IHRT - Earnings call transcript Q2 2024

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Operator

Good morning, and welcome to the iHeartMedia Q2 2024 Earnings Call.

[Operator Instructions]

As a reminder, this conference call is being recorded. I would now like to turn the call over to Mike McGuinness, Head of Investor Relations. Thank you. ahead. go Please

Michael McGuinness

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

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

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

performance regarding presentation note include use to along to our earnings with results we financial that what website may based of our our our and have as and release, addition on filings. today's statements that statements Please this follow forward-looking call In an management's on remarks. SEC press are result company's on operating results. could These available you call current can expectations, the and certain a is actual factors identified from in differ stated

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

Bob Pittman

morning, good everyone. and Mike, Thanks,

We with are sequential adjusted revenue previously report pleased and quarter we're EBITDA our and guidance revenue ranges provided improvement were in in our XXXX seeing second results to our line growth. that

marketplace group's digital business, rates, of year-over-year improvement we the continue podcast see and changing inflation to to multi-platform rapidly our the continues domestic business interest While our landscape, political revenue be momentum the trends, on our and outlook with dynamic evolving global uncertainty ex-podcast strong performance. sequential in

market our on as positive advertising results half impact year, the upside from well continuing political will cost the at benefit recovery look As material the our back the focus of year, we on efficiencies. ongoing an ad as reflect of

financial the $XXX million we the of adjusted results million. the Now take In key of million second quarter, of $XXX generated to $XXX provided of guidance you through quarter. range EBITDA we the of let in the me some middle

range flat first Our consolidated political, QX year up prior year-over-year the consolidated compared This and that approximately of excluding a were to quarter revenues were consolidated our the the revenues X.X% of little up the X% XXXX. for compared quarter. year-over-year year the quarter the to marks our prior guidance increased revenues quarter, above impact since

our and prior revenues Turning total now year provided to Group segments. XX% revenue. up Digital individual up of represented The operating our the of versus above second $XXX XX% company's Audio single just guidance digits generated high million, of quarter previously

prior EBITDA $XX audio the For X% the XX%, second versus sequential of The trend continuing from generated of up first EBITDA to margin quarter, year. Group's digital improvement quarter. Digital adjusted million, Audio adjusted Group margins were the

X% double-digit Audio fourth for Digital our the revenues, prior growth revenues year, and quarter to we podcast year-over-year which versus our Group, quarter, expect return the podcast to full third the the Within grew year.

Our again our financial and in XX% pay EBITDA X podcasting non-podcast as EBITDA monthly we publishers publisher discipline off In digital prior with company Podtrac, to June, total more the accretive our that was combined margins. next year, the U.S. ranked remain according continues the than podcasting podcast in well. downloads versus continue podcast #X expect to once iHeart revenues as and grew strength our to adjusted largest to margins

iHeart build business, Marquee and podcast immense Music and digital of assets. assets podcasting our As result We've not our the the Awards to only but used power iHeartRadio also recent service which the Country is our those in the radio which radio includes Live the a reminder, business, position in Festival. the leadership iHeartRadio the of part app, is #X broadcast

national by social radio has footprint our closest a have of podcast service and X, competitor, also our factor industry-leading Xx and consumer streaming which highly the for of business each of for the largest we additional digital in people company. month, local additional audio provide operate we our United opportunities our States million X,XXX listing service, to base that and growth more all digital our XXX interact the represent which addition engaged of and any In with the revenue than advertising reach websites partners to

down Turning impact X%, Group, slightly broadcast the political of guidance prior mid-single quarter, advertising. Multiplatform of to digits our were networks which and $XXX year, businesses. second previously revenues our provided In than and better excluding down now the includes events radio the versus down million, X%

expenses of to EBITDA last $XXX in Awards with million Adjusted quarter to noncash discussed our the marketing associated iHeartRadio was compared Music year certain timing $XXX million we primarily the prior due quarter.

