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iHeartMedia (IHRT)

iHeartMedia, Inc. is the number one audio company in America based on consumer reach. The Company's leadership position in audio extends across multiple platforms, including through more than 850 live broadcast stations in over 160 markets nationwide; through its iHeartRadio service, which is available across more than 250 platforms and 2,000 devices including smart speakers, smartphones, TVs and gaming consoles; through its influencers; social; live events; podcasting; and other digital products and newsletters. The company uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners, and uses its proprietary SmartAudio suite of data targeting and analytics to provide unique advertising products across all its platforms.

Company profile

Ticker
IHRT, IHRTB
Exchange
CEO
Robert W. Pittman
Employees
Location
Fiscal year end
Former names
BT Triple Crown Capital Holdings III, Inc., C C Media Holdings Inc, CC Media Holdings Inc
SEC CIK
Subsidiaries
Austin Tower Company • Broader Media Holdings, LLC • The Black Effect, LLC • iHM Licenses, LLC • Christal Radio Sales, Inc. • Critical Mass Media, Inc. • iHeartCommunications, Inc. • iHeartMedia + Entertainment, Inc. • iHeartMedia Capital I, LLC • iHeartMedia Capital II, LLC ...
IRS number
260241222

IHRT stock data

Analyst ratings and price targets

Last 3 months

Calendar

4 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 295.26M 295.26M 295.26M 295.26M 295.26M 295.26M
Cash burn (monthly) (no burn) 24.04M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 73.4M n/a n/a n/a n/a
Cash remaining n/a 221.85M n/a n/a n/a n/a
Runway (months of cash) n/a 9.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Sep 22 Mcguinness Michael B Class A Common Stock, par value $0.001 per share Payment of exercise Dispose F No No 10.54 2,063 21.74K 121,035
12 Aug 22 Jordan Fasbender Class A Common Stock, par value $0.001 per share Payment of exercise Dispose F No No 10.23 1,884 19.27K 90,725
10 Aug 22 Pittman Robert W Class A Common Stock, par value $0.001 per share Buy Acquire P No No 9.3092 54,112 503.74K 1,774,633
10 Jul 22 Jordan Fasbender Class A Common Stock, par value $0.001 per share Payment of exercise Dispose F No No 7.2 2,233 16.08K 92,609
1 Jul 22 Samuel Eli Englebardt Class A Common Stock, par value $0.001 per share Grant Acquire A No No 8.07 18,587 150K 38,388
1 Jul 22 Samuel Eli Englebardt Class A Common Stock, par value $0.001 per share Grant Acquire A No No 0 18,587 0 19,801
13F holders Current Prev Q Change
Total holders 159 163 -2.5%
Opened positions 28 18 +55.6%
Closed positions 32 35 -8.6%
Increased positions 54 47 +14.9%
Reduced positions 44 57 -22.8%
13F shares Current Prev Q Change
Total value 1.66B 2.57B -35.4%
Total shares 155.2M 137.66M +12.7%
Total puts 578.8K 49.2K +1076.4%
Total calls 29K 33K -12.1%
Total put/call ratio 20.0 1.5 +1238.7%
Largest owners Shares Value Change
Pacific Investment Management 24.36M $512.56M 0.0%
Allianz Asset Management GmbH 22.68M $178.97M 0.0%
Honeycomb Investments 18.14M $254.14M NEW
Vanguard 10.68M $84.29M +2.4%
BLK Blackrock 8.47M $66.86M +14.3%
Silver Point Capital 4.77M $37.67M -14.4%
FMR 4.01M $31.65M +12.2%
Oak Hill Advisors 3.88M $30.62M +38.1%
GS Goldman Sachs 3.27M $25.83M -16.2%
Franklin Mutual Advisers 3.24M $0 0.0%
Largest transactions Shares Bought/sold Change
Honeycomb Investments 18.14M +18.14M NEW
Senator Investment 1.25M -1.25M -50.0%
FHI Federated Hermes 2.23M +1.22M +121.9%
MS Morgan Stanley 1.27M -1.09M -46.3%
Oak Hill Advisors 3.88M +1.07M +38.1%
BLK Blackrock 8.47M +1.06M +14.3%
Nuveen Asset Management 647.47K -1.02M -61.1%
Eaton Vance Management 2.02M +905.91K +81.5%
Hampton Road Capital Management 742.2K -882.65K -54.3%
Silver Point Capital 4.77M -800K -14.4%

