2015 Second Quarter Results
July 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,
iHeartCommunications, Inc.’s, Clear Channel Outdoor Holdings, 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 U.S. 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 Second 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. Figures above exclude FX impact unless otherwise noted. In this presentation, OIBDAN is defined as consolidated net income (loss) adjusted to exclude
non-cash compensation expenses, lease expense arising from sale-leaseback transactions, 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.
2
Social
75+ million Facebook likes
& Twitter followers
Traffic & Weather
99.6% of commuter coverage
National & Local
Personalities
Mobile
675+ million app
downloads & upgrades
99 syndicated properties
National Spot &
Network Radio
Personality & Local
Station Sites
5,900+ affiliate broadcast
stations
80+ million
average monthly reach
via 900+ websites
iHeartRadio.com
Local Broadcast
2,100+ 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
Q2 2015 Key Financial Highlights
(Excluding Impact of FX)
•  Revenue: $1.7 billion (+2% year over year)
•  +4% at iHM
•  +2% at International outdoor
•  +1% at Americas outdoor
•  Expenses: $1.1 billion (+3% year over year)
•  OIBDAN: $499 million (+3% year over year)
•  +3% at iHM
•  +2% at Americas outdoor
•  (-1%) at International outdoor
Figures above exclude FX impact unless otherwise noted.
Notes: In this presentation, OIBDAN is defined as consolidated net income (loss) adjusted to exclude non-cash compensation expenses, lease expense
arising from sale-leaseback transactions, 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 Announcements
• 
Partnering with marketing technology platform Unified to deliver unprecedented insights to
marketing partners
Launching the iHeartRadio Discover Channel on Snapchat showcasing iHeartRadio’s shortform content with artists and celebrities
Launching iHeartRadio as the first live streaming radio application available on AT&T’s U-verse
TV
Partnering with Virgin America to bring six new, branded music stations curated by
iHeartRadio to the airline’s customers via its award-winning Red® in-flight entertainment
system
Extended and expanded partnership with nationally-known media personality Ryan Seacrest
• 
• 
Surpassed 71 million iHeartRadio registered users (40% growth YOY)
Total listening hours up 23% in Q2 (mobile represented 60% of iHeartRadio’s TLH in Q2’15)
• 
• 
• 
• 
Events
Forging a multi-year agreement to simulcast the iHeartRadio
Music Awards live on Turner Broadcasting’s TBS, TNT and truTV
networks.
5
Key Non-Financial Highlights: Outdoor
Key Announcements
•  Named Bob McCuin as President of Sales, Americas Outdoor
•  Americas Outdoor Launched our in-airport TV network, ClearVision, at
Denver International Airport, the sixth airport to join the program
•  International Outdoor won the contract for one of the largest
supermarket and mall chains in France, Carrefour, commencing in
January 2016
Digital
•  12 new digital billboards for an end of
quarter total of 1,205 across 38
markets in North America
•  261 new digital displays for an end of
quarter total of more than 5,000
across 21 markets
6
iHeartMedia: Financial Results
$USD in Millions
Three Months Ended June 30,
2015
2014
Revenue
$841
$806
Operating Expenses
$503
$478
OIBDAN
$338
$329
VAR
4%
5%
3%
•  Revenue:
-  Revenue +4%
-  Key Drivers: Strength across the business (core local and national broadcast advertising
revenue, traffic and weather business, syndication business and events)
-  Top Advertiser Categories: Auto, Medical & Healthcare, Financial Services
•  Expenses:
-  Expenses +5%
-  Key Drivers:
Event production costs, timing of barter and trade expenses, sales
compensation expense and costs related to music licenses and performance royalties
•  OIBDAN:
-  OIBDAN +3%
7
Americas Outdoor: Financial Results
$USD in Millions
Three Months Ended June 30,
Reported
Revenue
Operating Expenses
OIBDAN
2015
$341
$207
$134
2014
$344
$212
$132
VAR
(1%)
(2%)
2%
Excluding FX
2015
$346
$211
$135
2014
$344
$212
$132
VAR
1%
(0%)
2%
•  Revenue:
-  Revenue +1%
-  Key Drivers: Digital billboards, as well as higher revenues from our Times Square
spectaculars
-  Top Advertiser Categories: Business Services, Electronic Equipment, Retail
•  Expenses:
-  Expenses slightly down $1 million
•  OIBDAN:
-  OIBDAN +2% (third consecutive quarter of year-over-year growth)
8
International Outdoor: Financial Results
$USD in Millions
Revenue
Operating Expenses
OIBDAN
Three Months Ended June 30,
Reported
2015
$382
$298
$84
2014
$437
$341
$96
VAR
(13%)
(13%)
(13%)
Excluding FX
2015
$446
$351
$95
2014
$437
$341
$96
VAR
2%
3%
(1%)
•  Revenue:
-  Revenue +2%
-  Key Drivers: Growth in Europe (Italy, France and Sweden) as well as Australia
•  Expenses:
-  Expenses +3%
-  Key Drivers: Higher variable costs and compensation expense associated with
higher revenue
•  OIBDAN:
-  OIBDAN down 1%
9
Items Impacting Comparability at iHeartMedia,
Inc.
