IHRT - Earnings call 3 2023 | iHeartMedia, Inc.

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Operator

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the iHeartMedia Q3 2023 Earnings Call. Today's conference is being recorded. [Operator Instructions]

would Head turn of I to conference time, McGuinness, Mike Investor this like the to over At Relations. Please go ahead.

Michael McGuinness

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

Joining Chairman CEO; our COO CFO. and Bob President, and our me today's Bressler, for are and Pittman, discussion Rich

the our remarks, prepared At management will conclusion of take your questions.

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

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

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

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

Bob Pittman

to and good morning, XXXX revenue reflected report that improvements continue advertising quarter ranges. gradual events, the through and despite third in our we've seen the adjusted year, Mike, were advertising the provided pleased We're And expect Throughout at previously our end results that quarter-by-quarter high guidance marketplace, QX. to in EBITDA which the sequential is of everyone. the our revenues. in geopolitical improvements recent we Thanks, global

of end million, million of we high million. of adjusted the In quarter, quarter. through the let generated we guidance $XXX Now range to of me $XXX of the you the provided the key results some $XXX financial take EBITDA third at

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

In of million free flow. cash the third quarter, we generated $XX

of million generated to radio sale cash cash reported we'll of flow, our debt. $XX to we broadcast free addition towers, down from In use also which the pay

In And quarter, $XXX million, up up segments. revenues million, operating was prior individual our margins quarter, QX the XXXX. to versus Digital $XX Digital accounted Audio XX%, for Group's XX.X% in Audio in the Adjusted the from now third prior EBITDA up X.X% year. adjusted XX% versus EBITDA Turning were Digital were year. Audio Group's And consolidated XX% our the the third Group revenues. of

cost characteristics business emphasis The points in Audio fixed mix It Digital products, EBITDA year's performance this and and the the having the the Digital profitable the second expanded strong on few for most of year-over-year XXX margin also QX Group points basis basis better adjusted inherent investments in quarter than XXX this made revenue flow-through strong Group's as the quarter. were digital reflects past quarters. we've strategic illustrates Audio our

revenue streams Audio to Digital Turning within the Group. the

Our the podcast be the year, illustrating fact versus that for revenues engine company. to to continued perform continues strong prior growth well, a XX% podcasting growing

and our margins. combined, U.S. the performing to we X of again the audience podcast once continue with our downloads than is monthly U.S. September, In in reach Podcasting podcast in the podcasting publisher margins be to iHeart marketplace, ranked the EBITDA have the accretive podcast best EBITDA the largest #X more publishers to was next Podtrac. according advertising total Additionally, largest segment to the continued company

our distributors the to the publishers, financial control unprofitable. strategy sales enjoy and the Publishers no of the the podcasting sales our ecosystem of are reps. results that the are reminder, From is focused the a on virtually gross on and reps the and compared business of and of strategy. have segments the margins the evidence often operate distributors razor-thin content, sector economics, who economic majority result, publishing beginning, and are success as a industry, of benefit who As of X the the

the of broadcast XX with result iHeartRadio in company, in the podcasting. part for of years power starting most build is marquee our recently lines events business new over leadership radio the podcasting the have with ago, app assets, Our live out business, position of our used which to and we

broadcast largest such reach Our digital-only in the building of powerful twice and Americans new broadcast the tool a largest consumer reach is for radio for assets the uniquely Xx streaming every service, XX% month which reach consumer which, of context, of is radio network why is us businesses. the audio TV

as future which on examples intersection The taking we And area how an evolving of of of give also an been driver this I'll we're X is advantage have growth. AI focusing technology. important of podcasting and you

use can unparalleled growth which for finally the English expansion First, company. library languages, into language potential our earnings for translate another podcast to AI global is we strategically, the creates cost-effectively vector and other of

audio, communicate Second, and prospect along on to sellers, sales about products, AI-enhanced a in more make them tactical giving level, with and largest help up force we're who with podcasting radio tools the streaming our too. clients

podcast And right us targeted capabilities, message for third, to voice AI the our to insertion the enhance technologies. demo, and possible time serve older not we're in right ad utilizing ways with dynamic territory helping previously the and

