iHeart’s overall revenue in the second quarter of 2022 was $954 million, an increase of $92.4 million, or 11% from the second quarter of 2021. Broadcast revenue at the company increased 2.7% or $12.2 million. Here’s how the other segments performed.
What iHeart calls its multiplatform group, which includes all 800 plus radio stations, its networks and live events, grew by 4.5% or $27.5 million, to $633 million. iHeart does not break out local advertising from national.
Revenue from the iHeart Digital Audio Group increased $54.6 million, or 27.6%, to $253 million. Podcast revenue increased by $32.3 million to $86 million, an increase of 60%. When you exclude podcast revenue from that segment, it grew $22.4 million, or 15.5%, to $167 million.
iHeart’s free cash flow for the quarter was $106 million. When including $20 million of net proceeds from real estate, free cash flow was $127 million. iHeart has a $295 million cash balance. Expenses in Q2 grew 14% or $44.9 million. The increase in expenses was driven by higher revenue, according to CFO Rich Bressler.
At the end of June iHeart had $5.3 billion in net debt
Looking ahead to the third quarter the company is expecting revenue to increase between 3-7%. July was up 4%.