iHeartMedia, Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) June 30, 2025 December 31, 2024 (Unaudited) CURRENT ASSETS Cash and cash equivalents $ 235,932 $ 259,580 Accounts receivable, net of allowance of $ 28,936 in 2025 and $ 36,552 in 2024 879,057 993,328 Prepaid expenses 149,942 97,332 Other current assets 83,247 11,602 Total Current Assets 1,348,178 1,361,842 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net 451,250 489,843 INTANGIBLE ASSETS AND GOODWILL Indefinite-lived intangibles - licenses 809,928 809,928 Other intangibles, net 820,145 927,582 Goodwill 1,105,507 1,105,156 OTHER ASSETS Operating lease right-of-use assets 641,347 668,165 Other assets 202,962 209,180 Total Assets $ 5,379,317 $ 5,571,696 CURRENT LIABILITIES Accounts payable $ 217,110 $ 253,264 Current operating lease liabilities 66,763 69,516 Accrued expenses 288,267 348,119 Accrued interest 74,299 22,535 Deferred revenue 178,912 154,345 Current portion of long-term debt 73,726 22,501 Total Current Liabilities 899,077 870,280 Long-term debt 5,063,792 5,048,968 Noncurrent operating lease liabilities 693,642 716,586 Deferred income taxes 245,500 102,898 Other long-term liabilities 203,555 204,744 Commitments and contingent liabilities (Note 6) STOCKHOLDERS' DEFICIT Noncontrolling interest 4,254 5,289 Preferred stock, par value $ 0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding — — Class A Common Stock, par value $ 0.001 per share, 1,000,000,000 shares authorized, issued and outstanding 131,307,592 and 127,474,033 shares in 2025 and 2024, respectively 131 128 Class B Common Stock, par value $ 0.001 per share, authorized 1,000,000,000 shares, issued and outstanding 21,187,567 and 21,285,914 shares in 2025 and 2024, respectively 21 21 Special Warrants, 5,039,323 issued and outstanding in each of 2025 and 2024 — — Additional paid-in capital 2,987,825 2,975,703 Accumulated deficit ( 4,704,787 ) ( 4,340,083 ) Accumulated other comprehensive loss ( 1,504 ) ( 1,885 ) Cost of shares ( 2,354,010 in 2025 and 1,587,031 in 2024) held in treasury ( 12,189 ) ( 10,953 ) Total Stockholders' Deficit ( 1,726,249 ) ( 1,371,780 ) Total Liabilities and Stockholders' Deficit $ 5,379,317 $ 5,571,696 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 933,653 $ 929,092 $ 1,740,754 $ 1,728,130 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 391,194 382,049 747,520 723,409 Selling, general and administrative expenses (excludes depreciation and amortization) 413,082 431,614 793,876 816,758 Depreciation and amortization 90,369 104,356 182,270 209,518 Impairment charges 2,552 920,224 5,407 921,732 Other operating expense 1,086 516 1,745 1,088 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 loss of nonconsolidated affiliates ( 51 ) ( 61 ) ( 1 ) ( 106 ) Loss on extinguishment of debt ( 263 ) — ( 1,460 ) — Other income (expense), net 1,004 ( 231 ) 1,041 ( 727 ) Loss before income taxes ( 65,735 ) ( 1,005,948 ) ( 211,259 ) ( 1,044,718 ) Income tax benefit (expense) ( 18,253 ) 23,959 ( 153,612 ) 44,621 Net loss ( 83,988 ) ( 981,989 ) ( 364,871 ) ( 1,000,097 ) Less amount attributable to noncontrolling interest ( 508 ) ( 331 ) ( 167 ) 69 Net loss attributable to the Company $ ( 83,480 ) $ ( 981,658 ) $ ( 364,704 ) $ ( 1,000,166 ) Other comprehensive income (loss), net of tax Foreign currency translation adjustments 279 ( 249 ) 381 ( 468 ) Other comprehensive income (loss), net of tax 279 ( 249 ) 381 ( 468 ) Comprehensive loss ( 83,201 ) ( 981,907 ) ( 364,323 ) ( 1,000,634 ) Less amount attributable to noncontrolling interest — — — — Comprehensive loss attributable to the Company $ ( 83,201 ) $ ( 981,907 ) $ ( 364,323 ) $ ( 1,000,634 ) Net loss attributable to the Company per common share: Basic $ ( 0.54 ) $ ( 6.50 ) $ ( 2.38 ) $ ( 6.65 ) Weighted average common shares outstanding - Basic 154,275 151,137 153,382 150,466 Diluted $ ( 0.54 ) $ ( 6.50 ) $ ( 2.38 ) $ ( 6.65 ) Weighted average common shares outstanding - Diluted 154,275 151,137 153,382 150,466 See Notes to Consolidated Financial Statements 2 IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) (In thousands, except share data) Controlling Interest Common Shares (1) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total Balances at 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 loss ( 508 ) — — ( 83,480 ) — — ( 83,988 ) Vesting of restricted stock and other 3,022,309 — 3 ( 3 ) — — ( 593 ) ( 593 ) Share-based compensation — — 4,659 — — — 4,659 Dividend declared and paid to noncontrolling interests ( 483 ) — — — — — ( 483 ) Other comprehensive income — — — — 279 — 279 Balances at 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) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total 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 ) 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 ) Balances at 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 3 IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) (In thousands, except share data) Controlling Interest Common Shares (1) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total