iHeartMedia has released its financial report for the second quarter of 2022, as the company continues to rebound from the lows of the first year of the pandemic.
Consolidated revenue reached $954 million, a 10.7 percent increase, or $92.4 million, compared to the second quarter of 2021. The company attributed their overall revenue gains to “the continued recovery from the macroeconomic effects of COVID-19 and the continuing growth of our operating businesses.”
Broadcast radio revenue in Q2 was $463.3 million, up 2.7 percent from Q2 of last year, when it was $451 million. For iHeart’s Digital Audio segment, revenue was up by 27.6 percent, jumping from $197.9 million a year ago to $252.6 million in 2022’s second quarter. Podcast revenue alone increased from $53.4 million in Q2 of 2021 by an impressive 60.4 percent to just under $85.7 million in this year’s second quarter. The Audio & Media Services division was up by 16.2 percent to $71 million in the quarter. Network revenue grew by 3.2 percent, reaching $127.5 million.
“We’re pleased to report another quarter of solid results for iHeart in terms of consumer usage, revenue and earnings growth and, most importantly, strong Free Cash Flow generation. The Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group continues to demonstrate that it is a growth engine for the company as well,” said Bob Pittman, Chairman/CEO of iHeartMedia. “As the #1 audio company in America across broadcast radio, digital radio and podcasting – and the largest consumer reach audio company in the U.S. by far, we remain committed to building our businesses for future growth and continuing to deliver both trusted companionship to our listeners and significant and unique value to our advertising partners.”
“Bob and I are pleased that the company performed well this quarter, with Adjusted EBITDA of $237 million, and consolidated revenues up 11% year-over year – in line with the revenue guidance range we provided – despite the uncertain economic environment,” said Rich Bressler, iHeartMedia President/COO/CFO. “We remain focused on the generation of Free Cash Flow, continuing Adjusted EBITDA margin expansion, and making significant progress toward reducing our net leverage to 4x.”
