Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 85

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 85
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Adjusted EBITDA(1) of $705.6 million increased $9.0 million from $696.6 million in 2023.  

•Free cash flow(2) of $(26.2) million decreased $136.6 million compared to 2023 and included $89.0 million of Debt Exchange fees, and $46.3 million of the accrued interest paid for the Debt Exchange Transaction that would have been paid in 2025 under the old debt terms.

The table below presents a summary of our historical results of operations for the periods presented:

(In thousands)Year Ended December 31,20242023Revenue$3,854,532 $3,751,025 Operating loss(763,108)(797,311)Net loss(1,009,494)(1,100,339)Cash provided by operating activities71,429 213,062 Adjusted EBITDA(1)$705,617 $696,598 Free cash flow(2)(26,165)110,392 

(1)For a definition of Adjusted EBITDA, and a reconciliation to Operating loss, the most closely comparable U.S. generally accepted accounting principles ("GAAP") measure, and to Net loss, please see “Reconciliation of Operating loss to Adjusted EBITDA” and “Reconciliation of Net loss to EBITDA and Adjusted EBITDA” in this MD&A.

(2)For a definition of Free cash flow and a reconciliation to Cash provided by operating activities, the most closely comparable GAAP measure, please see “Reconciliation of Cash provided by operating activities to Free cash flow” in this MD&A.

38

Results of Operations

For a discussion of our results of operations for the year ended December 31, 2022, including a year-to-year comparison between 2023 and 2022, refer to Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023.

The table below presents the comparison of our historical results of operations:

(In thousands)Year Ended December 31,20242023Revenue$3,854,532 $3,751,025 Operating expenses:Direct operating expenses (excludes depreciation and amortization)1,588,931 1,494,234 Selling, general and administrative expenses (excludes depreciation and amortization