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

by X,XXX a the operate largest United States we service the audio local X. and factor reach any national And each of month. have million footprint XXX almost We in people websites social of that

interact represent which base to for All for provide growth with partners and highly opportunities our our company. additional revenue consumer engaged advertising additional of the

versus events revenues broadcast $XXX prior year quarter, X.X% down the versus radio which third Adjusted million, Group, were excluding and Turning down Multiplatform X.X% impact of business. political. XX.X% year. EBITDA this and now and to the prior networks takes and through adjusted our of you down the Group's Multiplatform the In Multiplatform includes were million, margins take the $XXX was quarter will Rich EBITDA third The Group's XX.X%, quarter. margins puts

impacted of by some hearing be the to advertising been continue you've does Group Multiplatform uncertainty The about.

confident the remain Group be throughout we marketplace improvement the additional Multiplatform will seen company advertising from that engine the we've However, an in recovery. growth the for gradual year, and quarter-to-quarter

part broadcast and unparalleled in and assets, and our because scale, continue in our planning, unique large see substantial including participation selling analytics radio data media. of to our upside infused We migration reach and buying of the in to

advertisers. has provide along Additionally, suffered loss America, from as their ad-supported in consumer that market audience, Meta, radio can Google true of reach the TV our broadcast platform, and monthly XX% with only reach assets, mass for is with

is So that directly advertising what in benefit a our spend. to And does bottom and of X% consumer over Today, yet of to Group. the consumption close line? Multiplatform for is audio, XX% mean that only total it expect gap we media day

As the we of company. expected the strongest on year QX previous talked we about the calls, to for be quarter

that, by be geopolitical that, weaker Having for some the due originally and uncertainty come the years, it dampening Indeed, significant Although in late has events. it still is the spend to December. than of said advertising in in demand, recent it anticipated see with on caused will years. we do advertising we which last track November some coincided last-minute X

we since included predict in guidance. our However, not can't it's it,

turn will mode both confident in we and XXXX. now it Rich. we I'll the over company our As marketplace ahead, back growth to be advertising that in remain And look

Rich Bressler

Thanks, Bob.

were third and as ranges. XXXX adjusted results, take high As EBITDA our quarter our mentioned, provided you guidance results Bob through revenue the our end at I previously of

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

our the Excluding were down impact of X%. revenues consolidated political,

music third-party revenue, Our certain savings as relating for of as an was including fees. increased costs, lower increase an higher by as quarter. cost ongoing well increase a adjustment consolidated increase previous profit to offset X.X% expense by licensing digital from This expenses driven a result resulting from partially compensation direct initiatives. This in variable and years our sharing operating digital costs the primarily was content costs

Our impact expenses variable as savings primarily higher for consolidated marketing an border expenses SG&A partially trade commissions associated events increase offset debt of cost higher by ongoing sales with the lower our the business, expense. well initiatives, in by X.X% our compensation and continued bad expense, and as decreased driven quarter,

minimal in comparison employees. to XXXX reminder, we last paid as As the you a our make year, bonuses to

We generated the million to income third $XXX compared quarter in $XX quarter. GAAP of loss of operating an operating million, prior-year

million adjusted guidance million at to range the million, $XXX the end $XXX $XXX of EBITDA million. prior-year provided third of the we quarter, was high $XXX and Our compared to quarter in

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

year-over-year. podcasting non-podcasting our are revenues and Group digital XX.X% grew Audio which which Digital the year-over-year, Within X.X% revenues, our grew

anticipated, flow-through and improvements the In Digital to an continued EBITDA annualized to in EBITDA Digital be quarter, that continue margin Group's third a basis. should term, Audio margins. in XX% believe the we As long Group EBITDA adjusted business we on see Audio the

adjusted million, the was impact EBITDA XX.X% XX.X%. Adjusted Group's Group's were or excluding Multiplatform EBITDA year-over-year. $XXX of revenues margins Multiplatform were X.X%, The year-over-year, X.X% down political. The $XXX down down million,

quarter third margins by Group's Multiplatform impacted The items. couple were of a

bad higher-than-normal expense. recognized we debt First,

revenues. lower increased And in Festival which our incremental trade iHeartRadio promotion third which margins in Second, that major of increase the drove and quarter the drove event Music event which this third, we our year-over-year and had year, broadcaster more this in a than had saw we quarter have networks expense. quarter third flagship revenues XXXX, one expense

were $XX down million, EBITDA $XX in The Services adjusted Audio year. down was year-over-year. prior Group's Media approximately $XX And XX% & revenues million million, the

the Excluding Services in were the Media down the revenues impact year X.X%. quarter, political & prior Group's of Audio

