iHeartMedia, Inc. Reports Results for 2021 Third Quarter

About this update from Iheartmedia, Inc.

[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\niHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter ended September 30, 2021.\n\nFinancial Highlights:\n\nQ3 2021 Consolidated Results\n\n\nQ3 Revenue of $928 million up 25% YoY; exceeding prior guidance of up approximately 20%\n\n\nExcluding the impact of Political, Q3 revenue was up 31% YoY\n\n\nQ3 2021 down 2% vs. Q3 2019 -- continuing sequential quarterly improvement vs. 2019\n\n\n\n\nGAAP Operating income of $80 million vs. $39 million in Q3 2020\n\n\nConsolidated Adjusted EBITDA of $230 million vs. $162 million in Q3 2020\n\n\nConsolidated Adjusted EBITDA margin of 25%, up 340 bps from 21% in Q2 2021 and up 300 bps from 22% in Q3 2020\n\n\nQ3 2021 Digital Audio Group Maintains Strong Growth and Profit Trajectory\n\n\nDigital Audio Group Revenue up 77% YoY\n\n\nPodcast Revenue up 184% YoY and Digital Revenue excluding Podcast up 51% YoY\n\n\n\n\nSegment Adjusted EBITDA of $67 million increased 91% YoY; up from $54 million in Q2 2021\n\n\nDigital Audio Group Adjusted EBITDA margin of 33%, up 520 bps from 27% in Q2 2021 and up 230 bps from 30% in Q3 2020\n\n\nQ3 2021 Multiplatform Group Momentum Accelerates\n\n\nMultiplatform Group Revenue was up 19% YoY\n\n\nExcluding the impact of Political, Q3 revenue was up 22% YoY\n\n\nQ3 2021 down 17% vs Q3 2019 -- continuing sequential quarterly improvement vs. 2019\n\n\n\n\nSegment Adjusted EBITDA of $208 million; up from $139 million in Q3 2020, and up sequentially from $181 million in Q2 2021\n\n\nMultiplatform Group Adjusted EBITDA margin of 32%, up 170 bps from 30% in Q2 2021 and up 660 bps from 25% in Q3 2020\n\n\nFree Cash Flow Generation and Proactive Capital Structure Improvements\n\n\nGenerated Cash Flows from operating activities of $96 million\n\n\nFree Cash Flow of $45 million; including $9 million of proceeds from real estate sales, Free Cash Flow including net proceeds from real estate sales was $54 million\n\n\nCapital Expenditures of $50 million vs. $32 million in Q2 2021, driven primarily by accelerated real estate consolidation\n\n\n\n\nCash balance and total available liquidity1 of $369 million and $791 million, respectively, as of September 30, 2021\n\n\nCapital Structure: Term Loan reduced by $250 million, Loan Terms improved (July); $60 million Preferred repurchased (October)\n\n\nEntered Multi-Year Stra...

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