iHeartMedia, Inc. Reports Results for 2024 Third Quarter
iHeartMedia (IHRT) reported Q3 2024 financial results with revenue of $1,008 million, up 5.8%. The company announced debt exchange transactions affecting $4.1 billion of existing debt and cost efficiency programs expected to generate $150 million of net annual savings in 2025. Digital Audio Group revenue grew 13% to $301 million, with Podcast revenue up 11% to $114 million. Multiplatform Group revenue decreased 1% to $620 million. The company expects Q4 consolidated revenue to increase in high-single digits and full-year 2024 Adjusted EBITDA to reach approximately $750 million, up 8%.
iHeartMedia (IHRT) ha riportato i risultati finanziari del terzo trimestre del 2024 con un fatturato di 1.008 milioni di dollari, in aumento del 5,8%. L'azienda ha annunciato operazioni di scambio di debito che interessano 4,1 miliardi di dollari di debito esistente e programmi di efficienza dei costi che si prevede genereranno 150 milioni di dollari di risparmi netti annui nel 2025. I ricavi del Digital Audio Group sono cresciuti del 13% raggiungendo 301 milioni di dollari, con i ricavi dai podcast aumentati dell'11% a 114 milioni di dollari. I ricavi del Multiplatform Group sono diminuiti dell'1% a 620 milioni di dollari. L'azienda si aspetta che i ricavi consolidati del quarto trimestre aumentino di una cifra alta a una sola cifra e che l'EBITDA rettificato per l'intero anno 2024 raggiunga circa 750 milioni di dollari, in aumento dell'8%.
iHeartMedia (IHRT) informó los resultados financieros del tercer trimestre de 2024, con ingresos de 1.008 millones de dólares, un aumento del 5,8%. La compañía anunció transacciones de intercambio de deuda que afectan a 4.1 mil millones de dólares de deuda existente y programas de eficiencia de costos que se espera generen 150 millones de dólares en ahorros netos anuales en 2025. Los ingresos del Digital Audio Group crecieron un 13% hasta alcanzar 301 millones de dólares, con ingresos por podcast que aumentaron un 11% a 114 millones de dólares. Los ingresos del Multiplatform Group disminuyeron un 1% a 620 millones de dólares. La empresa espera que los ingresos consolidados del cuarto trimestre aumenten en dígitos altos simples y que el EBITDA ajustado del año completo 2024 llegue a aproximadamente 750 millones de dólares, un aumento del 8%.
iHeartMedia (IHRT)는 2024년 3분기 재무 결과를 보고하며 10억 8백만 달러의 수익을 기록했고, 이는 5.8% 증가한 수치입니다. 회사는 41억 달러의 기존 부채에 영향을 미치는 부채 교환 거래를 발표했으며, 2025년에는 1억 5천만 달러의 순 연간 절감 효과를 창출할 것으로 예상되는 비용 효율화 프로그램을 계획하고 있습니다. 디지털 오디오 그룹의 수익은 13% 증가하여 3억 1백만 달러에 도달했으며, 팟캐스트 수익은 11% 증가하여 1억 1천4백만 달러에 달했습니다. 멀티플랫폼 그룹의 수익은 1% 감소하여 6억 2천만 달러에 이릅니다. 회사는 4분기 통합 수익이 높은 한 자릿수 퍼센트로 증가할 것으로 예상하며, 2024년 전체 연도 조정된 EBITDA는 약 7억 5천만 달러에 이를 것으로 보이며, 이는 8% 증가한 수치입니다.
iHeartMedia (IHRT) a annoncé les résultats financiers du troisième trimestre 2024 avec des revenus de 1,008 milliard de dollars, en hausse de 5,8 %. L'entreprise a annoncé des transactions d'échange de dettes affectant 4,1 milliards de dollars de dettes existantes et des programmes d'efficacité des coûts qui devraient générer 150 millions de dollars d'économies nettes annuelles en 2025. Les revenus du Digital Audio Group ont augmenté de 13 % pour atteindre 301 millions de dollars, avec des revenus de podcast en hausse de 11 % à 114 millions de dollars. Les revenus du Multiplatform Group ont diminué de 1 % pour s'établir à 620 millions de dollars. L'entreprise s'attend à ce que les revenus consolidés du quatrième trimestre augmentent d'un chiffre à un seul chiffre élevé et que l'EBITDA ajusté pour l'année complète 2024 atteigne environ 750 millions de dollars, soit une augmentation de 8 %.
iHeartMedia (IHRT) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 1.008 Millionen Dollar, ein Anstieg um 5,8%. Das Unternehmen gab an, dass Schuldenwechseltransaktionen 4,1 Milliarden Dollar bestehender Schulden betreffen und Kosteneffizienzprogramme erwartet werden, die 150 Millionen Dollar an jährlichen Nettoeinsparungen im Jahr 2025 generieren. Der Umsatz der Digital Audio Group stieg um 13% auf 301 Millionen Dollar, während die Podcast-Einnahmen um 11% auf 114 Millionen Dollar zunahmen. Der Umsatz der Multiplatform Group ging um 1% auf 620 Millionen Dollar zurück. Das Unternehmen erwartet, dass der konsolidierte Umsatz im vierten Quartal um einen hohen einstelligen Prozentsatz steigt und das umsatzbereinigte EBITDA für das Gesamtjahr 2024 voraussichtlich etwa 750 Millionen Dollar erreichen wird, ein Anstieg um 8%.
