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2015 First Quarter Results
April 30, 2015
Safe Harbor Statement
Forward Looking Language
Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries, including iHeartMedia
Capital I, LLC, iHeartCommunications, Inc. and Clear Channel Outdoor Holdings, Inc., to be materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forwardlooking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Various risks that could cause
future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: the impact of the Company’s substantial indebtedness,
including the effect of the Company’s leverage on its financial position and earnings; the Company’s ability to generate sufficient cash from operations and other liquidity-generating transactions
to make payments on its indebtedness; weak or uncertain global economic conditions; changes in business, political and economic conditions in the United States and in other countries in which
the Company currently does business; industry conditions, including competition; the level of expenditures on advertising; legislative or regulatory requirements; fluctuations in operating costs;
technological changes and innovations; changes in labor conditions; changes in capital expenditure requirements; risks of doing business in foreign countries fluctuations in exchange rates and
currency values; the outcome of pending and future litigation; taxes and tax disputes; changes in interest rates; shifts in population and other demographics; access to capital markets and
borrowed indebtedness; the Company’s ability to implement its business strategies; risks relating to the successful integration of the operations of acquired businesses; and risks that the
Company may not achieve or sustain anticipated cost savings from strategic revenue and efficiency initiatives. Other unknown or unpredictable factors also could have material adverse effects on
the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not
occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. Other
key risks are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s, Clear
Channel Outdoor Holdings, Inc.’s, iHeartCommunications, Inc.’s and iHeartMedia Capital I, LLC’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated
in this presentation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
Non-GAAP Financial Measures
This presentation includes information that does not conform to generally accepted accounting principles (GAAP), such as OIBDAN and operating results on a constant dollar basis (excluding the
impacts of movements in foreign exchange rates). These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be
consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on Forms 10-K, 10-Q, and 8-K. These reports
are available on the Investor Relations page of www.iheartmedia.com and www.clearchanneloutdoor.com. Reconciliations of non-GAAP measures to GAAP measures are included at the end of
this presentation. The Company uses OIBDAN, among other things, to evaluate the Company's operating performance. This measure is among the primary measures used by management for
the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an
important indicator of the Company's operational strength and performance of its business because it provides a link between profitability and net income. It is also a primary measure used by
management in evaluating companies as potential acquisition targets. The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to
view performance in a manner similar to the method used by the Company's management. The Company believes it helps improve investors’ ability to understand the Company's operating
performance and makes it easier to compare the Company's results with other companies that have different capital structures, equity compensation structures or tax rates. In addition, the
Company believes this measure is also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the
operating performance of the Company to other companies in its industry. In addition, because a significant portion of the Company’s advertising operations are conducted in foreign markets,
principally the Euro area, the U.K. and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign
currency adjustment is made to show the actual foreign revenues, expenses and OIBDAN for a given period at average foreign exchange rates for the comparable period in the prior year) allows
for comparison of operations independent of foreign exchange rate movements.
This presentation should be read in conjunction with the 2015 First Quarter earnings releases of iHeartMedia, Inc. and Clear Channel Outdoor Holdings, Inc. and Form 10-Q filings of
iHeartMedia, Inc., iHeartMedia Capital I, LLC, iHeartCommunications, Inc. and Clear Channel Outdoor Holdings, Inc. available at www.iheartmedia.com and
www.clearchanneloutdoor.com
Numbers may not sum due to rounding.
