IHRT - Earnings call transcript Q3 2024

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Operator

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the iHeartMedia Q3 2024 Earnings Call. [Operator Instructions] I would now like to turn the call over to Mike McGuinness, Head of Investor Relations. Please go ahead.

Michael McGuinness

thank our taking call. third and join time everyone, for us quarter morning, you the for to Good XXXX earnings

me questions. our are CEO; discussion our prepared At for our will of Joining and take management Chairman your the Bob conclusion and COO President, Pittman, Bressler, remarks, and CFO. Rich today's

include recent and results. along on results stated that based These certain you may call filings, statements can In on addition we X-K are result today's statements the release, a this differ website management's factors press forward-looking remarks. Please is have an that filing. current what to financial in our expectations, operating follow on with our today's to SEC and our earnings our actual from identified of note could company's as presentation performance available regarding use call and including

we Additionally, and our available Reconciliations non-GAAP Investor of GAAP website. And and measures. during to to earnings Relations call Bob. turn in this now earnings over financial are our call certain which the non-GAAP section are between SEC in filings, release, measures will financial the refer I'll included our presentation

Bob Pittman

Thanks, everyone. morning, and Mike, good

third X results, quarter the want to I provide Before discuss we important company's updates. positive and operating

structure. is about first The our capital

aggregate expenses X have majority As one, exchange offer will pleased remain with of the debt some essentially and supporting Agreement two, they provide holders by of a offers filed X for X-K to approximately current cash they to flat; have entered will transactions will that be offered the interest the support annual company's pursue We've consolidated agreed and you we're of will debt a existing our may years; representing, will overall to maturities exchange three, agreed our XX% outstanding reduction. extend debt. The Transaction Support debt. things: accomplish group all an seen this report on have morning, basis, in debtholders the our to debtholders into that company's we of

of we future the from demonstrates for of We to expect the the high support offers the are Support to it exchange important The debtholders to have year. with to balance remain the confidence the commitment sheet, optimize in they provides our business, levels end our which of in an close appreciative. The prior step our our Transaction the and marks iHeart's continuing focused Agreement company extremely flexibility transformation. on

savings. is second cost on our modernization the The ongoing update initiatives an and associated

earlier taken Coupled to brings approximately $XXX full will and do cost to speed legacy by another systems, and for business year, modernization this It now be on year better this eliminating it business operating increasing business. As to redundancies to constant our a taken compared a key focus XXXX. savings annual journey: new a XXXX it expenses actions our significant million faster. We've high is step easier down folks the a as in of get reducing our is our benefit reminder, have cost, growth. And iHeart easier and us. flattening in Technology streamline will organization, leverage, operating accelerate allows more, impact leverage XXXX. It us annual the create major is done as of and and to technology our use to with total revenue our processes, breaking us to $XXX with well this million in our silos. enables up

we advancements And operating year to and these to performance as beyond. transform for structure savings improving and addition we our move us give this certainty In our deploy cost modernization our process next AI we continue will delivering in as greater forward. further financial operations, other

guidance our previously ranges, to our and quarter in advertising and revenue third our that XXXX year this recovery continued line adjusted results, results for report were see to is revenues. turning financial we evidence with that Now EBITDA pleased a we're provided

in Group's our strong is continue see to revenue podcast our of we business, Multiplatform year-over-year our the digital dynamic, performance. the ex-podcast While marketplace momentum sequential business improvement and

to an assets, our focus recovery, of advertising ad the market of power of our the from reflect also the upside continuing positive the addition efficiencies. In benefit and impact our cost on political ongoing results

$XXX Now within for generated $XXX we $XXX million of In the the million. provided take let results of guidance me third quarter. you range financial through million, EBITDA quarter, key some adjusted the we the of to

political, were the And prior revenues of consolidated in year were X% prior year X.X% line the consolidated mid-single up quarter, our to excluding up compared revenues quarter. even Our up the digits. with our impact of to guidance compared

size to now of up Group Group's of of $XXX Audio prior million, previously in quarter generated low Digital digits, provided operating of revenues individual the line company's versus XX.X% revenue. Turning with third Multiplatform half our and guidance about up the our segments, represented is revenue the year, XX% now the and approximately double total

continuing Group's Digital million, generated Audio year. EBITDA the up Group's of almost this sequential quarter, EBITDA XX.X%, Group's X/X the X.X% Digital $XXX of of trend margins The Digital Audio improvement Group size margin earnings. The now quarter year. the each prior were versus For adjusted adjusted the the earnings Audio Multiplatform are in

up line grew podcast our low prior provided guidance Within versus with digits. our revenues, Audio XX% of the Digital in year, double Group are which previously

