Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q1 2025 Earnings Presentation
21 slides from Iheartmedia's earnings presentation, May 12, 2025
Slide 1: First Quarter 2025 Investor Presentation
First Quarter 2025 Investor Presentation May 12, 2025 NASDAQ: IHRT
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
Slide 3: Executive Summary
1 Executive Summary Ø Q1 2025 Consolidated Results ▪ Q1 Revenue of $807 million, up 1.0% (Excluding Q1 Political Revenue, Q1 Revenue up 1.8%) ▪ Consolidated Adjusted EBITDA of $105 million, flat compared to Q1 2024 ▪ Cash used for operating activities of $61 million ▪ Free Cash Flow of $(81) million
Slide 4: Segment Reporting: 2025 Q1 Results
Segment Reporting: 2025 Q1 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % $US Dollars in millions Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 Multiplatform Group $ 473.0 $ 493.5 (4.2) % $ 70.0 $ 77.2 (9.3)
Slide 5: $200M Gross Savings ($150M Net Savings) Modernization Program Details
$200M Gross Savings ($150M Net Savings) Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 5% 10% 10% 10% 20% 15% 65% 65% HC Reductions Cost of Sales MPG Corporate AMS DAG Vendor Reductions Occupancy Costs Net Savings b
Slide 6: iHeartRadio Strategically Positioned in the Podcast Value Chain
iHeartRadio Strategically Positioned in the Podcast Value Chain1 High Value Low Value PODCAST PUBLISHERS PODCAST SALES REPS. DISTRIBUTORS • Control/produce all content • Sell/backfill podcasts for certain • Carry podcasts on platform • Publish content across multiple Publishers • No economics unless
Slide 7: Miller-Kaplan Radio Revenue Share
Miller-Kaplan Radio Revenue Share Miller Kaplan Measured Markets Revenue Share 40% iHeartMedia Miller Kaplan Measured Markets Revenue Radio Revenue ex-iHeartMedia In 2025 through March, iHeartMedia grew revenue market share in Miller Kaplan select PPM markets by 3.4 percentage points 7 Source: Mille
Slide 8: Q1 Advertising Revenue Category Performance
Q1 Advertising Revenue Category Performance YoY Revenue Variance $ 8
Slide 9: Earnings Highlights
Earnings Highlights 1 Positive financial results in an uncertain environment 2 Continuing to outperform in Podcasting as we cement our #1 leadership position1 3 Commitment to re-ignite growth in Broadcast Radio business On track on modernization program, with $150M net savings in 2025, driven primar
Slide 10: Q1 '25 Financial Results
Q1 '25 Financial Results Three Months Ended $US Dollars in millions March 31, 2025 2024 Variance Revenue $ 807.1 $ 799.0 1.0 % Direct operating expenses 356.3 341.4 4.4 % SG&A expenses 380.8 385.1 (1.1) % Depreciation & amortization 91.9 105.2 Impairment charges 2.9 1.5 Other operating expense, net
Slide 11: Debt
Debt March 31, December 31, $USD in millions Maturity 2025 2024 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 $ — $ — Term Loan Facility due 2026 2026 5.1 5.1 Incremental Term Loan Facility due 2026 2026 1.5 1.5 Term Loan Facility due 2029 2029 2,140.4 2,145.7 6.375% Senior S
Slide 12: Appendix
12 Appendix iHeart Media
Slide 13: Digital Ex-Podcast Generates Additional Growth and TAM Opportunities
Digital Ex-Podcast Generates Additional Growth and TAM Opportunities 3rd Party Digital Websites Products Ad Tech Video Newsletters Streaming Social Audio 13
Slide 14: iHeartPodcasts is the #1 Podcast Publisher in the US
iHeartPodcasts is the #1 Podcast Publisher in the US PUBLISHER US STREAMS & DOWNLOADS US UNIQUE MONTHLY AUDIENCE 177,567,000 32,749,000 24,328,000 7,095,000 20,874,000 6,905,000 36,215,000 6,000,000 18,049,000 5,898,000 32,361,000 5,361,000 19,760,000 5,353,000 12,407,000 4,656,000 11,435,000 4,089,
Slide 15: And 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 104 32 39 17 9 8 13 5 5 #1 in total Downloads for #1 in unique U.S. Listeners The Only Network with shows in 57 consecutive month
Slide 16: iHeartMedia Q1 Revenue Streams
iHeartMedia Q1 Revenue Streams Three Months Ended $US Dollars in millions March 31, 2025 2024 Variance Revenue Broadcast Radio $ 340.7 $ 359.3 (5.2) % Networks 99.5 102.1 (2.5) % Sponsorship and Events 28.6 27.8 2.8 % Other 4.2 4.2 (2.0) % Multiplatform Group $ 473.0 $ 493.5 (4.2)% Digital ex. Podca
Slide 17: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended (In millions) March 31, % 2025 2024 Change Consolidated revenue $ 807.1 $ 799.0 1.0 % Excluding: Political revenue (5.7) (11.6) Consolidated revenue, excluding political $ 801.4 $ 787.4 1.8 % Multiplatform Group revenue $ 473.0 $ 493.5 (4.2) % E
Slide 18: Capital Expenditures
Capital Expenditures $USD in millions Three Months Ended March 31, 2025 2024 Variance Multiplatform Group $ 5.9 $ 11.7 $ (5.8) Digital Audio Group 5.9 5.4 0.5 Audio & Media Services Group 5.6 2.3 3.3 Corporate 2.3 2.2 0.1 Total Capital Expenditures $ 19.7 $ 21.6 $ (1.9) 1. Total Net Capital Expendit
Slide 19: Reconciliation of Free Cash Flow to Cash Used In Operating Activities
Reconciliation of Free Cash Flow to Cash Used In Operating Activities Three Months Ended ($US Dollars in thousands) March 31, 2025 2024 Cash used for operating activities $ (60,944) $ (59,277) Purchases of property, plant and equipment (19,730) (21,582) Free cash flow $ (80,674) $ (80,859) 1 We comp
Slide 20: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended Three Months Ended $US Dollars in thousands March 31, December 31, 2025 2024 2024 Net income (loss) $ (280,883) $ (18,108) $ 31,928 Income tax (benefit) expense 135,359 (20,662) (134,616) Interest expense, net 100,386 95,515
Slide 21: About iHeartMedia, Inc.
About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than