iHeartMedia, Inc. (Nasdaq: IHRT) today reported financial
results for the quarter ended September 30, 2021.
Financial Highlights:
Q3 2021 Consolidated
Results
- Q3 Revenue of $928 million up 25% YoY; exceeding prior guidance
of up approximately 20%
- Excluding the impact of Political, Q3 revenue was up 31%
YoY
- Q3 2021 down 2% vs. Q3 2019 -- continuing sequential quarterly
improvement vs. 2019
- GAAP Operating income of $80 million vs. $39 million in Q3
2020
- Consolidated Adjusted EBITDA of $230 million vs. $162 million
in Q3 2020
- Consolidated Adjusted EBITDA margin of 25%, up 340 bps from 21%
in Q2 2021 and up 300 bps from 22% in Q3 2020
Q3 2021 Digital Audio Group Maintains
Strong Growth and Profit Trajectory
- Digital Audio Group Revenue up 77% YoY
- Podcast Revenue up 184% YoY and Digital Revenue excluding
Podcast up 51% YoY
- Segment Adjusted EBITDA of $67 million increased 91% YoY; up
from $54 million in Q2 2021
- Digital Audio Group Adjusted EBITDA margin of 33%, up 520 bps
from 27% in Q2 2021 and up 230 bps from 30% in Q3 2020
Q3 2021 Multiplatform Group Momentum
Accelerates
- Multiplatform Group Revenue was up 19% YoY
- Excluding the impact of Political, Q3 revenue was up 22%
YoY
- Q3 2021 down 17% vs Q3 2019 -- continuing sequential quarterly
improvement vs. 2019
- Segment Adjusted EBITDA of $208 million; up from $139 million
in Q3 2020, and up sequentially from $181 million in Q2 2021
- Multiplatform Group Adjusted EBITDA margin of 32%, up 170 bps
from 30% in Q2 2021 and up 660 bps from 25% in Q3 2020
Free Cash Flow Generation and Proactive
Capital Structure Improvements
- Generated Cash Flows from operating activities of $96
million
- Free Cash Flow of $45 million; including $9 million of proceeds
from real estate sales, Free Cash Flow including net proceeds from
real estate sales was $54 million
- Capital Expenditures of $50 million vs. $32 million in Q2 2021,
driven primarily by accelerated real estate consolidation
- Cash balance and total available liquidity1 of $369 million and
$791 million, respectively, as of September 30, 2021
- Capital Structure: Term Loan reduced by $250 million, Loan
Terms improved (July); $60 million Preferred repurchased
(October)
Entered Multi-Year Strategic Partnership Agreed with
DraftKings
iHeart continues position as Number One in podcast listening
with 282 Million Global Monthly Downloads and Streams and 30
Million U.S. Unique Monthly Listeners2; iHeartRadio app continues
as Number One digital radio platform3
Updated Guidance
- Despite comparison to strong political quarter and recovering
ad market in Q4 2020, Q4 consolidated revenue expected to be up
approximately 10% YoY; Excluding the impact of Political, Q4
revenue is expected to increase by approximately 22% YoY
- October consolidated revenue approximately flat YoY; Excluding
the impact of Political, October revenue increased approximately
22% YoY4
- We reaffirm that we expect to return to 2019 Adjusted EBITDA
levels by the end of 2021
______________________________
1
Total available liquidity defined as cash
and cash equivalents plus available borrowings under our ABL
Facility. We use total available liquidity to evaluate our capacity
to access cash to meet obligations and fund operations.
2
Source: Podtrac Monthly Ranker, September
2021
3
Source: Triton Streaming Ranker
4
Included in October 2020 revenue was approximately $66 million of
political revenue; Included in Q4 2020 revenue is approximately
$96M of political revenue
Statement from Senior Management
“Our strong results this quarter are further evidence of the
success of our company’s continuing transformation – data-led,
digital and podcast focused, along with the unparalleled audience
reach of our broadcast radio assets, and supported by the largest
sales force and the only unified ad tech stack in audio advertising
-- all with the strong flywheel effect of our scale and leadership
position,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc.
“These results highlight both the strong growth and potential of
our digital business, including podcasting, and the strong recovery
and growth potential of our radio business.”
“Bob and I are pleased to report our strong top line growth was
coupled with continued margin expansion, generating Adjusted EBITDA
of $230 million in the third quarter. We remain confident that
we’ll be back to 2019 Adjusted EBITDA levels by the end of 2021,
and that we will continue to grow beyond that as our investments in
high growth areas and strict cost discipline continue to generate
profit and Free Cash Flow,” said Rich Bressler, President, Chief
Operating Officer and Chief Financial Officer of iHeartMedia,
Inc.
Consolidated Results of
Operations
Third Quarter 2021 Consolidated
Results
Our consolidated revenue increased $183.6 million, or 24.7%,
during the three months ended September 30, 2021 compared to the
same period of 2020. The increase in Consolidated revenue is
attributable to the continued recovery from the macroeconomic
effects of COVID-19 and the continuing growth of our operating
businesses. Multiplatform revenue increased $103.9 million, or
18.7%, primarily resulting from strengthening demand for broadcast
advertising compared to the third quarter of 2020, partially offset
by lower political advertising revenue compared to the same period
of 2020, which was a presidential election year. Digital Audio
revenue increased $89.6 million, or 77.1%, driven primarily by
continuing increases in demand for digital advertising and the
continued growth of podcasting. Audio & Media Services revenue
decreased $9.0 million due to lower political advertising revenue,
partially offset by the continued recovery from the impact of
COVID-19.
Consolidated direct operating expenses increased $54.9 million,
or 20.3%, during the three months ended September 30, 2021 compared
to the same period of 2020, primarily as a result of the expenses
directly associated with the significant increase in revenue. The
increase in direct operating expenses was driven primarily by
higher content and talent and profit sharing expenses, third-party
digital costs, and costs related to the return of local and
national live events. The increase in Consolidated direct operating
expenses was partially offset by lower employee compensation and
other expenses resulting from our modernization and cost-reduction
initiatives executed in 2020 and 2021.