EBITDA again versus our total prior as revenues #X company podcast the continue accretive XX% digital in discipline according EBITDA our September, our U.S. Podtrac, once margins year, to was publisher well. In nonpodcast adjusted and Our financial to remain off, that continues we ranked expect to margins. in podcasting the and to as iHeart grew podcasting strength pay

leadership is, assets. the broadcast of in of our podcasting the As power result in our radio position a part, reminder,

Jingle the iHeartRadio Ball our upcoming used those Festival includes #X as Music business, service, business, app, have live podcast We events the only to Tour. build which the digital assets recent is well which radio the and not marquee but iHeartRadio as iHeartRadio the also

national and X, Xx million of our our opportunities each listing with addition consumer additional we XXX streaming which factor industry-leading closest In local United our business has month, also operate engaged we and digital our in additional represent footprint X,XXX of and competitor, to social service by podcast revenue the largest people that of and our to all service, have reach highly States the audio a digital provide advertising the for interact any company. base more for of partners than which the growth websites radio

of that's radio, uniqueness as We more there's networks and our validates well associated with digits, political our to one down platforms, EBITDA partners. And of about want the down drive serving was particularly of impact power and previously for believe of make X.X% compared with I exclusive with our performance which radio million, success our line our broadcast third Turning and coverage our in NBC's to provided of power as businesses. year, the $XXX as assets ratings XXXX prior now guidance quarter, point broadcast quarter, revenues events the our million, home last Group, and were prior $XXX the our including marketing in radio right expenses due strength NBC's of year the to quarter, further we certain Festival, relevant million the to In in to Multiplatform discussed the includes relationship of low the single $XXX Music of expenses which Olympics broadcast audio down Paris. the now. advertising. Adjusted iHeartRadio with Summer timing multiple X.X%, associated noncash listeners the excluding versus primarily

tracking feels our thought ignored group Over revenge ongoing a as even week's understand as that disrespected the and the and few years, the Indeed, work and done consumer be part the of ignored national groundbreaking of past consumer. American by we've of consumer ignored media of consumer. even advertisers. could This the is to identify the this election huge

saw you cornhole and not through gender, in We've and tell with me forward. Group, development from they that. And of radio benefit have Let our coming. basis. These Their fishing have also the we're of and buying, enable not participatory our and of and on span and the allow Multiplatform consumers and They business police, decisions, these programmatic wave ethnicities, to public TAMs. radio host ignored a digital are. behind. impact hunting the think growing will who of automatic our the And them substantial daily the network with sports given going us ignored deep top our military important and respect engage connecting continuing programmatic far geographies consumers religion, planning trusted we'll on we they're that income a bowling, selling participate and ignored who inventory, which will stations platforms they consumer levels. We and this and with years broadcast unique and marketing tangible talk for here, pickleball; for dissatisfaction golf age, the How? been broadcast are with and position

Turning adjusted EBITDA were Audio million, year. in and Group, Services $XX was up million prior & year-over-year, from $XX to the up $XX the Media XXX% revenues XX.X% million,

area & tech digital iHeart in is Group's that of revenues. XX.X%, important Excluding Digital the the continue impact growth and will Services enhance revenues Katz, performance. primarily were ad to the still across driven Media the for by political, up an investments Audio growth made

Rich, on impacted to country it to month. Before incredible of ground hurricanes teams work want acknowledge a as the the turn I I X take to last over moment the our

magnitude. in real-time information updated provided providing outages TV source prepare listeners knocked As of even disasters took assistance they how updates extremely our of insights and storms else for air, these tirelessly critical our do of and serving as storms the listeners, turn our power the could. And supporting connection they the people this remained communities down stations when in of out to local often And it now times vital on do natural as over the to continued and site trusted the midst were I'll as storms on sources of and approached, and cell to landfall, that made teams stations information, necessary their nobody available, in to forecast only of proud the WiFi iHeart personal to service. We're Rich. impacted: need, best what overwhelming and personally as life-saving

Rich Bressler

Thank you, Bob.

you'll you results, third line EBITDA our EBITDA that adjusted revenue notice in XXXX As and our our through guidance results I were with quarter take ranges.

consolidated guidance up digits. mid-single QX revenues of up we the X.X% with in provided Our line XXXX were year-over-year,

to driven content direct the related the X.X% consolidated quarter. higher This by increase primarily digital increased variable costs in expenses increase revenues. Our operating was for

