Company: IHETW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051036
Chunk: 63

Company: iHeartMedia, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 63
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 annual impairment test on goodwill and indefinite-lived intangible assets, including Federal Communication Commission ("FCC") licenses, as of July 1 of each year. As a result of the 2025 annual testing, the Company recognized a non-cash impairment charge of $208.5 million on its FCC licenses as of September 30, 2025. During 2024, the Company performed interim impairment testing which resulted in a non-cash impairment charge of $304.1 million on its FCC licenses as of June 30, 2024.The annual impairment test for each reporting unit's goodwill resulted in no impairment charges as of September 30, 2025. The interim impairment testing as of June 30, 2024 resulted in a non-cash impairment charge of $616.1 million to reduce the Company's goodwill balance.During the nine months ended September 30, 2025, iHeartCommunications 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 are available to support working capital requirements and general corporate purposes. As of September 30, 2025, the ABL Facility had a facility size of $450.0 million, resulting in $317.5 million available for borrowing after considering the $100.0 million of outstanding borrowings and the $32.5 million of outstanding letters of credit. As of September 30, 2025, the Company had approximately $192.2 million in cash and cash equivalents, and total available liquidity was $509.8 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year. 

6

IHEARTMEDIA, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

ReclassificationsCertain prior period amounts have been reclassified to conform to the 2025 presentation.Restricted Cash As of September 30, 2025 and December 31, 2024, the Company did not have any restricted cash balances on the Consolidated Balance Sheets.Certain Relationships and Related Party Transactions From time to time, certain companies in which the Company holds minority equity interests, purchase advertising in the ordinary course. None