iHeartMedia 8K Regulation FD Disclosure | IHRT 10 Sep 18

iHeartMedia (IHRT) 8-KRegulation FD Disclosure

Exhibit 99.1

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Monthly Operating Report Summary for the Period Ending


Monthly Period (USD $ millions) (1)	Apr-18			May-18		Jun-18			Jul-18		Aug-18		Sep-18		Oct-18		Nov-18		Dec-18
Revenues(MOR-6)		417.9			318.7		305.9			281.1		—		—		—		—		—
Operating Income(MOR-6)		63.9			80.9		77.1			55.2		—		—		—		—		—
Net Income (Loss)(MOR-6)		(139.8	)		57.7		(119.7	)		49.6		—		—		—		—		—
Payments to Insiders(MOR-9)		6.1			3.7		3.7			3.7		—		—		—		—		—
Payments to Professionals(MOR-9)		1.4			1.0		1.4			15.7		—		—		—		—		—
Total Disbursements (Exhibit A)		306.4			260.2		622.1			251.7		—		—		—		—		—

**	The jointly administered Debtors are authorized to file monthly operating reports on a consolidated basis, and have disbursements broken down by case number on Exhibit A attached**

**	The original of this document must be filed with the United States Bankruptcy Court**

Required Insurance Maintained


As of Signature Date		Exp. Date
Excess Liability	Yes ☒ No ☐		Various
Worker’s Compensation	Yes ☒ No ☐		Nov-18
General Liability	Yes ☒ No ☐		Nov-18
Auto Liability	Yes ☒ No ☐		Nov-18
Other	Yes ☒ No ☐		Various


Attorney Name:		Patricia B Tomasco
Firm Name:		Jackson & Walker LLP
Address:		1401 McKinney St.
		Suite 1900
City, State, ZIP:		Houston, Texas 77010
Telephone/Fax:		+1 (713)752-4284


			Circle One
Are all accounts receivable being collected within terms?		Yes ☒		No	☐
Are all post-petition liabilities, including taxes, being paid within terms?		Yes ☒		No	☐
Have anypre-petition liabilities been paid?		Yes ☒		No	☐
If so, describe	Pursuant to various “first day” orders, including Talent, Taxes, Employee
	Wages & Benefits, Insurance, Cash Management, and Customer Programs
Are all funds received being deposited into DIP bank accounts?		Yes ☒		No	☐
Were any assets disposed of outside the normal course of business?		Yes ☐		No	☒
If so, describe	n/a
What is the status of your Plan of Reorganization?
On August 28, 2018, the Debtors filed an updated Plan of Reorganization (Docket #1348) and an
updated Disclosure Statement (Docket #1347). These are updates to prior filings
(Dockets 551, 982, 1213, 1301, and 1304).
I certify under penalty of perjury that the following complete
Monthly Operating Report (MOR), consisting ofMOR-1 through
MOR-9 plus attachments, is true and correct.

Notes:

(1)	The period ending:“Apr-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018


*MOR-1*		*Page 1 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS AND

DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORT

On March 14, 2018 (the “Petition Date”), iHeartMedia, Inc. and certain of its affiliated debtors, as debtors and debtors in possession (collectively, the “Debtors”), each commenced with the United States Bankruptcy Court for the Southern District of Texas (the “Court”) a voluntary case under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Debtors are authorized to continue operating their businesses and managing their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On March 15, 2018, the Bankruptcy Court entered an order authorizing the joint administration of these cases pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure. On March 21, 2018, the United States Trustee for Region 7 (the “U.S. Trustee”) appointed an official committee of unsecured creditors pursuant to section 1102(a)(1) of the Bankruptcy Code.

General Methodology: The Debtors are filing this monthly operating report (the “MOR”) solely for purposes of complying with the monthly operating requirements applicable in the Debtors’ chapter 11 cases. The financial information contained herein is unaudited, limited in scope, and as such, has not been subject to procedures that would typically be applied to financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MOR should not be relied upon by any persons for information relating to current or future financial condition, events, or performance of any of the Debtors or their affiliates, as the results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year, and may not necessarily reflect the combined results of operations, financial position, and schedule of receipts and disbursements in the future. There can be no assurance that such information is complete, and the MOR may be subject to revision. The following notes, statements, and limitations should be referred to, and referenced in connection with, any review of the MOR.

Basis of Presentation: For financial reporting purposes, the Debtors prepare consolidated financial statements, which include information for iHeartMedia, Inc., and its Debtor andnon-Debtors subsidiaries. This MOR only contains financial information of the Debtors. For the purposes of MOR reporting, the accompanying Balance Sheets and Statement of Income (Loss) of the Debtors have been prepared on a condensed combined basis. This basis of presentation is consistent with footnotes and related disclosures contained within the Form10-Q filed by iHeartMedia, Inc. on May 22, 2018 for the quarterly period ended March 31, 2018. The Debtors are maintaining their books and records in accordance with U.S. GAAP and the information furnished in this MOR uses the Debtors’ normal accrual method of accounting. In preparing the MOR, the Debtors relied on financial data derived from their books and records that was available at the time of preparation. Nevertheless, in preparing this MOR, the Debtors made reasonable efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been identified therein. Subsequent information or discovery may result in material changes to the MOR and errors or omissions may exist. Notwithstanding any such discovery, new information, or errors or omissions, the Debtors do not undertake any obligation or commitment to update this MOR.


