iHeartMedia(IHRT) - 2024 Q4 - Annual Results

Revenue Performance - Q4 2024 revenue reached $1,118 million, an increase of 4.8$3,855 million, a 3% increase year-over-year, remaining flat when excluding political revenue[5] - Revenue for Q4 2024 was $1,118,269,000, representing a 4.8$1,066,783,000 in Q4 2023[32] - Total revenue for the year ended December 31, 2024, was $3,854,532, an increase from$3,751,025 in 2023, representing a growth of approximately 2.8%[67] - The Multiplatform segment generated revenue of $1,164,515 in 2024, while the Digital Audio segment contributed$2,372,909, showing a significant revenue contribution from Digital Audio[67] Adjusted EBITDA and Profitability - Consolidated Adjusted EBITDA for Q4 2024 was $246 million, up 18.2$208 million in Q4 2023, marking the highest percentage increase in nearly three years[7] - Adjusted EBITDA for Q4 2024 was $246,208,000, an 18.2$208,210,000 in Q4 2023[43] - Adjusted EBITDA for the year ended December 31, 2024, was $705,617, compared to$696,598 in 2023, indicating stable operational performance[60] - The Adjusted EBITDA margin for the consolidated results was 22.0% in Q4 2024, compared to 19.5% in Q4 2023, indicating improved profitability[65] - The Adjusted EBITDA margin for the Digital Audio segment was 43.0% in 2024, compared to 32.6% in 2023, highlighting improved efficiency in this segment[67] Debt and Cash Flow - The company completed a debt exchange transaction, reducing net debt to approximately $4.52 billion, the lowest in its history, and extended maturities by three years[7] - Free Cash Flow for Q4 2024 was$(24) million, impacted by $89 million in debt exchange fees and$46 million in accrued interest payments[13] - Cash provided by operating activities for the year ended December 31, 2024, was $71,429,000, down from$213,062,000 in 2023[28] - The company had a cash balance of $259,600,000 and total available liquidity of$685,900,000 as of December 31, 2024[31] - Total debt as of December 31, 2024, was $5,071,500,000, with net debt at$4,517,900,000[30] Operational Efficiency and Future Guidance - The company expects to drive shareholder value and improve operational efficiency through new technologies and strategic initiatives[40] - Q1 2025 consolidated revenue is expected to decline in the low-single digits, with Adjusted EBITDA projected to be between $100 million and$110 million[4] - The company anticipates approximately flat consolidated revenue for the full year 2025 in a non-political year, with Adjusted EBITDA expected to be around $770 million[4] - The Company plans to provide guidance for Consolidated Revenue and Adjusted EBITDA for the quarter ending March 31, 2025, during the earnings call on February 27, 2025[59] Income and Expenses - Net income for the year ended December 31, 2024, was a loss of$1,009,494,000, improving from a loss of $1,100,339,000 in 2023[30] - Operating income for Q4 2024 was$104,547,000, compared to $79,780,000 in Q4 2023[43] - Operating loss for 2024 was$763,108, which is an improvement from the operating loss of $797,311 in 2023, reflecting a reduction in losses[67] - Operating expenses for 2024 totaled$3,148,915, compared to $3,054,427 in 2023, indicating an increase in operational costs[67] - Restructuring expenses for Q4 2024 were$33,456, compared to $13,882 in Q4 2023, reflecting ongoing efforts to streamline operations[65]