$XX quarter. We iHeartRadio costs increased of was to as the expense income the $XX.X compared noncash cost third generated GAAP well million, quarter. incurred expenses SG&A in Olympics with third and due the of in quarter in consolidated XXXX increase of timing X.X% savings the driven initiatives prior Summer the the as implemented million to operating connection income quarter. year the for primarily Our by Festival higher Music marketing The

provided we in range third $XXX $XXX year Our guidance to of was EBITDA within quarter quarter. $XXX $XXX million, compared the million and million adjusted prior to the million,

Turning as now comprised was to slides the on And $XXX there quarter the segment the EBITDA our performance $XXX Digital the they quarter, a million, XX.X%. year-over-year, of of reminder, were million, up Group's segments. QX and were performances. In Digital up revenues approximately Audio third earnings operating our presentation in our XX.X% Audio our consolidated margins revenues. The and adjusted year-over-year, third Group's XX% X.X% are

podcasting grew which million, of our Group our down $XXX incremental though were $XXX building political. Adjusted Multiplatform adjusted from was million, XX.X% quarter, capabilities, in were at of Within our in or made year slightly XX%. out of down excluding margin. The year-over-year, which year-over-year impact of year-over-year, grew million, $XXX X.X% more in and margins those revenues have XX% Multiplatform Group's even EBITDA the a the reflecting digital came prior the EBITDA are some Audio investments nonpodcasting we down revenues digital X.X% million, $XXX Digital revenues the $XXX diversified million lower the and revenues Group's

from & Audio million, Media and up $XX the prior million adjusted year-over-year, revenues year. Group, $XX XXX% in EBITDA were the $XX to Turning XX.X% was million, Services up

impact primarily XX.X%, the revenues Audio the political, revenues. up Excluding Media of by digital were Services Group's the driven & in growth

of to XX% to entered of remarks, with we have into for of approximately Transaction existing that representing by support group new term and and reduce the The this morning contemplated highlights announced our As Bob ranging billion from expect transaction XXXX are we that total expect notes key here as debt have Support we $X.X in mentioned Agreement our debtholders a slightly our of levels. a new maturities result to loans. an notes exchange a and loans agreement to debt debt term approximately XXXX, his we of the

dialogue to know the transaction many of accelerate say flexibility none equity and This the balance our cash notably, of capitalization our company's of continuing cash And sheet growth unchanged. this while iHeart providing that step with strategy and to position of disciplined we an We billion pleased impact company's on with significant our quarter-end, transactions in to additional essentially exchange management, our watched had strengthens you initiatives. weeks. At annual forward see of to have remain debt also would debtholders will debt increase will expense strategic approximately extension the company. was to interest structure debt the look financial the capital carefully am interest of any outstanding, ample in coming net I the net runway if payments, marks the of history lowest which in and have a company. Overall, our the $X.XX we

balance Our $XXX million total liquidity was a million. cash $XXX of quarter-end, which includes at

free the year to was our cash approximately Our million $XX quarter-ending ratio the was million, compared prior the EBITDA year quarter, and in quarter. X.Xx, flow end net to $XX third at Xx. In expect debt-to-adjusted we

into guidance, spend how a should the and detailed them on want I of technology-driven I to context our financials. efficiency Before our think get in about actions you moment our

in million XXXX. There As additional XXXX. XXXX. results areas, Bob line in a benefit full license the as among million that this And increases will reduce of savings couple result savings add when to expense taken to of continue to licensed we approximately expenses business, which high-growth some revenues, will approximately to we compared like $XX with products $XXX announced ordinary of services increasing to in and compared to XXXX cost music as base. This invest net are be $XXX earlier year our today, to actions with initiatives generate and contractually others, our the million expected certain growing million fees add-backs in we year, XXXX we the annual obligated expense cost XXXX approximately in of compensation in by we $XXX mentioned,

the cost to weather also provides advertising to it uncertainty. on not periods of the us only financial efficiency focus continuous value of helps with Our assets, company's unlock the flexibility

Let me guidance. our QX now for give you context some

Democratic As election the candidate, the XXXX, slightly better presidential be which our slightly we a only result we last less of to had the expect presidential in cycle than was revenues originally to change in compared political expected.

best year dip had, impacted Although spend political slight this we've the is of QX. has our below ever expectations this

advertising seem held saw a number to In as addition, like many in to slowdown other leading they day, agencies, what up also media a companies have in election and advertising spend as of a nonpolitical viewed advertisers uncertainty. their we of period