*Notes*		*Page 2 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS AND

DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORT

Reporting Period:Unless otherwise noted herein, the MOR generally reflects the Debtors’ books and records and financial activity occurring during the applicable reporting period. Except as otherwise noted, no adjustments have been made for activity occurring after the close of the reporting period.


*Notes*		*Page 3 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS AND

DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORT

Accuracy: The financial information disclosed herein was not prepared in accordance with federal or state securities laws or other applicablenon-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder. Persons and entities trading in or otherwise purchasing, selling, or transferring the claims against or equity interests in the Debtors should evaluate this financial information in light of the purposes for which it was prepared. The Debtors are not liable for and undertake no responsibility to indicate variations from securities laws or for any evaluations of the Debtors based on this financial information or any other information.

Payment of Prepetition Claims Pursuant to First Day Orders:On March 15, 2018 and April 12, 2018, the Bankruptcy Court entered orders (the “First Day Orders” and “Final First Day Orders”, respectively) authorizing, but not directing, the Debtors to, among other things, pay certain prepetition (a) liabilities related to use of the Debtors’ cash collateral, and continued use of their cash management system, (b) obligations payable to talent, station affiliates, royalties, and copyrights (c) insurance obligations, (d) employee wages, salaries, and related items, (e) obligations relating to existing customer obligations, and (f) taxes and assessments. If any payments were made on account of such claims following the commencement of these chapter 11 cases pursuant to the authority granted to the Debtors by the Bankruptcy Court under the First Day Orders, such payments have been included in this MOR unless otherwise noted.

Liabilities Subject to Compromise (“LSTC”): LSTC represents the Debtors’ estimate ofpre-petition claims to be resolved in connection with the chapter 11 cases. As a result of the chapter 11 filings, the payment ofpre-petition liabilities are subject to compromise or other treatment under a plan of reorganization. The determination of how liabilities will ultimately be settled or treated cannot be made until the Bankruptcy Court approves a chapter 11 plan or reorganization. Accordingly, the ultimate amount of such liabilities is not determinable at this time.Pre-petition liabilities that are subject to compromise under ASC 852 are preliminary and may be subject to, among other things, future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation or other events. On May 17, 2018, the Court entered an order setting June 29, 2018 as the deadline for the filing of proofs of claim against the Debtors fornon-governmental entities.

Reorganization Items: ASC 852 requires expenses and income directly associated with the chapter 11 filings to be reported separately in the income statement as reorganization items. Reorganization items primarily includewrite-off of certain original issue discount and fees relating to debt obligations classified as LSTC, expenses related to legal advisory and representation services, other professional consulting and advisory services, and changes in liabilities subject to compromise recognized as there are changes in amounts expected to be allowed as claims. Nothing contained in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 proceedings, including, but not limited to, matters involving objections to claims, substantive consolidation, equitable subordination, defenses, characterization orre-characterization of contracts, assumption or rejection of contracts under the provisions of chapter 3 of Title 11 of the Bankruptcy Code and/or causes of action under the provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover assets or avoid transfers.


*Notes*		*Page 4 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS AND

DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORT

Cash and Cash Equivalents:Consistent with the Debtors historical reporting practices and U.S. GAAP, any cash balances considered restricted are reflected in the Balance Sheets as a component of Other current assets or Other assets based on when those restrictions are expected to lapse. As such, the reconciliation of cash receipts and disbursements onMOR-7 includes adjustments for any cash balances moving to and from these restricted accounts.

Intercompany Transactions and Balance: Prior to the Petition Date (and subsequent to the Petition Date but only pursuant to Bankruptcy Court approval), the Debtors routinely engaged (and continue to engage) in intercompany transactions with both Debtor andnon-Debtor affiliates. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and theNon-Filing Entities are presented on a net balance basis.

10.

Investments in Subsidiaries: The book basis for investments in subsidiaries have not historically been maintained by the Debtors in the general ledgers at a legal entity level and these values are not representative of the fair value or net assets ofnon-Debtor affiliates. As such, these balances are reflected in the Balance Sheets as a component of Equity.

11.

