NEW YORK (CelebrityAccess) — iHeartMedia, Inc. released its financial results for the fourth quarter and full year ending December 31, 2024.
Fourth Quarter 2024 Results
For the fourth fiscal quarter, iHeartMedia reported revenue of $1.118 billion, a 4.8% increase from Q4 2023. However, excluding political advertising revenue, there was a 1.8% decline.
- Operating income rose to $105 million, up from $80 million in Q4 2023.
- Consolidated Adjusted EBITDA increased 18.2% to $246 million, compared to $208 million in the same period last year.
- Cash flow from operating activities was $1 million, while free cash flow was negative $24 million, impacted by $89 million in debt exchange transaction fees and $46 million in accrued interest related to the debt exchange.
- Excluding these impacts, free cash flow was $111 million.
Segment Performance
Digital Audio Group
- Revenue: $339 million (+7%)
- Podcast Revenue: $140 million (+6%)
- Digital Revenue (excluding Podcast): $199 million (+7%)
- Segment Adjusted EBITDA: $119 million (+2%), with a margin of 35.1%
Multiplatform Group
- Revenue: $684 million (flat compared to Q4 2023)
- Excluding political advertising, revenue decreased by 5%
- Segment Adjusted EBITDA: $150 million (+6%), with a margin of 21.9%
Bob Pittman, Chairman and CEO of iHeartMedia, Inc., stated:
“Our fourth-quarter Adjusted EBITDA of $246 million was up 18.2% year-over-year, marking our highest percentage increase in nearly three years. Our 4.8% revenue growth highlights the inherent operating leverage of our business.
We successfully completed our comprehensive debt exchange, extending the majority of our maturities by three years, keeping our consolidated annual cash interest expense essentially flat, and achieving overall debt reduction. This gives us the flexibility to continue focusing on creating shareholder value in 2025 and beyond.”
Full-Year 2024 Results
For the full year, iHeartMedia reported revenue of $3.855 billion, a 3% year-over-year increase, but flat when excluding political advertising.
- Operating income was $310 million, compared to $388 million in 2023.
- Consolidated Adjusted EBITDA declined to $740 million, down from $793 million in the prior year.
Full-Year 2024 Segment Performance
Digital Audio Group
- Revenue up 9%
- Podcast Revenue: +10%
- Other Digital Revenue: +8%
Multiplatform Group
- Revenue up 1%
- Excluding political advertising, revenue declined by 2%
