iHeartMedia Q1 Revenue Down 1.5% to $799 Million

RADIO ONLINE | Thursday, May 9, 2024 | 11:38am CT

iHeartMedia

iHeartMedia reported first quarter revenue declined 1.5% to $799 million from $811.2 million in 2023. Excluding political revenue, revenue was down 2.5%. Operating loss fell to $35 million from $49 million. Consolidated Adjusted EBITDA climbed to $105 million from $93 million, while Free Cash Flow was down to a loss of $59 million from a loss of $133 million. The company posted a net loss of $18.1 million as compared to a loss of $22.3 million in the year-ago period.

"We're pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group - with the Digital Audio Group hitting its best Q1 EBITDA margin ever," said iHeartMedia Chairman and CEO Bob Pittman. "Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year."

"We continue to see signs of improvement throughout both our businesses and the broader advertising marketplace, and we expect 2024 to be a significant growth year," added iHeartMedia President, COO and CFO Rich Bressler. "Our high-growth Digital Audio Group's Adjusted EBITDA was up 26% over prior year with first quarter revenues up 7.0% vs. prior year, and represented thirty percent of the company's total revenue; we saw improvement in our Multiplatform Group; and as an early indication of the potential for political revenue, we are currently pacing up 16% for the full year in political revenue compared to 2020, the last presidential election cycle, which was the highest political revenue year for the company."