iHeartMedia, Inc. Reports Results for 2024 First Quarter.

iHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter ended March 31, 2024.


Q1 2024 Consolidated Results

  • Q1 Revenue of $799 million, down 1.5%; in line with guidance range of flat to down 2%
    • Excluding Q1 Political Revenue, Q1 Revenue down 2.5%
  • GAAP Operating loss of $35 million vs. $49 million in Q1 2023
  • Consolidated Adjusted EBITDA of $105 million, within previously disclosed guidance range of $100 million to $110 million, compared to $93 million in Q1 2023
  • Cash Flows used for operating activities of $59 million
  • Free Cash Flow of $(81) million

Q1 2024 Digital Audio Group Results

  • Digital Audio Group Revenue of $239 million up 7%
    • Podcast Revenue of $91 million up 18%
    • Digital Revenue excluding Podcast of $148 million up 1%
  • Segment Adjusted EBITDA of $68 million up 26%
    • Digital Audio Group Adjusted EBITDA margin of 28.5%

Q1 2024 Multiplatform Group Results

  • Multiplatform Group Revenue of $493 million down 7%
    • Excluding Multiplatform Group Q1 Political Revenue, Multiplatform Group Q1 Revenue down 8%
  • Segment Adjusted EBITDA of $77 million down 11%
    • Multiplatform Group Adjusted EBITDA margin of 15.6%

Continued Proactive Capital Structure Improvement

  • Cash balance and total available liquidity2 of $361 million and $788 million, respectively, as of March 31, 2024
  • Received cash proceeds of $101 million from sale of equity interest in BMI in February 2024
  • As of March 31, 2024, aggregate Notes repurchases since Q2 2022 of $534 million at a discount to par for $447 million cash; in aggregate expected to generate approximately $45 million of annualized interest savings
  • Cumulative reduction of the outstanding principal balance of these Notes from $1.45 billion as of March 31, 2022 to approximately $0.9 billion as of March 31, 2024


  • Q2 Consolidated Revenue expected to be approximately flat
  • Q2 Consolidated Adjusted EBITDA3 expected to be $140 million to $160 million
  • Remain committed to long term target of approximately 4x Net Debt to Adjusted EBITDA (“net leverage”)3

Statement from Senior Management

“We’re pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group – with the Digital Audio Group hitting its best Q1 EBITDA margin ever,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year.”

“We continue to see signs of improvement throughout both our businesses and the broader advertising marketplace, and we expect 2024 to be a significant growth year,” said Rich Bressler, iHeartMedia’s President, COO and CFO. “Our high-growth Digital Audio Group’s Adjusted EBITDA was up 26% over prior year with first quarter revenues up 7.0% vs. prior year, and represented thirty percent of the company’s total revenue; we saw improvement in our Multiplatform Group; and as an early indication of the potential for political revenue, we are currently pacing up 16% for the full year in political revenue compared to 2020, the last presidential election cycle, which was the highest political revenue year for the company.”



iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the Company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the Company’s fast-growing podcasting business – iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings – as well as its industry-leading iHeartRadio digital service, available across more than 500+ platforms and thousands of devices; the Company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The Company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world’s leading provider of broadcast and webcast software.