2
Social
75+ million Facebook likes
& Twitter followers
Traffic & Weather
99.6% of commuter coverage
National & Local
Personalities
Mobile
575+ million app
downloads & upgrades
98 syndicated properties
National Spot &
Network Radio
Personality & Local
Station Sites
5,900+ affiliate broadcast
stations
Approx. 87 million
average monthly reach
via 900+ websites
iHeartRadio.com
Local Broadcast
2,000+ live stations
& custom radio
850+ stations &
150+ local markets
Digital Outdoor
Network TV
Traditional
Billboards
Local Market
Festivals & Concerts
20,000+ events a year
Jingle Ball, Country Festival,
Awards, Pool Party & Fiesta
Latina
iHeartRadio Music Festival & Village
Transit &
Street Furniture
Airports
iHeartRadio Theaters
New York & Los Angeles
3
Q1 2015 Key Financial Highlights
(Excluding Impact of FX)
•  Revenue: $1.4 billion (+4% year over year)
•  +4% at iHM
•  +7% at International outdoor
•  +3% at Americas outdoor
•  Expenses: $1.0 billion (+3% year over year)
•  OIBDAN: $280 million (+7.5% year over year)
•  +9% at iHM
•  +19% at International outdoor
•  +4% at Americas outdoor
Figures above exclude FX impact unless otherwise noted
Notes: In this presentation, OIBDAN is defined as consolidated net income (loss) excluding non-cash compensation expense and amortization of deferred system implementation costs, as well as the
following line items presented in the Statements of Operations: income tax benefit; other operating income (expense)-net; equity in earnings (loss) of nonconsolidated affiliates; gain (loss) on
marketable securities; interest expense; other operating income-net; impairment charges; and depreciation and amortization. Certain financial information shown in this presentation excludes the
effects of foreign exchange rates. See reconciliations in the Appendix.
4
Key Non-Financial Highlights: iHeartMedia
Key Initiatives
• 
Announced the launch of a programmatic and automated ad buying solution for our
broadcast radio stations, enabling our sales groups to more deeply partner with advertisers
• 
Added iHeartRadio in BMW and MINI vehicles, providing easy access to favorite Live and
Custom iHeartRadio stations and podcasts directly from BMW ConnectedDrive and MINI
Connected services
• 
Surpassed 63 million iHeartRadio registered users (34% growth YOY)
• 
Total listening hours up 17% in Q1 (mobile represented 62% of iHeartRadio’s TLH in Q1’15)
• 
Reached 80% consumer brand awareness in April (up from 75% at the end of 2014)
Events
The second annual iHeartRadio Music Awards, broadcast live on NBC:
• 
Generated 14 billion social media impressions
• 
Was Twitter’s #1 trending show of the night
• 
Rated #1 for the night in 18-49’s across the Big 4 broadcast networks
• 
Won the Nielsen TV social ratings for the night and entire week
5
Key Non-Financial Highlights: Outdoor
Key Announcements
•  Named Bob Pittman CEO of Clear Channel Outdoor Holdings, Inc. in
addition to his continued responsibility as Chairman
•  Named Scott Wells Chief Executive Officer of Americas Outdoor,
overseeing U.S., Canada and Latin America
•  Named William Eccleshare Chairman and CEO of International Outdoor,
leading International Outdoor’s global efforts and intensifying focus on
the increasing potential of the international outdoor advertising market
Digital
•  18 new digital billboards for an end of
quarter total of 1,193 across 38 markets in
North America
•  143 new digital displays for an end of quarter
total of more than 4,900 across 21 markets
6
iHeartMedia: Financial Results
Three Months Ended March 31,
2015
2014
Revenue
$698
$670
Operating Expenses
$475
$465
OIBDAN
$223
$205
VAR
4.1%
2.1%
8.6%
•  Revenue:
-  Revenue +4%
-  Key Drivers: Traffic and weather and syndication businesses, as well as events
-  Top Advertiser Categories: Auto, Food & Beverage, Entertainment
•  Expenses:
-  Expenses +2%
-  Key Drivers: Costs related to music licenses and performance royalties
•  OIBDAN:
-  OIBDAN +8.6%
7
Americas Outdoor: Financial Results
Three Months Ended March 31,
Reported
Revenue
Operating Expenses
OIBDAN
2015
$296
$202
$94
2014
$291
$200
$91
VAR
1.8%
1.1%
3.4%
Excluding FX
2015
$300
$205
$95
2014
$291
$200
$91
VAR
3.1%
2.6%
4.0%
•  Revenue:
-  Revenue +3%
-  Key Drivers: Digital billboards, as well as higher revenues from our Time Square
spectaculars
-  Top Advertiser Categories: Retail, Electronic Equipment, Government agencies
•  Expenses:
-  Expenses +2.6%
-  Key Drivers: Increase in site lease expenses related to higher revenues
•  OIBDAN:
-  OIBDAN +4% (second consecutive quarter of year over year growth)
8
International Outdoor: Financial Results
Three Months Ended March 31,
Reported
Revenue
Operating Expenses
OIBDAN
2015
$319
$288
$31
2014
$345
$315
$30
VAR
(7.4%)
(8.4%)
3.5%
Excluding FX
2015
$369
$334
$36
2014
$345
$315
$30
VAR
7.1%
6.0%
19.2%
•  Revenue:
-  Revenue +7%
-  Key Drivers: Growth in Europe (Sweden, Italy and Norway), Australia, and China,
due to new contracts and higher occupancy
•  Expenses:
-  Expenses +6%
-  Key Drivers: Higher variable costs and compensation expense associated with
higher revenue
•  OIBDAN:
-  OIBDAN +19%
9
Items Impacting Comparability at iHeartMedia,
Inc.