Balances at December 31, 2024 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 Balances at 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) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total 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) 69 — — ( 1,000,166 ) — — ( 1,000,097 ) Vesting of restricted stock and other 2,545,109 — 2 ( 2 ) — — ( 718 ) ( 718 ) Share-based compensation — — 15,181 — — — 15,181 Dividends declared and paid to noncontrolling interests ( 3,783 ) — — — — — ( 3,783 ) Conversion of Special Warrants to Class A and Class B Shares 58,563 ( 58,563 ) — — — — — — — Conversion of Class B Shares to Class A Shares 2,973 ( 2,973 ) — — — — — — — Other comprehensive loss — — — — ( 468 ) — ( 468 ) Balances at 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, or 2023. See Notes to Consolidated Financial Statements 4 IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ ( 364,871 ) $ ( 1,000,097 ) Reconciling items: Impairment charges 5,407 921,732 Depreciation and amortization 182,270 209,518 Deferred taxes 142,599 ( 65,008 ) Provision for doubtful accounts 8,589 11,590 Amortization of deferred financing charges and note discounts, net 1,489 3,478 Share-based compensation 12,125 15,181 Loss on disposal of operating and other assets 1,254 406 (Gain) Loss on investments 19,495 ( 91,582 ) Equity in loss of nonconsolidated subsidiaries 1 106 Barter and trade income ( 17,838 ) ( 15,532 ) Other reconciling items, net ( 920 ) 768 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable 105,058 126,584 Increase in prepaid & other current assets ( 75,801 ) ( 42,639 ) (Increase) Decrease in other long-term assets ( 1,412 ) 1,526 Decrease in accounts payable ( 31,973 ) ( 9,575 ) Decrease in accrued expenses ( 109,688 ) ( 97,427 ) Increase (Decrease) in accrued interest 44,121 ( 10 ) 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 ) Cash flows from investing activities: Purchases of property, plant and equipment ( 39,727 ) ( 42,754 ) Proceeds from sale of investment securities 656 101,756 Change in other, net ( 1,577 ) ( 3,131 ) Cash provided by (used for) investing activities ( 40,648 ) 55,871 Cash flows from financing activities: 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 provided by (used for) financing activities 70,681 ( 4,816 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 442 ( 145 ) Net increase (decrease) in cash, cash equivalents and restricted cash ( 23,648 ) 18,362 Cash, cash equivalents and restricted cash at beginning of period 259,580 346,382 Cash, cash equivalents and restricted cash at end of period $ 235,932 $ 364,744 SUPPLEMENTAL DISCLOSURES: Cash paid for interest $ 158,174 $ 194,039 Cash paid for income taxes 33,193 2,709 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, 2024. 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 continued to contribute to a challenging macroeconomic environment. This challenging environment has led to broader market uncertainty which has impacted 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. 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. Reclassifications Certain prior period amounts have been reclassified to conform to the 2025 presentation. Restricted Cash 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 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. 6 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) New Accounting Pronouncements Not Yet Adopted 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. The Company intends to adopt this standard beginning with the 2025 annual period and is currently evaluating the impact of this standard on our annual disclosures, including method of adoption. In November 2024, the FASB issued Update 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This update focuses on the disaggregation of income statement expenses, requiring entities to provide more detailed disclosures about certain expenses in their financial statements. The amendments of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard on our disclosures, including timing and method of adoption. 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 six months ended June 30, 2025 and 2024 : (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Three Months Ended June 30, 2025 Revenue from contracts with customers: Broadcast Radio (1) $ 395,789 $ — $ — $ — $ 395,789 Networks (2) 107,813 — — — 107,813 Sponsorship and Events (3) 36,485 — — — 36,485 Digital, excluding Podcast (4) — 189,560 — ( 1,153 ) 188,407 Podcast (5) — 134,296 — — 134,296 Audio & Media Services (6) — — 67,736 ( 1,384 ) 66,352 Other (7) 4,420 — — — 4,420 Total 544,507 323,856 67,736 ( 2,537 ) 933,562 Revenue from leases (8) 91 — — — 91 Revenue, total $ 544,598 $ 323,856 $ 67,736 $ ( 2,537 ) $ 933,653 Three Months Ended June 30, 2024 Revenue from contracts with customers: Broadcast Radio (1) $ 425,490 $ — $ — $ — $ 425,490 Networks (2) 106,591 — — — 106,591 Sponsorship and Events (3) 39,121 — — — 39,121 Digital, excluding Podcast (4) — 181,093 — ( 1,175 ) 179,918 Podcast (5) — 104,521 — — 104,521 Audio & Media Services (6) — — 70,082 ( 1,336 ) 68,746 Other (7) 4,430 — — — 4,430 Total 575,632 285,614 70,082 ( 2,511 ) 928,817 Revenue from leases (8) 275 — — — 275 Revenue, total $ 575,907 $ 285,614 $ 70,082 $ ( 2,511 ) $ 929,092 8 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (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 Networks (2) 207,276 — — — 207,276 Sponsorship and Events (3) 65,106 — — — 65,106 Digital, excluding Podcast (4) — 350,811 — ( 2,284 ) 348,527 Podcast (5) — 250,332 — — 250,332 Audio & Media Services (6) — — 127,059 ( 2,740 ) 124,319 Other (7) 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 Networks (2) 208,642 — — — 208,642 Sponsorship and Events (3) 66,950 — — — 66,950 Digital, excluding Podcast (4) — 329,437 — ( 2,360 ) 327,077 Podcast (5) — 195,145 — — 195,145 Audio & Media Services (6) — — 139,250 ( 2,712 ) 136,538 Other (7) 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. (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 at contract inception 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 June 30, Six Months Ended June 30, (In thousands) 2025 2024 2025 2024 Trade and barter revenues $ 75,995 $ 69,277 $ 125,360 $ 110,582 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 $ 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 June 30, (In thousands) 2025 2024 2025 2024 Deferred revenue from contracts with customers: Beginning balance (1) $ 183,684 $ 185,835 $ 173,766 $ 181,899 Revenue recognized, included in beginning balance ( 68,626 ) ( 69,378 ) ( 94,430 ) ( 100,826 ) Additions, net of revenue recognized during period, and other 80,705 65,426 116,427 100,810 Ending balance $ 195,763 $ 181,883 $ 195,763 $ 181,883 (1) Deferred revenue from 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 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. 10 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 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. 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: Six Months Ended June 30, (In thousands) 2025 2024 Cash paid for amounts included in measurement of operating lease liabilities $ 72,805 $ 75,069 Lease liabilities arising from obtaining right-of-use assets (1) 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 $ 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. 11 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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) June 30, 2025 December 31, 2024 Land, buildings and improvements $ 328,859 $ 335,502 Towers, transmitters and studio equipment 211,757 207,349 Computer equipment and software 707,023 741,259 Furniture and other equipment 53,827 54,108 Construction in progress 20,075 12,186 1,321,541 1,350,404 Less: accumulated depreciation 870,291 860,561 Property, plant and equipment, net $ 451,250 $ 489,843 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of 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) June 30, 2025 December 31, 2024 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,623 $ ( 1,035,713 ) $ 1,652,623 $ ( 967,377 ) Talent and other contracts 338,900 ( 266,910 ) 338,900 ( 245,909 ) Trademarks and tradenames 335,912 ( 207,442 ) 335,912 ( 190,450 ) Other 18,003 ( 15,228 ) 18,003 ( 14,120 ) 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 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: (In thousands) 2026 $ 201,512 2027 176,171 2028 160,395 2029 121,622 2030 16,430 12 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 Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of December 31, 2024 (1) $ 731,501 $ 311,353 $ 62,302 $ 1,105,156 Foreign currency — — 351 351 Balance as of June 30, 2025 $ 731,501 $ 311,353 $ 62,653 $ 1,105,507 (1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $ 2.0 billion related to our Multiplatform Group, $ 439.4 million related to our Digital Audio Group and $ 41.6 million related to our Audio & Media Services Group. NOTE 5 – LONG-TERM DEBT Long-term debt outstanding for the Company consisted of the following: (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 Incremental Term Loan Facility due 2026 1,500 1,500 Term Loan Facility due 2029 (2) 2,134,995 2,145,724 6.375 % Senior Notes due 2026 44,644 44,644 5.25 % Senior Notes due 2027 6,983 6,983 8.375 % Senior Unsecured Notes due 2027 72,388 72,388 4.75 % Senior Secured Notes due 2028 276,868 276,868 9.125 % First Lien Notes due 2029 717,588 717,588 7.75 % First Lien Notes due 2030 661,285 661,285 7.00 % First Lien Notes due 2031 178,443 178,443 10.875 % Second Lien Notes due 2030 675,165 675,165 Other secured subsidiary debt 4,371 5,008 Long-term debt fees ( 8,109 ) ( 8,974 ) Debt Premium (3) 266,302 289,752 Total Debt 5,137,518 5,071,469 Less: Current portion 73,726 22,501 Total long-term debt $ 5,063,792 $ 5,048,968 (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 June 30, 2025, the Company was in compliance with all covenants related to our debt agreements. 