iHeartMedia Q2 Revenue Rises 11% to $954 Million

RADIO ONLINE | Thursday, August 4, 2022 | 4:26pm CT

iHeartMedia

iHeartMedia reported second quarter revenue grew 11% to $954 million from $861 million in 2021. Revenue from its Multiplatform Group increased 4.5%, while Broadcast revenue rose 2.7% driven by higher spot revenue and political advertising revenue. GAAP Operating income rose to $83 million from $28 million. Consolidated Adjusted EBITDA was up 29% to $237.1 million from $184.5 million. The company posted a net income of $15.1 million as compared to a loss of $31.9 million in the year-ago period.

Digital Audio Group revenue was up 28% to $253 million, while Podcast Revenue grew 60% to $86 million. Digital Revenue excluding Podcast was up 15% to $167 million.

The company generated $155.8 million of cash from operating activities, compared to $29.1 million in 2021, and Free Cash Flow was $106.1 million, compared to -$3 million in the prior-year period primarily due to an increase in cash flows from operations as the company's businesses continued to recover from the impact of COVID-19.

"We're pleased to report another quarter of solid results for iHeart in terms of consumer usage, revenue and earnings growth and, most importantly, strong Free Cash Flow generation. The Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group continues to demonstrate that it is a growth engine for the company as well" said Chairman and CEO Bob Pittman. "As the #1 audio company in America across broadcast radio, digital radio and podcasting - and the largest consumer reach audio company in the U.S. by far, we remain committed to building our businesses for future growth and continuing to deliver both trusted companionship to our listeners and significant and unique value to our advertising partners."

"Bob and I are pleased that the company performed well this quarter, with Adjusted EBITDA of $237 million, and consolidated revenues up 11% year-over year -- in line with the revenue guidance range we provided -- despite the uncertain economic environment," added President, COO and CFO Rich Bressler. "We remain focused on the generation of Free Cash Flow, continuing Adjusted EBITDA margin expansion, and making significant progress toward reducing our net leverage to 4x."