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

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

no past on maturities debt no have and mid-XXXX. calls, covenants material until highlighted we As maintenance

cash We free results million, and unsecured billion accretion. earnings $XXX in opportunistic brings these our approximately our we to developments. par flow be responding notes million will This discount principal aggregate to outstanding continue interest $XXX QX, $XX of repurchase and notes a senior at of of market generating the balance of debt to meaningful to million savings the in repurchased both value, million. In to annualized from X-X/X $XX amount total approximately $X.XX reducing

quarter, million debt. cash $XX an the broadcast from down towers, also the will flow, we and $XX remaining radio our of additional cash generated sale of use of free we generated pay we third to million In which

our now QX. for to outlook Turning

experiencing companies is that and due captured uncertainty As Bob are mentioned before, outlook. have as earnings our their geopolitical to in some discussed calls, revenue events, recent on additional some other we the QX

single high down in we that mind, digits. XXXX QX with revenues be our So expect to

reminder, a of was history of As the and with $XX million the company's quarter was the year in revenue. QX year political last of largest quarter biggest the political

we Excluding be the the October approximately for QX single impact X%. low to Revenue revenues on digits. political, was expect of down month our of

segments. Turning individual to the

We expect the Group's high single Multiplatform down to digits. be revenue

digits. to impact revenues of Group we be Multiplatform political, down the Excluding expect mid-single

We down low the single high expect to Group's Audio to the Digital we Audio expect Group's political. approximately And revenues single digits, digits. Media excluding Services of up or be the down impact revenues & be XX%

political a & experiences includes performance Services swing which in a nonpolitical Catch the reminder, years. and between As Group Audio TV, Media its significant

any we guidance. EBITDA mentioned, of potential million $XXX included in EBITDA the late QX to this advertising XXXX, and is expect $XXX spend to range consolidated adjusted December in for to last-minute million. as in not And generate adjusted Bob November Turning

the Music perspective, recognize moving to expense to ABC moving expense year. expect Ball an our differential a and additional Hulu. marketing including prior of incur Holiday to events special bonus TV our expect with to business our in streaming iHeartRadio of expansion to we expenses we in And quarter, the From the associated QX, also compared Jingle Festival

I comment free items following the on flow. to want cash affecting

XXXX. continue to million We approximately our be to expect taxes $XX cash in

estimate full million. year Our to XXXX of $XXX expected be approximately capital is expenditures

capital reminder, $XXX this expenditures million. our XXXX is substantially As a below of

remain restructuring will Cash expenses down year-over-year.

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

improving of XXXX, cash quarter to third in generated our the impact significantly always better generating largest to of well flow, performance free is fourth generate forward expect flow which our look we And quarter, improve political which macro in year. the We upfront. solid quarter flow we to cash as expect by as free dollars, an free driven as we are environment cash in part collected the the and

generated also broadcast radio In the our cash flows, which addition we'll we to of free down million use debt. $XX reported sale pay of to cash from towers,

expect we XXXX Bob mode. in back growth As be to mentioned,

year. of XXXX And a reminder, political year the last XXXX, is presidential a in political million generated As revenues. during $XXX we political

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

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

Operator

Wells you. first Instructions] our [Operator at Steven Cahall Fargo. Thank We'll question take from

Steven Cahall

So in ad first, the market. just on what seeing you're

something ex said an trends. call driven a you really political, a return companies you flow you their in is We've not few next kind in you're macro, I they're too. guessing back in XXXX, media confidence unless you trying cash that for expect Bob, it's confident, political Rich, of there, and to free that think, in by there's . seen comment to I'm better in year, now significantly expect So some macro. part growth improving improving just And seeing an that said off

hoping was bit inflections? could stuff thought maybe here. little could little near-term on Are sounds just a it the like shoots of process of headwind. It us green give I some a see more you a or some starting So geopolitical to your be you

just in us the about think confidence driving improvement help what's that So in XXXX.

