Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 90

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 90
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23ChangeRevenue$1,164,515 $1,069,167 8.9 %Operating expenses(1)785,575 720,298 9.1 %Segment Adjusted EBITDA$378,940 $348,869 8.6 %Segment Adjusted EBITDA margin32.5 %32.6 %

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

Revenue from our Digital Audio Group increased $95.3 million compared to the prior year, led by Digital, excluding Podcast revenue which increased $54.4 million, or 8.2% year-over-year, primarily due to an increase in demand for digital advertising. Podcast revenue increased $40.9 million, or 10.0%, year-over-year, driven primarily by increased demand for podcasting from advertisers.

Operating expenses increased $65.3 million primarily driven by higher variable content costs, including third-party digital costs and podcast profit sharing costs related to the increase in revenues. 

42

Audio & Media Services Group Results

(In thousands)Year EndedDecember 31,%20242023ChangeRevenue$327,055 $256,702 27.4 %Operating expenses(1)186,381 185,241 0.6 %Segment Adjusted EBITDA$140,674 $71,461 96.9 %Segment Adjusted EBITDA margin43.0 %27.8 %

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

Revenue from our Audio & Media Services Group increased $70.4 million compared to the prior year, primarily due to higher political revenue as 2024 was a presidential election year, as well as due to increased demand for digital advertising and contract termination fees earned by Katz Media.  

Operating expenses increased $1.1 million primarily driven by higher variable bonus expense based on results and higher sales commissions due to increased revenue, partially offset by lower employee compensation in connection with our cost savings initiatives.

43

Non-GAAP Financial Measures

Reconciliations of Operating loss to Adjusted EBITDA

(In thousands)Year Ended December 31,20242023Operating loss$(763,108)$(797,311)Depreciation and amortization409,582 428,483 Impairment charges922,681 965,087 Other operating expense