10-Q 1 ihrt-20220331.htm 10-Q ihrt-20220331
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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 MARCH 31, 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 May 2, 2022
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Class A Common Stock, $.001 par value121,030,509 
Class B Common Stock, $.001 par value21,393,367 



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)March 31,
2022
December 31,
2021
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents$279,683 $352,129 
Accounts receivable, net of allowance of $28,544 in 2022 and $29,270 in 2021
906,901 1,030,380 
Prepaid expenses86,191 65,927 
Other current assets43,122 24,431 
Total Current Assets1,315,897 1,472,867 
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net749,141 782,093 
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses1,777,993 1,778,045 
Other intangibles, net1,603,513 1,666,600 
Goodwill2,313,491 2,313,581 
OTHER ASSETS
Operating lease right-of-use assets727,103 741,410 
Other assets139,874 126,713 
Total Assets$8,627,012 $8,881,309 
CURRENT LIABILITIES  
Accounts payable$156,875 $206,007 
Current operating lease liabilities82,898 88,585 
Accrued expenses221,143 353,045 
Accrued interest69,812 67,983 
Deferred revenue156,399 133,123 
Current portion of long-term debt719 673 
Total Current Liabilities687,846 849,416 
Long-term debt5,739,421 5,738,195 
Noncurrent operating lease liabilities727,143 738,814 
Deferred income taxes534,432 558,222 
Other long-term liabilities66,149 80,897 
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS’ EQUITY
Noncontrolling interest8,066 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 121,402,390 and 120,633,937 shares in 2022 and 2021, respectively
122 120 
Class B Common Stock, par value $.001 per share, authorized 1,000,000,000 shares, issued 21,430,500 and 21,590,192 shares in 2022 and 2021, respectively
21 22 
Special Warrants, 5,293,069 and 5,304,430 issued and outstanding in 2022 and 2021, respectively
  
Additional paid-in capital2,882,515 2,876,571 
Accumulated deficit(2,011,401)(1,962,819)
Accumulated other comprehensive loss(504)(257)
Cost of shares (414,950 in 2022 and 389,814 in 2021) held in treasury
(6,798)(6,282)
Total Stockholders' Equity872,021 915,765 
Total Liabilities and Stockholders' Equity$8,627,012 $8,881,309 

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 March 31,
20222021
Revenue$843,458 $706,665 
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)330,524 292,813 
Selling, general and administrative expenses (excludes depreciation and amortization)384,344 342,330 
Depreciation and amortization114,051 107,363 
Impairment charges1,334 37,744 
Other operating expense, net870 2,771 
Operating income (loss)12,335 (76,356)
Interest expense, net79,219 85,121 
Gain (loss) on investments, net(1,765)191 
Equity in loss of nonconsolidated affiliates(29)(28)
Other expense, net(270)(807)
Loss before income taxes(68,948)(162,121)
Income tax benefit (expense)20,209 (79,935)
Net loss(48,739)(242,056)
Less amount attributable to noncontrolling interest(157)(333)
Net loss attributable to the Company$(48,582)$(241,723)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments(247)(216)
Other comprehensive loss, net of tax(247)(216)
Comprehensive loss(48,829)(241,939)
Less amount attributable to noncontrolling interest  
Comprehensive loss attributable to the Company$(48,829)$(241,939)
Net loss attributable to the Company per common share:
     Basic$(0.33)$(1.65)
Weighted average common shares outstanding - Basic147,513 146,214 
     Diluted$(0.33)$(1.65)
Weighted average common shares outstanding - Diluted147,513 146,214 

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
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 loss(157)— — (48,582)— — (48,739)
Vesting of restricted stock and other
597,400 — 1 409 — — (516)(106)
Share-based compensation — — 5,535 — — — 5,535 
Conversion of Special Warrants to Class A and Class B Shares
11,361 (11,361)— — — — — — — 
Conversion of Class B Shares to Class A Shares
159,692 (159,692)— — — — — — — 
Other
(187)— — — — — (187)
Other comprehensive loss— — — — (247)— (247)
Balances at
March 31, 2022
121,402,390 21,430,500 5,293,069 $8,066 $143 $2,882,515 $(2,011,401)$(504)$(6,798)$872,021 

(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 Income
(Loss)
Treasury
Stock
Class A SharesClass B
Shares
Special 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 loss(333)— — (241,723)— — (242,056)
Vesting of restricted stock and other30,372 — — 11 — — (103)(92)
Share-based compensation
— — 5,685 — — — 5,685 
Dividend declared and paid to noncontrolling interests(187)— — — — — (187)
Conversion of Special Warrants to Class A and Class B Shares47,121,747 22,337,312 (69,459,059)— 69 (69)— — —  
Conversion of Class B Shares to Class A Shares154,045 (154,045)— — — — — — — 
Other2,982 — — — — — — — 
Other comprehensive loss— — — — (216)— (216)
Balances at
March 31, 2021
112,033,028 29,070,192 5,379,822 $7,830 $141 $2,854,647 $(2,045,343)$(22)$(3,302)$813,951 

