Company: IHETW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051036
Chunk: 45

Company: iHeartMedia, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 45
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 non-cash trade revenue resulting from strategic marketing initiatives. 

Operating expenses increased $52.2 million, primarily driven by higher variable content costs, including higher podcast profit share and third-party digital costs related to the increase in revenues.

Audio & Media Services Group Results

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeRevenue$66,605$90,050(26.0)%$193,664$229,300(15.5)%Operating expenses(1)44,02045,641(3.6)%131,560137,347(4.2)%Segment Adjusted EBITDA$22,585$44,409(49.1)%$62,104$91,953(32.5)%Segment Adjusted EBITDA margin33.9 %49.3 %32.1 %40.1 %

(1)Operating expenses consist of Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses. 

Three months

Revenue from our Audio & Media Services Group decreased $23.4 million compared to the prior year period primarily due to lower political revenues as 2024 was a presidential election year, as well as a decrease in broadcast advertising in connection with uncertain market conditions.

Operating expenses decreased $1.6 million primarily due to a decrease in employee compensation cost due to our modernization initiatives.

30

Nine months

Revenue from our Audio & Media Services Group decreased $35.6 million compared to the prior year period primarily due to contract termination fees earned by Katz Media in the first quarter of 2024, a decrease in broadcast advertising in connection with uncertain market conditions, as well as lower political revenues as 2024 was a presidential election year, partially offset by increased demand for digital advertising.

Operating expenses decreased $5.8 million primarily due to a decrease in employee compensation cost due to our modernization initiatives.

Reconciliation of Operating income (loss) to EBITDA and Adjusted EBITDA

(In thousands)Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Operating income (loss)$(116,277)$76,720 $(106,341)$(867,655)Depreciation and amortization90,061 101,331 272,331 310,849 Impairment charges208,501 412 213,908 922,144 Other operating expense1,161