Earnings call transcript Q2 2023

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Operator

Good morning. My name is Rob and I'll be your conference operator today. At this time I would like to welcome everyone to the iHeartMedia Second Quarter 2023 Earnings Conference Call. [Operator Instructions]

Mike McGuinness, Head of Investor Relations, you may begin your conference.

Mike McGuinness

thank our taking call. second and join time everyone for us quarter morning, you the for to Good XXXX earnings

me questions. our are CEO discussion our prepared At for our will of Joining and take management Chairman your the Bob conclusion and COO President, Pittman, Bressler, remarks, and CFO. Rich today's

along on that you can In addition we release, website press remarks. have an to our follow with to a earnings our presentation available use

our call current of may is and include results Please financial note call regarding are management's performance a certain results. statements on could that today's filings. on expectations and statements These result this identified stated as what operating the forward-looking in SEC actual factors differ based from and company's

will financial website. of release, earnings are filings call, certain non-GAAP available to Investor and GAAP in the SEC measures. section between presentation measures during are our in non-GAAP financial the which and our Additionally, we included Reconciliation earnings our refer Relations

call And now, I'll turn over to Bob. the

Bob Pittman

probably improving have of half the to of and from impact continued QX. positive we're we we in seeing Thanks, report signs XXXX advertising that to impact We're line and our others, pleased improvement of the second that adjusted revenue we The the that Mike in on year. you of quarter called macroeconomic first expect on what which call to guidance trends with heard EBITDA indications in quarter were in ranges. expect results everyone. have in similar us marketplace second good a our most and previously our positive provided morning, And

to to softness. couple we're also the us us continue advertising our prices, The to that These actions reinvest management high work and additional we're while allowed at we've freed during to recent last organization resilient business of done by are Digital encouraging have advantageous the enabled years These carefully significantly for efficient, actions performance conditions, like in past continuing downturn also positive our this continuing expense podcast period up monitoring make reducing relative improved more podcasting. work. capital While debt improving of be of these the continued period over of led our macroeconomic our our compared Multiplatform advertising during also us. soft areas the Group our Group the metrics and highest cost in performance to XXXX growth our have Audio

remains to are that challenging we Additionally, short in of. there opportunities that while note take some advantage environment positioned uniquely is the advertising term, the iHeart

to its had impact negative which upheaval and creation, publicized labor decline, continues precipitous content along media content first an have on And impact opportunities have of well future an with audiences. the both video Hollywood make ongoing viewership podcasting the Dentsu strikes on at radio and study on about both radio there's already could to social last environment platforms. maybe agencies have about we've that week, their the our and demonstrate just kind and including case unique creates the with came and had its media, the powerful podcasting value audio, sector and clearly impact of of the and distribution of TV's will Linear These an the best and audio in and impact audio power likely a forefront. advertisers important out

quarter. quarter. million to of more the the generated of of midpoint the through $XXX million, slightly adjusted we you in $XXX take me let $XXX backdrop, some EBITDA guidance In range generated financial quarter, the double that EBITDA the adjusted and second than million key we we With results the of first provided above

significant XX.X% down year-over-year. which quarter year-over-year adjusted improvement which QX a second XX.X% is from was Our was EBITDA down

provided we mid-single a quarter, quarter revenues excluding were the the to the compared for X.X%. little were the year X.X% guidance revenues our prior digits. political, down impact of down consolidated consolidated of better And down Our than

the second EBITDA our Audio benefited In adjusted our fixed Digital was EBITDA margins strategic Turning prior And segments. our $XX prior were quarter, to X.X% versus Digital operating Adjusted versus Group year. million, revenues cost we've Group XX.X%. Audio Group's We million, individual up year. now quarters. Audio Digital past the EBITDA the up in investments were made X.X% $XXX believe the from adjusted performance few

margins characteristics also points better year-over-year basis were points the our first quarter flow-through business strong the the Group QX Digital than and of XXX illustrates as expanded basis This Audio XXX quarter.

