Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38987 | |
Entity Registrant Name | IHEARTMEDIA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0241222 | |
Entity Address, Address Line One | 20880 Stone Oak Parkway | |
Entity Address, City or Town | San Antonio, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78258 | |
City Area Code | 210 | |
Local Phone Number | 822-2828 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | IHRT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Central Index Key | 0001400891 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 123,451,749 | |
Class B Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 21,346,613 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 361,403 | $ 346,382 |
Accounts receivable, net of allowance of $37,742 in 2024 and $38,055 in 2023 | 878,353 | 1,041,214 |
Prepaid expenses | 135,234 | 93,131 |
Other current assets | 38,082 | 26,189 |
Total Current Assets | 1,413,072 | 1,506,916 |
PROPERTY, PLANT AND EQUIPMENT | ||
Property, plant and equipment, net | 529,114 | 558,865 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived intangibles - licenses and other | 1,114,479 | 1,113,979 |
Other intangibles, net | 1,111,236 | 1,173,210 |
Goodwill | 1,721,349 | 1,721,483 |
OTHER ASSETS | ||
Operating lease right-of-use assets | 693,545 | 704,992 |
Other assets | 175,517 | 173,166 |
Total Assets | 6,758,312 | 6,952,611 |
CURRENT LIABILITIES | ||
Accounts payable | 215,410 | 236,162 |
Current operating lease liabilities | 73,775 | 73,832 |
Accrued expenses | 196,110 | 317,575 |
Accrued interest | 53,164 | 61,987 |
Deferred revenue | 163,310 | 158,540 |
Current portion of long-term debt | 289 | 340 |
Total Current Liabilities | 702,058 | 848,436 |
Long-term debt | 5,216,503 | 5,214,810 |
Noncurrent operating lease liabilities | 749,365 | 762,820 |
Deferred income taxes | 315,679 | 339,768 |
Other long-term liabilities | 173,281 | 171,535 |
Commitments and contingent liabilities (Note 6) | ||
STOCKHOLDERS' DEFICIT | ||
Noncontrolling interest | 6,400 | 9,397 |
Preferred stock, par value $.001 per share, $100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 2,955,043 | 2,947,096 |
Accumulated deficit | (3,348,650) | (3,330,142) |
Accumulated other comprehensive loss | (1,347) | (1,128) |
Cost of shares (999,647 in 2024 and 983,589 in 2023) held in treasury | (10,166) | (10,127) |
Total Stockholders' Deficit | (398,574) | (384,758) |
Total Liabilities and Stockholders' Deficit | 6,758,312 | 6,952,611 |
Class A Common Stock | ||
STOCKHOLDERS' DEFICIT | ||
Common stock | 125 | 125 |
Class B Common Stock | ||
STOCKHOLDERS' DEFICIT | ||
Common stock | 21 | 21 |
Special Warrants | ||
STOCKHOLDERS' DEFICIT | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||
Allowance for receivables | $ 37,742 | $ 38,055 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Shares held in treasury (in shares) | 999,647 | 983,589 | |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued (in shares) | 124,416,225 | 124,299,288 | [1] |
Common stock, shares outstanding (in shares) | 124,416,225 | 124,299,288 | |
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued (in shares) | 21,346,613 | 21,347,363 | [1] |
Common stock, shares outstanding (in shares) | 21,346,613 | 21,347,363 | [1] |
Special Warrants | |||
Class of Stock [Line Items] | |||
Common stock, shares issued (in shares) | 5,043,336 | 5,101,870 | [1] |
Common stock, shares outstanding (in shares) | 5,043,336 | 5,101,870 | [1] |
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 799,038 | $ 811,239 |
Operating expenses: | ||
Direct operating expenses (excludes depreciation and amortization) | 341,360 | 344,620 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 385,144 | 402,801 |
Depreciation and amortization | 105,162 | 108,512 |
Impairment charges | 1,508 | 3,947 |
Other operating expense, net | 572 | 221 |
Operating loss | (34,708) | (48,862) |
Interest expense, net | 95,515 | 95,457 |
Gain (loss) on investments, net | 91,994 | (6,505) |
Equity in earnings (loss) of nonconsolidated affiliates | (45) | 40 |
Gain on extinguishment of debt | 0 | 4,625 |
Other expense, net | (496) | (99) |
Loss before income taxes | (38,770) | (146,258) |
Income tax benefit (expense) | 20,662 | (76,105) |
Net loss | (18,108) | (222,363) |
Less amount attributable to noncontrolling interest | 400 | (103) |
Net loss attributable to the Company | (18,508) | (222,260) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustments | (219) | (46) |
Other comprehensive loss, net of tax | (219) | (46) |
Comprehensive loss | (18,727) | (222,306) |
Less amount attributable to noncontrolling interest | 0 | 0 |
Comprehensive loss attributable to the Company | $ (18,727) | $ (222,306) |
Net loss attributable to the Company per common share: | ||
Basic (in dollars per share) | $ (0.12) | $ (1.50) |
Weighted average common shares outstanding - Basic (in shares) | 149,795 | 148,365 |
Diluted (in dollars per share) | $ (0.12) | $ (1.50) |
Weighted average common shares outstanding - Diluted (in shares) | 149,795 | 148,365 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands | Total | Class A Shares | Class B Shares | Special Warrants | Common Stock | Common Stock Class A Shares | Common Stock Class B Shares | Common Stock Special Warrants | Non- controlling Interest | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | [1] | 122,370,425 | 21,477,181 | 5,111,312 | |||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 684,506 | $ 144 | $ 9,609 | $ 2,912,500 | $ (2,227,482) | $ (1,331) | $ (8,934) | ||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income (loss) | (222,363) | (103) | (222,260) | ||||||||||||||||
Vesting of restricted stock and other (in shares) | [1] | 7,513 | |||||||||||||||||
Vesting of restricted stock and other | (24) | (24) | |||||||||||||||||
Share-based compensation | 10,152 | 10,152 | |||||||||||||||||
Dividends declared and paid to noncontrolling interests | (321) | (321) | |||||||||||||||||
Conversion of Special Warrants to Class A and Class B Shares (in shares) | 0 | 0 | |||||||||||||||||
Conversion of Class B Shares to Class A Shares (in shares) | [1] | 7,262 | (7,262) | ||||||||||||||||
Other comprehensive loss | (46) | (46) | |||||||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | [1] | 122,385,200 | 21,469,919 | 5,111,312 | |||||||||||||||
Ending balance at Mar. 31, 2023 | 471,904 | 144 | 9,185 | 2,922,652 | (2,449,742) | (1,377) | (8,958) | ||||||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 124,299,288 | 21,347,363 | [1] | 5,101,870 | [1] | 124,299,288 | [1] | 21,347,363 | [1] | 5,101,870 | [1] | ||||||||
