Exhibit 99.1
iHeartMedia Today
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#1 Audio Media Company in the U.S.3
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$3.6 Billion PF Revenue1
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~$1.0 Billion PF Adj. EBITDA1
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27% PF Adj. EBITDA Margin1
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| 275M US Monthly Broadcast Reach | 146M Social Followers | 130M Registered iHeartRadio Users |
130M Monthly Podcast Downloads and Streams
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| 854 Owned Broadcast Radio Stations |
800+ Station & Personality Websites
| 250+ Listening Platforms | 20,000+ Events |
1 | Pro Forma 2018 financials give effect to the Separation as if had occurred on January 1, 2018; Adjusted EBITDA is a non-GAAP financial measure. See appendix for a reconciliation of adjusted EBITDA to the most directly comparable GAAP metrics |
2 | Fall 2018 Nielsen Audio Nationwide- Monthly Reach People 6+; Shareablee May 2019, Includes fans and followers of iHeartMedia’s stations, brands, and personalities; Podtrac Ranker June 2019 (GLOBAL DOWNLOADS & STREAMS). |
3 | Based on Consumer Reach |
Debt Capitalization
Post-Emergence Debt ($M) | Maturity | Interest Rate | 6/30/2019 | |||||||||
New ABL Facility(~$390M Undrawn Availability)1 | 2023 |
| LIBOR + 1.25% - 1.75% (eurocurrency rate)
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| 0 | |||||||
New Term Loan Facility | 2026 |
| LIBOR + 4.00%
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| 3,498 | |||||||
New Senior Secured Notes | 2026 |
| 6.375%
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| 800 | |||||||
New Senior Unsecured Notes | 2027 |
| 8.375%
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| 1,450 | |||||||
Other Debt2 | 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 ~$60M in letters of credit, which reduces available borrowing capacity
2 Other debt includes lease obligations, subsidiary notes payable, and contract obligations
3 Pro Forma 2018 financials give effect to the Separation as if it had occurred on January 1, 2018; Adjusted EBITDA is anon-GAAP financial measure. See “Reconciliation ofNon-GAAP Items” in this appendix for a reconciliation of adjusted EBITDA to the most directly comparable GAAP metrics
Figures may not foot due to rounding
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Reconciliation ofNon-GAAP Items
Fiscal Year Ended December 31 ($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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