NASDAQ$IHRT
iHeartMedia Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
iHeartMedia reported a decline in revenue but Adjusted EBITDA was within guidance range.
iHeartMedia, Inc. reported a decrease in consolidated revenue by 3.6% to $920 million for Q2 2023, slightly better than guidance. The GAAP operating loss was $897 million, including $961 million of non-cash intangible impairment charges. Consolidated Adjusted EBITDA was $191 million, within the guidance range.
- Q2 revenue was $920 million, a 3.6% decrease, but slightly better than the guidance range.
- GAAP Operating loss of $897 million includes $961 million in non-cash intangible impairment charges.
- Consolidated Adjusted EBITDA was $191 million, within the guidance range.
- Digital Audio Group Revenue increased by 3% to $261 million, driven by podcast revenue growth.
Headline financials
Revenue & EPS history
iHeartMedia · Revenue · Quarterly
$920M
Revenue by segment
iHeartMedia · $596M total across 1 segment · Q2 2023
- Multiplatform Group$596M-5.9%100.0%
Forward guidance
iHeartMedia anticipates Q3 Consolidated Revenue to decline in the mid-single digits and expects Q3 Consolidated Adjusted EBITDA to be between $195 million and $205 million.
Tailwinds
- Improving macroeconomic trends expected to positively impact the second half of the year, particularly in Q4.
- Multiplatform revenues expected to continue quarterly sequential improvement.
- Digital Audio Group revenues projected to continue growing in the second half of 2023.
- Presidential election ahead is expected to generate record political advertising dollars.
- If the advertising marketplace recovery continues, the company expects a strong 2024 with a resumption of growth in revenue, profitability, and Free Cash Flow generation.
Headwinds
- Q3 Consolidated Revenue is expected to decline in the mid-single digits.
- Q3 Consolidated Revenue, excluding the impact of Political revenue, is expected to decline in the low-single digits.
- July Consolidated Revenue was down approximately 5%.
- Challenging macroeconomic environment impacting broadcast advertising.
- Decline in political advertising affecting Multiplatform revenue.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
-4.5%
Avg return
Earnings day
-5.9%
Avg return
5 days after
-1.1%
Avg return
30 days after
30%
8 / 27 earnings
Positive
+40.2%
Q3 2024
Best reaction
-39.8%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.8% | -15.8% | — | |
| Q4 2025 | -5.5% | +4.5% | +1.6% | |
| Q3 2025 | -5.3% | -10.9% | +11.6% | |
| Q1 2025 | -4.0% | -3.9% | +24.0% | |
| Q4 2024 | -15.3% | -27.8% | -21.5% | |
| Q3 2024 | +40.2% | +37.4% | +50.0% | |
| Q2 2024 | -7.0% | -7.0% | +2.8% | |
| Q1 2024 | -39.8% | -41.7% | -42.1% | |
| Q4 2023 | -0.4% | -15.0% | -7.9% | |
| Q3 2023 | -22.7% | -19.2% | +1.9% | |
| Q2 2023 | -20.3% | -24.6% | -21.7% | |
| Q1 2023 | -2.5% | -18.4% | -31.0% | |
| Q4 2022 | -21.4% | -25.2% | -47.4% | |
| Q3 2022 | +2.7% | -7.7% | +0.1% | |
| Q2 2022 | -2.8% | -3.6% | -1.3% | |
| Q1 2022 | -16.8% | -24.9% | -31.5% | |
| Q4 2021 | +0.3% | +7.6% | -3.2% | |
| Q3 2021 | +3.6% | +7.5% | -0.6% | |
| Q2 2021 | -15.5% | -16.2% | -3.5% | |
| Q1 2021 | +13.1% | +12.8% | +17.9% | |
| Q4 2020 | -3.0% | +8.3% | +18.1% | |
| Q3 2020 | +9.6% | +14.2% | +39.5% | |
| Q2 2020 | -6.5% | +12.2% | +7.0% | |
| Q1 2020 | +5.7% | -3.3% | +60.3% | |
| Q4 2019 | -5.1% | -7.6% | -56.4% | |
| Q3 2019 | +2.2% | +10.5% | -1.6% | |
| Q2 2019 | -1.6% | -1.6% | +7.4% | |
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