Insiders: For purposes of this MOR, the Debtors defined “insiders” pursuant to section 101(31) of the Bankruptcy Code as: (a) directors; (b) officers; (c) persons in control of the Debtors; (d) relatives of the Debtors’ directors, officers, or persons in control of the Debtors; and (e) Debtor andnon-Debtor affiliates of the foregoing. Moreover, the Debtors do not take a position with respect to: (a) any insider’s influence over the control of the Debtors; (b) the management responsibilities or functions of any such insider; (c) the decision making or corporate authority of any such insider; or (d) whether the Debtors or any such insider could successfully argue that he or she is not an “insider” under applicable law, with respect to any theories of liability, or for any other purpose.

12.

Reservation of Rights: The Debtors reserve all rights to amend or supplement the MOR in all respects, as may be necessary or appropriate, but shall be under no obligation to do so. Nothing contained in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 cases.


*Notes*		*Page 5 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Comparative Balance Sheets


Assets (USD $ thousands)	31-Mar-18		30-Apr-18		31-May-18		30-Jun-18		31-Jul-18		31-Aug-18		30-Sep-18
Current Assets
Cash and cash equivalents	$	120,121	$	240,683	$	275,391	$	57,370	$	157,610	$	—	$	—
Accounts receivable, net of allowance		728,528		706,389		734,391		777,958		743,602		—		—
Intercompany Receivable		—		—		—		2,329		—		—		—
Prepaid expenses		118,179		120,873		105,675		113,028		116,428		—		—
Other current assets		83,269		50,199		62,786		22,825		36,486		—		—

Total Current Assets		1,050,097		1,118,144		1,178,243		973,510		1,054,126		—		—
Property, Plant and Equipment
Other property, plant and equipment, net		473,231		469,664		466,603		466,089		461,270		—		—
Intangible Assets
Indefinite-lived intangibles—licenses		2,442,785		2,442,785		2,442,784		2,442,784		2,442,477		—		—
Other intangibles, net		230,075		216,820		203,535		190,154		176,864		—		—
Goodwill		3,335,433		3,335,433		3,335,433		3,335,433		3,335,433		—		—
Other Assets
Other assets		47,398		47,899		47,860		49,050		49,254		—		—

Total Assets	$	7,579,019	$	7,630,745	$	7,674,458	$	7,457,020	$	7,519,424	$	—	$	—


*MOR-2*		*Page 6 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Comparative Balance Sheets


Liabilities and Equity (USD $ thousands)	31-Mar-18			30-Apr-18			31-May-18			30-Jun-18			31-Jul-18			31-Aug-18		30-Sep-18
Current Liabilities
Accounts payable	$	15,001		$	35,199		$	36,329		$	44,342		$	44,448		$	—	$	—
Intercompany payable		193			16,999			14,690			—			18,636			—		—
Accrued expenses		90,026			137,072			172,405			236,453			246,399			—		—
Accrued interest		1,363			1,325			1,702			427			486			—		—
Deferred income		137,592			142,293			142,300			133,420			129,482			—		—
Short-term DIP financing		—			—			—			125,000			125,000			—		—

Total Current Liabilities		244,175			332,888			367,426			539,642			564,451			—		—
Long-term debt		365,811			367,721			368,163			—			—			—		—
Total other long-term liabilities		237,313			236,147			234,950			235,930			234,723			—		—
Liabilities subject to compromise		17,520,114			17,454,327			17,406,356			17,503,352			17,492,457			—		—
Equity (Deficit)

Total Equity		(10,788,394	)		(10,760,338	)		(10,702,437	)		(10,821,904	)		(10,772,207	)		—		—

Total Liabilities And Equity	$	7,579,019		$	7,630,745		$	7,674,458			7,457,020			7,519,424			—		—


*MOR-3*		*Page 7 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Schedule of Post-Petition Liabilities


Post-Petition Liabilities (USD $ thousands)	30-Apr-18		31-May-18		30-Jun-18		31-Jul-18		31-Aug-18		30-Sep-18
Post-Petition Liabilities
Accounts payable	$	35,199	$	36,329	$	44,342	$	44,448	$	—	$	—
Intercompany payable		16,999		14,690		—		18,636		—		—
Accrued expenses
Accrued compensation		58,867		64,874		72,706		81,761		—		—
Accrued benefits		9,024		7,054		9,283		8,220		—		—
Accrued insurance		25,375		26,024		27,420		26,045		—		—
Accrued other		43,806		74,453		127,044		130,373		—		—
Accrued interest		1,325		1,702		427		486		—		—
Deferred income		142,293		142,300		133,420		129,482		—		—
Short-term DIP financing		—		—		125,000		125,000		—		—
Total long term liabilities		603,868		603,113		235,930		234,723		—		—

Total Post-Petition Liabilities	$	936,756	$	970,539		775,572		799,174		—		—


*MOR-4*		*Page 8 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Aging of Post-Petition Liabilities and Aging of Accounts Receivable

(USD $ thousands)

Aging of Post-Petition Liabilities as of July 31, 2018 (1)


