Company: IHETW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001400891-25-000046
Chunk: 44

Company: iHeartMedia, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 1
Chunk 44
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 investment in BMI, partially offset by $42.8 million in cash used for capital expenditures. For capital expenditures, we spent $24.6 million in our Multiplatform Group segment primarily related to our IT infrastructure and real estate optimization initiatives, $11.1 million in our Digital Audio Group segment primarily related to IT infrastructure, $4.5 million in our Audio & Media Services Group segment, primarily related to software, and $2.6 million in Corporate primarily related to equipment and software purchases.

Financing Activities

Cash provided by financing activities totaled $70.7 million during the six months ended June 30, 2025 primarily due to the $100.0 million borrowed under the $450.0 million ABL Facility (defined below), partially offset by the quarterly amortization payments on the Term Loans due 2029 and payments reducing our debt premium recorded in connection with the debt exchange transaction completed in the fourth quarter of 2024.

Cash used for financing activities totaled $4.8 million during the six months ended June 30, 2024  primarily due to distributions to noncontrolling interest holders.

30

Sources of Liquidity and Anticipated Cash Requirements

Our primary sources of liquidity are cash on hand, which consisted of cash and cash equivalents of $235.9 million as of June 30, 2025, and cash flows from operations. During the three months ended June 30, 2025,  iHeartCommunications, Inc. (“iHeartCommunications”), our indirect wholly-owned subsidiary, borrowed $100.0 million under the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility"). This borrowing was executed as a short-term liquidity management strategy to provide financial flexibility in response to recent market uncertainty. The funds remain available to support working capital requirements and general corporate purposes. As of June 30, 2025, the ABL Facility had a borrowing base of $425.0 million, and $34.3 million of outstanding letters of credit, resulting in $290.8 million available for borrowing following the $100.0 million of outstanding borrowings. Our total available liquidity1 as of June 30, 2025 was $526.7 million.

We regularly evaluate the impact of economic conditions on our business. A challenging macroeconomic environment has led to market uncertainty which has continued to negatively impact our revenues and cash flows. For the six months