- Revenue increased 5.8% to $1,008 million in Q3 2024
- Digital Audio Group revenue up 13% to $301 million
- Podcast revenue grew 11% to $114 million
- Cost efficiency programs to generate $150 million net annual savings in 2025
- Q4 2024 Adjusted EBITDA expected to increase 39% to $290 million
- Multiplatform Group revenue declined 1% to $620 million
- Multiplatform Group Adjusted EBITDA down 20%
- Net loss of $41.3 million in Q3 2024
- Total debt remains high at $5.22 billion
Insights
iHeartMedia's Q3 results reveal a complex financial picture. Revenue grew 5.8% to
The cost efficiency program targeting
The Digital Audio segment continues to be the growth engine, with podcast revenue up
The digital transformation story at iHeart shows promise but faces headwinds. The podcast business reaching
However, the
Financial Highlights:1
Announced Debt Exchange Transactions and Cost Efficiency Actions
-
Entered into a transaction support agreement with a group of debt holders representing approximately
80% of the Company’s outstanding term loan and notes to exchange of existing debt; extend maturities by three years; keep consolidated annual cash interest essentially flat; and provide debt reduction$4.1 billion -
Announced cost programs expected to generate
of annual cost savings in 2025. In addition, programs enacted earlier this year will generate another$150 million in 2025, for a total of$50 million of year over year savings in 2025. Offset by$200 million of cost increases for 2025, for a net benefit of$50 million $150 million
Q3 2024 Consolidated Results
-
Q3 Revenue of
, up$1,008 million 5.8% ; within guidance of up mid-single digits-
Excluding Q3 Political Revenue, Q3 Revenue up
2.0%
-
Excluding Q3 Political Revenue, Q3 Revenue up
-
GAAP Operating income of
vs.$77 million in Q3 2023$69 million -
Consolidated Adjusted EBITDA of
, within previously disclosed guidance range of$205 million to$200 million , compared to$220 million in Q3 2023$204 million -
Cash provided by operating activities of
$103 million -
Free Cash Flow of
$73 million -
Cash balance and total available liquidity2 of
and$432 million , respectively, as of September 30, 2024$858 million
Q3 2024 Digital Audio Group Results
-
Digital Audio Group Revenue of
up$301 million 13% -
Podcast Revenue of
up$114 million 11% -
Digital Revenue excluding Podcast of
up$187 million 14%
-
Podcast Revenue of
-
Segment Adjusted EBITDA of
up$100 million 7% -
Digital Audio Group Adjusted EBITDA margin of
33.2%
-
Digital Audio Group Adjusted EBITDA margin of
Q3 2024 Multiplatform Group Results
-
Multiplatform Group Revenue of
down$620 million 1% -
Excluding Multiplatform Group Q3 Political Revenue, Multiplatform Group Q3 Revenue down
3%
-
Excluding Multiplatform Group Q3 Political Revenue, Multiplatform Group Q3 Revenue down
-
Segment Adjusted EBITDA of
down$130 million 20% -
Multiplatform Group Adjusted EBITDA margin of
21.0%
-
Multiplatform Group Adjusted EBITDA margin of
Guidance
- Q4 Consolidated Revenue expected to increase in the high-single digits
- Full Year 2024 Consolidated Revenue expected to increase in the mid-single digits
-
Q4 Consolidated Adjusted EBITDA3 expected to be approximately
, up approximately$290 million 39% -
Full Year 2024 Consolidated Adjusted EBITDA3 expected to be approximately
, up approximately$750 million 8% - Full Year 2025 Consolidated Revenue expected to be approximately flat in a non-political year
-
Full Year 2025 Consolidated Adjusted EBITDA3 expected to be approximately
, up approximately$770 million 3% in a non-political year
Statement from Senior Management
“We’re pleased to report that our third quarter results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “We continue to see evidence that this is a recovery year for advertising revenues, and the strong momentum in our podcast business, our digital ex-podcast business, and the sequential improvement of our Multiplatform Group’s year over year revenue performance reflect the power of our unparalleled reach, consumer relationships and range of assets.” Pittman continued, “Technology is the key to increasing our operating leverage because it allows us to speed up processes, streamline legacy systems, and enables us to take another significant step in our modernization journey. We have flattened our organization, eliminated redundancies and broken down silos, which will have a major impact on costs, expected to generate
“We’re happy to announce that we have entered into a Transaction Support Agreement with a group of debt holders representing, on an aggregate basis, approximately
Consolidated Results of Operations
Third Quarter 2024 Consolidated Results
Our consolidated revenue increased
Consolidated direct operating expenses increased
Consolidated Selling, General & Administrative ("SG&A") expenses increased
Our consolidated GAAP Operating income was
Adjusted EBITDA increased to
Cash provided by operating activities was
Business Segments: Results of Operations
Third Quarter 2024 Multiplatform Group Results
(In thousands) |
Three Months Ended September 30, |
|
% |
|
Nine Months Ended September 30, |
|
% |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||||||||
Revenue |
$ |
619,544 |
|
|
$ |
626,383 |
|
|
(1.1 |
)% |
|
$ |
1,688,914 |
|
|
$ |
1,751,340 |
|
|
(3.6 |
)% |
|
Operating expenses1 |
|
489,672 |
|
|
|
463,939 |
|
|
5.5 |
% |
|
|
1,377,597 |
|
|
|
1,339,441 |
|
|
2.8 |
% |
|
Segment Adjusted EBITDA |
$ |
129,872 |
|
|
$ |
162,444 |
|
|
(20.1 |
)% |
|
$ |
311,317 |
|
|
$ |
411,899 |
|
|
(24.4 |
)% |
|
