iHeartMedia, Inc. Reports Results for 2024 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, 2024.\n\n\nFinancial Highlights:1\n\n\nQ1 2024 Consolidated Results\n\n\n\nQ1 Revenue of $799 million, down 1.5%; in line with guidance range of flat to down 2%\n\n\nExcluding Q1 Political Revenue, Q1 Revenue down 2.5%\n\n\n\n\n\n\nGAAP Operating loss of $35 million vs. $49 million in Q1 2023\n\n\n\nConsolidated Adjusted EBITDA of $105 million, within previously disclosed guidance range of $100 million to $110 million, compared to $93 million in Q1 2023\n\n\n\nCash Flows used for operating activities of $59 million\n\n\n\nFree Cash Flow of $(81) million\n\n\n\nQ1 2024 Digital Audio Group Results\n\n\n\nDigital Audio Group Revenue of $239 million up 7%\n\n\nPodcast Revenue of $91 million up 18%\n\n\n\nDigital Revenue excluding Podcast of $148 million up 1%\n\n\n\n\n\n\nSegment Adjusted EBITDA of $68 million up 26%\n\n\nDigital Audio Group Adjusted EBITDA margin of 28.5%\n\n\n\n\n\n\nQ1 2024 Multiplatform Group Results\n\n\n\nMultiplatform Group Revenue of $493 million down 7%\n\n\nExcluding Multiplatform Group Q1 Political Revenue, Multiplatform Group Q1 Revenue down 8%\n\n\n\n\n\n\nSegment Adjusted EBITDA of $77 million down 11%\n\n\nMultiplatform Group Adjusted EBITDA margin of 15.6%\n\n\n\n\n\n\nContinued Proactive Capital Structure Improvement\n\n\n\nCash balance and total available liquidity2 of $361 million and $788 million, respectively, as of March 31, 2024\n\n\n\nReceived cash proceeds of $101 million from sale of equity interest in BMI in February 2024\n\n\n\nAs of March 31, 2024, aggregate Notes repurchases since Q2 2022 of $534 million at a discount to par for $447 million cash; in aggregate expected to generate approximately $45 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 March 31, 2024\n\n\n\nGuidance\n\n\n\nQ2 Consolidated Revenue expected to be approximately flat\n\n\n\nQ2 Consolidated Adjusted EBITDA3 expected to be $140 million to $160 million\n\n\n\nRemain committed to long term target of approximately 4x Net Debt to Adjusted EBITDA (\"net leverage\")3\n\n\n\nStatement from Senior Management\n\n\n“We’re pleased to report our first quarte...

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