iHeartMedia, Inc. Thursday reported financial results for the quarter ended June 30, 2021.
Financial Highlights Q2 2021 Results:
- Q2 Revenue of $862 million up 77% YoY; surpassing guidance of up approximately 65% YoY
- Continued improvement vs. 2019,Q2 2021 down 6% vs. Q2 2019 compared to Q1 2021, which was down 11% vs. Q1 2019
- GAAP Operating income of $28 million vs. Operating loss of $159 million in Q2 2020
- Consolidated Adjusted EBITDA of $185 million vs. $(29) million in Q2 2020
- Generated Cash Flows from operating activities of $29 million
- Free Cash Flow of $(3) million; when including $12 million of proceeds from real estate sales, Free Cash Flow would have been $9 million
- Capital Expenditures of $32 million vs. $19 million in Q1 2021, driven by accelerated real estate consolidation that will reduce our square footage and corresponding real estate expenses by ~50%
- Cash balance and total available liquidity1 of $583 million and $768 million, respectively, as of June 30, 2021
- Proactively paid down $250 million of term loan in July
- Digital Audio Group Revenue was up 112% YoY compared to up 70% in Q1 2021
- Podcast Revenue was up 152% YoY compared to up 142% in Q1 2021
- Digital Revenue excluding Podcast was up 101% YoY compared to up 55% in Q1 2021
- Segment Adjusted EBITDA of $54 million increased 188% YoY; up from $40 million in Q1 2021
- Multiplatform Group Revenue was up 70% YoY
- Continued improvement vs. 2019; Q2 2021 down 21% vs. Q2 2019 compared to Q1 2021, which was down 26% vs. Q1 2019
- Segment Adjusted EBITDA of $181 million; up from $(14) million in Q2 2020, and up sequentially from $105 million in Q1 2021
- Consolidated margin of 21%, up from 14% in Q1 2021 and up 2,740 bps from (6)% in Q2 2020
- Multiplatform Group margin of 30%, up from 21% in Q1 2021 and up 3,390 bps from (4)% in Q2 2020
- Digital Audio Group margin of 27%, up from 25% in Q1 2021 and up 720 bps from 20% in Q2 2020
- Q3 Consolidated Revenue expected to increase by approximately 20% YoY
- We reaffirm that we expect to return to 2019 Adjusted EBITDA levels by the end of 2021
- July Revenue up approximately 26% YOY
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| Bob Pittman |
“Our strength with all of our audiences, coupled with our unparalleled reach and supported by our unique ad tech and data resources, positions our company as a one-of-a-kind leader in today’s audio industry. And the high operating leverage characteristics of all of our businesses position us well to participate in the macroeconomic recovery of the economy.”
“We continue to make strong progress in our recovery, generating Adjusted EBITDA of $185 million in the second quarter, driven by our strict cost discipline, the investments we have made in high-growth areas, and the gradual improvements to the macroeconomic environment. We look forward to continuing our business’ recovery and remain confident that we’ll be back to 2019 Adjusted EBITDA levels by the end of 2021, and to continuing the significant progress we’ve made in our deleveraging activities, as evidenced by the fact we improved our leverage by 3.3 turns since the end of the first quarter,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc.
“We continue to make strong progress in our recovery, generating Adjusted EBITDA of $185 million in the second quarter, driven by our strict cost discipline, the investments we have made in high-growth areas, and the gradual improvements to the macroeconomic environment. We look forward to continuing our business’ recovery and remain confident that we’ll be back to 2019 Adjusted EBITDA levels by the end of 2021, and to continuing the significant progress we’ve made in our deleveraging activities, as evidenced by the fact we improved our leverage by 3.3 turns since the end of the first quarter,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc.
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