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 ...

NEW YORK--(BUSINESS WIRE)--iHeartMedia announced today the return of the “iHeartCountry Festival Presented by Capital One” on Saturday, May 4, 2024. Now in its eleventh year, the 2024 lineup will feature Country music’s hottest artists including Jason Aldean, Jelly Roll, Old Dominion, Lady A, Riley Green, Ashley McBryde, Brothers Osborne and Walker Hayes performing live at Moody Center in Austin, Texas. The festival is once again hosted by iHeartMedia's nationally syndicated top on-air Country personality, ...

NEW YORK & AUSTIN, Texas--(BUSINESS WIRE)--iHeartMedia, the No. 1 podcast publisher globally according to Podtrac, has joined forces with South by Southwest (SXSW) to announce the return of the iHeartPodcast Awards, which will take place live and in-person during the SXSW Conference and Festivals in Austin, TX. The event will be held at the Fairmont Hotel on Monday, March 11 at 8 p.m. CT and will honor the best and most innovative industry podcasts and creators of 2023. The ceremony will broadcast live on s ...

NEW YORK, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ:MGNI), the largest independent sell-side advertising company, and iHeartMedia, the number one audio company in the United States, today announced the launch of a first-of-its-kind marketplace that brings together iHeartMedia's broadcast radio, streaming radio and podcast assets for inclusion in omnichannel programmatic media buys, providing the reach and efficiency that advertisers are seeking from audio.   Built from a custom implementation of Mag ...

Financial Data and Key Metrics Changes - In Q3 2023, the company generated adjusted EBITDA of $204 million, at the high end of the guidance range of $195 million to $205 million [8][91] - Consolidated revenues for the quarter were down 3.6% year-over-year, slightly better than the guidance of mid-single digits decline; excluding political impacts, revenues were down 1% [8][91] - Free cash flow for the quarter was $68 million, with an additional $45 million generated from the sale of radio broadcast towers to pay down debt [9][74] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenues were $267 million, up 5.2% year-over-year, with adjusted EBITDA of $94 million, up 19.6% year-over-year, and EBITDA margins of 35%, an increase of 420 basis points [10][12][68] - The Multiplatform Group's revenues were $626 million, down 5.1% year-over-year, with adjusted EBITDA of $162 million, down 21.6% year-over-year, and EBITDA margins of 25.9% [19][69] - The Audio & Media Services Group's revenues were $62 million, down approximately 20% year-over-year, with adjusted EBITDA of $17 million, down from $30 million in the prior year [71] Market Data and Key Metrics Changes - The company continues to see gradual improvements in the advertising marketplace, with expectations for continued growth through Q4 despite geopolitical uncertainties [7][23] - The company noted that over 30% of consumer media consumption is audio, yet it only accounts for 9% of total advertising spend, indicating potential for growth in the audio advertising market [22] Company Strategy and Development Direction - The company focuses on the publishing sector of the podcasting industry, leveraging its broadcast radio assets to build new business lines, including podcasting and live events [14][15] - The intersection of AI and podcasting is seen as a key growth driver, with initiatives to translate podcasts into other languages and enhance ad insertion capabilities [16][17] - The company expects Q4 to be the strongest quarter of the year, although it may be weaker than initially anticipated due to advertising demand dampening [23][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a return to growth in 2024, driven by improvements in the advertising marketplace and political advertising revenues [24][84] - The company anticipates Q4 revenues to be down high single digits, with expectations for a recovery in 2024 [75][84] - Management highlighted that the podcasting segment continues to grow, with no signs of slowing down, and emphasized the importance of engagement metrics in driving ad revenue [36][45] Other Important Information - The company has approximately $5 billion of net debt outstanding and total liquidity of $625 million, with no material maintenance covenants and no debt maturities until mid-2026 [71][72] - The company repurchased $89 million of senior unsecured notes at a discount, reducing the outstanding amount from $1.45 billion to approximately $930 million, resulting in annualized interest savings of about $43 million [73] Q&A Session Summary Question: Insights on the ad market and expectations for 2024 - Management noted that digital advertising is recovering first, with confidence in a return to growth in 2024 based on both objective market trends and subjective discussions with advertisers [94] Question: Concerns about bad debt expense and debt maturity - Management confirmed that the increase in bad debt expense is limited to a few advertisers and emphasized the company's proactive approach to managing debt and capital structure [31][32] Question: Podcasting growth trajectory and hybrid formats - Management disagreed with the notion that podcasting is moving towards a hybrid audio-video format, asserting that most listeners prefer audio-only content [61]

