For the 3rd quarter of 2022 total revenue for iHeartMedia came in at $989 million with cash flow of $103 million. The Multiplatform division, which includes radio, generated $660 million in revenue, flat from one year earlier.
Excluding political, the Multiplatform division would have been down 2%. CEO Bob Pittman and CFO Rich Bressler are expecting 2022 to be a record year for political advertising, the majority of which will be booked in Q4. They also said 2022 was not what they thought it would be in terms of ad revenue and repeated the words ‘Economic uncertainty’ throughout their earnings call Thursday.
iHeart’s Digital Audio Division grew 23% to $254 million with podcasting up 42% to $91 million.
The company has saved or cut $250 million since 2020 and has targeted another $75 million in savings this year. iHeart has $5.3 Billion in debt and a cash balance of $295 million.
For Q4, typically radio’s biggest quarter and with high expectations for political revenue, Pittman and Bressler expect the company revenue to increase between 2% and 6%.
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It’s all just happy talk when you owe 5 billion dollars and you expect radio to be able to pay it off. Maybe you can win the Power Ball.
They also showed a 310 Million dollar loss.
Pitchman STILL can’t show a yearly profit.