iHeartMedia, Inc. (NASDAQ:IHRT) Q2 2022 Results Conference Call August 4, 2022 4:30 PM ET
Company Participants
Mike McGuinness - EVP, Deputy CFO and Head, IR
Bob Pittman - Chairman and CEO
Rich Bressler - President, COO and CFO
Conference Call Participants
Daniel Day - B. Riley
Steve Cahall - Wells Fargo
Mike McGuinness
Good afternoon, everyone, and thank you for taking the time to join us for our second quarter 2022 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 our press release, we have an investor presentation 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 deemed as a result of certain factors identified on today's call and in the company's SEC filings.
Additionally, during this call, we will refer to certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures are included in our earnings release, investor 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 afternoon, everyone. Thank you for joining our second quarter 2022 earnings conference call. We're pleased to report another quarter of solid operating results for iHeart in Q2 in consumer usage, revenue and earnings growth. And I want to thank all of our team members who made this performance possible.
I also want to note that in Q2, we generated strong free cash flow of $127 million, with a Q2 adjusted EBITDA-to-free cash flow conversion rate of 54%. Free cash flow generation is more important than ever in times like this, and it's a financial metric that we continue to prioritize.
We believe that our ability to consistently generate such strong free cash flow with exceptional conversion characteristics sets us apart from other companies and is one of our most important financial attributes. We also feel that the steps we've taken in the past to make the company leaner and more cost-efficient, even as we've invested in our high-growth businesses, are reflected in these results and help drive our margin improvements.