grew the the industry leadership is market XX% even slower the how in and versus growth term Digital for our further the engine Audio short revenues of term as year, powerful a and illustrating both podcast prior ad evidence our long Within Group, in company. position podcasting

ex-podcast versus non-returning with digital down prior revenues from advertising Our prior the were spend. benefiting year, X.X% COVID-related year

ex-podcasting to our quarter. digital be back in revenues We growth expect the to positive third

to performing continued number of segment podcast according downloads the next the to June, two In and monthly reach podcast publishers publisher In advertising the once the was the podcasting States. best ranked was we the than again the audience in more marketplace the by with second United have iHeart largest in Podtrac. one largest podcast combined quarter, far U.S.

the network products platform our part audio position promote broadcast our assets audio digital our podcasting the which of across the reach Xx leadership our the we and Our of and in largest to TV of twice that next is largest service. have the reach of the result complete scale use consumer across shows in unparalleled

recently promote reached of the its story Within XX Top jumped two XXX% of by Podcast: more example stations. weeks, our Crime that on and True it Apple's to is the in radio great broadcast this downloads one true than our Ghosts, Paper extensively of we podcasts charts. A crime began

And costs, as rational the ranked leading the only the well. listeners publishers XX by the breadth we of podcast categories Our have in leadership with with create. we We're Podtrac's continue most of publisher content podcasting benefit. all podcast position the to as industry industry to content is more continues any driven the large and publisher as the iHeart in top content will at depth shows of also embrace and XX

industry podcasting has than a services are Edison listeners to ad-enabled significant according now streaming surpasses milestone overall and usage more all and are and there the subscribers. weekly The podcast daily Netflix music there reached now also

In value addition as to with is advertising and podcast listeners partners compelling audience for this engagement diversity medium, reach a our well. we think extraordinary the advantage proposition

are can broadcast podcasting same occurs podcast they happens see Both to in core, truly finally, because their at as out listening and XX% their of are natural times benefit as listeners XX% And companionship patterns complementary mediums company, just provide home. These between broadcast the see by radio throughout of radio mediums can advertising And of engagement, businesses, a the the marketing profiles. profitability listening and the home in and you at metrics. are us listeners. different listening complementary and revenue gives real both X promotion, in sales these our and listening day. synergy locations consumer podcast you advantage creation, keep their content and

XX% time they they usage. their for us, replaced the a does time replaced they XX% music for survey, critically social and media spent XX% with And podcast say with services instead, listeners listening. radio podcast platforms, podcast with at of recent streaming usage time say time spent Rather spent YouTube replaced say not to expense make to according come of

podcast streaming number radio our industry-leading competitor. we addition to Xx which larger the service digital business, closest is our also one In than have

million a company. for We in for reach opportunities local base all of represent the that growth audio the X. operate the by websites any to consumer highly which X,XXX additional people additional footprint advertising have and And XXX almost with social largest service States factor we month, United partners provide each interact our our of and engaged revenue national of

prior now quarter. Adjusted and in in improvement is the Group we from quarter and which was first million, versus substantial X.X% down year the improvement the revenues adjusted million, down In radio first a broadcast year down our $XXX the to first double X.X% the turn second generated Multiplatform $XXX nearly which Let's an XX% is quarter. in prior which our were includes down from businesses. quarter, XX.X% events networks EBITDA EBITDA versus

margins quarter Group Multiplatform EBITDA were adjusted XX.X%. Second

unique to smart our made potential quarter economic to and audio just our the to make second more year-over-year our were and this this compared down advertisers, X.X% digital year. capabilities, buying, strong the algorithmic assets. partly put data year-over-year perspective, revenues to To radio assets down for we've broadcast growth We attributable like our targeting, technology in of XX.X% product QX radio capabilities, including XXXX our with revenue recent along for broadcast investments performance is leading during in AI performance Group Multiplatform improvement think growing downturn, measurement assets attribution and significant that data-enabled

first impacted be of out to uncertainty continue The advertising the Multiplatform Group called in does some the by we quarter.

and to the we'll of in advertisers remainder us believe see business which we to our in through the advertisers to that smaller quarter from our first resilient have larger our our to the as been saw As our in while call, more continue gradual well leads QX, smaller larger spend mentioned softness a advertisers there some remained the improvements In improvement continue we was advertisers. through uncertainty, likely year.