Consolidated Selling, General & Administrative ("SG&A")
expenses increased $57.0 million, or 17.1%, during the three months
ended September 30, 2021 compared to the same period of 2020. The
increase in Consolidated SG&A expenses was driven primarily by
increased employee compensation expenses resulting primarily from
higher variable bonus expense based on financial performance and
higher sales commission expenses as a result of higher revenue. In
the prior year the Company did not pay bonuses to the vast majority
of employees. In addition, increased headcount resulting from
investments in our digital businesses contributed to the increase
in Consolidated SG&A expenses. These increases were partially
offset by lower trade expense due to the timing of expenses
incurred in connection with the iHeartRadio Music Festival, as well
as decreases in employee compensation and other expenses resulting
from modernization and cost-reduction initiatives taken in response
to the COVID-19 pandemic.
Our consolidated GAAP Operating income was $80.1 million as
compared to Operating income of $39.4 million in the third quarter
of 2020, which was driven by the continued recovery from the impact
of COVID-19 on our businesses.
Adjusted EBITDA increased to $230.2 million compared to $162.1
million in the prior-year period.
The Company generated operating cash flow of $95.7 million,
compared to $33.3 million provided by operating cash flow in the
prior-year period and generated Free Cash Flow of $45.5 million,
compared to $14.3 million in the prior-year period. During the
quarter, we deployed significant capital expenditures to accelerate
real estate consolidation. This initiative has made certain real
estate assets redundant, also enabling the Company to sell such
assets to partially fund the initiative’s gross capital
expenditures. When such targeted real estate proceeds are included
as an offset to gross capital expenditures, the Company generated
$54.1 million.
New Reportable Segments
Beginning on January 1, 2021, we began reporting our financial
statements based on three reportable segments: iHeartMedia Digital
Audio Group, which includes all of our Digital assets including
Podcasting; the iHeartMedia Multiplatform Group, which includes our
Broadcast radio, Networks and Sponsorships and Events businesses;
and our Audio & Media Services Group. These reporting segments
reflect how senior management views the Company, align with certain
leadership and organizational changes implemented in the first
quarter of 2021. This structure provides improved visibility into
the underlying performances, results, and margin profiles of our
distinct businesses, and enables senior management to better
monitor trends at the operational level and address opportunities
or issues as they arise via regular review of segment-level results
and forecasts with operational leaders. The Company expects that
the Digital Audio segment will continue to grow at a higher rate
than our other segments and is therefore expected to become a
larger part of our business over time.
Additionally, beginning on January 1, 2021, Segment Adjusted
EBITDA became the segment profitability metric reported to the
Company's Chief Operating Decision Maker for purposes of making
decisions about allocation of resources to, and assessing
performance of, each reportable segment. Segment Adjusted EBITDA is
calculated as Revenue less operating expenses, excluding
Restructuring expenses.
Business Segments: Results of
Operations
Third Quarter 2021 Multiplatform Group
Results
(In thousands)
Three Months Ended September
30,
%
Nine Months Ended September
30,
%
2021
2020
Change
2021
2020
Change
Revenue
$
658,979
$
555,097
18.7
%
$
1,762,726
$
1,541,823
14.3
%
Operating expenses1
450,549
416,131
8.3
%
1,268,107
1,265,094
0.2
%
Segment Adjusted EBITDA
$
208,430
$
138,966
50.0
%
$
494,619
$
276,729
78.7
%
Segment Adjusted EBITDA margin
31.6
%
25.0
%
28.1
%
17.9
%
1
Operating expenses consist of Direct
operating expenses and Selling, general and administrative
expenses, excluding Restructuring Expenses.
Revenue from our Multiplatform Group increased $103.9 million,
or 18.7% YoY, primarily as a result of the continued recovery from
the negative impact of the COVID-19 pandemic in 2020. Broadcast
revenue grew $79.0 million, or 19.5% YoY, while Networks grew $8.9
million, or 7.5% YoY. Revenue from Sponsorship and Events increased
by $13.8 million, or 47.6% YoY, primarily as a result of the return
of live events. These increases were partially offset by a $15.1
million decrease in political revenue compared to the same period
in 2020, which was a presidential election year.
Operating expenses increased $34.4 million, or 8.3% YoY, driven
primarily by higher variable employee compensation expenses,
including commission and bonus expense, as well as higher talent
and profit-sharing fees, both as a result of higher revenue, and
higher expenses related to the return of live events, which were
partially offset by lower trade expenses resulting from the timing
of expenses incurred in connection with the iHeartRadio Music
Festival. These increases were partially offset by lower employee
compensation and other expenses resulting from our modernization
and cost-reduction initiatives executed in 2020 and early 2021.
Segment Adjusted EBITDA Margin increased substantially YoY to
31.6% from 25.0%.
Third Quarter 2021 Digital Audio Group
Results
(In thousands)
Three Months Ended September
30,
%
Nine Months Ended September
30,
%
2021
2020
Change
2021
2020
Change
Revenue
$
205,769
$
116,200
77.1
%
$
561,252
$
302,203
85.7
%
Operating expenses1
138,646
81,042
71.1
%
399,828
231,589
72.6
%
Segment Adjusted EBITDA
$
67,123
$
35,158
90.9
%
$
161,424
$
70,614
128.6
%
Segment Adjusted EBITDA margin
32.6
%
30.3
%
28.8
%
23.4
%
1
Operating expenses consist of Direct
operating expenses and Selling, general and administrative
expenses, excluding Restructuring Expenses.
Revenue from our Digital Audio Group increased $89.6 million, or
77.1% YoY, including growth from Digital, excluding Podcast
revenue, which grew $48.0 million, or 51.3% YoY, driven by
increased demand for digital advertising, and Podcast revenue which
increased by $41.6 million, or 183.7% YoY, driven by higher
revenues from the development of new podcasts as well as growth
from existing podcasts. Digital Audio Group revenue increased as a
result of general increased demand for digital advertising, the
growing popularity of podcasting, the continued addition of premium
content to our industry-leading podcast business and our improving
ability to monetize our digital audiences and inventory utilizing
our sales force and advertising technology platforms, partially
driven by leveraging our prior strategic investments in the digital
space.
Operating expenses increased $57.6 million, or 71.1% YoY, in
connection with our Digital Audio Group’s significant revenue
growth, including the impact of higher variable employee
compensation expense, variable content and third-party digital
costs due to higher revenue and the development of new podcasts. In
addition, operating expenses increased due to increased headcount
resulting from our investments in key infrastructure to support our
growing digital operations, as well as higher variable compensation
expenses including sales commissions and bonus arrangements.
