XML 27 R8.htm IDEA: XBRL DOCUMENT v3.23.2
REVENUE
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three and six months ended June 30, 2023 and 2022:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended June 30, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$429,152 $— $— $— $429,152 
  Networks(2)
122,168 — — — 122,168 
  Sponsorship and Events(3)
38,210 — — — 38,210 
  Digital, excluding Podcast(4)
— 164,147 — (1,216)162,931 
  Podcast(5)
— 96,707 — — 96,707 
  Audio & Media Services(6)
— — 65,804 (1,372)64,432 
  Other(7)
5,585 — — — 5,585 
     Total595,115 260,854 65,804 (2,588)919,185 
Revenue from leases(8)
829 — — — 829 
Revenue, total$595,944 $260,854 $65,804 $(2,588)$920,014 
Three Months Ended June 30, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$462,547 $— $— $— $462,547 
  Networks(2)
127,532 — — — 127,532 
  Sponsorship and Events(3)
38,064 — — — 38,064 
  Digital, excluding Podcast(4)
— 166,880 — (1,376)165,504 
  Podcast(5)
— 85,681 — — 85,681 
  Audio & Media Services(6)
— — 71,065 (1,378)69,687 
  Other(7)
4,792 — — (167)4,625 
Total632,935 252,561 71,065 (2,921)953,640 
Revenue from leases(8)
365 365 
Revenue, total$633,300 $252,561 $71,065 $(2,921)$954,005 
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Six Months Ended June 30, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$812,390 $— $— $— $812,390 
  Networks(2)
230,122 — — — 230,122 
  Sponsorship and Events(3)
70,797 — — — 70,797 
  Digital, excluding Podcast(4)
— 310,732 — (2,405)308,327 
  Podcast(5)
— 173,518 — — 173,518 
  Audio & Media Services(6)
— — 127,155 (2,704)124,451 
  Other(7)
10,509 — — — 10,509 
     Total1,123,818 484,250 127,155 (5,109)1,730,114 
Revenue from leases(8)
1,139 — — — 1,139 
Revenue, total$1,124,957 $484,250 $127,155 $(5,109)$1,731,253 
Six Months Ended June 30, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$877,789 $— $— $— $877,789 
  Networks(2)
245,090 — — — 245,090 
  Sponsorship and Events(3)
71,665 — — — 71,665 
  Digital, excluding Podcast(4)
— 312,555 — (2,645)309,910 
  Podcast(5)
— 154,225 — — 154,225 
  Audio & Media Services(6)
— — 131,922 (2,719)129,203 
  Other(7)
9,261 — — (335)8,926 
Total1,203,805 466,780 131,922 (5,699)1,796,808 
Revenue from leases(8)
655 — — — 655 
Revenue, total$1,204,460 $466,780 $131,922 $(5,699)$1,797,463 

(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.
(2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies.
(3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent.
(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.
(5)Podcast revenue is generated through the sale of advertising on the Company's podcast network.
(6)Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.
(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.
(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.
Trade and Barter
Trade and barter transactions represent the exchange of advertising spots for merchandise, services, advertising and promotion or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots promised to the customer. The revenues and expenses may not be recognized in the same period depending on the timing of the services, advertising or promotion received in exchange for advertising spots. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2023202220232022
  Trade and barter revenues$53,235 $32,993 $98,264 $73,341 
  Trade and barter expenses31,521 29,336 78,907 75,751 

In addition to the trade and barter revenue in the table above, the Company recognized $3.7 million and $5.2 million during the three months ended June 30, 2023 and 2022, respectively, and $11.7 million and $12.3 million during the six months ended June 30, 2023 and 2022, respectively, in connection with investments made in companies in exchange for advertising services.

The following tables show the Company’s deferred revenue balance from contracts with customers:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2023202220232022
Deferred revenue from contracts with customers:
  Beginning balance(1)
$170,681 $184,056 $157,910 $161,114 
    Revenue recognized, included in beginning balance(57,532)(61,973)(83,307)(90,406)
    Additions, net of revenue recognized during period, and other71,678 67,596 110,224 118,971 
  Ending balance$184,827 $189,679 $184,827 $189,679 
(1) Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized.

The Company’s contracts with customers generally have terms of one year or less; however, as of June 30, 2023, the Company expects to recognize $317.8 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with substantially all of this amount to be recognized over the next five years. Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales.
Revenue from Leases
As of June 30, 2023, the future lease payments to be received by the Company are as follows:
(In thousands)
2023$410 
2024474 
2025264 
2026140 
202781 
Thereafter96 
  Total$1,465