Beginning balance at Dec. 31, 2023 | (384,758) | 146 | 9,397 | 2,947,096 | (3,330,142) | (1,128) | (10,127) | ||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income (loss) | (18,108) | 400 | (18,508) | ||||||||||||||||
Vesting of restricted stock and other (in shares) | [1] | 57,653 | |||||||||||||||||
Vesting of restricted stock and other | (39) | (39) | |||||||||||||||||
Share-based compensation | 7,947 | 7,947 | |||||||||||||||||
Dividends declared and paid to noncontrolling interests | (3,397) | (3,397) | |||||||||||||||||
Conversion of Special Warrants to Class A and Class B Shares (in shares) | 0 | 58,534 | [1] | (58,534) | [1] | ||||||||||||||
Conversion of Class B Shares to Class A Shares (in shares) | [1] | 750 | (750) | ||||||||||||||||
Other comprehensive loss | (219) | (219) | |||||||||||||||||
Ending balance (in shares) at Mar. 31, 2024 | 124,416,225 | 21,346,613 | 5,043,336 | 124,416,225 | [1] | 21,346,613 | [1] | 5,043,336 | [1] | ||||||||||
Ending balance at Mar. 31, 2024 | $ (398,574) | $ 146 | $ 6,400 | $ 2,955,043 | $ (3,348,650) | $ (1,347) | $ (10,166) | ||||||||||||
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (18,108) | $ (222,363) |
Reconciling items: | ||
Impairment charges | 1,508 | 3,947 |
Depreciation and amortization | 105,162 | 108,512 |
Deferred taxes | (24,080) | 72,620 |
Provision for doubtful accounts | 2,906 | 6,441 |
Amortization of deferred financing charges and note discounts, net | 1,730 | 1,656 |
Share-based compensation | 7,947 | 10,152 |
(Gain) Loss on disposal of operating and other assets | 132 | (278) |
(Gain) Loss on investments | (91,994) | 6,505 |
Equity in (earnings) loss of nonconsolidated affiliates | 45 | (40) |
Gain on extinguishment of debt | 0 | (4,625) |
Barter and trade income | (8,749) | (8,007) |
Other reconciling items, net | 507 | 89 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Decrease in accounts receivable | 153,799 | 94,759 |
Increase in prepaid & other current assets | (54,484) | (37,032) |
(Increase) Decrease in other long-term assets | 368 | (1,521) |
Decrease in accounts payable | (12,267) | (63,187) |
Decrease in accrued expenses | (122,864) | (71,459) |
Decrease in accrued interest | (8,823) | (6,222) |
Increase in deferred revenue | 8,260 | 16,829 |
Increase in other long-term liabilities | (272) | (759) |
Cash used for operating activities | (59,277) | (93,983) |
Cash flows from investing activities: | ||
Proceeds from sale of investments | 101,405 | 0 |
Purchases of property, plant and equipment | (21,582) | (39,165) |
Change in other, net | (1,808) | 744 |
Cash provided by (used for) investing activities | 78,015 | (38,421) |
Cash flows from financing activities: | ||
Payments on long-term debt and credit facilities | (111) | (15,593) |
Dividends and other payments to noncontrolling interests | (3,397) | (321) |
Change in other, net | (40) | (24) |
Cash used for financing activities | (3,548) | (15,938) |
Cash used for financing activities | (169) | 39 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 15,021 | (148,303) |
Cash, cash equivalents and restricted cash at beginning of period | 346,382 | 336,661 |
Cash, cash equivalents and restricted cash at end of period | 361,403 | 188,358 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash paid for interest | 105,863 | 101,759 |
Cash paid for income taxes | $ 1,033 | $ 3,160 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | 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, 2023. The Company reports based on three reportable segments: ▪ 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, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and inflation have contributed to a challenging macroeconomic environment since 2022. This challenging environment has led to broader market uncertainty and has delayed the Company's expected recovery and has had an adverse impact on the Company's revenues, cash flows, and trading values of the Company's debt and equity securities. The current market uncertainty and macroeconomic conditions, a recession, or a downturn in the U.S. economy could have a significant impact on the Company's ability to generate revenue and cash flows. As of March 31, 2024, the Company had approximately $361.4 million in cash and cash equivalents, and the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility") had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. The Company's total available liquidity as of March 31, 2024 was approximately $788.2 million. 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 2024 presentation. Restricted Cash As of March 31, 2024 and December 31, 2023, the Company did not have any restricted cash balances on the Consolidated Balance Sheets. 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 had a material impact on the Company. New Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of expenses provided to the CODM that are included within the reported measure of segment profit or loss . The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard on our disclosures, including timing of adoption. In December 2023, the FASB issued Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard on our annual disclosures, including timing of adoption. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Disaggregation of Revenue The following tables show revenue streams for the three months ended March 31, 2024 and 2023: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Three Months Ended March 31, 2024 Revenue from contracts with customers: Broadcast Radio (1) $ 359,338 $ — $ — $ — $ 359,338 Networks (2) 102,051 — — — 102,051 Sponsorship and Events (3) 27,829 — — — 27,829 Digital, excluding Podcast (4) — 148,344 — (1,185) 147,159 Podcast (5) — 90,624 — — 90,624 Audio & Media Services (6) — — 69,168 (1,376) 67,792 Other (7) 4,095 — — — 4,095 Total 493,313 238,968 69,168 (2,561) 798,888 Revenue from leases (8) 150 — — — 150 Revenue, total $ 493,463 $ 238,968 $ 69,168 $ (2,561) $ 799,038 Three Months Ended March 31, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 383,238 $ — $ — $ — $ 383,238 Networks (2) 107,954 — — — 107,954 Sponsorship and Events (3) 32,587 — — — 32,587 Digital, excluding Podcast (4) — 146,585 — (1,189) 145,396 Podcast (5) — 76,811 — — 76,811 Audio & Media Services (6) — — 61,351 (1,332) 60,019 Other (7) 4,924 — — — 4,924 Total 528,703 223,396 61,351 (2,521) 810,929 Revenue from leases (8) 310 310 Revenue, total $ 529,013 $ 223,396 $ 61,351 $ (2,521) $ 811,239 (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. 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. The revenues and expenses may not be recognized in the same period depending on the timing of the services, advertising or promotion received in exchange for advertising spots. 