Revenues Up For iHeartMedia In Second Quarter, Net Loss Narrows

Revenues Up In Q2

iHEARTMEDIA reported its second quarter 2021 financial results just after the closing bell on THURSDAY (8/5), reporting revenue up 76.7% year-over-year to $862 million, beating its guidance of about 65% and about 6% below pre-pandemic second quarter 2019. Multiplatform Group (broadcast radio, networks, sponsorships and events) revenue increased 69.7% to $605.85 million. Digital Audio Group (all digital assets including podcasting) revenue rose 112.3% to $197.93 million; digital revenue excluding podcasting increased 100.7%.

Podcasting revenue jumped 151.5%.(a $32.2 million increase). Audio & Media Services Group revenue rose 55.9% to $61.175 million. Adjusted EBITDA increased from a loss of $29.3 million to a positive $184.5 million. Net loss narrowed from $197.3 million to $32 million.

“The strong recovery of our Multiplatform Group and the continued growth of our Digital Audio Group, including our industry-leading podcast business, continue to validate our multiplatform strategy for consumers, advertisers and creators,” said Chairman/CEO BOB PITTMAN. “Our strength with all of our audiences, coupled with our unparalleled reach and supported by our unique ad tech and data resources, positions our company as a one-of-a-kind leader in today’s audio industry. And the high operating leverage characteristics of all of our businesses position us well to participate in the macroeconomic recovery of the economy.”

Pres./COO/CFO RICH BRESSLER added, “We continue to make strong progress in our recovery, generating Adjusted EBITDA of $185 million in the second quarter, driven by our strict cost discipline, the investments we have made in high-growth areas, and the gradual improvements to the macroeconomic environment. We look forward to continuing our business’ recovery and remain confident that we’ll be back to 2019 Adjusted EBITDA levels by the end of 2021, and to continuing the significant progress we’ve made in our deleveraging activities, as evidenced by the fact we improved our leverage by 3.3 turns since the end of the first quarter.” 

The company updated its revenue guidance to a 20% year-over-year  increase for the third quarter, with JULY revenue up about 26%. iHEART also reaffirmed that it expects to return to 2019 Adjusted EBITDA levels by the end of this year.

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