EX-99.1 2 d773236dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

iHeartMedia Today

 

 

#1 Audio Media Company in the U.S.3

 

 

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                        $3.6 Billion

                       PF Revenue1

 

  

 

~$1.0 Billion

PF Adj. EBITDA1

 

  

 

27%                        

PF Adj. EBITDA                        

Margin1                 

 

 

 

 

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275M

US Monthly

Broadcast Reach

  

146M

Social

Followers

  

130M

Registered

iHeartRadio Users

  

 

130M

Monthly Podcast

Downloads and

Streams

 

 

 

 

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854

Owned Broadcast

Radio Stations

  

 

800+

Station &

Personality

Websites

 

  

250+

Listening Platforms

  

20,000+

Events

 

  1 

Pro Forma 2018 financials give effect to the Separation as if had occurred on January 1, 2018; Adjusted EBITDA is a non-GAAP financial measure. See appendix for a reconciliation of adjusted EBITDA to the most directly comparable GAAP metrics

 
  2 

Fall 2018 Nielsen Audio Nationwide- Monthly Reach People 6+; Shareablee May 2019, Includes fans and followers of iHeartMedia’s stations, brands, and personalities; Podtrac Ranker June 2019 (GLOBAL DOWNLOADS & STREAMS).

 
  3 

Based on Consumer Reach

 

 

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Debt Capitalization

 

 Post-Emergence Debt ($M)    Maturity        Interest Rate        6/30/2019  

 New ABL Facility(~$390M Undrawn Availability)1

     2023         

 

LIBOR + 1.25% - 1.75%
(eurocurrency rate)

 

 
 

 

       0  

 New Term Loan Facility

     2026         

 

LIBOR + 4.00%

 

 

 

       3,498  

 New Senior Secured Notes

     2026         

 

6.375%

 

 

 

       800  

 New Senior Unsecured Notes

     2027         

 

8.375%

 

 

 

       1,450  

 Other Debt 2

                           58  

 Subsidiary Preferred Stock

                           58  

 Total Post-Emergence Debt

                           5,864  

 PF 2018 Net Income (Loss)

                           (38)  

 PF 2018 Adjusted EBITDA3

                           976  

 Total Post Emergence Debt to PF 2018 Adjusted EBITDA3

               6.0x  

1 As of June 30, 2019, we had no amounts drawn under the New ABL Facility and ~$390mm availability. The $450M facility is limited by a receivables borrowing base and backstops ~$60M in letters of credit, which reduces available borrowing capacity

2 Other debt includes lease obligations, subsidiary notes payable, and contract obligations

3 Pro Forma 2018 financials give effect to the Separation as if it had occurred on January 1, 2018; Adjusted EBITDA is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Items” in this appendix for a reconciliation of adjusted EBITDA to the most directly comparable GAAP metrics

Figures may not foot due to rounding

 

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Reconciliation of Non-GAAP Items

 

 Fiscal Year Ended December 31 ($M)      2016(PF)1                         2017(PF)1                         2018(PF)1                   
                                  

 Consolidated Net Loss

       (354        (656        (38

     % Margin

       (10%        (18%        (1%
              

 Income Tax (Benefit) Expense

       (127        (177        14  

 Interest Expense

       1,475          1,484          335  

 Depreciation & Amortization

       291          275          212  

 EBITDA

       1,285          927          523  

 Other Expense, Net

       16          49          24  

 Gain on Extinguishment of Debt

       (158        (1         

 Equity in (Earnings) Loss of Nonconsolidated Affiliates

       15          2           

 Impairment Charges

       1          6          33  

 Other Operating (Income) Expense, Net

       1          (9        9  

 Share-Based Compensation

       3          2          2  

 Restructuring and Reorganization Expenses

       39          44          385  

 Adjusted EBITDA

       1,202          1,019          976  

 % Margin2

       34%          28%          27%  

 

1 

Pro forma for the Separation as if it had occurred at the beginning of the period

 
2 

Calculated as Adjusted EBITDA divided by Revenue

 

Figures may not foot due to rounding

 

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