iHeartMedia Revenue, Income Decline Again In Third Quarter, But It's Not As Bad As Second Quarter

Q3

iHEARTMEDIA revenue fell 21.5% year-to-year to $744,406,000 in third quarter 2020, with net income down from a gain of $12,374,000 to a loss of $32,112,000 (8 to -22 cents/basic and diluted share).

Radio revenue fell 29% to $404,460,000; digital revenue increased 17% to $112,589,000. Networks revenue dipped 26% to $118,982,000, Sponsorship and Events revenue fell 48% to $28,898,000, and Audio and Media Services revenue rose 25% to $75,039,000.

The company pointed out that revenue was up 53% on a sequential basis from second quarter, with OCTOBER revenue up 2% year-to-year. But Adjusted EBITDA fell from $275 million to $162 million.

“I am pleased that we have seen strong signs of recovery this quarter as we continue to address challenges resulting from the macroeconomic impact of COVID-19; in the third quarter, our revenue has substantially improved when compared to the second quarter and continues to improve sequentially month-over-month,” said Chairman/CEO BOB PITTMAN. “As the number one audio company in AMERICA, we feel our results this quarter are strong validation of our multiplatform product and revenue strategy, our ongoing modernization efforts and the investments we have made in new areas, like podcasting, where we are the number one commercial podcast publisher and continue to grow our leadership position. Our relationship with our consumers has grown even stronger during this downturn, and we are seeing encouraging trends across the markets that indicate we are on a path toward normalcy and growth. We expect further improvement in both revenue and Adjusted EBITDA in the fourth quarter.”

“The early action we took during the pandemic to focus on cost management and maximize liquidity prepared us for a potential protracted recovery scenario, and the fact that we’ve been able to quickly return to meaningfully positive Adjusted EBITDA of $162 million in Q3 and free cash flow generation is proof of our strict cost controls, of our sequentially improving revenue trends, and most importantly, of the Company’s strong free cash flow characteristics,” said Pres./COO/CFO RICH BRESSLER. “We continue to focus on cost management and maximizing liquidity and webelieve that we are poised to take full advantage as the economy continues to recover.”

« see more Net News