iHeartMedia Revenue, Cash Flow Rise In Second Quarter
by Perry Michael Simon
August 5, 2022 at 4:55 AM (PT)
iHEARTMEDIA second quarter 2022 revenue grew 10.7% year-over-year to $954 million, at the lower end of the company's guidance of 10-14%; the multiplatform group, which includes broadcast radio, saw revenue rise 4.5% to $633.3 million, with broadcast radio up 2.7% to $463.3 million and live event and sponsorship revenue up 33.2% to $38.1 million. Digital revenue grew 27.6% to $252.6 million, boosted by a 60,4% increase in podcasting revenue to $85.7 million while non-podcast digital revenue rose 15.5% to $166.9 million. The Audio & Media Services Group had a 16.2% revenue increase to $71.1 million. Consolidated Adjusted EBITDA rose 29% year-over-year to $237 million, in line with guidance.
Chairman/CEO BOB PITTMAN's statement highlighted the company's Free Cash Flow, $106 million plus $20 million from real estate sales, up from a loss of $3 million in 2021, and celebrated the results from the digital and multiplatform groups. “As the #1 audio company in AMERICA across broadcast radio, digital radio and podcasting -- and the largest consumer reach audio company in the U.S. by far, we remain committed to building our businesses for future growth and continuing to deliver both trusted companionship to our listeners and significant and unique value to our advertising partners,” PITTMAN said.
"BOB and I are pleased that the company performed well this quarter, with Adjusted EBITDA of $237 million, and consolidated revenues up 11% year-over year -- in line with the revenue guidance range we provided – despite the uncertain economic environment,” said Pres./COO/CFO RICH BRESSLER. “We remain focused on the generation of Free Cash Flow, continuing Adjusted EBITDA margin expansion, and making significant progress toward reducing our net leverage to 4x.”
As of JUNE 30th, the company had $294.8 million of cash on hand, $5.627 billion of total debt, and $5.3 million of Net Debt, but no material debt maturities before 2026.