Segment Adjusted EBITDA Margin increased YoY to 32.6% from
30.3%.
Third Quarter 2021 Audio & Media
Services Group Results
(In thousands)
Three Months Ended September
30,
%
Nine Months Ended September
30,
%
2021
2020
Change
2021
2020
Change
Revenue
$
66,078
$
75,039
(11.9
)
%
$
182,390
$
174,517
4.5
%
Operating expenses1
43,656
46,247
(5.6
)
%
124,148
127,774
(2.8
)
%
Segment Adjusted EBITDA
$
22,422
$
28,792
(22.1
)
%
$
58,242
$
46,743
24.6
%
Segment Adjusted EBITDA margin
33.9
%
38.4
%
31.9
%
26.8
%
1
Operating expenses consist of Direct
operating expenses and Selling, general and administrative
expenses, excluding Restructuring Expenses.
Revenue from our Audio & Media Services Group decreased $9.0
million, or 11.9% YoY, due to lower political advertising revenue
compared to 2020, which was a presidential election year, partially
offset by the continued recovery from the impact of the COVID-19
pandemic.
Operating expenses decreased $2.6 million, or 5.6% YoY,
primarily as a result of lower expenses due to our modernization
and cost-reduction initiatives.
Segment Adjusted EBITDA Margin decreased YoY to 33.9% from
38.4%.
GAAP and Non-GAAP Measures: Consolidated
(In thousands)
Three Months Ended September
30,
%
Nine Months Ended September
30,
%
2021
2020
Change
2021
2020
Change
Revenue
$
928,051
$
744,406
24.7
%
$
2,496,321
$
2,012,688
24.0
%
Operating income (loss)
$
80,111
$
39,395
103.4
%
$
31,881
$
(1,850,471
)
NM
Adjusted EBITDA1,3
$
230,213
$
162,124
42.0
%
$
516,968
$
273,180
89.2
%
Net income (loss)
$
3,673
$
(32,112
)
NM
$
(270,343
)
$
(1,918,165
)
NM
Cash provided by operating activities2
$
95,736
$
33,252
187.9
%
$
196,593
$
136,161
44.4
%
Free cash flow1,2,3
$
45,462
$
14,275
218.5
%
$
95,258
$
77,638
22.7
%
Free cash flow including net proceeds from
real estate sales1,2,3
$
54,072
$
14,275
278.8
%
$
116,309
$
77,638
49.8
%
______________________________________________________
1
See the end of this press release for
reconciliations of (i) Adjusted EBITDA to Operating income, (ii)
Adjusted EBITDA to net income (loss), (iii) Free Cash Flow and Free
cash flow including net proceeds from real estate sales to cash
provided by operating activities, (iv) revenue, excluding political
advertising revenue, to revenue, and (v) Net Debt to Total Debt.
See also the definitions of Adjusted EBITDA, Free Cash Flow, Free
cash flow including net proceeds from real estate sales, Adjusted
EBITDA margin, and Net Debt under the Supplemental Disclosure
section in this release.
2
We made cash interest payments from
operations of $79.2 million in the three months ended September 30,
2021, compared to $85.6 million in the three months ended September
30, 2020. We made cash interest payments from operations of $247.5
million in the nine months ended September 30, 2021, compared to
$271.0 million in the nine months ended September 30, 2020.
3
See Supplemental Disclosure Regarding
Non-GAAP Financial Information.
Certain prior period amounts have been reclassified to conform
to the 2021 presentation of financial information throughout the
press release.
Key Initiatives to Improve Cost
Structure and Margins
In January 2020, iHeartMedia announced key modernization
initiatives designed to take advantage of the significant
investments that the Company has made in new technologies to build
an improved operating infrastructure to upgrade products and
deliver incremental cost efficiencies. This modernization is a
multi-pronged set of strategic initiatives that we believe
positions the Company for sustainable long-term growth, margin
expansion, and value creation for shareholders.
Our investments in modernization delivered approximately $50
million of in-year savings in 2020, and achieved approximately $100
million of annualized run-rate cost savings during 2021.
In April 2020, the Company announced approximately $200 million
of incremental in-year operating-expense-saving initiatives in
response to the weaker economic environment caused by the COVID-19
pandemic, and as previously announced, the Company has implemented
plans to make the majority of these savings permanent.
Liquidity and Financial
Position
As of September 30, 2021, we had $369.1 million of cash on our
balance sheet. For the nine months ended September 30, 2021, cash
provided by operating activities was $196.6 million, cash used for
investing activities was $259.9 million and cash used for financing
activities was $288.1 million. On July 16, 2021, we amended the
Term Loan credit facilities and proactively prepaid $250.0 million
of borrowings outstanding under these facilities using cash on
hand.
Capital expenditures for the nine months ended September 30,
2021 were $101.3 million compared to $58.5 million in the nine
months ended September 30, 2020. Capital expenditures during the
nine months ended September 30, 2021 increased primarily due to our
real estate consolidation initiatives.
As of September 30, 2021, the Company had $5,737.4 million of
total debt and $5,368.3 million of net debt. The terms of our
capital structure include no material maintenance covenants, and
there are no material debt maturities prior to 2026, with the
exception of our asset-backed loan facility (our "ABL"), which
matures in 2023, providing structural resilience.
The Company believes its previously announced modernization
initiatives and other cost saving actions - in combination with the
Company’s resilient capital structure - have substantially expanded
the Company’s financial flexibility and liquidity while positioning
the Company for further margin improvement as advertising demand
continues to normalize.
On October 27, 2021, iHeart Operations repurchased all of the
iHeart Operations Preferred Stock with cash on hand for an
aggregate price of $64.4 million (“Repurchase Price”), including
accrued dividends, upon obtaining consent from the third party
investor. The Repurchase Price included a negotiated make-whole
premium as the redemption occurred prior to the optional redemption
date set forth in the Certificate of Designation governing the
iHeart Operations Preferred Stock. Subsequent to the transaction,
the preferred shares were retired and cancelled.
