iHeartMedia Q2 2026 Earnings Call - Digital Audio EBITDA Surpasses Broadcast for Sixth Consecutive Quarter

Conference Call Operator: As a reminder, this conference call is being recorded. I would now like to turn the call over to Andrey Hart, Senior Vice President of Investor Relations. Thank you. Please go ahead.

Andrey Hart, Senior Vice President of Investor Relations, iHeartMedia: Good afternoon, everyone, and thank you for taking the time to join us for our second quarter 2026 earnings call. Joining me for today’s discussion are Bob Pittman, our Chairman and CEO, Rich Bressler, our President and COO, and Mike McGuinness, our CFO. At the conclusion of our prepared remarks, management will take your questions. In addition to our press release, we have an earnings presentation available on our website that you can use to follow along with our remarks. Please note that this call may include forward-looking statements regarding our financial performance and operating results. These statements are based on management’s current expectations, and actual results could differ from what is stated as a result of certain factors identified on today’s call and in the company’s SEC filings, including our recent 8-K filing. Additionally, during this call, we will refer to certain non-GAAP financial measures.

Reconciliations between GAAP and non-GAAP financial measures are included in our earnings release, earnings presentation, and our SEC filings, which are available in the investor relations section of our website. Now I’ll turn the call over to Bob.

Bob Pittman, Chairman and CEO, iHeartMedia: Thanks, Andrey, and good afternoon, everyone. In the second quarter, our consolidated revenue was $977 million, up 4.7% compared to the prior year quarter and above our guidance of up low single digits. Excluding the impact of political, our consolidated revenue was up 3.5%. We generated adjusted EBITDA of $152 million in the second quarter, slightly above the midpoint of our previously provided guidance range of $140 million-$160 million. We generated $46 million of free cash flow in the quarter compared to a negative $13 million free cash flow in the prior year quarter. Significantly, our work in building our digital assets, including podcasting, continues to pay off. This will be the sixth quarter in a row in which the Digital Audio Group adjusted EBITDA is larger than the Multiplatform Group adjusted EBITDA.

Even when we get the Multiplatform Group back to growth, we expect this trend to continue. Additionally, we continue our drive for efficiencies in all areas of the company using AI and other technology tools. Turning to our individual operating segments, the Digital Audio Group generated second quarter revenue of $364 million, up 12.4% versus prior year, and ahead of our previously provided guidance of up approximately 10%. The Digital Audio Group generated second quarter adjusted EBITDA of $123 million, up 14.5% versus prior year. The adjusted EBITDA margins were 33.8%, and as a reminder, we expect to see the Digital Audio Group’s full-year adjusted EBITDA margins to be in the mid-30s. Within the Digital Audio Group, our podcast revenue momentum continues and was $162 million for the quarter, up 20.7% compared to prior year of $134 million and in line with our guidance of up low 20s.

Ending Q2, approximately 50% of our podcasting revenue was again generated by our local markets sales force, which provides an additional vector of growth for podcast revenue and sets us apart from our podcast competitors. Our podcasting adjusted EBITDA margins remained accretive to our total company adjusted EBITDA margins, and we believe we’re the most profitable podcasting business in the United States, driven by both having the number one audience in podcasting, as measured by both Podtrac and Triton Digital, and by applying rigorous financial discipline. We built and continue to build our podcast audience by using our unparalleled audience reach in broadcast radio. In addition to driving the audio-only podcast marketplace, those radio assets have also allowed us to develop and drive the new video podcast marketplace, a new and meaningful growth opportunity.

As the number one podcast publisher, we’re now producing video versions of many of our own podcasts and distributing them on our iHeartRadio service, as well as on a number of other select podcast platforms. We’re also expanding the distribution of our video podcasts into streaming video services, including Netflix and others. In fact, iHeart has become the most successful video podcaster on Netflix, and we’re expanding that relationship to now include podcasts from Kate Hudson and Oliver Hudson, Lele Pons, and Martha Stewart, as well as The Breakfast Club with Charlamagne becoming the only live daily show on Netflix. We announced this morning that we’re bringing six iHeart titles to Disney’s Hulu streaming video service, including video episodes of Hey Jonas! and Pod Meets World. In the second quarter, digital ex-podcast revenue grew 6.6% compared to prior year, above our previously provided guidance of up low single digits.

Turning now to the Multiplatform Group, which includes our broadcast radio networks and events businesses. Second quarter revenue was $536 million, down 1.6% versus prior year and slightly below our guidance range of approximately flat. Excluding the impact of political advertising, Multiplatform Group revenue was down 2.8%. The Multiplatform Group’s adjusted EBITDA was $59 million compared to $96 million in the prior year. Like many other companies, we’re not immune to macroeconomic uncertainty and in particular gas and diesel prices, which have an impact on the entire economy. We believe the revenue of the Multiplatform Group, and indeed the whole company, was impacted in Q2 by this uncertainty. On the expense side, the non-cash marketing expenses that we discussed in the last few earnings calls drove the majority of our lower Multiplatform Group adjusted EBITDA in this quarter.

On the consumer side of the Multiplatform Group business, the company continues to do well. Unlike other traditional media, we have more users of broadcast radio today than we did 20 years ago. Indeed, our broadcast radio now has two times the audience of the largest TV network and four times the audience reach of the largest digital-only ad-supported audio service. As I’ve said before, we don’t have a broadcast radio audience challenge, we have a broadcast radio monetization challenge, which seems counterintuitive given radio’s strength with the consumer. We recognize that the reason for this is that advertisers are giving preference to services that are within their digital buying platforms.

In response, we’re now adding our broadcast radio inventory to DSPs, including Amazon, Google, and Yahoo, as well as developing offerings for other digital planning and buying platforms through our AudioGraph and programmatic offerings, and we feel confident that our broadcast radio participation in these digital platforms will significantly improve our radio revenue performance and will help the entire radio industry as well. Turning to the Audio & Media Services Group, revenue was $80 million, up 18.8% year-over-year, driven primarily by the growth of the digital audio and video revenues. Excluding the impact of political revenue, the Audio & Media Services Group’s revenue was up 10.6%. Adjusted EBITDA was $37 million, up 54.6% compared to the prior year.

This segment includes our Katz TV, Katz Radio, and RCS businesses and has continued to grow adjusted EBITDA over time with a focus on an increasingly meaningful digital business and operating efficiencies. I also wanted to briefly touch on political advertising, which will be a major driver of adjusted EBITDA and free cash flow for this company in the back half of the year. As a reminder, historically, the vast majority of our political revenue comes in the back half of the year, and the majority of that is in Q4. We continue to believe that this will be a robust midterm election year in terms of generating political revenue. With that, I’ll turn it over to Rich.

Rich Bressler, President and Chief Operating Officer, iHeartMedia: Thank you, Bob, and good afternoon. Our Q2 2026 consolidated revenue was up 4.7% compared to the prior year quarter and above our guidance of up low single digits. Although we saw some softness that appeared to correlate with the conflict in the Middle East and the associated economic impacts, we were able to slightly beat our Q2 revenue guidance and the midpoint of our adjusted EBITDA guidance. Let me provide you with some additional detail on our advertising revenue performance in the second quarter. As a reminder, one of our strengths is our diversified advertising revenues. There is no advertising category greater than about 5% of our total advertising revenue, no individual advertiser that is more than 2% of our total advertising revenue. In the second quarter, the largest category gainers in terms of absolute dollars were political, gambling, computers, electronics and appliances, and professional services.

The four categories that declined the most in terms of absolute dollars were telecom, financial services, auto, and food and beverage. In the second quarter, our five largest advertising categories in terms of absolute dollars were home building and improvement, financial services, healthcare, auto, and professional services. Our consolidated direct operating expenses increased 2.4% for the quarter. This increase was primarily driven by higher variable content costs, including higher third-party digital costs related to the increase in digital revenues. Our consolidated SGA expenses increased 11.8% for the quarter. This increase was primarily driven by expenses related to our non-cash co-marketing partnerships. We generated second quarter GAAP operating income of $35.5 million, compared to GAAP operating income of $35.4 million in the prior year quarter.

We generated adjusted EBITDA of $152 million in the second quarter, slightly above the midpoint of our previously provided guidance range of $140 million to $160 million. As we have previously discussed, some of the investment in our proprietary audience database, which is the foundation of our broadcast, programmatic, and AudioGraph offerings, takes the form of non-cash co-marketing partnerships to drive engagement with the iHeartRadio digital service. We continue to view these marketing activities as critical for the success of our AudioGraph and broadcast programmatic initiatives, and as a reminder, this is all in support of our efforts to make our broadcast inventory as easy for our advertising partners to transact as our digital inventory. This is one of the important steps in returning the Multiplatform Group back to adjusted EBITDA growth.

As discussed on the Q1 call, we have continued these partnerships in Q2, but they will start to decrease in the second half of the year. As we have discussed before, all the revenue and expense associated with each partnership has zero impact on adjusted EBITDA over time. As a reminder, the majority of this revenue expense impacts the Multiplatform Group segment. Turning now to the performance of our operating segments. In the second quarter, the Digital Audio Group’s revenue was $364 million, up 12.4% year-over-year, and ahead of our previously provided guidance of up approximately 10%. The Digital Audio Group’s adjusted EBITDA was $123 million, up 14.5% to prior year, and as Bob mentioned, this is the sixth quarter in a row in which our Digital Audio Group adjusted EBITDA is larger than our Multiplatform Group adjusted EBITDA.

Our Q2 adjusted EBITDA margins were 33.8% compared to 33.2% in the prior year. Within the Digital Audio Group, our podcasting revenue was $162 million, which grew 20.7% year-over-year and in line with our guidance we provided of up low 20s. Our second quarter Digital Audio Group ex-podcasting revenue grew 6.6% year-over-year to $202 million. Turning now to the Multiplatform Group. Revenue was $536 million, down 1.6% compared to prior year, slightly below our guidance range of approximately flat. Adjusted EBITDA was $59 million, down from $96 million in the prior year quarter. Turning to the Audio & Media Services Group, which includes Katz TV, which as you know, has a much bigger revenue swing in political years. Revenue was $80 million, up 18.8% year-over-year, driven primarily by the growth of the digital audio and video revenues.

Excluding the impact of political revenue, the Audio & Media Services Group’s revenue was up 10.6%. Adjusted EBITDA was $37 million, up 54.6% compared to the prior year. In the second quarter, our company’s free cash flow was $46 million, compared to a negative $13 million in the prior year quarter. In fact, the strong free cash flow in this quarter gives us additional confidence about our free cash flow for the full year. A political year like this also helps drive our free cash flow because political advertisers pay upfront. At quarter end, our net debt was approximately $4.7 billion. Our total liquidity was $457 million, and our cash balance was $174 million, which included $125 million borrowed under the ABL facility. We expect to pay down that balance by the end of 2026 with our free cash flow generation.

As noted on our prior call on May 1st, we repaid the $51.2 million remaining balances of our 6.375% Senior Secured Notes, as well as the term loan and incremental term loan, fully retiring those stub facilities. Additionally, we are pleased to report that this month we amended and extended our current ABL facility. We maintained both the current $450 million size of the facility and the pricing of the facility at current interest rates, and we extended the maturity date from May 17th, 2027 to January 30th, 2029. Let me now turn to our guidance for the third quarter and full year. For the third quarter, we expect to generate adjusted EBITDA between $180 million and $220 million. We expect our consolidated revenue to be up mid single digits compared to prior year. We’re still closing July, but we expect revenue to be up low single digits year-over-year.

Turning to the individual segments, we expect the Digital Audio Group’s revenue to be up in the low teens year-over-year, with podcast revenue expected to be up approximately 20%, and digital ex-podcast to be up mid single digits. We expect the Multiplatform Group’s revenue to be approximately flat compared to prior year. We expect the Audio & Media Services Group’s revenue to be up approximately 20% year-over-year. Turning to the full year, we are reaffirming our full-year adjusted EBITDA guidance of $800 million and our free cash flow guide of $200 million, predicated on some improvement in the macroeconomic and advertising environments, especially in Q4, and the expected strong performance of political. Embedded in our adjusted EBITDA guidance are the following. We expect to generate approximately $200 million of overall programmatic revenue in 2026, up approximately 50% from $135 million in 2025.

As a reminder, we expect our broadcast programmatic revenue trajectory to be similar to that of the growth we experienced in the podcasting revenue. We expect podcasting revenue to continue its strong momentum. We expect this to be a robust midterm election year in terms of generating political revenue, and the vast majority of our political revenue occurs in Q3 and Q4. Our adjusted EBITDA guidance also includes the benefit of our cost savings programs. Let me provide some additional inputs embedded in our free cash flow guidance. Interest expense will be approximately $440 million. Minimal cash taxes this year and for the next few years, as long as the current tax laws are in effect. This is a great outcome and will help us avoid approximately $150 million to $200 million of cash taxes over the next three years. Capital expenditures are expected to be approximately $90 million.

Cash restructuring expenses will be approximately $50 million. We expect our net leverage ratio at the end of 2026 to be in the mid-fives, which will be more than a full turn improvement year-over-year. Now, we will turn it over to the operator to take your questions. Thank you.

Conference Call Operator: As a reminder, to ask a question, please press star followed by the number 1 on your telephone keypad. Our first question comes from Stephen Laszczyk from Goldman Sachs. Please go ahead, your line is open.

Stephen Laszczyk, Analyst, Goldman Sachs: Hey, great. Thanks for taking the questions. Bob, Rich, I was curious, with just a few months time from now, the midterm elections coming up, I was curious if you could maybe speak a little bit more about your go-to-market strategy, as well as how activity is building on the political front going into the November cycle. I think 2 cycles ago, in and around the midterms, you did about $130 million of political revenues. Just curious how you’re looking at the outlook for this year.

Bob Pittman, Chairman and CEO, iHeartMedia: I think we think it’s shaping up to be a pretty big political year. Some people are saying it may be as big as the presidential year as opposed to a midterm. Yet they have to be seen, although the early indications are it’s probably performing at that level. Our go-to-market is be in touch with everybody from candidates to PACs, to everyone else associated with the campaigns that can make a decision, and stay on top of it, both at a local level and the national level.

Rich Bressler, President and Chief Operating Officer, iHeartMedia: And the one other data point I might just add of you the last couple of days or last week, you saw a lot of TV broadcasters come out, and they talked about very strong political numbers and that historically, and this year should be no different, bodes very well. So if the inventory starts to shrink there, and they sell off a lot of their inventory, broadcast radio tends to be a big beneficiary of that.

Stephen Laszczyk, Analyst, Goldman Sachs: Great. Thank you for that. Then maybe separately, spoke a good bit about the opportunities in video podcasting in the prepared. So just wondering if you could speak a little bit more about the Disney-Hulu podcast partnership from today, and then would be curious how that approach with Disney is maybe either different or similar to the approach that you’re taking with Netflix. Then ultimately, looking out here over the next couple of years, how you see both of these relationships evolving.

Bob Pittman, Chairman and CEO, iHeartMedia: Well, look, I think it’s both Netflix and Hulu, we’re trying to meet their needs, so we’re crafting deals that work for them and their overall program strategy. As you know, Netflix has taken The Breakfast Club with Charlamagne in the Morning, and it’s turned into a live daily show. That was sort of unexpected when we went into this, but it’s how the relationship evolves as we find opportunities. I suspect with Hulu, we’ll see the same thing, that as we get in with them and they see how it’s performing, we will figure out how we craft the right relationship with them. Then obviously there are other people that are carrying video podcasts as well, and we continue to have discussions there as well.

Stephen Laszczyk, Analyst, Goldman Sachs: Great. Thank you very much.

Conference Call Operator: Our next question comes from Aaron Watts from Deutsche Bank. Please go ahead. Your line is open.

Aaron Watts, Analyst, Deutsche Bank: Hi. Thanks for having me on. Two questions from me. On advertising, if we strip away some of the movement due to trade and barter, can you talk a bit more about the health of the underlying ad environment as we roll from 2Q into the back half of the year? Is there anything you are seeing that gives you confidence that there will be some improvement as we close out the year?

Bob Pittman, Chairman and CEO, iHeartMedia: Well, there cannot be any more uncertainty, that is for sure. We are baking that in, but I actually have been sort of surprised with all the uncertainty in the marketplace how resilient the ad market has been. There is a body of thought which says, "Hey, this is the new normal, and everybody has got to sell their products, and they have got to build their brands, and they cannot let that get in the way of it." I think we are seeing ample evidence of that. Certainly, there are businesses that are being hit by the high cost of diesel and fuel and other important products for them, but there are also businesses that are immune from it and that see this as an opportunity. I think on the whole, we are sort of cautiously optimistic about the second half of the year.

In talking to advertisers, we sort of sense that. I think if you see some of the discussions from the agency front, you are sort of seeing the same messaging, which is what we are hearing from them directly as well. I think we, again, we have to give people a reason why if they spend a dollar on advertising, they get more than a dollar back on their bottom line. It is all about return on investment. I think if we just sort of stick to that and not be distracted by it is probably our best strategy and the one we are going with. I think the other piece of it is really adding the AudioGraph and the programmatic components for our broadcast radio.

Because again, as I mentioned in our script, it’s counterintuitive that broadcast radio is so incredibly strong with the consumer, and by the way, in all measurements, delivers extraordinarily strong results for advertisers, and that’s the slowest revenue stream we have. Again, we think that’s because the advertisers want everything to fit sort of within that digital buying construct. I think the AudioGraph and programmatic will give us that, and we’re rolling it out to DSPs. As you know, there are other buying platforms emerging as well, and we fully intend to service those as well.

Rich Bressler, President and Chief Operating Officer, iHeartMedia: And the one piece I may just add, excuse me, Aaron, to what Bob just said is the one thing you do see in these environments is advertisers, which we’ve been the beneficiary of, excuse me, looking to maybe reduce the number of their go-to partners and overall partners that they have out there. And because of our ability on our Multiplatform Group between our broadcast and podcasting and streaming and events, they can meet a lot of their needs coming to us. And also the aspects of measurability become critically important to be able to deliver measurable results. As Bob talked about getting the right ROI, and now that we can do that with broadcast and our digital assets. We’re just very well suited to navigate this environment the best we’ve ever been.

Aaron Watts, Analyst, Deutsche Bank: Okay. That’s really helpful context. Thank you for that. If I could ask just one more question, and maybe this is pointed at you, Rich, but based on your third quarter guidance, it implies a very robust fourth quarter in order to achieve the $800 million full year target. If I think all the way back to the fourth quarter of 2022, the last midterm election, I think you guys did $315 million of EBITDA. And this year you’re suggesting will be better. So can you just talk a little bit more about some of the components that go into that, be it core advertising, the political you had just discussed, barter impact easing, cost savings, just the various elements that you see going into helping us bridge that $800 million target for the year?

Rich Bressler, President and Chief Operating Officer, iHeartMedia: Well, there’s a lot in that question. Maybe I’ll start and then Bob could jump in. And also, by the way, one of the reasons we go through in what I mentioned during my remarks is kind of what’s embedded in there. First of all, we talked about political. Remember, we’re about where we were in 2024 on political in terms of revenue. And as we all know, this is a non-presidential political year. And again, you heard, I mentioned this just briefly a second ago, looking at what all the TV companies said and the strength that they’re seeing from political, and we expect to be a beneficiary of that, and that has historically proven out true. So strong political. The second thing is if you look at our cost estimates and all of our cost programs that have rolled in, they’re all in place now.

You get the full benefit of all those cost programs there. Then we just talked a little bit about in terms of the advertising environment. Yes, there’s a lot of macroeconomic areas that we’re all dealing with out there, and that’s why one of the things we said embedded in our guidance, is that we get some more stability down there. Just remember, one of the things we have is no advertising category is greater than 5% of our advertising. No individual advertiser is greater than 2%. So that diversity really plays into our hands. Then you talk about, we spent a fair amount of time talking about AudioGraph and the ability now that we are bringing to the marketplace, the ability to put our buyers to buy our broadcast inventory the way they buy our digital inventory.

Bob mentioned being in DSPs, working directly with the agencies. As a reminder, we’re going to be in the Amazon DSP at the beginning of this year in the fourth quarter. Amazon is also one of our biggest advertisers as a company. Then we just talked about, you asked, Bob was asking me some questions in talking about the opportunity on video podcasting out there. Yes, we have Netflix, we have the Disney Hulu announcement, and those are all incremental opportunities because if you look at those opportunities that are there, and we just reported 20.7% of revenue growth for podcasting. So that shows on just the audio side. So that shows no sign of abating.

I think when you look at all those pieces in there, yes, you kind of do the math and you look at that and say, "Okay, you’ll come to this number for Q4, compared to other Q4s that we have." But what I would do is just take a step back and we are not the same company, in terms of the assets we have, the ad technology we have, and how we’re going to market and execute it.