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 (In thousands) 2024 2023 Trade and barter revenues $ 41,305 $ 45,029 Trade and barter expenses 34,181 47,386 In addition to the trade and barter revenue in the table above, the Company recognized $8.7 million and $8.0 million during the three months ended March 31, 2024 and 2023, 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 (In thousands) 2024 2023 Deferred revenue from contracts with customers: Beginning balance (1) $ 181,899 $ 157,910 Revenue recognized, included in beginning balance (73,928) (56,133) Additions, net of revenue recognized during period, and other 77,864 68,904 Ending balance $ 185,835 $ 170,681 (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, 2024, the Company expects to recognize $253.1 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. Revenue from Leases As of March 31, 2024, the future lease payments to be received by the Company are as follows: (In thousands) 2024 $ 185 2025 132 2026 72 2027 30 2028 15 Thereafter — Total $ 434 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | 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, 2024, and 2023, we recognized non-cash impairment charges of $1.5 million and $3.9 million, respectively, due to changes in sublease assumptions for ROU assets related to certain operating leases for which management has made proactive decisions to abandon and sublease in connection with strategic actions to streamline the Company’s real estate footprint. 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." The following table provides supplemental cash flow information related to leases for the periods presented: Three Months Ended March 31, (In thousands) 2024 2023 Cash paid for amounts included in measurement of operating lease liabilities $ 37,293 $ 32,963 Lease liabilities arising from obtaining right-of-use assets (1) 5,751 4,821 (1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2024 and 2023, 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 $15.6 million and $18.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 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: (In thousands) March 31, December 31, Land, buildings and improvements $ 319,589 $ 316,655 Towers, transmitters and studio equipment 197,895 195,609 Computer equipment and software 690,470 685,417 Furniture and other equipment 47,872 47,684 Construction in progress 18,321 16,473 1,274,147 1,261,838 Less: accumulated depreciation 745,033 702,973 Property, plant and equipment, net $ 529,114 $ 558,865 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets primarily 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. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets. (In thousands) March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,623 $ (842,639) $ 1,652,623 $ (800,377) Talent and other contracts 338,900 (214,143) 338,900 (203,479) Trademarks and tradenames 335,912 (164,963) 335,912 (156,468) Other 18,003 (12,457) 18,003 (11,904) Total $ 2,345,438 $ (1,234,202) $ 2,345,438 $ (1,172,228) Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 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) 2025 $ 213,758 2026 201,512 2027 176,171 2028 160,395 2029 121,622 Goodwill The following table presents the changes in the carrying amount of goodwill: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of December 31, 2023 (1) $ 1,340,459 $ 311,426 $ 69,598 $ 1,721,483 Foreign currency — (73) (61) (134) Balance as of March 31, 2024 $ 1,340,459 $ 311,353 $ 69,537 $ 1,721,349 (1) |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 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: (In thousands) March 31, December 31, Land, buildings and improvements $ 319,589 $ 316,655 Towers, transmitters and studio equipment 197,895 195,609 Computer equipment and software 690,470 685,417 Furniture and other equipment 47,872 47,684 Construction in progress 18,321 16,473 1,274,147 1,261,838 Less: accumulated depreciation 745,033 702,973 Property, plant and equipment, net $ 529,114 $ 558,865 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets primarily 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. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets. (In thousands) March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,623 $ (842,639) $ 1,652,623 $ (800,377) Talent and other contracts 338,900 (214,143) 338,900 (203,479) Trademarks and tradenames 335,912 (164,963) 335,912 (156,468) Other 18,003 (12,457) 18,003 (11,904) Total $ 2,345,438 $ (1,234,202) $ 2,345,438 $ (1,172,228) Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 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) 2025 $ 213,758 2026 201,512 2027 176,171 2028 160,395 2029 121,622 Goodwill The following table presents the changes in the carrying amount of goodwill: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of December 31, 2023 (1) $ 1,340,459 $ 311,426 $ 69,598 $ 1,721,483 Foreign currency — (73) (61) (134) Balance as of March 31, 2024 $ 1,340,459 $ 311,353 $ 69,537 $ 1,721,349 (1) |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding for the Company consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Term Loan Facility due 2026 $ 1,864,032 $ 1,864,032 Incremental Term Loan Facility due 2026 401,220 401,220 Asset-based Revolving Credit Facility due 2027 (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) 3,429 3,367 Total consolidated secured debt 4,318,681 4,318,619 8.375% Senior Unsecured Notes due 2027 916,357 916,357 Original issue discount (6,785) (7,558) Long-term debt fees (11,461) (12,268) Total debt 5,216,792 5,215,150 Less: Current portion 289 340 Total long-term debt $ 5,216,503 $ 5,214,810 (1) As of March 31, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. (2) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045. The Company’s weighted average interest rate was 7.3% as of March 31, 2024 and December 31, 2023. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.0 billion and $4.2 billion as of March 31, 2024 and December 31, 2023, 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. As of March 31, 2024, we were in compliance with all covenants related to our debt agreements. On June 15, 2023, iHeartCommunications, Inc. ("iHeartCommunications"), a wholly-owned subsidiary of iHeartMedia, entered into an amendment to the credit agreement governing its term loan credit facilities (the "Term Loan Facility"). The amendment replaces the prior Eurocurrency interest rate, based upon LIBOR, with the Secured Overnight Financing Rate (“SOFR”) successor rate plus a SOFR adjustment as specified in the credit agreement. The Term Loan Facility margins remain the same with the Term Loan Facility due 2026 containing margins of 3.00% for Term SOFR Loans (as defined in the credit agreement) and 2.00% for Base Rate Loans (as defined in the credit agreement), and the incremental Term Loan Facility due 2026 containing margins of 3.25% for Term SOFR Loans with a floor of 0.50% and 2.25% for Base Rate Loans with a floor of 1.50%. Surety Bonds and Letters of Credit As of March 31, 2024, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $10.1 million and $23.2 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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. Alien Ownership Restrictions and FCC 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. On November 5, 2020, the FCC issued a declaratory ruling, which permits the Company to be up to 100% foreign owned, subject to certain conditions (the "2020 Declaratory Ruling"). |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s income tax benefit (expense) consisted of the following components: (In thousands) Three Months Ended 2024 2023 Current tax expense $ (3,418) $ (3,485) Deferred tax benefit (expense) 24,080 (72,620) Income tax benefit (expense) $ 20,662 $ (76,105) The effective tax rates for the three months ended March 31, 2024 and 2023 were 53.3% and (52.0)%, 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, due to uncertainty regarding the Company’s ability to utilize those assets in future periods. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS' DEFICIT | STOCKHOLDERS' DEFICIT Pursuant to the Company's 2019 Eq uity 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, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. Pursuant to the 2021 Plan, the Company will continue to grant equity awards covering 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 $8.5 million and $10.2 million for the three months ended March 31, 2024 and 2023, respectively. The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain market goals, performance goals, and continued service. The majority of these awards are being measured over an approximately 3-year period from the date of issuance, while certain Performance RSUs are measured over a 50-month period from the date of issuance. On February 25, 2024, the Company issued RSUs and Performance RSUs to certain key employees. The following table presents the Company's total share based compensation expense by award type for the three months ended March 31, 2024 and 2023: (In thousands) Three Months Ended 2024 2023 RSUs $ 4,926 $ 6,102 Performance RSUs 2,789 1,931 Options 765 2,119 Total Share Based Compensation Expense (1) $ 8,480 $ 10,152 (1) Total share based compensation expense includes $0.5 million of expense from cash settled awards for the three months ended March 31, 2024 As of March 31, 2024, there was $51.3 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 1.9 years and assumes Performance RSUs will be fully earned at target. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Company's emergence from bankruptcy in 2019 may be exercised by its holder to purchase one share of Class A common stock or Class B common stock at an exercise price of $0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99 percent of the Company's outstanding Class A common stock, (b) more than 22.5 percent of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any other applicable foreign ownership threshold or (d) violation of any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement. The Communications Act and FCC regulations prohibit foreign entities or individuals from indirectly (i.e., through a parent company) owning or voting more than 25 percent of a licensee’s equity, unless the FCC determines that greater indirect foreign ownership is in the public interest. As mentioned in Note 6 above, on November 5, 2020, the FCC issued the 2020 Declaratory Ruling, which permits the Company to be up to 100% foreign owned. During the three months ended March 31, 2024, there were 58,534 Special Warrants exercised for shares of Class A common stock and none exercised for Class B common stock. During the three months ended March 31, 2023, there were no Special Warrants exercised for shares of Class A or Class B common stock. Computation of Loss per Share (In thousands, except per share data) Three Months Ended 2024 2023 NUMERATOR: Net loss attributable to the Company – common shares $ (18,508) $ (222,260) DENOMINATOR (1) : Weighted average common shares outstanding - basic 149,795 148,365 Stock options and restricted stock (2) : — — Weighted average common shares outstanding - diluted 149,795 148,365 Net loss attributable to the Company per common share: Basic $ (0.12) $ (1.50) Diluted (0.12) (1.50) (1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2024 and 2023. (2) |
SEGMENT DATA
SEGMENT DATA | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in Selling, general and administrative expense. The following tables present the Company's segment results for the Company for the three months ended March 31, 2024 and 2023: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2024 Revenue $ 493,463 238,968 $ 69,168 $ — $ (2,561) $ 799,038 Operating expenses (1) 416,281 170,841 45,473 64,387 (2,561) 694,421 Segment Adjusted EBITDA (2) $ 77,182 $ 68,127 $ 23,695 $ (64,387) $ — $ 104,617 Depreciation and amortization (105,162) Impairment charges (1,508) Other operating expense, net (572) Restructuring expenses (23,603) Share-based compensation expense (8,480) Operating loss $ (34,708) Intersegment revenues $ — $ 1,185 $ 1,376 $ — $ — $ 2,561 Capital expenditures 11,704 5,427 2,257 2,194 — 21,582 Share-based compensation expense — — — 8,480 — 8,480 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2023 Revenue $ 529,013 $ 223,396 $ 61,351 $ — $ (2,521) $ 811,239 Operating expenses (1) 441,961 169,277 46,007 63,091 (2,521) 717,815 Segment Adjusted EBITDA (2) $ 87,052 $ 54,119 $ 15,344 $ (63,091) $ — $ 93,424 Depreciation and amortization (108,512) Impairment charges (3,947) Other operating expense, net (221) Restructuring expenses (19,454) Share-based compensation expense (10,152) Operating loss $ (48,862) Intersegment revenues $ — $ 1,189 $ 1,332 $ — $ — $ 2,521 Capital expenditures 26,424 5,777 3,887 3,077 — 39,165 Share-based compensation expense — — — 10,152 — 10,152 (1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss , please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ (18,508) | $ (222,260) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 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, 2023. The Company reports based on three reportable segments: ▪ 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. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the 2024 presentation. |