Days	Trade Accounts		Intercompany Payable		Accrued Compensation		Accrued Benefits		Accrued Insurance		Accrued Other		Accrued Interest		Deferred Income		Other Liabilities		Total
Current	$	35,767	$	18,636	$	81,761	$	8,220	$	26,045	$	130,373	$	486	$	129,482	$	359,723	$	790,493
1-30		6,669		—		—		—		—		—		—		—		—		6,669
30-60		1,007		—		—		—		—		—		—		—		—		1,007
60-90		368		—		—		—		—		—		—		—		—		368
90+		637		—		—		—		—		—		—		—		—		637

	$	44,448	$	18,636	$	81,761	$	8,220	$	26,045	$	130,373	$	486	$	129,482	$	359,723	$	799,174

Aging of Accounts Receivable as of July 31, 2018 (1)


Days	Customer #1		Customer #2		Customer #3		Customer #4		Customer #5		Other		Total
Current	$	10,771	$	7,880	$	8,316	$	8,199	$	6,105	$	279,214	$	320,485
31-60		9,095		7,555		8,659		6,740		1,193		162,456		195,698
61-90		7,014		5,565		6,087		4,761		2,434		98,154		124,015
91+		3,560		8,239		2,081		2,290		7,632		106,448		130,250
Less: Allowance For Doubtful Accounts														(26,846	)

Total	$	30,440	$	29,239	$	25,143	$	21,990	$	17,364	$	646,272	$	743,602

Notes:

(1)	Figures onMOR-5 may not foot and immaterial differences with balances reported onMOR-2 andMOR-3 may exist as a result of rounding.


*MOR-5*		*Page 9 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Statement of Income (Loss) for the Period Ending


Profit and Loss (USD $ thousands) (1)	30-Apr-18			31-May-18			30-Jun-18			31-Jul-18			31-Aug-18		30-Sep-18
Revenue	$	417,946		$	318,665		$	305,885		$	281,124		$	—	$	—
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)		130,489			89,716			87,526			83,875			—		—
Selling, general and administrative (excludes depreciation and amortization)		165,657			107,831			111,721			102,724			—		—
Corporate expenses (excludes depreciation and amortization)		22,778			18,570			7,436			17,540			—		—
Depreciation and amortization		34,377			21,577			21,393			21,406			—		—
Other operating income (expense), net		(714	)		(77	)		(692	)		(333	)		—		—

Operating income		63,931			80,894			77,117			55,246			—		—
Interest income (expense), net		(10,171	)		(2,805	)		(5,594	)		(727	)		—		—
Equity income (loss) of nonconsolidated affiliates		(6	)		(21	)		(10	)		(11	)		—		—
Other income (expense), net		(85	)		(1,966	)		(2	)		(255	)		—		—
Reorganization items, net (2)		202,452			21,022			37,321			15,071			—		—

Income (Loss) before income taxes		(148,783	)		55,080			34,190			39,182			—		—
Income tax benefit (expense)		8,979			2,630			(153,851	)		10,369			—		—

Net Income (Loss)	$	(139,804	)	$	57,710		$	(119,661	)	$	49,551		$	—	$	—

Notes:

(1)	The period ending:“30-APR-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018

(2)

‘During the three months ended June 30, 2018, the Companywrote-off $12.4 million in long-term debt fees in relation to its receivables based credit facility, which was replaced with a $450.0 milliondebtors-in-possession credit facility (the “DIP Facility”). Thewrite-off of long-term debt fees was included within Reorganization items, net. The Company also expensed $10.4 million in long-term debt fees incurred in relation to the new DIP Facility and included them within Reorganization items, net.


*MOR-6*		*Page 10 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Cash Receipts and Disbursements for the Period Ending


Book Cash Receipts and Disbursements (USD $ millions) (1)(2)	30-Apr-18			31-May-18			30-Jun-18			31-Jul-18			31-Aug-18		30-Sep-18
Receipts
Net Operating Receipts	$	427.2		$	297.3		$	268.2		$	331.0		$	—	$	—

Total Receipts		427.2			297.3			268.2			331.0			—		—
Disbursements
Rent(Non-Site Leases)		(20.3	)		(13.1	)		(14.1	)		(11.6	)		—		—
Payroll		(75.5	)		(64.3	)		(55.3	)		(56.9	)		—		—
Payroll Tax		(41.7	)		(32.3	)		(27.2	)		(40.7	)		—		—
Benefits		(27.6	)		(22.0	)		(19.5	)		(20.2	)		—		—
General AP		(124.2	)		(118.1	)		(106.3	)		(99.0	)		—		—
Utilities/Telecom		(6.5	)		(4.5	)		(3.5	)		(4.7	)		—		—
Management Fees		—			—			—			—			—		—

Total Operating Disbursements		(295.8	)		(254.2	)		(225.8	)		(233.1	)		—		—

Operating Cash Flow		131.4			43.0			42.4			97.9			—		—
Debt Paydown (3)		—			—			(387.6	)		—			—		—
ABL Draw (4)		—			—			118.3			—			—		—
Interest		—			—			—			—			—		—
ABL Adequate Protection Interest		(2.4	)		(2.2	)		(0.0	)		(0.6	)		—		—
Capex		(6.9	)		(2.9	)		(7.2	)		(2.3	)		—		—

