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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________
Commission File Number
001-38987
IHEARTMEDIA, INC.
(Exact name of registrant as specified in its charter)
Delaware26-0241222
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
20880 Stone Oak Parkway
San Antonio, Texas78258
(Address of principal executive offices)(Zip Code)
(210822-2828
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockIHRTThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at October 31, 2022
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Class A Common Stock, $.001 par value121,761,907 
Class B Common Stock, $.001 par value21,477,181 



IHEARTMEDIA, INC.
INDEX



PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)September 30,
2022
December 31,
2021
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents$295,399 $352,129 
Accounts receivable, net of allowance of $27,405 in 2022 and $29,270 in 2021
981,144 1,030,380 
Prepaid expenses113,718 65,927 
Other current assets18,316 24,431 
Total Current Assets1,408,577 1,472,867 
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net692,321 782,093 
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses and other1,476,319 1,778,045 
Other intangibles, net1,477,342 1,666,600 
Goodwill2,313,182 2,313,581 
OTHER ASSETS
Operating lease right-of-use assets791,804 741,410 
Other assets170,154 126,713 
Total Assets$8,329,699 $8,881,309 
CURRENT LIABILITIES  
Accounts payable$204,916 $206,007 
Current operating lease liabilities48,088 88,585 
Accrued expenses271,852 353,045 
Accrued interest63,458 67,983 
Deferred revenue151,065 133,123 
Current portion of long-term debt665 673 
Total Current Liabilities740,044 849,416 
Long-term debt5,553,049 5,738,195 
Noncurrent operating lease liabilities850,412 738,814 
Deferred income taxes526,928 558,222 
Other long-term liabilities66,456 80,897 
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS’ EQUITY
Noncontrolling interest9,059 8,410 
Preferred stock, par value $.001 per share, 100,000,000 shares authorized, no shares issued and outstanding
  
Class A Common Stock, par value $.001 per share, authorized 1,000,000,000 shares, issued 122,341,086 and 120,633,937 shares in 2022 and 2021, respectively
123 120 
Class B Common Stock, par value $.001 per share, authorized 1,000,000,000 shares, issued 21,479,356 and 21,590,192 shares in 2022 and 2021, respectively
21 22 
Special Warrants, 5,111,312 and 5,304,430 issued and outstanding in 2022 and 2021, respectively
  
Additional paid-in capital2,901,625 2,876,571 
Accumulated deficit(2,307,363)(1,962,819)
Accumulated other comprehensive loss(1,760)(257)
Cost of shares (593,032 in 2022 and 389,814 in 2021) held in treasury
(8,895)(6,282)
Total Stockholders' Equity592,810 915,765 
Total Liabilities and Stockholders' Equity$8,329,699 $8,881,309 
See Notes to Consolidated Financial Statements
1


IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(In thousands, except per share data)Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue$988,930 $928,051 $2,786,393 $2,496,321 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)371,719 325,766 1,067,625 939,094 
Selling, general and administrative expenses (excludes depreciation and amortization)399,892 390,086 1,163,293 1,105,056 
Depreciation and amortization109,305 108,100 334,144 343,408 
Impairment charges309,750 11,647 311,329 49,391 
Other operating expense, net9,451 12,341 25,985 27,491 
Operating income (loss)(211,187)80,111 (115,983)31,881 
Interest expense, net87,890 82,481 248,603 252,489 
Gain (loss) on investments, net(3,466)(10,367)4,359 39,468 
Equity in loss of nonconsolidated affiliates(132)(1,056)(190)(1,115)
Gain (loss) on extinguishment of debt6,892 (7,896)15,095 (7,896)
Other expense, net(581)(1,785)(3,026)(2,955)
Loss before income taxes(296,364)(23,474)(348,348)(193,106)
Income tax benefit (expense)(13,412)27,147 5,015 (77,237)
Net income (loss)(309,776)3,673 (343,333)(270,343)
Less amount attributable to noncontrolling interest587 493 1,211 486 
Net income (loss) attributable to the Company$(310,363)$3,180 $(344,544)$(270,829)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments(606)(131)(1,503)(387)
Other comprehensive loss, net of tax(606)(131)(1,503)(387)
Comprehensive income (loss)(310,969)3,049 (346,047)(271,216)
Less amount attributable to noncontrolling interest    
Comprehensive income (loss) attributable to the Company$(310,969)$3,049 $(346,047)$(271,216)
Net income (loss) attributable to the Company per common share:
     Basic$(2.09)$0.02 $(2.33)$(1.85)
Weighted average common shares outstanding - Basic148,299 147,040 147,957 146,591 
     Diluted$(2.09)$0.02 $(2.33)$(1.85)
Weighted average common shares outstanding - Diluted148,299 150,397 147,957 146,591 

