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iHeartMedia(IHRT) - 2023 Q4 - Annual Results
IHRTiHeartMedia(IHRT)2024-02-28 16:00

Revenue Performance - Q4 2023 revenue was 1,067million,down5.21,067 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,adecreaseof5.21,066,783, 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,down4.13,751,025, 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 318million,withpodcastrevenueup17318 million, with podcast revenue up 17% to 132 million[4] - Digital Audio Group revenue increased by 5.5% to 317,695inQ42023,comparedto317,695 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,comparedto2,435,368, compared to 1,021,824 in 2022, showing a significant increase[61] Profitability and Loss - Consolidated Adjusted EBITDA for Q4 2023 was 208million,downfrom208 million, down from 316 million in Q4 2022, within the guidance range of 205millionto205 million to 215 million[4] - Adjusted EBITDA for Q4 2023 was 208,211,comparedto208,211, compared to 315,645 in Q4 2022, with a total for the year of 696,598,downfrom696,598, 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,downfrom79,780, down from 172,843 in Q4 2022, resulting in a significant loss of 797,311fortheyearendedDecember31,2023[23]−Thecompanyreportedanetlossof797,311 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 262,670in2022[41]−Operatinglossfor2023was262,670 in 2022[41] - Operating loss for 2023 was 797,311, compared to an operating income of 56,860in2022,markingasignificantshiftinperformance[61]−NetincomeforQ42023was56,860 in 2022, marking a significant shift in performance[61] - Net income for Q4 2023 was 13,975, a decline from 80,663inQ42022,withanetlossof80,663 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,comparedto13,123, 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 154million,downfrom154 million, down from 213 million in the prior year[12] - Free cash flow for Q4 2023 was 142million,comparedto142 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,downfrom213,062, down from 420,075 in the previous year[24] - Total available liquidity as of December 31, 2023 was 772million,includingcashandcashequivalentsof772 million, including cash and cash equivalents of 346.4 million[28] - Cash and cash equivalents increased slightly to 346.4millionasofDecember31,2023,from346.4 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 797million,comparedtoaprofitof797 million, compared to a profit of 57 million in 2022, primarily due to 965millioninnon−cashimpairmentcharges[7]−TotaldebtasofDecember31,2023was965 million in non-cash impairment charges[7] - Total debt as of December 31, 2023 was 5,215.2 million, with net debt at 4,868.8million[26]−Long−termdebtasofDecember31,2023,was4,868.8 million[26] - Long-term debt as of December 31, 2023, was 5,215.2 million, down from 5,414.2millionin2022[42]−ImpairmentchargesfortheyearendedDecember31,2023,included5,414.2 million in 2022[42] - Impairment charges for the year ended December 31, 2023, included 595.5 million related to goodwill and 363.6millionrelatedtoFCClicenses[41]−Impairmentchargesfor2023amountedto363.6 million related to FCC licenses[41] - Impairment charges for 2023 amounted to 965,087, significantly higher than 311,489in2022,indicatingincreasedassetwrite−downs[61]FutureGuidance−Q12024consolidatedrevenueisexpectedtobeflattodown2311,489 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 110million[4]−ThecompanyplanstoproviderevenueandAdjustedEBITDAguidanceforQ12024initsupcomingearningscallonFebruary29,2024[53]CapitalExpendituresandRestructuring−CapitalexpendituresfortheyearendedDecember31,2023were110 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 161.0millionin2022,primarilyduetolowerspendingonrealestateoptimization[25]−Thecompanyreportedarestructuringexpenseof161.0 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 21,234inQ42022[55]−Thecompanyreportedrestructuringexpensesof21,234 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]