iHeartMedia, Inc. Reports Results for 2023 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, 2023.\n\n\nFinancial Highlights:1\n\n\nQ3 2023 Consolidated Results\n\n\n\nQ3 Revenue of $953 million, down 3.6%; slightly better than the guidance range of down mid-single digits\n\n\nExcluding Q3 Political Revenue, Q3 Revenue down 1%\n\n\n\n\n\n\nGAAP Operating income of $69 million vs. GAAP Operating loss of $211 million in Q3 2022, which included a $302 million non-cash impairment charge\n\n\n\nConsolidated Adjusted EBITDA of $204 million, within previously disclosed guidance range of $195 million to $205 million, compared to $252 million in Q3 2022\n\n\n\nCash Flows from operating activities of $96 million\n\n\n\nFree Cash Flow of $68 million\n\n\n\nReceived cash proceeds of $45 million from sale of radio broadcast towers\n\n\n\nQ3 2023 Digital Audio Group Results\n\n\n\nDigital Audio Group Revenue of $267 million up 5%\n\n\nPodcast Revenue of $103 million up 13%\n\n\n\nDigital Revenue excluding Podcast of $165 million up 1%\n\n\n\n\n\n\nSegment Adjusted EBITDA of $94 million up 20%\n\n\nDigital Audio Group Adjusted EBITDA margin of 35.1%\n\n\n\n\n\n\nQ3 2023 Multiplatform Group Results\n\n\n\nMultiplatform Group Revenue of $626 million down 5%\n\n\n\nSegment Adjusted EBITDA of $162 million down 22%\n\n\nMultiplatform Group Adjusted EBITDA margin of 25.9%\n\n\n\n\n\n\nContinued Proactive Capital Structure Improvement Through Debt Paydown\n\n\n\nCash balance and total available liquidity2 of $213 million and $625 million, respectively, as of September 30, 2023\n\n\n\nRepurchased $89 million in principal balance of 8.375% Senior Unsecured Notes (at a discount to par) for $65 million in cash; expected to generate approximately $7 million of annualized interest savings\n\n\nAs of September 30, 2023, since Q2 2022 combined Notes repurchases of $519 million at a discount to par for $437 million cash; in aggregate expected to generate approximately $43 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 $0.9 billion as of September 30, 2023\n\n\n\n\n\n\nGuidance\n\n\n\nQ4 Consolidated Revenue expected to decline in the high-single digits; Q4 Consolidated Revenue excluding the imp...

More updates from Iheartmedia, Inc.