iHeartMedia Clocks 13.5 Percent Revenue Growth in Q4

By Benzinga
Benzinga
Benzinga
February 24, 2022 Updated: February 24, 2022

iHeartMedia Inc reported fourth-quarter FY21 revenue growth of 13.5 percent year-on-year to $1.06 billion, beating the consensus of $1.04 billion.

The Q4 revenue was up 25 percent Y/Y, excluding the impact of Political.

Digital Audio Group revenue grew 58.7 percent Y/Y to $273.2 million.

Podcast revenue rose 130 percent Y/Y to $96.6 million. Digital revenue excluding Podcast was up 35.7 percent Y/Y to $176.6 million.

Multiplatform Group revenue increased 9.2 percent Y/Y to $726.3 million.

iHeartMedia generated $133.98 million in operating cash flow and held $352.1 million in cash and equivalents.

Bob Pittman, Chairman and CEO, said, “We believe that this strong performance in Q4 and full-year positions us well for continued growth in 2022.”

Outlook

iHeartMedia sees Q1 FY22 revenue to be up 17 percent—19 percent year-over-year, representing $826.8 million—$840.9 million against the consensus of $828.2 million.

By Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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