New Accounting Pronouncements Recently Adopted | New Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of expenses provided to the CODM that are included within the reported measure of segment profit or loss . The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard on our disclosures, including timing of adoption. In December 2023, the FASB issued Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard on our annual disclosures, including timing of adoption. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables show revenue streams for the three months ended March 31, 2024 and 2023: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Three Months Ended March 31, 2024 Revenue from contracts with customers: Broadcast Radio (1) $ 359,338 $ — $ — $ — $ 359,338 Networks (2) 102,051 — — — 102,051 Sponsorship and Events (3) 27,829 — — — 27,829 Digital, excluding Podcast (4) — 148,344 — (1,185) 147,159 Podcast (5) — 90,624 — — 90,624 Audio & Media Services (6) — — 69,168 (1,376) 67,792 Other (7) 4,095 — — — 4,095 Total 493,313 238,968 69,168 (2,561) 798,888 Revenue from leases (8) 150 — — — 150 Revenue, total $ 493,463 $ 238,968 $ 69,168 $ (2,561) $ 799,038 Three Months Ended March 31, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 383,238 $ — $ — $ — $ 383,238 Networks (2) 107,954 — — — 107,954 Sponsorship and Events (3) 32,587 — — — 32,587 Digital, excluding Podcast (4) — 146,585 — (1,189) 145,396 Podcast (5) — 76,811 — — 76,811 Audio & Media Services (6) — — 61,351 (1,332) 60,019 Other (7) 4,924 — — — 4,924 Total 528,703 223,396 61,351 (2,521) 810,929 Revenue from leases (8) 310 310 Revenue, total $ 529,013 $ 223,396 $ 61,351 $ (2,521) $ 811,239 (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. |
Schedule of Barter and Trade Revenues and Expenses | 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 (In thousands) 2024 2023 Trade and barter revenues $ 41,305 $ 45,029 Trade and barter expenses 34,181 47,386 |
Schedule of Contract with Customer, Asset and Liability | The following tables show the Company’s deferred revenue balance from contracts with customers: Three Months Ended (In thousands) 2024 2023 Deferred revenue from contracts with customers: Beginning balance (1) $ 181,899 $ 157,910 Revenue recognized, included in beginning balance (73,928) (56,133) Additions, net of revenue recognized during period, and other 77,864 68,904 Ending balance $ 185,835 $ 170,681 (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. |
Schedule of Future Lease Payments to be Received | As of March 31, 2024, the future lease payments to be received by the Company are as follows: (In thousands) 2024 $ 185 2025 132 2026 72 2027 30 2028 15 Thereafter — Total $ 434 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental cash flow information related to leases for the periods presented: Three Months Ended March 31, (In thousands) 2024 2023 Cash paid for amounts included in measurement of operating lease liabilities $ 37,293 $ 32,963 Lease liabilities arising from obtaining right-of-use assets (1) 5,751 4,821 (1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2024 and 2023, respectively. |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets: (In thousands) March 31, December 31, Land, buildings and improvements $ 319,589 $ 316,655 Towers, transmitters and studio equipment 197,895 195,609 Computer equipment and software 690,470 685,417 Furniture and other equipment 47,872 47,684 Construction in progress 18,321 16,473 1,274,147 1,261,838 Less: accumulated depreciation 745,033 702,973 Property, plant and equipment, net $ 529,114 $ 558,865 |
Schedule of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets. (In thousands) March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,623 $ (842,639) $ 1,652,623 $ (800,377) Talent and other contracts 338,900 (214,143) 338,900 (203,479) Trademarks and tradenames 335,912 (164,963) 335,912 (156,468) Other 18,003 (12,457) 18,003 (11,904) Total $ 2,345,438 $ (1,234,202) $ 2,345,438 $ (1,172,228) |
Schedule of Future Amortization Expense | 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) 2025 $ 213,758 2026 201,512 2027 176,171 2028 160,395 2029 121,622 |
Schedule of Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of December 31, 2023 (1) $ 1,340,459 $ 311,426 $ 69,598 $ 1,721,483 Foreign currency — (73) (61) (134) Balance as of March 31, 2024 $ 1,340,459 $ 311,353 $ 69,537 $ 1,721,349 (1) |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding for the Company consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Term Loan Facility due 2026 $ 1,864,032 $ 1,864,032 Incremental Term Loan Facility due 2026 401,220 401,220 Asset-based Revolving Credit Facility due 2027 (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) 3,429 3,367 Total consolidated secured debt 4,318,681 4,318,619 8.375% Senior Unsecured Notes due 2027 916,357 916,357 Original issue discount (6,785) (7,558) Long-term debt fees (11,461) (12,268) Total debt 5,216,792 5,215,150 Less: Current portion 289 340 Total long-term debt $ 5,216,503 $ 5,214,810 (1) As of March 31, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. (2) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Benefit (Expense) | The Company’s income tax benefit (expense) consisted of the following components: (In thousands) Three Months Ended 2024 2023 Current tax expense $ (3,418) $ (3,485) Deferred tax benefit (expense) 24,080 (72,620) Income tax benefit (expense) $ 20,662 $ (76,105) |
STOCKHOLDERS' DEFICIT (Tables)
STOCKHOLDERS' DEFICIT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Share-Based Payment Arrangement, Cost by Plan | The following table presents the Company's total share based compensation expense by award type for the three months ended March 31, 2024 and 2023: (In thousands) Three Months Ended 2024 2023 RSUs $ 4,926 $ 6,102 Performance RSUs 2,789 1,931 Options 765 2,119 Total Share Based Compensation Expense (1) $ 8,480 $ 10,152 (1) Total share based compensation expense includes $0.5 million of expense from cash settled awards for the three months ended March 31, 2024 |