Group Village of the the growth indication of have all market year-over-year the of another XXXX our with strengthening performance from Olympic it. of coverage the Multiplatform within NBC as home exclusive of audio year, continuing coverage partnership as NBCU. the the play-by-play year, the Additionally, real-time station we as half in the podcast yet well this the for iHeart ad streaming positive the And in with Summer revenue expect is the to back serving original new games in Olympics and Paris

to of reach With the our drive games of off-platform assets relationship and listeners of of partner, iHeart's audience our platforms, results coverage too. in our with digital NBCU, our podcast significant to ability showing and the invaluable on audio the platforms our and the and our behavior, broadcast, strength validating cross-promotion engagement unparalleled

allow and whole, platforms and over technology, and turn inventory, efficiencies to Looking drives AI, the new including businesses remain our management, revenue buying, developing at in expense to focus our structuring programmatic broadcast selling and on focused and growth long-term and both us opportunities expanding and growing driving the enable and the programmatic now And of short continued substantial the to TAMs company I'll business of consumer as Rich. automated using from planning development that radio profitability. participate digital on we which a our it

Rich Bressler

Thank you, Bob.

were XXXX you EBITDA in take line and ranges. quarter and you'll I guidance results, above notice adjusted slightly results cases, second As in that through some our revenue our our

revenues little XXXX provided X% approximately year-over-year, a guidance we consolidated of Our were flat the up year-over-year. above QX

related driven was increase well primarily higher in to an Our X.X% quarter. the cost expenses operating timing XXXX as the increase to second as increase quarter quarter the of of of XXXX, content earnings Music first and the by consolidated the direct which revenues XXXX digital mentioned the to our in Awards, This variable iHeartRadio call. costs was event last increased as related for in

executing by increased the lower higher Our partially incurred Music and debt timing initiatives, The of our cost savings as the X.X% consolidated for SG&A mentioned well bad marketing with bonus as offset as due expense. iHeartRadio increase noncash to cost driven before, expense in was expenses by primarily the the quarter. expense Awards on connection lower

$XXX.X of FCC impairment in We quarter. the goodwill. our related $XXX operating million second quarter our year GAAP compared of loss was operating prior GAAP to generated Included noncash of to a $XXX.X in million a licenses the intangible loss million loss impact and

second to EBITDA within year million million Our $XXX the $XXX and in to provided million million, the adjusted was quarter prior we compared $XXX $XXX guidance range of quarter.

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

podcasting Audio Group, revenues Within X.X% the $XXX million, Digital year-over-year. of grew our which

$XXX the We which out digital building and double-digit investments made grew to non-podcasting expect and quarter, full our trajectory digital year have million, in growth the more well in of for revenues resume revenue third year-over-year, fourth the the XX.X% diversified capabilities. reflecting our quarter as we

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

Revenues Group. Audio EBITDA and to $XX & X.X% up million $XX prior million, the up year-over-year Turning year. was adjusted the from were $XX Media XX.X% million, in Services

Excluding Group revenues X.X%. Media up Audio & were Services the political, of impact the

on in debt earliest maturities, XXXX. is highlighted us to remain we which the past including our of respect our we've opportunities available As calls, with to focused financing May

in regarding sharing of forward debt, We with activities appropriate. when a majority are look our engaged a update refinancing to we group ongoing dialogue than holding an our more active and

billion end, outstanding, debt quarter was position debt we in net approximately lowest of net the the which At had our company. $X.XX of history

quarter million Our which a balance $XXX at of was million. end, $XXX liquidity includes total cash

EBITDA And ratio towards Our of ending make X.Xx. debt-to-adjusted Xx. quarter net of debt adjusted ratio in EBITDA was to approximately XXXX, expect net a our goal to we progress

quarter, second in the prior our compared was quarter. the free flow In $X to million year million $XX cash

quarters in our As and the sequential we free cash flow quarterly in year, remaining of builds typically throughout a reminder, to significant see expect each in flow free cash our growth XXXX. the

expect is advertising And flow will that QX. QX a revenue upfront, paid generation also cash as and year. reminder, free robust generate We further political help to which in political fuel our this

now our Turning the outlook QX to full for year. and

expect revenues digits. up QX mid-single XXXX We to be our

closing low up expect single still digits. are the be for the of We to month July, revenues books but

individual the QX. to Turning segments for

Group's revenue We podcasting our revenue the low both up be and double expect Digital Audio to digits.