Financial report summary

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Risks
  • The COVID-19 pandemic has adversely impacted, and is expected to continue to adversely impact, our business, results of operations and financial position.
  • Our results have been in the past, and could be in the future, adversely affected by economic uncertainty or deteriorations in economic conditions.
  • We face intense competition in our business.
  • Alternative media platforms and technologies may continue to increase competition with our broadcasting operations.
  • Our business is dependent upon the performance of on-air talent and program hosts.
  • If events occur that damage our reputation and brand, our ability to grow our user base, advertiser relationships, and partnerships may be impaired and our business may be harmed.
  • Our business is dependent on our management team and other key individuals.
  • Our financial performance may be adversely affected by many factors beyond our control.
  • Acquisitions, dispositions and other strategic transactions could pose risks.
  • If our or our third-party providers' security measures are breached, we could lose valuable information, suffer disruptions to our business, and incur expenses and liabilities including damages to our relationships with listeners, consumers, business partners, employees and advertisers.
  • We have engaged in restructuring activities in the past, and may need to implement further restructurings in the future and our restructuring efforts may not be successful or generate expected cost savings.
  • Risks Related to our Indebtedness
  • Our substantial indebtedness may adversely affect our financial health and operating flexibility.
  • We will be required to transition from the use of the LIBOR interest rate index in the future.
  • Extensive current government regulation, and future regulation, may limit our radio broadcasting and other operations or adversely affect our business and financial results.
  • Legislation and certain ongoing litigation and royalty audits may require us to pay additional royalties, including to additional parties such as record labels or recording artists.
  • Regulations, third-party restrictions, and consumer concerns regarding data privacy and data protection, or any failure to comply with these regulations, could hinder our operations.
  • Environmental, health, safety and land use laws and regulations may limit or restrict some of our operations.
  • Risks Related to our Emergence from the Chapter 11 Cases completed in 2019
  • It is possible that the Chapter 11 Cases may give rise to unfavorable tax consequences for us.
  • In connection with the Separation in 2019, the Outdoor Group agreed to indemnify us and we agreed to indemnify the Outdoor Group for certain liabilities. There can be no assurance that the indemnities from the Outdoor Group will be sufficient to insure us against the full amount of such liabilities.
  • Risks Related to our Class A Common Stock
  • We do not intend to pay dividends on our Class A common stock for the foreseeable future.
  • We are a holding company and rely on dividends, distributions and other payments, advances and transfers of funds from our subsidiaries to meet our obligations.
  • Conversion of shares of our Class B common stock and Special Warrants into our Class A common stock would cause significant dilution to our shareholders and may adversely impact the market price of our Class A common stock.
  • Delaware law and certain provisions in our certificate of incorporation may prevent efforts by our stockholders to change the direction or management of our company.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware, subject to certain exceptions, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders and our bylaws designate the federal district courts of the United States as the exclusive forum for actions arising under the Securities Act of 1933, as amended, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Regulations imposed by the Communications Act and the FCC limit the amount of foreign individuals or entities that may invest in our capital stock without FCC approval.
  • Direct or indirect ownership of our securities could result in the violation of the FCC’s media ownership rules by investors with “attributable interests” in other radio stations or in the same market as one or more of our broadcast stations.
  • Our certificate of incorporation grants us broad authority to comply with FCC Regulations.
  • FORWARD-LOOKING STATEMENTS
Management Discussion
  • Consolidated revenue increased $92.4 million during the three months ended June 30, 2022 compared to the same period of 2021. The increase in Consolidated revenue is attributable to the continued recovery from the macroeconomic effects of COVID-19 and the continuing growth of our operating businesses. Multiplatform Group revenue increased $27.5 million, or 4.5%, primarily resulting from strengthening demand for broadcast advertising, the return of live events and an increase in political advertising revenue as 2022 is a midterm election year. Digital Audio Group revenue increased $54.6 million, or 27.6%, driven primarily by continuing increases in demand for digital advertising and the continued growth of podcasting. Audio & Media Services revenue increased $9.9 million primarily due to the increase in political advertising revenue as 2022 is a midterm election year and the continued recovery from the impact of COVID-19.

Content analysis

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H.S. sophomore Avg
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