — — — 279 — 279

June 30, 2025

131,307,592 21,187,567 5,039,323 $ 4,254 $ 152 $ 2,987,825 $ ( 4,704,787 ) $ ( 1,504 ) $ ( 12,189 ) $ ( 1,726,249 )

(In thousands, except share data) Controlling Interest

Common Shares (1)

Interest Common

Stock Additional

Capital Accumulated Deficit Accumulated

Comprehensive Loss Treasury

Class A Shares Class B

Shares Special Warrants Total

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 )

Net loss ( 331 ) — — ( 981,658 ) — — ( 981,989 )

Vesting of restricted stock and other 2,487,456 — 2 ( 2 ) — — ( 679 ) ( 679 )

Share-based compensation

— — 7,234 — — — 7,234

Dividend declared and paid to noncontrolling interests ( 386 ) — — — — — ( 386 )

Conversion of Special Warrants to Class A and Class B Shares

29 ( 29 ) — — — — — — —

Conversion of Class B Shares to Class A Shares 2,223 ( 2,223 ) — — — — — — —

Other comprehensive loss — — — — ( 249 ) — ( 249 )

June 30, 2024

126,905,933 21,344,390 5,043,307 $ 5,683 $ 148 $ 2,962,275 $ ( 4,330,308 ) $ ( 1,596 ) $ ( 10,845 ) $ ( 1,374,643 )

(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2025, or 2024.

See Notes to Consolidated Financial Statements

IHEARTMEDIA, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(In thousands, except share data) Controlling Interest

8 unchanged sentences

127,474,033 21,285,914 5,039,323 $ 5,289 $ 149 $ 2,975,703 $ ( 4,340,083 ) $ ( 1,885 ) $ ( 10,953 ) $ ( 1,371,780 )

Net loss ( 167 ) — — ( 364,704 ) — — ( 364,871 )

Vesting of restricted stock and other 3,735,212 — 3 ( 3 ) — — ( 1,236 ) ( 1,236 )

Share-based compensation

— — 12,125 — — — 12,125

Dividends declared and paid to noncontrolling interests ( 868 ) — — — — — ( 868 )

Conversion of Class B Shares to Class A Shares 98,347 ( 98,347 ) — — — — — — —

Other comprehensive income — — — — 381 — 381

June 30, 2025

131,307,592 21,187,567 5,039,323 $ 4,254 $ 152 $ 2,987,825 $ ( 4,704,787 ) $ ( 1,504 ) $ ( 12,189 ) $ ( 1,726,249 )

(In thousands, except share data) Controlling Interest

Common Shares (1)

Interest Common

Stock Additional

Capital Accumulated Deficit Accumulated

Comprehensive Loss Treasury

Class A Shares Class B

Shares Special Warrants Total

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) 69 — — ( 1,000,166 ) — — ( 1,000,097 )

2 unchanged sentences

— — 15,181 — — — 15,181

Dividend declared and paid to noncontrolling interests ( 3,397 ) — — — — — ( 3,397 )

Dividends declared and paid to noncontrolling interests ( 3,783 ) — — — — — ( 3,783 )

Conversion of Special Warrants to Class A and Class B Shares

2 unchanged sentences

Other comprehensive loss — — — — ( 468 ) — ( 468 )

March 31, 2024

June 30, 2024

126,905,933 21,344,390 5,043,307 $ 5,683 $ 148 $ 2,962,275 $ ( 4,330,308 ) $ ( 1,596 ) $ ( 10,845 ) $ ( 1,374,643 )

(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2025, 2024, or 2023.

(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2025, or 2024, or 2023.

See Notes to Consolidated Financial Statements

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) Three Months Ended March 31,

(In thousands) Six Months Ended June 30,

Cash flows from operating activities:

9 unchanged sentences

(Gain) Loss on investments 19,495 ( 91,582 )

Equity in (income) loss of nonconsolidated subsidiaries ( 50 ) 45

Equity in loss of nonconsolidated subsidiaries 1 106

Barter and trade income ( 17,838 ) ( 15,532 )

7 unchanged sentences

Increase (Decrease) in accrued interest 44,121 ( 10 )

Increase in deferred revenue 14,088 8,260

Increase (Decrease) in other long-term liabilities 860 ( 272 )

