iHeartMedia, Inc. Reports Results for 2015 Fourth Quarter and Full Year

iHeartMedia, Inc. Reports Results for 2015 Fourth Quarter and Full Year

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SAN ANTONIO, Texas - Feb. 25, 2016 iHeartMedia, Inc. (OTCBB:IHRT) today reported financial results for the fourth quarter and full year ended December 31, 2015.

“We continue to be pleased with our progress in transforming the company into a multi-platform, data-rich powerhouse, with our investments driving strong operating results,” said Bob Pittman, Chairman and Chief Executive Officer. “At iHeartMedia, the fast-blurring lines between digital and broadcast radio play to our strengths, and the CRB’s new rates will encourage the growth of digital streaming and help build a sustainable digital music marketplace to benefit artists, consumers and the rest of the music industry. We are building on our traditional media sales business by partnering with agencies and clients to launch major marketing initiatives enhanced by rich data and research insights across our core broadcast, live events and other businesses. At Outdoor, we continue to move forward in aligning our Americas and International portfolios to focus on our most attractive strategic opportunities, while tapping into new programmatic and data-learning trends that our advertising partners value highly.”

“With a strong fourth quarter performance, and excluding the impact from foreign exchange rates, we showed growth in both revenue and OIBDAN in 2015 across iHeartMedia, Americas outdoor and International outdoor, despite strong headwinds in certain overseas economies,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer. “The strength of our operating business provides us with the flexibility to manage our capital structure in a prudent way. We continue to evaluate opportunities to strengthen our balance sheet as we focus on positioning iHeartMedia for long-term growth.”

Key Financial Highlights

The Company’s key financial highlights for the fourth quarter 2015 include:

  • Consolidated revenues increased 3% to $1.8 billion after adjusting for a $51 million impact from movements in foreign exchange rates. On a reported basis, consolidated revenue was flat.
  • iHeartMedia revenues increased $63 million, or 8%, excluding political revenue. On a reported basis, revenues increased $45 million, or 5%.
  • Americas outdoor revenues increased $7 million, or 2%, after adjusting for a $7 million impact from movements in foreign exchange rates. On a reported basis, revenues decreased less than 1%.
  • International outdoor revenues increased $14 million, or 3%, after adjusting for a $43 million impact from movements in foreign exchange rates. On a reported basis, revenues decreased $29 million, or 7%.
  • Other revenues increased $2 million, or 3%, excluding political revenue. On a reported basis, revenues decreased $13 million, or 21%.
  • OIBDAN1 increased 1%, excluding the impact from movements in foreign exchange rates and decreased 1% on a reported basis.

Note: OIBDAN1 calculation excludes $3.8 million of incremental lease expense from sale-leaseback transactions related to the sale of certain broadcast communications tower sites and two office buildings and the amortization of deferred system implementation costs.

The Company’s key financial highlights for 2015 include:

  • Consolidated revenues increased 2% to $6.5 billion during 2015 compared to 2014 after adjusting for a $229 million impact from movements in foreign exchange rates. On a reported basis, consolidated revenue decreased 1%.
  • iHeartMedia revenues increased $155 million, or 5%, excluding political revenue. On a reported basis, revenues increased $123 million, or 4%.
  • Americas outdoor revenues increased $22 million, or 2%, after adjusting for a $23 million impact from movements in foreign exchange rates. On a reported basis, revenues decreased $2 million, or less than 1%.
  • International outdoor revenues increased $52 million, or 3%, after adjusting for a $206 million impact from movements in foreign exchange rates. On a reported basis, revenues decreased $153 million, or 10%.
  • Other revenues decreased $23 million, or 13%, excluding political revenue. On a reported basis, revenues decreased $48 million, or 23%.
  • OIBDAN1 increased 1%, excluding the impact from movements in foreign exchange rates and decreased slightly on a reported basis.

Note: OIBDAN1 calculation excludes approximately $15.7 million of incremental lease expense from sale-leaseback transactions related to the sale of certain broadcast communications tower sites and two office buildings and the amortization of deferred system implementation costs.

About iHeartMedia, Inc.

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the company’s fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 250 platforms and 2,000 devices; the company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

Visit iHeartMedia.com for more company information.