Expenses
Segment Reporting
Strategic Revenue and Efficiency
Initiatives
CCOH:
Latin America operations
included within Americas Outdoor
~$10
million of costs incurred in
connection with improving our
businesses (down $3 million YOY)
Other: iHM reorganized a portion of its
Katz Media business (included in
“Other”) such that the expenses of sales
personnel for iHeartMedia radio stations
are now included in the iHM segment.
Key drivers:
Note:
Company has recast the corresponding
segment disclosures for prior periods to include Latin
America within the Americas outdoor segment and
has also recast the corresponding segment disclosures
to reflect selling expenses for iHM stations as direct
expenses of iHM.
10
• 
iHeartMedia: $2 million (up $1 million
YOY)
• 
Americas Outdoor: <$1 million (down
$1 million YOY)
• 
International Outdoor: <$1 million
• 
Corporate: $4 million (down $6 million
YOY)
Capital Expenditures
iHeartMedia, Inc.
2015
Quarter Ended
March 31,
2014
%
$
Outdoor
Americas
International
Total Outdoor
iHeartMedia
Corporate and Other
$17
$25
$42
$12
$3
$16
$21
$37
$10
$20
2%
$0.3
20%
$4.2
12%
$4.5
16%
$1.6
(86%) ($17.1)
Total Capex
$56
$67
(16%) ($11.0)
Clear Channel Outdoor Holdings, Inc.
2015
Quarter Ended
March 31,
2014
%
$
Americas
International
Corporate
$17
$25
$0
$16
$21
$1
2%
20%
(99%)
$0.3
$4.2
($1.3)
Total Capex
$42
$39
8%
$3.2
11
Key Drivers:
•  Americas Outdoor: Digital
billboards
•  International Outdoor:
billboard and street
furniture advertising
structures
2015 Full-Year Capex
Guidance
•  $300 million - $350 million
for iHeartMedia, Inc.
Debt
Maturity
iHeartCommunications, Inc.
Term Loan B
Term Loan C
Term Loan D
Term Loan E
Receivables Based Facility
Priority Guarantee Notes - 9.00%
Priority Guarantee Notes - 9.00%
Priority Guarantee Notes - 11.25%
Priority Guarantee Notes - 9.00%
Priority Guarantee Notes - 10.625%
Other Secured Subsidiary Debt
Senior Notes - 14.00%
Senior Notes - 5.50%
Senior Notes - 10.00%
Senior Notes - 6.875%
Senior Notes - 7.25%
2016
2016
2019
2019
2017
2019
2021
2021
2022
2023
2021
2016
2018
2018
2027
3/31/15
12/31/14
$ Change
$5,000
$1,300
$120
$2,000
$1,750
$575
$1,000
$950
$17
$1,678
$193
$730
$175
$300
$916
$15
$5,000
$1,300
$2,000
$1,750
$575
$1,000
$19
$1,662
$193
$730
$175
$300
(916)
(15)
120
950
(2)
16
-
$736
$1,989
$275
$1,925
$12
($6)
$4,931
$736
$1,989
$275
$1,925
$15
($6)
$4,934
(3)
(3)
$0
($227)
$20,486
8.4%
$1
($235)
$20,326
8.1%
(1)
8
160
Clear Channel Outdoor Holdings, Inc.
