Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q1 2021 Earnings Presentation
18 slides from Iheartmedia's earnings presentation, May 6, 2021
Slide 1: First Quarter 2021 Investor Presentation
First Quarter 2021 Investor Presentation May 6, 2021
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
Executive Summary Ø Q1 Results ▪ Q1 Revenue of $707 million down 9.5% YoY; excluding the impact of Political, Q1 Revenue was down 7% YoY ◦ Surpassing the Company's guidance of down 11-13% YoY, with Digital driving the out performance ▪ Adjusted EBITDA of $102 million compared to $140M in the prior y
Slide 4: Digital Audio Business Reports Separate Segment Financial Results Starting in Q1 2021
Digital Audio Business Reports Separate Segment Financial Results Starting in Q1 2021 ▪ Our Digital Audio business now operates as iHeartMedia Digital Audio Group ▪ Our industry leading broadcast radio business is now part of iHeartMedia Multiplatform Group ▪ New structure highlights unique financia
Slide 5: Segment Reporting: 2021 Q1 Results
Segment Reporting: 2021 Q1 Results Revenue Adjusted EBITDA Margin % $US Dollars in millions Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 2021 2020 % Chg 2021 2020 % Chg 2021 2020 Multiplatform Group $ 497.9 $ 629.6 (20.9)% $ 104.8 $ 151.6 (30.9)% 21.0 % 24.1 % Digital Audio Gr
Slide 6: iHeartMedia Total Audio Media Ecosystem
@iHeartPODCAST aera \ Fae ae: e@Ee Radio Stations & Station Websites vA0. isi Gm HH Networks @ineart = premiere NETWORKS BLACK NETWORK ‘Total Tre af fic @ iHeartMedia Total Audio Media Ecosystem Broadcast & Digital Distribution \(s)) iHeart premiere Total Traffic NETWORKS A Weather N Events (Local &
Slide 7: iHeartRadio is the #1 Podcast Publisher in the US
iHeartRadio is the #1 Podcast Publisher in the US Source: Podtrac Monthly Ranker, March 2021 7
Slide 8: IHRT is Positioned to be Resilient with Streamlined Cost Structure
IHRT is Positioned to be Resilient with Streamlined Cost Structure Delivering Sustained Long-Term Margin Improvement ▪ We took early actions to focus on aggressive cost management ▪ Our modernization and other cost saving initiatives are a multi-pronged set of strategic initiatives aimed at creating
Slide 9: Q1 '21 Financial Results
Q1 '21 Financial Results Three Months Ended Three Months Ended $US Dollars in millions March 31, December 31, 2021 2020 Variance 2020 Revenue $ 706.7 $ 780.6 (9.5)% $ 935.5 Direct operating expenses 292.8 293.9 (0.4)% 328.9 SG&A expenses 342.3 391.8 (12.6)% 376.8 Depreciation & amortization 107.4 96
Slide 10: iHeartMedia Revenue Streams
iHeartMedia Revenue Streams Three Months Ended $US Dollars in millions March 31, 2021 2020 Variance Revenue Broadcast Radio $ 358.5 $ 461.7 (22.3)% Networks 115.1 134.6 (14.5)% Sponsorship and Events 22.4 29.3 (23.7)% Other 1.9 4.0 (53.2)% Multiplatform Group $ 497.9 $ 629.6 (20.9)% Digital ex. Podc
Slide 11: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended $US Dollars in millions March 31, 2021 2020 Variance Revenue Political Revenue Impact: Multiplatform Group $ 3.4 $ 17.7 $ (14.3) Digital Audio Group 0.5 0.5 — Audio & Media Services Group 2.2 7.6 (5.4) Total $ 6.1 $ 25.8 $ (19.7) 11
Slide 12: Capital Expenditures
Capital Expenditures $USD in millions Three Months Ended March 31, 2021 2020 Variance Multiplatform Group $ 10.1 $ 13.3 $ (3.2) Digital Audio Group 5.4 3.5 1.9 Audio & Media Services Group 1.1 0.7 0.4 Corporate 2.4 4.2 (1.8) Total $ 19.0 $ 21.7 $ (2.7) 12
Slide 13: Debt
Debt March 31, December 31, $USD in millions Maturity 2021 2020 Cash and cash equivalents $ 529.1 $ 720.7 Term Loan Facility due 2026 2026 $ 2,075.0 $ 2,080.3 Incremental Term Loan Facility due 2026 2026 446.6 447.8 (1) Asset-based Revolving Credit Facility 2023 — — 6.375% Senior Secured Notes 2026
Slide 14: Appendix
Appendix @ iHeartMEDIA
Slide 15: Q1 2021 Reconciliation of Free Cash Flow to Cash Provided by Operating Activities
Q1 2021 Reconciliation of Free Cash Flow to Cash Provided by Operating Activities Three Months Three Months Ended Ended (In thousands) March 31, December 31, 2021 2020 2020 Cash provided by operating activities $ 71,728 $ 91,540 $ 79,784 Purchases of property, plant and equipment (18,950) (21,664) (
Slide 16: Q1 2021 Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Q1 2021 Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Three Months Ended Ended $US Dollars in thousands March 31, December 31, 2021 2020 2020 Net income (loss) $ (242,056) $ (1,688,736) $ 2,943 Income tax benefit (expense) 79,935 (150,511) 25,858 Interest expense, net 85,121
Slide 17: Q1 2021 Reconciliation of Revenue Excluding Effects of Political Revenue to Revenue
Q1 2021 Reconciliation of Revenue Excluding Effects of Political Revenue to Revenue Three Months Ended Three Months Ended (In thousands) March 31, December 31, 2021 2020 2020 2019 Consolidated revenue $ 706,665 $ 780,634 $ 935,530 $ 1,026,072 Excluding: Political revenue (6,071) (25,805) (95,097) (1
Slide 18: 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