Update on FCC Petition for Declaratory
Ruling
As previously reported, following receipt of a Declaratory
Ruling from the Federal Communications Commission (“FCC”) on
November 5, 2020 allowing up to 100% of the Company’s common stock
to be owned by non-U.S. persons (subject to certain conditions),
the Company initiated action steps to simplify its share classes
and to substantially enhance the trading liquidity of its publicly
listed Class A Common Stock. In January 2021, the Company completed
the exchange of approximately 67 million Special Warrants into
Class A and Class B Common stock. As of November 1, 2021 the
Company’s current Class A shares outstanding (approximately 120
million shares) represented approximately 81.7% of totally fully
diluted shares and had a market value of approximately $2.4 billion
based on the closing price as of November 1, 2021. This Class A
share count and market value exclude the share counts and value of
approximately 22 million Class B shares and approximately 5 million
Special Warrants which were outstanding as of November 1, 2021,
each of which is convertible 1:1 into our Class A Common Stock.
Revenue Streams
The tables below present the comparison of our historical
revenue streams (including political revenue) for the periods
presented:
(In thousands)
Three Months Ended September
30,
%
Nine Months Ended September
30,
%
2021
2020
Change
2021
2020
Change
Broadcast Radio
$
483,456
$
404,460
19.5
%
$
1,293,134
$
1,110,155
16.5
%
Networks
127,920
118,982
7.5
%
366,592
349,889
4.8
%
Sponsorship and Events
42,663
28,898
47.6
%
93,641
73,055
28.2
%
Other
4,940
2,757
79.2
%
9,359
8,724
7.3
%
Multiplatform Group1,2
658,979
555,097
18.7
%
1,762,726
1,541,823
14.3
%
Digital ex. Podcast
141,573
93,574
51.3
%
405,276
242,479
67.1
%
Podcast
64,196
22,626
183.7
%
155,976
59,724
161.2
%
Digital Audio Group
205,769
116,200
77.1
%
561,252
302,203
85.7
%
Audio & Media Services
Group1,2
66,078
75,039
(11.9
)
%
182,390
174,517
4.5
%
Eliminations
(2,775
)
(1,930
)
(10,047
)
(5,855
)
Revenue, total1,2
$
928,051
$
744,406
24.7
%
$
2,496,321
$
2,012,688
24.0
%
1
Excluding the impact of political revenue,
Revenue from the Multiplatform Group and in Total increased by
22.3% and 30.6% for the three months ended September 30, 2021
compared to the three months ended September 30, 2020,
respectively. Excluding the impact of political revenue, Revenue
from Audio & Media Services increased by 12.6% for the three
months ended September 30, 2021 compared to the three months ended
September 30, 2020. See the end of this press release for a
reconciliation of revenue, excluding political advertising revenue,
to revenue.
2
Excluding the impact of political revenue,
Revenue from the Multiplatform Group and in Total increased by
16.7% and 27.6% for the nine months ended September 30, 2021
compared to the nine months ended September 30, 2020, respectively.
Excluding the impact of political revenue, Revenue from Audio &
Media Services increased by 21.1% for the nine months ended
September 30, 2021 compared to the nine months ended September 30,
2020. See the end of this press release for a reconciliation of
revenue, excluding political advertising revenue, to revenue.
Conference Call
iHeartMedia, Inc. will host a conference call to discuss results
and business outlook on November 4, 2021, at 4:30 p.m. Eastern
Time. The conference call number is (833) 350-1328 (U.S. callers)
and +1 (236) 389-2425 (International callers) and the passcode for
both is 7630919. A live audio webcast of the conference call will
also be available on the Investors homepage of iHeartMedia's
website investors.iheartmedia.com. After the live conference call,
a replay will be available for a period of thirty days. The replay
numbers are (800) 585-8367 (U.S. callers) and +1 (416) 621-4642
(International callers) and the passcode for both is 7630919. An
archive of the webcast will be available beginning 24 hours after
the call for a period of thirty days.
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 any other media
company in the U.S. Its leadership position in audio extends across
multiple platforms, including more than 860 live broadcast stations
in over 160 markets nationwide; its National Sales organization;
and the company’s live and virtual events business. It also
includes Premiere Networks, the industry’s largest Networks
business, with its Total Traffic and Weather Network (TTWN); and
BIN: Black Information Network, the first and only 24/7 national
and local all news audio service for the Black community.
iHeartMedia also leads the audio industry in analytics, targeting
and attribution for its marketing partners with its SmartAudio
suite of data targeting and attribution products using data from
its massive consumer base.
The iHeartMedia Digital Audio Group includes the company’s
fast-growing podcasting business -- iHeartMedia is the number one
podcast publisher in downloads, unique listeners, revenue and
earnings -- as well as its industry-leading iHeartRadio digital
service, available across more than 250 platforms and 2,000
devices; the company’s digital sites, newsletters, digital services
and programs; its digital advertising technology companies; and its
audio industry-leading social media footprint.
The company’s Audio & Media Services reportable segment
includes Katz Media Group, the nation’s largest media
representation company, and RCS, the world's leading provider of
broadcast and webcast software.
Certain statements herein 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 important factors which
may cause the actual results, performance or achievements of
iHeartMedia, Inc. and its subsidiaries to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. The words or phrases
“guidance,” “believe,” “expect,” “anticipate,” “estimates,”
“forecast” and similar words or expressions are intended to
identify such forward-looking statements. In addition, any
statements that refer to expectations or other characterizations of
future events or circumstances, such as statements about the
anticipated impact of COVID-19 pandemic on our business, financial
position and results of operations, expectations regarding economic
recovery and the recovery of advertising revenue, financial
performance of our new segments, our expected costs, savings and
timing of our modernization initiatives and other capital and
operating expense reduction initiatives, our business plans,
strategies and initiatives, our expectations about certain markets
and our anticipated financial performance and liquidity, are
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other important factors, some of which are beyond our control
and are difficult to predict. Various risks that could cause future
results to differ from those expressed by the forward-looking
statements included in this press release include, but are not
limited to: risks related weak or uncertain global economic
conditions; the impact of the COVID-19 pandemic; increased
competition; dependence upon the performance of on-air talent,
program hosts and management; fluctuations in operating costs;
technological changes and innovations; shifts in population and
other demographics; impact of our substantial indebtedness; impact
of acquisitions, dispositions and other strategic transactions;
legislative or regulatory requirements; impact of legislation,
ongoing litigation or royalty audits on music licensing and
royalties; regulations and concerns regarding privacy and data
protection; risk associated with our emergence from the Chapter 11
Cases; risks related to our Class A common stock; and regulations
impacting our business and the ownership of our securities. Other
unknown or unpredictable factors also could have material adverse
effects on the Company’s future results, performance or
achievements. In light of these risks, uncertainties, assumptions
and factors, the forward-looking events discussed in this press
release may not occur. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date stated, or if no date is stated, as of the date hereof.
