Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Debt Investor Presentation (November 2024)
88 slides from Iheartmedia's debt investor presentation, Nov 7, 2024
Slide 1: Company Presentation, November 7, 2024
Exhibit 99.3 Company Presentation th November 7 , 2024 America’s #1 Audio Company | Reaching 9 out of 10 Americans Every Month | Radio ∙ Podcasts ∙ Digital ∙ S coc ers ia l ∙ ∙ Da Inf talu e n∙ Events
Slide 2: Table Of Contents
Table Of Contents 1. Executive Summary 2. Multiplatform Group 3. Digital Audio Group 4. Audio & Media Services 5. Data & Technology 6. Financial Projections 7. Appendix 2 2 2
Slide 3: Disclaimer
Disclaimer This Investor Presentation (this Presentation ) is being furnished to a limited number of parties who have expressed an interest in a potential transaction (the Potential Transaction ) with iHeartMedia, Inc. ( iHeartMedia or the Company ). The Company does not intend for this Presentation
Slide 4: Disclaimer (Cont'd)
Disclaimer (Cont’d) Forecasts and estimates regarding the Company’s industry and markets are based on sources the Company believes to ;b he owrel ever iabl,e there can be no assurance these forecasts and estimates will prove accurate in whole or in part. All information not separately sourced is fro
Slide 5: The iHeartMedia Management Team
The iHeartMedia Management Team Bob Pittman Rich Bressler Conal Byrne Wendy Goldberg Mike McGuinness Jordan Fasbender CEO Chief Communications EVP Chairman & President, COO & CFO; EVP, Deputy CFO & General Counsel Chief Executive Officer CEO, Multiplatform Group Digital Audio Group Officer Head of I
Slide 6: Executive Summary
Executive Summary
Slide 7: Business Highlights
Business Highlights 1 Strong market leader in growing consumer media category: Audio Diverse portfolio of growing digital audio assets, including the #1 podcast publisher globally and #1 digital radio 2 app in the US 3 Assets with unparalleled scale, reach and trust, demonstrating resilience in econ
Slide 8: Advertising Follows Audiences
Advertising Follows Audiences Only Three Companies Have Mass Market US Reach Ad-Enabled Monthly Reach % - Adults 18+ Tier 2 - Mid Tier Tier 3- Niche Tier 1 - Mass Market 89% 76% 58% 35% 34% 34% 31% 31% 29% 26% * 20% 19% 18% * 17% 16% 13% 10% 9% 5% 4% iHM Facebook Google The New ABC Audacy CBS NBC Ti
Slide 9: Audio Is A Huge Part Of Consumers' Lives
Audio Is A Huge Part Of Consumers’ Lives And Is A Growing Revenue Opportunity D A I L Y M E D I A C O N S U M P T I O N S H A R E Linear TV 1 Audio 24% Print 6% 31% 39% Digital/Video Social WARC Data, GWI; Note: Audio includes broadcast radio, online audio and podcasts 9 1. Audio represents largest
Slide 10: Vast Majority of Audio Listening is Radio & Podcasts
Vast Majority of the 31% of Audio Listening is Radio & Podcasts Percentage time with Ad-Enabled Audio Podcasts 19% Ad-Enabled Digital iHeartRadio Ad-Enabled Spotify 14% Audio Ad-Enabled Pandora Ad-Enabled SiriusXM Streaming AM/FM Radio 67% Source: Edison Share of Ear, Q2 2024, P18+ 10
Slide 11: Audio Has Quantifiable Advantages In Any Media Plan
Audio Has Quantifiable Advantages In Any Media Plan. Audio ads have 55% higher attention than digital, social, and TV. Radio is 10X more efficient than online video ads in driving attention. Social performs 83% better after the consumer hears the audio ad first. Source: Dentsu Attention Economy Stud
Slide 12: Scale of iHeart's reach and platforms
276M 177M Monthly US Podcast Downloads Broadcast Radio Listeners On- More than the next two largest Air Every Month publishers combined More than Google, Facebook and all TV Networks iHeart Is The Only 500+ 181M Platforms & Thousands of Registered Digital & Media Company Connected Devices Mobile Use
