iHeartMedia, Inc. (NASDAQ:IHRT) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET Company Participants Mike McGuinness - Head of Investor Relations Bob Pittman - Chairman and Chief Executive Officer Rich Bressler - President, Chief Operating Officer and Chief Financial Officer Conference Call Participants Jessica Reif - BoA Securities Steven Cahall - Wells Fargo Ben Swinburne - Morgan Stanley Jim Goss - Barrington Research Stephen Laszczyk - Goldman Sachs Operator Ladies and gentlemen, thank you ...

IHeartMedia (IHRT) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 80%. A quarter ago, it was expected that this radio company would post a loss of $0.05 per share when it actually produced a loss of $0.06, delivering a surprise of -20%.Over the last four quarters, the company has sur ...

Figures may not foot due to rounding. 28 1. We deployed significant capital expenditures to accelerate the proactive streamlining of our real estate footprint. This initiative has succeeded in making certain real estate assets redundant, enabling the Company to sell such assets to partially fund the initiative's gross capital expenditures. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any ...

Revenue Performance - Q4 2023 revenue was $1,067 million, down 5.2% year-over-year, slightly better than guidance of high-single digits decline[4] - Full year 2023 revenue totaled $3,751 million, down 4%, with Digital Audio Group revenue up 5%[7] - Revenue for Q4 2023 was $1,066,783, a decrease of 5.2% compared to $1,125,890 in Q4 2022[23] - Total revenue for the year ended December 31, 2023, was $3,751,025, down 4.1% from $3,912,283 in 2022[41] - Revenue from the Multiplatform Group decreased by 6.7% in Q4 2023 compared to Q4 2022, with Broadcast Radio revenue down by 6.9%[29] - Digital Audio Group revenue increased by 5.5% to $318 million, with podcast revenue up 17% to $132 million[4] - Digital Audio Group revenue increased by 5.5% to $317,695 in Q4 2023, compared to $301,091 in Q4 2022[57] - The revenue from the Multiplatform Digital Audio segment in 2023 was $2,435,368, compared to $1,021,824 in 2022, showing a significant increase[61] Profitability and Loss - Consolidated Adjusted EBITDA for Q4 2023 was $208 million, down from $316 million in Q4 2022, within the guidance range of $205 million to $215 million[4] - Adjusted EBITDA for Q4 2023 was $208,211, compared to $315,645 in Q4 2022, with a total for the year of $696,598, down from $950,289[23] - Adjusted EBITDA margin for the consolidated group in 2023 was 18.6%, compared to 24.3% in 2022, reflecting a decline of 5.7 percentage points[61] - Operating income for Q4 2023 was $79,780, down from $172,843 in Q4 2022, resulting in a significant loss of $797,311 for the year ended December 31, 2023[23] - The company reported a net loss of $1,100,339 for the year ended December 31, 2023, compared to a net loss of $262,670 in 2022[41] - Operating loss for 2023 was $797,311, compared to an operating income of $56,860 in 2022, marking a significant shift in performance[61] - Net income for Q4 2023 was $13,975, a decline from $80,663 in Q4 2022, with a net loss of $1,100,339 for the year[23] - Net income attributable to the Company for Q4 2023 was $13,123, compared to $79,881 in Q4 2022, indicating a significant decrease[41] Cash Flow and Liquidity - Cash flows from operating activities for Q4 2023 were $154 million, down from $213 million in the prior year[12] - Free cash flow for Q4 2023 was $142 million, compared to $165 million in the same period last year[12] - Cash provided by operating activities for the year ended December 31, 2023 was $213,062, down from $420,075 in the previous year[24] - Total available liquidity as of December 31, 2023 was $772 million, including cash and cash equivalents of $346.4 million[28] - Cash and cash equivalents increased slightly to $346.4 million as of December 31, 2023, from $336.2 million in 2022[42] Debt and Impairment - GAAP operating loss for the full year 2023 was $797 million, compared to a profit of $57 million in 2022, primarily due to $965 million in non-cash impairment charges[7] - Total debt as of December 31, 2023 was $5,215.2 million, with net debt at $4,868.8 million[26] - Long-term debt as of December 31, 2023, was $5,215.2 million, down from $5,414.2 million in 2022[42] - Impairment charges for the year ended December 31, 2023, included $595.5 million related to goodwill and $363.6 million related to FCC licenses[41] - Impairment charges for 2023 amounted to $965,087, significantly higher than $311,489 in 2022, indicating increased asset write-downs[61] Future Guidance - Q1 2024 consolidated revenue is expected to be flat to down 2%, with Adjusted EBITDA projected between $100 million and $110 million[4] - The company plans to provide revenue and Adjusted EBITDA guidance for Q1 2024 in its upcoming earnings call on February 29, 2024[53] Capital Expenditures and Restructuring - Capital expenditures for the year ended December 31, 2023 were $102.7 million, a decrease from $161.0 million in 2022, primarily due to lower spending on real estate optimization[25] - The company reported a restructuring expense of $13,882 for Q4 2023, down from $21,234 in Q4 2022[55] - The company reported restructuring expenses of $60,353 in 2023, down from $75,821 in 2022, suggesting a reduction in restructuring activities[61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (210) 822-2828 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.001 per share IHRT The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange ...

