NEW YORK & AUSTIN, Texas--(BUSINESS WIRE)--Tonight, the 2024 iHeartPodcast Awards Presented by The Hartford Live at SXSW brought together the most influential names in podcasting to honor the most entertaining and innovative podcasts of 2023, celebrating the incredible talent and wide variety of leaders across the podcasting industry live and in-person in Austin, Texas at the Fairmont Hotel. The event was also exclusively video streamed on iHeartRadio’s YouTube Channel and broadcast across iHeartMedia radio ...

NEW YORK--(BUSINESS WIRE)--In celebration of International Women’s Day, Hello Sunshine, a part of Candle Media, and iHeartPodcasts, the No. 1 podcast publisher according to Podtrac, announced today they have teamed up to launch “The Bright Side” – an innovative, new, female-led audio project that will inspire listeners and add joy to their morning routines. Debuting March 25, “The Bright Side” is co-hosted by journalist, TV host and podcaster, Danielle Robay and Emmy-nominated journalist, host, and producer ...

Bob Pittman, iHeartMedia's CEO and Host of the Math & Magic Marketing Podcast, will interview International Icon Pitbull on Creating Culture, Building Brands and Harnessing the Power of Fandom on April 16 at the Fontainebleau Miami Beach NEW YORK, March 7, 2024 /PRNewswire/ -- Beyond Ordinary Events, Inc. and POSSIBLE, the premier marquee marketing event, today announced that Armando Christian Pérez, better known as Pitbull, will take the stage on April 16 for a candid interview with Bob Pittman, Chairman a ...

NEW YORK--(BUSINESS WIRE)--iHeartMedia and FOX Entertainment today announced the 2024 iHeartRadio Music Awards will feature performances by Justin Timberlake, Green Day, TLC, Jelly Roll, Lainey Wilson, Tate McRae and more plus a special musical tribute to the 2024 iHeartRadio Icon Award Recipient Cher. The event will air LIVE from Dolby Theatre in Los Angeles, Monday, April 1 (8:00-10:00 p.m. ET live / PT tape-delayed) on FOX. The event also will be heard on iHeartMedia radio stations nationwide and on the ...

NEW YORK--(BUSINESS WIRE)--In honor of International Women's Day on March 8, iHeartMedia today announced the fourth annual celebration of women who make music, influence change, and create a culture with “Women Take the Mic” on March 8, 2024. This year’s celebration includes: Women Taking the Mics On-Air: Women will lead the conversation all day across every iHeartRadio music station nationwide on March 8, 2024. Women Take the Mic Music Hour: On March 8 from 5-6 p.m. local time iHeartMedia broadcast ra ...

Financial Data and Key Metrics Changes - In Q4 2023, consolidated revenues decreased by 5.2% year-over-year, slightly better than the guidance of down high-single-digits, while adjusted EBITDA was $208 million, within the guidance range of $205 million to $215 million [12][47][51] - The company generated $142 million of free cash flow in Q4 2023, compared to $93 million in the prior year quarter [25][47] - The net debt to adjusted EBITDA ratio at quarter end was 7 times, with a long-term goal of approximately 4 times [24][35] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenues were $318 million, up 5.5% year-over-year, and adjusted EBITDA was $117 million, up 17.3% year-over-year, with margins at 36.7% [2][18] - The Multiplatform Group's revenues were $684 million, down 6.7% year-over-year, and adjusted EBITDA was $142 million, down 38.5% year-over-year, with margins at 20.7% [4][13] - The Audio and Media Services Group's revenues were $68 million, down approximately 28.6% year-over-year, and adjusted EBITDA was $21 million, down from $45 million in the prior year [53] Market Data and Key Metrics Changes - The company expects Q1 2024 revenues to be flat to down 2% year-over-year, with January revenue down 8% but showing improvement in February and March [25][56] - Political advertising is anticipated to significantly benefit the company in the second half of 2024, as it is a presidential election year [11][40] Company Strategy and Development Direction - The company is focusing on enhancing its advertising business through proprietary technology and AI, aiming to unlock programmatic and automated trading revenue [17][9] - The strategy includes reallocating capital from lower growth segments to higher growth areas, particularly the Digital Audio Group, which has shown significant growth [52][23] Management's Comments on Operating Environment and Future Outlook - Management views 2024 as a recovery year, expecting a return to growth mode, particularly benefiting the Multiplatform Group and broadcast radio assets due to higher operating leverage [11][56] - The advertising marketplace is showing signs of strengthening, with expectations for continued improvement throughout the year [34][39] Other Important Information - The company has no material maintenance covenants and no debt maturities until May 2026, allowing for opportunistic responses to market developments [5] - The Digital Audio Group generated over $1 billion in revenue for the full year 2023, with a 33% adjusted EBITDA margin [18][52] Q&A Session Summary Question: Can you discuss the growth in podcasting and your market share? - Management highlighted that podcasting is the biggest growth vector in media, with an estimated market share of around 20% [29][30] Question: What is the outlook for advertising strength in 2024? - Management expressed optimism about advertising strengthening, particularly in the second half of the year due to political advertising [34][39] Question: How are you addressing expense trends and margin growth? - Management indicated that they expect margin expansion due to political advertising and ongoing cost efficiency measures [91][95] Question: What is the potential for podcasting in non-English markets? - Management noted that AI is being utilized to enhance translation capabilities for non-English podcasting, which is expected to contribute to revenue growth [102][108]

IHeartMedia (IHRT) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 80%. A quarter ago, it was expected that this radio company would post a loss of $0.05 per share when it actually produced a loss of $0.06, delivering a surprise of -20%.Over the last four quarters, the company has sur ...

