iHeartMedia, Inc. Reports Results for 2023 Second 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 June 30, 2023.\n\n\nFinancial Highlights:1\n\n\nQ2 2023 Consolidated Results\n\n\n\nQ2 Revenue of $920 million, down 3.6%; slightly better than the guidance range of down mid-single digits\n\n\nExcluding Q2 Political Revenue, Q2 Revenue down 1.8%\n\n\n\n\n\n\nGAAP Operating loss of $897 million vs. GAAP Operating income of $83 million in Q2 2022, which includes $961 million of non-cash intangible impairment charges\n\n\nNon-cash intangible impairment charges were recorded in Q2 2023 primarily driven by the current debt and equity valuations in the marketplace\n\n\n\n\n\n\nConsolidated Adjusted EBITDA of $191 million, within guidance range of $180 million to $200 million, compared to $237 million in Q2 2022 and more than double Q1 2023 Adjusted EBITDA\n\n\n\nCash Flows from operating activities of $57 million\n\n\n\nFree Cash Flow of $34 million, Free Cash Flow including net proceeds from real estate sales was $39 million\n\n\n\nQ2 2023 Digital Audio Group Results\n\n\n\nDigital Audio Group Revenue of $261 million up 3%\n\n\nPodcast Revenue of $97 million up 13%\n\n\n\nDigital Revenue excluding Podcast of $164 million down 2%\n\n\n\n\n\n\nSegment Adjusted EBITDA of $85 million up 7%\n\n\nDigital Audio Group Adjusted EBITDA margin of 32.4%\n\n\n\n\n\n\nQ2 2023 Multiplatform Group Results\n\n\n\nMultiplatform Group Revenue of $596 million down 6%\n\n\n\nSegment Adjusted EBITDA of $162 million down 17%\n\n\nMultiplatform Group Adjusted EBITDA margin of 27.3%\n\n\n\n\n\n\nContinued Proactive Capital Structure Improvement Through Debt Paydown\n\n\n\nCash balance and total available liquidity2 of $165 million and $585 million, respectively, as of June 30, 2023\n\n\n\nRepurchased $80 million in principal balance of 8.375% Senior Unsecured Notes (at a discount to par) for $57 million in cash; expected to generate approximately $7 million of annualized interest savings\n\n\nAs of June 30, 2023, since Q2 2022 combined Notes repurchases of $430 million at a discount to par for $372 million cash; in aggregate expected to generate approximately $40 million of annualized interest savings\n\n\n\nCumulative reduction of the outstanding principal balance of these Notes from $1.45 billion as of March 31, 2022 to approximately $1 bi...

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