iHeartMedia, Inc. Reports Results for 2019 Third Quarter

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 ended September 30, 2019. IHRT completed the listing of its shares on the NASDAQ stock exchange (ticker: “IHRT”) on July 18, 2019.\n\n\nFinancial Highlights\n\n\n\nDelivered strong results in the quarter with year-over-year increase in consolidated revenue driven by growth in our Digital and Networks revenue streams\n\n\nExcluding the impact of political revenue, we grew revenue across all of our businesses, demonstrating continued momentum and execution against key initiatives\n\n\nContinued to generate robust cash from operating activities and Free Cash Flow1, increasing our cash position to $277.1 million; on track to reach goal of $375 - $400 million of cash on the balance sheet at year-end\n\n\n\nThird Quarter\n\n\n\nRevenue of $948.3 million, up 3.0% year-over-year\n\n\n\n– Excluding political revenue1, revenue increased 4.9%, driven by growth across all revenue streams\n– Digital revenue increased 33.4% year-over-year\n\n\n\nOperating income of $140.8 million was down 24.6% year-over-year\n\n\nAdjusted EBITDA1 of $274.7 million, up 0.3% year-over-year\n\n\nCash provided by operating activities from continuing operations of $180.3 million, up 16.0% year-over-year\n\n\nFree Cash Flow1 of $151.5 million, up 11.9% year-over-year\n\n\n\nYear-to-Date\n\n\n\nRevenue of $2,657.5 million, up 2.8% year-over-year\n\n\n\n– Excluding political revenue1, revenue increased 4.1%\n– Digital revenue increased 31.6% year-over-year\n\n\n\nOperating income of $341.6 million was down from $430.2 million in the nine months ended September 30, 2018\n\n\nAdjusted EBITDA1 of $694.6 million, up 3.9% year-over-year\n\n\n\n2019 Full Year Guidance\n\n\n\nReaffirming consolidated revenue growth in the low single digits\n\n\nAdjusted EBITDA margins expected to be 27-29%2\n\n\nExpect to generate Free Cash Flow of $100 - $125 million in the fourth quarter of 2019, resulting in expected cash balance at year-end of $375 - $400 million2\n\n\n\n– Available cash anticipated to be used primarily for debt reduction\n\n\n1See Supplemental Disclosure Regarding Non-GAAP Financial Information.\n\n\n2The Company has not presented Adjusted EBITDA full year guidance or a calculation of the Adjusted EBITDA margins or a reconciliation of Free Cash Flo...

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