iHeartMedia Q3 Revenues Fall 3.6% to $953 Million

RADIO ONLINE | Thursday, November 9, 2023

iHeartMedia

iHeartMedia reported third quarter revenue was down 3.6% to $953 million from $988 million. Excluding Q3 political revenue, Q3 revenue declined 1%. GAAP operating income grew to $69 million from a GAAP operating loss of $211 million, which included a $302 million non-cash impairment charge. Consolidated Adjusted EBITDA fell to $204 million from $252 million. The company posted a net loss of $8.9 million as compared to a net loss of $309.7 million in the year-ago period.

"We're pleased to report that our third quarter results were at the high end of our Adjusted EBITDA and Revenue guidance ranges. Our Digital Audio Group's performance reflects the strong flow-through characteristics of the business and Podcasting continues to be a strong growth engine for the Company; additionally, while the Multiplatform Group does continue to be impacted by advertising industry uncertainty, we've seen sequential gradual quarter to quarter improvement throughout the year and we remain confident that the Multiplatform Group will be an additional growth engine for the company as the advertising marketplace recovers," said Chairman and CEO Bob Pittman.

"We still feel confident -- and see strong indications -- that Q4 will continue the trend of sequential quarterly improvement for both the Digital Audio Group and the Multiplatform Group, and for iHeart on a consolidated basis. While there continues to be lingering uncertainty in the advertising market driven by the current global geopolitical situation, as the advertising ecosystem continues to improve, combined with what is expected to be a record political advertising year in 2024, we believe that we will resume our growth story in terms of revenue and profitability," added President, COO and CFO Rich Bressler.