13 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Surety Bonds and Letters of Credit 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. 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 of 1934, as amended (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 June 30, Six Months Ended June 30, 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 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 Pursuant to the Company's 2019 Eq uity 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. At our 14 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. Share-based Compensation Share-based compensation expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Loss. 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 measured over an approximately 1-year to 3-year period from the date of issuance. The following table presents the Company's total share based compensation expense by award type: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 RSUs $ 4,017 $ 5,085 $ 9,345 $ 10,011 Performance RSUs 3,217 1,412 6,746 4,201 Options 26 723 198 1,488 Total Share Based Compensation Expense (1) $ 7,260 $ 7,220 $ 16,289 $ 15,700 (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. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Reorganization 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 % of the Company's outstanding Class A common stock, (b) more than 22.5 % of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any foreign ownership threshold set by the FCC pursuant to a declaratory ruling or specific approval requirement or (d) the Company violating 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. Although the agreement governing the Special Warrants provides that the Company may decline to permit the exercise of Special Warrants if such exercise would result in more than 22.5 % of our capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, the Company received a ruling from the FCC permitting it to have up to 100 % foreign ownership in the aggregate. 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 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. 15 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 June 30, 2025 2024 2025 2024 NUMERATOR: Net loss attributable to the Company – common shares $ ( 83,480 ) $ ( 981,658 ) $ ( 364,704 ) $ ( 1,000,166 ) DENOMINATOR (1) : Weighted average common shares outstanding - basic 154,275 151,137 153,382 150,466 Stock options and restricted stock (2) : — — — — Weighted average common shares outstanding - diluted 154,275 151,137 153,382 150,466 Net loss attributable to the Company per common share: Basic $ ( 0.54 ) $ ( 6.50 ) $ ( 2.38 ) $ ( 6.65 ) 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 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 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. Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker ("CODM") for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company's CODM is our Chief Executive Officer. The CODM uses Segment Adjusted EBITDA to evaluate the operating performance of each reportable segment, and to allocate resources. This measure is the primary measure used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and segment management. 16 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following tables present the Company's segment results: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2025 Revenue 544,598 323,856 67,736 — ( 2,537 ) $ 933,653 Direct operating expenses (1) 218,052 161,811 7,474 — ( 972 ) 386,365 Selling, general and administrative expenses (2) 230,182 54,435 36,541 71,568 ( 1,565 ) 391,161 Segment Adjusted EBITDA (3) $ 96,364 $ 107,610 $ 23,721 $ ( 71,568 ) $ — $ 156,127 Depreciation and amortization ( 90,369 ) Impairment charges ( 2,552 ) Other operating expense, net ( 1,086 ) Restructuring expenses ( 19,490 ) Share-based compensation expense ( 7,260 ) Operating income $ 35,370 Segment Assets $ 4,066,415 $ 606,412 $ 269,612 $ 439,578 $ ( 2,700 ) $ 5,379,317 Intersegment revenues — 1,153 1,384 — — 2,537 Capital expenditures 10,698 4,406 2,752 2,141 — 19,997 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2024 Revenue $ 575,907 $ 285,614 $ 70,082 $ — $ ( 2,511 ) $ 929,092 Direct operating expenses (1) 224,752 148,320 7,340 — ( 933 ) 379,479 Selling, general and administrative expenses (2) 246,892 45,424 38,893 69,775 ( 1,578 ) 399,406 Segment Adjusted EBITDA (3) $ 104,263 $ 91,870 $ 23,849 $ ( 69,775 ) $ — $ 150,207 Depreciation and amortization ( 104,356 ) Impairment charges ( 920,224 ) Other operating expense, net ( 516 ) Restructuring expenses ( 27,558 ) Share-based compensation expense ( 7,220 ) Operating loss $ ( 909,667 ) Segment Assets $ 4,294,769 $ 592,648 $ 286,762 $ 597,598 $ ( 2,609 ) $ 5,769,168 Intersegment revenues — 1,175 1,336 — — 2,511 Capital expenditures 12,895 5,692 2,167 418 — 21,172 17 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Segments (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 Segments (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 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. 18