iHeartMedia Q3 Net Revenue Climbs 7% to $928 Million

RADIO ONLINE | Thursday, November 3, 2022 | 4:00pm CT

iHeartMedia

iHeartMedia reported third quarter revenue rose 7% to $989 million from $928 million in 2021. Operating loss fell to $211 million from an Operating income of $80 million. Consolidated Adjusted EBITDA increased 10% to $252 million from $230.2 million. The company posted a net loss of $309.7 million as compared to a net income of $3.6 million in the year-ago period. Free Cash Flow was $63 million, including $8 million of net proceeds from real estate sales it was $70 million.

Multiplatform Group revenue was flat at $660. Digital Audio Group revenue grew 23% to $254 million, while Podcast revenue was up 42% to $91 million. Digital Revenue excluding Podcast gained 15% to $163 million.

"We're pleased to report another quarter of solid operating results for iHeart, and our performance in the midst of the current climate of economic uncertainty is a strong indication of the successful transformation this company has undergone in which our high-growth digital revenues comprises 26% of total company revenues," said Chairman and CEO Bob Pittman. "Our Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group has again demonstrated its resiliency during a difficult economic environment."

"This quarter our Adjusted EBITDA of $252 million, and our consolidated revenues, up approximately 7% year over year, were both at the high end of our guidance range - a solid performance despite the uncertain macroeconomic environment," added President, COO and CFO Rich Bressler. "We also continue to keep profitability and Free Cash Flow Generation at the forefront, and despite this uncertain environment, our business has continued to achieve year over year growth in users, revenues, Adjusted EBITDA and Free Cash Flow."