Slide 13: Leadership Position In Podcast Publishing
iHeart Also Has The Leadership Position In Podcast Publishing U.S. Podcast Downloads May 2024 Bigger Than The Next 177M 2 Publishers Combined 163M iHeartpodcasts Is The #1 Podcast Publisher In 117M The US With More Downloads Than The Next 2 Publishers 47M 35M 35M 30M Combined 20M 19M 19M 17M Source:
Slide 14: Podcasts Have More Reach Than Streaming Music Services
Podcasts Have More Reach Than Major Ad Enabled Streaming Music Services Ad-Enabled Monthly % Reach – P18+ 47% 25% 20% 16% 12% Podcasts YouTube Music Spotify Pandora Amazon Music Podcasts Source: Source: Comscore, Media Metrix, Multi-Platform, May 2024, P18+, adjusted to total pop; Scarborough USA+ 2
Slide 15: Podcast & Radio Are Complementary
Podcast & Radio Are Complementary Advertising Services Share of Time Spent Listening by Location In-home Listening 65% 65% Out-of-home Listening 35% 35% Podcasts Radio 15 Source: Nielsen Audio Today Report, 2023, A18+; Edison Research Q4 2023
Slide 16: Broadcast Radio Has The Environment Of Trust
Broadcast Radio Has The Environment Of Trust Advertisers Demand % Trust In Media 75% 66% 57% 38% 37% Broadcast Radio Television Websites Twitter Facebook Engagement Labs Media Trustworthiness Survey 2020, a survey of radio listeners conducted by iHeart. 16
Slide 17: Trusted & Influential Personalities
iHeart Covers All Consumer Segments With Trusted & Influential Personalities CHARLAMAGNE WILMER VALDERRAMA JAY SHETTY ANGELA YEE ENRIQUE SANTOS PARIS HILTON ELVIS DURAN MALCOLM GLADWELL CHELSEA HANDLER BOBBY BONES ANGIE MARTINEZ CLAY TRAVIS BUCK SEXTON NIKKI GLASER RYAN SEACREST QUESTLOVE DELILAH ST
Slide 18: iHeart Media Events Generate The Buzz
iHeart Media Events Generate The Buzz Important To Advertisers Social Media Impressions 84B 36B 28B 3B iHeartRadio Music Awards Grammys Superbowl Oscars Source: iHeartRadio Music Awards: Talkwalker, Promo period – event 2024 18 18 Competitive Events: Talkwalker (Day of event only) 2024
Slide 19: Well Positioned To Take Advantage Of Growing Markets
iHeart Is Well Positioned To Take Advantage Of Growing Markets And Radio Moving into Programmatic Buying +$236B Total Increase (’20A – ’27E) +14% Total CAGR (’20A – ’27E) 2027 Ad Spend: $397B 2020 Ad Spend: $162B 2023 Ad Spend: $283B $342B $139B $233B Digital Advertising Live Events & $32B $7B $29B
Slide 20: Monetization & Growth Initiatives
Monetization & Growth Initiatives Programmatic • Introduce data enhanced Digital broadcast radio into digital ad buys, which will provide mass reach for programmatic • Continuous participation in Podcast audio inventory an expanding TAM, including audio, OTT, • Broadcast programmatic social, website
Slide 21: Value Generated From Cost Management Initiatives
Significant Value Generated From Cost Management Initiatives iHeartMedia management has a significant track record of successfully implementing cost saving initiatives • Reimagined operating structure and real estate needs reduced expenses by $325M run-rate since 2019. ▪ Reduced costs in Multiplatfo
Slide 22: Uplift During Every Political Cycle
Uplift During Every Political Cycle Provides Continuing Growth For iHeart Political Revenue Through the Years Political ($ in millions) • Generates significant Adj EBITDA upside as Political Revenue $192 requires de minimis incremental expense $169 $167 $142 • Political is the only advertising categ
Slide 23: Leading Podcast Publisher Across All Podtrac Categories
And Leading Podcast Publisher Across All Podtrac Categories Most Shows In Podtrac Most Shows In Podtrac Most Shows In Podtrac RANKING THE TOP 10 1MM+ LISTENS* by category 100 29 37 15 10 8 13 4 7 #1 in total global Downloads #1 in unique U.S. Listeners The Only Network with shows in for 51 consecuti