Cash Flow Before Intercompany		122.2			38.0			(234.2	)		95.0			—		—
Intercompany Transfer from / (to)Non-Filing Entities (5)		11.7			(2.3	)		(17.0	)		21.0			—		—

Total Operating Cash Flow		133.9			35.7			(251.2	)		115.9			—		—

Restructuring Activities
Restructuring Professional Fees(MOR-9)		(1.4	)		(1.0	)		(1.4	)		(15.7	)		—		—

Total Cash Flow	$	132.5		$	34.7		$	(252.6	)	$	100.2		$	—	$	—


*MOR-7*		*Page 11 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Cash Receipts and Disbursements for the Period Ending

Book Cash Receipts and Disbursements (USD $ millions) (1)(2)

30-Apr-18

31-May-18

30-Jun-18

31-Jul-18

31-Aug-18

30-Sep-18

Notes:

(1)	The period ending:“30-APR-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018.

(2)	Figures onMOR-7 may not foot due to rounding.

(3)

On June 14, 2018, the Debtors refinanced the existing ABL credit facility with TPG (the “TPG Facility”). As part of the refinancing process, the Debtors repaid the TPG Facility in full, partially through the use of ~$269 million of cashon-hand. The balance of the repayment of the TPG Facility was sourced via funding provided under the Debtor’s replacement ABL credit facility with Citibank.

(4)	ABL draw represents the balance that was transferred from Citibank to Debtor bank accounts net of bank and professional fees associated with the refinance.

(5)

As described more fully in the Debtors’ Emergency Motion for Entry of Interim and Final Orders (I) Authorizing the Debtors to (A) Continue to Operate Their Cash Management System and Maintain Existing Bank Accounts and (B) Continue to Perform Intercompany Transactions and (III) Granting Related Relief [Docket No. 14] (the “Cash Management Motion”), the Debtors engage in a range of intercompany transactions in the ordinary course of business. Pursuant to the order granting the relief requested in the Cash Management Motion [Docket No. 454] (the “Cash Management Order”), the Bankruptcy Court has granted the Debtors authority to continue the intercompany transactions in the ordinary course of business.


*MOR-7*		*Page 12 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Cash Account Reconcilation


(USD $ millions)

Bank Account Balances as of July 31, 2018

Bank

Legal Entity

Account #

Type

Balance

Bank of America

Capstar Radio
Operating Company

9903

Savings

0.0

Seaport

CC Finco Holdings,
LLC

0178

Investment

—

Merrill Lynch

Clear Channel
Holdings, Inc.

2712

Investment

0.0

Pershing

Clear Channel
Holdings, Inc.

1607

Investment

—

Bank of America

Clear Channel Metro,
LLC

8035

Concentration

0.6

Bank of America

Clear Channel Metro,
LLC

4486

Lockbox

—

Bank of America

Critical Mass Media,
Inc.

3479

Lockbox

—

U.S. Bank

Critical Mass Media,
Inc.

0747

Disbursement

—

Bank of America

iHeartCommunications,
Inc.

0614

Lockbox

—

Bank of America

iHeartCommunications,
Inc.

1558

Lockbox

—

PNC

iHeartCommunications,
Inc.

0015

Deposit

—

BNY Mellon

iHeartCommunications,
Inc.

4238

Investment

—

UBS

iHeartCommunications,
Inc.

2902

Investment

—

U.S. Bank

iHeartMedia +
Entertainment, Inc.

2264

Deposit

0.0

Bank of America

iHeartMedia +
Entertainment, Inc.

2512

Lockbox

—

Bank of America

iHeartMedia +
Entertainment, Inc.

6934

Lockbox

—

Bank of America

iHeartMedia +
Entertainment, Inc.

5609

Lockbox

—

Bank of America

iHeartMedia +
Entertainment, Inc.

0167

Lockbox

—

Bank of America

iHeartMedia +
Entertainment, Inc.

3709

Lockbox

—

Bank of America

iHeartMedia
Management Services,
Inc.

7415

Disbursement

0.7

Bank of America

iHeartMedia
Management Services,
Inc.

6812

Disbursement

1.3

Bank of America

iHeartMedia
Management Services,
Inc.

3953

Disbursement

0.0

Bank of America

iHeartMedia
Management Services,
Inc.

6586

Master
Concentration

1.6

Bank of America

iHeartMedia
Management Services,
Inc.

1402

Master
Disbursement

0.5

Bank of America

iHeartMedia
Management Services,
Inc.

6466

Lockbox
Concentration

7.1

Citibank

iHeartMedia
Management Services,
Inc.

9340

Deposit

0.1

Citibank

iHeartMedia
Management Services,
Inc.

