iHeartMedia, Inc. Reports Results for 2019 Fourth Quarter and Full Year

About this update from Iheartmedia, Inc.

[{"type":"text","content":" SAN ANTONIO, Texas--(BUSINESS WIRE)--\niHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter and year ended December 31, 2019.\n\n\nFinancial Highlights\n\n\n\nSolid GAAP revenue performance in Q4 '19 and FY '19, flat in the quarter and up 2.0% year-over-year; GAAP revenue excluding political grew 4.3% in Q4 '19 and 4.2% in FY '19\n\n\nQ4’19 and FY 2019 GAAP earnings year-over-year comparisons highly affected by one-time items related to bankruptcy and emergence (completed in May 2019), resulting in a decrease in Operating income of 36.5% and 26.6%, respectively\n\n\nFY 2019 Adjusted EBITDA1 increased 2.5% year-over-year\n\n\nKey actions initiated since emergence to improve the financial performance of the Company include:\n\n\nThe completion of three debt transactions that will reduce annualized run-rate interest expense by ~$40 million2\n\n\nModernization initiatives that are expected to deliver $100 million run-rate savings by the middle of 2021; expect to achieve approximately 50% of run-rate savings in 2020\n\n\n\n\nFY 2020 guidance reflects significant growth in revenues, Adjusted EBITDA1 and Free Cash Flow1, powered by multiple drivers\n\n\n\nFull Year 2019\n\n\n\nRevenue of $3,683.5 million, up 2.0% year-over-year; excluding political revenue1, revenue increased 4.2%, driven by growth across all revenue streams\n\n\nDigital revenue increased 32.2% year-over-year\n\n\n\n\nGAAP Operating income of $506.7 million was down from $690.1 million in the year ended December 31, 2018, driven primarily by the impact of fresh start accounting and higher impairment charges\n\n\nAdjusted EBITDA1 of $1,000.7 million, up 2.5% year-over-year\n\n\nStrong cash generation in the fourth quarter resulted in year-end cash balance of $400.3 million\n\n\n\nFourth Quarter\n\n\n\nRevenue of $1,026.1 million, flat year-over-year, excluding political revenue1, revenue increased 4.3%, driven by growth across all revenue streams\n\n\nDigital revenue increased 33.6% year-over-year\n\n\n\n\nGAAP Operating income of $165.1 million was down 36.5% year-over-year, driven primarily by the impact of fresh start accounting\n\n\nAdjusted EBITDA1 of $306.1 million, down (0.6)% year-over-year\n\n\n\n2020 Guidance\n\n\n\nRevenue Growth: up mid-single digits, driven primarily by political and continued growth in Digital\n\n\nAdjusted EB...

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