With the election now behind us, we expect nonpolitical spending to resume.

we can't $XXX EBITDA be levels, will prior our advertisers However, as adjusted filing, since the certain approximately we $XXX resume TSA previously their million. range in million from today's to down year spending million, announced of reflected guidance full reduced $XXX to

for QX guidance to now and full the Turning year.

be up digits. our expect We XXXX QX to high revenues single

approximately closing still expect but the to XX%. be of are We month October, up revenues

Turning to for the individual segments QX.

and to XX%. revenues Audio mid-single Services digits, approximately to digits, & Group expect expect revenues up revenues we be single Group's Digital up up Multiplatform be the Audio expect be Media to we Group's We high the

of to EBITDA quarter approximately the $XXX XX%, expect up fourth generate $XXX prior approximately We to year million, in million compared quarter. adjusted

revenues year up full our digits. mid-single expect be XXXX We to

As year we mentioned approximately up approximately EBITDA XXXX. million full to compared to earlier, $XXX $XXX adjusted expect generate of X%, in million,

some Turning year the flow. full free of cash items our to affecting

adjusted taxes cash of expect approximately to in X% XXXX. EBITDA We be

$XXX expected want minute few now and included to a to capital XXXX to this opportunities forward the organization today's also touch to to XXXX as as million. Cash projections estimates, for included a our we key be as well. of be year filing take restructuring there expenditures execute efficiency I growth. And are TSA full million $XX expenses will on Our continue approximately optimize new approximately year on

full to be We revenues year XXXX expect our approximately XXXX. flat to

our single Excluding of low the digits. XXXX political, impact to we expect revenues be up

approximately as $XXX expect We to to TSA, flow million generate improve full free $XXX to of year-end that debt-to-adjusted year XXXX. we ratio to expect today's X.Xx. in X.Xx adjusted net approximately expect be XXXX, we million. At approximately end the And of of EBITDA see cash EBITDA by and you'll approximately our

operator to Thank We questions. will turn you. the your take to over it now

Operator

question Sachs. first Your Instructions] from [Operator Goldman with the of Laszquez, line Stephen comes

Stephen Laszczyk

Two, year. And see hearing or in advertising seeing next next recovering going improving into for bit guidance curious revenue political. confidence on the a one your then what just heading could ex 'XX could. for the you the underlying I'm your some from guide. maybe EBITDA partners more Maybe about guide. do give first outperforming that business, you ad year little if implies for nice growth in I you Bob, verticals Rich talk on market into if the what you're year, next or

year-over-year Your with in million $XXX guidance adjusted for efficiencies. even million EBITDA year, cost $XX next up for

Just the of bottom the of line. puts underlying that perhaps isn't more about us and profile how Could think why flowing margin business we the of curious think margin the should takes you year? next down help to about and

Bob Pittman

me you, on think day good think of this year hit Thank feeling It's -- bit waiting good and regardless at a which and belief a a continuation the for the of from here this end little because year. is very I the happened think feel up. your next is it's and look, we let of of about recovery year, sense to business, that hear we're what we're from what is I I see backup the people the election, sort political hearing election think of in Main you Street

it use I overall from what's that's then of think our products. I think going about So an standpoint, consumers starts complexion our good as on. And sort with

realization that the radio listeners swing, we our XX response I reach realization, response lot an And attention There's there's is rate, forgotten. ago. broadcast a increasing more on people think have a got Remember, had today key. years how We equal an rate than little marketing pendulum been basically and of the formula message on hear reach result. is times the increasing many a

we we Given our to strength. the have the and that size scale we have, plays unique think

technology to second as but think inventory about next think and a tech put is key doing and to to broadcast on cost for And radio year terms us. are it terms technology think I what broadcast revenue take progress and us increasing our tech that buys. of allowing thing great ad the Obviously, ad us allowing it that, is talked into make we of savings, lot we that. participate we'll well. in about I is is really digital in And -- that in