Figures may not foot due to rounding. 28 1. We deployed significant capital expenditures to accelerate the proactive streamlining of our real estate footprint. This initiative has succeeded in making certain real estate assets redundant, enabling the Company to sell such assets to partially fund the initiative's gross capital expenditures. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any ...

Revenue Performance - Q4 2023 revenue was $1,067 million, down 5.2% year-over-year, slightly better than guidance of high-single digits decline[4] - Full year 2023 revenue totaled $3,751 million, down 4%, with Digital Audio Group revenue up 5%[7] - Revenue for Q4 2023 was $1,066,783, a decrease of 5.2% compared to $1,125,890 in Q4 2022[23] - Total revenue for the year ended December 31, 2023, was $3,751,025, down 4.1% from $3,912,283 in 2022[41] - Revenue from the Multiplatform Group decreased by 6.7% in Q4 2023 compared to Q4 2022, with Broadcast Radio revenue down by 6.9%[29] - Digital Audio Group revenue increased by 5.5% to $318 million, with podcast revenue up 17% to $132 million[4] - Digital Audio Group revenue increased by 5.5% to $317,695 in Q4 2023, compared to $301,091 in Q4 2022[57] - The revenue from the Multiplatform Digital Audio segment in 2023 was $2,435,368, compared to $1,021,824 in 2022, showing a significant increase[61] Profitability and Loss - Consolidated Adjusted EBITDA for Q4 2023 was $208 million, down from $316 million in Q4 2022, within the guidance range of $205 million to $215 million[4] - Adjusted EBITDA for Q4 2023 was $208,211, compared to $315,645 in Q4 2022, with a total for the year of $696,598, down from $950,289[23] - Adjusted EBITDA margin for the consolidated group in 2023 was 18.6%, compared to 24.3% in 2022, reflecting a decline of 5.7 percentage points[61] - Operating income for Q4 2023 was $79,780, down from $172,843 in Q4 2022, resulting in a significant loss of $797,311 for the year ended December 31, 2023[23] - The company reported a net loss of $1,100,339 for the year ended December 31, 2023, compared to a net loss of $262,670 in 2022[41] - Operating loss for 2023 was $797,311, compared to an operating income of $56,860 in 2022, marking a significant shift in performance[61] - Net income for Q4 2023 was $13,975, a decline from $80,663 in Q4 2022, with a net loss of $1,100,339 for the year[23] - Net income attributable to the Company for Q4 2023 was $13,123, compared to $79,881 in Q4 2022, indicating a significant decrease[41] Cash Flow and Liquidity - Cash flows from operating activities for Q4 2023 were $154 million, down from $213 million in the prior year[12] - Free cash flow for Q4 2023 was $142 million, compared to $165 million in the same period last year[12] - Cash provided by operating activities for the year ended December 31, 2023 was $213,062, down from $420,075 in the previous year[24] - Total available liquidity as of December 31, 2023 was $772 million, including cash and cash equivalents of $346.4 million[28] - Cash and cash equivalents increased slightly to $346.4 million as of December 31, 2023, from $336.2 million in 2022[42] Debt and Impairment - GAAP operating loss for the full year 2023 was $797 million, compared to a profit of $57 million in 2022, primarily due to $965 million in non-cash impairment charges[7] - Total debt as of December 31, 2023 was $5,215.2 million, with net debt at $4,868.8 million[26] - Long-term debt as of December 31, 2023, was $5,215.2 million, down from $5,414.2 million in 2022[42] - Impairment charges for the year ended December 31, 2023, included $595.5 million related to goodwill and $363.6 million related to FCC licenses[41] - Impairment charges for 2023 amounted to $965,087, significantly higher than $311,489 in 2022, indicating increased asset write-downs[61] Future Guidance - Q1 2024 consolidated revenue is expected to be flat to down 2%, with Adjusted EBITDA projected between $100 million and $110 million[4] - The company plans to provide revenue and Adjusted EBITDA guidance for Q1 2024 in its upcoming earnings call on February 29, 2024[53] Capital Expenditures and Restructuring - Capital expenditures for the year ended December 31, 2023 were $102.7 million, a decrease from $161.0 million in 2022, primarily due to lower spending on real estate optimization[25] - The company reported a restructuring expense of $13,882 for Q4 2023, down from $21,234 in Q4 2022[55] - The company reported restructuring expenses of $60,353 in 2023, down from $75,821 in 2022, suggesting a reduction in restructuring activities[61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (210) 822-2828 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.001 per share IHRT The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange ...