IHRT // iHeartMedia Inc. (Class A)

Communication Services • Broadcasting

$1.81 ▼ -0.03 (-1.63%)

MKT CAP: $246.0M • VOL: 529.4K

52W L $1 52W H $7

PIOTROSKI

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IHRT // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

IHRT // iHeartMedia Inc. (Class A)

GROSS MARGIN

—

OP MARGIN

-0.5%

ROIC %

—

MKT CAP

$246.0M

UPSTREAM INPUTS ──► IHRT OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
IHRT ★	iHeartMedia Inc. (Class A)	$1.81	$246.0M	—	-0.5%	—	—	+0.3%	SUBJECT ISSUER
GOOGL	Alphabet Inc.	$279.84	$3.44T	60.9%	33.3%	16.6%	20.2x	+22.2%	IHRT VS GOOGL <GO>
GOOG	Alphabet Inc. (Class C)	$278.22	$3.42T	60.9%	33.3%	16.6%	19.9x	+22.2%	IHRT VS GOOG <GO>
META	Meta Platforms, Inc.	$614.99	$1.57T	81.0%	32.9%	18.2%	16.3x	+27.5%	IHRT VS META <GO>
NFLX	Netflix, Inc.	$62.08	$254.92B	50.7%	31.3%	33.9%	16.2x	+14.7%	IHRT VS NFLX <GO>
CCZ	Comcast Holdings ZONES	$64.50	$229.04B	—	16.7%	18.7%	7.2x	0.0%	IHRT VS CCZ <GO>