Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q4 2024 Earnings Presentation
27 slides from Iheartmedia's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter 2024 Investor Presentation
Fourth Quarter 2024 Investor Presentation February 27, 2025 NASDAQ: IHRT
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
Slide 3: Executive Summary
1 Executive Summary Ø Completed Debt Exchange Transaction and Cost Efficiency Actions ▪ Completed previously announced exchange with a group of debt holders representing approximately 92% of the Company's outstanding term loan and notes (the "Debt Exchange Transaction"); exchanging approximately $4.
Slide 4: Segment Reporting: 2024 Q4 Results
Segment Reporting: 2024 Q4 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % Three Months Ended $US Dollars in millions Three Months Ended December 31, Three Months Ended December 31, December 31, 2024 2023 % Chg 2024 2023 % Chg 2024 2023 Multiplatform Group $ 684.0 $ 684.0 — % $ 149.9 $ 141.
Slide 5: Continued Digital Growth Directly Translating to Revenue Mix Shift
Continued Digital Growth Directly Translating to Revenue Mix Shift Q1 2020 Q4 2024 Consolidated Revenue Consolidated Revenue (% Composition1) (Total $781MM) (% Composition1) (Total $1,118MM) Audio Media Audio Media 8% Services 9% Services Podcast 2% Digital Audio 12% Podcast 12% Group Digital Audio
Slide 6: iHeart Has the Only Total Audio Media Ecosystem
iHeart Has the Only Total Audio Media Ecosystem CONTENT DISTRIBUTION TECHNOLOGY Broadcast & Digital Hosting/Infrastructure, Data, Monetization, and Measurement Radio Stations & Station Websites Events (Local & National) Networks Email Newsletters and iHeart Websites Personalities 860+ O&O Broadcast
Slide 7: iHeartRadio Strategically Positioned in the Podcast Value Chain
iHeartRadio Strategically Positioned in the Podcast Value Chain1 High Value Low Value PODCAST PUBLISHERS PODCAST SALES REPS. DISTRIBUTORS • Control/produce all content • Sell/backfill podcasts for certain • Carry podcasts on platform • Publish content across multiple Publishers • No economics unless
Slide 8: iHeartPodcasts is the #1 Podcast Publisher in the US
iHeartPodcasts is the #1 Podcast Publisher in the US PUBLISHER US STREAMS & DOWNLOADS US UNIQUE MONTHLY AUDIENCE 172,068,000 31,001,000 24,521,000 7,111,000 16,158,000 5,842,000 35,810,000 5,431,000 16,158,000 5,166,000 31,842,000 5,058,000 14,026,000 4,801,000 11,850,000 4,419,000 11,802,000 3,696,
Slide 9: And Leading Podcast Publisher Across All Podtrac Categories
And Leading Podcast Publisher Across All Podtrac Categories Most Shows In Podtrac Most Shows In Podtrac Most Shows In Podtrac RANKING THE TOP 10 by category 1MM+ LISTENS* 106 33 37 15 10 7 14 5 6 #1 in total Downloads for 55 #1 in unique U.S. Listeners The Only Network with shows in all consecutive
Slide 10: Audio is a Huge Part of Consumers' Lives
Audio is a Huge Part of Consumers’ Lives Daily Media Consumption Share Linear TV 24% Print 6% Audio 31% 39% Digital/Video Social 10 Source: Edison Research/eMarketer; 2023-2024
Slide 11: Vast Majority of the 31% of Audio Listening is Radio & Podcasts
Vast Majority of the 31% of Audio Listening is Radio & Podcasts Percentage time with Ad-Enabled Audio Podcasts 18% Digital Ad-Enabled iHeartRadio Audio Ad-Enabled Spotify 15% Ad-Enabled Pandora Ad-Enabled SiriusXM AM/FM Radio 67% Streaming 11 Source: Edison Share of Ear, Q4 2024
Slide 12: Broadcast Radio provides Additional Consumers for Marketers
Broadcast Radio provides Additional Consumers for Marketers U.S. Adults 18+ Reach Data according to Nielsen & Comscore ALL BROADCAST RADIO 91% iHEARTMEDIA BROADCAST RADIO 88% ALL LINEAR TV 71% SPOTIFY 48% (including ad-free Spotify) ALL PODCASTS 47% ALL CTV 63% (including ad-free CTV) INSTAGRAM 49%
Slide 13: Digital Ex-Podcast Generates Additional Growth and TAM Opportunities
Digital Ex-Podcast Generates Additional Growth and TAM Opportunities Q4 2024 Revenue: $199M FY 2024 Revenue: $716M 3rd Party Digital Websites Products Ad Tech Video Newsletters Streaming Social Audio Amplified by: 1. Largest audio salesforce in the US 2. Long-term sales relationships with SMBs posit