6.5% Series A Senior Notes
6.5% Series B Senior Notes
7.625% Series A Senior Sub Notes
7.625% Series B Senior Sub Notes
Senior Revolving Credit Facility
Other Debt
Original Issue Discount
Total Debt
Other Subsidiary Debt
Purchase Accounting Adjustments and OID
Total Debt
Weighted Average Cost of Debt
2022
2022
2020
2020
2018
Notes: Certain iHeartCommunications’ balances include debt at Clear Channel Outdoor Holdings.
12
•  Total Debt: $20.5
billion
•  Cash interest
requirements of
~$1.3 billion for
remainder of
2015
Upcoming Key
Maturities
•  2016: $195.5
million
•  2018: $909.3
million
Balance Sheet Information and Debt Ratios
March 31,
2015
iHeartCommunications, Inc.
Cash & Equivalents
Total Debt
Secured Leverage Ratio
Clear Channel Outdoor Holdings, Inc.
Cash & Equivalents
Total Debt
Senior Leverage Ratio
Consolidated Leverage Ratio
December 31,
2014
$289
$20,486
6.4x
$457
$20,326
6.3x
$207
$4,931
3.6x
6.4x
$186
$4,934
3.6x
6.4x
13
Change
Recent Transactions
• 
Issued $950 million of
10.625% Priority Guarantee
Notes due 2023, and used
the proceeds to primarily
prepay all remaining $931
million outstanding of Term
Loan B and C
• 
Borrowed $120 million under
the Receivables Based
Facility for general
corporate purposes
Appendix
iHeartMedia, Inc.
Reconciliation of OIBDAN to Operating Income (Loss)
(In thousands)
Operating
income (loss)
Non-cash
compensation
expenses
Depreciation
and
amortization
Other operating
income (loss),
net
Other
Adjustments
OIBDAN
Three Months Ended March 31, 2015
iHeartMedia
Americas Outdoor
International Outdoor
Other
Corporate
Other operating income (loss), net
Consolidated
Three Months Ended March 31, 2014
iHeartMedia
Americas Outdoor
International Outdoor
Other
Corporate
Other operating income (loss), net
Consolidated
$
$
$
$
161,881
43,652
(11,491)
(5,374)
(86,552)
(8,974)
93,142
144,732
41,166
(18,420)
(4,340)
(80,490)
165
82,813
$
$
2,524
2,524
$
$
3,036
3,036
15
$
$
60,742
50,340
42,441
7,666
9,264
170,453
60,324
49,712
48,331
8,719
7,785
174,871
$
$
8,974
8,974
(165)
(165)
$
$
142
755
897
$
-
$
$
$
222,765
93,992
30,950
2,292
(74,009)
275,990
205,056
90,878
29,911
4,379
(69,669)
260,555
Clear Channel Outdoor Holdings, Inc.
Reconciliation of OIBDAN to Operating Income (Loss)
(In thousands)
Operating
income (loss)
Non-cash
compensation
expenses
Depreciation
and
amortization
Other operating
income (loss),
net
OIBDAN
Three Months Ended March 31, 2015
Americas Outdoor
International Outdoor
Corporate
Other operating income (loss), net
Consolidated
Three Months Ended March 31, 2014
Americas Outdoor
International Outdoor
Corporate
Other operating income (loss), net
Consolidated
$
$
$
$
43,652
(11,491)
(30,066)
(5,444)
(3,349)
41,166
(18,420)
(31,396)
2,654
(5,996)
16
$
$
1,925
1,925
$
$
2,010
2,010
$
$
50,340
42,441
1,313
94,094
49,712
48,331
699
98,742
$
5,444
5,444
$
$
93,992
30,950
(26,828)
98,114
$
$
(2,654)
(2,654) $
90,878
29,911
(28,687)
92,102
iHeartMedia, Inc.
