iHeartMedia(US:IHRT)2023-05-02 13:49Q1 2023 Financial Performance - iHeartMedia's Q1 2023 revenue was $811 million, a decrease of 38% year-over-year, but above the guidance range[7] - The company's consolidated Adjusted EBITDA for Q1 2023 was $93 million, exceeding the guidance range of $80 million to $90 million, but lower than the $145 million reported in Q1 2022[7] - Digital Audio Group revenue increased by 4% to $223 million, with podcast revenue up by 12% to $77 million[7] - Multiplatform Group revenue decreased by 7% to $529 million[8] Capital Structure and Liquidity - As of March 31, 2023, iHeartMedia had a cash balance of $188 million and total available liquidity of $601 million[8] - The company repurchased $20 million in principal balance of Senior Unsecured Notes for $15 million in cash during Q1 2023, expecting approximately $2 million in annualized interest savings[8, 40] - Total repurchases of notes reached $350 million for $315 million cash, expected to generate approximately $30 million of annualized interest savings[8, 57] Podcast Performance and Market Trends - iHeartPodcast Network's monthly downloads have grown more than the next two publishers combined since 2019[14] - Podcast reach is accelerating across every age group, hitting an all-time high in 2023[19] - Weekly podcast listeners in the U S now exceed Netflix subscribers, with 89 million weekly podcast listeners[25, 31] Q2 2023 Guidance - iHeartMedia expects Q2 2023 consolidated revenue to decline in the mid-single digits, and consolidated revenue excluding political impact to decline in the low-single digits[9] - The company anticipates Q2 2023 consolidated Adjusted EBITDA to be between $180 million and $200 million[9]