(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 CASH FLOWS
(UNAUDITED)
(In thousands)Three Months Ended March 31,
20222021
Cash flows from operating activities:
Net loss$(48,739)$(242,056)
Reconciling items:
Impairment charges1,334 37,744 
Depreciation and amortization114,051 107,363 
Deferred taxes(23,788)78,346 
Provision for doubtful accounts2,111 5,846 
Amortization of deferred financing charges and note discounts, net1,439 1,519 
Share-based compensation5,535 5,685 
Loss on disposal of operating and other assets584 952 
(Gain) Loss on investments1,765 (191)
Equity in loss of nonconsolidated affiliates29 28 
Barter and trade income(7,021)(2,244)
Other reconciling items, net242 260 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable121,339 113,170 
Increase in prepaid expenses and other current assets(39,983)(35,647)
Increase in other long-term assets(2,610)(3,317)
Decrease in accounts payable(49,129)(7,423)
Decrease in accrued expenses(151,853)(9,521)
Increase in accrued interest1,829 1,789 
Increase in deferred income19,602 18,881 
Increase in other long-term liabilities1,051 544 
Cash provided by (used for) operating activities(52,212)71,728 
Cash flows from investing activities:
Business combinations (230,816)
Purchases of property, plant and equipment(22,557)(18,950)
Proceeds from disposal of assets6,009 572 
Change in other, net(3,142)(130)
Cash used for investing activities(19,690)(249,324)
Cash flows from financing activities:
Payments on long-term debt and credit facilities(168)(13,547)
Change in other, net(293)(264)
Cash used for financing activities(461)(13,811)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(83)(122)
Net decrease in cash, cash equivalents and restricted cash(72,446)(191,529)
Cash, cash equivalents and restricted cash at beginning of period352,554 721,187 
Cash, cash equivalents and restricted cash at end of period$280,108 $529,658 
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest$76,104 $82,833 
Cash paid for income taxes1,123  
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, 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.
COVID-19
Our business has been adversely impacted by the novel coronavirus pandemic (“COVID-19”), its impact on the operating and economic environment and related, near-term advertiser spending decisions. Beginning in March 2020 and continuing through the remainder of 2020 and into 2021 revenue was significantly and negatively impacted as a result of a decline in advertising spend driven by COVID-19. As a result of continued recovery from the impact of COVID-19, our revenue for the three months ended March 31, 2022 increased significantly compared to the three months ended March 31, 2021 across each of our reportable segments.
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 March 31, 2022, the Company had approximately $279.7 million in cash and cash equivalents. While the effects of COVID-19 may continue to negatively impact the results of operations, cash flows and financial position of the Company, the related financial impact cannot be reasonably estimated at this time. 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.

6



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)March 31,
2022
December 31,
2021
Cash and cash equivalents$279,683 $352,129 
Restricted cash included in:
  Other current assets425 425 
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows$280,108 $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 is currently evaluating the future impact of adoption of this standard.
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.

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 months ended March 31, 2022 and 2021:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended March 31, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$416,481 $ $ $ $416,481 
  Networks(2)
117,558 .  117,558 
  Sponsorship and Events(3)
33,601    33,601 
  Digital, excluding Podcast(4)
 145,675  (1,269)144,406 
  Podcast(5)
 68,544   68,544 
  Audio & Media Services(6)
  60,857 (1,341)59,516 
  Other(7)
3,230   (168)3,062 
     Total570,870 214,219 60,857 (2,778)843,168 
Revenue from leases(8)
290    290 
Revenue, total$571,160 $214,219 $60,857 $(2,778)$843,458 
Three Months Ended March 31, 2021
Revenue from contracts with customers:
  Broadcast Radio(1)
$358,536 $ $ $ $358,536 
  Networks(2)
115,086    115,086 
  Sponsorship and Events(3)
22,393    22,393 
  Digital, excluding Podcast(4)
 119,201  (1,894)117,307 
  Podcast(5)
 38,352   38,352 
  Audio & Media Services(6)
  55,137 (1,861)53,276 
  Other(7)
1,399   (167)1,232 
Total497,414 157,553 55,137 (3,922)706,182 
Revenue from leases(8)
483    483 
Revenue, total$497,897 $157,553 $55,137 $(3,922)$706,665 

(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.
8



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 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. 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
March 31,
(In thousands)20222021
  Trade and barter revenues$47,369 $31,946 
  Trade and barter expenses46,415 27,998 

