iHeartMedia Q1 Revenue Rises 19.4% to $843 Million

RADIO ONLINE | Thursday, May 5, 2022

iHeartMedia

iHeartMedia reported first quarter consolidated revenue rose 19.4% to $843 million from $706.6 million in 2021. Broadcast radio grew 16.2%, while Network was up 2.1%, Digital excluding Podcast increased 22% and Podcast climbed 78.7%. Operating income was $12 million versus an Operating loss of $76 million. Consolidated Adjusted EBITDA climbed 42% to $145 million and Free Cash Flow was $(75) million.

"We're pleased to report another quarter of strong results, and believe our performance is further evidence of the successful execution of our digital transformation and multiplatform strategy, and the power of our position as the #1 audio company in America across broadcast radio, digital radio, and podcasting" said Chairman/CEO Bob Pittman. "We remain committed to building on iHeart's transformation into a data-led, digitally-focused business; to investing in areas with high growth potential; and to continuing our focus on innovation and being at the forefront of new technologies and digital platforms which create incremental growth opportunities for Audio."

"Bob and I are pleased that the company performed well this quarter, with Adjusted EBITDA of $145 million, and consolidated revenues up 19.4% year-over year -- slightly exceeding the high end of the revenue guidance range we provided -- despite external factors that have been impacting the economy," added President/COO and CFO Rich Bressler. "We remain focused on continuing Adjusted EBITDA margin expansion, the generation of Free Cash Flow and making progress toward reducing our net leverage to 4x."