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Sep 30, 2024
iHeartMedia Q3 2024 Earnings Report
Reported financial results for the quarter ended September 30, 2024.
Key Takeaways
iHeartMedia, Inc. reported Q3 2024 consolidated revenue of $1,008 million, up 5.8%, and consolidated Adjusted EBITDA of $205 million. The company announced debt exchange transactions and cost efficiency actions expected to generate $150 million of annual cost savings in 2025.
Entered into a transaction support agreement with debt holders to exchange $4.1 billion of existing debt, extend maturities by three years, and keep consolidated annual cash interest essentially flat.
Announced cost programs expected to generate $150 million of annual cost savings in 2025.
Q3 Revenue of $1,008 million, up 5.8%; excluding Q3 Political Revenue, Q3 Revenue up 2.0%.
Consolidated Adjusted EBITDA of $205 million, compared to $204 million in Q3 2023.
Revenue by Segment
Forward Guidance
iHeartMedia expects Q4 Consolidated Revenue to increase in the high-single digits and Q4 Consolidated Adjusted EBITDA to be approximately $290 million, up approximately 39%. Full Year 2024 Consolidated Revenue is expected to increase in the mid-single digits and Consolidated Adjusted EBITDA to be approximately $750 million, up approximately 8%.
Positive Outlook
- Q4 Consolidated Revenue expected to increase in the high-single digits
- Full Year 2024 Consolidated Revenue expected to increase in the mid-single digits
- Q4 Consolidated Adjusted EBITDA expected to be approximately $290 million, up approximately 39%
- Full Year 2024 Consolidated Adjusted EBITDA expected to be approximately $750 million, up approximately 8%
- Full Year 2025 Consolidated Adjusted EBITDA expected to be approximately $770 million, up approximately 3% in a non-political year
Challenges Ahead
- Full Year 2025 Consolidated Revenue expected to be approximately flat in a non-political year
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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