iHeartMedia, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>iHeartMedia, Inc. has filed its annual report for 2023, detailing its financial performance and business operations.</b>

AI Summary

iHeartMedia, Inc. (IHETW) filed a Annual Report (10-K) with the SEC on February 29, 2024. iHeartMedia, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Radio Broadcasting Stations. The filing includes historical data from 2020 through 2023. The company was formerly known as CC Media Holdings Inc.

Why It Matters

For investors and stakeholders tracking iHeartMedia, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of iHeartMedia's financial health and strategic direction for the past fiscal year, crucial for investors assessing its current standing. The detailed financial data and risk factors disclosed in this report are essential for understanding the company's operational landscape and potential future challenges in the broadcasting industry.

Risk Assessment

Risk Level: medium — iHeartMedia, Inc. shows moderate risk based on this filing. The company operates in the radio broadcasting industry, which is subject to significant competition and evolving media consumption trends, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess iHeartMedia's performance and outlook in the competitive media landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 0001400891-24-000008 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• iHeartMedia, Inc. (company) — Filer name
• CC Media Holdings Inc (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• RADIO BROADCASTING STATIONS (industry) — Standard Industrial Classification

FAQ

Industry Context

iHeartMedia operates in the radio broadcasting industry, a sector characterized by advertising revenue, content creation, and audience engagement across various platforms.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Review the detailed financial statements within the 10-K for revenue, net income, and debt levels.
2. Analyze the risk factors section to understand potential challenges and their impact on the company's operations.
3. Compare key financial metrics with previous years to identify trends and performance changes.

Key Dates

• 2024-02-29: 10-K Filing — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End of the reporting period

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview of iHeartMedia, Inc.)

SIC Code

Standard Industrial Classification code used to classify businesses. (Indicates iHeartMedia's primary business sector as Radio Broadcasting Stations.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.001 — stered Class A Common Stock, par value $0.001 per share IHRT The Nasdaq Stock Market
• $3.64 — nt, based on the closing sales price of $3.64 on June 30, 2023, was approximately $ 2
• $2,435.4 million — Multiplatform Group segment revenue was $2,435.4 million in 2023, $2,597.2 million in 2022 and $
• $2,597.2 million — t revenue was $2,435.4 million in 2023, $2,597.2 million in 2022 and $2,489.0 million in 2021.
• $2,489.0 million — n in 2023, $2,597.2 million in 2022 and $2,489.0 million in 2021. According to Nielsen, for the
• $1,752.2 million — t radio stations, generating revenue of $1,752.2 million in 2023, $1,883.3 million in 2022 and $
• $1,883.3 million — ng revenue of $1,752.2 million in 2023, $1,883.3 million in 2022 and $1,808.0 million in 2021. A
• $1,808.0 million — n in 2023, $1,883.3 million in 2022 and $1,808.0 million in 2021. Advertising rates are principa
• $466.4 million — Traffic & Weather generated revenue of $466.4 million in 2023, $503.2 million in 2022 and $50
• $503.2 million — ated revenue of $466.4 million in 2023, $503.2 million in 2022 and $503.1 million in 2021. Pr
• $503.1 million — ion in 2023, $503.2 million in 2022 and $503.1 million in 2021. Premiere Networks is a nation
• $191.4 million — 2023, our events resulted in revenue of $191.4 million in 2023, $189.0 million in 2022 and $16
• $189.0 million — d in revenue of $191.4 million in 2023, $189.0 million in 2022 and $160.3 million in 2021 from
• $160.3 million — ion in 2023, $189.0 million in 2022 and $160.3 million in 2021 from sponsorship, endorsement a
• $1,069.2 million — . Our Digital Audio segment revenue was $1,069.2 million in 2023, $1,021.8 million in 2022 and $