Financial Performance - Consolidated revenue for Q3 2023 was $953.0 million, a decrease of $35.9 million, or 3.6%, compared to $988.9 million in Q3 2022[101]. - Revenue and Segment Adjusted EBITDA from the Multiplatform Group decreased by $33.5 million and $44.8 million, respectively, compared to the prior year's third quarter[102]. - Revenue and Segment Adjusted EBITDA from the Digital Audio Group increased by $13.3 million and $15.3 million, respectively, compared to the prior year's third quarter[102]. - Operating income for Q3 2023 was $69.0 million, an increase of $280.2 million from an operating loss of $211.2 million in the prior year's third quarter[102]. - Net loss for Q3 2023 was $9.0 million, a decrease of $300.8 million from a net loss of $309.8 million in the prior year's third quarter[102]. - Adjusted EBITDA for Q3 2023 was $203.8 million, down $48.5 million from $252.2 million in the prior year's third quarter[102]. - Free cash flow increased to $67.7 million from $62.8 million in the prior year's third quarter[102]. - Consolidated revenue decreased by $35.9 million, or 3.6%, to $952.989 million for the three months ended September 30, 2023, compared to $988.930 million in the same period of 2022[104]. - Multiplatform Group revenue decreased by $33.5 million, or 5.1%, primarily due to a decline in broadcast advertising and political advertising[104]. - Digital Audio Group revenue increased by $13.3 million, or 5.2%, driven by higher demand for podcast advertising[104]. - Operating income for the three months ended September 30, 2023, was $68,965 thousand, compared to a loss of $211,187 thousand in the prior year[135]. - Net loss for the three months ended September 30, 2023, was $8,969 thousand, compared to a loss of $309,776 thousand in the prior year[136]. - Adjusted EBITDA for the three months ended September 30, 2023, was $203,782 thousand, a decrease of $48,460 thousand, or 19.2%, from the prior year[135]. Cash Flow and Liquidity - Cash flows provided by operating activities were $96.2 million, down from $103.1 million in the prior year's third quarter[102]. - Cash provided by operating activities decreased to $59.0 million for the nine months ended September 30, 2023, from $206.7 million in the same period of 2022, primarily due to lower broadcast radio revenue and higher interest expenses[143]. - Cash used for investing activities was $40.0 million for the nine months ended September 30, 2023, primarily due to $90.4 million in capital expenditures, partially offset by $54.1 million in proceeds from asset disposals[144]. - Total available liquidity as of September 30, 2023, was approximately $625 million, consisting of $213.5 million in cash and cash equivalents and $411.8 million in borrowing base availability[148]. - Free cash flow for the three months ended September 30, 2023, was $67,651 thousand, an increase from $62,753 thousand in the prior year[138]. Expenses and Costs - Consolidated direct operating expenses increased by $8.3 million during the three months ended September 30, 2023, primarily due to higher music license fees and variable content costs[106]. - Consolidated SG&A expenses decreased by $6.3 million during the three months ended September 30, 2023, primarily due to cost reduction initiatives[108]. - Interest expense increased by $11.6 million during the three months ended September 30, 2023, primarily due to higher floating borrowing rates[115]. - Share-based compensation expenses for Q3 2023 were $8.2 million, down from $10.4 million in Q3 2022, and for the nine months ended September 30, 2023, they were $27.6 million compared to $24.6 million in the same period of 2022[140]. Impairments and Taxation - Non-cash impairment charges of $959.1 million were recorded in the second quarter of 2023 related to indefinite-lived FCC licenses and goodwill[112]. - The effective tax rate for the Company was 50.8% for the three months ended September 30, 2023, primarily impacted by valuation allowance against certain deferred tax assets[119]. - The company recognized a $363.6 million impairment of indefinite-lived intangible assets as of June 30, 2023, with the fair value of FCC licenses at $1.1 billion post-impairment[175][177]. - A $595.5 million impairment of goodwill was recorded as of June 30, 2023, due to the carrying values of certain reporting units exceeding their fair values[180]. Market Conditions and Risks - Economic conditions, including rising interest rates and high inflation, have negatively impacted advertising revenue and cash flows since 2022[95]. - Inflation has impacted the company's performance through increased costs for employee compensation, equipment, and third-party services, although the overall effect is expected to be immaterial[170]. - The company is exposed to market risks from changes in interest rates, foreign currency exchange rates, and inflation, which could materially affect future financial results[166]. - The company performed an interim impairment test on long-lived assets due to economic uncertainty and lower advertising spending, which has adversely impacted revenue and cash flows[172]. Future Outlook - The company anticipates approximately $89.3 million in cash interest payments for the remainder of 2023, compared to $92.5 million during the same period in 2022[152]. - The company expects its lowest financial performance in the first quarter of the calendar year, influenced by political cycles, with higher revenues anticipated in congressional and presidential election years[165]. - The company remains confident in its ability to fund operations for at least the next twelve months despite challenges posed by a challenging macroeconomic environment[149]. Debt and Obligations - Total debt as of September 30, 2023, was $5.228 billion, with net debt amounting to $5.015 billion after accounting for cash and cash equivalents[157]. - As of September 30, 2023, approximately 43% of the company's long-term debt bore interest at floating rates, with a potential interest expense change of $17.2 million for a 100 bps change in floating interest rates[168]. - Future cash obligations include various lease agreements with renewal options and annual rental escalations tied to the consumer price index[164]. - The company has contingent payments related to acquisitions based on the financial performance of acquired companies, which are not expected to significantly impact financial results if performance targets are met[163]. Management Estimates - Management's estimates and assumptions in financial reporting are subject to change, which could lead to material differences in actual results[171].

iHeartMedia, Inc. (NASDAQ:IHRT) Q2 2023 Earnings Conference Call August 8, 2023 8:00 AM ET Company Participants Mike McGuinness - Head of Investor Relations Bob Pittman - Chairman & Chief Executive Officer Rich Bressler - President, Chief Operating Officer & Chief Financial Officer Conference Call Participants Steven Cahall - Wells Fargo Jim Goss - Barrington Research Operator Good morning. My name is Rob and I'll be your conference operator today. At this time I would like to welcome everyone to the iHeart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number 001-38987 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 20880 Stone Oak Parkway San Antonio, Texas 78258 (Address of principal executive offices) (Zip Code) Delaware 26-0241222 (I.R.S. Employer Identification No.) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File ...

Financial Data and Key Metrics Changes - In Q1 2023, the company generated adjusted EBITDA of $93 million, slightly exceeding the guidance range of $80 million to $90 million [33] - Consolidated revenues for the quarter were down 3.8% year-over-year, better than the guidance of mid-single digits decline [33] - Free cash flow for the quarter was negative $133 million, which is typical for Q1 as it is the lowest revenue and adjusted EBITDA quarter of the year [18][33] Business Line Data and Key Metrics Changes - Digital Audio Group revenues were $223 million, up 4.3% year-over-year, with adjusted EBITDA of $54 million, up 3.1% year-over-year, and margins at 24.2% [7][41] - Multiplatform Group revenues were $529 million, down 7.4% year-over-year, with adjusted EBITDA of $87 million, down 35% year-over-year, and margins at 16.5% [9][16] - Audio & Media Services Group revenues were $61 million, up approximately 1% year-over-year, with adjusted EBITDA of $15 million, down from $16 million in the prior year [42] Market Data and Key Metrics Changes - In April, consolidated revenues were down approximately 5% year-over-year, indicating a slight improvement from Q1 [19][50] - The company noted that broadcast radio assets reach over 90% of Americans monthly, outperforming platforms like Facebook and Google in terms of audience reach [10] Company Strategy and Development Direction - The management team is focused on identifying revenue growth opportunities while managing expenses aggressively, with expectations of improved performance throughout 2023 and a strong 2024 [11][47] - The company is leveraging technology and data to enhance its broadcast radio offerings, making them more competitive with digital platforms [36][78] - The company aims to achieve a long-term net debt to adjusted EBITDA ratio of approximately four times, with proactive debt management strategies in place [17][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a gradual recovery of the advertising market, with expectations for improved adjusted EBITDA results throughout 2023 [3][47] - The company anticipates that the advertising environment will continue to improve, particularly as major advertisers begin to re-enter the market [81] - Management highlighted the importance of podcasting and digital audio as growth areas, with a significant portion of advertising dollars expected to shift towards these mediums [8][35] Other Important Information - The company expects full-year 2023 capital expenditures to be approximately $90 million, a reduction from previous guidance [20] - The company has no material maintenance covenants and no debt maturities until 2026, positioning it to be resilient in the current macro environment [17] Q&A Session Summary Question: Insights on April revenue trends and visibility for May - Management noted that April was down 5%, but they expect a slight improvement trend moving forward, particularly with national advertisers [50][51] Question: Commentary on advertising market trends across different segments - Management indicated that the advertising market is showing signs of recovery, with strength noted in categories like automotive [81][82] Question: Discussion on digital margins and overall performance - Management expects digital margins to return to 35% in the long term, with significant improvements anticipated from Q1 to Q2 [67][83] Question: Insights on podcast partnerships and market rationalization - Management highlighted that the podcasting market is stabilizing, with a focus on building sustainable businesses rather than chasing uneconomic deals [91][92] Question: Commentary on capital allocation and debt repurchases - Management is actively looking to improve the capital structure and reduce interest expenses, with a focus on generating free cash flow [113]