Multiplatform low single revenues We expect down Group to digits. be the

Media approximately Group's be to XX%. revenues & up Audio Services the expect We

We prior compared $XXX expect to of to year $XXX the million range third the quarter. million million in quarter in generate EBITDA $XXX to adjusted

digits. year expect be up full We mid-single our XXXX to revenues

sequentially than be will us presidential that in million revenue this in of Our the we discussed a from gives which approximately election will that full year us political $XXX confidence up we call, political our for the improved higher and year XXXX the political pacing revenues XXXX. cycle have are currently we outperform record generated XX% last and XX% QX

adjusted up generate XX% $XXX guidance expect to be to the range to $XXX revenues will year. the our compared year-over-year, XX% half We XX% second prior and that year-over-year. X% $XXX in Within of million in to EBITDA our EBITDA up be will range, to adjusted year million million full

cash to our affecting full Turning items the of year free flow. some

in cash our XXXX. approximately be EBITDA taxes adjusted XX% expect to We of

our restructuring of and estimate as of iHeart our year to be optimize million. on now million opportunities $XX thank to to Our organization will On every year expected XXXX $XX want approximately this team, their expenditures day. Cash for to I expenses continue new execute approximately and members full communities, is for team entire our Bob our behalf be partners advertising we capital management work efficiency deliver growth. who for to and

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

Operator

Instructions] [Operator

question from first Research. Barrington from Jim comes Our Goss

James Goss

rest to so quarter depressed What can podcast the return reason double-digit confident why relative to latest you to in are growth? was the the the be that for of pretty digital? And gains you

Rich Bressler

podcasting. it's highlighted he what thank -- half think growth in Rich, and but quarter, have see guidance, just just growth depressed, when the this we still in you say you things: company total full And EBITDA Bob's I business, two revenue X% the Jim, comment, the for as way, By for year we also you. gave the think one guidance of to back podcasting you'll is terms we not tough gave of QX in revenue quarter-to-quarter, last year. QX in a we to revenue X% just we growth way year the both guidance. comparison I said of the think about of have growth. growth for and more and but the overall, full we XX% double-digit year But We XX% with not quarterly did also gave importantly, second to for

continues sometimes, open. some healthy and as the business But aspects. timing And we're we've extremely be as it's optimistic just to

Bob Pittman

was comps, little we too, we just vaccine. unusual year about talk related prior me to a Let that that specificity have COVID one when talk

back As this X was you can coming that for chance was imagine, there year.

the few absolute things comps, up were are we against year. anomaly and of terms think a an that there's don't like which we in reoccur that, So in

James Goss

Okay.

comp more a it's issue. So of

good podcasting and that's know. just little bit of on demand. business to more in of evolution content add in So the And terms a fact, the costs

say I'm being early? a it. or maturity terms in getting more development we is it for you Or inning? podcasting. a these would you think the Where wondering second we still how think just think and attention the of more are we that very are of are cycle develop third you I lot where in paid little Is to business?

Bob Pittman

question. a great it's Well,

they I think are usage, if using only in terms with you podcasting, time people follow of podcasting, more but the spending it. coming not are more audience statistics to

And X existing soon. increasing have by usage audience. that you anytime see increasing vectors, don't So the growth audience and abating I an

very that positive know, of the I now has the a think And you reach services. music As obviously streaming surpassed sign.

podcasting I as think industry still it. their early in want we advertisers, think of it, Advertisers podcasting things monetization, is of great great how a of to to talk monetize to talk walk when we're a list the think great days terms of in interest, desire have about. well. understanding we're although And they usually in door I the to in is progress making I the on top

of I people terms it, podcasting. paying think for were, getting system, economics the at which working of of better. I still prices it's there think I the mean although I content in time uneconomic in the think opinion, our that's was the through a

acknowledged I they're out company seeing pulling come make didn't being that, think statements pretty company that they've and after saying all much back more rational there. you're with and money

Again, that's industries people When of sort think see you they're loss usually normal they to economics they realize go. and apply, that, normalize. don't the When they them an way start, the exuberance of do. beginning

healthy why nice the we've profit and for just continues important revenue phase podcasting sort not able driver. of We've in to almost us, beginning which generate the profit be driver we're since normalizing on to extraordinary of that. a I been is had think an discipline

