iHeartMedia(US:IHRT)2021-11-05 19:57Q3 2021 Consolidated Results - Q3 2021 Consolidated Revenue reached $928 million, a 25% year-over-year increase, exceeding prior guidance of approximately 20%[5] - Excluding the impact of political revenue, Q3 revenue increased by 31% year-over-year[5] - Consolidated Adjusted EBITDA was $230 million, compared to $162 million in Q3 2020[5] - Consolidated Adjusted EBITDA margin was 25%, up 340 bps from 21% in Q2 2021 and up 300 bps from 22% in Q3 2020[5] Digital Audio Group Performance - Digital Audio Group Revenue increased by 77% year-over-year[6] - Podcast Revenue increased by 184% year-over-year, and Digital Revenue excluding Podcast increased by 51% year-over-year[6] - Segment Adjusted EBITDA for the Digital Audio Group was $67 million, a 91% increase year-over-year[6] - Digital Audio Group Adjusted EBITDA margin was 33%, up 520 bps from 27% in Q2 2021 and up 230 bps from 30% in Q3 2020[6] Multiplatform Group Performance - Multiplatform Group Revenue increased by 19% year-over-year[6] - Excluding the impact of political revenue, Q3 revenue increased by 22% year-over-year[6] - Segment Adjusted EBITDA for the Multiplatform Group was $208 million[6] - Multiplatform Group Adjusted EBITDA margin was 32%, up 170 bps from 30% in Q2 2021 and up 660 bps from 25% in Q3 2020[6] Cash Flow and Capital Structure - Free Cash Flow was $45 million, and including $9 million of proceeds from real estate sales, Free Cash Flow including net proceeds from real estate sales was $54 million[7] - The company reduced its Term Loan by $250 million and repurchased $60 million of Preferred Stock[7] Q4 2021 Guidance - Q4 consolidated revenue is expected to be up approximately 10% year-over-year; Excluding the impact of Political, Q4 revenue is expected to increase by approximately 22% year-over-year[8]