Slide 24: Monetizing Growing Digital Inventory
iHeart Is Monetizing Growing Digital Inventory Ability to serve O&O and third-party inventories presents significant growth opportunity Increasing Digital Inventory From Growing Markets… … Served by Be-sint -Class Ad-Tech Capabilities Websites Podcast OTT Streaming Social Audio Video Newsletter 24
Slide 25: Data And Programmatic Growth Vector
Data And Programmatic Provide Important Growth Vector And Will Drive Digital Revenue For Broadcast Radio iHeartMedia SmartAudio AD PRODUCTS iHeartMedia iHeartMedia iHeartMedia SmartAudio SmartAudio SmartAudio ADVANCED ADVERTISING PLATFORM MEASUREMENT AUDIENCES iHeartMedia SmartAudio EXCHANGE iHeartM
Slide 26: Revenue Growth
Revenue Growth Revenue Historical & Projected ’20 – ’28E ($ in millions) CAGR Total $4,450 5% Group $4,171 $4,141 $3,912 $3,905 $3,908 332 Audio $3,751 $3,558 2% 271 297 Services 261 304 332 257 $2,948 248 2% Multiplatform 2,583 275 2,464 2,504 2,404 2,412 Total 2,597 2,435 16% 2,489 Digital Audio 2
Slide 27: Adjusted EBITDA and Free Cash Flow Summary
Adjusted EBITDA and Free Cash Flow Summary (1) Adjusted EBITDA Historical & Projected (1)(2)(3) Free Cash Flow Historical & Projected ($ in millions) ($ in millions) 2020A – 2023A CAGR: 9% 2023A – 2028E CAGR: 8% 2024E – 2028E 24% CAGR $401 $1,042 $950 $915 $853 $811 $303 $771 $750 $269 $697 $259 $53
Slide 28: Multiplatform Group
Multiplatform Group iHeart MEDIA.
Slide 29: Multiplatform Group Overview
Multiplatform Group Overview FY 2023 Revenue: FY 2023 Segment $2,435M Adjusted EBITDA: $553M Events & Broadcast Radio Sponsorships Networks 29
Slide 30: Broadcast Radio Has The Largest National Reach
iHeart Broadcast Radio Has The Largest National Reach Amongst U.S. Broadcasters iHeart Broadcast Audience Has Increased 18% Over Last 20 Years (persons in millions) (Broadcast) 276 (Broadcast) 233 Bigger Than The 860+ ~160 70 Next Two Largest Radio Competitors Owned + Markets Markets with Combined O
Slide 31: The Enduring Power Of Broadcast Radio
The Enduring Power Of Broadcast Radio REACH USAGE Radio Leads Audio Audience Radio Remains Most Popular Option in Audio Ad-Supported Monthly Reach % US Population Time Spent With Ad-Enabled Audio (2023) (2023) iHM Total Satellite Radio 91% Reach: 89% Streaming 4% outube Music 25% 12% Spotify 20% Pod
Slide 32: Outperformance vs Radio Peers
iHeart Delivers Significant, Measurable Outperformance vs Radio Peers iHeart Broadcast Radio Revenue Share Outperformance 140.0 iHM: 120.0 125.3 100.0 80.0 60.0 Industry ex-iHM: 75.0 40.0 20.0 - Industry ex-iHM iHM 32 Source: Miller Kaplan as of September 2024, Broadcast and Network Radio Gross Reve
Slide 33: Networks Overview
Networks Overview Leading syndicator of domestic radio Industry leader in providing valuable real- programming, producing and distributing Description time traffic and weather content that serves content from top programs with significant the broader audio media ecosystem opportunity to increase int
Slide 34: Scaled & Attractive Events Business
iHeart Has Built One Of The Most Scaled & Attractive Events Businesses Sponsors & Events Revenue Music Festivals Ages 13-49 Would Most Like to Attend ($ in millions) 2% % 5% 20 $197 9% 8% 9% CAGR 41% 11% 10 0% iHeart Select Event Sponsors 2020A 202 E Source: IPSOS & iHeartMedia Brand Tracking Survey
Slide 35: Multiplatform Group Financial Overview
Multiplatform Group Financial Overview Multiplatform Revenue ($ in millions) ’20 – ’23 ’23 – ’28E $2,597 $2,583 CAGR CAGR $2,504 $2,489 $2,464 $2,435 $2,412 $2,404 Total 189 3% 1% $2,207 197 Multiplatform 160 193 195 191 188 191 Sponsors & 503 108 494 503 484 21% 1% 489 466 445 Events 479 485 (1%) 1
Slide 36: Digital Audio Group
Digital Audio Group iHeart MEDIA.