The Company recognized barter revenue of $7.0 million and $2.2 million during the three months ended March 31, 2022 and 2021, 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
March 31,
(In thousands)20222021
Deferred revenue from contracts with customers:
  Beginning balance(1)
$161,114 $145,493 
    Revenue recognized, included in beginning balance(60,389)(39,531)
    Additions, net of revenue recognized during period, and other83,331 59,379 
  Ending balance$184,056 $165,341 
(1) Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to 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 March 31, 2022, the Company expects to recognize $395.1 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.
9



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Revenue from Leases
As of March 31, 2022, the future lease payments to be received by the Company are as follows:
(In thousands)
2022$750 
2023789 
2024610 
2025426 
2026328 
Thereafter1,528 
  Total$4,431 

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 months ended March 31, 2022, the Company recognized non-cash impairment charges of $1.3 million, including $1.2 million related to ROU assets, and $0.1 million related to leasehold improvements as a result of proactive decisions by management to abandon and sublease a number of operating leases in connection with strategic actions to streamline the Company’s real estate footprint as part of the Company’s modernization initiatives. During the three months ended March 31, 2021, the Company recognized non-cash impairment charges of $37.7 million, including $28.8 million related to ROU assets, and $8.9 million related to leasehold improvements also as a result of the proactive decisions by management discussed above.
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."
10



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table provides supplemental cash flow information related to leases for the periods presented:
Three Months Ended March 31,
(In thousands)20222021
Cash paid for amounts included in measurement of operating lease liabilities$43,265 $29,951 
Lease liabilities arising from obtaining right-of-use assets(1)
7,586 8,276 

(1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2022 and 2021, 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 $23.4 million and $24.8 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

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 as of March 31, 2022 and December 31, 2021, respectively:
(In thousands)March 31,
2022
December 31,
2021
Land, buildings and improvements$344,978 $355,474 
Towers, transmitters and studio equipment185,092 180,571 
Computer equipment and software541,147 521,872 
Furniture and other equipment37,522 35,390 
Construction in progress65,715 64,732 
1,174,454 1,158,039 
Less: accumulated depreciation425,313 375,946 
Property, plant and equipment, net$749,141 $782,093 

Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of Federal Communications Commission ("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.
11



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of March 31, 2022 and December 31, 2021, respectively:
(In thousands)March 31, 2022December 31, 2021
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,646,402 $(502,652)$1,646,402 $(459,620)
Talent and other contracts338,900 (128,184)338,900 (117,337)
Trademarks and tradenames335,862 (96,790)335,862 (88,252)
Other17,794 (7,819)17,794 (7,149)
Total$2,338,958 $(735,445)$2,338,958 $(672,358)
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2022 and 2021 was $63.1 million and $66.3 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. 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)
2023$244,387 
2024243,194 
2025212,001 
2026200,251 
2027176,171 

Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of January 1, 2021$1,462,217 $579,319 $104,399 $2,145,935 
Acquisitions1,267 168,031  169,298 
Dispositions(1,446)  (1,446)
Foreign currency  (206)(206)
Balance as of December 31, 2021$1,462,038 $747,350 $104,193 $2,313,581 
Dispositions(15)  (15)
Foreign currency  (75)(75)
Balance as of March 31, 2022
$1,462,023 $747,350 $104,118 $2,313,491 

12



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 5 – LONG-TERM DEBT
Long-term debt outstanding for the Company as of March 31, 2022 and December 31, 2021 consisted of the following:
(In thousands)March 31, 2022December 31, 2021
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2023(1)
  
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(2)
5,184 5,350 
Total consolidated secured debt4,320,436 4,320,602 
8.375% Senior Unsecured Notes due 2027
1,450,000 1,450,000 
Other unsecured subsidiary debt90 90 
Original issue discount(12,745)(13,454)
Long-term debt fees(17,641)(18,370)
Total debt5,740,140 5,738,868 
Less: Current portion719 673 
Total long-term debt$5,739,421 $5,738,195 
(1)As of March 31, 2022, the senior secured asset-based revolving credit facility (the “ABL Facility”) had a borrowing base of $443.6 million, no outstanding borrowings and $26.9 million of outstanding letters of credit, resulting in $416.7 million of borrowing base availability.
(2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2023 through 2045.

The Company’s weighted average interest rate was 5.5% and 5.4% as of March 31, 2022 and December 31, 2021, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.8 billion and $5.9 billion as of March 31, 2022 and December 31, 2021, 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.