Expenses
Revenue and OIBDAN
Strategic Revenue and Efficiency
Initiatives
iHM Tower Transaction:
Loss of ~$2.7
million in co-location revenue as a result
of the sale of the majority of our
broadcast tower portfolio.
~$7 million of costs incurred in connection
with improving our businesses (down $14
million YOY)
Legal Expenses: $9 million compared to
$4 million of such expenses in the prior
year
Key drivers:
10
• 
iHeartMedia: $2 million (down $6
million YOY)
• 
Americas Outdoor: <$1 million
• 
International Outdoor: ~$1.2 million
• 
Corporate: $3 million (down $4 million
YOY)
Capital Expenditures
$USD in Millions
iHeartMedia, Inc.
2015
Quarter Ended
June 30,
2014
%
$
Outdoor
Americas
International
Total Outdoor
iHeartMedia
Other
Corporate
$16
$32
$47
$15
$2
$3
$22
$32
$53
$10
$1
$9
(28%)
(0%)
(11%)
48%
94%
(62%)
($6)
($0)
($6)
$5
$1
($6)
Total Capex
$68
$74
(8%)
($6)
Clear Channel Outdoor Holdings, Inc.
2015
Quarter Ended
June 30,
2014
%
$
Americas
International
Corporate
$16
$32
$1
$22
$32
$1
(28%)
(0%)
(9%)
($6)
($0)
($0)
Total Capex
$48
$54
(11%)
($6)
11
Key Drivers:
•  Americas Outdoor: Digital
billboards
•  International Outdoor:
billboard and street
furniture advertising
structures
•  iHeartMedia: Software
development and
leasehold improvements
2015 Full-Year Capex
Guidance
•  $300 million - $350 million
for iHeartMedia, Inc.
Debt
$USD in Millions
Maturity
iHeartCommunications, Inc.
Term Loan B
Term Loan C
Term Loan D
Term Loan E
Receivables Based Credit 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
6/30/15
12/31/14
$ Change
$5,000
$1,300
$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)
950
(2)
16
-
$736
$1,989
$275
$1,925
$11
($6)
$4,931
$736
$1,989
$275
$1,925
$15
($6)
$4,934
(4)
0
(3)
$0
($219)
$20,375
8.4%
$1
($235)
$20,326
8.1%
(1)
16
49
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: $20.4
billion
•  Cash interest
requirements of
~$862 million for
remainder of
2015
Upcoming Key
Maturities
•  2016: $196
million
•  2018: $934
million
Balance Sheet Information and Debt Ratios
June 30,
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
$387
$20,375
6.4x
$457
$20,326
6.3x
$130
$4,931
3.6x
6.6x
$186
$4,934
3.6x
6.4x
13
Change
Recent
• 
Transactions
Repaid $120 million that was
borrowed under the
Receivables Based Credit
Facility during the first
quarter 2015
Appendix
iHeartMedia, Inc.
Reconciliation of OIBDAN to Operating Income (Loss)
(In thousands)
Clear Channel Outdoor Holdings, Inc.
Reconciliation of OIBDAN to Operating Income (Loss)
(In thousands)
iHeartMedia, Inc.
Reconciliation of OIBDAN to Net Income (Loss)
(In thousands)
Clear Channel Outdoor Holdings, Inc.
Reconciliation of OIBDAN to Net Income (Loss)
(In thousands)
iHeartMedia, Inc. Reconciliations of Revenue and
Expenses
(In thousands)
iHeartMedia, Inc. Reconciliations of OIBDAN
(In thousands)
Clear Channel Outdoor Holdings, Inc. Reconciliations
excluding Effects of Foreign Exchange Rates
(In thousands)
iHeartMedia, Inc. Reconciliation of Revenues
excluding Effects of Political Revenue to Revenues
(In thousands)
Reconciliation of Corporate Expenses
(In thousands)
Reconciliation of Consolidated EBITDA to Operating
Income and Net Cash provided by Operating Activities
(In millions)
Reconciliation of Consolidated EBITDA to
Operating Income and Net Cash provided by
Operating Activities
(In millions)