Slide 14: Improving Broadcast Radio Revenue Share
Improving Broadcast Radio Revenue Share Miller-Kaplan Outperformance 140.0 iHM: 126.4 120.0 LTM Revenue Index to 2010 100.0 Industry ex-iHM: 80.0 75.5 60.0 40.0 Industry ex-iHM iHM 20.0 - Apr-13 Feb-14 May-22 Jul-21 Mar-18 Mar-23 Oct-10 Aug-11 Oct-15 Aug-16 Nov-19 Nov-24 Jun-12 Dec-14 Jun-17 Jan-10
Slide 15: Q4 '24 Financial Results
Q4 '24 Financial Results Three Months Ended $US Dollars in millions December 31, 2024 2023 Variance Revenue $ 1,118.3 $ 1,066.8 4.8 % Direct operating expenses 455.8 414.6 9.9 % SG&A expenses 458.1 466.0 (1.7) % Depreciation & amortization 98.7 105.5 Impairment charges 0.5 — Other operating expense,
Slide 16: FY 2024 Financial Results
FY 2024 Financial Results Year Ended $US Dollars in millions December 31, 2024 2023 Variance Revenue $ 3,854,532 $ 3,751,025 2.8 % Direct operating expenses 1,588,931 1,494,234 6.3 % SG&A expenses 1,693,679 1,656,171 2.3 % Depreciation & amortization 409,582 428,483 Impairment charges 922,681 965,08
Slide 17: iHeartMedia Q4 Revenue Streams
iHeartMedia Q4 Revenue Streams Three Months Ended $US Dollars in millions December 31, 2024 2023 Variance Revenue Broadcast Radio $ 493.3 $ 484.7 1.8 % Networks 113.3 119.9 (5.6) % Sponsorship and Events 70.1 71.1 (1.5) % Other 7.4 8.3 (10.9) % Multiplatform Group $ 684.0 $ 684.0 —% Digital ex. Podc
Slide 18: iHeartMedia FY Revenue Streams
iHeartMedia FY Revenue Streams Year Ended $US Dollars in millions December 31, 2024 2023 Variance Revenue Broadcast Radio $ 1,726.9 $ 1,752.2 (1.4) % Networks 437.2 466.4 (6.3) % Sponsorship and Events 187.3 191.4 (2.1) % Other 21.4 25.4 (15.6) % Multiplatform Group $ 2,372.9 $ 2,435.4 (2.6)% Digita
Slide 19: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended Year Ended (In millions) December 31, % December 31, % 2024 2023 Change 2024 2023 Change Consolidated revenue $ 1,118.3 $ 1,066.8 4.8 % $ 3,854.5 $ 3,751.0 2.8 % Excluding: Political revenue (82.7) (12.6) (153.2) (30.9) Consolidated revenue, exc
Slide 20: Capital Expenditures
Capital Expenditures $USD in millions Year Ended December 31, 2024 2023 Variance Multiplatform Group $ 52.2 $ 58.0 $ (5.8) Digital Audio Group 22.5 23.2 (0.7) Audio & Media Services Group 10.4 7.3 3.1 Corporate 12.5 14.1 (1.6) Total Capital Expenditures $ 97.6 $ 102.6 $ (5.0) 1. Total Net Capital Ex
Slide 21: Debt
Debt December 31, December 31, $USD in millions Maturity 2024 2023 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 — — Term Loan Facility due 2026 2026 $ 5.1 $ 1,864.0 Incremental Term Loan Facility due 2026 2026 1.5 401.2 Term Loan Facility due 2029 2029 2,145.7 — 6.375% Senio
Slide 22: Appendix
22 Appendix MEDIA
Slide 23: Segment Reporting: FY 2024 Results
Segment Reporting: FY 2024 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % $US Dollars in millions Year Ended December 31, Year Ended December 31, Year Ended December 31, 2024 2023 % Chg 2024 2023 % Chg 2024 2023 Multiplatform Group $ 2,372.9 $ 2,435.4 (2.6) % $ 461.3 $ 553.4 (16.7) % 19.4
Slide 24: Reconciliation of Free Cash Flow to Cash Provided by Operating Activities
Reconciliation of Free Cash Flow to Cash Provided by Operating Activities Three Months Ended ($US Dollars in thousands) December 31, 2024 2023 Cash provided by operating activities $ 1,212 $ 154,104 Purchases of property, plant and equipment (25,420) (12,214) Free cash flow $ (24,208) $ 141,890 1 In
Slide 25: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended Three Months Ended $US Dollars in thousands December 31, September 30, 2024 2023 2024 Net income (loss) $ 31,928 $ 13,975 $ (41,325) Income tax (benefit) expense (134,616) (32,825) 20,835 Interest expense, net 92,627 96,116
Slide 26: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Year Ended $US Dollars in thousands December 31, 2024 2023 Net loss $ (1,009,494) $ (1,100,339) Income tax benefit (158,402) (62,338) Interest expense, net 379,434 389,775 Depreciation and amortization 409,582 428,483 EBITDA $ (378,880) $ (344
Slide 27: About iHeartMedia, Inc.
About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than