May 12th, 2025, 02:50 PM
From Radio Insight:
iHeartMedia has issued its quarterly earnings report for Q1 2025 running from January through March.
iHeart reports Q1 revenue up 1.0% from Q1 2024, which rises to 1.8% when excluding political revenue. Its GAAP Operating loss was $25 million vs. $35 million last year, while consolidated EBITDA was flat at $105 million. The company noted cash used for operating activities of $61 million with the company having free cash flow of -$81 million, cash balance on $168 million, and total available liquidity of $559 million as of March 31.
The company notes that although consolidated revenue increased 1.0% by $8.1 million during the first quarter, its broadcast centric Multiplatfom Group revenue decreased by $20.5 million or 4.2% to $473 million which the company claimed was due to “a decrease in broadcast advertising in connection with continued uncertain market conditions.” Broadcast revenue decreased 5.2% by $18.6 million.
iHeartMedia’s Audio and Media Services revenue decreased $9.8 million or 14.2% due to nonrecurring contract termination fees earned by Katz Media in 2024 and a decrease in broadcast advertising in connection with uncertain market conditions, partially offset by an increase in digital advertising.
Operating expenses rose 4.4% by $15.0 million due to “higher variable content costs, including higher podcast profit sharing expenses and third-party digital costs related to the increase in digital revenues, partially offset by a decrease in employee compensation cost in connection with modernization initiatives taken in 2024.”
iHeart’s growth came from its Digital Audio Group rising 16.0% by $38.3 million to $277 million from increases in digital advertising led by podcasting. Podcast revenue alone was up 28% to $116 million.
Chairman/CEO Bob Pittman said, ?We are pleased with our Q1 results given the uncertain environment in which we are operating now, and we think these results demonstrate the resilience and relevance of our products and the tremendous growth opportunity we have with our podcast business in particular.?
?In the first quarter, we generated Adjusted EBITDA of $105 million, flat to prior year, consistent with our previously provided guidance, and our consolidated revenues for the quarter were up 1.0% compared to the prior-year quarter, above our guidance of down low-single digits, driven by the Digital Audio Group revenues and Adjusted EBITDA growth of 16% and 28% respectively.? said Rich Bressler, President, COO and CFO of iHeartMedia, Inc.
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