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Jun 30, 2024
iHeartMedia Q2 2024 Earnings Report
Reported an increase in consolidated revenues and strong momentum in the digital audio business.
Key Takeaways
iHeartMedia, Inc. reported Q2 2024 financial results with a revenue increase of 1.0% to $929 million, marking the first year-over-year increase since Q4 2022. The Digital Audio Group saw a 10% revenue increase, driven by podcast and digital advertising demand. Consolidated Adjusted EBITDA was $150 million, within the guided range.
Consolidated revenue increased by 1.0% year-over-year to $929 million.
Digital Audio Group revenue increased by 10%, with podcast revenue up by 8%.
GAAP Operating loss was $910 million, including non-cash impairment charges of $920 million.
Consolidated Adjusted EBITDA was $150 million, compared to $191 million in Q2 2023.
Revenue by Segment
Forward Guidance
iHeartMedia anticipates revenue growth in the mid-single digits for Q3 and full year 2024. Q3 Adjusted EBITDA is expected to be between $200 million and $220 million, and full year Adjusted EBITDA is projected to be between $760 million and $800 million.
Positive Outlook
- Q3 Consolidated Revenue expected to increase in the mid-single digits
- Full Year 2024 Consolidated Revenue expected to increase in the mid-single digits
- Full year 2024 political revenues are currently pacing approximately 20% higher than the last presidential election cycle
- Expect to see a significant year-over-year improvement in our full year Adjusted EBITDA performance.
- Remain committed to long term target of approximately 4x Net Debt to Adjusted EBITDA
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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