See Notes to Consolidated Financial Statements
2


IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands, except share data)Controlling Interest
Common Shares(1)
Non-
controlling
Interest
Common
Stock
Additional
Paid-in
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Treasury
Stock
Class A
Shares
Class B
Shares
Special WarrantsTotal
Balances at
June 30, 2022
122,068,221 21,391,972 5,293,055 $8,659 $143 $2,891,129 $(1,997,000)$(1,154)$(8,356)$893,421 
Net income (loss)587 — — (310,363)— — (309,776)
Vesting of restricted stock and other
178,506 — 1 59 — — (539)(479)
Share-based compensation — — 10,437 — — — 10,437 
Conversion of Special Warrants to Class A or Class B Shares85,141 96,602 (181,743)— — — — — — — 
Conversion of Class B Shares to Class A Shares
9,218 (9,218)— — — — — — — 
Other
(187)— — — — — (187)
Other comprehensive loss— — — — (606)— (606)
Balances at
September 30, 2022
122,341,086 21,479,356 5,111,312 $9,059 $144 $2,901,625 $(2,307,363)$(1,760)$(8,895)$592,810 

(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2022.
See Notes to Consolidated Financial Statements




















3


IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands, except share data)Controlling Interest
Common Shares(1)
Non-
controlling
Interest
Common
Stock
Additional
Paid-in
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Treasury
Stock
Class A SharesClass B
Shares
Special WarrantsTotal
Balances at
June 30, 2021
118,261,575 23,636,512 5,365,128 $7,968 $142 $2,863,657 $(2,077,629)$(62)$(5,231)$788,845 
Net income493 — — 3,180 — — 3,673 
Vesting of restricted stock and other216,707 — (1)745 — — (916)(172)
Share-based compensation
— — 5,993 — — — 5,993 
Conversion of Special Warrants to Class A and Class B Shares
60,698 (60,698)— 1 (1)— — — — 
Conversion of Class B Shares to Class A Shares1,130,851 (1,130,851)— — — — — — — 
Other(187)— — — — — (187)
Other comprehensive loss— — — — (131)— (131)
Balances at
September 30, 2021
119,669,831 22,505,661 5,304,430 $8,274 $142 $2,870,394 $(2,074,449)$(193)$(6,147)$798,021 

(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2021.
See Notes to Consolidated Financial Statements

4


IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(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 WarrantsTotal
Balances at
December 31, 2021
120,633,937 21,590,192 5,304,430 $8,410 $142 $2,876,571 $(1,962,819)$(257)$(6,282)$915,765 
Net income (loss)1,211  — (344,544)— — (343,333)
Vesting of restricted stock and other
1,403,195  2 472 — — (2,613)(2,139)
Share-based compensation  24,582 — — — 24,582 
Conversion of Special Warrants to Class A or Class B Shares96,516 96,602 (193,118)— — — — — — — 
Conversion of Class B Shares to Class A Shares
207,438 (207,438)—  — — — — — 
Other
(562) — — — — (562)
Other comprehensive loss  — — (1,503)— (1,503)
Balances at
September 30, 2022
122,341,086 21,479,356 5,111,312 $9,059 $144 $2,901,625 $(2,307,363)$(1,760)$(8,895)$592,810 

(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2022 or 2021.

See Notes to Consolidated Financial Statements


















5


IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands, except share data)Controlling Interest
Common Shares(1)
Non- controlling InterestCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Treasury Stock
Class A SharesClass B SharesSpecial WarrantsTotal
Balances at
December 31, 2020
64,726,864 6,886,925 74,835,899 $8,350 $72 $2,849,020 $(1,803,620)$194 $(3,199)$1,050,817 
Net income (loss)486  — (270,829)— — (270,343)
Vesting of restricted stock1,027,252   3,863 — — (2,948)915 
Share-based compensation  17,581 — — — 17,581 
Conversion of Special Warrants to Class A and Class B Shares47,197,139 22,337,312 (69,534,451)— 70 (70)— — — — 
Conversion of Class B Shares to Class A Shares6,718,576 (6,718,576)—  — — — — — 
Other2,982 (562) — — — — (562)
Other comprehensive loss  — — (387)— (387)
Balances at
September 30, 2021
119,669,831 22,505,661 5,304,430 $8,274 $142 $2,870,394 $(2,074,449)$(193)$(6,147)$798,021 

(1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2021 or 2020.

