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iHeartMedia Inc Warrants (IHRT+3.19%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports consolidated revenue of $1,008.1 million for the quarter, an increase from $953.0 million in the prior year's third quarter. This growth is attributed to increased demand for digital advertising and political revenues.
Multiplatform Group revenue decreased by 1.1% to $619.5 million, primarily due to a decline in broadcast advertising, offset by political and non-cash trade revenues.
Digital Audio Group revenue increased by 12.7% to $301.0 million, driven by higher demand for digital advertising, including podcasting.
Audio & Media Services Group revenue rose by 45.3% to $90.1 million, mainly due to increased political revenue.
Operating income for the quarter was $76.7 million, up from $69.0 million in the previous year. The company reported a net loss of $41.3 million, compared to a net loss of $9.0 million in the prior year.
Cash provided by operating activities was $102.8 million, an increase from $96.2 million in the previous year's third quarter.
Adjusted EBITDA was $204.6 million, slightly up from $203.8 million in the prior year's third quarter.
iHeartMedia's total available liquidity as of September 30, 2024, was $858.1 million, with $431.8 million in cash and cash equivalents.
The company entered into a Transaction Support Agreement on November 6, 2024, with certain lenders and holders to extend the maturity of its existing debt by three years through exchange offer transactions.
The filing also discusses the impact of economic conditions, including higher interest rates and inflation, on the company's advertising revenue and cash flows.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iHeartMedia Inc Warrants (05/01/2039) quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.