iHeartMedia Revenue Rises, Net Loss Narrows In First Quarter 2022

Q1 Results

First quarter 2022 revenue rose 19.4% year-over-year to $843 million at iHEARTMEDIA, at the high end of the company's guidance, with net loss narrowing from $242.1 million to $48.7 million. Digital Audio Group revenue rose 36% to  $214 million (25% of overall revenue), including podcast revenue up 79% to $69 million and digital revenue (other than podcast) up 22% to $146 million. 

Multiplatform Group revenue increased 15% to $571 million, with broadcast revenue up 16.2% to $416.5 million, while networks were up 2.1% to $117.6 million and sponsorship and events revenue rebounded from pandemic lows, up 50.1% to $33.6 million.

"We’re pleased to report another quarter of strong results, and believe our performance is further evidence of the successful execution of our digital transformation and multiplatform strategy, and the power of our position as the #1 audio company in AMERICA across broadcast radio, digital radio, and podcasting” said Chairman/CEO BOB PITTMAN. “We remain committed to building on iHEART’s transformation into a data-led, digitally-focused business; to investing in areas with high growth potential; and to continuing our focus on innovation and being at the forefront of new technologies and digital platforms which create incremental growth opportunities for audio."

"BOB and I are pleased that the company performed well this quarter, with Adjusted EBITDA of $145 million, and consolidated revenues up 19.4% year-over year -- slightly exceeding the high end of the revenue guidance range we provided -- despite external factors that have been impacting the economy,” said Pres./COO/CFO RICH BRESSLER. “We remain focused on continuing Adjusted EBITDA margin expansion, the generation of Free Cash Flow and making progress toward reducing our net leverage to 4x.”

The company had $279.7 million of cash on its balance sheet as of MARCH 31st. On that date, iHEART had $5.74 billion of total debt and $5.46 billion of Net Debt, with no material debt maturities before 2026 except for an asset-backed loan facility maturing in 2023.

« see more Net News