QUARTERLY RESULTS OF OPERATIONS (Unaudited)



(In thousands, except per share data)	Predecessor Company						Successor Company
	Three Months Ended March 31,			Period from April 1, 2019 through May 1,			Period from May 2, 2019 through June 30,			Three Months Ended September 30,			Three Months Ended December 31,
	2019			2019			2019			2019			2019
Revenue	$	795,797		$	277,674		$	635,646		$	948,338		$	1,026,072
Operating expenses:
Direct operating expenses	267,115			92,581			184,291			290,971			332,147
Selling, general and administrative expenses	332,793			103,552			227,140			341,353			368,313
Corporate expenses	47,041			18,979			34,390			70,044			64,148
Depreciation and amortization	38,290			14,544			59,383			95,268			94,972
Impairment charges	91,382			—			—			—			—
Other operating income (expense), net	(27		)	(127		)	3,246			(9,880		)	(1,366		)
Operating income	19,149			47,891			133,688			140,822			165,126
Interest expense (income), net	(99		)	(400		)	69,711			100,967			96,095
Gain (loss) on investments, net	(10,237		)	—			—			1,735			(22,663		)
Equity in loss of nonconsolidated affiliates	(7		)	(59		)	(24		)	(1		)	(254		)
Other income (expense), net	(127		)	150			(9,157		)	(12,457		)	3,348
Reorganization items, net	(36,118		)	9,497,944			—			—			—
Income (loss) from continuing operations before income taxes	(27,241		)	9,546,326			54,796			29,132			49,462
Income tax benefit (expense)	61,194			(100,289		)	(16,003		)	(16,758		)	12,670
Income from continuing operations	33,953			9,446,037			38,793			12,374			62,132
Income (loss) from discontinued operations, net of tax	(169,554		)	1,854,677			—			—			—
Net income (loss)	(135,601		)	11,300,714			38,793			12,374			62,132
Less amount attributable to noncontrolling interest	(21,218		)	2,190			—			—			751
Net income (loss) attributable to the Company	$	(114,383	)	$	11,298,524		$	38,793		$	12,374		$	61,381

Net income (loss) attributable to the Company per common share:
From continuing operations - Basic	$	0.40		$	110.28		$	0.27		$	0.08		$	0.42
From discontinued operations - Basic	$	(1.73	)	$	21.63		$	—		$	—		$	—
From continuing operations - Diluted	$	0.40		$	110.28		$	0.27		$	0.08		$	0.42
From discontinued operations - Diluted	$	(1.73	)	$	21.63		$	—		$	—		$	—
The Successor Company's Class A common shares are quoted for trading on the Nasdaq Global Select Market under the symbol IHRT. The Predecessor Company's Class A common shares were quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT.



(In thousands, except per share data)	Predecessor Company
	Three Months Ended March 31,			Three Months Ended June 30,			Three Months Ended September 30,			Three Months Ended December 31,
	2018			2018			2018			2018
Revenue	$	772,772		$	891,764		$	920,492		$	1,026,295
Operating expenses:
Direct operating expenses	241,066			263,752			268,606			288,949
Selling, general and administrative expenses	346,092			328,200			329,436			373,203
Corporate expenses	52,898			52,478			56,699			65,433
Depreciation and amortization	67,374			64,877			43,295			36,405
Impairment charges	—			—			33,150			—
Other operating expense, net	(3,232		)	(1,218		)	(2,462		)	(2,354		)
Operating income	62,110			181,239			186,844			259,951
Interest expense	321,133			10,613			2,097			955
Gain (loss) on investments, net	—			9,175			186			(9,833		)
Equity in earnings (loss) of nonconsolidated affiliates	(31		)	(32		)	(30		)	209
Other expense, net	(20,416		)	(2,058		)	(281		)	(252		)
Reorganization items, net	(192,055		)	(68,740		)	(52,475		)	(42,849		)
Income (loss) from continuing operations before income taxes	(471,525		)	108,971			132,147			206,271
Income tax benefit (expense)	162,733			(142,032		)	(10,873		)	(23,664		)
Income (loss) from continuing operations	(308,792		)	(33,061		)	121,274			182,607
Income (loss) from discontinued operations	(124,248		)	(33,229		)	(49,491		)	42,301
Net income (loss)	(433,040		)	(66,290		)	71,783			224,908
Less amount attributable to noncontrolling interest	(16,046		)	3,609			1,705			10,003
Net income (loss) attributable to the Company	$	(416,994	)	$	(69,899	)	$	70,078		$	214,905

Net income (loss) to the Company per common share:
From continuing operations - Basic	$	(3.62	)	$	(0.39	)	$	1.42		$	2.14
From discontinued operations - Basic	$	(1.27	)	$	(0.43	)	$	(0.60	)	$	0.37
From continuing operations - Diluted	$	(3.62	)	$	(0.39	)	$	1.42		$	2.14
From discontinued operations - Diluted	$	(1.27	)	$	(0.43	)	$	(0.60	)	$	0.37
The Predecessor Company's Class A common shares were quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT.