iHeartMedia, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period. Total consolidated revenue for Q3 2024 reached $1,008.1 million, marking a 5.8% increase from $952.9 million in Q3 2023. For the nine months ended September 30, 2024, revenue was $2,736.3 million, up 1.9% from $2,684.2 million in the same period last year.
The revenue growth was driven primarily by the Digital Audio Group, which saw a 12.7% increase in Q3 2024 revenue to $301.0 million, compared to $267.2 million in Q3 2023. The Audio & Media Services Group also performed well, with a 45.3% revenue increase to $90.1 million. However, the Multiplatform Group experienced a decline, with revenue decreasing by 1.1% to $619.5 million.
Operating income for Q3 2024 was $76.7 million, an increase from $69.0 million in Q3 2023. However, the company reported a net loss of $41.3 million for the quarter, significantly higher than the $9.1 million loss in the same period last year. For the nine months ended September 30, 2024, the net loss attributable to the company was $1,041.4 million, an improvement from a loss of $1,115.8 million in the prior year.
The company faced challenges from higher operating expenses, which increased by 7.8% in Q3 2024, primarily due to higher non-cash trade expenses related to events like the 2024 Summer Olympics. Impairment charges also impacted financial results, with a total of $922.1 million recorded for the nine months ended September 30, 2024, primarily related to goodwill and FCC licenses.
As of September 30, 2024, iHeartMedia had cash and cash equivalents of $431.8 million, up from $346.4 million at the end of 2023. The company reported total assets of $5.8 billion, a decrease from $6.9 billion at the end of the previous fiscal year. The accumulated deficit worsened to $(4.4) billion, compared to $(3.3) billion at the end of 2023.
Strategically, iHeartMedia is navigating economic challenges, including inflation and higher interest rates, which have negatively affected advertising revenue. The company has implemented cost-saving initiatives and is exploring options to extend the maturity of its existing debt through a Transaction Support Agreement with lenders. This agreement aims to strengthen the company's financial position and provide additional flexibility for future strategic initiatives.
About iHeartMedia, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.