Digital, Networks Drive iHeartMedia Third Quarter Revenue Growth

Q3

iHEARTMEDIA third quarter 2019 revenue rose 3% year-to-year to $948.3 million (up 4.9% excluding political revenue), with digital revenue showing a 33.4% increase to $96.7 million driven by podcasting but broadcast revenue falling 0.6% to $573 million (up 0.4% excluding political revenue). Networks revenue rose 9.2% to $160 million, while Audio & Media Services fell 14.3% to $59.9 million and Sponsorships increased 4.4% to $55.5 million.

Operating income fell 24.6% to $140.8 million, blamed on higher depreciation and amortization expense as a result of fresh start accounting plus the company's new equity incentive plan, but Adjusted EBITDA was up slightly by 0.3% to $274.7 million. Free Cash Flow rose 11.9% to $151.5 million.

“During the third quarter, our integrated multi-platform approach to meeting listeners wherever they are continues to drive our strong performance, and we’re seeing momentum across all of our businesses - from broadcast radio to digital, social, podcasts and live events,” said Chairman/CEO BOB PITTMAN. "This quarter, we advanced our offerings of goal-oriented marketing solutions to advertisers, expanding our addressable pool beyond radio. And we continued to strengthen our leadership position in our podcasting business, announcing multiple new partnerships and a slate of exciting new content. Looking ahead, iHEARTMEDIA is well-positioned to continue to grow our leadership position in the audio space.”

“When iHEARTMEDIA returned to the public equity markets, we set clear goals to increase our share of radio advertising spend, tap into TV and digital advertising revenue pools, and extend our leadership in podcasting and drive sponsorship revenue,” said Pres./CFO/COO RICH BRESSLER. “Our results demonstrate significant progress against these goals and we are pleased with the revenue growth we’ve seen across the board. We continue to work to build long-term shareholder value, and de-leveraging remains a key priority.”

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