Segment Adjusted EBITDA margin |
|
21.0 |
% |
|
|
25.9 |
% |
|
|
|
|
18.4 |
% |
|
|
23.5 |
% |
|
|
|||
1 Operating expenses consist of Direct operating expenses and SG&A expenses, excluding Restructuring expenses. |
Revenue from our Multiplatform Group decreased
Operating expenses increased
Segment Adjusted EBITDA Margin decreased YoY to
Third Quarter 2024 Digital Audio Group Results
(In thousands) |
Three Months Ended September 30, |
|
% |
|
Nine Months Ended September 30, |
|
% |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||||||||
Revenue |
$ |
301,041 |
|
|
$ |
267,222 |
|
|
12.7 |
% |
|
$ |
825,623 |
|
|
$ |
751,472 |
|
|
9.9 |
% |
|
Operating expenses1 |
|
201,035 |
|
|
|
173,565 |
|
|
15.8 |
% |
|
|
565,620 |
|
|
|
519,115 |
|
|
9.0 |
% |
|
Segment Adjusted EBITDA |
$ |
100,006 |
|
|
$ |
93,657 |
|
|
6.8 |
% |
|
$ |
260,003 |
|
|
$ |
232,357 |
|
|
11.9 |
% |
|
Segment Adjusted EBITDA margin |
|
33.2 |
% |
|
|
35.0 |
% |
|
|
|
|
31.5 |
% |
|
|
30.9 |
% |
|
|
|||
1 Operating expenses consist of Direct operating expenses and SG&A expenses, excluding Restructuring expenses. |
Revenue from our Digital Audio Group increased
Operating expenses increased
Segment Adjusted EBITDA Margin decreased YoY to
Third Quarter 2024 Audio & Media Services Group Results
(In thousands) |
Three Months Ended September 30, |
|
% |
|
Nine Months Ended September 30, |
|
% |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||||||||
Revenue |
$ |
90,050 |
|
|
$ |
61,979 |
|
|
45.3 |
% |
|
$ |
229,300 |
|
|
$ |
189,134 |
|
|
21.2 |
% |
|
Operating expenses1 |
|
45,641 |
|
|
|
45,003 |
|
|
1.4 |
% |
|
|
137,347 |
|
|
|
138,315 |
|
|
(0.7 |
)% |
|
Segment Adjusted EBITDA |
$ |
44,409 |
|
|
$ |
16,976 |
|
|
161.6 |
% |
|
$ |
91,953 |
|
|
$ |
50,819 |
|
|
80.9 |
% |
|
Segment Adjusted EBITDA margin |
|
49.3 |
% |
|
|
27.4 |
% |
|
|
|
|
40.1 |
% |
|
|
26.9 |
% |
|
|
|||
1 Operating expenses consist of Direct operating expenses and SG&A expenses, excluding Restructuring expenses. |
Revenue from our Audio & Media Services Group increased
Operating expenses increased
Segment Adjusted EBITDA Margin increased YoY to
GAAP and Non-GAAP Measures: Consolidated
(In thousands) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Revenue |
$ |
1,008,133 |
|
|
$ |
952,989 |
|
|
$ |
2,736,263 |
|
|
$ |
2,684,242 |
|
|
Operating income (loss) |
|
76,720 |
|
|
|
68,965 |
|
|
|
(867,655 |
) |
|
|
(877,091 |
) |
|
Adjusted EBITDA1 |
|
204,585 |
|
|
|
203,782 |
|
|
|
459,409 |
|
|
|
488,386 |
|
|
Net loss |
|
(41,325 |
) |
|
|
(8,969 |
) |
|
|
(1,041,422 |
) |
|
|
(1,114,314 |
) |
|
Cash provided by operating activities2 |
|
102,765 |
|
|
|
96,169 |
|
|
|
70,217 |
|
|
|
58,958 |
|
|
Free cash flow1,2 |
|
73,345 |
|
|
|
67,651 |
|
|
|
(1,957 |
) |
|
|
(31,498 |
) |
___________________________ | ||
1 |
See the end of this press release for reconciliations of (i) Adjusted EBITDA to Operating income (loss), (ii) Adjusted EBITDA to Net loss, (iii) Free Cash Flow to Cash provided by operating activities, (iv) revenue, excluding political advertising revenue, to revenue, and (v) Net Debt to Total Debt. See also the definitions of Adjusted EBITDA, Free Cash Flow, Adjusted EBITDA margin, and Net Debt under the Supplemental Disclosure Regarding Non-GAAP Financial Information section in this release. |
|
2 |
We made cash interest payments of |
Certain prior period amounts have been reclassified to conform to the 2024 presentation of financial information throughout the press release.
Liquidity and Financial Position
As of September 30, 2024, we had
Capital expenditures for the nine months ended September 30, 2024 were
As of September 30, 2024, the Company had
Cash balance and total available liquidity4 were
Revenue Streams
The tables below present the comparison of our historical revenue streams (including political revenue) for the periods presented:
(In thousands) |
Three Months Ended September 30, |
|
% |
|
Nine Months Ended September 30, |
|
% |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||||||||
Broadcast Radio |
$ |
448,808 |
|
|
$ |
455,103 |
|
|
(1.4 |
)% |
|
$ |
1,233,636 |
|
|
$ |
1,267,493 |
|
|
(2.7 |
)% |
|
Networks |
|
115,310 |
|
|
|
116,334 |
|
|
(0.9 |
)% |
|
|
323,952 |
|
|
|
346,456 |
|
|
(6.5 |
)% |
|
Sponsorship and Events |
|
50,329 |
|
|
|
49,500 |
|
|
1.7 |
% |
|
|
117,279 |
|
|
|
120,297 |
|
|
(2.5 |
)% |
|
Other |
|
5,097 |
|
|
|
5,446 |
|
|
(6.4 |
)% |
|
|
14,047 |
|
|
|
17,094 |
|
|
(17.8 |
)% |
|
Multiplatform Group1 |
|
619,544 |
|
|
|
626,383 |
|
|
(1.1 |
)% |
|
|
1,688,914 |
|
|
|
1,751,340 |
|
|
(3.6 |
)% |
|
Digital ex. Podcast |
|
186,996 |
|
|
|
164,559 |
|
|
13.6 |
% |
|
|
516,433 |
|
|
|
475,291 |
|
|
8.7 |
% |
|
Podcast |
|
114,045 |
|
|
|
102,663 |
|
|
11.1 |
% |
|
|
309,190 |
|
|
|
276,181 |
|
|
12.0 |
% |
|
Digital Audio Group |
|
301,041 |
|
|
|
267,222 |
|
|
12.7 |
% |
|
|
825,623 |
|
|
|
751,472 |
|
|
9.9 |
% |
|
Audio & Media Services Group1 |
|
90,050 |
|
|
|
61,979 |
|
|
45.3 |
% |
|
|
229,300 |
|
|
|
189,134 |
|
|
21.2 |
% |
|
Eliminations |
|
(2,502 |
) |
|
|
(2,595 |
) |
|
|
|
|
(7,574 |
) |
|
|
(7,704 |
) |
|
|
|||
Revenue, total1 |
$ |
1,008,133 |
|
|
$ |
952,989 |
|
|
5.8 |
% |
|
$ |
2,736,263 |
|
|
$ |
2,684,242 |
|
|
1.9 |
% |
1 |
Excluding the impact of political revenue, Revenue from the Multiplatform Group and Consolidated Revenue decreased by |
Conference Call
iHeartMedia, Inc. will host a conference call to discuss results and business outlook on November 7, 2024, at 8:30 a.m. Eastern Time. The conference call number is (888) 596-4144 (
About iHeartMedia, Inc.