Slide 37: Digital Audio Group Overview
Digital Audio Group Overview FY 2023 Revenue: FY 2023 Segment $1,069M Adjusted EBITDA: $349M • rd Podcasts 3 Party Digital Products Streaming Ad Tech Audio Newsletters Websites Social Video 37
Slide 38: Time Spent Listening To Podcasts Doubled
In Addition To Increased Reach, Time Spent Listening To Podcasts Doubled In The Past 7 Years Average Daily Time Spent Listening to Podcasts Among Podcast Listeners (minutes) 54 51 48 MIN 44 MIN 39 MIN 33 MIN 28 MIN MIN MIN 2023 2022 2024 2021 2020 23 2019 MIN 2018 2017 In Addition To Higher Reach 5
Slide 39: Position in the Podcast Value Chain
iHeartRadio Strategically Positioned in the 1 Podcast Value Chain High Value Low Value PODCAST PUBLISHERS PODCAST SALES REPS. DISTRIBUTORS • Carry podcasts on platform • Sell/backfill podcasts for • Control/produce all content • No economics unless for • Publish content across multiple certain Publi
Slide 40: iHeart Products Available Across Thousands Of Devices
iHeart Products Now Available Across Thousands Of Devices A B iHeart Diversified and High-Profile Product Suite iHeart App’s Ubiquitous Distribution Across Devices rd Digital Only Artist & Mood 3 Party Live Radio Stations Stations Products Taylor Swift Psychographic Audience Networks Dua Lipa Doja C
Slide 41: Digital Audio Group Financial Overview
Digital Audio Group Financial Overview Digital Audio Revenue ($ in millions) ’20 – ’23 ’23 – ’28E $1,546 CAGR CAGR $1,447 31% 8% Total DAG $1,351 $1,254 $1,170 $1,069 703 $1,022 59% 12% Podcasting 639 581 $834 529 454 408 358 253 $474 Dig ex 21% 5% Podcasting 101 843 808 769 726 717 663 661 582 373
Slide 42: Audio & Media Services Group
Audio & Media Services Group 42 42
Slide 43: Audio & Media Services Group Overview
Audio & Media Services Group Overview FY 2023 Revenue: FY 2023 Segment $257M Adjusted EBITDA: $71M Katz TV RCS Katz Radio Katz Digital 43
Slide 44: Katz Media At Scale
Katz Media At Scale Advertising Representation Business MARKETPLACES CLIENTS CUSTOMERS ▪ National Spot Radio▪ Radio | TV Broadcasters▪ Agencies ▪ Exclusive National ▪ Major Holding Companies and ▪ Network Radio Representation Regional/Small Agencies ▪ Multi-year Contracts with ▪ Local, National, Net
Slide 45: Katz Media Group Transformation and Growth
Katz Media Group Transformation and Growth TRANSFORMATION FUTURE GROWTH ▪ Katz focus shift to higher margin businesses▪ Marketplaces ▪ Programmatic nd ▪ 2024 is projected to be 2 best performing ▪ New Audio and Video Partners year in the company’s history ▪ Multicultural ▪ Revenue +19% vs 2020 ▪ Exp
Slide 46: RCS Overview
RCS Overview Sound Software Powering The Global Broadcast Business CRM solution Multi-station music Radio newsroom Comprehensive Radio automation The nation’s leading local Online professional providing sales and scheduling software, system providing reporting service and playout system monitoring c
Slide 47: Audio & Media Services Group Financial Overview
Audio & Media Services Group Financial Overview Audio & Media Services Revenue ’20 – ’23 ’23 – ’28E ($ in millions) CAGR CAGR $332 $332 Total Audio & $304 (2%) 5% $297 Media Services $275 $271 $261 $257 84 93 $248 (2%) RCS 2% 83 89 89 91 88 85 86 249 240 221 208 186 180 Katz 172 174 (3%) 7% 162 20'A
Slide 48: Data & Technology
Data & Technology 48 48
Slide 49: Comprehensive First-Party Data Platform
iHeartMedia Is A Comprehensive First-Party Data Platform Benefits for Advertisers for First-Party Data 860+ Stations • Personalized marketing c 181M 276M• Segmentation and targeting Registered Listeners Who Users Database React to c Influencers • Building audience profile c iHeartMedia 333M 20K+ • O