And then, and any know at you're discount. a I debt hefty think you all Rich, don't have retiring I covenants,

You in companies in wall do pretty Quite actually coming of a XXXX. have have lot big debt a a XXXX. broadcast due few maturity

be? the when what we're think will start those So conversations, of curious, you those you tone

to Anything And then one. expense housekeeping the into debt bad a up? read picking just finally,

Bob Pittman

let Well, me marketplace. with start the Great. ad

ways subjective, one's to I at think X objective. look One are there it. is

me Let start objective. with the

digital I first. recovery, you think in generally recover see

at but you've big I seen think marketplace, if steady go from pretty negative digital look our positive the you look at growth. and not only to the guys

sort mode So say is recovering of digital mode. recovered or I would in of already sort

and see of you TV I think historically, recovers behind next. sort that, next radio

I there's question an I terms in the perhaps think what audience about TV, impact, TV ahead saying, of in of think radio are of accompanying rather with the dramatic others to the that and asked TV you decline sort the and advertising opportunity move queue. with for

from falling seeing the place. so standpoint, we're objective pieces in an And

us confidence. gives that So

looking is back being On mode for at support And the subjective their those and at we're and they're part, having general that. get looking for is, sort them most of talking of to discussions. we to and year the advertisers for them, that next growth plans spending 'XX sense into

I again, So we of think beneficiary the are, that.

subjective objective giving So for terms both of the and in the 'XX. line up for confidence us us

Rich Bressler

Rich. it's Steve,

a coming the just just QX might being proof thing of of marry in the confidence maybe said, So further comment And things. to were in saw The only Bob's digital up point, leading X% of you think that and on we I kind revenue. terms one is on I in about first about add revenue. ones couple of to Bob what back

overall high digital QX on at in it's revenue. you for digits single look our digital, If guidance

not we going look we didn't think clearly, from in QX. So but We XX% And growth -- above did, but words, have had QX. what growth data. XX% you for We'll approximately be again, exact QX. we to give in at higher the growth rate I just also, guidance think growth QX, podcasting we in rate the podcasting in if did that's we're

So context. put just in that to

maybe for reverse take I'll questions, order your In of second. a terms them in

names that expense all -- going -- But no, front. me, debts. worry about or limited excuse in there's without a just nothing nothing In bad of terms at advertisers, of to to on debt bad couple categories. expense, We debt it's bad unusual just into

publicly And to we when the got say a said to of a markets. we're covenants. think there. over obviously no just monitor continue I And significant not that I'm on debt, going you confirmed job, -- out the the nice anything just X-X/X. haven't maturities our that credit are I XXX -- that done down And approximately we've already, to We in we've you understand terms XXX little

cash to need operating We with as just down from we going to also continue flow. need standpoint, potential continue towers, execute like to pay to continue I think monetize the to we're which did generate we plan. opportunities to on quarter, free our of use debt things, to at need part to that. look to We this the

companies. you continues capital our And to I we if can't and look performance about comment company, that about again, at this structure. of -- ways just But doing other the operating new refinancing feel confident maximize we the

Operator

to Jim Barrington at Research. next We'll move Goss

James Goss

Or right. All of if the a achieving One, be cycle. trajectory still discuss that like its it business of slowing a maturing you stages is couple in might wonder I drag if function you A a it little, might it But current a the looking very growth. -- just is you posing Maybe of on position at somewhat? get questions. could strong type events in is this it's think growth earlier podcasting, be development? bit the of that obviously the

Bob Pittman

near you Yes. not think look And people they're with spending time growth We in podcasting. at but terms on audience well. more anywhere podcasting maturity we're more an growth in think of it's coming podcasting, podcasting listening, as into audience don't the I if

every about stats million X at continues that many downloads get look at a metric. how It's is a you how shows positive month, downloads have metric grow. to over very you or sort many of look we If

that what's young And it's a audience encouraging for podcasting. is relatively also

version This talk tend is not older. issues you're young So to the which of audience of radio, talking about be the talk.

our of usage of of in is is about business about podcasting in home, What's of podcasting for that X/X is terms use the at of X/X home. about our also great radio, us whereas out

X. of it's nice marriage So a the

radio to grow. biggest continues it to on-demand, Netflix of think podcasting, the think demand. and about we think TV using is sort music continues you move. is sort people podcasting And there streaming services, use of and some more podcasting And are now on people than if

optimistic have pull it. in the seen marketplace deals on I is seen you've were and that basically uneconomic So very about doing. -- back people we're some only thing the they

to, for publisher. a we getting the us And positive deals to helps economics lead that's #X economics. marketplace that think I the continue means it because podcast in need I the done think the match as real to