6001

Deposit

0.2

Citibank

iHeartMedia
Management Services,
Inc.

9359

Deposit

0.1

Citibank

iHeartMedia
Management Services,
Inc.

5075

Deposit

0.2

Citibank

iHeartMedia
Management Services,
Inc.

1943

Deposit

—

Frost

iHeartMedia
Management Services,
Inc.

0148

Deposit

0.1

U.S. Bank

iHeartMedia
Management Services,
Inc.

5070

Disbursement

—

U.S. Bank

iHeartMedia
Management Services,
Inc.

5088

Disbursement

—

U.S. Bank

iHeartMedia
Management Services,
Inc.

0507

Master
Funding

—

U.S. Bank

iHeartMedia
Management Services,
Inc.

1880

Payroll

0.0

U.S. Bank

iHeartMedia
Management Services,
Inc.

1898

Payroll

0.0

U.S. Bank

iHeartMedia
Management Services,
Inc.

5138

Payroll

—

Bank of America

iHeartMedia
Management Services,
Inc.

4404

ABL Reserve

—

Bank of America

iHeartMedia
Management Services,
Inc.

4462

Utility
Deposit

3.2

Goldman Sachs

iHeartMedia
Management Services,
Inc.

2344

Postpetition
Investment

—

Invesco

iHeartMedia
Management Services,
Inc.

0266

Investment

—

Total above

15.7

Bank

Legal Entity

Account #

Type

Balance

Bank of America

iHeartMedia
Management Services,
Inc.

1EJE

Postpetition
Investment

—

Bank of America

iHeartMedia
Management Services,
Inc.

7481

Lockbox

—

Bank of America

iHeartMedia
Management Services,
Inc.

8238

Lockbox

—

Bank of America

iHeartMedia
Management Services,
Inc.

6750

Lockbox

—

Citibank

iHeartMedia
Management Services,
Inc.

7601

Escrow

—

U.S. Bank

iHeartMedia
Management Services,
Inc.

5112

Disbursement

—

U.S. Bank

iHeartMedia
Management Services,
Inc.

5450

Disbursement

—

U.S. Bank

iHeartMedia
Management Services,
Inc.

5146

Disbursement

—

U.S. Bank

iHeartMedia
Management Services,
Inc.

5120

Payroll

—

Federated

iHeartMedia
Management Services,
Inc.

3888

Investment

—

Fidelity

iHeartMedia
Management Services,
Inc.

8321

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

5589

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

5773

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

2342

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

5775

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

2340

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

2343

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

5711

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

7265

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

5311

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

8552

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

0500

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

2341

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

5774

Investment

—

Goldman Sachs

iHeartMedia
Management Services,
Inc.

8616

Investment

—

State Street

iHeartMedia
Management Services,
Inc.

1421

Investment

—

StoneCastle

iHeartMedia
Management Services,
Inc.

4539

Investment

—

Merrill Lynch

iHeartMedia
Management Services,
Inc.

0420

Postpetition
Investment

—

Fidelity

iHeartMedia, Inc.

1576

Deferred
Comp

12.5

Bank of America

iHeartMedia, Inc.

5540

Deposit

—

U.S. Bank

Katz Media Group, Inc.

5096

Disbursement

—

Bank of America

Katz Media Group, Inc.

3777

Lockbox

—

Bank of America

Katz Media Group, Inc.

5119

Lockbox

—

U.S. Bank

Katz Media Group, Inc.

5104

Disbursement

—

Bank of America

Premiere Networks,
Inc.

7905

Deposit

0.0

Bank of America

Premiere Networks,
Inc.

8094

Deposit

0.0

Chase

Premiere Networks,
Inc.

8365

Deposit

0.0

Bank of America

Terrestrial RF
Licensing, Inc.

9054

Lockbox

—

Signature Bank

iHeartMedia
Management Services,
Inc.

0716

Checking

—

Signature Bank

iHeartMedia
Management Services,
Inc.

0724

Investment

70.5

Signature Bank

iHeartMedia
Management Services,
Inc.

0732

Investment

64.4

Total Above

147.5

Total Cash

163.2


*MOR-8*		*Page 13 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Cash Account Reconcilation

(USD $ millions)

Book-To-Bank Cash Reconciliation


Beginning Book Balance (1)	$	57.4
(+/-) Net Book Cash Flow(MOR-7)		100.2
(+/-) Decrease (increase) in Restricted Cash		(0.0	)

Ending Book Balance(MOR-2)		157.6
(+) Fidelity Account (Deferred Comp)		12.5
(+) Utility Deposit Account		3.2
(+) ABL Reserve Account		—
(-) Cash In Transit, Outstanding Checks, & Other		(10.1	)

Ending Bank Balance	$	163.2

Notes:

(1)	The Beginning Book Balance reflects the balance as of June 30, 2018.


