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Mar 31, 2022
iHeartMedia Q1 2022 Earnings Report
Reported strong results driven by digital transformation and multiplatform strategy.
Key Takeaways
iHeartMedia reported a strong first quarter with revenue up 19.4% year-over-year, slightly exceeding the high end of guidance. Adjusted EBITDA increased by 42% year-over-year. The company remains focused on Adjusted EBITDA margin expansion, Free Cash Flow generation, and reducing net leverage.
Q1 Revenue of $843 million up 19.4% YoY.
GAAP Operating income of $12 million vs. Operating loss of $76 million in Q1 2021.
Consolidated Adjusted EBITDA of $145 million increased 42% YoY.
Digital Audio Group Revenue of $214 million up 36% YoY, with Podcast Revenue up 79% YoY.
Revenue by Segment
Forward Guidance
iHeartMedia expects Q2 Consolidated Revenue to increase by approximately 10%-14% YoY and Consolidated Adjusted EBITDA expected to be $225 million to $245 million.
Positive Outlook
- Q2 Consolidated Revenue expected to increase by approximately 10%-14% YoY
- May and June Consolidated Revenue currently pacing up in the mid to high teens YoY
- Q2 Consolidated Adjusted EBITDA expected to be $225 million to $245 million
- Expect to make significant progress in 2022 towards the previously announced Net Debt to Adjusted EBITDA target of approximately 4x
- April Consolidated Revenue up approximately 8% YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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