ATLANTA--(BUSINESS WIRE)--iHeartMedia and Charlamagne Tha God today announced the return of the Black Effect Podcast Festival to celebrate, uplift and amplify Black voices in the podcast industry. The event will take place Saturday, April 27 from noon to 8 p.m. ET at Pullman Yards in Atlanta, GA. Charlamagne Tha God will join the festival alongside some of the Black Effect’s most popular personalities for a day full of live podcast tapings and informative discussions aimed at aspiring podcasters in the Blac ...

NEW YORK--(BUSINESS WIRE)--iHeartMedia, Inc. (Nasdaq: IHRT) (“iHeartMedia”) announced today that Bob Pittman, Chairman and Chief Executive Officer, and Rich Bressler, President, Chief Operating Officer & Chief Financial Officer, will participate in a question and answer session during the Morgan Stanley Technology, Media & Telecom Conference on Tuesday March 5th at 5:50 p.m. ET. A live webcast of the session will be available to the general public at the start of the session through a link on the Investors ...

NEW YORK--(BUSINESS WIRE)--iHeartMedia, the leading audio company in America with a greater reach in the U.S. than any other media outlet, announced today that Jess Hilarious will join the wildly popular, nationally syndicated hit radio show “The Breakfast Club” as its new co-host, effective February 5, 2024. “The Breakfast Club” broadcasts weekday mornings from 6 a.m. to 10 a.m. ET. Jess Hilarious will join DJ Envy and Charlamagne Tha God on New York Power 105.1’s top-rated morning show “The Breakfast Clu ...

Leading intelligent cocktail maker zeroes in on continued growth across North America CHICAGO, Jan. 29, 2024 /PRNewswire/ -- Bartesian, the award-winning cocktail machine serving premium cocktails on demand, today announced a new, strategic multi-year partnership with iHeartMedia, the leading audio media company in the U.S. and podcast publisher globally. The deal allows Bartesian to leverage iHeartMedia's multi-platform network, reaching a quarter of a billion monthly listeners, and their marquee experient ...

NEW YORK--(BUSINESS WIRE)--iHeartMedia and FOX Entertainment today announced the nominees for the 2024 iHeartRadio Music Awards, airing LIVE from Dolby Theatre in Los Angeles, Monday, April 1 (8:00-10:00 p.m. ET live / PT tape-delayed) on FOX. The event also will be heard on iHeartRadio stations nationwide and on the iHeartRadio app. The 12th annual iHeartRadio Music Awards will celebrate the most-played artists and songs on iHeartRadio stations and the iHeartRadio app throughout 2023, while also offering ...