Rich Bressler

And go up set, make a little and is to everybody sure Steve, pick [indiscernible]. bottom just I'd back bit just level one to second just the to to your a and of terms here things in couple line, of say

you net year, highest just If we we cost a which is indicated compared look is it, million. in to said overall $XXX we which is know, a revenue, as year political had, our our going XXXX. and to ever than next about at $XXX we're XXXX by nonpolitical slightly that reduce And higher reminder, we've million that all base which the

that, into most that Bob and continue you'd grow the when And we at projecting all do this cycle of morning, year. And getting I'm and and Bob context, coming that due some in year $XXX benefit, bottom many -- see with we say did, like math, has projected presidential in election technology his falling to going the of if And be gee, the we're straight-up I to would slowdown surprised our think companies highlighted programs election, Transaction you million of more the that say, terms everybody's we're revenue, be announced number I'm highlighted, after had this filed did morning, we that sure shouldn't off a is EBITDA. the we remarks for uncertainty. look able advertising as to benefit I up also to the a not I that in announced cost chance EBITDA. an people still a the of we are out line? But everybody our but to just projected So for sure we out Support Agreement think

to of as we that overly feeling. But We not out at going back say a time, in the soon, we're what way make and he into we to that take year's away. are said Bob bit that that just alluded that's in next would people the are I terms hopeful we're sure look conservative or, numbers, come want that very to that doesn't little optimistic therefore, same

out you'll you Agreement, the, if there. low look Support that and Group got growing in think we've at growing the single DAG the in Transaction again, Multiplatform I digits digits see mid-single

So those but have takes and just just of in high we a we numbers, confidence, of going everyone wanted forward. do, puts a lot as hitting there, to level

Bob Pittman

add we our think business And up. will the of technology. at if too, I there's fixed and The static and iHeart And company it's company cost-cutting only I company like can is benefit our misperception do something, that. restructuring could I are looking and costs a just think is truth this that when example enormously of how a from go an

that, will about be We low-growth, technology alter we're our role what why about to it you for excited the we've to before some to continue, but future couple bring we company. And high-growth understanding continue, our us so business term and structure technology it improve long expect Multiplatform believe digital of And you that in costs, us. delivering the think our will we in allows the and and fundamentally business, margins. you with that down -- cost growth, if said still the about get to play to

Operator

Research. the of next Barrington Jim Your comes from question Goss, with line

James Goss

noted interesting XX more you was that It have broadcast listeners than ago. you years

wondering is --? And I carried the of Ink sector. aspects about, do You the companionship. do millions. well, making, address a risk the save that you it's maybe facing? to to think the to of some the that you past, also maintain terms erode you profitability this? you're of But all that aiming attempted wonder management, in that. cuts making AI have the is Because the whether the I -- that continues were yesterday broadcast stressed the radio was that talent, I on-air quality extent Or changes consolidation if to think, And in Radio is can of of some potential in I offering you're to how value and listeners articles

maybe So can would. couple I then discuss others. if a you of And that, you have

Bob Pittman

it article think Sure. that I wrong. Look, completely got

to is what now on not getting rid think is of we I and air can because talent. any technology do we put able take got we're in we've location. the air doing we're have What location them at another talent

allows it into going in single So quality of upgrade to our to have allows substantially in situations in and us we're the every market talent impact. they're the talent us to the best project which

about You're tha they he's the Charlamagne Seacrest, it's talent at XXX% God friends. or Harvey, their Everybody to you all to want because talent great people right, Or And Bones companionship. Steve friend. Ryan et his America's look When -- be cetera. Bobby are wants great or friend. favorite be all

increasing with So it. the relationship we we're are our consumer, using to and do technology

that for everybody. what slot not that is there's unfortunately, a Now means

that in them slot. live the doesn't to market they're assure willing is somebody for best the because Just person that

technology, kind this that criteria. had was we the Before of

It's old to an not of live. radio where time slot of to in another money on town. You cost order station, had decision can to about on the Mississippi, make us that amount the radio. Today, constraint, now be an X In my hometowns, issue who's in Mississippi, enormous be Jackson, or willing the that and to try talent going in of to Hattiesburg, and broadcast today. be it our technology they programmers best regardless from old days, the frees of that live

legacy easier think easier we're and is done enable our revenue up accelerate as what comes we're are I We the the and with but our breaking believe us, more, And we growth listenership, only we're what these business well. folks get do speeding should down is from silos, So be systems. streamlining not the -- processes, faster. create we're to does it moves to better business making to that that we

James Goss

couple might a Okay. others of be that somewhat And related.