Increase (Decrease) in deferred revenue 28,720 ( 1,281 )

Decrease in other long-term liabilities ( 2,748 ) ( 286 )

Cash used for operating activities ( 54,123 ) ( 32,548 )

5 unchanged sentences

Cash flows from financing activities:

Payments on long-term debt and credit facilities ( 9,966 ) ( 111 )

Proceeds from credit facilities 100,000 —

Payments on long-term debt ( 27,172 ) ( 314 )

Dividends and other payments to noncontrolling interests ( 868 ) ( 3,783 )

Change in other, net ( 1,279 ) ( 719 )

Cash used for financing activities ( 11,038 ) ( 3,548 )

Cash provided by (used for) financing activities 70,681 ( 4,816 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash 442 ( 145 )

32 unchanged sentences

economy could have a significant impact on the Company's ability to generate revenue and cash flows.

As of March 31, 2025, the Company had approximately $ 167.7 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 $ 415.1 million, no outstanding borrowings and $ 23.7 million of outstanding letters of credit, resulting in $ 391.4 million of borrowing base availability.

The Company's total available liquidity as of March 31, 2025 was $ 559.1 million.

During the three months ended June 30, 2025, iHeartCommunications borrowed $ 100.0 million under the $ 450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility").

This borrowing was executed as a short-term liquidity management strategy to provide financial flexibility in response to recent market uncertainty.

The funds are available to support working capital requirements and general corporate purposes.

As of June 30, 2025, the ABL Facility had a borrowing base of $ 425.0 million, resulting in $ 290.8 million available for borrowing after considering the $ 100.0 million of outstanding borrowings and the $ 34.3 million of outstanding letters of credit .

As of June 30, 2025, the Company had approximately $ 235.9 million in cash and cash equivalents, and total available liquidity was $ 526.7 million.

Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year.

2 unchanged sentences

Restricted Cash

As of March 31, 2025 and December 31, 2024, the Company did not have any restricted cash balances on the Consolidated Balance Sheets.

As of June 30, 2025 and December 31, 2024, the Company did not have any restricted cash balances on the Consolidated Balance Sheets.

Certain Relationships and Related Party Transactions

19 unchanged sentences

Disaggregation of Revenue

The following tables show revenue streams for the three months ended March 31, 2025 and 2024:

The following tables show revenue streams for the three and six months ended June 30, 2025 and 2024 :

(In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Revenue from contracts with customers:

13 unchanged sentences

Revenue, total $ 544,598 $ 323,856 $ 67,736 $ ( 2,537 ) $ 933,653

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Revenue from contracts with customers:

14 unchanged sentences

Revenue, total $ 575,907 $ 285,614 $ 70,082 $ ( 2,511 ) $ 929,092

IHEARTMEDIA, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated

Six Months Ended June 30, 2025

Revenue from contracts with customers:

Broadcast Radio (1)

$ 736,525 $ — $ — $ — $ 736,525

207,276 — — — 207,276

Sponsorship and Events (3)

65,106 — — — 65,106

Digital, excluding Podcast (4)

— 350,811 — ( 2,284 ) 348,527

— 250,332 — — 250,332

Audio & Media Services (6)

— — 127,059 ( 2,740 ) 124,319

8,487 — — — 8,487

Total 1,017,394 601,143 127,059 ( 5,024 ) 1,740,572

Revenue from leases (8)

182 — — — 182

Revenue, total $ 1,017,576 $ 601,143 $ 127,059 $ ( 5,024 ) $ 1,740,754

Six Months Ended June 30, 2024

Revenue from contracts with customers:

Broadcast Radio (1)

$ 784,828 $ — $ — $ — $ 784,828

208,642 — — — 208,642

Sponsorship and Events (3)

66,950 — — — 66,950

Digital, excluding Podcast (4)

— 329,437 — ( 2,360 ) 327,077

— 195,145 — — 195,145

Audio & Media Services (6)

— — 139,250 ( 2,712 ) 136,538

8,525 — — — 8,525

Total 1,068,945 524,582 139,250 ( 5,072 ) 1,727,705

Revenue from leases (8)

425 — — — 425

Revenue, total $ 1,069,370 $ 524,582 $ 139,250 $ ( 5,072 ) $ 1,728,130

(1) Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.

