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Sep 30, 2022
iHeartMedia Q3 2022 Earnings Report
Reported solid operating results with revenue and Adjusted EBITDA at the high end of guidance.
Key Takeaways
iHeartMedia, Inc. reported Q3 2022 financial results with revenue up 7% year-over-year to $989 million and Consolidated Adjusted EBITDA increased 10% year-over-year to $252 million. The company's Digital Audio Group continued strong growth, while the Multiplatform Group demonstrated resilience.
Q3 Revenue of $989 million, up 7% YoY; at high end of guidance of up approximately 3%-7%
GAAP Operating loss of $211 million vs. GAAP Operating income of $80 million in Q3 2021; includes FCC license non-cash impairment charge of $302 million driven by increase in interest rates
Consolidated Adjusted EBITDA of $252 million increased 10% YoY; at high end of guidance of $240 million to $255 million
Digital Audio Group Revenue of $254 million up 23% YoY; Podcast Revenue of $91 million up 42% YoY
Revenue by Segment
Forward Guidance
iHeartMedia expects Q4 Consolidated Revenue to increase by approximately 2%-6% YoY and Q4 Consolidated Adjusted EBITDA expected to be $305 million to $325 million.
Positive Outlook
- Q4 Consolidated Revenue expected to increase by approximately 2%-6% YoY
- October Consolidated Revenue up approximately 8% YoY impacted by strong political spend
- Q4 Consolidated Adjusted EBITDA expected to be $305 million to $325 million
- Expect to make significant progress in 2022 towards the previously announced Net Debt to Adjusted EBITDA (net leverage) target of approximately 4x
- Company believes its previously announced modernization initiatives and other cost saving actions - in combination with the Company’s resilient capital structure - have substantially expanded the Company’s financial flexibility and liquidity while positioning the Company for further margin improvement over time.
Challenges Ahead
- Risks related to weak or uncertain global economic conditions
- The impact of the COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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