NASDAQ$IHRT
iHeartMedia Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
iHeartMedia's Q3 2023 results were reported, with revenue slightly better than guidance, and digital audio group showing growth.
iHeartMedia, Inc. reported Q3 2023 consolidated revenue of $953 million, a decrease of 3.6% year-over-year. Excluding political revenue, revenue decreased by 1%. The company's GAAP Operating income was $69 million, compared to an operating loss of $211 million in Q3 2022. Adjusted EBITDA was $204 million, compared to $252 million in Q3 2022. The Digital Audio Group saw revenue increase by 5%, while the Multiplatform Group's revenue decreased by 5%.
- Consolidated revenue decreased by 3.6% to $953 million; excluding political revenue, the decrease was 1%.
- GAAP Operating income was $69 million, a significant improvement from the $211 million operating loss in Q3 2022 which included a $302 million non-cash impairment charge.
- Digital Audio Group revenue increased by 5% to $267 million, driven by a 13% increase in podcast revenue.
- The company repurchased $89 million in principal balance of senior unsecured notes for $65 million in cash, expecting to generate approximately $7 million in annualized interest savings.
Headline financials
Revenue & EPS history
iHeartMedia · Revenue · Quarterly
$953M
Revenue by segment
iHeartMedia · $887M total across 3 segments · Q1 2026
- Multiplatform Group$493M—55.6%
- Digital Audio Group$327M—36.9%
- Audio & Media Services$66.6M—7.5%
Forward guidance
iHeartMedia anticipates Q4 Consolidated Revenue to decline in the high-single digits, but excluding political impact, the decline is expected to be in the low-single digits. Consolidated Adjusted EBITDA is projected to be between $205 million and $215 million.
Tailwinds
- Sequential quarterly improvement for both the Digital Audio Group and the Multiplatform Group.
- Resume growth in terms of revenue and profitability as the advertising ecosystem continues to improve.
- Record political advertising year expected in 2024.
- Long term target of approximately 4x Net Debt to Adjusted EBITDA (net leverage).
Headwinds
- Lingering uncertainty in the advertising market driven by the current global geopolitical situation.
- Q4 Consolidated Revenue expected to decline in the high-single digits.
- October Consolidated Revenue down approximately 8%.
- Inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q3 2023
-4.5%
Avg return
Earnings day
-5.9%
Avg return
5 days after
-2.2%
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 |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -2.8% | -15.8% | -31.5% | |
| 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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