*MOR-8*		*Page 14 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Total Disbursements by Debtor Entity for the Period Ending

(USD $) (1)

Total Disbursements By Debtor Entity


Debtor Case#	Legal Entity Name	31-Mar-18		30-Apr-18		31-May-18		30-Jun-18		31-Jul-18
18-31274	iHeartMedia, Inc	$	—	$	196,398	$	181,194	$	142,084	$	—
18-31277	AMFM Broadcasting Licenses, LLC		—		—		—		—		—
18-31278	AMFM Broadcasting, Inc.		1,299,769		3,798,447		2,074,130		1,905,005		1,750,567
18-31279	AMFM Operating, Inc.		—		—		—		—		—
18-31280	AMFM Radio Licenses, LLC		—		—		—		—		—
18-31281	AMFM Texas Broadcasting, LP		268,902		394,218		381,428		623,711		468,055
18-31282	AMFM Texas Licenses, LLC		—		—		—		—		—
18-31283	AMFM Texas, LLC		—		—		—		—		—
18-31284	Capstar Radio Operating Company		5,316,769		8,259,064		8,946,165		10,554,645		8,294,495
18-31285	Capstar TX, LLC		7,883		2,586		—		449		814
18-31286	CC Broadcast Holdings, Inc.		—		—		—		—		—
18-31287	CC Finco Holdings, LLC		—		—		—		—		—
18-31288	CC Licenses, LLC		—		—		—		—		—
18-31289	Christal Radio Sales, Inc.		—		—		—		—		—
18-31290	Cine Guarantors II, Inc.		—		—		—		—		—
18-31291	Citicasters Co.		4,586,064		6,283,054		6,963,703		5,678,541		5,556,511
18-31292	Citicasters Licenses, Inc.		—		—		—		—		—
18-31293	Clear Channel Broadcasting Licenses, Inc.		—		—		—		—		—
18-31294	Clear Channel Holdings, Inc.		12,635		5,711		—		—		—


*Exhibit A.New.book*		*Page 15 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Total Disbursements by Debtor Entity for the Period Ending

(USD $) (1)

Total Disbursements By Debtor Entity


Debtor Case#	Legal Entity Name	31-Mar-18		30-Apr-18		31-May-18		30-Jun-18		31-Jul-18
18-31296	Clear Channel Metro, LLC		—		—		—		—		—
18-31297	Clear Channel Mexico Holdings, Inc.		—		—		—		—		—
18-31298	Clear Channel Real Estate, LLC		—		—		��		—		—
18-31299	Critical Mass Media, Inc.		—		—		—		—		—
18-31273	iHeartCommunications, Inc.		416,743		2,409,311		2,152,005		263,311		15,678,304
18-31275	iHeartMedia Capital I, LLC		—		—		—		—		—
18-31276	iHeartMedia Capital II, LLC		—		—		—		—		—
18-31301	iHeartMedia Management Services, Inc.		73,531,066		137,853,242		193,248,629		577,425,135		171,419,254
18-31302	iHM Identity, Inc.		—		—		—		—		—
18-31303	Katz Communications, Inc.		13,119,980		9,464,344		13,446,375		7,040,369		17,355,839
18-31304	Katz Media Group, Inc.		—		—		—		—		—
18-31305	Katz Millennium Sales & Marketing, Inc.		—		—		—		—		—
18-31306	Katz Net Radio Sales, Inc.		—		—		—		—		—
18-31307	M Street Corporation		1,200		1,200		1,930		15,055		22,675
18-31308	Premiere Networks, Inc.		9,518,395		11,082,118		19,959,043		8,090,262		21,033,247
18-31309	Terrestrial RF Licensing, Inc.		—		—		—		—		—
18-31310	TTWN Media Networks, LLC		5,488,481		3,683,704		6,228,369		4,615,844		5,354,787
18-31311	TTWN Networks, LLC		—		—		—		—		—
18-31300	iHeartMedia + Entertainment, Inc.		4,040,195		5,336,218		6,652,925		5,711,300		4,793,788
18-31295	Clear Channel Investments, Inc.		—		—		—		—		—

Total above		$	117,608,082	$	188,769,617	$	260,235,896	$	622,065,712	$	251,728,335

(1)	The period ending“31-Mar-18” includes disbursements made between March 15, 2018 and March 31, 2018.