the of I and fourth revenue, flow to of quarter largest our is our most because performance of the that quarter for terms terms The sales the it's always do year in driver fourth year is EBITDA the advertising of advertising in cash of want also and full out quarter. point partners financial quarter biggest spend. always year the largest our free

year, best you history quarter last year, accelerated their be If the to advertisers in quarter in trends fourth slowdown the despite spend. out throughout turned the iHeart's the macro as remember the

back they the fourth the will improving to the So advertisers on year here Will those to on the as the be: fourth sidelines performed, the spend Based better trends or last have stood we've But likely and most that throughout start mentioned quarter as the we'll how we near the cut the quarter? who've insight enter third of is quarter. end into answer the of we trends think yes. year question

of for which including to the radio and X unique of that radio broadcast of and the Every evidence hundreds no Radio of AM keep with support trusted continues industry, crisis in millions with consumers to power radio at of to be than for Turning radio entertainment, state during we additional companionship no Senate has and cars, automakers the better Vehicle that bipartisan cost happen to in times saw and new AM is would Act, Americans the of the communities. vital a irreplaceable consumer. There's source local information, legislation ago in EVs require the weeks what disaster

of result by unanimous near of bipartisan of with strong equally Cruz support, to Democrats Republicans, reflects and Cantwell passionate with enjoys. committee with and vocal is Senators Chairwoman introduced currently the full the consumer out bill between and and Markey radio importantly, XX base listeners support divided co-sponsors and This the feedback and Congress passed that

of and and reach advertising unmatched these loyalty is content and to assets. to media revenue partners audiences to with ability its radio's advertising iHeart's connect of the variety those host our the correlates that Broadcast audiences directly in programs potential today have

always historically on and and followed consumers Remember, on radio. advertising has the the radio are staying the consumer

So reach iHeart's declining rapidly reach historically as mass struggle by even the provided advertisers important more and become TV networks. been will that and agencies cable has Linear to replace

network, been the broadcast As same now early audience the while consumer reaches radio reach CBS, an iHeart's TV over largest half and cut has a reminder, grew since consumer advertising decline seen in partners, have reach us. period the its twice XXXXs, TV we for almost size our the reach video streaming CBS. again opportunity the highlights for Linear to which the services of before have critically in unable And compensate

if revenue the be is some company if know radio a that asking: it's broadcast compensate for and earnings we platform digital Let me Now, must a growth declining or for? business clear. are

provide will advance broadcast than growth we our lower sustainable earnings and it business, growth certain will revenue a feel long-term at for While iHeart. rate digital likely radio

this I you going it turn final I'm leave Before to thought. to over Rich, with

political we'll as improve we which, strong as XXXX our actions a will As some a cycle gradual a up taken But see half quarter-over-quarter believe with the midterm as of very sequential advertising. us to half improvement. we XXXX the also This we're presidential for COVID-related comps some of the look operating to against advertising with seeing help tough combination second we're a position from well year-over-year XXXX, we know in improvement also benefited the efficiency as reminder, year. we've continued back non-returning in a is political the marketplace, strong

now turn over Rich. And it I'll to

Rich Bressler

Thanks, Bob.

quarter. take provided I notice our As you'll the mentioned, through exceed Bob that, you we results, as for our guidance slightly previously

the than X.X%. consolidated a little X.X% XXXX were QX revenues impact year-over-year, down of we our provided excluding revenues mid-single better were political, guidance down consolidated And Our digits. down of the

to Our consolidated settlement revenues, offset reduced quarter. by from including primarily digital amounts which quarter This the tied royalty expenses lower for cost was initiatives, production the expense certain the costs partially the operating prior of benefited periods. decrease was fees of decreased X.X% decrease year to expense related prior and direct including by growing digital driven increase third-party This compensation and digital the has savings in costs.

for Our SG&A consolidated by the offset and compensation higher higher increased expenses debt commissions. by expense, primarily expense X.X% quarter, bad variable driven lower sales partially

GAAP related $XXX loss reminder, of noncash to million loss employees operating FCC million of operating the of our $XXX year quarter GAAP million our our the We to last $XX licenses impairment in a paid Included to generated bonuses we intangible impact a income minimal was goodwill. As prior and operating on compared quarter. year. second

when from of than XXXX is start different emerged applied the in intangible bankruptcy of our which significant environment you May accounting macroeconomic in was If assets. a we write-up today, recall, fresh we much it when resulted

and even macroeconomic substantially among incorporate, into increases. rate the current past our driven the assets. the apart and in intangible an things, of which Fed levels book updated over adjustment in our review sharp other to asset of results by rate key the interest shifted current of Incorporating evaluate These analytical have factors value conditions, years, valuations current year these equity our factors interest and couple revisit valuations debt We marketplace. using the analysis each intangible consideration

million to in and quarter. the more second was million slightly adjusted generated $XXX adjusted the above $XXX first double prior guidance in EBITDA quarter $XXX the EBITDA the than Our compared to range we million of and we of quarter the midpoint million $XXX provided

operating earnings million, up X.X% performances. year-over-year $XX X.X% reminder, segments. and Digital year-over-year Turning our XX% the Group revenues. year-over-year to are XX.X%. as slides improved QX were $XXX the presentation second was Audio also a there EBITDA our Audio consolidated our and revenues performance of quarter on up they of now Group second adjusted comprised our Digital to the approximately million, margins in segment In And quarter,

Audio as back be year-over-year revenue the expect revenues Digital were are Within year-over-year, revenues Group XX.X% our revenues said, podcasting non-returning in quarter. non-podcasting we the spending in the prior for our our third which year. ex-podcasting advertising grew and approximately down X.X% digital growth And Bob reflecting positive which digital to COVID-related to

Group quarter. generated As were in year-over-year improved Multiplatform XX.X% first and to we improvement And a anticipated, business. XX% be Group EBITDA our to adjusted was in adjusted the XX.X%. through Audio EBITDA double should X.X% second down nearly margins. in believe quarter, the $XXX we Group adjusted Adjusted margin continue continued flow million, EBITDA also see revenues million, margins down EBITDA we long year-over-year. Multiplatform the term, EBITDA Group $XXX sequentially in our EBITDA the to Digital Audio Digital at

were in revenues adjusted prior million, million, $XX the year-over-year down million was EBITDA from group services and $XX X% $XX media Audio year. down approximately

impact audio of political X.X%. year media in group Excluding revenues up prior were quarter, the service the

and billion At debt end, liquidity net cash balance $XXX $XXX which we million. total of quarter had includes our $X.X million approximately of was outstanding a

Xx. Our of adjusted a EBITDA ending debt our Xx. to long-term EBITDA ratio We debt quarter approximately remain net committed of net adjusted goal ratio was to to

debt mid-XXXX. responding positions be goals, we environment, and resilient the to past maintenance in maturities on market debt developments. macro to highlighted material type As no In both and have covenants debt of us until no opportunistic this current profile

a and of cash notes free repurchased optimize the we generating structure. outstanding results aggregate of of senior balance brings of We will million, flow these This arise, to reducing at million. $X.XX amount notes and $X monitor par $XX repurchase approximately X.XX% savings as billion our to our and total our conditions earnings market improve interest value, the discount in $XXX to capital from meaningful we and QX, billion both accretion. their unsecured approximately to $XX million In continue opportunities principal annualized

of of we $X the estate cash quarter, generate of including asset flow, million free second the impact real In million $XX sales.

largely cash the free anticipated, by this of reverse lower quarter themselves flow $XX collections in was of While million than driven was timing will We had QX. this we which over conversion a towards X. few we July just from on received longer. were end the These of bit that customers payments not billings that due debts, bad holding customers June are certain a

flow mentioned significant expected for XXXX, each quarter in earlier, Bob As a free with cash generate expect to quarter. positive the be to generated amount we fourth in subsequent

year I our full well want as to XXXX. to QX thoughts now as the in some outlook for on turn

QX digits of low excluding XXXX the our July mid-single for revenue. down down the to digits Revenue expect X%. impact revenues We was approximately down single of be political and month

in Turning to high Multiplatform segments, the single expect digits. to be we Group revenues individual the

the Multiplatform with be of revenue the to expect higher QX slightly revenue. down we impact than Excluding political, Group revenues mid-single digits

We in Audio audio expect impact Group down and single mid-single teens the revenues digits media up low to to Digital down high excluding political. services expect be we be of revenues the or digits

EBITDA, affecting expect adjusted to want to comment on QX $XXX following cash XXXX, adjusted to $XXX the to million consolidated free we flow. range EBITDA generate in million. for of Turning items the I

mentioned burden additional $XX half call, almost in further million In quarter approximately we identified of and to planning of to our on pay cash addition opportunities the XXXX, prior to taxes have million tax tax first million. now reduce $XX the to cash $XX initiatives expect guide our

remains year of at full expenditures estimate XXXX capital Our $XX million.

to we the around of through down million. Cash to be year-over-year remainder the expect expect and $XX year remained continue restructuring expenses which

XX% but capital approximately structure our allows. is the as We to continue opportunistically our reducing interest floating to the as expense and are committed market current by our interest we of be rate improving environment impacted debt

the ecosystems with a opportunity has remarks, on have on the unique on place included taking Dentsu in advertising and we changes he the he Bob's the slide commented referenced. been iHeart to In media study opening across that capitalize disruptions and presented and presentation investor are

in thoughts XXXX half of to and beyond. for outlook on and XXXX that in mind, back some With provide I'd that our like the for context means what us

indication improvement half advertising Group the to revenues are grow guidance, they improving second with and believe trends in political Audio to XXXX. Digital quarters quarterly that which that in us election These giving record combination confidence continue continue it advertising the its Multiplatform with relative our improvements sequential gives to will an will second our presidential will every ahead see and revenues of that generate a continue We is in this our the along and in first performance us advertising indication that marketplace continues. recovery revenues, marketplace

remain to additional value We improving to identifying XXXX And flow terms to of course, profitability improve shareholder our cash operational expect driving growth expand our revenue, this utilizing and of We our free will committed resumption our product to cost savings to efficiency. our our ability rigorous the with have and offerings structure. of strong continue capital generation. a allocation capital, opportunities, of story technologies in through new growth increase

And to work behalf of to finally, day. team, who communities for their for on want our iHeart entire every team and I members management and Bob our thank deliver senior

take over your operator it turn to will we to Now, Thank questions. the you.

Operator

first from the your question Fargo. And comes Steven line of Cahall from Instructions] Wells [Operator

Steven Cahall

the going of local a versus weeks on about last national. Maybe of over to the some in we've differences couple start lot off, heard

to little weakness. I larger where national versus that of your heard a weighting some there's peers. more portfolio, That's think more have radio a just bit you we've with your

a little like just here. quarter. seems could you contrast wondering was bit currents expense a is So then, maybe bit. It cross the compare some trends there Rich, then if the those on Corporate in little expense up and And just management.

about I'm that's employee retention. year like not something to You paying and talked bonuses back sure that you'd get last for to

going have that So might how about bit? corporate but some manage look the non-corporate expenses be both think those do you we you also other expense base as and into the to tightly leaning a forward

Bob Pittman

question. first the take me let Steve, Great.

we smaller think I more larger out advertising to larger I greater we also look would have national, a point you that get to advertisers. look a exposure as when may really as advertisers we local, greater well. at advertisers, and it share the tend although that of at

spend think through a them And have I where sort that compensates. in The people softness. mixed to the think needed been I the terms of probably So advertisers seen advertisers their money, spend have bag. larger smaller continue we've of to

are back. probably levels Some when holding like they QX think large have and are again, it holding is We in that been been some in like the quarter some actually up were at many talking, the the have categories advertisers already looks that people And loose. back. and breaks they're

