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Jun 30, 2022
iHeartMedia Q2 2022 Earnings Report
Reported an increase in revenue and operating income compared to the same period last year.
Key Takeaways
iHeartMedia reported strong Q2 2022 results, with revenue up 11% year-over-year to $954 million and GAAP operating income increasing to $83 million from $28 million in Q2 2021. The company's Digital Audio Group continued its strong growth trajectory, while the Multiplatform Group maintained its momentum. iHeartMedia remains focused on free cash flow generation, adjusted EBITDA margin expansion, and reducing net leverage.
Q2 Revenue of $954 million, up 11% YoY; in line with guidance of up approximately 10%-14%.
GAAP Operating income of $83 million vs. $28 million in Q2 2021.
Consolidated Adjusted EBITDA of $237 million increased 29% YoY; in line with guidance of $225 million to $245 million.
Digital Audio Group Revenue of $253 million up 28% YoY.
Revenue by Segment
Forward Guidance
iHeartMedia expects Q3 Consolidated Revenue to increase by approximately 3%-7% YoY and Q3 Consolidated Adjusted EBITDA expected to be $240 million to $255 million. The company expects to make significant progress in 2022 towards the previously announced Net Debt to Adjusted EBITDA target of approximately 4x.
Positive Outlook
- Q3 Consolidated Revenue expected to increase by approximately 3%-7% YoY
- July Consolidated Revenue up approximately 4% YoY
- Q3 Consolidated Adjusted EBITDA expected to be $240 million to $255 million
- Expect to make significant progress in 2022 towards the previously announced Net Debt to Adjusted EBITDA (net leverage) target of approximately 4x
- The company’s resilient capital structure have substantially expanded the Company’s financial flexibility and liquidity while positioning the Company for further margin improvement as advertising demand continues to normalize over time.
Challenges Ahead
- The company is exposed to risks related to weak or uncertain global economic conditions
- The company is exposed to the impact of the COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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