iHeartMedia, Inc. Reports Results for 2024 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, 2024.\n\n\nFinancial Highlights:1\n\n\nQ2 2024 Consolidated Results\n\n\n\nQ2 Revenue of $929 million, up 1.0%; above guidance of approximately flat\n\n\nExcluding Q2 Political Revenue, Q2 Revenue flat\n\n\n\n\n\n\nGAAP Operating loss of $910 million vs. $897 million in Q2 2023, including non-cash impairment charges of $920 million in Q2 2024 and $961 million in Q2 2023\n\n\n\nConsolidated Adjusted EBITDA of $150 million, within previously disclosed guidance range of $140 million to $160 million, compared to $191 million in Q2 2023\n\n\n\nCash provided by operating activities of $27 million\n\n\n\nFree Cash Flow of $6 million\n\n\n\nCash balance and total available liquidity2 of $365 million and $791 million, respectively, as of June 30, 2024\n\n\n\nQ2 2024 Digital Audio Group Results\n\n\n\nDigital Audio Group Revenue of $286 million up 10%\n\n\nPodcast Revenue of $105 million up 8%\n\n\n\nDigital Revenue excluding Podcast of $181 million up 10%\n\n\n\n\n\n\nSegment Adjusted EBITDA of $92 million up 9%\n\n\nDigital Audio Group Adjusted EBITDA margin of 32.2%\n\n\n\n\n\n\nQ2 2024 Multiplatform Group Results\n\n\n\nMultiplatform Group Revenue of $576 million down 3%\n\n\nExcluding Multiplatform Group Q2 Political Revenue, Multiplatform Group Q2 Revenue down 4%\n\n\n\n\n\n\nSegment Adjusted EBITDA of $104 million down 36%\n\n\nMultiplatform Group Adjusted EBITDA margin of 18.1%\n\n\n\n\n\n\nGuidance\n\n\n\nQ3 Consolidated Revenue expected to increase in the mid-single digits\n\n\n\nFull Year 2024 Consolidated Revenue expected to increase in the mid-single digits\n\n\n\nQ3 Consolidated Adjusted EBITDA3 expected to be $200 million to $220 million\n\n\n\nFull Year 2024 Consolidated Adjusted EBITDA3 expected to be $760 million to $800 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“Our second quarter results mark the first quarter that our consolidated revenues increased year-over-year since Q4 2022. We continue to see strong momentum in our podcast business, our Digital ex. Podcast business, and have seen sequential improvement of our Multiplatform Group’s year-over-year revenue performance,” ...

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