Business
iHeartmedia, Inc. Reports Results for 2021 Fourth Quarter and Full Year
NEW YORK--(BUSINESS WIRE)-- iHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter and year ended December 31, 2021. Financial
About this update from Iheartmedia, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\niHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter and year ended December 31, 2021.\n\nFinancial Highlights:\n\nQ4 2021 Consolidated Results\n\n\nQ4 Revenue of $1,062 million up 14% YoY; exceeding prior guidance of up approximately 10%\n\n\nExcluding the impact of Political, Q4 revenue was up 25% YoY\n\n\nQ4 2021 Consolidated Revenue up 3.5% vs. Q4 2019\n\n\nGAAP Operating income of $123 million increased 9% vs. $113 million in Q4 2020\n\n\nConsolidated Adjusted EBITDA of $294 million increased 11% YoY\n\n\nQ4 2021 Digital Audio Group Delivers Strong Growth and Profit Trajectory\n\n\nDigital Audio Group Revenue up 59% YoY\n\n\nPodcast Revenue up 130% YoY\n\n\nDigital Revenue excluding Podcast up 36% YoY\n\n\nSegment Adjusted EBITDA of $99 million increased 65% YoY; and up from $67 million in Q3 2021\n\n\nDigital Audio Group Adjusted EBITDA margin of 36%, up 137 bps from 35% in Q4 2020 and up 369 bps from 33% in Q3 2021\n\n\nQ4 2021 Multiplatform Group Momentum Accelerates\n\n\nMultiplatform Group Revenue up 9% YoY\n\n\nExcluding the impact of Political, Q4 revenue was up 17% YoY\n\n\nQ4 2021 down 14% vs Q4 2019 -- continuing trend of sequential quarterly improvement vs. 2019\n\n\nSegment Adjusted EBITDA of $249 million increased 20% YoY; and up from $208 million in Q3 2021\n\n\nMultiplatform Group Adjusted EBITDA margin of 34%, up 317 bps from 31% in Q4 2020 and up 262 bps from 32% in Q3 2021\n\n\nFree Cash Flow Generation and Proactive Capital Structure Improvements\n\n\nGenerated Cash Flows from operating activities of $134 million\n\n\nGenerated Free Cash Flow of $52 million\n\n\nCapital Expenditures of $82 million vs. $50 million in Q3 2021, driven primarily by accelerated real estate consolidation\n\n\nCash balance and total available liquidity1 of $352 million and $775 million, respectively, as of December 31, 2021\n\n\nTerm loan reduced by $250 million (July); $60 million Preferred repurchased (October)\n\n\nGuidance\n\n\nJanuary Consolidated Revenue up approximately 18.3% YoY\n\n\nQ1 Consolidated Revenue expected to increase by approximately 17%-19% YoY\n\n\nExpect to make significant progress in 2022 towards the previously announced net debt to adjusted EBITDA (\"net leverage\") target of approximately 4x\n\n\nFull Year 2021 Highlights\n\n\nRevenue of $3,558 ...