16 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

1 unchanged sentence

Trade and barter expenses 64,769 57,786 98,563 91,967

In addition to the trade and barter revenue in the table above, the Company recognized $ 10.3 million and $ 8.7 million during the three months ended March 31, 2025 and 2024, respectively, in connection with investments made in companies in exchange for advertising services.

In addition to the trade and barter revenue in the table above, the Company recognized $ 7.6 million and $ 6.8 million during the three months ended June 30, 2025 and 2024, respectively, and $ 17.8 million and $ 15.5 million during the six months ended June 30, 2025, and 2024, 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

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

7 unchanged sentences

The Company’s contracts with customers generally have terms of one year or less;

however, as of March 31, 2025, the Company expects to recognize $ 208.5 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 .

however, as of June 30, 2025, the Company expects to recognize $ 264.7 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.

13 unchanged sentences

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, 2025, and 2024, the Company recognized non-cash impairment charges of $ 2.9 million and $ 1.5 million 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 six months ended June 30, 2025, the Company recognized non-cash impairment charges of $ 2.6 million and $ 5.4 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 six months ended June 30, 2024, the Company recognized non-cash impairment charges of $ 1.5 million 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.

There were no lease impairments recognized during the three months ended June 30, 2024.

The implicit rate within the Company's lease agreements is generally not determinable.

2 unchanged sentences

The following table provides supplemental cash flow information related to leases for the periods presented:

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands) 2025 2024

1 unchanged sentence

Lease liabilities arising from obtaining right-of-use assets (1)

(1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2025 and 2024, respectively.

12,241 13,022

(1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the six months ended June 30, 2025 and 2024, 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 $ 15.7 million and $ 15.6 million for the three months ended March 31, 2025 and 2024, respectively.

The non-cash operating lease expense was $ 17.2 million and $ 15.9 million for the three months ended June 30, 2025 and 2024, respectively.

The non-cash operating lease expense was $ 32.9 million and $ 31.5 million for the six months ended June 30, 2025 and 2024, respectively.

IHEARTMEDIA, INC.

4 unchanged sentences

The Company’s property, plant and equipment consisted of the following classes of assets:

(In thousands) March 31,

(In thousands) June 30,

2025 December 31,

14 unchanged sentences

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization

4 unchanged sentences

Total $ 2,345,438 $ ( 1,525,293 ) $ 2,345,438 $ ( 1,417,856 )

Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2025 and 2024 was $ 53.7 million and $ 61.9 million, respectively.

Total amortization expense related to definite-lived intangible assets for the Company for the three months ended June 30, 2025 and 2024 was $ 53.7 million and $ 61.2 million, respectively.

Total amortization expense related to definite-lived intangible assets for the Company for the six months ended June 30, 2025 and 2024 was $ 107.4 million and $ 123.1 million, respectively.

The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:

9 unchanged sentences

Foreign currency — — 351 351

Balance as of March 31, 2025

Balance as of June 30, 2025

$ 731,501 $ 311,353 $ 62,653 $ 1,105,507

2 unchanged sentences

Long-term debt outstanding for the Company consisted of the following:

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Asset-based Revolving Credit Facility due 2027 (1)

$ 100,000 $ —

Term Loan Facility due 2026 5,095 5,095

20 unchanged sentences

Debt Premium (3)

266,302 289,752

Total Debt 5,137,518 5,071,469

1 unchanged sentence

Total long-term debt $ 5,063,792 $ 5,048,968

(1) Decrease is due to the quarterly amortization payment of $ 5.4 million equal to 0.25 % of the original principal amount of the Term Loan Facility due 2029.

(2) Other subsidiary debt consists of finance lease obligations maturing at various dates from 2026 through 2045.

The Company’s weighted average interest rate was 9.3 % and 9.4 % as of March 31, 2025 and December 31, 2024, respectively.

The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $ 3.6 billion and $ 4.1 billion as of March 31, 2025 and December 31, 2024, respectively.

(1) On May 22, 2025, iHeartCommunications borrowed $ 100.0 million under the ABL Facility, the proceeds of which were recorded as cash on the Balance Sheet as of June 30, 2025 .

(2) Quarterly amortization payments of $ 5.4 million (equal to 0.25 % of the original principal amount) are required per the terms of the Term Loan Facility due 2029.

