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iHeartMedia Q4 Net Revenues Down 8.8% to $936 Million


iHeartMedia
iHeartMedia

iHeartMedia reported fourth quarter net revenue declined 8.8% to $936 million from $1.26 billion in 2019. Broadcast radio was down 19.1% to $494.7 from $611.7 million. However, Q4 revenue benefited from digital growth of 53% YoY (podcast revenue increased 100% YoY) and political advertising. Operating income fell 31.7% to $112.8 million from $165 million. Adjusted EBITDA decreased 13.3% to $265.4 from $306 million in the year-ago period.

"We are pleased that the company continues its steady recovery from the COVID-19 downturn -- and it's particularly rewarding to see the impressive performance from our areas of strategic investment, like Podcasting, SmartAudio, Digital and Ad Tech. In addition, with our new reportable segments, we will be able to provide additional insights into both our largest segment and our fastest-growing segment, and help highlight the key metrics and impressive performance of each," said Chair/CEO Bob Pittman. "Our company's continued transformation was further highlighted by our agreement to acquire Triton Digital, which gives iHeartMedia the only total audio advertising technology and data solution in the market, and which we expect will contribute to our continued growth in our digital and data-enhanced revenue."

"Our swift response to the COVID pandemic and our diligent management of expenses throughout the year enabled us to successfully achieve approximately $250 million of savings in 2020. This cost management enhanced our operating leverage and helped us to achieve Adjusted EBITDA of $265 million in the fourth quarter, which was an improvement of 64% over the third quarter," said President/COO and CFO Rich Bressler. "The continued sequential improvement of our Revenue, Adjusted EBITDA and Free Cash Flow over the past three quarters has us well positioned for continued recovery into 2021, and our commitment to make the majority of the $200 million of COVID-19 related savings permanent will further enhance the company's operating leverage as revenue recovers."

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