$IHRTB

CC Media Holdings Inc

CIK:0001400891|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 977,239	$ 933,653	$ 1,861,439	$ 1,740,754
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	400,557	391,194	775,624	747,520
Selling, general and administrative expenses (excludes depreciation and amortization)	461,624	413,082	887,816	793,876
Depreciation and amortization	78,321	90,369	159,698	182,270
Impairment charges	0	2,552	0	5,407
Other operating expense	1,233	1,086	1,311	1,745
Operating income	35,504	35,370	36,990	9,936
Interest expense, net	96,057	100,894	191,955	201,280
Loss on investments, net	(1,550)	(901)	(2,095)	(19,495)
Equity in loss of nonconsolidated affiliates	(178)	(51)	(230)	(1)
Other income (expense), net	(276)	741	(596)	(419)
Loss before income taxes	(62,557)	(65,735)	(157,886)	(211,259)
Income tax expense	(19,979)	(18,253)	(20,268)	(153,612)
Net loss	(82,536)	(83,988)	(178,154)	(364,871)
Less amount attributable to noncontrolling interest	(147)	(508)	(542)	(167)
Net loss attributable to the Company	(82,389)	(83,480)	(177,612)	(364,704)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(86)	279	(378)	381
Other comprehensive income (loss), net of tax	(86)	279	(378)	381
Comprehensive loss	(82,475)	(83,201)	(177,990)	(364,323)
Less amount attributable to noncontrolling interest	0	0	0	0
Comprehensive loss attributable to the Company	$ (82,475)	$ (83,201)	$ (177,990)	$ (364,323)
Net loss attributable to the Company per common share:
Basic (in dollars per share)	$ (0.52)	$ (0.54)	$ (1.13)	$ (2.38)
Weighted average common shares outstanding - Basic (in shares)	157,707	154,275	156,753	153,382
Diluted (in dollars per share)	$ (0.52)	$ (0.54)	$ (1.13)	$ (2.38)
Weighted average common shares outstanding - Diluted (in shares)	157,707	154,275	156,753	153,382

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (178,154)	$ (364,871)
Reconciling items:
Impairment charges	0	5,407
Depreciation and amortization	159,698	182,270
Deferred taxes	4,246	142,599
Provision for doubtful accounts	11,402	8,589
Amortization of deferred financing charges and note discounts, net	1,536	1,489
Share-based compensation	8,925	12,125
Loss on disposal of operating and other assets	30	1,254
Loss on investments	2,095	19,495
Equity in loss of nonconsolidated subsidiaries	230	1
Barter and trade income	(64,828)	(44,635)
Other reconciling items, net	549	(920)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable	126,227	105,058
Increase in prepaid & other current assets	(27,765)	(39,342)
(Increase) Decrease in other long-term assets	2,790	(1,412)
Increase (Decrease) in accounts payable	26,349	(31,973)
Decrease in accrued expenses	(69,176)	(109,688)
Increase (Decrease) in accrued interest	(1,463)	44,121
Increase (Decrease) in deferred revenue	(21,651)	19,058
Decrease in other long-term liabilities	(8,697)	(2,748)
Cash used for operating activities	(27,657)	(54,123)
Cash flows from investing activities:
Purchases of property, plant and equipment	(40,842)	(39,727)
Change in other, net	(3,741)	(921)
Cash used for investing activities	(44,583)	(40,648)
Cash flows from financing activities:
Proceeds from credit facilities	75,000	100,000
Payments on long-term debt	(87,349)	(27,172)
Payments for repurchase of iHRT stock	(9,956)	(1,236)
Dividends and other payments to noncontrolling interests	(1,722)	(868)
Change in other, net	0	(43)
Cash provided by (used for) financing activities	(24,027)	70,681
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(212)	442
Net decrease in cash, cash equivalents, and restricted cash	(96,479)	(23,648)
Cash, cash equivalents and restricted cash at beginning of period	270,921	259,580
Cash, cash equivalents and restricted cash at end of period	174,442	235,932
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	194,211	158,174
Cash paid for income taxes	$ 720	$ 33,193

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 174,442	$ 270,921
Accounts receivable, net of allowance of $28,738 in 2026 and $30,467 in 2025	820,253	959,446
Prepaid expenses	254,376	190,383
Other current assets	41,284	38,577
Total Current Assets	1,290,355	1,459,327
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net	378,824	398,240
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses	601,440	601,440
Other intangibles, net	613,374	713,777
Goodwill	1,105,418	1,105,496
OTHER ASSETS
Operating lease right-of-use assets	613,816	625,788
Other assets	250,900	221,935
Total Assets	4,854,127	5,126,003
CURRENT LIABILITIES
Accounts payable	296,015	271,429
Current operating lease liabilities	57,392	60,968
Accrued expenses	213,380	297,296
Accrued interest	72,911	74,111
Deferred revenue	177,739	190,186
Current portion of long-term debt	95,825	73,429
Total Current Liabilities	913,262	967,419
Long-term debt	4,947,194	4,979,662
Noncurrent operating lease liabilities	664,127	674,192
Deferred income taxes	90,927	86,685
Other long-term liabilities	246,913	245,056
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS' DEFICIT
Noncontrolling interest	2,365	4,629
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	3,004,169	2,995,250
Accumulated deficit	(4,990,561)	(4,812,949)
Accumulated other comprehensive loss	(2,256)	(1,878)
Cost of shares (4,478,864 in 2026 and 2,364,267 in 2025) held in treasury	(22,172)	(12,216)
Total Stockholders' Deficit	(2,008,296)	(1,827,011)
Total Liabilities and Stockholders' Deficit	4,854,127	5,126,003
Class A Common Stock
STOCKHOLDERS' DEFICIT
Common stock	138	132
Class B Common Stock
STOCKHOLDERS' DEFICIT
Common stock	21	21
Special Warrants
STOCKHOLDERS' DEFICIT
Common stock	$ 0	$ 0