Rich Bressler

And ago, a Jim, revenue that question we're or in that, forecasting I we QX and we're XX%, Bob upon think what getting plan terms back the to in that and than QX of be of little I just couple -- about thing minutes to in percentage, just in also might about a talking just just than bigger mentioned an in increase podcasting. marry be we're build only less to higher it in we're we're up percentage. talking I said Steve's Remember, to approximately remember, numbers.

that So down we I'm not iHeart an at anything factual whatsoever that quite least see there's standpoint, of in sure the growth. podcasting any terms signs, from slowing

but looking whether right, just down out look I that, $X going but The out and everybody's numbers, second everybody's time, read some the can is a different billion. revenue [ $X X, all them over or do all got go of are not thing go directionally. projections years, the other pies period American whatever say eMarket years some though terms in or $X would of of podcasting X little different in they're slightly yourself, if billion, you people advertising, dollars got advertising there, if billion that North exactly at you pie to Even are and right billion kind it's $X of ] you people

to just in consumers podcasting really And well, of dollars big in is big couple so advertisers years, podcasting, where that finally, the only important big say that's frankly, that, I listening terms because habits, making. which come of is advertisers, remember, industry big from, just coming a advertisers, the would quite

there So the no look when listening talks slowing with about Bob the down, see what's we anything consumers. days early to of out and signs

a something it's number and some podcast the through. I all start XX% people or way like listen that of close that think to to

engagement companies that's a critical So have that of in at been of is for I And dramatic media this long what's growth don't period engagement that time level. because think running have any ad driving seen us revenue. that

James Goss

talked critical but reach I Very of couple things. A video attracting terms of Political, Okay. reach, adds. you other seems in know about to trump helpful.

but feel forms share So broadcast local that tended lion's momentum category any of important you've or the profitable risk because business. to wonder any you. of a and other for to category there's have, it's the category, an gets it's always the you digital very taking not I political if biggest

Bob Pittman

contrary. No, to the Yes.

I has see And faces, to always been their anybody always want video. think there. video wants

success so the appreciate, got about finally, be they And the At not indeed, a I I to it, they than getting think of it's with conversation. that getting nobody candidate. most products, think radio. point, think, to the streaming hearing And and got conversation I of message And way, people of and the if podcasting, now success about variable candidates, the only is does probably audio to better seeing seeing is -- impact their now the reach. say, the nothing I it's their the probably face, certain are by out. really worry broadcast most think,

you think XXXX political. cycle growth in in again, advertising, cycle, I of the in shape of XXXX at history think good So political we're we've and I the that we're had if look sort on encouraged

Rich Bressler

one thing. Jim, and just

when back and just your You mentioned, you I that. question, digital you about -- and on Bob, to video and think talked hone asked just

to advertising into and standpoint, monitor election as capabilities report capabilities just as not going to dollars we with in from into cycle, gone them, that now as not going on obviously our this our very broadcast a political and away like at the this season that ability, from look cycles, election campaigns our capabilities From that a ad one to again, plan ad high that from, tech talked to goes, we've remember, standpoint, make we get capabilities but past just a level, on which done have about broadcast out out one, have advertising digital, data we've election but we've digital to well campaigns, got cycle. didn't last broadcast world all the has in many, one we standpoint, a know

wouldn't I a detail not that's small So -- overlook. to

James Goss

that one. a Hulu, like that you Eras One create But last Tour, do events exactly Netflix with creating are of you of Taylor an relationships be is to it on concert you successful events. put you or I Okay. monetization and be with something of mentioned, as the that ongoing of monetized Swift ABC things Jingle streaming where can't movie something basis could the types but sort on know might that nature you're have that Ball. could there add those

Bob Pittman

Festival The and is audience, major follows. get and the that's iHeartRadio if think is we moved of that the of the Hulu. of I do indeed, And And other answer this you the a feel events, tentpole looking them. we do year, yes. wide at to monetization a lot And really consumer success we to open that. where we And we example again, perfect are always how reach and Music