iHeartMedia (Nasdaq: IHRT) is the number one audio company in
With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the
The iHeartMedia Digital Audio Group includes the Company’s fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500+ platforms and thousands of devices; the Company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.
The Company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.
Certain statements herein 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 important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries 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 forward-looking statements. These forward-looking statements include, but are not limited to, statements related to the transactions described above, including the Company’s ability to complete any of the transactions on the terms contemplated by the transaction support agreement, on the timeline contemplated or at all, and the Company’s ability to realize the intended benefits of any such transactions. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about positioning in uncertain economic environment and future economic recovery, driving shareholder value, our anticipated growth and year-over-year financial performance, our anticipated political advertising revenues for 2024; our expected costs savings and other capital and operating expense reduction initiatives, utilizing new technologies and programmatic platforms, developing new consumer and revenue opportunities; improving operational efficiency, future advertising demand, trends in the advertising industry, including on other media platforms; strategies and initiatives, and our anticipated financial performance, including our outlook as to fourth quarter and full year 2024 consolidated and operating segment results, anticipated capital expenditures and other impacts on our free cash flow, including our outlook as to fourth quarter and full year 2024 and 2025 consolidated and operating segment results, anticipated capital expenditures and other impacts on our free cash flow liquidity, and net leverage are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important 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 press release include, but are not limited to: risks related to weak or uncertain global economic conditions and our dependence on advertising revenues; competition, including increased competition from alternative media platforms and technologies; dependence upon our brand and the performance of on-air talent, program hosts and management; fluctuations in operating costs; technological and industry changes and innovations; shifts in population and other demographics; risks related to our use of artificial intelligence, impact of acquisitions, dispositions and other strategic transactions; risks related to our indebtedness; legislative or regulatory requirements; impact of legislation, ongoing litigation or royalty audits on music licensing and royalties; regulations and concerns regarding privacy and data protection and breaches of information security measures; risks related to scrutiny of environmental, social and governance matters, risks related to our Class A common stock; and regulations impacting our business and the ownership of our securities. 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 press release 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 hereof. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the
APPENDIX
TABLE 1 - Comparison of operating performance
(In thousands) |
Three Months Ended September 30, |
|
% |
|
Nine Months Ended September 30, |
|
% |
|||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||||||
Revenue |
$ |
1,008,133 |
|
$ |
952,989 |
|
5.8 |
% |
|
$ |
2,736,263 |
|
|
$ |
2,684,242 |
|
|
1.9 |
% |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Direct operating expenses (excludes depreciation and amortization) |
|
409,745 |
|
|
379,997 |
|
7.8 |
% |
|
|
1,133,154 |
|
|
|
1,079,678 |
|
|
5.0 |
% |
|
Selling, general and administrative expenses (excludes depreciation and amortization) |
|
418,833 |
|
|
393,628 |
|
6.4 |
% |
|
|
1,235,591 |
|
|
|
1,190,202 |
|
|
3.8 |
% |
|
Depreciation and amortization |
|
101,331 |
|
|
106,451 |
|
|
|
|
310,849 |
|
|
|
323,028 |
|
|
|
|||
Impairment charges |
|
412 |
|
|
570 |
|
|
|
|
922,144 |
|
|
|
965,087 |
|
|
|
|||
Other operating expense |
|
1,092 |
|
|
3,378 |
|
|
|
|
2,180 |
|
|
|
3,338 |
|
|
|
|||
Operating income (loss) |
$ |
76,720 |
|
$ |
68,965 |
|
|
|
$ |
(867,655 |
) |
|
$ |
(877,091 |
) |
|
|
|||
Depreciation and amortization |
|
101,331 |
|
|
106,451 |
|
|
|
|
310,849 |
|
|
|
323,028 |
|
|
|
|||
Impairment charges |
|
412 |
|
|
570 |
|
|
|
|
922,144 |
|
|
|
965,087 |
|
|
|
|||
Other operating expense |
|
1,092 |
|
|
3,378 |
|
|
|
|
2,180 |
|
|
|
3,338 |
|
|
|
|||
Restructuring expenses |
|
16,767 |
|
|
16,227 |
|
|
|
|
67,928 |
|
|
|
46,469 |
|
|
|
|||
Share-based compensation expense |
|
8,263 |
|
|
8,191 |
|
|
|
|
23,963 |
|
|
|
27,555 |
|
|
|
|||
Adjusted EBITDA1 |
$ |
204,585 |
|
$ |
203,782 |
|
0.4 |
% |
|
$ |
459,409 |
|
|
$ |
488,386 |
|
|
(5.9 |
)% |
|
1See the end of this press release for reconciliations of (i) Adjusted EBITDA to Operating income (loss), (ii) Adjusted EBITDA to Net loss, (iii) Free Cash Flow to Cash provided by operating activities, (iv) revenue, excluding political advertising revenue, to revenue, and (v) Net Debt to Total Debt. See also the definitions of Adjusted EBITDA, Free Cash Flow, Adjusted EBITDA margin and Net Debt under the Supplemental Disclosure section in this release. |
TABLE 2 - Statements of Operations
(In thousands) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Revenue |
$ |
1,008,133 |
|
|
$ |
952,989 |
|
|
$ |
2,736,263 |
|
|
$ |
2,684,242 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Direct operating expenses (excludes depreciation and amortization) |