Rich Bressler

healthy just Jim, hve of them and add you I say, billion, billion. there projections it's And do $X know, there estimate. any there's U.S. $X billion, billion advertising at in and X U.S. and there's around growth. to upon by years, years, very years people what projections When billion, It's $X.X depending the go most out under said, maybe that $X build are And don't whether that you a for it thing, there. industry X again, lots significant market, podcasting again out range living. But on one a wide scenario, if and X look the shows podcasting billion, $X different only -- Bob $X out of

not recently, that couple of over Bob's engage is to terms years and we started to of in advertisers, level because last I'm of sports audience to inning, engagement terms in And level clear just guy one the thing best is thing, X being last talked what just about analogies. come But the of in the point, big and the have podcasting. of

And bring big advertisers so important that's because dollars. big

Bob Pittman

one point, the have make podcasting in just play, segment the final awesome, which is the I worth we would add where chosen, probably publisher we profit here since is which we beginning also repeating lies. think of to that industry, is but

sales We and focus of we've pieces of I reps is sales have as deals, have the podcasting our rep as part although do shied in right for businesses. away from other really think of company, we been to sector But that the place company some publishing the the to be.

James Goss

question, Okay. may. A if And one I other broader category.

of involved the XXXX, to are May ones that alluded some debt I be think the earliest think, the You you in -- mentioned. I discussions, you in the maturities might of are,

implications I done the assume broader or you are maturities to the frame specifics. I extending some on debt the options describe of table, since deadline. including certain other things. refinancings, Aside swaps from or any out the there or ATMs equity I might ahead you of can't if other want you just things get know wondering well

Rich Bressler

Jim. Yes,

to the down products, no say by with a not market to we're we obviously details, capital discussions we about the of some on be structure. you we'll improve So all, the on incredibly back company, debt with continue talk any We say going have agreements. focused across improving structure, question. just Look, obviously, to remain our And holders group of confidentiality more to to in be to working thanks for capital our that. the active

Operator

comes Ehrlich Bank America Reif of Our from next question from Securities. Jessica

Jessica Reif Cohen

already the been topics covered. have two Obviously, important most

can to on you other cost where Can about talk So maybe you maybe drivers. find moving savings. else

efficiencies of last for of been the couple going years. through You've kind

terms then you about else in a secondly, you guys talked you Can revenue, about benefit. and seeing of Programmatic. have So start something? find opportunity And is talk the should could what when where just we

Bob Pittman

Sure.

It since of the Let past Internet if always we're we efficiency. technology years. cost will where think of looking me or an how the we've how has lot picture some terms sort the the has. when I our XX unlocked hit technological we time savings. at would productivity technology company the and mid-XXs can we Technology started this already. the first we structure that of of given tool. probably probably It one, in cost spend amount terms saying, fact has And today, think seen over we company jumps the of enormous provides greatest Jessica, in -- find a a of one we Look, XX entered the have systems technology in are it, do we use we savings.

have talented we structure big at. we look we where that today, And we a where today very and but to are, management competitive we I where better everybody a we have, and they to increasing their a then team they efficiencies, works areas work committed give the only it, to think, robust started the compare think, do help delta there's and can We feel done faster, are us, fortunate look and if where a and and one are who already. cost, not get And efficiencies because do we're here areas between better, also advantage. help I the

like benefits and had Programmatic systems, what has of platform on in know, billing, with out we've existing to Programmatic will the invested serving our things old unifies cetera. all tracking you upgrading for systems And As several platform. One, do we us. advertising, the technology had inventory, technology I say et substantially building that it

system. putting we're together So X

it the be interacting then manually a the way, exactly that system inventory So old of mean, I you'll make like even with same having and if to that. and want interact, you use call system phone

radio Jelli, can way so take our we with stations like allowed broadcast investments had deal radio our and the products. digital us can grab And inventory we as it same you which know, -- their we to

now us which be on our to have allows with the important broadcast all programmatic a to also it allows platform, inventory. DSPs So us

digital -- the those those of taking to broadcast DSPs. putting real a But inventory I've Our of win most DSPs, system it on most inside inventory podcasting our already inventory, us it and usable putting is platform. which is and that that for is Programmatic data

a to we digitally to digitally clearly also advertising community We systems, because they're want buy benefit now think developed on those platforms. trying provide to everything these to fantastic add they and driven,

we what the and audience And for need. provide is reach them actual they

is in stations. audio, XX% reach it you you than the and and network, with in the radio America about Spotify, Pandora, AM/FM about If digital-only at when network ad-enabled XX%. are think biggest biggest And about products. reach less The of unlike is our radio video, XX%. that's the of think audio XX% TV XX% players broadcast the other cable

