iHeartMedia Q4 Revenue Rises 6% to $1.12 Billion

RADIO ONLINE | Wednesday, March 1, 2023 | 11:22am CT

iHeartMedia

iHeartMedia reported fourth quarter revenue grew 6% to $1.12 billion from $1.06 billion in 2021. Multiplatform Group Revenue of was up 1% to $733 million, while Digital Audio Group Revenue rose 10% to $301 million and Podcast Revenue increased 10% to $113 million. Adjusted EBITDA climbed to $315 million from $294 million. The company posted a net income of $80.6 million as compared to a net income of $111.9 million in the year-ago period.

"The fourth quarter was our best quarter for Revenue and Adjusted EBITDA -- and on a full year basis, in 2022 we generated the highest revenue and the second highest Adjusted EBITDA and Free Cash Flow year in iHeart's history," said iHeartMedia Chairman and CEO Bob Pittman. "Even in this continuing challenging and uncertain economic environment, we continue to make strong progress in our transformation of iHeart into a true multiplatform audio company -- driven by innovation, supported by data and technology, and powered by the largest sales force in audio -- and we are positioning iHeart to take advantage of the coming economic recovery."

"We had a solid quarter despite the increasingly challenging macroeconomic environment, with our consolidated revenues up approximately 6% year-over-year at the high end of our guidance range and our fourth quarter Adjusted EBITDA of $316 million at the middle of our guidance range," added President, COO and CFO Rich Bressler. "iHeart has unparalleled assets that have proven their resiliency through economic downturns like this one, and as we navigate these uncertain economic conditions, we remain committed to driving shareholder value through our rigorous allocation of capital, identifying additional cost savings opportunities, utilizing new technologies to expand our product offerings, and improving our operational efficiency."