iHeartMedia, Inc. (NASDAQ:IHRT) Q3 2023 Results Conference Call November 9, 2023 8:30 AM ET

Company Participants

Mike McGuinness - Head of Investor Relations

Bob Pittman - Chairman & Chief Executive Officer

Rich Bressler - President, Chief Operating Officer & Chief Financial Officer

Conference Call Participants

Steven Cahall - Wells Fargo

Jim Goss - Barrington Research

Dan Day - B. Riley Securities

Operator

Good morning. My name is Audra, and I'll be your conference operator today. At this time, I would like to welcome everyone to the iHeartMedia Q3 2023 Earnings Call. Today’s conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

At this time, I’d like to turn the conference over to Mike McGuinness, Head of Investor Relations. Please go ahead.

Mike McGuinness

Good morning, everyone, and thank you for taking the time to join us for our third quarter 2023 earnings call. Joining me for today's discussion are Bob Pittman, our Chairman and CEO; and Rich Bressler, our President, COO and CFO. At the conclusion of our prepared remarks, management will take your questions. In addition to a press release, we have an earnings presentation available on our website that you can use to follow along with our remarks.

Please note that this call may include forward-looking statements regarding our financial performance and operating results. These statements are based on management's current expectations and actual results could differ from what is stated as a result of certain factors identified on today's call and in the Company's SEC filings.

Additionally, during the call, we will refer to certain non-GAAP financial measures. Reconciliation between GAAP and non-GAAP financial measures are included in our earnings release, earnings presentation, and our SEC filings which are available in the Investor Relations section of our website.

And now, I'll turn the call over to Bob.

Bob Pittman

Thanks, Mike, and good morning, everyone. We're pleased to report that our third quarter 2023 results were at the high end of our previously provided adjusted EBITDA and revenue guidance ranges. Throughout the year, we've seen gradual improvements in the advertising marketplace, which is reflected in the quarter-by-quarters sequential improvements in our advertising revenues and despite the recent global geopolitical events, we expect that to continue through Q4.

Now, let me take you through some of the key financial results of the quarter. In the third quarter, we generated adjusted EBITDA of 204 million at the high end of the guidance range we provided of 195 million to 205 million. Our consolidated revenues for the quarter were down 3.6% compared to the prior year quarter, a little better than the guidance we provided of down mid single digits, and excluding the impact of political, our consolidated revenues were down 1%.