|
409,745 |
|
|
|
379,997 |
|
|
|
1,133,154 |
|
|
|
1,079,678 |
|
|
Selling, general and administrative expenses (excludes depreciation and amortization) |
|
418,833 |
|
|
|
393,628 |
|
|
|
1,235,591 |
|
|
|
1,190,202 |
|
|
Depreciation and amortization |
|
101,331 |
|
|
|
106,451 |
|
|
|
310,849 |
|
|
|
323,028 |
|
|
Impairment charges |
|
412 |
|
|
|
570 |
|
|
|
922,144 |
|
|
|
965,087 |
|
|
Other operating expense |
|
1,092 |
|
|
|
3,378 |
|
|
|
2,180 |
|
|
|
3,338 |
|
|
Operating income (loss) |
|
76,720 |
|
|
|
68,965 |
|
|
|
(867,655 |
) |
|
|
(877,091 |
) |
|
Interest expense, net |
|
95,715 |
|
|
|
99,509 |
|
|
|
286,807 |
|
|
|
293,659 |
|
|
Gain (loss) on investments, net |
|
(103 |
) |
|
|
(7,381 |
) |
|
|
91,479 |
|
|
|
(19,924 |
) |
|
Equity in loss of nonconsolidated affiliates |
|
(2,587 |
) |
|
|
(3,514 |
) |
|
|
(2,693 |
) |
|
|
(3,518 |
) |
|
Gain on extinguishment of debt |
|
— |
|
|
|
23,947 |
|
|
|
— |
|
|
|
51,474 |
|
|
Other income (expense), net |
|
1,195 |
|
|
|
(738 |
) |
|
|
468 |
|
|
|
(1,109 |
) |
|
Loss before income taxes |
|
(20,490 |
) |
|
|
(18,230 |
) |
|
|
(1,065,208 |
) |
|
|
(1,143,827 |
) |
|
Income tax benefit (expense) |
|
(20,835 |
) |
|
|
9,261 |
|
|
|
23,786 |
|
|
|
29,513 |
|
|
Net loss |
|
(41,325 |
) |
|
|
(8,969 |
) |
|
|
(1,041,422 |
) |
|
|
(1,114,314 |
) |
|
Less amount attributable to noncontrolling interest |
|
(60 |
) |
|
|
84 |
|
|
|
9 |
|
|
|
1,469 |
|
|
Net loss attributable to the Company |
$ |
(41,265 |
) |
|
$ |
(9,053 |
) |
|
$ |
(1,041,431 |
) |
|
$ |
(1,115,783 |
) |
TABLE 3 - Selected Balance Sheet Information
Selected balance sheet information for September 30, 2024 and December 31, 2023:
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
|||||
Cash |
$ |
431.8 |
|
|
$ |
346.4 |
|
|
Total Current Assets |
|
1,508.0 |
|
|
|
1,506.9 |
|
|
Net Property, Plant and Equipment |
|
500.2 |
|
|
|
558.9 |
|
|
Total Assets |
|
5,779.0 |
|
|
|
6,952.6 |
|
|
Current Liabilities (excluding current portion of long-term debt) |
|
779.3 |
|
|
|
848.1 |
|
|
Long-term Debt (including current portion of long-term debt) |
|
5,221.8 |
|
|
|
5,215.2 |
|
|
Stockholders' Deficit |
|
(1,409.4 |
) |
|
|
(384.8 |
) |
Supplemental Disclosure Regarding Non-GAAP Financial Information
The following tables set forth the Company’s Adjusted EBITDA, Adjusted EBITDA margin, revenues excluding political advertising revenue, and Free Cash Flow for the three and nine months ended September 30, 2024 and 2023, and Net Debt as of September 30, 2024. Adjusted EBITDA is defined as consolidated Operating income (loss) adjusted to exclude restructuring expenses included within Direct operating expenses and SG&A expenses, and share-based compensation expenses included within SG&A expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Impairment charges, and Other operating expense. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Income tax (benefit) expense, Interest expense, net, Depreciation and amortization, (Gain) loss on investments, net, Gain on extinguishment of debt, Other (income) expense, net, Equity in loss of nonconsolidated affiliates, Impairment charges, Other operating expense, Share-based compensation expense, and restructuring expenses. Restructuring expenses primarily include expenses incurred in connection with cost-saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue.
The Company uses Adjusted EBITDA and Adjusted EBITDA margin, among other measures, to evaluate the Company’s operating performance. Adjusted EBITDA 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 operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets.
The Company believes the presentation of these measures 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 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.
Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, Operating income (loss) as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of the Company’s ability to fund its cash needs. As it excludes certain financial information compared with Operating income (loss), the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded.
We define Free Cash Flow as Cash provided by operating activities less capital expenditures, which is disclosed as Purchases of property, plant and equipment in the Company's Consolidated Statements of Cash Flows. We use Free Cash Flow, among other measures, to evaluate the Company’s liquidity and its ability to generate cash flow. We believe that Free Cash Flow is meaningful to investors because it provides them with a view of the Company's liquidity after deducting capital expenditures, which are considered to be a necessary component of ongoing operations. In addition, we believe that Free Cash Flow helps improve investors' ability to compare our liquidity with that of other companies.
Since Free Cash Flow is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, Cash provided by operating activities and may not be comparable to similarly titled measures employed by other companies. Free Cash Flow is not necessarily a measure of our ability to fund our cash needs.
The Company presents revenue, excluding the effects of political revenue. Due to the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting revenue, excluding the effects of political revenue, provides additional information to investors about the Company’s revenue growth from period to period.
We define Net Debt as Total Debt less Cash and cash equivalents. We define net leverage as Net Debt divided by Adjusted EBITDA. The Company uses net leverage and Net Debt to evaluate the Company's liquidity. We believe these measures are an important indicator of the Company's ability to service its long-term debt obligations.
Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance or liquidity.