See Notes to Consolidated Financial Statements
6


IHEARTMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net loss$(343,333)$(270,343)
Reconciling items:
Impairment charges311,329 49,391 
Depreciation and amortization334,144 343,408 
Deferred taxes(31,304)64,520 
Provision for doubtful accounts10,137 2,919 
Amortization of deferred financing charges and note discounts, net4,589 4,508 
Share-based compensation24,582 17,581 
Loss on disposal of operating and other assets24,547 22,771 
Gain on investments(4,359)(39,468)
Equity in loss of nonconsolidated affiliates190 1,115 
(Gain) loss on extinguishment of debt(15,095)7,896 
Barter and trade income(27,174)(9,418)
Other reconciling items, net1,504 764 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable38,685 (37,776)
Increase in prepaid expenses and other current assets(47,561)(33,486)
Increase in other long-term assets(5,817)(7,392)
Increase (decrease) in accounts payable(927)25,673 
Increase (decrease) in accrued expenses(84,308)48,861 
Increase (decrease) in accrued interest(4,524)1,766 
Increase in deferred income18,392 2,500 
Increase in other long-term liabilities3,002 803 
Cash provided by operating activities206,699 196,593 
Cash flows from investing activities:
Business combinations (245,462)
Proceeds from sale of other investments32 50,757 
Purchases of property, plant and equipment(112,567)(101,335)
Proceeds from disposal of assets34,690 36,330 
Change in other, net(4,962)(188)
Cash used for investing activities(82,807)(259,898)
Cash flows from financing activities:
Payments on long-term debt and credit facilities(173,990)(288,484)
Change in other, net(5,667)366 
Cash used for financing activities(179,657)(288,118)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(965)(244)
Net decrease in cash, cash equivalents and restricted cash(56,730)(351,667)
Cash, cash equivalents and restricted cash at beginning of period352,554 721,187 
Cash, cash equivalents and restricted cash at end of period$295,824 $369,520 
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest$249,910 $247,513 
Cash paid for income taxes12,054 7,900 
See Notes to Consolidated Financial Statements
7



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, 2021.
The Company's reportable segments are:
the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;
the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and
the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling interest or is the primary beneficiary. Investments in companies which the Company does not control, but exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process.
Economic Conditions
The Company's advertising revenue is highly correlated to changes in gross domestic product (“GDP”) as advertising spending has historically trended in line with GDP. GDP decreased in the first and second quarters of 2022 and increased in the third quarter of 2022 while there was an increase in GDP in each quarter in 2021. The rise in interest rates and historically high inflation have also contributed to a more challenging macroeconomic environment. This challenging environment has led to market uncertainty which impacted 2022 Multiplatform Group revenues, particularly during the third quarter.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES Act”) was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company was able to defer the payment of $29.3 million in certain employment taxes during 2020, half of which was due and paid on January 3, 2022 and the other half will be due on January 3, 2023. In addition, the Company claimed $12.4 million in refundable payroll tax credits related to the CARES Act provisions, of which $0.7 million was received in 2020, $3.8 million was received in 2021 and $7.9 million was received in January 2022.

As of September 30, 2022, the Company had approximately $295.4 million in cash and cash equivalents. 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 2022 presentation.

8



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Restricted Cash 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flows:
(In thousands)September 30,
2022
December 31,
2021
Cash and cash equivalents$295,399 $352,129 
Restricted cash included in:
  Other current assets425 425 
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows$295,824 $352,554 
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 a material impact on the Company.
New Accounting Pronouncements Recently Adopted
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of the Interbank Offered Rate Transition on Financial Reporting to provide optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) – Scope, to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company does not expect the adoption of this standard to materially impact the financial position, results of operations or cash flows.
New Accounting Pronouncements Not Yet Adopted
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The amendments of ASU 2021-08 are effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the future impact of adoption of this standard.



9



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 2 – REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three and nine months ended September 30, 2022 and 2021:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended September 30, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$485,571 $ $ $ $485,571 
  Networks(2)
127,239    127,239 
  Sponsorship and Events(3)
42,562    42,562 
  Digital, excluding Podcast(4)
 162,700  (1,314)161,386 
  Podcast(5)
 91,253   91,253 
  Audio & Media Services(6)
  77,794 (1,287)76,507 
  Other(7)
4,106   (112)3,994 
     Total659,478 253,953 77,794 (2,713)988,512 
Revenue from leases(8)
418    418 
Revenue, total$659,896 $253,953 $77,794 $(2,713)$988,930 
Three Months Ended September 30, 2021
Revenue from contracts with customers:
  Broadcast Radio(1)
$483,456 $ $ $ $483,456 
  Networks(2)
127,920