Slide 50: Only Total Audio Media Ecosystem
iHeart Has the Only Total Audio Me ia Ecosystem Premiere Total [attic Er OnK Evens (Local & National) INCH it &) SE BS Email Newsletters and iHeart Websites {860+ O80 Broadcast stations 00 xii8i my BS (23x88) ararnojar RCS Cytron OmnyStudio Punified # Jelli VoxNest JAYMAViN ional Scale iHeart's Uniq
Slide 51: Evolution Into An Ad-Tech Platform
iHeart’s Evolution Into An Ad-Tech Platform Sounder Acquisition 2024 Voxnest Acquisition 2020 2023 Radiojar Manadge Establishment of Acquisition Acquisition 2021 SmartAudio – 2019 Jelli Acquisition Using Digital Data to Drive Insights 2018 and Attribution for 2020 Broadcast RCS Acquisition Triton /
Slide 52: Extensive Portfolio Of Adtech Assets
Extensive Portfolio Of Adtech Assets Description Leading end-to-end audio management platform empowering creators with free hosting, analytics, in-audio search, and a scalable cloud environment to build audience and maximize content reach Advertising intelligence platform that specializes in program
Slide 53: Financial Projections
Financial Projections iHeart MEDIA
Slide 54: Adjusted EBITDA Bridge
(1) Adjusted EBITDA Bridge ($ in millions) Better / (Worse) 2021-22 2022-23 2023-24E 2024-25E 2025-26E 2026-27E 2027-28E Adjusted EBITDA (Beginning of Period, or BoP) $ 811 $ 950 $ 697 $ 750 $ 771 $ 915 $ 853 Podcast ex. Political 104 51 45 72 53 58 64 Digital ex. Podcast and ex. Political 76 4 40 1
Slide 55: Financial Projections – Summary Forecast
(1)(2) Financial Projections – Summary Forecast ($ in millions) FY'24E FY'25E FY'26E FY'27E FY'28E Revenue: Multiplatform Group $2,412 $2,404 2,504 $2,464 $2,583 Digital Audio Group 1,170 1,254 1,351 1,447 1,546 Audio & Media Services Group 332 261 297 271 332 Eliminations (10) (11) (11) (11) (11) T
Slide 56: Dropdown Financial Projections
(1)(2) Dropdown Financial Projections FCC Licenses Katz Media Group ($ in thousands) H2'24 2025 2026 2027 2028 H2'24 2025 2026 2027 2028 Gross Revenue $82,900 $144,200 $150,200 $147,800 $155,000 $125,000 $173,500 $207,500 $179,500 $239,500 Operating Expenses (4,100) (7,200) (7,500) (7,400) (7,700) (
Slide 57: Appendix
Appendix iHeart MEDIA.
Slide 58: GAAP to Non-GAAP Reconciliation
(1) GAAP to Non-GAAP Reconciliation (In thousands) Year Ended December 31, Six Months Ended June 30, 2023 2022 2021 2020 2024 2023 Net loss $ (1,100,339) $ (262,670) $ (158,389) $ (1,915,222) $ (1,000,097) $ (1,105,345) Income tax (benefit) expense (62,338) 4,719 8,391 (183,623) (44,621) (20,252) In
Slide 59: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (In thousands) Year Ended December 31, Six Months Ended June 30, 2023 2022 2021 2020 2024 2023 Cash provided by (used for) operating activities $ 213,062 $ 420,075 $ 330,573 $ 215,945 $ (32,548) $ (37,211) Purchases of property, plant and equipment (102,670) (160,969)
Slide 60: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (In thousands) Year Ended December 31, Six Months Ended June 30, 2023 2022 2021 2020 2024 2023 Consolidated revenue $ 3,751,025 $ 3,912,283 $ 3,558,340 $ 2,948,218 $ 1,728,130 $ 1,731,253 Excluding: Political revenue (30,877) (132,912) (30,069) (167,479) (26,534) (10,
Slide 61: Project Tunes Transaction Overview
November 7, 2024 Project Tunes TRANSACTION OVERVIEW
Slide 62: Disclaimer
This Investor Presentation (this Presentation ) is being furnished to a limited number of parties who have expressed an interest in a potential transaction (the Potential Transaction ) with iHeartMedia, Inc. ( iHeartMedia or the Company ). The Company does not intend for this Presentation to form th