Schedule of Computation of Income (Loss) per Share | (In thousands, except per share data) Three Months Ended 2024 2023 NUMERATOR: Net loss attributable to the Company – common shares $ (18,508) $ (222,260) DENOMINATOR (1) : Weighted average common shares outstanding - basic 149,795 148,365 Stock options and restricted stock (2) : — — Weighted average common shares outstanding - diluted 149,795 148,365 Net loss attributable to the Company per common share: Basic $ (0.12) $ (1.50) Diluted (0.12) (1.50) (1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2024 and 2023. (2) |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Results | The following tables present the Company's segment results for the Company for the three months ended March 31, 2024 and 2023: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2024 Revenue $ 493,463 238,968 $ 69,168 $ — $ (2,561) $ 799,038 Operating expenses (1) 416,281 170,841 45,473 64,387 (2,561) 694,421 Segment Adjusted EBITDA (2) $ 77,182 $ 68,127 $ 23,695 $ (64,387) $ — $ 104,617 Depreciation and amortization (105,162) Impairment charges (1,508) Other operating expense, net (572) Restructuring expenses (23,603) Share-based compensation expense (8,480) Operating loss $ (34,708) Intersegment revenues $ — $ 1,185 $ 1,376 $ — $ — $ 2,561 Capital expenditures 11,704 5,427 2,257 2,194 — 21,582 Share-based compensation expense — — — 8,480 — 8,480 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2023 Revenue $ 529,013 $ 223,396 $ 61,351 $ — $ (2,521) $ 811,239 Operating expenses (1) 441,961 169,277 46,007 63,091 (2,521) 717,815 Segment Adjusted EBITDA (2) $ 87,052 $ 54,119 $ 15,344 $ (63,091) $ — $ 93,424 Depreciation and amortization (108,512) Impairment charges (3,947) Other operating expense, net (221) Restructuring expenses (19,454) Share-based compensation expense (10,152) Operating loss $ (48,862) Intersegment revenues $ — $ 1,189 $ 1,332 $ — $ — $ 2,521 Capital expenditures 26,424 5,777 3,887 3,077 — 39,165 Share-based compensation expense — — — 10,152 — 10,152 (1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss , please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Dec. 31, 2023 USD ($) | |
Short-Term Debt [Line Items] | ||
Number of reportable segments | segment | 3 | |
Cash and cash equivalents | $ 361,403,000 | $ 346,382,000 |
Total available liquidity amount | 788,200,000 | |
Subsidiary | Revolving Credit Facility | Asset-based Revolving Credit Facility due 2027 | Line of Credit | ||
Short-Term Debt [Line Items] | ||
Debt instrument, face amount | 450,000,000 | |
Maximum borrowings provided under credit facility | 450,000,000 | |
Long-term line of credit | 0 | |
Letters of credit outstanding | 23,200,000 | |
Line of credit, remaining borrowing availability | $ 426,800,000 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 798,888 | $ 810,929 |
Revenue from leases | 150 | 310 |
Revenue, total | 799,038 | 811,239 |
Broadcast Radio | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 359,338 | 383,238 |
Networks | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 102,051 | 107,954 |
Sponsorship and Events | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 27,829 | 32,587 |
Digital, excluding Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 147,159 | 145,396 |
Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 90,624 | 76,811 |
Audio and Media Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 67,792 | 60,019 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4,095 | 4,924 |
Operating segments | Multiplatform Group | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 493,313 | 528,703 |
Revenue from leases | 150 | 310 |
Revenue, total | 493,463 | 529,013 |
Operating segments | Multiplatform Group | Broadcast Radio | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 359,338 | 383,238 |
Operating segments | Multiplatform Group | Networks | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 102,051 | 107,954 |
Operating segments | Multiplatform Group | Sponsorship and Events | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 27,829 | 32,587 |
Operating segments | Multiplatform Group | Digital, excluding Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Multiplatform Group | Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Multiplatform Group | Audio and Media Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Multiplatform Group | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4,095 | 4,924 |
Operating segments | Digital Audio Group | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 238,968 | 223,396 |
Revenue from leases | 0 | |
Revenue, total | 238,968 | 223,396 |
Operating segments | Digital Audio Group | Broadcast Radio | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Digital Audio Group | Networks | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Digital Audio Group | Sponsorship and Events | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Digital Audio Group | Digital, excluding Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 148,344 | 146,585 |
Operating segments | Digital Audio Group | Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 90,624 | 76,811 |
Operating segments | Digital Audio Group | Audio and Media Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Digital Audio Group | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Audio & Media Services Group | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 69,168 | 61,351 |
Revenue from leases | 0 | |
Revenue, total | 69,168 | 61,351 |
Operating segments | Audio & Media Services Group | Broadcast Radio | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Audio & Media Services Group | Networks | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Audio & Media Services Group | Sponsorship and Events | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Audio & Media Services Group | Digital, excluding Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Audio & Media Services Group | Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating segments | Audio & Media Services Group | Audio and Media Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 69,168 | 61,351 |
Operating segments | Audio & Media Services Group | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (2,561) | (2,521) |
Revenue from leases | 0 | |
Revenue, total | (2,561) | (2,521) |
Eliminations | Broadcast Radio | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Eliminations | Networks | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Eliminations | Sponsorship and Events | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Eliminations | Digital, excluding Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (1,185) | (1,189) |
Eliminations | Podcast | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Eliminations | Audio and Media Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (1,376) | (1,332) |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 0 | $ 0 |
REVENUE - Schedule of Barter an
REVENUE - Schedule of Barter and Trade Revenue and Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Trade and barter revenues | $ 798,888 | $ 810,929 |
Trade and Barter Transactions | ||