Reconciliation of OIBDAN to Net Income (Loss)
(In thousands)
Three Months Ended
March 31,
2015
OIBDAN
Non-cash compensation expense
Depreciation and amortization
$
Amortization of Deferred System Implentation Costs
Other operating income, net
Operating income
Interest expense
Gain on marketable securities
Equity in earnings (loss) of nonconsolidated affiliates
Gain (loss) of extinguishment of debt
Other income, net
Loss before income taxes
Income tax benefit (expense)
Consolidated net loss
Less: Amount attributable to noncontrolling interest
Net (loss) income attributable to the Company
17
$
2014
275,990 $ 260,555
2,524
3,036
170,453
174,871
897
(8,974)
165
93,142
82,813
441,771
431,114
579
331
(13,326)
(2,201)
(3,916)
19,891
1,541
(330,029)
(364,002)
(56,605)
(68,388)
(386,634)
(432,390)
(1,668)
(8,200)
(384,966) $ (424,190)
Clear Channel Outdoor Holdings, Inc.
Reconciliation of OIBDAN to Net Income (Loss)
(In thousands)
Three Months Ended
March 31,
2015
OIBDAN
Non-cash compensation expense
Depreciation and amortization
Other operating income (expense), net
Operating income
Interest expense
Interest income on Due from iHeartCommunications, Inc.
Equity in earnings (loss) of nonconsolidated affiliates
Other income (expense), net
Income (loss) before income taxes
Income tax benefit (expense)
Consolidated net income (loss)
Less: Amount attributable to noncontrolling interest
Net income (loss) attributable to the Company
18
$
$
98,114 $
1,925
94,094
(5,444)
(3,349)
89,416
15,253
522
19,938
(57,052)
24,099
(32,953)
565
(33,518) $
2014
92,102
2,010
98,742
2,654
(5,996)
89,262
14,673
(736)
1,898
(79,423)
(16,946)
(96,369)
501
(96,870)
iHeartMedia, Inc. Reconciliation excluding
Effects of Foreign Exchange Rates
Three Months Ended
March 31,
Variance
2015
2014
$ 1,344,564
53,752
$ 1,398,316
$ 1,342,548
$ 1,342,548
0.2% $
Americas Outdoor Revenue
Excluding: Foreign exchange Impact
Americas Outdoor Revenue excluding effects of FX
$
295,863
3,689
299,552
$
1.8% $
5,253
3.1% $
8,942
International Outdoor Revenue
Excluding: Foreign exchange Impact
International Outdoor Revenue excluding effects of FX
$
319,180
50,063
369,243
$
Revenue:
Consolidated Revenue
Excluding: Foreign exchange Impact
Revenue excluding effects of foreign exchange
$
$
290,610
290,610
%
-7.4%
994,707
48,509
$ 1,043,216
$ 1,012,324
$ 1,012,324
-1.7%
Americas Outdoor Expense
Excluding: Foreign exchange Impact
Americas Outdoor Expense excluding effects of FX
$
201,871
3,140
205,011
$
International Outdoor Expense
Excluding: Foreign exchange Impact
International Outdoor Expense excluding effects of FX
$
288,230
45,369
333,599
$
275,990
4,068
280,058
$
93,992
549
94,541
$
30,950
4,694
35,644
$
Expenses:
Consolidated Expense
Excluding: Foreign exchange Impact
Expense excluding effects of foreign exchange
OIBDAN:
Consolidated OIBDAN
Excluding: Foreign exchange Impact
OIBDAN excluding effects of foreign exchange
$
$
$
$
$
Americas Outdoor OIBDAN
Excluding: Foreign exchange Impact
Americas Outdoor OIBDAN excluding effects of FX
$
International Outdoor OIBDAN
Excluding: Foreign exchange Impact
International Outdoor OIBDAN excluding effects of FX
$
Corporate OIBDAN
Excluding: Foreign exchange Impact
Corporate OIBDAN excluding effects of FX