So do that. audience you're broadcast if the and reach you an how advertiser, radio has

So to the these there's there desire get in you add buys get to that radio. a broadcast to reach can't without it

for marketplace So a and think a of we the to need joining parade. that both we deliver us what there's to in benefit

Rich Bressler

Just things. on two just quick

cost. the we've of Just terms this one advantage got the different emphasize just just during thing just a as over cost think of back taken ways out. operations, not just cost specifically to been track whether is said but costs announced do want in if has or that amount terms efficient out, of just technologies, record in just finding go taking there of pretty back in of good we've on really history to Bob our just just said, way just just we programs taking Bob I combining you more the general, be

know And look, I'm we Programmatic not then market is, is already. point Bob's in the thing is, to there the only

over Magnite, that. are retail DSP subsets Programmatic at amount going is actually look through proof a testing subset that of of things just out that platform like we the called of networks, And one that some dollars are again You concepts allowed which there. media just of and on

talked actually out a live before in about have in So Yes, test. a marketplace in we're the test there. think I you concept this

Bob Pittman

we cost more own right our he's thing I to Since substantial of Rich's on And of of the a in because think XXXX, we've terms I amount of costs top would I at constantly cost. think point, have we out new those on cost. so one culture just taken Group, used Multiplatform it add initiatives, keep adding reallocation our fund growth don't higher And on savings of to about it's X%. looking of and are we resources,

Operator

Laszczyk Stephen Sachs. from comes from question next Our Goldman

Stephen Laszczyk

Maybe see from a bit two, ad little in maybe you advertising for the in confidence you're more half opportunity Bob, the could verticals political. if from? And just come quickly partners hearing then about talk upside improvement on that back to could what I'd you outlook And outlook, that in Multiplatform. on I market, then could. what your to think extent you you see they curious gives be just the

political some your I what driving battleground you degree sizing that? specifically of to I us looks of on footprint increasing side. and these have the confidence the think then, that? out your the is remind you called What's exposure, like of extent states, in could And you guess, magnitude and

Bob Pittman

things. Sure. Look, numbers. companies I holding same probably the gearing the think you're hearing ad are the their reporting market, in We're major

are talking companies how they're I spending advertising. think other about

the the the of it benefit buzz bottom I saying the all heard they if of get lot year the running to to the What and were money is, spending. down part say year, funnel try think anything, of look industry a they because of funnel way -- the steam market of performance. there's around wasn't people out is last unfortunately, the full. put mass about top that's I sort they of had of as in advertising they're And probably the taken think out nervous first we've

think And like advertising to to to looking -- advertisers, full got reached. partners looking they're so us, I get they're they've just funnel back

say, indeed do an both. rate them advertising, that advertising their and that they it of on you either you're top already and if the get the find people can of talking look, can new will, to whatever. them ours finding to, also I'm got you customers. people talk boost I'm in like get really some response to, put if heavy more to or some new try out They They're to into and we go advertiser digital existing people, to I help new performance if I to list, I more need

think, a so was ad see tends recovery has and for market. down we this slowed year, call in no big it we coming you and that know, But lead been I year signs it as back that, I advantage I Ad last us. think market of abating. And a think year see this the to

I of which have think over terms over of X%. really the diverse one company. we in our of remember, creates verticals, of a advertiser this strengths group that's revenue, X% advertisers, no There's of advertising no category

think continues. I that

And on particular we seen have have not really focus verticals.

there think opportunities almost within are vertical. I every

for we they mentioned they're a COVID than So now not probably for or narrow on much looking But other planning either one, pretty all 'XX. do, vaccines. that, what

On the helps footprint enormously. think us political our front, I

within X XX every listening, we've got got and our listening you've voter If Americans population. almost

of but for how which it's So initiatives a as only or question city year. also candidates, do And advertisers, that this packs balance nationally. the those are lot are the it's is additional are political obviously, for the And you people, of heavily us state, well. not spending on access these regardless opportunities

