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Jun 30, 2023
iHeartMedia Q2 2023 Earnings Report
iHeartMedia reported a decline in revenue but Adjusted EBITDA was within guidance range.
Key Takeaways
iHeartMedia, Inc. reported a decrease in consolidated revenue by 3.6% to $920 million for Q2 2023, slightly better than guidance. The GAAP operating loss was $897 million, including $961 million of non-cash intangible impairment charges. Consolidated Adjusted EBITDA was $191 million, within the guidance range.
Q2 revenue was $920 million, a 3.6% decrease, but slightly better than the guidance range.
GAAP Operating loss of $897 million includes $961 million in non-cash intangible impairment charges.
Consolidated Adjusted EBITDA was $191 million, within the guidance range.
Digital Audio Group Revenue increased by 3% to $261 million, driven by podcast revenue growth.
Revenue by Segment
Forward Guidance
iHeartMedia anticipates Q3 Consolidated Revenue to decline in the mid-single digits and expects Q3 Consolidated Adjusted EBITDA to be between $195 million and $205 million.
Positive Outlook
- Improving macroeconomic trends expected to positively impact the second half of the year, particularly in Q4.
- Multiplatform revenues expected to continue quarterly sequential improvement.
- Digital Audio Group revenues projected to continue growing in the second half of 2023.
- Presidential election ahead is expected to generate record political advertising dollars.
- If the advertising marketplace recovery continues, the company expects a strong 2024 with a resumption of growth in revenue, profitability, and Free Cash Flow generation.
Challenges Ahead
- Q3 Consolidated Revenue is expected to decline in the mid-single digits.
- Q3 Consolidated Revenue, excluding the impact of Political revenue, is expected to decline in the low-single digits.
- July Consolidated Revenue was down approximately 5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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