Rich Bressler

saw you'll a it's if year to think Steve, way particular, it quarter. Bob's point, by Yes. to we looks On management, aggressively in during like I and that. expense you that And strong expenses. came go the advertisers, larger last see Rich. back QX to the back in manage And you QX, continue had that we

of pay Specifically for those cost increase got the say savings. numbers just bonuses we million. just -- benefits just But didn't to guidance, terms we savings in really you overall And had, $XXX management, had the year. corporate to also significant kind even entirely expense at pretty in million question, I'd if our the we baked expenses last bonus into QX on some accruals. your of QX to $XXX within We've savings almost relates the in look

So to good corporate cost we our entirely bonuses. are and I in accrual savings about feel where related is really

Steven Cahall

follow-up. few is done charge you quick goodwill to over that sort years? and company for The intangible that impairment you've that And then, Or at is a a just any the large? related broader maybe last that M&A of took, the

Bob Pittman

calculation all that's impairment. you're triggers the way, by to we've and in seen sure XXX% mathematical exercise the that spike and And of rates that happened anything more of a that It's again. It mathematical Steve, an honestly, And just it's simply XXX% and make because equity. clear. the noncash, an driven fair current interest else. the -- it's by debt And value latter. really just than truly, accounting our just

Operator

next comes [indiscernible] Riley from your from Securities. And B. question

Unidentified Analyst

the bit, the the revenue optimism mid-single-digit the to just I given unpack about for fourth quarter recovery a quarter. especially guidance third want little decline in

it you advertisers Is the the saying? that is outlook visibility that relatively see it optimistic the fourth in to fourth for recovered budgets to been quarter. aggressive as actual quarter? that Just unpack be that's pipeline? what Others it Just confidence conversations that Is more with that giving why to? on bookings into you'll willing recovery haven't think were trying

Bob Pittman

Yes.

If although last you for the was year quarter softening, we time look year, the a for by probably record starting had a example, and at the we record about fourth for the the quarter, quarter quarter, second the get company. company fourth

We quarter, on big large sales all money at their get is them when QX. look spend advertising. advertisers, usually especially the as It's you of biggest also they to almost companies,

going confident to historical you're we looking And well quarter you If had at probably as stronger. conversations QX one as for out advertisers the for hold going hold with trends, out to will is be feel as year, that not the is much QX. certainly we've

I think the question is how stronger. much

Rich Bressler

talked word Yes. I years thing just you only And I about, that add think, might Bob said what to to optimism. the

look I of revenue we about improvement. sequential QX, announced as think at $XXX a XXX. look I company, think just if you We just it, million did QX, just at

would lead guidance kind for If our to the overall QX, $XXX of million. -- you that you about look at

advertisers by small has we're year QX, much you've in company QX then QX at seen it's the And the EBITDA. reflected for as were had that performance that this So in an I the numbers thinking sequential announced, and we think the on and strengthening. double what also basis had than what of saw it exactly absolute much last just large we as about look year pretty between Bob just terms are way, in as obviously we said, pretty EBITDA

Unidentified Analyst

just Great. And a then follow-up.

maybe anything that's XXXX to to we're know campaigns But of away there a you're this lot is channels little to or one a I yourself on think specifically of more budgets prepare the I'm from year, cycle. I the podcasts. next side effectively bit the want those ways doing at thing digital Is TV point? political capture hearing consistently leverage political advertising still whether podcast some So

Bob Pittman

look, And is think on think podcasting broadcast they're media are informed digitally capabilities to I we but radio they're say getting advertisers much well. I what to for. digital, our political We're developing the the only moving more they're think are that really on I not when buy. data you looking Well, moving as

I services you that provide our layer radio we'll it. And that of properties, it's radio I can the for addition that so place. as think our in we And a again, for any podcasting benefit digital data, company. And extra in putting are think and from to broadcast know, been priority

Operator

Barrington next from question comes line from the of your And Jim Goss Research.

