Q2 2024 iHeartMedia Inc Earnings Call Transcript
Key Points
- iHeartMedia Inc (IHRT) reported Q2 2024 results in line with adjusted EBITDA and revenue guidance, showing sequential improvement in revenue growth.
- The digital audio group generated $286 million in revenue, up 10% year-over-year, with adjusted EBITDA margins improving to 32%.
- iHeartMedia Inc (IHRT) maintained its position as the number one podcast publisher in the US, with podcast revenues growing 8% year-over-year.
- The company expects podcast revenues to return to double-digit growth in the third and fourth quarters of 2024.
- iHeartMedia Inc (IHRT) is leveraging technology and programmatic platforms to enhance efficiency and drive long-term profitability.
- The multi-platform group's revenues were down 3% year-over-year, with adjusted EBITDA declining from $162 million to $104 million.
- Consolidated direct operating expenses increased by 7.6% due to higher variable content costs and event-related expenses.
- The company reported a GAAP operating loss of $909.7 million, impacted by a $920 million non-cash intangible impairment.
- Consolidated SG&A expenses rose by 9.6%, driven by higher non-cash marketing expenses and costs related to cost-saving initiatives.
- Free cash flow for the second quarter was $6 million, down from $34 million in the prior year quarter.
Good morning and welcome to the iHeartMedia Q2 2024 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Mike McGuinness, Head of Investor Relations. Thank you. Please go ahead.
Good morning, everyone, and thank you for taking the time to join us for our second-quarter 2024 earnings call. And joining me for today's discussion are are Bob Pittman, our Chairman and CEO; and Rich Bressler, our President, COO and CFO.
At the conclusion of our prepared remarks, management will take your questions. In addition to our press release, we have an earnings presentation available on our website that you can use to follow along with our remarks. Please note that this call may include forward-looking statements regarding our financial performance and operating results. These statements are based on management's current expectations and actual results could differ from what is stated as a result of certain factors identified
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