Rich Bressler

encouraging. million. at By obviously, today, XXXX the reminder, we ahead is and the data. of $XXX had going pretty happening And election of was House out, speculation company, was from on I a best presidential to presidential Fed a think probably terms also given pacing XX% think data the in. and actually I not year which the that second indication an of saw unemployment remarks to Senate with point both of just press week same all the ahead our we we the sides, a in And political And just way, last there's -- was if fundraising time, you And which a year. at And rate cuts I as just mean, on look, is but cycle, the just pacing look down pacing the we again, obviously not be this about in as the just that in this of also, we're the year. money bulk some half the amount of and XX% we're that read that's do year. new anything the the referred

be confidence of just an seems economy of that's to amount So the the our in enormous about coupled the we coming said year. what to the it with is marketplace, second money half

Operator

question David comes Next Morgan Stanley. from Hamburger from

David Hamburger

what's you bit unpack then help a and us the the ex margin the of podcast growth could maybe the broadly. for podcast trends driving So understand differential business us and you in business and Digital little between the can better digital complexion the

how mention business. the radio back to your did You business broadcast bodcast is tight

margins better So podcast us and complexion understand in maybe you the can you those help evolving? the of the business do how see

Bob Pittman

we is better margin like let have even the the we lower margin I of have think of products. because own all start business. as including issue publisher a streaming the we we're In in has that's some Well, very of me service resell our high which things also the digital, OTT, some are the but a side in our that And with of business, margin the rest we obviously, margins. those in margin. which publisher podcast said much better the And being products,

mix can margin So the it? and for we carefully If products are it's us. try that manage there, to get of a to and you put mix going maximize $X,XXX, a very seller where

for Well, great going we have to it client. put you within to want mix. the is to But first be also manage thing really somewhere the do that, that's

good also cognizant also it's we're margin. of for business, our very and So

Rich Bressler

building just the David. upon way, that, by And Yes.

I'm business very podcasting at look which if a we sorry, had podcasting, ex business you short our digital our So -- quarter.

to growth growth, about I I diversity that business we've of been this, we our expect think the offering. that to actually really should the and think to just demonstrate, historically, everyone to talking demonstrate said and we've -- continue digital or

way, there. lot businesses. it's out point, of, the by we what is Bob's about to there substantially talked think, streaming, I in the a of our we about talk extensions IP where XX% range that. for Obviously, podcasting, Yes, monetization just you EBITDA a of said lot we've a a publishing pretty those And margin websites, own social details, end you but margins the but to whether the clearly, publicly about all are, of Bob the don't and that on have higher things talk podcasting business, XX%

again then And clients years things total of he the higher just on that of ability seller I'd has the that reminder, end But be out sell then to margin And every solution to hard has as about provide strength the you to ago like business. a the business. It just podcasting with other extreme, our anywhere. third about podcast a as thing talked all engage say reiterate the anything, you've we strategic when as party won't there. only anytime, products decision a example our the made to

And podcast States company, the about sellers of but out on this The so million you're there of ability now. I the something taking advantage not ability, in like if day just selling right million you've just terms you're X got on think streaming, broadcast, there's every sell not to United it. podcasts in X in selling so, or X,XXX-plus single

podcasting podcasting, using out onlays our there. in podcasting both you greatest that world to that awareness the don't not just broadcast podcast have the got You've of to but be podcast,

of how So we into benefits bit I question, think businesses are the they our at and incorporate tied podcasting, little other think to getting business, really a your about our also.

Bob Pittman

digital not as that, in and places our in thing, our radio and talked ex buying try I that yes, like beginning podcasting, group the lot at is of you're for in part, a think the buying early to onto of this, of seeing, expect radio, but already I Jelli performance to digital one some beginning numbers, digital certainly and systems. digital, importance, would for digital digital in investment Triton grow it's in and we've continue inherent say, and onto platforms. digital think add We but I the see ask as we also of that value is of platforms look whole got terms specifically to didn't of the to only see an systems. the out our broadcast question. the well. this you're we're the about more and show the And think, building you a if you get made you're of also important broadcast Well, I impact even you've to sort terms can the me the growth our so your in and you