Jim Goss

the look that's know growing the other elements. difference you seems has at core complementary sales not bit but the the a little components radio in direct it in of shares had wondering you direct but sales you modestly. All more radio if that declining years, I right. mentioned digital versus be was that because that they're placements. terms digital a been called radio category versus thought could ad in the Bob, radio that the least a phase the the core business I'm at over with And would

Bob Pittman

sure I understand I'm exactly you not what just you direct about sales. that? clarify mean Could

Jim Goss

ads the flat Well, have And the mean intersperse be have you you at saying guess least relationships with the are directly and would ads digitally business? modestly growing staff placed very other advertisers a sales that then I just or placed ads. core probably you for as that I have think I also

Bob Pittman

Yes.

one of we come I that do. online think is What's developer an compared and exciting has The providing so have through broadcast understand of each with ad. video audio it if reason relationship pretty you foremost, look efficiency a iHeart. the many platforms, platforms in just then the study average at most Dentsu is And audience. they ways and as number how XXx platforms radio, said our we that efficient cases, well. about radio to we spread we more a advertising, can to all door most sell other have was advertiser the And when It iHeart first the was did is amazing.

So we efficiency the organization going, know is are that as online build we out -- seeing building we XXx video radio of giving a is we lot where money ads which are a above them capabilities. our encouraging yes, very programmatic news. And is

platforms. Your -- or want to data in more them more assume allow advertisers and they again to able to their a usable. I that to make And what -- our self-service, data by that's directly buy it, point it's you which to mean go about valuable, append be buying will off basically buying we that it will append what will

We also marketing the we It media partners clients a a in and It's clients discussions. just not it's group is with discussion. for that solutions, looking media as have a there, these although major marketing really marketing the deals and bought are discussion.

And do we've down the to as biggest gives have well. having can't. things agencies reach do, we And those the priority unique we do scale agencies. we network of the we us relationships, twice of service hold of others a the maintaining all then, major put reach having TV audio again, opportunity platforms largest twice the the the and And the the next the the from to great course, with smallest great way think, cost relationships of

I with out benefiting the audio. you we're a as for platform from making of all unified like it looking built think made, making look we data from digital. benefiting from acquisition of addition Triton benefiting it know, we easier, those So at And all the

of seamlessly again, Nielsen an We audience a boost people get they big if broadcast to is that forms across a radio array. as find find to And can audience specific having not that but well, to their audience So for a that audio. we, added needs. think audience want, all

Rich Bressler

one add And standpoint standpoint. point last just Yes. number way, a and the by performance might I a from

You X.X% did see down this QX, in look X.X%. Multiplatform NPG that were during group, performance sequential down down we if was group, -- -- we were we year, for this the NPG And you quarter. were Group at down

in and by also if improvement look in terms of and you of was at to sequential progress, of XXXX one QX down outlook our obviously double at And XX% in back period of is of NPG the said the and in coming prior number performance. So out the looking way, everything over things the dramatic tracking at go QX slowdown. time EBITDA Bob said, the of terms and the economic of look that just year. we pandemic to the compared terms the in

just of Multiplatform again, performance Group. data show So all overall the significant to improvement the points

access As to a force to marketplace. being result, sales Bob as the and we the the said, have

Jim Goss

nature of enable and thing address versus but to podcasting Okay. do salespeople do that there pointed same that might and and national what one cross-selling in-home the local the And you've saying Or implicit might categories just in both? other one between radio complementary and this be out-of-home or the out you've blend specialists other? been does similar certain the are

Bob Pittman

in tools we years as do seller Yes, out have some of anything can number that doing you have to them but know, a any the support an we ago technology specialists built that. organization built anywhere sell

is people call advertiser. it usage the podcasting that significant overall to some out to And right, in more of its radio marketing in together So us home. put for much allows bundling an home allows right terms but you're of mix us and

of us a X XX-hour a with consumer and great sort those it value. together, that putting opportunity gives So is a

Rich Bressler

Thank everybody, follow-up stories. behalf questions myself, available, you team. the for all. of appreciate Bob, you and management any iHeart everybody's to listening on time. Thanks, We're McGuinness for rest Well, the Mike all have of on the

Operator

participation. conference This your concludes today's for call. you Thank

disconnect. now may You

iHeartMedia (IHRT) 8 Aug 232023 Q2 Earnings call transcript