iHeartMedia Q3 revenue $928M (+25% YoY), Adj. EBITDA $230M; digital audio revenue up 77%

iHeartMedia, Inc.

2021-Q3 EPS reported -$1.85 revenue$2,496,321,000

Revenue $928M (+25% YoY) exceeded prior guidance of +20%; GAAP operating income $80M vs $39M in Q3 2020.
Digital Audio Group revenue surged 77% YoY; Podcast revenue up 184% to $64.2M; segment Adj. EBITDA $67M (+91%).
Multiplatform Group revenue $659M (+18.7% YoY); Adj. EBITDA margin 31.6% vs 25% a year ago.
Generated Free Cash Flow $45.5M (or $54.1M including real estate proceeds); Term Loan reduced by $250M in July.
Guidance: Q4 consolidated revenue expected up ~10% YoY (~22% ex-political); reaffirmed return to 2019 Adj. EBITDA by year-end.

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