$
$
$
$
19
$
$
$
$
$
$
(74,009) $
(1,175)
(75,184) $
199,732
199,732
314,730
314,730
260,555
260,555
2,016
4.2% $ 55,768
344,641
344,641
$
$
$(25,461)
7.1% $ 24,602
$(17,617)
3.1% $ 30,892
1.1% $
2,139
2.6% $
5,279
-8.4%
$(26,500)
6.0% $ 18,869
5.9% $ 15,435
7.5% $ 19,503
90,878
90,878
3.4% $
3,114
4.0% $
3,663
29,911
29,911
3.5% $
1,039
19.2% $
5,733
(69,669)
(69,669)
6.2% $ (4,340)
7.9% $ (5,515)
Clear Channel Outdoor Holdings, Inc. Reconciliation
excluding Effects of Foreign Exchange Rates
Three Months Ended
March 31,
2015
Revenue:
Consolidated Revenue
Excluding: Foreign exchange Impact
Revenue excluding effects of foreign exchange
$
$
Americas Revenue
Excluding: Foreign exchange Impact
Americas Revenue excluding effects of FX
$
International Revenue
Excluding: Foreign exchange Impact
International Revenue excluding effects of FX
$
Expenses:
Consolidated Expense
Excluding: Foreign exchange Impact
Expense excluding effects of foreign exchange
$
$
$
$
Americas Expense
Excluding: Foreign exchange Impact
Americas Expense excluding effects of FX
$
International Expense
Excluding: Foreign exchange Impact
International Expense excluding effects of FX
$
OIBDAN:
Consolidated OIBDAN
Excluding: Foreign exchange Impact
OIBDAN excluding effects of foreign exchange
$
$
$
$
Americas OIBDAN
Excluding: Foreign exchange Impact
Americas OIBDAN excluding effects of FX
$
International OIBDAN
Excluding: Foreign exchange Impact
International OIBDAN excluding effects of FX
$
Corporate OIBDAN
Excluding: Foreign exchange Impact
Corporate OIBDAN excluding effects of FX
$
$
$
$
2014
615,043
53,752
668,795
$
295,863
3,689
299,552
$
319,180
50,063
369,243
$
490,101
48,509
538,610
$
201,871
3,140
205,011
$
288,230
45,369
333,599
$
98,114
4,068
102,182
$
93,992
549
94,541
$
30,950
4,694
35,644
$
$
$
$
$
$
$
$
$
$
(26,828) $
(1,175)
(28,003) $
20
635,251
635,251
290,610
290,610
Variance
%
-3.2%
1.8% $
5,253
3.1% $
8,942
-7.4%
514,462
514,462
-4.7%
314,730
314,730
92,102
92,102
$(20,208)
5.3% $ 33,544
344,641
344,641
199,732
199,732
$
$(25,461)
7.1% $ 24,602
$(24,361)
4.7% $ 24,148
1.1% $
2,139
2.6% $
5,279
-8.4%
$(26,500)
6.0% $ 18,869
6.5% $
6,012
10.9% $ 10,080
90,878
90,878
3.4% $
3,114
4.0% $
3,663
29,911
29,911
3.5% $
1,039
19.2% $
5,733
-6.5% $
1,859
-2.4% $
684
(28,687)
(28,687)
iHeartMedia, Inc. Reconciliation of Revenues
excluding Effects of Political Revenue to Revenues
Three Months Ended
March 31,
2015
2014
Variance
%
Consolidated revenue
Excluding: Political revenue
Consolidated revenue excluding effects of political revenue
$ 1,344,564 $ 1,342,548
(3,820)
(6,597)
$ 1,340,744 $ 1,335,951
0.2%
iHeartMedia revenue
Excluding: Political revenue
iHeartMedia Revenue excluding effects of political revenue
$
Americas Outdoor revenue
Excluding: Political revenue
Americas Outdoor Revenue excluding effects of political revenue
$
Other revenue
Excluding: Political revenue
Revenue excluding effects of political revenue
$
$
$
$
21
0.4%
697,801 $
(2,576)
695,225 $
670,347
(4,548)
665,799
4.1%
295,863 $
(845)
295,018 $
290,610
(247)
290,363
1.8%
35,462 $
(399)
35,063 $
41,495
(1,802)
39,693
-14.5%
4.4%
1.6%
-11.7%
Reconciliation of Corporate Expenses
excluding Non-Cash Compensation Expenses
IHEARTMEDIA, INC.
