iHeartMedia, Inc. Reports Results for 2022 First 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 March 31, 2022.\n\nFinancial Highlights:\n\nQ1 2022 Consolidated Results\n\n\nQ1 Revenue of $843 million up 19.4% YoY; slightly exceeded high end of guidance range of up approximately 17%-19%\n\n\nGAAP Operating income of $12 million vs. Operating loss of $76 million in Q1 2021\n\n\nConsolidated Adjusted EBITDA of $145 million increased 42% YoY\n\n\nConsolidated Adjusted EBITDA margin of 17.2%, up 275 bps from 14.5% in Q1 2021\n\n\n\n\nCash Flows from operating activities of $(52) million\n\n\nFree Cash Flow of $(75) million\n\n\nDriven primarily by 2021 bonus and other variable compensation payments paid out in Q1 2022\n\n\n\n\nQ1 2022 Digital Audio Group Continues Strong Growth and Profit Trajectory\n\n\nDigital Audio Group Revenue of $214 million up 36% YoY\n\n\nPodcast Revenue of $69 million up 79% YoY\n\n\nDigital Revenue excluding Podcast of $146 million up 22% YoY\n\n\n\n\nSegment Adjusted EBITDA of $53 million increased 31% YoY\n\n\nDigital Audio Group Adjusted EBITDA margin of 24.5% decreased 90 bps from 25.4% in Q1 2021 due to targeted investments to drive future growth\n\n\n\n\nDigital Audio Group contributed 25% of Company Revenue\n\n\nQ1 2022 Multiplatform Group Momentum Accelerates\n\n\nMultiplatform Group Revenue of $571 million up 15% YoY\n\n\nSegment Adjusted EBITDA of $134 million increased 28% YoY\n\n\nMultiplatform Group Adjusted EBITDA margin of 23.4%, up 240 bps from 21.0% in Q1 2021\n\n\n\n\nGuidance\n\n\nQ2 Consolidated Revenue expected to increase by approximately 10%-14% YoY\n\n\nApril Consolidated Revenue up approximately 8% YoY\n\n\nMay and June Consolidated Revenue currently pacing up in the mid to high teens YoY\n\n\n\n\nQ2 Consolidated Adjusted EBITDA expected to be $225 million to $245 million\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\nStatement from Senior Management\n\n\"We’re pleased to report another quarter of strong results, and believe our performance is further evidence of the successful execution of our digital transformation and multiplatform strategy, and the power of our position as the #1 audio company in America across broadcast radio, digital radio, a...

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