Bob Pittman, Chairman and CEO, iHeartMedia: Well, look, if I could just add a couple of things. As you can tell, this is an area we’ve had a lot of internal discussion about and we spend a lot of time analyzing. Rich talked about the TV in a big political year, pushes out, gets sold out. They got to go to radio. It also pushes out other advertisers. There’s no room for them. As a matter of fact, toward the end of that cycle, it’s almost all the advertising on TV is political advertising. It’s got to go somewhere, and people still have to sell their products. Radio has historically benefited from that. Actually in 2022, which was a very strong political year, we did see indeed that happening and were the beneficiary. So that’s embedded here.

I think the other thing you see is in a year like this with uncertainty, certainly we’re seeing advertisers saving some money, holding some money back. If at the end of the year, the economy is looking like the uncertainty’s leaving, it’s getting a little more stable, you’ll generally see that express itself in December. Our hope is that some of the money that we’ve missed first part of the year because of the uncertainty shows up at the back end. Then the final thing is, I think once you get past the midterm, I think it’s going to be a very positive impact for sort of the economy, if you will, in terms of the uncertainty leaving it.

Aaron Watts, Analyst, Deutsche Bank: That’s extremely helpful. Thank you both.

Rich Bressler, President and Chief Operating Officer, iHeartMedia: Thank you.

Conference Call Operator: Our next question comes from Patrick Sholl from Barrington Research. Please go ahead. Your line is open.

Patrick Sholl, Analyst, Barrington Research: Hi. Thanks for taking the question. On podcasts, as you’ve delivered more of these podcasts that are partnered with more video distributors to distribute your podcast, I’m just kind of curious on any sort of impact that’s had on the advertiser interest on the audio side or what you’re seeing in terms of the overall listenership.

Bob Pittman, Chairman and CEO, iHeartMedia: Yeah, I think it is additive. We find that probably less than 5% of the people are video podcast consumers only. The biggest category obviously is audio only. They go, "What? A picture on podcasting?" But I think when people are in a video environment, and can look at something, they often will. Sometimes they’ll do both. They’re basically listening, but when somebody says, "Look at this thing," they’ll look up screen or look at their screen to see what it is. So we think the two work very well together.

What we think video is doing for us is it’s putting podcasting into a video environment, which at first we said, "Hey, the story of podcasting is we’re filling up those spots where you can’t look at video." Now podcasting’s strong enough that it actually can compete with video, and that we can put it in that environment, too. That not only helps audience, but it also helps revenue. As you know, video comes with a really nice CPM, premium pricing, so nothing bad about it. The good news about video today as we do video podcasts is the costs are not very much compared to doing sort of full-on TV production. So again, all those things work in our favor. Again, we think this is opening up a new marketplace. It’s not a transformation marketplace at all.

Patrick Sholl, Analyst, Barrington Research: Okay. Thank you. Then just on the ad category trends, was there any sort of breakout between advertiser categories that were, I guess, more likely to adopt some of the programmatic buying efforts that you guys have been working on?

Bob Pittman, Chairman and CEO, iHeartMedia: I don’t think-

Rich Bressler, President and Chief Operating Officer, iHeartMedia: I don’t think it’s really about advertising categories, per se. Again, remember, just to take a step back, why did we build out our programmatic and AudioGraph efforts in terms of putting our broadcast inventory into those systems? As Bob mentioned in his remarks, overwhelmingly, you look at the resiliency of our medium. We said we’ve got the highest listening in 20 years. You look at the engagement that we had. We don’t have a challenge in terms of our listeners. At the same time, we had to meet the advertising world, the way they want to transact, and that they could plan out, monitor, and measure campaigns. We need to come and say, "Okay, you can do that with our broadcast inventory also." I don’t think it’s about category-specific. It’s about the way the advertising industry wants to engage our business.

Bob Pittman, Chairman and CEO, iHeartMedia: I think you find some advertisers are more apt to go to programmatic.

Rich Bressler, President and Chief Operating Officer, iHeartMedia: Right.

Bob Pittman, Chairman and CEO, iHeartMedia: There’s some advertisers that are going direct to programmatic, not going through agencies. There’s sort of a real diversification of how people are using it, and we’re prepared to deal with all of those.

Patrick Sholl, Analyst, Barrington Research: Okay. Thank you.

Rich Bressler, President and Chief Operating Officer, iHeartMedia: Great. If there’s no other questions, Bob, myself, Mike, and the rest of the iHeart team want to thank everybody for listening to the iHeart story today. As always, we’re available for anything follow-up, any questions for follow-up. Thank you all.

Conference Call Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.