Disaggregation of Revenue [Line Items] | ||
Trade and barter revenues | 41,305 | 45,029 |
Trade and barter expenses | $ 34,181 | $ 47,386 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Trade and barter revenues | $ 798,888 | $ 810,929 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation | $ 253,100 | |
Revenue, remaining performance obligation, period | 5 years | |
Advertising Trade and Barter Transactions | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Trade and barter revenues | $ 8,700 | $ 8,000 |
REVENUE - Schedule of Contract
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Deferred revenue from contracts with customers: | ||
Beginning balance | $ 181,899 | $ 157,910 |
Revenue recognized, included in beginning balance | (73,928) | (56,133) |
Additions, net of revenue recognized during period, and other | 77,864 | 68,904 |
Ending balance | $ 185,835 | $ 170,681 |
REVENUE - Revenue From Leases (
REVENUE - Revenue From Leases (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2024 | $ 185 |
2025 | 132 |
2026 | 72 |
2027 | 30 |
2028 | 15 |
Thereafter | 0 |
Total | $ 434 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Non-cash impairment charge on operating lease | $ 1.5 | $ 3.9 |
Operating lease expense | $ 15.6 | $ 18.1 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Cash paid for amounts included in measurement of operating lease liabilities | $ 37,293 | $ 32,963 |
Lease liabilities arising from obtaining right-of-use assets | $ 5,751 | $ 4,821 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,274,147 | $ 1,261,838 |
Less: accumulated depreciation | 745,033 | 702,973 |
Property, plant and equipment, net | 529,114 | 558,865 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 319,589 | 316,655 |
Towers, transmitters and studio equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 197,895 | 195,609 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 690,470 | 685,417 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 47,872 | 47,684 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 18,321 | $ 16,473 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Total amortization expense related to definite-lived intangible assets | $ 61.9 | $ 61.8 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,345,438 | $ 2,345,438 |
Accumulated Amortization | (1,234,202) | (1,172,228) |
Customer / advertiser relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,652,623 | 1,652,623 |
Accumulated Amortization | (842,639) | (800,377) |
Talent and other contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 338,900 | 338,900 |
Accumulated Amortization | (214,143) | (203,479) |
Trademarks and tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 335,912 | 335,912 |
Accumulated Amortization | (164,963) | (156,468) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,003 | 18,003 |
Accumulated Amortization | $ (12,457) | $ (11,904) |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Property, Plant and Equipment [Abstract] | |
2025 | $ 213,758 |
2026 | 201,512 |
2027 | 176,171 |
2028 | 160,395 |
2029 | $ 121,622 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Changes In Carrying Amount Of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill | ||
Beginning balance | $ 1,721,483 | |
Foreign currency | (134) | |
Ending balance | 1,721,349 | |
Multiplatform Group | ||
Goodwill | ||
Beginning balance | 1,340,459 | |
Foreign currency | 0 | |
Ending balance | 1,340,459 | |
Goodwill accumulated impairment losses | $ 1,300,000 | |
Digital Audio Group | ||
Goodwill | ||
Beginning balance | 311,426 | |
Foreign currency | (73) | |
Ending balance | 311,353 | |
Goodwill accumulated impairment losses | 439,400 | |
Audio & Media Services Group | ||
Goodwill | ||
Beginning balance | 69,598 | |
Foreign currency | (61) | |
Ending balance | $ 69,537 | |
Goodwill accumulated impairment losses | $ 34,500 |
LONG-TERM DEBT - Schedule Of Lo
LONG-TERM DEBT - Schedule Of Long-Term Debt Outstanding (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 5,216,792,000 | $ 5,215,150,000 |
Original issue discount | (6,785,000) | (7,558,000) |
Long-term debt fees | (11,461,000) | (12,268,000) |
Less: Current portion | 289,000 | 340,000 |
Total long-term debt | 5,216,503,000 | 5,214,810,000 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,318,681,000 | 4,318,619,000 |
Secured Debt | Term Loan Facility due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,864,032,000 | 1,864,032,000 |
Secured Debt | Incremental Term Loan Facility due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 401,220,000 | 401,220,000 |
Secured Debt | Asset-based Revolving Credit Facility due 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 0 |
Secured Debt | 6.375% Senior Secured Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 6.375% | |
Long-term debt | $ 800,000,000 | 800,000,000 |
Secured Debt | 5.25% Senior Secured Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 5.25% | |
Long-term debt | $ 750,000,000 | 750,000,000 |
Secured Debt | 4.75% Senior Secured Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 4.75% | |
Long-term debt | $ 500,000,000 | 500,000,000 |
Secured Debt | Other secured subsidiary debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,429,000 | 3,367,000 |
Unsecured Debt | 8.375% Senior Unsecured Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 8.375% | |
Long-term debt | $ 916,357,000 | $ 916,357,000 |
Line of Credit | Asset-based Revolving Credit Facility due 2027 | Subsidiary | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowings provided under credit facility | 450,000,000 | |
Long-term line of credit | 0 | |
Letters of credit outstanding | 23,200,000 | |
Line of credit, remaining borrowing availability | $ 426,800,000 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Billions | Jun. 15, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 7.30% | ||
Aggregate market value of debt | $ 4 | $ 4.2 | |
Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate | |||
Debt Instrument [Line Items] | |||
Debt, basis spread on variable rate | 3% | ||
Term Loan Facility due 2026 | Secured Debt | Base Rate | |||
Debt Instrument [Line Items] | |||
Debt, basis spread on variable rate | 2% | ||
Incremental Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate | |||
Debt Instrument [Line Items] | |||
Debt, basis spread on variable rate | 3.25% | ||
Debt instrument, floor rate | 0.50% | ||
Incremental Term Loan Facility due 2026 | Secured Debt | Base Rate | |||
Debt Instrument [Line Items] | |||
Debt, basis spread on variable rate | 2.25% | ||
Debt instrument, floor rate | 1.50% |
LONG-TERM DEBT - Surety Bonds a
