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Mar 31, 2021
iHeartMedia Q1 2021 Earnings Report
Reported financial results for the quarter, outperforming guidance with Digital driving performance and demonstrating sequential revenue improvement.
Key Takeaways
iHeartMedia, Inc. reported Q1 2021 financial results, showing revenue of $707 million, a 9.5% decrease year-over-year, but outperforming company guidance. Excluding political impacts, revenue was down 7%. The company's digital audio group saw significant growth, with revenues up 70% year-over-year. The company is confident it will be back to 2019 Adjusted EBITDA levels by the end of 2021.
Q1 Revenue of $707 million, down 9.5% YoY; excluding the impact of Political, Q1 Revenue was down 7% YoY, surpassing the Company's guidance.
GAAP Operating loss of $76 million compared to $1.7 billion in prior-year, which included $1.7 billion of impairment charges.
Digital Audio Group Revenues were up 70% YoY, with Podcast Revenue up 142% YoY, and Digital Revenue excluding Podcast were up 55% YoY.
iHeart remains the number one podcast publisher, leading the industry in downloads and unique listeners.
Revenue by Segment
Forward Guidance
The Company Provides the Following Guidance: We remain confident that we will be back to 2019 Adjusted EBITDA levels by the end of 2021. April Revenues were up approximately 85% YoY, with Podcasting revenue up approximately 170%. We expect Q2 Revenues to be up approximately 65% YoY
Positive Outlook
- Back to 2019 Adjusted EBITDA levels by the end of 2021
- April Revenues were up approximately 85% YoY
- Podcasting revenue up approximately 170%
- Expect Q2 Revenues to be up approximately 65% YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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