iHeartMedia, Inc. (NASDAQ:IHRT) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET

Company Participants

Mike McGuinness - Head of Investor Relations

Bob Pittman - Chairman and Chief Executive Officer

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

Conference Call Participants

Jessica Reif - BoA Securities

Steven Cahall - Wells Fargo

Ben Swinburne - Morgan Stanley

Jim Goss - Barrington Research

Stephen Laszczyk - Goldman Sachs

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the iHeartMedia Q4 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's call is being recorded.

I will now hand today's call over to Mike McGuinness, Head of Investor Relations. Please go ahead, sir.

Mike McGuinness

Good morning, everyone, and thank you for taking the time to join us for our fourth 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 our 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 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, 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 fourth quarter 2023 results were in line with our previously provided adjusted EBITDA and revenue guidance ranges.

Before I take you through the fourth quarter highlights, I want to share some thoughts on the year we've just had. While the advertising marketplace ended up being more uncertain than we had originally anticipated when we began the year, we navigated that ad environment and at the same time continued to make important strides in the initiatives that are critical to our longer-term success, including substantial progress in developing our proprietary technology platform to enhance our advertising business, which will unlock programmatic and automated trading revenue for our broadcast inventory, the application of AI to translate our podcast content, enabling cost-effective international expansion into non-English language markets, and continuing to extend our audience leadership position beyond just AMFM and onto new devices and platforms.