Operator

We'll from question at move our Securities. Dan Day B. to Riley next

Daniel Paul Day

EBITDA just more. little guidance to push on bit So wanted a the

coming XQ pretty you've reported. big like low continued of higher you're even it that down I profile softness if saw guys seems implying savings think would year margins have stabilize in kind the the presumption talked least here. almost XXs the market, about real XQ at a advertising every into XXs you estate efforts, in cost was in reductions the step the this we margin versus

cost a from have I the investors these of it is one hear where fixed there's items that of quarters seems savings. number any things mostly offset Just been like

So that? then to you pushback get thoughts just might to those evident, more any any when there might become start

Rich Bressler

And -- to said, environment. just the a is we're highlight, seconds they -- that I want obviously it's in detail. then think overlook wouldn't there's of comment, a evident. all becoming Well, I discussing on lot look, when I out more XX Bob's earnings, thing -- uncertainty there honesty, and in he are, about spend I'll one little is this

QX, with go every earnings companies, heard call. guidance degrees, XXXX, have to based is advertising people into on think different respect I you talk challenging. for the this about the ability to whether

highlighted at of of on placed had think a I'm -- today, happened, at time of sorry, periods end just look November historical at the what Bob business I know And we have where and what's if the is based December. you end this lot we've but of we QX seen

of to discussion year, When year, just in & Services comping contrast particular, had dramatic MPG last and look year. Remember, in a last the it Media the political what in difference kind if of you look highlighted level, kind just level, our against at you Audio at we're at we this both revenue in margins, we this in year-over-year.

Services, I margin, year frankly, think political. business. mid-XXs in that million in our revenue million $XX $XX We I'm It's & and quite margin -- extremely in about we -- high highest MPG. it comes about political should at Media had mid-XXs XX that sorry, last had be MPG, and at Audio

biggest So that the really, frankly, piece. quite

during a the the program in going then some the increase balance benefit in obviously savings as in a QX. nice but a QX. way in cost to And is have look think layering started million lapping of a year-over-year, beginning the got nice reminder, other we're announced DAG. we we've And $XX cost. we We at we at QX. do way of continue that And year this And It's life. just I

deal things. have trade pay we streaming upon significant our with base. didn't X our with finally, the last also think amount other we employee We expenses Festival, the ABC. both touched and any to marketing bonuses Hulu that we across as And highlighted, and deal is bonuses now the I One year. Music back And iHeart

in though those -- QX. hit so -- me those -- even year-over-year. And are excuse And in comparable those music QX, hit not the festivals

the So are really that's comparability. that items affecting

Daniel Paul Day

audio-only Great. podcasts, more other on in within feels One format. on some to YouTube the most higher-level to of question like hit traditional seem like ones, platform podcasting. them, hosted that where, for popular to a like me. them, a some have like tipping It of or addition point typically majority component more Okay. sort we've video

talent, that audio/video just that, that's wondering hybrid the podcasting your So thoughts impacting with be you've sort how discussions of on whether seems to approach in played and towards. moving

Bob Pittman

it Yes. moving think actually I disagree. I to don't is that.

have some that podcasting hybrids, trend I are in that but shows think you business. don't think at the I an all is overall

think have surprised is As little fact, people I a matter interest in how hearing. been there seeing what of they're by most

doesn't out wants else, something who've people video the doing no, it, cooking. fit think everybody it They're I see the driving, they reality of think come and there. don't. is, and They're business, in to they're well

in would look, it's trying the think, business add can that to do are some all do video the we to much do best capture podcasting. I just to We're on love it. desperately who's best video both. if And They the shows we it. have it, The everybody it. money. way And looking today make are And to for expense not to way is more to certainly

Rich Bressler

at last about remind, one what our may overall there. And just QX, we've to margin both if podcasting the what just thing I I then accretive just that. revenue said also talked out and to add months look EBITDA Yes. you the Look, yes, X is is growth through company's

strategy. articulated, that So our of Bob look what just is our podcasting if you part overall at

good shareholders, that that of think hard success -- line revenue importantly, for the I on to podcasting profitability. we've the it most our we're and and on strategy, driving not pretty it's benefit the enjoyed that bottom right we've to the also, in argue both

thank to support. management follow-up, myself the like the for and of available for we rest we'd iHeart and team, to story, that, everybody with time are and appreciate everybody's the and questions listening So Bob,

Bob Pittman

you. Thank

Operator

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

You may now disconnect.

iHeartMedia (IHRT) 9 Nov 232023 Q3 Earnings call transcript