iHeartMedia, Inc. Q3 FY2025 earnings call

• In Q3, adjusted EBITDA was $205 million, slightly above guidance range and flat to prior year. Consolidated revenue was at high end of guidance, down low single digits y/y, down 1.1% vs prior year quarter but up 2.8% excluding political. • Digital Audio Group revenue up 13.5% y/y, above guidance; podcast revenue up low 20s, 22.5% y/y. • Multiplatform Group revenue down 4.6% y/y but plan to return to growth on track. • Announced $50 million additional annual cost savings starting 2026. • Programmatic audio partnership with Amazon, with broadcast inventory to follow in 2026.

The Digital Audio Group generated third quarter revenue of $342 million, up 13.5% versus prior year, with adjusted EBITDA of $130 million, up 30.3% versus prior year and adjusted EBITDA margins of 38.1%. The Multiplatform Group had third quarter revenue of $591 million, down 4.6% versus prior year, with adjusted EBITDA of $119 million, down 8.3% versus prior year. The Audio and Media Services Group had third quarter revenue of $67 million, down 26% year over year.

• Expect fourth quarter adjusted EBITDA in range of $200 million to $240 million. • Consolidated Q4 2025 revenue expected down low single digits y/y, up mid-single digits excluding political. • Digital Audio Group revenue expected up high single digits in Q4, podcasting revenue mid-teens. • Multiplatform Group revenue expected down low single digits y/y, up low single digits excluding political. • Audio and Media Services Group revenue expected down ~20% y/y, up ~15% excluding political.

• Uncertainty due to government shutdown. • Political revenue impact variability affecting results.

Q: About free cash flow, timing items and ABL repayment, and using excess cash?

A: Richard J. Bressler mentioned negative free cash flow in Q3, expects meaningful cash flow in Q4, plans to pay back ABL in Q4, and to be opportunistic in reducing capital structure cost.

Q: On podcasting growth slowing and phasing of deals like TikTok?

A: Richard J. Bressler and Robert W. Pittman said podcasting revenue growth in absolute dollars is strong, video podcasting as adjunct, and programmatic has potential similar to podcasting growth.

Q: On $50 million cost-cutting program phasing?

A: Richard J. Bressler said it's a full run rate at start of year, phasing similarly to prior $150 million program.

Q: On podcasting and political dollars, and local market trends?

A: Robert W. Pittman said political advertising is positive for podcasting, and local market trends are broad-based with no big unusual changes.

Q: On sponsorship/events revenue and Multiplatform Group margins?

A: Richard J. Bressler and Robert W. Pittman said events are a key platform, no significant partner losses, and progress is being made on improving Multiplatform Group margins through revenue growth and cost reductions.