Operator

Pereiro question Our of from Marlane will come Securities. last from America Bank

Marlane Pereiro

wanted you items just that to just to of adjusted touch impacting a year million. any excuse walk guide you through bit, the full $XXX on I -- Can for guide EBITDA I me, $XXX $XXX on year? to this onetime that this million touched but million are know

Rich Bressler

guide We gave year. that There are that year guidance. we -- obviously the for gave also guidance impacting We just are that no QX full onetime items number. within

the where confidence Again, is going we think if I'm about So just of [ we terms year-over-year we now look the QX. I be talked ranges, though we in consensus, numbers. overall were By the in any the the even something, XX% math, [ I political of number pacing. those do to out QX we've you would earnings, you in the up the or ], our kind want. you, up at you about political. that of in ] revenue of in kind Then or use hopefully, of some way, all when political you gave range we're and at time pacing have all kind if you just look about spoke got a year-over-year and pacing I go you the pick last at of And we bulk and are midpoint QX just giving QX, XXX range XXX of to which of end around think back you XX% QX think there

we the as to think continued about comments, QX also back to of unemployment there the in just reinforce the Bob half about QX of today talked And the improvement business from we we're that in his rest Fed, the just we're think in out not see year. see the us the do our year. in, of rate I watching the I to all with again, cuts And environment confidence expect information talking and does the

Marlane Pereiro

then you let's That's is the although if political realize think commented XXX, up. do And XX% excluding I was XXX, say, Got high year we it. the political, we helpful. take we assume number, if it so about pacing full end, those envelope, advertising? crowding how to attribute of think actually XXX, the of about much crowd imply how you for that out? back how much But out that core do numbers so just like roughly should political example, So we like

Rich Bressler

I Yes. inventory. and can't, appreciate you I mean really your Remember, question. is this

worlds didn't the We'd that, be we'd it inventory. So sell we be there. selling there out political inventory selling of to out the

upfront, political Political another of go cash really expect strong about the talks way. the thing is is a the have frankly, free if about that of we the had as in one about only our simple year. we separate benefits very have Bob great by that about categories. that. out I does think political way it quite can't category we the is category, you to category. all think And which you category that flow -- the biggest cash have as But do churn

Bob Pittman

years you think I do it on because performance pressure -- in see you is better political the political about there demand. I extra a is does extra inventory, say that put will

There's other That's everyone political, that but because only what it category a industrial year. does of every what for else. comes not helpful

Marlane Pereiro

cost any cut could could expenses Got guidance provide you And think we perhaps that there are about. other something or it. potentially or that

Rich Bressler

I'm think difference. real no No, go to, to back I going Jessica's was question. it

also the in also free significant areas, both amount but for flow, benefit Fed down and we've to all as at advantage, podcasting, looking look was even lot taking line over just Bob, I'd I bottom Bob taken think just too. it our of last technology highlight, our We couple group, at and with a history and out the a X% businesses questions track Jessica's stakeholders. reinvested highlighted, cash generate multi-platform talked all in I of would And a I about of the brought a our think think years. I go. high-growth not started we've that question, of just digital of words, the

free invested we working cash which job us. But growth think of way management out with So done all as both a line. as taking team, flow expenses down a great life I has to of out bottom here, our the

Bob Pittman

did it's having of take was not expenditure up continue rid new they cost me. I on it's frees But fights that. expenses, I things, not It's more keep going that only X said don't what's well. company The you it X of go, we weave thing. get okay, the didn't to critical getting we to is to think other is work because have be a add stuff try keep lot didn't think the get Did are discipline to this we we efficiency. I said And way as the think it for for what as I garden, something it get constantly and managers let's do. ex, ex, cuts, you And that all didn't we're want to spend And your worth XXX% the cost discipline if let's therefore, do to from companies, every to out. money many going problems we always additional ex. you of out tend and something get what the to saying, in and work Well, costs add well, when below looking you to

Rich Bressler

no are questions. for iHeart. McGuinness And team, Just the and all focus the the and to and of management wanted for we Mike And entire other guys. if are you rest questions time available there to taking I all up and the on make following sure thank not, Bob listen

thank all. So you

Operator

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

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iHeartMedia (IHRT) 8 Aug 242024 Q2 Earnings call transcript