Additional risks that could cause future results to differ from
those expressed by any forward-looking statement are described in
the Company’s reports filed with the U.S. Securities and Exchange
Commission, including in the section entitled “Item 1A. Risk
Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q. The Company does not undertake any
obligation to publicly update or revise any forward-looking
statements because of new information, future events or
otherwise.
APPENDIX
TABLE 1 -
Comparison of operating performance
(In thousands)
Three Months Ended September
30,
%
Nine Months Ended September
30,
%
2021
2020
Change
2021
2020
Change
Revenue
$
928,051
$
744,406
24.7
%
$
2,496,321
$
2,012,688
24.0
%
Operating expenses:
Direct operating expenses (excludes
depreciation and amortization)
325,766
270,862
20.3
%
939,094
808,925
16.1
%
Selling, general and administrative
expenses (excludes depreciation and amortization)
390,086
333,095
17.1
%
1,105,056
1,018,258
8.5
%
Depreciation and amortization
108,100
99,379
8.8
%
343,408
299,494
14.7
%
Impairment charges
11,647
—
NM
49,391
1,733,235
(97.2
)
%
Other operating expense, net
12,341
1,675
NM
27,491
3,247
NM
Operating income (loss)
$
80,111
$
39,395
103.4
%
$
31,881
$
(1,850,471
)
NM
Depreciation and amortization
108,100
99,379
343,408
299,494
Impairment charges
11,647
—
49,391
1,733,235
Other operating expense, net
12,341
1,675
27,491
3,247
Share-based compensation expense
5,993
5,885
17,581
14,728
Restructuring expenses
12,021
15,790
47,216
72,947
Adjusted EBITDA1
$
230,213
$
162,124
42.0
%
$
516,968
$
273,180
89.2
%
Certain prior period amounts have been reclassified to conform
to the 2021 presentation of financial information throughout the
press release.
1
See the end of this press release for
reconciliations of (i) Adjusted EBITDA to Operating income, (ii)
Adjusted EBITDA to net income (loss), (iii) Free Cash Flow and Free
cash flow including net proceeds from real estate sales to cash
provided by operating activities, (iv) revenue, excluding political
advertising revenue, to revenue, and (v) Net Debt to Total Debt.
See also the definitions of Adjusted EBITDA, Free Cash Flow, Free
cash flow including net proceeds from real estate sales, Adjusted
EBITDA margin and Net Debt under the Supplemental Disclosure
section in this release.
TABLE 2 -
Statements of Operations
(In thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Revenue
$
928,051
$
744,406
$
2,496,321
$
2,012,688
Operating expenses:
Direct operating expenses (excludes
depreciation and amortization)
325,766
270,862
939,094
808,925
Selling, general and administrative
expenses (excludes depreciation and amortization)
390,086
333,095
1,105,056
1,018,258
Depreciation and amortization
108,100
99,379
343,408
299,494
Impairment charges1
11,647
—
49,391
1,733,235
Other operating expense, net
12,341
1,675
27,491
3,247
Operating income (loss)
80,111
39,395
31,881
(1,850,471
)
Interest expense, net
82,481
85,562
252,489
257,614
Gain (loss) on investments, net
(10,367
)
62
39,468
(8,613
)
Equity in loss of nonconsolidated
affiliates
(1,056
)
(58
)
(1,115
)
(653
)
Other expense, net
(9,681
)
(1,177
)
(10,851
)
(10,295
)
Loss before income taxes
(23,474
)
(47,340
)
(193,106
)
(2,127,646
)
Income tax benefit (expense)
27,147
15,228
(77,237
)
209,481
Net income (loss)
3,673
(32,112
)
(270,343
)
(1,918,165
)
Less amount attributable to noncontrolling
interest
493
—
486
—
Net income (loss) attributable to the
Company
$
3,180
$
(32,112
)
$
(270,829
)
$
(1,918,165
)
1
Impairment charges in the nine months
ended September 30, 2021 includes $38.0 million related to
impairments of right-of-use assets and $11.4 million related to
leasehold improvements as a result of proactive decisions by
management to abandon and sublease a number of operating leases in
connection with strategic actions to streamline the Company’s real
estate footprint as part of the Company’s modernization
initiatives. Impairment charges of $1.7 billion in the nine months
ended September 30, 2020 related primarily to impairments
recognized on indefinite-lived intangible assets and goodwill as a
result of the estimated adverse effects caused by the COVID-19
pandemic on future cash flows.
TABLE 3 -
Selected Balance Sheet Information
Selected balance sheet information for
September 30, 2021 and December 31, 2020:
(In millions)
September 30, 2021
December 31, 2020
Cash
$
369.1
$
720.7
Total Current Assets
1,356.0
1,619.0
Net Property, Plant and Equipment
769.8
811.7
Total Assets
8,810.6
9,203.0
Current Liabilities (excluding current
portion of long-term debt)
781.6
683.0
Long-term Debt (including current portion
of long-term debt)
5,737.4
6,016.9
Stockholders' Equity
798.0
1,050.8
Supplemental Disclosure Regarding
Non-GAAP Financial Information
The following tables set forth the Company’s Adjusted EBITDA,
Adjusted EBITDA margin, revenues excluding political advertising
revenue, and Free Cash Flow and Free cash flow including net
proceeds from real estate sales for the three and nine months ended
September 30, 2021 and 2020, and Net Debt as of September 30, 2021.
Adjusted EBITDA is defined as consolidated Operating income (loss)
adjusted to exclude restructuring expenses included within Direct
operating expenses and SG&A expenses, and share-based
compensation expenses included within SG&A expenses, as well as
the following line items presented in our Statements of Operations:
Depreciation and amortization, Impairment charges and Other
operating expense, net. Alternatively, Adjusted EBITDA is
calculated as Net income (loss), adjusted to exclude Income tax
(benefit) expense, Interest expense, net, Depreciation and
amortization, Loss (gain) on investments, net, Other expense, net,
Equity in loss of nonconsolidated affiliates, net, Impairment
charges, Other operating expense, net, Share-based compensation
expense, and restructuring expenses. Restructuring expenses
primarily include expenses incurred in connection with cost-saving
initiatives, as well as certain expenses, which, in the view of
management, are outside the ordinary course of business or
otherwise not representative of the Company's operations during a
normal business cycle. Adjusted EBITDA margin is calculated as
Adjusted EBITDA divided by Revenue.
