iHeartMedia(IHRT) - 2023 Q4 - Annual Results

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]