(3) The difference between the carrying value of the exchanged 5.25 % Senior Notes, 4.75 % Senior Secured Notes, and 8.375 % Senior Unsecured Notes and the principal amount of the 7.75 % First Lien Notes due 2030, 7.00 % First Lien Notes due 2031 and 10.875 % Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made.

The Company’s weighted average interest rate was 9.2 % and 9.4 % as of June 30, 2025 and December 31, 2024, respectively.

The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $ 3.7 billion and $ 4.1 billion as of June 30, 2025 and December 31, 2024, 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, 2025, the Company was in compliance with all covenants related to our debt agreements.

As of June 30, 2025, the Company was in compliance with all covenants related to our debt agreements.

IHEARTMEDIA, INC.

2 unchanged sentences

Surety Bonds and Letters of Credit

As of March 31, 2025, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $ 8.6 million and $ 23.7 million , respectively.

As of June 30, 2025, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $ 8.5 million and $ 34.3 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.

18 unchanged sentences

(In thousands) Three Months Ended

Current tax benefit (expense) $ 860 $ ( 3,418 )

June 30, Six Months Ended

2025 2024 2025 2024

Current tax expense $ ( 11,873 ) $ ( 16,969 ) $ ( 11,013 ) $ ( 20,387 )

Deferred tax benefit (expense) ( 6,380 ) 40,928 ( 142,599 ) 65,008

Income tax benefit (expense) $ ( 18,253 ) $ 23,959 $ ( 153,612 ) $ 44,621

The effective tax rates for the three months ended March 31, 2025 and March 31, 2024 were ( 93.0 )% and 53.3 %, respectively.

The effective tax rates for these three-month periods were primarily impacted by changes in the forecasted increase in valuation allowances recorded against certain deferred assets, related primarily to disallowed interest expense carryforwards due to uncertainty regarding the Company's ability to utilize those assets in future periods.

The effective tax rates for the three months ended June 30, 2025 and 2024 were ( 27.8 )% and 2.4 %, respectively.

The effective tax rates for the six months ended June 30, 2025 and 2024 were ( 72.7 )% and 4.3 %, 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.

The 2024 effective tax rates were also impacted by impairment charges to non-deductible goodwill recorded during the second quarter of 2024.

NOTE 8 – STOCKHOLDERS' DEFICIT

1 unchanged sentence

On April 21, 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan.

At our 2023 Annual Meeting of Stockholders, an increase to the shares authorized for issuance under the 2021 Plan was approved.

IHEARTMEDIA, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2023 Annual Meeting of Stockholders, an increase to the shares authorized for issuance under the 2021 Plan was approved.

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.

7 unchanged sentences

(In thousands) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

RSUs $ 4,017 $ 5,085 $ 9,345 $ 10,011

3 unchanged sentences

$ 7,260 $ 7,220 $ 16,289 $ 15,700

(1) Total share based compensation expense includes $ 1.6 million and $ 0.5 million of expense from cash settled awards for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, there was $ 26.1 million of unrecognized compensation cost related to share-based compensation arrangements.

(1) Total share based compensation expense includes $ 2.6 million and $ 4.2 million of expense from cash settled awards for the three and six months ended June 30, 2025, respectively.

Total share based compensation expense includes $ 0.5 million of expense from cash settled awards for the six months ended June 30, 2024.

Share based compensation expense from cash settled awards was immaterial for the three months ended June 30, 2024.

As of June 30, 2025, there was $ 21.4 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 1.8 years and assumes Performance RSUs that have not reached their measurement dates will be fully earned at target.

3 unchanged sentences

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.

During the three months ended March 31, 2024 there were 58,534 Special Warrants exercised for an equivalent number of shares of Class A common stock.

There were no Special Warrants exercised for Class A common stock during the three months ended March 31, 2025.

During the three months ended March 31, 2025 and 2024 there were no Special Warrants exercised for Class B common stock.

During the three months ended June 30, 2024 there were 29 Special Warrants exercised for an equivalent number of shares of Class A common stock.

There were no Special Warrants exercised for Class A common stock during the three months ended June 30, 2025.

During the three months ended June 30, 2025 and 2024 there were no Special Warrants exercised for Class B common stock.

