iHeartMedia Reports Consolidated Revs Down 1.9% In Q3

Debt Continues To Be A Drag

iHEARTMEDIA has reported financial results for the third quarter ended SEPTEMBER 30th, 2017.

The company reported that consolidated revenue decreased 1.9%. Consolidated revenue was flat, after adjusting for a $10.2 million impact from movements in foreign exchange rates and the $39.3 million impact of the outdoor businesses sold. iHM revenues increased $2.4 million, or 0.3%. Revenues increased $8.0 million, or 0.9%, excluding political revenue.

“As a true multi-platform, 21st-century media company, we continue to expand the innovative ways for us to engage consumers and to reinvent how we do business with our advertising and marketing partners,” said Chairman/CEO BOB PITTMAN. “At our iHEARTMEDIA business, in addition to building out a data-first programmatic advertising platform, we are continually growing our content offerings, including iHEARTRADIO's podcast platform, with virtually all of the top 200 U.S. podcasts. At Americas outdoor and International outdoor, we are both expanding our digital footprint and enhancing our automated ad-buying and data analytics and attribution capabilities to generate better results for our partners.”

Pres./COO/CFO RICH BRESSLER said, “Our consolidated revenues and operating income declined in the third quarter. However, the iHEARTMEDIA segment extended its year-over-year revenue growth to eighteen consecutive quarters. We continue to be committed to balancing financial discipline with investments in data, programmatic and attribution to grow our businesses while staying focused on improving our capital structure.”

Other Financial Highlights

• Americas outdoor revenues decreased $6.4 million, or 2.0%. Revenues decreased $3.1 million, or 1.0%, after adjusting for a $0.9 million impact from movements in foreign exchange rates and a $4.2 million impact from the sale of our business in CANADA.
• International outdoor revenues decreased $17.7 million, or 5.1%. Revenues increased $8.1 million, or 2.6%, after adjusting for a $9.3 million impact from movements in foreign exchange rates and a $35.2 million impact from the sale of businesses in AUSTRALIA and TURKEY.
• Operating income decreased $71.0 million, or 23.7%, primarily due to a $33.8 million prior year benefit resulting from the renegotiation of certain contracts and the $12.1 million loss on the sale of Canadian outdoor market.
• OIBDAN decreased 14.3% and decreased 12.9%, excluding the impact from movements in foreign exchange rates and the impact of the outdoor businesses sold.

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