(In thousands)
Three Months Ended
March 31,
2015
Corporate Expense
Less: Non-cash compensation expense
Less: Amortization of deferred system implementation costs
$
$
77,288 $
(2,524)
(755)
74,009 $
2014
72,705
(3,036)
69,669
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
(In thousands)
Three Months Ended
March 31,
2015
$
Corporate Expense
Less: Non-cash compensation expense
$
22
28,753 $
(1,925)
26,828 $
2014
30,697
(2,010)
28,687
Reconciliation of Consolidated EBITDA to Operating
Income and Net Cash provided by Operating
Activities
IHEARTMEDIA, INC.
(In millions)
Four Quarters Ended
March 31, 2015
Consolidated EBITDA (as defined by iHeartMedia, Inc.'s senior secured credit facilities)
Less adjustments to consolidated EBITDA (as defined by iHeartMedia, Inc.'s senior secured credit facilities):
Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, and
other permitted activities
Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definition
of consolidated EBITDA in iHeartMedia, Inc.'s senior secured credit facilities)
Non-cash charges
Other items
Less: Depreciation and amortization, Impairment charges, Other operating income, net, and
Share-based compensation expense
Operating income
Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and
Share-based compensation expense
Less: interest expense
Less: Current income tax expense
Less: Other expense, net
Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for
doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other reconciling
items, net)
Change in assets and liabilities, net of assets acquired and liabilities assumed
Net cash provided by operating activities
23
$
1,947
(74)
(30)
(30)
(13)
$
(709)
1,092
697
(1,752)
(22)
28
59
$
(0)
101
Reconciliation of Consolidated EBITDA to Operating
Income and Net Cash provided by Operating
Activities
Clear Channel Outdoor Holdings, Inc.
(In millions)
Four Quarters Ended
March 31, 2015
Consolidated EBITDA (as defined by the CCWH Senior Notes indentures)
Less adjustments to consolidated EBITDA (as defined by the CCWH Senior Notes indentures):
Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, and
other permitted activities
Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the
definition of consolidated EBITDA in the CCWH Senior Notes indentures)
Non-cash charges
Other items
Less: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and
share-based compensation expense
Operating income
Plus: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and
share-based compensation expense
Less: interest expense
Plus: Interest income on Due from iHeartCommunications, Inc.
Less: Current income tax benefit
Plus: Other income, net
Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including
Provision for doubtful accounts, Amortization of deferred financing charges and note discounts, net
and Other reconciling items, net)
Change in assets and liabilities, net of assets acquired and liabilities assumed
Net cash provided by operating activities
24
$
767
(31)
(14)
(17)
(8)
(413)
$
285
406
(353)
61
44
33
$
(16)
(130)
330
About iHeartMedia, Inc.
iHeartMedia, Inc. (OTCBB: IHRT), the parent company of
iHeartMedia Capital I, LLC and iHeartCommunications,
Inc., is one of the leading global media and entertainment
companies. The company specializes in radio, digital,
outdoor, mobile, social, live events, on-demand
entertainment and information services for local
communities, and uses its unparalleled national reach to
target both nationally and locally on behalf of its
advertising partners. The company is dedicated to using
the latest technology solutions to transform the
company’s products and services for the benefit of its
consumers, communities, partners and advertisers, and
its outdoor business reaches over 40 countries across
five continents, connecting people to brands using
innovative new technology.
www.iheartmedia.com
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is
one of the world’s largest outdoor advertising companies
with more than 640,000 displays in over 40 countries
across Asia, Australia, Europe, Latin America and North
America. Reaching millions of people monthly, including
consumers in 45 of the top 50 U.S. markets, Clear
Channel Outdoor enables advertisers to engage with
consumers through innovative advertising solutions.
Clear Channel Outdoor is pioneering the integration of
out-of-home with mobile and social platforms, and the
company’s digital platform includes over 1,100 digital
billboards across 38 markets in North America and over
4,900 digital displays in international markets.
www.clearchanneloutdoor.com
www.clearchannelinternational.com
Investors | Effie Epstein | Vice President, Investor Relations | [email protected]
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