Audio wondering, out-of-home. terms of there Multiplatform, versus out-of-home? mix in-home What in-home your where XXXX, Do radio would to approach cross-sell Multiplatform, sort these Multiplatform, the outlined same opportunities, you a How an versus address of do podcast look you who and ways Digital of few like interested years? Audio, to the at can XX% outlined sales a in in XX% time lines I'm now. is are nature XX% that? Digital ability versus related those that Audio in XX% you in the Digital You start also to AMS. people area, in between complementary both the cross? And

Bob Pittman

Let is, me absolutely. start second with your question, yes,

And use actually, sort are podcasts of the we it to of that then is of if podcasting, get Club, that many podcasting use is second- of actually the how but to also radio-on-demand. you sort the is Netflix what the radio third-largest radio is, bigger radio? Why? one question combined. and We're of The a podcasting? big publishers our about I big of radio-on-demand. the We is think We podcasts Netflix shows. the podcasts, so in mean, are are -- business, Breakfast audio believe an the actually than TV-on-demand, show. did if biggest be you radio sort promote We podcast, there's often argument,

on two audience the "Great. and love also terms to reach it," more this that we if reach combining audience of two in appealing go, I broadcast the the that for of combining advertiser idea an in We've podcast, advertisers, the got yes, So radio. terms goes, but from "I of need

on now well big the their able really which why those we've the know push well." So podcasts we works the now radio, just to level we've having at is and build podcasts the also, so the strengthens for got this advertising heart shows, you as it and it, of both we level. can that -- big. I also secret sauce consumer out think as appeal been So radio can on And well. the right, on that looks-like works you're on you it's about And also our reflects

Rich Bressler

The our might country, thing, salespeople I'll any first your add, the way strategy that the when audio the local a that tech you're almost of we've supports terms in can or built talk stack a place of everything I anytime, X,XXX and whether a come anywhere, national that company, about operate question, advertising only And as any to and a sell we we just our we out in have salesperson. reminder, strategy. technology, in salesperson

for -- doing it's number think years. not is not We've this been So of I a this theoretical.

we look put of are be, then now for just number we and low that your on conversion people into that earlier, think working that remember, those in at projecting first favorable put out percent years. And out characteristics, -- for think do single-digit tremendous as rate, then second in we in question, just revenue capital. And numbers math, of flow, goal. financial be includes projections, margins growth, a can to I Multiplatform, basis. see Digital, to an terms did it, as again, the for normally again, I I the you free Don't of look projections comment, cash type which growth. you achieve everybody we've also tremendous And Bob mid- you'll XXXX, stated on mid-XX growth expect this CapEx, DAG We terms the year, just out If previously, margins. we mentioned podcasting, low at revenue annual Group, to to -- we've the a overall Again, I'll to to a going single-digit that just we in quarterly. expect tell project these question see DAG forward. And with to take upper get because you'll

Operator

Instructions] [Operator

Rich Bressler

Operator, make we ask questions seconds, a chance. has sure a out to why make sure chance like question has other a any everybody they'd to. Any want for to there? I don't everybody to few just wait

Operator

with Hamburger, There is a question Stanley. David Morgan from

David Hamburger

allocating So and are Transaction as reduction? like cash kind Support it's Agreement, to below I'm expectation of with they as debt sit well year flow cash free for $XXX much your to It balances you looks cash regard next how million well. curious, just the your today of

going be your And will have and excess reduction? that debt talk think sitting little gross to to, to bit a you utilize the you'll that leverage deleveraging that actual on you're the cash the undertake, on about, of sheet, extent you attributable the much expectation cash? so you how balance that what's And as can like, how about

Rich Bressler

terms me Thanks this publicly, point, what through for note Look, holders to read at chance again, with everybody XX% had the we I'm outcome question. has and existing and agreement the Transaction and XXXX, Agreement term holders, see stated Support with, pleased our go of we're the that just in maturities our the we're let going a morning, to this haven't not everything we of loan very back, it sure extend XXXX. to --

cash in we've or flat, asked you the think is, And going last "Are that, going keep captured done able had your expense discount. probably some to to question essentially I most-often be we've we've and interest forward?" so the year debt

net We is haven't into than gone any X.Xx, about that. I as out other will our details that leverage reported. today point more we

that's debt. We expect as Xx. again, about a to And be reminder, EBITDA down to to net

end you expect again, We 'XX. morning, X.Xx about by the what, improve expect at filed of to be get the end of look this X.Xx to if at was when about And XXXX. you to we to

listening But progress that of we're for this thank for again, iHeart thank available with the we we the team, the we the you time. get always, once Bob, story. to So then off want the taking to for questions? Well, call. making. Any rest And very everybody, are, other management as all myself, pleased questions

Operator

joining. gentlemen, that all and Thank today's concludes Ladies you call. for

You may now disconnect.

iHeartMedia (IHRT) 7 Nov 242024 Q3 Earnings call transcript