Company: IHETW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051036
Chunk: 44

Company: iHeartMedia, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 44
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-year, driven by lower spot revenue. Networks decreased $2.4 million, or 0.7%, year-over-year. Revenue from Sponsorship and Events decreased $6.7 million, or 5.7%, year-over-year. 

Operating expenses decreased $54.3 million, driven primarily by a decrease in employee compensation cost due to our modernization initiatives, as well as lower sales commissions related to the decline in broadcast revenue. 

29

Digital Audio Group Results

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeRevenue$341,691$301,04113.5 %$942,834$825,62314.2 %Operating expenses(1)211,385201,0355.1 %617,835565,6209.2 %Segment Adjusted EBITDA$130,306$100,00630.3 %$324,999$260,00325.0 %Segment Adjusted EBITDA margin38.1 %33.2 %34.5 %31.5 %

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

Three months

Revenue from our Digital Audio Group increased $40.7 million compared to the prior year, driven by Podcast revenue which increased by $25.6 million, or 22.5% year-over-year, primarily due to a continued increase in demand for podcasting from advertisers, and Digital, excluding Podcast revenue, which increased $15.0 million, or 8.0% year-over-year, primarily due to an increase in demand for digital advertising, as well as increased non-cash trade revenue resulting from strategic marketing initiatives. 

Operating expenses increased $10.4 million, primarily driven by higher variable content costs, including third-party digital costs related to the increase in revenues, bonus expense based on 2025 results and non-cash trade expenses.

Nine months

Revenue from our Digital Audio Group increased $117.2 million compared to the prior year, driven by Podcast revenue which increased by $80.8 million, or 26.1% year-over-year, primarily due to a continued increase in demand for podcasting from advertisers, and Digital, excluding Podcast revenue, which increased $36.4 million, or 7.0% year-over-year, primarily due to an increase in demand for digital advertising, as well as increased