Business
iHeartMedia, Inc. Reports Results for 2022 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, 2022. 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, 2022.\n\nFinancial Highlights:1\n\nQ4 2022 Consolidated Results\n\n\nQ4 Revenue of $1,126 million, up 6%; at high end of guidance of up approximately 2%-6%\n\n\nExcluding Q4 political Revenue, Q4 Revenue up 1%\n\n\n\n\nGAAP Operating income of $173 million vs. GAAP Operating income of $123 million in Q4 2021, up 41%\n\n\nGAAP Operating income margin of 15.4%, up 377 bps from 11.6% in Q4 2021\n\n\n\n\nConsolidated Adjusted EBITDA of $316 million increased 7%; at middle of guidance of $305 million to $325 million\n\n\nConsolidated Adjusted EBITDA margin of 28.0%, up 34 bps from 27.7% in Q4 2021\n\n\n\n\nCash Flows from operating activities of $213 million\n\n\nFree Cash Flow of $165 million\n\n\nQ4 2022 Digital Audio Group Continues Strong Growth\n\n\nDigital Audio Group Revenue of $301 million up 10%\n\n\nPodcast Revenue of $113 million up 17%\n\n\nDigital Revenue excluding Podcast of $188 million up 7%\n\n\n\n\nSegment Adjusted EBITDA of $99 million flat\n\n\nDigital Audio Group Adjusted EBITDA margin of 33.0%\n\n\n\n\nQ4 2022 Multiplatform Group Demonstrates Resilience\n\n\nMultiplatform Group Revenue of $733 million up 1%\n\n\nSegment Adjusted EBITDA of $230 million decreased 8%\n\n\nMultiplatform Group Adjusted EBITDA margin of 31.4%\n\n\n\n\nQ4 Strong Cash Flow Generation, Proactive Capital Structure Improvement Through Debt Paydown\n\n\nFree Cash Flow of $165 million\n\n\nCash balance and total available liquidity2 of $336 million and $761 million, respectively, as of December 31, 2022\n\n\nRepurchased $141 million in principal balance of 8.375% Senior Unsecured Notes (at a discount to par) for $126 million in cash; expected to generate approximately $12 million of annualized interest savings\n\n\nAs of December 31st combined Notes repurchases of $330 million at a discount to par of $299 million; expected to generate approximately $28 million of annualized interest savings\n\n\n\n\nGuidance\n\n\nQ1 Consolidated Revenue expected to decrease by approximately mid-single digits\n\n\nJanuary Consolidated Revenue down approximately 1%\n\n\nQ1 Consolidated Adjusted EBITDA3 expected to be $80 million to $90 million\n\n\nRemain committed to long term target of approximately 4x Net Debt to Adjust...