The Company uses Adjusted EBITDA and Adjusted EBITDA margin,
among other measures, to evaluate the Company’s operating
performance. Adjusted EBITDA is among the primary measures used by
management for the planning and forecasting of future periods, as
well as for measuring performance for compensation of executives
and other members of management. We believe this measure is an
important indicator of the Company’s operational strength and
performance of its business because it provides a link between
operational performance and operating income. It is also a primary
measure used by management in evaluating companies as potential
acquisition targets.
The Company believes the presentation of these measures is
relevant and useful for investors because it allows investors to
view performance in a manner similar to the method used by the
Company’s management. The Company believes it helps improve
investors’ ability to understand the Company’s operating
performance and makes it easier to compare the Company’s results
with other companies that have different capital structures or tax
rates. In addition, the Company believes this measure is also among
the primary measures used externally by the Company’s investors,
analysts and peers in its industry for purposes of valuation and
comparing the operating performance of the Company to other
companies in its industry.
Since Adjusted EBITDA is not a measure calculated in accordance
with GAAP, it should not be considered in isolation of, or as a
substitute for, operating income as an indicator of operating
performance and may not be comparable to similarly titled measures
employed by other companies. Adjusted EBITDA is not necessarily a
measure of the Company’s ability to fund its cash needs. As it
excludes certain financial information compared with operating
income, the most directly comparable GAAP financial measure, users
of this financial information should consider the types of events
and transactions which are excluded.
We define Free Cash Flow as Cash provided by operating
activities less capital expenditures, which is disclosed as
Purchases of property, plant and equipment in the Company's
Consolidated Statements of Cash Flows. We define Free cash flow
including net proceeds from real estate sales as Free Cash Flow
further adjusted to include proceeds from real estate sales. We use
Free Cash Flow and Free cash flow including net proceeds from real
estate sales, among other measures, to evaluate the Company’s
liquidity and its ability to generate cash flow. We believe that
Free Cash Flow and Free cash flow including net proceeds from real
estate sales are meaningful to investors because they provide them
with a view of the Company's liquidity after deducting capital
expenditures, which are considered to be a necessary component of
ongoing operations and proceeds from real estate sales in the case
of Free cash flow including net proceeds from real estate sales. In
addition, we believe that Free Cash Flow and Free cash flow
including net proceeds from real estate sales helps improve
investors' ability to compare our liquidity with that of other
companies.
Since Free Cash Flow and Free cash flow including net proceeds
from real estate sales are not a measure calculated in accordance
with GAAP, they should not be considered in isolation of, or as a
substitute for, Cash provided by operating activities and may not
be comparable to similarly titled measures employed by other
companies. Free Cash Flow and Free cash flow including net proceeds
from real estate sales is not necessarily a measure of our ability
to fund our cash needs.
The Company presents revenue, excluding the effects of political
revenue. Due to the cyclical nature of the electoral system and the
seasonality of the related political revenue, management believes
presenting revenue, excluding the effects of political revenue,
provides additional information to investors about the Company’s
revenue growth from period to period.
We define Net debt as Total debt less Cash and cash equivalents.
We define the Net debt to Adjusted EBITDA ratio as Net debt divided
by Adjusted EBITDA. The Company uses the Net debt to Adjusted
EBITDA ratio to evaluate the Company's leverage. We believe this
measure is an important indicator of the Company's ability to
service its long-term debt obligations.
We define total available liquidity as cash and cash equivalents
plus available borrowings under our ABL Facility. We use total
available liquidity to evaluate our capacity to access cash to meet
obligations and fund operations.
Since these non-GAAP financial measures are not calculated in
accordance with GAAP, they should not be considered in isolation
of, or as a substitute for, the most directly comparable GAAP
financial measures as an indicator of operating performance or
liquidity.
As required by the SEC rules, the Company provides
reconciliations below to the most directly comparable measures
reported under GAAP, including (i) Adjusted EBITDA to Operating
income, (ii) Adjusted EBITDA to net income (loss), (iii) Free Cash
Flow and Free cash flow including net proceeds from real estate
sales to cash provided by operating activities, (iv) revenue,
excluding political advertising revenue, to revenue, and (v) Net
Debt to Total Debt.
Our Earnings Call on November 4, 2021 may present guidance that
includes forecasted Revenue and Adjusted EBITDA. The forecasted
Adjusted EBITDA provided on such call is presented on a non-GAAP
basis, as defined under SEC rules. A full reconciliation of the
forecasted Adjusted EBITDA on a non-GAAP basis to its most-directly
comparable GAAP metric, Operating Income, cannot be provided
without unreasonable efforts due to the inherent difficulty in
forecasting and quantifying with reasonable accuracy significant
items required for the reconciliation.
Predecessor - Successor Presentation
Our financial results for the periods from April 1, 2019 through
May 1, 2019 are referred to as those of the “Predecessor” period.
Our financial results for the period from May 2, 2019 through June
30, 2019 are referred to as those of the “Successor” period. Our
results of operations as reported in our Consolidated Financial
Statements for these periods are prepared in accordance with GAAP.
Although GAAP requires that we report on our results for the period
from April 1, 2019 through May 1, 2019 and the period from May 2,
2019 through June 30, 2019 separately, management views the
Company’s operating results for the three months ended June 30,
2019 by combining the results of the Predecessor and Successor
periods because such presentation provides the most meaningful
comparison of our results in the three months ended June 30,
2021.
The Company cannot adequately benchmark the operating results of
the period from May 2, 2019 through June 30, 2019 against the three
months ended June 30, 2021 reported in its Consolidated Financial
Statements without combining it with the period from April 1, 2019
through May 1, 2019 and does not believe that reviewing the results
of this period in isolation would be useful in identifying trends
in or reaching conclusions regarding the Company’s overall
operating performance. Management believes that providing revenue
for the Successor period when combined with the Predecessor period
provides more meaningful comparisons to other periods and are
useful in identifying current business trends. Accordingly, in
addition to presenting our results of operations as reported in our
Consolidated Financial Statements in accordance with GAAP, the
tables and discussion included within this release also present the
combined results for the three months ended June 30, 2019.
