Pittman Loves Podcasts Amid iHeart’s Q1 Dip

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In a Tuesday morning earnings call, iHeartMedia reported better-than-expected results for the first quarter of 2023. While revenue and adjusted EBITDA declined year-over-year, they surpassed analyst estimates of mid-single-digit decline with consolidated revenue of $811 million, a 3.8% decrease. However, the company recorded a much larger net loss compared to Q1 2022: $222.26 million as opposed to $48.58 million.

During his talk, CEO Bob Pittman heavily pushed the company’s podcast branch as a “tremendous opportunity,” praising the 12% revenue growth compared to a more sluggish digital return of 1%. Multiplatform Group revenue declined by 7%. iHeartMedia continued to improve its capital structure through debt paydown and achieved a cash balance of $188 million and total available liquidity of $601 million.

Despite the results, Pittman expressed optimism about the audio and digital advertising markets, stating that they appeared stronger than anticipated. He also predicted an improved second quarter and expected growth in revenue, profitability, and free cash flow in 2024. COO/CFO Rich Bressler emphasized their commitment to driving shareholder value and anticipated the recovery of multiplatform revenues and continued growth in digital audio group revenues throughout 2023.

1 COMMENT

  1. Amazing.

    Has anyone ever made more money for NEVER showing even ONE profitable quarter in their entire business career than Pitchman?

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