NASDAQ$IHRT
iHeartMedia Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported solid operating results with revenue and Adjusted EBITDA at the high end of guidance.
iHeartMedia, Inc. reported Q3 2022 financial results with revenue up 7% year-over-year to $989 million and Consolidated Adjusted EBITDA increased 10% year-over-year to $252 million. The company's Digital Audio Group continued strong growth, while the Multiplatform Group demonstrated resilience.
- Q3 Revenue of $989 million, up 7% YoY; at high end of guidance of up approximately 3%-7%
- GAAP Operating loss of $211 million vs. GAAP Operating income of $80 million in Q3 2021; includes FCC license non-cash impairment charge of $302 million driven by increase in interest rates
- Consolidated Adjusted EBITDA of $252 million increased 10% YoY; at high end of guidance of $240 million to $255 million
- Digital Audio Group Revenue of $254 million up 23% YoY; Podcast Revenue of $91 million up 42% YoY
Headline financials
Revenue & EPS history
iHeartMedia · Revenue · Quarterly
$989M
Revenue by segment
iHeartMedia · $660M total across 1 segment · Q3 2022
- Multiplatform Group$660M+0.1%100.0%
Forward guidance
iHeartMedia expects Q4 Consolidated Revenue to increase by approximately 2%-6% YoY and Q4 Consolidated Adjusted EBITDA expected to be $305 million to $325 million.
Tailwinds
- Q4 Consolidated Revenue expected to increase by approximately 2%-6% YoY
- October Consolidated Revenue up approximately 8% YoY impacted by strong political spend
- Q4 Consolidated Adjusted EBITDA expected to be $305 million to $325 million
- Expect to make significant progress in 2022 towards the previously announced Net Debt to Adjusted EBITDA (net leverage) target of approximately 4x
- Company believes its previously announced modernization initiatives and other cost saving actions - in combination with the Company’s resilient capital structure - have substantially expanded the Company’s financial flexibility and liquidity while positioning the Company for further margin improvement over time.
Headwinds
- Risks related to weak or uncertain global economic conditions
- The impact of the COVID-19 pandemic
- Increased competition
- Dependence upon the performance of on-air talent, program hosts and management
- Fluctuations in operating costs
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 Q3 2022
-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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