The combined results for the three months ended June 30, 2019,
which we refer to herein as the results for the "three months ended
June 30, 2019" represent the sum of the reported amounts for the
Predecessor period from April 1, 2019 through May 1, 2019 and the
Successor period from May 2, 2019 through June 30, 2019. These
combined results are not considered to be prepared in accordance
with GAAP and have not been prepared as pro forma results per
applicable regulations. The combined operating results do not
reflect the actual results we would have achieved absent our
emergence from bankruptcy and may not be indicative of future
results.
Management has provided the results for the Predecessor,
Successor and combined results for the three months ended June 30,
2019 because it believes that the Company’s financial results from
2019 provide a more meaningful comparison for its results for the
three months ended June 30, 2021 than the three months ended June
30, 2020 in light of the impact of the COVID-19 pandemic on 2020
revenues.
Reconciliation of Operating Income
(Loss) to Adjusted EBITDA
(In thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Operating income (loss)
$
80,111
$
39,395
$
31,881
$
(1,850,471
)
Depreciation and amortization
108,100
99,379
343,408
299,494
Impairment charges1
11,647
—
49,391
1,733,235
Other operating expense, net2
12,341
1,675
27,491
3,247
Share-based compensation expense
5,993
5,885
17,581
14,728
Restructuring expenses
12,021
15,790
47,216
72,947
Adjusted EBITDA
$
230,213
$
162,124
$
516,968
$
273,180
1
Impairment charges in the nine months
ended September 30, 2021 of includes $38.0 million related to
impairments of right-of-use assets and $11.4 million related to
leasehold improvements as a result of proactive decisions by
management to abandon and sublease a number of operating leases in
connection with strategic actions to streamline the Company’s real
estate footprint as part of the Company’s modernization
initiatives. Impairment charges of $1.7 billion in the nine months
ended September 30, 2020 related primarily to impairments
recognized on indefinite-lived intangible assets and goodwill as a
result of the estimated adverse effects caused by the COVID-19
pandemic on future cash flows.
2
Increase in Other operating expense, net
is driven by net losses recognized in relation to sales of real
estate.
Reconciliation of Net Income (Loss) to
EBITDA and Adjusted EBITDA
(In thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Net income (loss)
$
3,673
$
(32,112
)
$
(270,343
)
$
(1,918,165
)
Income tax expense
(27,147
)
(15,228
)
77,237
(209,481
)
Interest expense, net
82,481
85,562
252,489
257,614
Depreciation and amortization
108,100
99,379
343,408
299,494
EBITDA
$
167,107
$
137,601
$
402,791
$
(1,570,538
)
Loss (gain) on investments, net
10,367
(62
)
(39,468
)
8,613
Other expense, net
9,681
1,177
10,851
10,295
Equity in loss of nonconsolidated
affiliates
1,056
58
1,115
653
Impairment charges
11,647
—
49,391
1,733,235
Other operating expense, net
12,341
1,675
27,491
3,247
Share-based compensation expense
5,993
5,885
17,581
14,728
Restructuring expenses
12,021
15,790
47,216
72,947
Adjusted EBITDA
$
230,213
$
162,124
$
516,968
$
273,180
Reconciliation of Cash Provided by
Operating Activities to Free Cash Flow and Free cash flow including
net proceeds from real estate sales
(In thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Cash provided by operating activities
$
95,736
$
33,252
$
196,593
$
136,161
Purchases of property, plant and
equipment
(50,274
)
(18,977
)
(101,335
)
(58,523
)
Free cash flow
45,462
14,275
95,258
$
77,638
Net proceeds from real estate sales1
8,610
—
21,051
—
Free cash flow including net proceeds from
real estate sales
$
54,072
$
14,275
$
116,309
$
77,638
1
During the quarter and continuing through
2021, we will deploy significant capital expenditures to accelerate
the proactive streamlining of our real estate footprint. This
initiative has succeeded in making certain real estate assets
redundant, enabling the Company to sell such assets to partially
fund the initiative’s gross capital expenditures.
Reconciliation of Revenue, excluding
Political Advertising Revenue, to Revenue
(In thousands)
Three Months Ended September
30,
%
Change
Nine Months Ended September
30,
%
Change
2021
2020
2021
2020
Consolidated revenue
$
928,051
$
744,406
24.7
%
2,496,321
2,012,688
24.0
%
Excluding: Political revenue
(7,836
)
(39,588
)
(19,521
)
(72,382
)
Consolidated revenue, excluding
political
$
920,215
$
704,818
30.6
%
$
2,476,800
$
1,940,306
27.6
%
Multiplatform Group revenue
$
658,979
$
555,097
18.7
%
1,762,726
1,541,823
14.3
%
Excluding: Political revenue
(5,858
)
(20,957
)
(13,491
)
(42,884
)
Multiplatform Group revenue, excluding
political
$
653,121
$
534,140
22.3
%
$
1,749,235
$
1,498,939
16.7
%
Digital Audio Group revenue
$
205,769
$
116,200
77.1
%
561,252
302,203
85.7
%
Excluding: Political revenue
(366
)
(842
)
(1,034
)
(1,504
)
Digital Audio Group revenue, excluding
political
$
205,403
$
115,358
78.1
%
$
560,218
$
300,699
86.3
%
Audio & Media Group Services
revenue
$
66,078
$
75,039
(11.9
)
%
182,390
174,517
4.5
%
Excluding: Political revenue
(1,612
)
(17,789
)
(4,996
)
(27,994
)
Audio & Media Services Group revenue,
excluding political
$
64,466
$
57,250
12.6
%
$
177,394
$
146,523
21.1
%
Reconciliation of Total Debt to Net
Debt
(In thousands)
September 30,
2021
Current portion of long-term debt
$
725
Long-term debt
5,736,650
Total debt
$
5,737,375
Less: Cash and cash equivalents
369,094
Net debt
$
5,368,281
Segment Results
The following tables present the Company's
segment results for the Company for the periods presented:
Segments
(In thousands)
Multiplatform Group
Digital Audio Group
Audio & Media Services
Group
Corporate and other
reconciling items
Eliminations
Consolidated
Three Months Ended September 30,
2021
Revenue
$
658,979
$
205,769
$
66,078
$
—
$
(2,775
)
$
928,051
Operating expenses(1)
450,549
138,646
43,656
67,762
(2,775
)
697,838
Adjusted EBITDA
$
208,430
$
67,123
$
22,422
$
(67,762
)
$
—
$
230,213
Adjusted EBITDA margin
31.6
%
32.6
%
33.9
%
24.8
%
Depreciation and amortization
(108,100
)
Impairment charges
(11,647
)
Other operating expense, net
(12,341
)
Share-based compensation expense
(5,993
)
Restructuring expenses
(12,021
)
Operating income
$
80,111
Operating margin
8.6
%
(1)
Operating expenses consist of Direct
operating expenses and Selling, general and administrative
expenses, excluding Restructuring expenses and share-based
compensation expenses.