LONG-TERM DEBT - Surety Bonds and Letters of Credit (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Surety bonds | |
Debt Instrument [Line Items] | |
Guarantees obligations | $ 10.1 |
Commercial standby letters of credit | |
Debt Instrument [Line Items] | |
Guarantees obligations | $ 23.2 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - Special Warrants | Nov. 05, 2020 | Jul. 25, 2019 |
Loss Contingencies [Line Items] | ||
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to) | 25% | |
FCC petitions for declaratory ruling, foreign owned percentage permitted | 100% |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Current tax expense | $ (3,418) | $ (3,485) |
Deferred tax benefit (expense) | 24,080 | (72,620) |
Income tax benefit (expense) | $ 20,662 | $ (76,105) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates (as a percent) | 53.30% | (52.00%) |
STOCKHOLDERS' DEFICIT - Narrati
STOCKHOLDERS' DEFICIT - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
May 01, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Nov. 05, 2020 | Jul. 25, 2019 | |
Class of Stock [Line Items] | |||||
Share-based compensation expense | $ 8,480 | $ 10,152 | |||
Award vesting period (in months) | 3 years | ||||
Class A Shares | |||||
Class of Stock [Line Items] | |||||
Conversion of Special Warrants to Class A and Class B Shares (in shares) | 0 | ||||
Class B Shares | |||||
Class of Stock [Line Items] | |||||
Conversion of Special Warrants to Class A and Class B Shares (in shares) | 0 | 0 | |||
Special Warrants | |||||
Class of Stock [Line Items] | |||||
Special warrants, number of securities called by each warrant (in shares) | 1 | ||||
Special warrants, exercise price per share (in dollars per share) | $ 0.001 | ||||
Special warrants, conversion terms, ownership percentage of common stock (as a percent) | 4.99% | ||||
Special warrants, conversion terms, ownership percentage of capital stock or voting interests (as a percent) | 22.50% | ||||
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to) | 25% | ||||
FCC petitions for declaratory ruling, foreign owned percentage permitted | 100% | ||||
Awards Vesting Based On Service Conditions | |||||
Class of Stock [Line Items] | |||||
Unrecognized compensation cost | $ 51,300 | ||||
Unrecognized compensation cost, weighted average period (in years) | 1 year 10 months 24 days | ||||
Performance RSUs | |||||
Class of Stock [Line Items] | |||||
Share-based compensation expense | $ 2,789 | $ 1,931 | |||
Award vesting period (in months) | 50 months |
STOCKHOLDERS' DEFICIT - Share B
STOCKHOLDERS' DEFICIT - Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Class of Stock [Line Items] | ||
Share-based compensation expense | $ 8,480 | $ 10,152 |
Expense from cash settled awards | 500 | |
RSUs | ||
Class of Stock [Line Items] | ||
Share-based compensation expense | 4,926 | 6,102 |
Performance RSUs | ||
Class of Stock [Line Items] | ||
Share-based compensation expense | 2,789 | 1,931 |
Options | ||
Class of Stock [Line Items] | ||
Share-based compensation expense | $ 765 | $ 2,119 |
STOCKHOLDERS' DEFICIT - Computa
STOCKHOLDERS' DEFICIT - Computation of Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
NUMERATOR: | ||
Net loss attributable to the Company – common shares, basic | $ (18,508) | $ (222,260) |
Net loss attributable to the Company – common shares, diluted | $ (18,508) | $ (222,260) |
DENOMINATOR: | ||
Weighted average common shares outstanding - basic (in shares) | 149,795 | 148,365 |
Stock options and restricted stock (in shares) | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 149,795 | 148,365 |
Net loss attributable to the Company per common share: | ||
Basic (in dollars per share) | $ (0.12) | $ (1.50) |
Diluted (in dollars per share) | $ (0.12) | $ (1.50) |
Outstanding equity awards excluded from computation of diluted earnings per share (in shares) | 15,800 | 11,700 |
STOCKHOLDERS' DEFICIT - Common
STOCKHOLDERS' DEFICIT - Common Stock and Special Warrants (Details) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued (in shares) | 124,416,225 | 124,299,288 | [1] |
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued (in shares) | 21,346,613 | 21,347,363 | [1] |
Special Warrants | |||
Class of Stock [Line Items] | |||
Common stock, shares issued (in shares) | 5,043,336 | 5,101,870 | [1] |
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022. |
SEGMENT DATA (Details)
SEGMENT DATA (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 799,038 | $ 811,239 |
Operating expenses | 694,421 | 717,815 |
Segment Adjusted EBITDA | 104,617 | 93,424 |
Depreciation and amortization | (105,162) | (108,512) |
Impairment charges | (1,508) | (3,947) |
Other operating expense, net | (572) | (221) |
Restructuring expenses | (23,603) | (19,454) |
Share-based compensation expense | (8,480) | (10,152) |
Operating loss | (34,708) | (48,862) |
Capital expenditures | 21,582 | 39,165 |
Operating segments | Multiplatform Group | ||
Segment Reporting Information [Line Items] | ||
Revenue | 493,463 | 529,013 |
Operating expenses | 416,281 | 441,961 |
Segment Adjusted EBITDA | 77,182 | 87,052 |
Share-based compensation expense | 0 | 0 |
Capital expenditures | 11,704 | 26,424 |
Operating segments | Digital Audio Group | ||
Segment Reporting Information [Line Items] | ||
Revenue | 238,968 | 223,396 |
Operating expenses | 170,841 | 169,277 |
Segment Adjusted EBITDA | 68,127 | 54,119 |
Share-based compensation expense | 0 | 0 |
Capital expenditures | 5,427 | 5,777 |
Operating segments | Audio & Media Services Group | ||
Segment Reporting Information [Line Items] | ||
Revenue | 69,168 | 61,351 |
Operating expenses | 45,473 | 46,007 |
Segment Adjusted EBITDA | 23,695 | 15,344 |
Share-based compensation expense | 0 | 0 |
Capital expenditures | 2,257 | 3,887 |
Corporate and other reconciling items | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Operating expenses | 64,387 | 63,091 |
Segment Adjusted EBITDA | (64,387) | (63,091) |
Share-based compensation expense | (8,480) | (10,152) |
Capital expenditures | 2,194 | 3,077 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | (2,561) | (2,521) |
Operating expenses | (2,561) | (2,521) |
Segment Adjusted EBITDA | 0 | 0 |
Share-based compensation expense | 0 | 0 |
Capital expenditures | 0 | 0 |
Intersegment revenues | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,561 | 2,521 |
Intersegment revenues | Multiplatform Group | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Intersegment revenues | Digital Audio Group | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,185 | 1,189 |
Intersegment revenues | Audio & Media Services Group | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,376 | $ 1,332 |