Surety Bonds, Letters of Credit and Guarantees

As of March 31, 2022, the Company and its subsidiaries had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $8.4 million, $27.3 million and $0.2 million, respectively. These surety bonds, letters of credit and bank guarantees 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.
13



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Alien Ownership Restrictions and FCC Petitions for Declaratory Ruling
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. Under the Plan of Reorganization, the Company committed to file a petition for declaratory ruling (the “PDR”) requesting the FCC to permit the Company to be up to 100% foreign-owned. On November 5, 2020, the FCC issued a declaratory ruling, which granted the relief requested by the PDR, subject to certain conditions, as described further in Note 8, Stockholders' Equity (the "2020 Declaratory Ruling").
On January 8, 2021, the Company exchanged a portion of the outstanding Special Warrants (refer to Note 6, Stockholders' Equity, for further discussion of the "Special Warrants") into Class A common stock or Class B common stock, in compliance with the Declaratory Ruling, the Communications Act and FCC rules (the “Exchange”). Following the Exchange, the Company’s remaining Special Warrants continue to be exercisable for shares of Class A common stock or Class B common stock.
On March 8, 2021, the Company filed a remedial petition for declaratory ruling (the “Remedial PDR”) with the FCC. The Remedial PDR relates to the acquisition by Global Media & Entertainment Investments Ltd (f/k/a Honeycomb Investments Limited) (“Global Investments”) of the Company’s Class A Common Stock in a manner inconsistent with the FCC’s foreign ownership rules and the 2020 Declaratory Ruling.
On December 22, 2021, the FCC issued another declaratory ruling which granted the Remedial PDR (the "GMEI Declaratory Ruling"). Subject to certain conditions set forth therein, the GMEI Declaratory Ruling (a) grants specific approval for the more than 5% equity and/or voting interests in the Company presently held by the GMEI Investors, (b) grants advance approval for the GMEI Investors to increase their equity and/or voting interests in the Company up to any non-controlling amount not to exceed 14.99%, and (c) restates the terms of the 2020 Declaratory Ruling, including that the Company may have up to 100% of its voting stock and equity owned by non-U.S. individuals and entities. At such time, the actions previously taken by the Board of Directors to implement the conditions required by the FCC during the pendency of the Remedial PDR ceased to apply.

NOTE 7 – INCOME TAXES
On March 11, 2021 the President signed into law the American Rescue Plan Act, which included provisions on taxes, health care, unemployment benefits, direct payments, state and local funding and other issues. The tax provisions did not have a material impact on the Company’s tax provision calculations.

The Company’s income tax benefit (expense) for the three months ended March 31, 2022 and the three months ended March 31, 2021 consisted of the following components:
(In thousands)Three Months Ended
March 31,
20222021
Current tax expense$(3,579)$(1,589)
Deferred tax benefit (expense)23,788 (78,346)
Income tax benefit (expense)$20,209 $(79,935)

The effective tax rates for the three months ended March 31, 2022 and March 31, 2021 were 29.3% and (49.3)%, 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 and net operating loss carryforwards, due to uncertainty regarding the Company’s ability to utilize those assets in future periods.


NOTE 8 – STOCKHOLDERS' EQUITY
Pursuant to the Company's 2019 Equity 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,
14



IHEARTMEDIA, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
our 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. Pursuant to our 2021 Plan, we will continue to grant restricted stock units and options to purchase 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 and were $5.5 million and $5.7 million for the Company for the three months ended March 31, 2022 and the three months ended March 31, 2021, respectively.
In August 2020, the Company issued performance-based restricted stock units ("Performance RSUs") to certain key employees. Such Performance RSUs vest upon the achievement of critical operational (cost savings) improvements and specific environmental, social and governance initiatives, which were being measured over an approximately 18-month period from the date of issuance. In the three months ended March 31, 2021, the Company recognized $0.5 million in relation to these Performance RSUs.
On March 28, 2022, the Company issued performance-based restricted stock units (“2022 Performance RSUs”) to certain key employees. Such 2022 Performance RSUs vest upon the achievement of total stockholder return goals and continued service, which are being measured over an approximately 50-month period from the date of issuance.
As of March 31, 2022, there was $34.0 million of unrecognized compensation cost related to unvested share-based compensation arrangements with vesting based on service conditions. This cost is expected to be recognized over a weighted average period of approximately 1.9 years. In addition, as of March 31, 2022, there was $12.5 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on certain performance and service conditions. This cost will be recognized over a 50-month period from the date of issuance.
Common Stock and Special Warrants
The Company is authorized to issue 2,100,000,000 shares, consisting of (a) 1,000,000,000 shares of Class A Common Stock, par value $0.001 per share (the “Class A Common Stock”), (b) 1,000,000,000 shares of Class B Common Stock, par value $0.001 per share (the “Class B Common Stock”), and (c) 100,000,000 shares of preferred stock, par value $0.001 per share (the “Preferred Stock”).
The following table presents the Company's Class A Common Stock, Class B Common Stock and Special Warrants issued as of March 31, 2022: