iHEARTMEDIA, Inc. Reports Results for 2020 Second Quarter

About this update from Iheartmedia, Inc.

[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\niHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter ended June 30, 2020.\n\n\nFinancial Highlights\n\n\n\nFinancial performance in the second quarter was significantly negatively impacted by the economic downturn resulting from the COVID-19 pandemic (\"COVID-19\").\n\n\nTotal company revenue declined 47% in Q2 compared to the prior-year period\n\n\nRate of YoY revenue decline has improved in each month since the April low-point: April (50)%, May (49)%, June (41)% and July (27)%\n\n\n\n\nYoY Podcasting revenue grew 103% in Q2\n\n\nContinued position of ample liquidity and resilient capital structure:\n\n\nCash balance of $518 million as of June 30, 2020; Adjusted1 cash balance as of June 30, 2020 was $708 million\n\n\nTotal available liquidity is approximately $868 million as of June 30, 2020 on an adjusted basis2\n\n\nOver 90% of long-term debt maturing in 2026 or later\n\n\nFavorable debt terms: no maintenance covenants for Term Loan Facility or Senior Secured Notes\n\n\nAnalyzed three COVID-19 scenarios: (i) recovery beginning in Q3; (ii) recovery beginning in Q4 and (iii) prolonged recession in 2021; under each of these scenarios we project that we will have sufficient liquidity for an extended period\n\n\n\n\nTotal direct operating expense savings in 2020 are expected to be approximately $250 million\n\n\nModernization initiatives expected to deliver $100 million in run-rate savings by mid-2021; approximately $50 million expected to be achieved in 2020\n\n\nRemain on track to achieve the previously-announced $200 million of additional savings in 2020\n\n\nStreamlined cost structure expected to provide long-term margin improvement\n\n\nContinuing to evaluate cost structure to identify sustainable efficiencies and align cost structure with revenue\n\n\n\n\nCARES Act free cash flow benefit: estimating approximately $100 million reduction in tax-related cash payments in 2020\n\n\n\nSecond Quarter\n\n\n\nRevenue of $488 million, declined 47% YoY\n\n\nYoY performance by revenue stream:\n\n\nBroadcast revenue declined 57% from $561 million to $244 million\n\n\nNetworks revenue declined 38% from $156 million to $96 million\n\n\nDigital revenue increased 2%, from $91 million to $93 million, led by a 103% increase in podcasting revenue\n\n\nSponsorship and Events declined ...

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