Slide 63: Disclaimer (Cont'd)
There is no guarantee that any of the forecasts, estimates or projections (including projections of revenue, expenses and earnings) set forth herein will be achieved. Actual results may vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upo
Slide 64: Table of Contents
Table of Contents I 5 Background II Transaction Summary 8 III 16 Model Outputs A Comprehensive Transaction 20 B Alternative Transaction 23 4
Slide 65: I. Background
PUT Partners Pir Simpson Thacher | |. Background
Slide 66: Introduction
Introduction Based on market feedback, iHeartMedia, Inc. (“iHeart” or the “Company”) concluded that an extension of its maturities through a consensual transaction with existing stakeholders is appropriate As such, the Company engaged in discussions with its stakeholders regarding a consensual debt
Slide 67: Maturity Profile & Trading Prices; Credit Profile
MATURITY PROFILE & TRADING PRICES (AS OF 11/6/24) CREDIT PROFILE Current Maturity and ($ in millions) ($ in millions) Credit Profile Unlevered Free Cash Flow $3,00 0 FY23A $50 4 85 FY24E 557 2,50 0 FY25E 575 84 2,00 0 Leverage Ratios Total Debt / FY23A EBITDA 7.5x Total Debt / FY24E EBITDA 7.0 x 1,5
Slide 68: II. Transaction Summary
Pir Simpson PUT Partners | Il. Transaction Summary DRAFT
Slide 69: Transaction Summary
Concurrent launch of two exchange transactions initially supported by TSA Parties Transaction > Alternative Transaction: Exchange of existing debt into new term loans and notes issued by one or more 1 Summary (1) unrestricted subsidiaries (the “UnSub”), which will hold certain drop down assets . The
Slide 70: Transaction Overview: Comprehensive vs Alternative
Comprehensive Transaction Alternative Transaction Exchange > Receive (i) 5c cash, (ii) 93.5c new UnSub debt > Receive (i) 5c cash and (ii) 94c new secured term Transaction with 3-year maturity extension, and (iii) 0.5c of Term Loan / 2026 loans and notes with 3-year maturity extension iHeartCommunic
Slide 71: Comprehensive Transaction Exchange Debt Terms
Comprehensive Transaction Exchange Debt Terms 2027 Unsecured Notes Exchange 2026 Term Loan Exchange Debt 2026 Secured Notes Exchange Debt 2027 Secured Notes Exchange Debt 2028 Secured Notes Exchange Debt Debt Exchange Terms Min. Participation > 95.0% > 95.0% > 95.0% > 95.0% > 95.0% (1) Exchange Pric
Slide 72: Alternative Transaction Exchange Debt Terms
Alternative Transaction Exchange Debt Terms 2027 Unsecured Notes Exchange 2026 Term Loan Exchange Debt 2026 Secured Notes Exchange Debt 2027 Secured Notes Exchange Debt 2028 Secured Notes Exchange Debt Intercompany Loan Debt Exchange Terms Min. Participation > TSA Parties > TSA Parties > TSA Parties
Slide 73: Post-Closing Recovery Waterfall
Post-Closing Recovery Status Quo Comprehensive Transaction Alternative Transaction Waterfall RemainCo Priorities ABL Recovery ABL ABL ABL Stub ’28 ’26 Secured New Term New ’29 Secured Notes Term Loan Notes Loan Secured Notes First-Level Recovery ’27 Secured ’28 Secured New ’30 New ’31 I/C Loan Notes
Slide 74: Dropdown Assets Description
Description Alternative > Radio broadcasting is subject to the jurisdiction of the FCC, which grants the Company licenses Transaction to operate its radio stations FCC Licenses Dropdown Assets > In connection with the Drop Down Transaction, the FCC licenses will be transferred to the UnSub and Remai
Slide 75: PF Maturity Profile
PF Maturity Profile COMPREHENSIVE ALTERNATIVE (1) (2) STATUS QUO TRANSACTION TRANSACTION Pro Forma Credit Statistics 6.4x 5.9x 6.0x Net Debt at Close / FY24 EBITDA 6.2x 5.7x 5.8x Net Debt at Close / FY25 EBITDA 4.6x 4.2x 4.3x Net Debt at Close / FY28 EBITDA $370 -$380 $370 -$380 $370 -$380 FY25E Cas