As required by the SEC rules, the Company provides reconciliations below to the most directly comparable measures reported under GAAP, including (i) Adjusted EBITDA to Operating income (loss), (ii) Adjusted EBITDA to Net loss, (iii) Free Cash Flow to Cash provided by operating activities, (iv) revenue, excluding political advertising revenue, to revenue, and (v) Net Debt to Total Debt.
We have provided forecasted Consolidated Revenue and Adjusted EBITDA guidance for the quarter ending December 31, 2024 and the full year 2024 and 2025, which reflects targets for Adjusted EBITDA and net debt. Our Earnings Call on November 7, 2024 may present additional guidance that includes Adjusted EBITDA. A full reconciliation of the forecasted Adjusted EBITDA, net debt and net leverage on a non-GAAP basis to the respective most-directly comparable GAAP metrics cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations, including gains or losses on investments, extinguishment of debt, equity in nonconsolidated affiliates, impairment charges, stock based compensation, and restructuring as well as the Company's cash and cash equivalent balance.
Reconciliation of Operating income (loss) to Adjusted EBITDA
(In thousands) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Three Months Ended June 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|||||||||
Operating income (loss) |
$ |
76,720 |
|
$ |
68,965 |
|
$ |
(867,655 |
) |
|
$ |
(877,091 |
) |
|
$ |
(909,667 |
) |
|
Depreciation and amortization |
|
101,331 |
|
|
106,451 |
|
|
310,849 |
|
|
|
323,028 |
|
|
|
104,356 |
|
|
Impairment charges |
|
412 |
|
|
570 |
|
|
922,144 |
|
|
|
965,087 |
|
|
|
920,224 |
|
|
Other operating income, net |
|
1,092 |
|
|
3,378 |
|
|
2,180 |
|
|
|
3,338 |
|
|
|
516 |
|
|
Restructuring expenses |
|
16,767 |
|
|
16,227 |
|
|
67,928 |
|
|
|
46,469 |
|
|
|
27,558 |
|
|
Share-based compensation expense |
|
8,263 |
|
|
8,191 |
|
|
23,963 |
|
|
|
27,555 |
|
|
|
7,220 |
|
|
Adjusted EBITDA |
$ |
204,585 |
|
$ |
203,782 |
|
$ |
459,409 |
|
|
$ |
488,386 |
|
|
$ |
150,207 |
|
Reconciliation of Net loss to EBITDA and Adjusted EBITDA
(In thousands) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Three Months Ended June 30, |
|||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|||||||||||
Net loss |
$ |
(41,325 |
) |
|
$ |
(8,969 |
) |
|
$ |
(1,041,422 |
) |
|
$ |
(1,114,314 |
) |
|
$ |
(981,989 |
) |
|
Income tax (benefit) expense |
|
20,835 |
|
|
|
(9,261 |
) |
|
|
(23,786 |
) |
|
|
(29,513 |
) |
|
|
(23,959 |
) |
|
Interest expense, net |
|
95,715 |
|
|
|
99,509 |
|
|
|
286,807 |
|
|
|
293,659 |
|
|
|
95,577 |
|
|
Depreciation and amortization |
|
101,331 |
|
|
|
106,451 |
|
|
|
310,849 |
|
|
|
323,028 |
|
|
|
104,356 |
|
|
EBITDA |
$ |
176,556 |
|
|
$ |
187,730 |
|
|
$ |
(467,552 |
) |
|
$ |
(527,140 |
) |
|
$ |
(806,015 |
) |
|
(Gain) loss on investments, net |
|
103 |
|
|
|
7,381 |
|
|
|
(91,479 |
) |
|
|
19,924 |
|
|
|
412 |
|
|
Gain on extinguishment of debt |
|
— |
|
|
|
(23,947 |
) |
|
|
— |
|
|
|
(51,474 |
) |
|
|
— |
|
|
Other (income) expense, net |
|
(1,195 |
) |
|
|
738 |
|
|
|
(468 |
) |
|
|
1,109 |
|
|
|
231 |
|
|
Equity in loss of nonconsolidated affiliates |
|
2,587 |
|
|
|
3,514 |
|
|
|
2,693 |
|
|
|
3,518 |
|
|
|
61 |
|
|
Impairment charges |
|
412 |
|
|
|
570 |
|
|
|
922,144 |
|
|
|
965,087 |
|
|
|
920,224 |
|
|
Other operating income, net |
|
1,092 |
|
|
|
3,378 |
|
|
|
2,180 |
|
|
|
3,338 |
|
|
|
516 |
|
|
Restructuring expenses |
|
16,767 |
|
|
|
16,227 |
|
|
|
67,928 |
|
|
|
46,469 |
|
|
|
27,558 |
|
|
Share-based compensation expense |
|
8,263 |
|
|
|
8,191 |
|
|
|
23,963 |
|
|
|
27,555 |
|
|
|
7,220 |
|
|
Adjusted EBITDA |
$ |
204,585 |
|
|
$ |
203,782 |
|
|
$ |
459,409 |
|
|
$ |
488,386 |
|
|
$ |
150,207 |
|
Reconciliation of Cash provided by operating activities to Free Cash Flow
(In thousands) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Cash provided by operating activities |
$ |
102,765 |
|
|
$ |
96,169 |
|
|
$ |
70,217 |
|
|
$ |
58,958 |
|
|
Purchases of property, plant and equipment |
|
(29,420 |
) |
|
|
(28,518 |
) |
|
|
(72,174 |
) |
|
|
(90,456 |
) |
|
Free cash flow |
$ |
73,345 |
|
|
$ |
67,651 |
|
|
$ |
(1,957 |
) |
|
$ |
(31,498 |
) |
|
Net proceeds from real estate sales1 |
|
210 |
|
|
|
— |
|
|
|
210 |
|
|
|
4,629 |
|
|
Free cash flow including net proceeds from real estate sales |
$ |
73,555 |
|
|
$ |
67,651 |
|
|
$ |
(1,747 |
) |
|
$ |
(26,869 |
) |
|
(1) We deployed significant capital expenditures to accelerate the proactive streamlining of our real estate footprint. This initiative has succeeded in making certain real estate assets redundant, enabling the Company to sell such assets to partially fund the initiative’s gross capital expenditures. |