IHEARTMEDIA, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the six months ended June 30, 2024 there were 58,563 Special Warrants exercised for an equivalent number of shares of Class A common stock.

There were no Special Warrants exercised for Class A common stock during the six months ended June 30, 2025.

During the six months ended June 30, 2025 and 2024 there were no Special Warrants exercised for Class B common stock.

Computation of Loss per Share

(In thousands, except per share data) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net loss attributable to the Company – common shares $ ( 83,480 ) $ ( 981,658 ) $ ( 364,704 ) $ ( 1,000,166 )

6 unchanged sentences

Diluted ( 0.54 ) ( 6.50 ) ( 2.38 ) ( 6.65 )

(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, 2025 and 2024.

(2) Outstanding equity service awards representing 16.6 million and 15.8 million shares of Class A common stock of the Company for the three months ended March 31, 2025 and 2024, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

(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 and six months ended June 30, 2025 and 2024.

(2) Outstanding equity service awards representing 12.6 million and 15.1 million shares of Class A common stock of the Company for the three months ended June 30, 2025 and 2024, respectively, and 14.6 million and 15.5 million shares of Class A common stock for the six months ended June 30, 2025 and 2024, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

NOTE 9 – SEGMENT DATA

14 unchanged sentences

(In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Revenue 544,598 323,856 67,736 — ( 2,537 ) $ 933,653

10 unchanged sentences

Share-based compensation expense ( 7,260 )

Operating loss $ ( 25,434 )

Operating income $ 35,370

Segment Assets $ 4,066,415 $ 606,412 $ 269,612 $ 439,578 $ ( 2,700 ) $ 5,379,317

2 unchanged sentences

(In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Revenue $ 575,907 $ 285,614 $ 70,082 $ — $ ( 2,511 ) $ 929,092

14 unchanged sentences

Capital expenditures 12,895 5,692 2,167 418 — 21,172

(1) Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, and music license fees.

IHEARTMEDIA, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated

Six Months Ended June 30, 2025

Revenue $ 1,017,576 $ 601,143 $ 127,059 $ — $ ( 5,024 ) $ 1,740,754

Direct operating expenses (1)

417,721 307,732 14,558 — ( 1,927 ) 738,084

Selling, general and administrative expenses (2)

433,484 98,718 72,982 139,868 ( 3,097 ) 741,955

Segment Adjusted EBITDA (3)

$ 166,371 $ 194,693 $ 39,519 $ ( 139,868 ) $ — $ 260,715

Depreciation and amortization ( 182,270 )

Impairment charges ( 5,407 )

Other operating expense, net ( 1,745 )

Restructuring expenses ( 45,068 )

Share-based compensation expense ( 16,289 )

Operating income $ 9,936

Segment Assets $ 4,066,415 $ 606,412 $ 269,612 $ 439,578 $ ( 2,700 ) $ 5,379,317

Intersegment revenues — 2,284 2,740 — — 5,024

Capital expenditures 16,627 10,262 8,379 4,459 — 39,727

(In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated

Six Months Ended June 30, 2024

Revenue $ 1,069,370 $ 524,582 $ 139,250 $ — $ ( 5,072 ) $ 1,728,130

Direct operating expenses (1)

428,882 275,574 14,381 — ( 1,860 ) 716,977

Selling, general and administrative expenses (2)

459,043 89,011 77,325 134,162 ( 3,212 ) 756,329

Segment Adjusted EBITDA (3)

$ 181,445 $ 159,997 $ 47,544 $ ( 134,162 ) $ — $ 254,824

Depreciation and amortization ( 209,518 )

Impairment charges ( 921,732 )

Other operating expense, net ( 1,088 )

Restructuring expenses ( 51,161 )

Share-based compensation expense ( 15,700 )

Operating loss $ ( 944,375 )

Segment Assets $ 4,294,769 $ 592,648 $ 286,762 $ 597,598 $ ( 2,609 ) $ 5,769,168

Intersegment revenues — 2,360 2,712 — — 5,072

Capital expenditures 24,599 11,119 4,424 2,612 — 42,754

(1) Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, and music license fees.

(2) Includes administrative employee compensation, sales commissions, trade and barter expense, and rent and utilities.

(3) 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.

(3) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating income (loss), the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating income (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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements