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Sep 30, 2020
iHeartMedia Q3 2020 Earnings Report
Reported financial results for the quarter ended September 30, 2020, showing sequential improvement in revenue and a focus on cost management and liquidity.
Key Takeaways
iHeartMedia, Inc. reported a 22% YoY decrease in revenue to $744 million for Q3 2020, but a 53% sequential increase QoQ. Digital revenue increased 17% YoY, driven by a 74% increase in podcasting revenue. The company achieved GAAP operating income of $39 million and adjusted EBITDA of $162 million. The company is on track to deliver $250M of cost savings in 2020.
Q3 Revenue up 53% sequentially, moving from down 47% YoY in Q2 to down 22% YoY in Q3
Digital Revenue Increased 17% YoY, Validating our Multi-Platform Growth Strategy
Received Declaratory Ruling from the FCC Granting our Request to Allow up to 100% of our Common Stock to be Owned by Non-US Persons, Subject to Certain Limitations
Execution on track to deliver $250M of cost savings in 2020 from modernization and COVID-19-related initiatives
iHeartMedia
iHeartMedia
iHeartMedia Revenue by Segment
Revenue by Segment
Audio & Media Services Group Revenue
CapyFin.com Forward Guidance
The company expects further improvement in both revenue and Adjusted EBITDA in the fourth quarter.