Reconciliation of Revenue to Revenue excluding Political Advertising
(In thousands) |
Three Months Ended September 30, |
|
% Change |
|
Nine Months Ended September 30, |
|
% Change |
|||||||||||||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|||||||||||||
Consolidated revenue |
$ |
1,008,133 |
|
|
$ |
952,989 |
|
|
5.8 |
% |
|
$ |
2,736,263 |
|
|
$ |
2,684,242 |
|
|
1.9 |
% |
|
Excluding: Political revenue |
|
(44,004 |
) |
|
|
(7,978 |
) |
|
|
|
|
(70,539 |
) |
|
|
(18,246 |
) |
|
|
|||
Consolidated revenue, excluding political |
$ |
964,129 |
|
|
$ |
945,011 |
|
|
2.0 |
% |
|
$ |
2,665,724 |
|
|
$ |
2,665,996 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Multiplatform Group revenue |
$ |
619,544 |
|
|
$ |
626,383 |
|
|
(1.1 |
)% |
|
$ |
1,688,914 |
|
|
$ |
1,751,340 |
|
|
(3.6 |
)% |
|
Excluding: Political revenue |
|
(16,414 |
) |
|
|
(5,294 |
) |
|
|
|
|
(32,103 |
) |
|
|
(13,123 |
) |
|
|
|||
Multiplatform Group revenue, excluding political |
$ |
603,130 |
|
|
$ |
621,089 |
|
|
(2.9 |
)% |
|
$ |
1,656,811 |
|
|
$ |
1,738,217 |
|
|
(4.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Digital Audio Group revenue |
$ |
301,041 |
|
|
$ |
267,222 |
|
|
12.7 |
% |
|
$ |
825,623 |
|
|
$ |
751,472 |
|
|
9.9 |
% |
|
Excluding: Political revenue |
|
(5,323 |
) |
|
|
(320 |
) |
|
|
|
|
(6,804 |
) |
|
|
(1,666 |
) |
|
|
|||
Digital Audio Group revenue, excluding political |
$ |
295,718 |
|
|
$ |
266,902 |
|
|
10.8 |
% |
|
$ |
818,819 |
|
|
$ |
749,806 |
|
|
9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Audio & Media Group Services revenue |
$ |
90,050 |
|
|
$ |
61,979 |
|
|
45.3 |
% |
|
$ |
229,300 |
|
|
$ |
189,134 |
|
|
21.2 |
% |
|
Excluding: Political revenue |
|
(22,267 |
) |
|
|
(2,363 |
) |
|
|
|
|
(31,632 |
) |
|
|
(3,457 |
) |
|
|
|||
Audio & Media Services Group revenue, excluding political |
$ |
67,783 |
|
|
$ |
59,616 |
|
|
13.7 |
% |
|
$ |
197,668 |
|
|
$ |
185,677 |
|
|
6.5 |
% |
Reconciliation of Total Debt to Net Debt
(In thousands) |
September 30,
|
||
Current portion of long-term debt |
$ |
1,059 |
|
Long-term debt |
|
5,220,788 |
|
Total debt |
$ |
5,221,847 |
|
Less: Cash and cash equivalents |
|
431,764 |
|
Net debt |
$ |
4,790,083 |
Segment Results
The following tables present the Company's segment results for the Company for the periods presented:
|
Segments |
|
|
|
|
|
|
|||||||||||||||||
(In thousands) |
Multiplatform Group |
|
Digital Audio Group |
|
Audio & Media Services Group |
|
Corporate and other reconciling items |
|
Eliminations |
|
Consolidated |
|||||||||||||
Three Months Ended September 30, 2024 |
||||||||||||||||||||||||
Revenue |
$ |
619,544 |
|
|
$ |
301,041 |
|
|
$ |
90,050 |
|
|
$ |
— |
|
|
$ |
(2,502 |
) |
|
$ |
1,008,133 |
|
|
Operating expenses(1) |
|
489,672 |
|
|
|
201,035 |
|
|
|
45,641 |
|
|
|
69,702 |
|
|
|
(2,502 |
) |
|
|
803,548 |
|
|
Adjusted EBITDA |
$ |
129,872 |
|
|
$ |
100,006 |
|
|
$ |
44,409 |
|
|
$ |
(69,702 |
) |
|
$ |
— |
|
|
$ |
204,585 |
|
|
Adjusted EBITDA margin |
|
21.0 |
% |
|
|
33.2 |
% |
|
|
49.3 |
% |
|
|
|
|
|
|
20.3 |
% |
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(101,331 |
) |
|||||||||||
Impairment charges |
|
|
|
|
|
|
|
|
|
|
|
(412 |
) |
|||||||||||
Other operating expense, net |
|
|
|
|
|
|
|
|
|
|
|
(1,092 |
) |
|||||||||||
Restructuring expenses |
|
|
|
|
|
|
|
|
|
|
|
(16,767 |
) |
|||||||||||
Share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
(8,263 |
) |
|||||||||||
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
76,720 |
|
|||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
7.6 |
% |
|
Segments |
|
|
|
|
|
|
|||||||||||||||||
(In thousands) |
Multiplatform Group |
|
Digital Audio Group |
|
Audio & Media Services Group |
|
Corporate and other reconciling items |
|
Eliminations |
|
Consolidated |
|||||||||||||
Three Months Ended September 30, 2023 |
||||||||||||||||||||||||
Revenue |
$ |
626,383 |
|
|
$ |
267,222 |
|
|
$ |
61,979 |
|
|
$ |
— |
|
|
$ |
(2,595 |
) |
|
$ |
952,989 |
|
|
Operating expenses(1) |
|
463,939 |
|
|
|
173,565 |
|
|
|
45,003 |
|
|
|
69,295 |
|
|
|
(2,595 |
) |
|
|
749,207 |
|
|
Adjusted EBITDA |
$ |
162,444 |
|
|
$ |
93,657 |
|
|
$ |
16,976 |
|
|
$ |
(69,295 |
) |
|
$ |
— |
|
|
$ |
203,782 |
|
|
Adjusted EBITDA margin |
|
25.9 |
% |
|
|
35.0 |
% |
|
|
27.4 |
% |
|
|
|
|
|
|
21.4 |
% |
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(106,451 |
) |
|||||||||||
Impairment charges |
|
|
|
|
|
|
|
|
|
|
|
(570 |
) |
|||||||||||
Other operating expense, net |
|
|
|
|
|
|
|
|
|
|
|
(3,378 |
) |
|||||||||||
Restructuring expenses |
|
|
|
|
|
|
|
|
|
|
|
(16,227 |
) |
|||||||||||
Share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
(8,191 |
) |
|||||||||||
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
68,965 |
|
|||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
7.2 |
% |
|||||||||||
(1) Operating expenses consist of Direct operating expenses and SG&A expenses, excluding Restructuring expenses and share-based compensation expenses. |
|
Segments |
|
|
|
|
|
|
|||||||||||||||||
(In thousands) |
Multiplatform Group |
|
Digital Audio Group |
|
Audio & Media Services Group |
|
Corporate and other reconciling items |
|
Eliminations |
|
Consolidated |
|||||||||||||
Nine Months Ended September 30, 2024 |
||||||||||||||||||||||||
Revenue |
$ |
1,688,914 |
|
|
$ |
825,623 |
|
|
$ |
229,300 |
|
|
$ |
— |
|
|
$ |
(7,574 |
) |
|
$ |
2,736,263 |
|
|
Operating expenses(1) |
|
1,377,597 |
|
|
|
565,620 |
|
|
|
137,347 |
|
|
|
203,864 |
|
|
|
(7,574 |
) |
|
|
2,276,854 |
|
|
Adjusted EBITDA |
$ |
311,317 |
|
|
$ |
260,003 |
|
|
$ |
91,953 |
|
|
$ |
(203,864 |
) |
|
$ |
— |
|
|
$ |
459,409 |
|
|
Adjusted EBITDA margin |
|
18.4 |
% |
|
|
31.5 |
% |
|
|
40.1 |
% |
|
|
|
|
|
|
16.8 |
% |
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(310,849 |
) |
|||||||||||
Impairment charges |
|
|
|
|
|
|
|
|
|
|
|
(922,144 |
) |
|||||||||||
Other operating expense, net |
|
|
|
|
|
|
|
|
|
|
|
(2,180 |
) |
|||||||||||
Restructuring expenses |
|
|
|
|
|
|
|
|
|
|
|
(67,928 |
) |
|||||||||||
Share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
(23,963 |
) |
|||||||||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
$ |
(867,655 |
) |
|||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
(31.7 |
)% |
|
Segments |
|
|
|
|
|
|
|||||||||||||||||
(In thousands) |
Multiplatform Group |
|
Digital Audio Group |
|
Audio & Media Services Group |
|
Corporate and other reconciling items |
|
Eliminations |
|
Consolidated |
|||||||||||||
Nine Months Ended September 30, 2023 |
||||||||||||||||||||||||
Revenue |
$ |
1,751,340 |
|
|
$ |
751,472 |
|
|
$ |
189,134 |
|
|
$ |
— |
|
|
$ |
(7,704 |
) |
|
$ |
2,684,242 |
|
|
Operating expenses(1) |
|
1,339,441 |
|
|
|
519,115 |
|
|
|
138,315 |
|
|
|
206,689 |
|
|
|
(7,704 |
) |
|
|
2,195,856 |
|
|
Adjusted EBITDA |
$ |
411,899 |
|
|
$ |
232,357 |
|
|
$ |
50,819 |
|
|
$ |
(206,689 |
) |
|
$ |
— |
|
|
$ |
488,386 |
|
|
Adjusted EBITDA margin |
|
23.5 |
% |
|
|
30.9 |
% |
|
|
26.9 |
% |
|
|
|
|
|
|
18.2 |
% |
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(323,028 |
) |
|||||||||||
Impairment charges |
|
|
|
|
|
|
|
|
|
|
|
(965,087 |
) |
|||||||||||
Other operating income, net |
|
|
|
|
|
|
|
|
|
|
|
(3,338 |
) |
|||||||||||
Restructuring expenses |
|
|
|
|
|
|
|
|
|
|
|
(46,469 |
) |
|||||||||||
Share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
(27,555 |
) |
|||||||||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
$ |
(877,091 |
) |
|||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
(32.7 |
)% |
|||||||||||
(1) Operating expenses consist of Direct operating expenses and SG&A expenses, excluding Restructuring expenses and share-based compensation expenses. |
___________________________ |
1 Unless otherwise noted, all results are based on year over year comparisons. |
2 Total available liquidity is defined as cash and cash equivalents plus available borrowings under our ABL Facility. We use total available liquidity to evaluate our capacity to access cash to meet obligations and fund operations. |
3 A full reconciliation of forecasted Adjusted EBITDA, net debt and net leverage on a non-GAAP basis to the respective most-directly comparable GAAP metrics cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations, including gains or losses on investments, extinguishment of debt, equity in nonconsolidated affiliates, impairment charges, stock based compensation, and restructuring as well as the Company’s cash and cash equivalents balance. |
4 Total available liquidity is defined as cash and cash equivalents plus available borrowings under our ABL Facility. We use total available liquidity to evaluate our capacity to access cash to meet obligations and fund operations. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107644728/en/
Media
Wendy Goldberg
Chief Communications Officer
(212) 377-1105
wendygoldberg@iheartmedia.com
Investors
Mike McGuinness
EVP, Deputy CFO, and Head of Investor Relations
(212) 377-1336
mbm@iheartmedia.com
Source: iHeartMedia, Inc.
FAQ
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