Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q2 2020 Earnings Presentation
18 slides from Iheartmedia's earnings presentation, Aug 6, 2020
Slide 1: Second Quarter 2020
Second Quarter 2020 August 6, 2020
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 ▪ Financial performance in Q2 was significantly impacted by the economic downturn resulting from the COVID-19 pandemic ("COVID-19") ▪ Q2 revenue and Adjusted EBITDA declined significantly YoY – Revenue decreased from $913.3 million to $487.6 million – Adj EBITDA decreased from $262
Slide 4: Streamlined Cost Structure Expected to Provide Long-Term Margin Improvement
Streamlined Cost Structure Expected to Provide Long-Term Margin Improvement ▪ IHRT’s modernization and other cost saving initiatives are a multi-pronged set of strategic initiatives aimed at creating lasting structural efficiencies that will position the company for sustainable, long- term growth an
Slide 5: IHRT is Positioned to be Resilient
IHRT is Positioned to be Resilient ▪ IHRT took early actions to focus on aggressive cost management and maximizing liquidity to be prepared for a potential protracted recovery ▪ Proactively invested in multi-platform offering and diversified revenue streams to create more resilient portfolio of prod
Slide 6: Q2 '20 Financial Results
Q2 '20 Financial Results: Successor Successor Predecessor Non-GAAP $US Dollars in millions Company Company Company Combined Three Months Three Months Ended June 30, May 2 - June 30, April 1 - May 1, Ended June 30, 2020 2019 2019 2019 Variance Revenue $ 487.6 $ 635.6 $ 277.7 $ 913.3 (46.6)% Direct op
Slide 7: YTD Q2 '20 Financial Results
YTD Q2 '20 Financial Results: Successor Successor Predecessor Non-GAAP $US Dollars in millions Company Company Company Combined Six Months Ended Six Months Ended June 30, May 2 - June 30, January 1 - May 1, June 30, 2020 2019 2019 2019 Variance Revenue $ 1,268.3 $ 635.6 $ 1,073.5 $ 1,709.1 (25.8)% D
Slide 8: iHeartMedia Revenue Streams
iHeartMedia Revenue Streams: Successor Successor Predecessor Non-GAAP $US Dollars in millions Company Company Company Combined Three Months Three Months Ended June 30, May 2 - June 30, April 1 - May 1, Ended June 30, 2020 2019 2019 2019 Variance Revenue Broadcast Radio $ 244.0 $ 390.5 $ 170.6 $ 561.
Slide 9: Political Revenue Impact by Segment
Political Revenue Impact by Segment: Successor Successor Predecessor Non-GAAP $US Dollars in millions Company Company Company Combined Three Months Three Months Ended June 30, May 2 - June 30, April 1 - May 1, Ended June 30, 2020 2019 2019 2019 Variance Revenue Political Revenue Impact: Audio Segmen
Slide 10: Capital Expenditures
Capital Expenditures $USD in millions Key Drivers: iHeartMedia, Inc. • Reduction driven by cost-savings Six Months Ended June 30, initiatives 2020 2019 Variance • IT infrastructure and back office Audio $ 32.8 $ 44.7 $ (11.9) automation Audio & Media Services 1.6 2.1 (0.5) • Leasehold improvements C
Slide 11: Debt
Debt Successor Company June 30, December 31, $USD in millions Maturity 2020 2019 Cash and cash equivalents $ 517.7 $ 400.3 Term Loan Facility due 2026(1)(3) 2026 $ 2,090.8 $ 2,251.3 (2)(3) Asset-based Revolving Credit Facility 2023 235.0 — 6.375% Senior Secured Notes 2026 800.0 800.0 5.25% Senior Se
Slide 12: Appendix
Appendix @ iHeartMEDIA
Slide 13: Q2 2020 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Q2 2020 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Successor Successor Predecessor Non-GAAP $US Dollars in millions Company Company Company Combined Three Months Three Months Ended June 30, May 2 - June 30, April 1 - May 1, Ended June 30, 2020 2019 2019 2019 Net income (loss)
Slide 14: YTD Q2 '20 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
YTD Q2 '20 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Successor Successor Predecessor Non-GAAP $US Dollars in millions Company Company Company Combined Six Months Ended Six Months Ended June 30, May 2 - June 30, April 1 - May 1, June 30, 2020 2019 2019 2019 Net income (loss) $
Slide 15: Q2 2020 and YTD Q2 2020 Reconciliation of Free Cash Flow
Q2 2020 and YTD Q2 2020 Reconciliation of Free Cash Flow from (used for) Continuing Operations to Cash Provided by Operating Activities provided by (user for) Continuing Operations Successor Successor Predecessor Non-GAAP (In thousands) Company Company Company Combined Three Months Three Months Ende
Slide 16: Q2 2020 Reconciliation of Revenue excluding Effects of Political Revenue to Revenue
Q2 2020 Reconciliation of Revenue excluding Effects of Political Revenue to Revenue Successor Successor Predecessor Non-GAAP (In thousands) Company Company Company Combined Three Months Three Months Ended June 30, May 2 - June 30, April 1 - May 1, Ended June 30, 2020 2019 2019 2019 Consolidated reve
Slide 17: YTD Q2 '20 Reconciliation of Revenue excluding Effects of Political Revenue to Revenue
YTD Q2 '20 Reconciliation of Revenue excluding Effects of Political Revenue to Revenue Successor Successor Predecessor Non-GAAP (In thousands) Company Company Company Combined Six Months Ended Six Months Ended June 30, May 2 - June 30, January 1 - May 1, June 30, 2020 2019 2019 2019 Consolidated rev
Slide 18: About iHeartMedia, Inc.
About iHeartMedia, Inc. iHeartMedia, Inc. (NASDAQ: IHRT) is the number one audio company in America based on consumer reach. The company's leadership position in audio extends across multiple platforms, including more than 850 live broadcast stations; its iHeartRadio service available across more th