Filing Documents

• ihrt-20231231.htm (10-K) — 2363KB
• exhibit415-descriptionofse.htm (EX-4.15) — 48KB
• exhibit1047-2024formofrsua.htm (EX-10.47) — 62KB
• exhibit1048-2024formofrsua.htm (EX-10.48) — 53KB
• exhibit1049-2024formofperf.htm (EX-10.49) — 77KB
• exhibit1050-2024formofperf.htm (EX-10.50) — 71KB
• exhibit1051-2024formofcash.htm (EX-10.51) — 62KB
• exhibit1052-2024formofcash.htm (EX-10.52) — 54KB
• exhibit1053-2024formofcash.htm (EX-10.53) — 78KB
• exhibit1054-2024formofcash.htm (EX-10.54) — 71KB
• exhibit21-ihmedia2023q4.htm (EX-21) — 29KB
• exhibit23-ihmedia2023q4.htm (EX-23) — 3KB
• exhibit311-ihmedia2023q4.htm (EX-31.1) — 10KB
• exhibit312-ihmedia2023q4.htm (EX-31.2) — 9KB
• exhibit321-ihmedia2023q4.htm (EX-32.1) — 4KB
• exhibit322-ihmedia2023q4.htm (EX-32.2) — 4KB
• exhibit971-iheartmediapoli.htm (EX-97.1) — 30KB
• ihrt-20231231_g1.jpg (GRAPHIC) — 102KB
• 0001400891-24-000008.txt (&nbsp;) — 13339KB
• ihrt-20231231.xsd (EX-101.SCH) — 66KB
• ihrt-20231231_cal.xml (EX-101.CAL) — 116KB
• ihrt-20231231_def.xml (EX-101.DEF) — 398KB
• ihrt-20231231_lab.xml (EX-101.LAB) — 978KB
• ihrt-20231231_pre.xml (EX-101.PRE) — 689KB
• ihrt-20231231_htm.xml (XML) — 2130KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 53

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 54

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96

Controls and Procedures

Item 9A. Controls and Procedures 96

Other Information

Item 9B. Other Information 98

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 99

Executive Compensation

Item 11. Executive Compensation 99

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 99

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 100 PART IV

Exhibits and Financial Statements Schedules

Item 15. Exhibits and Financial Statements Schedules 101

Form 10-K Summary

Item 16. Form 10-K Summary 108

Signatures

Signatures 109 Basis of Presentation As used in this Annual Report on Form 10-K (this "Form 10-K"), unless the context otherwise requires, references to: "we," "us," "our," the "Company," "iHeartMedia" and similar references refer to iHeartMedia, Inc. We report based on three reportable segments: the Multiplatform Group, which includes the Company's Broadcast radio, Networks, Sponsorships and Events businesses; the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and the Audio & Media Services Group, which includes Katz Media Group ("Katz Media"), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services. These reporting segments reflect how senior management operates the Company. This structure provides visibility into the underlying performance, results, and margin profiles of our distinct businesses and enables senior management to monitor trends at the operational level and address opportunities or issues as they arise via regular review of segment-level results and forecasts with operational leaders. Our segment profitability metric is Segment Adjusted EBITDA, which is reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as Revenue less operating expenses, excluding restructuring expenses and share-based compensation expenses. Restructuring expenses primarily include severance expenses incurred in connection with cost saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle. PART I

BUSINESS

ITEM 1. BUSINESS iHeartMedia is the number one audio media company in the U.S. based on consumer reach. Within the audio industry, companies operate in two primary sectors: The music collection' sector, which essentially replaced downloads and CDs and The companionship' sector, in which people regard radio and podcasting personalities as their trusted friends and companions on whom they rely to provide coverage on everything from entertainment, local news, storytelling, information about new music and artists, weather, traffic, sports and more. We operate in the second sector and use our large scale and national reach in broadcast radio to build additional complementary platforms. We believe we are the only major multi-platform audio media company, and each platform is complementary to the others, building on and extending our companionship relationship with the consumer. Our product strategy is to be where our listeners are with the products and services they expect from us regardless of where they are and what platforms they are using. Our radio stations, podcasts and other content can be heard across a broad range of audio platforms, including our AM/FM broadcast radio stations; HD digital radio stations; the Internet at iHeart.com, our radio stations' websites, and certain Metaverse platforms; and through our iHeartRadio mobile application on 500+ platforms and thousands of devices, including enhanced automotive dashes, on tablets, wearables and smartphones, on gaming consoles, via in-home entertainment (including smart televisions) and voice-controlled smart speaker devices. All of this is supported by the largest audio sales force in the United States, executing on the strategy of any seller, anywhere being able to sell anything, supported by our unique technology. We lead in: Broadcast radio : We have a strong relationship with our consumers, and our broadcast radio audience has the largest reach of any audio company in the U.S., with an audience

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