Segments
(In thousands)
Multiplatform Group
Digital Audio Group
Audio & Media Services
Group
Corporate and other
reconciling items
Eliminations
Consolidated
Three Months Ended September 30,
2020
Revenue
$
555,097
$
116,200
$
75,039
$
—
$
(1,930
)
$
744,406
Operating expenses(1)
416,131
81,042
46,247
40,792
(1,930
)
582,282
Adjusted EBITDA
$
138,966
$
35,158
$
28,792
$
(40,792
)
$
—
$
162,124
Adjusted EBITDA margin
25.0
%
30.3
%
38.4
%
21.8
%
Depreciation and amortization
(99,379
)
Other operating expense, net
(1,675
)
Share-based compensation expense
(5,885
)
Restructuring expenses
(15,790
)
Operating income
$
39,395
Operating margin
5.3
%
Segments
(In thousands)
Multiplatform Group
Digital Audio Group
Audio & Media Services
Group
Corporate and other
reconciling items
Eliminations
Consolidated
Three Months Ended June 30,
2021
Revenue
$
605,850
$
197,930
$
61,175
$
—
$
(3,350
)
$
861,605
Operating expenses(1)
424,452
143,640
40,704
71,651
(3,350
)
677,097
Adjusted EBITDA
$
181,398
$
54,290
$
20,471
$
(71,651
)
$
—
$
184,508
Adjusted EBITDA margin
29.9
%
27.4
%
33.5
%
21.4
%
Depreciation and amortization
(127,945
)
Other operating expense, net
(12,379
)
Share-based compensation expense
(5,903
)
Restructuring expenses
(10,155
)
Operating income
$
28,126
Operating margin
3.3
%
(1)
Operating expenses consist of Direct
operating expenses and Selling, general and administrative
expenses, excluding Restructuring expenses and share-based
compensation expenses.
Segments
(In thousands)
Multiplatform Group
Digital Audio Group
Audio & Media Services
Group
Corporate and other
reconciling items
Eliminations
Consolidated
Nine Months Ended September 30,
2021
Revenue
$
1,762,726
$
561,252
$
182,390
$
—
$
(10,047
)
$
2,496,321
Operating expenses(1)
1,268,107
399,828
124,148
197,317
(10,047
)
1,979,353
Adjusted EBITDA
$
494,619
$
161,424
$
58,242
$
(197,317
)
$
—
$
516,968
Adjusted EBITDA margin
28.1
%
28.8
%
31.9
%
20.7
%
Depreciation and amortization
(343,408
)
Impairment charges
(49,391
)
Other operating expense, net
(27,491
)
Share-based compensation expense
(17,581
)
Restructuring expenses
(47,216
)
Operating income
$
31,881
Operating margin
1.3
%
Segments
(In thousands)
Multiplatform Group
Digital Audio Group
Audio & Media Services
Group
Corporate and other
reconciling items
Eliminations
Consolidated
Nine Months Ended September 30,
2020
Revenue
$
1,541,823
$
302,203
$
174,517
$
—
$
(5,855
)
$
2,012,688
Operating expenses(1)
1,265,094
231,589
127,774
120,906
(5,855
)
1,739,508
Adjusted EBITDA
$
276,729
$
70,614
$
46,743
$
(120,906
)
$
—
$
273,180
Adjusted EBITDA margin
17.9
%
23.4
%
26.8
%
13.6
%
Depreciation and amortization
(299,494
)
Impairment charges
(1,733,235
)
Other operating expense, net
(3,247
)
Share-based compensation expense
(14,728
)
Restructuring expenses
(72,947
)
Operating loss
$
(1,850,471
)
Operating margin
(91.9
)
%
(1)
Operating expenses consist of Direct
operating expenses and Selling, general and administrative
expenses, excluding Restructuring expenses and share-based
compensation expenses.
Q3 2021 Segment Performance vs. Q3
2019
(In thousands)
Three Months Ended September
30,
%
2021
2019
Change
Multiplatform Group
658,979
793,708
(17.0
)
%
Digital Audio Group
205,769
96,656
112.9
%
Audio & Media Services
Group
66,078
59,873
10.4
%
Eliminations
(2,775
)
(1,899
)
Revenue, total
$
928,051
$
948,338
(2.1
)
%
Q2 2021 Segment Performance vs. Q2
2019
(In thousands)
Successor Company
Successor Company
Predecessor Company
Non-GAAP Combined(1)
Three Months Ended June
30,
Period from May 2, 2019
through June 30,
Period from April 1, 2019
through May 1,
Three Months Ended June
30,
%
2021
2019
2019
2019
Change
Multiplatform Group
605,850
531,992
233,621
765,613
(20.9
)
%
Digital Audio Group
197,930
64,238
26,840
91,078
117.3
%
Audio & Media Services
Group
61,175
40,537
17,970
58,507
4.6
%
Eliminations
(3,350
)
(1,121
)
(757
)
(1,878
)
Revenue, total
$
861,605
$
635,646
$
277,674
$
913,320
(5.7
)
%
Q1 2021 Segment Performance vs. Q1
2019
(In thousands)
Three Months Ended March
31,
%
2021
2019
Change
Multiplatform Group
497,897
670,267
(25.7
)
%
Digital Audio Group
157,553
75,949
107.4
%
Audio & Media Services
Group
55,137
51,392
7.3
%
Eliminations
(3,922
)
(1,811
)
Revenue, total
$
706,665
$
795,797
(11.2
)
%
(1)
See Supplemental Disclosure Regarding
Non-GAAP Financial Information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104006109/en/
Media
Wendy Goldberg Chief Communications Officer (212) 377-1105
wendygoldberg@iheartmedia.com
Investors
Mike McGuinness EVP, Deputy CFO, and Head of Investor Relations
(212) 377-1336 mbm@iheartmedia.com
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