Slide 76: III. Model Outputs
PUT Partners Pir Simpson Thacher | 11. Model Outputs
Slide 77: Key Transaction Assumptions
General transaction assumptions: Key Transaction st > Assumed closing date for modeling purposes – December 31 Assumptions > Existing ABL facility amended to facilitate transaction without commitment reduction > Minimum cash of $100mm at closing > Availability of approximately $1bn of insolvency to
Slide 78: Long-Term Forecast Description – Key Assumptions
Long-Term Forecast Description – Key Assumptions Digital Revenue > YoY revenue growth of mid to high-single digits, with Podcasting growing ~10% per year > YoY revenue growth of low-single digits ex. Political Multiplatform Revenue > Broadcast Radio (ex. Political) growth supported in part by inclus
Slide 79: Forecast
Actual Forecast ($ in millions) FY'22A FY'23A FY'24 E FY'25E FY'26E FY'27E FY'28E Forecast Revenue: Multiplatform Group $2,597 $2,435 $2,412 $2,40 4 2,50 4 $2,464 $2,583 Digital Audio Group 1,0 22 1,0 69 1,170 1,254 1,351 1,447 1,546 Audio & Media Services Group 30 4 257 332 261 297 271 332 Corporat
Slide 80: A. Comprehensive Transaction
A.Comprehensive Transaction 20
Slide 81: Comprehensive Sources & Uses; Free Cash Flow
($ in millions) Comprehensive Sources & Uses Free Cash Flow Actual Forecast Sources Uses Transaction Financial New Exchange 1L Debt $3,774 Exchanging Secured Emergence Debt $2,766 2022A 2023A 2024E 2025E 2026E 2027E 2028E New Exchange 2L Debt 694 Exchanging Post-Emergence Debt 1,188 Discount Capture
Slide 82: Comprehensive Transaction Cash Flow Forecast
Forecast ($ in millions) FY'24E FY'25E FY'26E FY'27E FY'28 E Comprehensive Total Revenue $3,905 $3,90 8 $4,141 $4 ,171 $4,450 YoY growth % 4 .1% 0 .1% 5.9% 0 .7% 6.7% Transaction Total Adj. EBITDA $750 $771 $915 $8 53 $1,04 2 Margin % 19.2% 19.7% 22.1% 20.5% 23.4% Cash Flow Forecast YoY growth % 7.6
Slide 83: B. Alternative Transaction
B.Alternative Transaction 23
Slide 84: Alternative Sources & Uses; Consolidated Free Cash Flow
($ in millions) Alternative Sources & Uses Consolidated Free Cash Flow Sources Uses Actual Forecast New UnSub Exchange 1L Debt $3,232 Exchanging Secured Emergence Debt $2,569 2022A 2023A 2024E 2025E 2026E 2027E 2028E New UnSub Exchange 2L Debt 519 Exchanging Post-Emergence Debt 784 Revenue $3,912 $3
Slide 85: Alternative Transaction Consolidated Cash Flow Forecast
Forecast ($ in millions) FY'24E FY'25E FY'26E FY'27E FY'28 E Alternative Total Revenue $3,905 $3,90 8 $4,141 $4 ,171 $4,450 YoY growth % 4 .1% 0 .1% 5.9% 0 .7% 6.7% Transaction Total Adj. EBITDA $750 $771 $915 $8 53 $1,04 2 Margin % 19.2% 19.7% 22.1% 20.5% 23.4% Consolidated Cash Flow YoY growth % 7
Slide 86: Alternative Transaction UnSub Cash Flow Forecast
Forecast ($ in millions) FY'24 E FY'25E FY'26E FY'27E FY'28E Alternative Revenue: FCC Licenses $– $144 $150 $148 $155 Transaction Katz – 174 20 8 180 240 AdTech – 222 239 254 271 Total Revenue $– $54 0 $59 6 $58 2 $66 6 UnSub Cash Flow YoY growth % 10 .4 % (2.4 %) 14 .4 % Adj. EBITDA: Forecast FCC L
Slide 87: Alternative Transaction RemainCo Cash Flow Forecast
Forecast ($ in millions) FY'24E FY'25E FY'26E FY'27E FY'28E Alternative Total Revenue $3,905 $3,368 $3,544 $3,589 $3,785 YoY growth % 5.2% 1.3% 5.4% Transaction Adj. EBITDA: Consolidated Adj. EBITDA $750 $771 $915 $853 $1,042 (-) UnSub Adj. EBITDA – (252) (288) (268) (329) RemainCo Cash Flow Total A
Slide 88: www.pjtpartners.com
www.pjtpartners.com
iHeartMedia — Debt Investor Presentation (November 2024) on 6ix