*Exhibit A.New.book*		*Page 16 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Payments to Insiders and Professionals for the Period Ending


Payments to Insiders & Professionals (USD $ millions) (1)	30-Apr-18		31-May-18		30-Jun-18		31-Jul-18		31-Aug-18		30-Sep-18		31-Oct-18		30-Nov-18
Total Payments to Insiders	$	6.1	$	3.7	$	3.7	$	3.7	$	—	$	—	$	—	$	—
Payments to Professionals (2)
1. Kirkland & Ellis LLP (Debtors’ lead counsel)	$	—	$	—	$	—	$	7.2	$	—	$	—	$	—	$	—
2. Moelis & Company (Debtors’ financial advisor)		—		—		—		—		—		—		—		—
3. LionTree Advisors, LLC (Debtors’ financial advisor)		—		—		—		—		—		—		—		—
4. Jackson Walker (Debtors’co-counsel)		—		—		—		0.2		—		—		—		—
5. Alvarez & Marsal (Debtors’ restructuring advisor)		—		—		—		3.2		—		—		—		—
6. Prime Clerk LLC (Debtors’ notice and claims agent)		0.4		0.3		0.5		0.4		—		—		—		—
7. Ernst & Young (Debtors’ auditor)		—		—		—		—		—		—		—		—
8. PricewaterhouseCoopers (Debtors’ tax and accounting advisor)		—		—		—		1.6		—		—		—		—
9. Munger, Tolles & Olson LLP (counsel to the Debtors’ disinterested directors)		—		—		—		—		—		—		—		—
10. Perella Wienberg Partners L.P. (financial advisor to the Debtors’ disinterested directors)		—		—		—		—		—		—		—		—
11. Jones Day (counsel to the Term Loan/PGN Group)		—		—		—		—		—		—		—		—
12. PJT Partners, Inc. (financial advisor to the Term Loan/PGN Group)		—		0.2		0.2		0.3		—		—		—		—
13. Arnold & Porter Kaye Scholer LLP (counsel to the Crossover Group)		0.4		—		0.4		0.2		—		—		—		—
14. Ducera Partners LLC (financial advisor to the Crossover Group)		—		—		—		—		—		—		—		—
15. Gibson, Dunn & Crutcher LLP (counsel to the 2021 Notes Group)		—		—		—		—		—		—		—		—
16. Kelley, Drye & Warren (counsel to UMB Bank, N.A., as successor Trustee to the 11.25% PGN Notes due 2021)		—		0.1		—		—		—		—		—		—
17. GLC Advisors & Co., Inc. (financial advisor to the 2021 Notes Group)		—		—		—		—		—		—		—		—
18. Schulte Roth & Zabel LLP(co-counsel to TPG Specialty Lending, Inc., Administrative Agent for the ABL Facility)		0.4		—		—		—		—		—		—		—
19. Jones Walker LLP(co-counsel to TPG Specialty Lending, Inc., Administrative Agent for the ABL Facility)		—		—		—		—		—		—		—		—
20. Akin Gump Strauss Hauer & Feld LLP (counsel to the UCC)		—		—		—		1.8		—		—		—		—
21. Jefferies & Company, Inc. (financial advisor to the UCC)		—		—		—		—		—		—		—		—
22. FTI Consulting, Inc. (restructuring advisor to the UCC)		—		—		—		0.4		—		—		—		—
23. Cahill Gordon & Reindell LLP (counsel to Citibank, N.A., Agent for the Term Loan Facility)		0.2		0.1		0.2		0.2		—		—		—		—


*MOR-9*		*Page 17 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Payments to Insiders and Professionals for the Period Ending


Payments to Insiders & Professionals (USD $ millions) (1)	30-Apr-18		31-May-18		30-Jun-18		31-Jul-18		31-Aug-18		30-Sep-18		31-Oct-18		30-Nov-18
24. K&L Gates LLP (counsel to U.S. Bank, N.A. Indenture Trustee)		—		0.1		—		0.1		—		—		—		—
25. Stoock & Stroock & Lavan LLP (counsel to Wilmington Trust, N.A. as successor trustee to the 9% PGNs due 2019, trustee to the 9% PGNs due 2021, and successor trustee to the 9% PGNs due 2022)		—		0.1		—		0.1		—		—		—		—
26. Thompson Hine LLP (Local Counsel to Indenture Trustee)		—		—		—		0.0		—		—		—		—
27. Odinbrook Global Advisors (Expert Witness for Indenture Trustee)		—		—		—		—		—		—		—		—
28. Loewinsohn Flegle Deary Simon LLP (Term Loan/PGN Group Counsel)		—		—		—		—		—		—		—		—

Total Payments to Professionals (2)	$	1.4	$	1.0	$	1.4	$	15.7	$	—	$	—	$	—	$	—


*MOR-9*		*Page 18 of 19*

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION


Case Name:	iHeartMedia, Inc.	Petition Date:	March 14, 2018
Case Number:	18-31274 (MI)

Payments to Insiders and Professionals for the Period Ending

Payments to Insiders & Professionals
(USD $ millions) (1)

30-Apr-18

31-May-18

30-Jun-18

31-Jul-18

31-Aug-18

30-Sep-18

31-Oct-18

30-Nov-18

Notes:

(1)	The period ending:“30-APR-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018.

(2)	Payments to ordinary course professionals are not included inMOR-9.


*MOR-9*		*Page 19 of 19*

SIGNED X

/s/ Scott D. Hamilton

Title:

Senior Vice President,
Chief Accounting Officer,
and Assistant Secretary

(Original Signature)

Scott D. Hamilton

(Print Name of Signatory)