iHeartMedia, Inc. · NASDAQ:IHRT
iHeartMedia — Q1 2017 Earnings Presentation
23 slides from iHeartMedia's earnings presentation, May 4, 2017
Slide 1: First Quarter 2017
First Quarter 2017 May 4, 2017
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
Slide 3: iHeartMedia platform overview: radio, digital, outdoor, events
Social Traffic & Weather 110 million Facebook likes 99%+ of commuter coverage & Twitter/Instagram followers Mobile National & Local 1.4 billion app Personalities downloads and upgrades 112 syndicated properties Personality & Local National Spot & Station Sites Network Radio 100 million 5,900+ affili
Slide 4: Q1 2017 Key Financial Highlights
Q1 2017 Key Financial Highlights • Revenue: $1.3 billion (down 2.4%, $32.5 million) • Up 1.6% adjusting for FX and outdoor markets and businesses sold • Operating Income: $114.1 million (down 72.9%, $306.7 million) • OIBDAN: $232.1 million (down 21.3%, $62.6 million) • Down 19.0% adjusting for FX an
Slide 5: Key Non-Financial Highlights: iHeartMedia
Key Non-Financial Highlights: iHeartMedia • Achieved 100 million iHeartRadio registered users in the quarter and continue to reach user milestones at a rate faster than any other digital music service - with iHeartRadio's cumulative downloads and upgrades surpassing 1.4 billion, as of March 31, 2017
Slide 6: Key Non-Financial Highlights: Outdoor
Key Non-Financial Highlights: Outdoor Digital • Installed 23 new digital billboards and acquired 31 digital billboards in the first quarter for a total of 1,167 across North America • Installed 557 digital displays in the first quarter for a total of more than 12,500 in our international markets. Ke
Slide 7: Financial Results: iHeartMedia
Financial Results: iHeartMedia $US Dollars in millions Three Months Ended March 31, 2017 2016 Variance Revenue $ 757.2 $ 738.9 2.5% Direct Op & SG&A Expenses ex. D&A $ 551.5 $ 496.1 11.2% Operating Income $ 147.7 $ 184.0 (19.8)% OIBDAN $ 205.7 $ 242.8 (15.3)% • Revenue: Up 2.5% (up 3.8% excluding po
Slide 8: Financial Results: Americas Outdoor
Financial Results: Americas Outdoor $US Dollars in millions Three Months Ended March 31, Adjusted* 2017 2016 Variance 2017 2016 Variance Revenue $ 279.4 $ 282.5 (1.1)% $ 276.6 $ 275.9 0.2% Direct Op & SG&A Expenses ex. D&A $ 196.6 $ 193.3 1.7% $ 194.2 $ 189.3 2.6% Operating Income $ 37.6 $ 43.1 (12.
Slide 9: Financial Results: International Outdoor
Financial Results: International Outdoor $US Dollars in millions Three Months Ended March 31, Adjusted* 2017 2016 Variance 2017 2016 Variance Revenue $ 265.3 $ 306.5 (13.4)% $ 279.5 $ 271.1 3.1% Direct Op & SG&A Expenses ex. D&A $ 247.1 $ 275.4 (10.3)% $ 260.3 $ 246.3 5.7% Operating Income $ (12.5)
Slide 10: Items Impacting Comparability at iHeartMedia, Inc.
Items Impacting Comparability at iHeartMedia, Inc. $US Dollars in millions $US Dollars in millions Revenue Expenses Foreign Exchange Impact: Foreign Exchange Impact: Q1 2017 Q1 2017 Americas Outdoor $ 1.4 Americas Outdoor $ 1.4 International Outdoor (14.2) International Outdoor (13.1) Total $ (12.8)
Slide 11: Capital Expenditures
Capital Expenditures $USD in millions iHeartMedia, Inc. Key Drivers: Three Months Ended March 31, • Americas Outdoor: Digital billboards 2017 2016 $ % • International Outdoor: Street furniture and transit displays Outdoor: • iHeartMedia: Leasehold improvements and Americas $ 14.1 $ 11.3 $ 2.8 24.8%
Slide 12: Debt
Debt $USD in millions Maturity 3/31/2017 12/31/2016 $ Change 2017 iHeartCommunications, Inc. • February 7, 2017, exchanged $476.4 Term Loan D 2019 $ 5,000.0 $ 5,000.0 $ — million of 10.0% Senior Notes due 2018 Term Loan E 2019 1,300.0 1,300.0 — for $476.4 million of newly-issued Receivables Based Fa
Slide 13: Balance Sheet Information and Debt Ratios
Balance Sheet Information and Debt Ratios $US Dollars in millions 3/31/2017 12/31/2016 iHeartCommunications, Inc. Cash & Equivalents $ 365.0 $ 845.0 Total Debt $ 20,370.5 $ 20,365.0 Secured Leverage ratio 7.4x 6.6x Total Leverage ratio 11.9x 11.4x Clear Channel Outdoor Holdings, Inc. Cash & Equivale
Slide 14: Appendix
Appendix @ iHeartMEDIA
Slide 15: iHeartMedia, Inc. OIBDAN Reconciliation by Segment
iHeartMedia, Inc. Reconciliation of OIBDAN excluding effects of foreign exchange and OIBDAN for each segment to Consolidated and Segment Operating Income (Loss) OIBDAN excluding effects Non-cash Other operating of foreign Effects of foreign (subtotal) compensation Depreciation and Impairment (income
Slide 16: Clear Channel Outdoor Holdings, Inc. OIBDAN Reconciliation by Segment
Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN excluding effects of foreign exchange and OIBDAN for each segment to Consolidated and Segment Operating Income (Loss) OIBDAN excluding effects Effects of Non-cash Depreciation of foreign foreign (subtotal) compensation and Impairment Othe
Slide 17: iHeartMedia, Inc. Reconciliations of Revenue and Expenses
iHeartMedia, Inc. Reconciliations of Revenue and Expenses (In thousands) Three Months Ended March 31, 2017 2016 Revenue: Consolidated revenue $ 1,329,322 $ 1,361,798 Excluding: Outdoor markets sold (1,449) (41,954) Excluding: Foreign exchange (increase) decrease 12,820 — Revenue excluding effects of
Slide 18: iHeartMedia, Inc. Reconciliations of OIBDAN
iHeartMedia, Inc. Reconciliations of OIBDAN (In thousands) Three Months Ended March 31, 2017 2016 OIBDAN: Consolidated operating income $ 114,057 $ 420,714 Excluding: Outdoor markets and businesses sold (483) (8,744) Excluding: Foreign exchange (increase) decrease 24 — Excluding: Non-cash compensati
Slide 19: Clear Channel Outdoor Holdings, Inc. Reconciliations of Revenue and Expenses
Clear Channel Outdoor Holdings, Inc. Reconciliations of Revenue and Expenses (In thousands) Three Months Ended March 31, 2017 2016 Revenue: Consolidated revenue $ 544,726 $ 589,014 Excluding: Markets and businesses sold (1,449) (41,954) Excluding: Foreign exchange (increase) decrease 12,820 — Revenu
Slide 20: Clear Channel Outdoor Holdings, Inc. Reconciliations of OIBDAN
Clear Channel Outdoor Holdings, Inc. Reconciliations of OIBDAN (In thousands) Three Months Ended March 31, 2017 2016 OIBDAN: Consolidated operating income $ 21,598 $ 291,381 Excluding: Markets and businesses sold (483) (8,744) Excluding: Foreign exchange (increase) decrease 24 — Excluding: Non-cash
Slide 21: Reconciliation of Revenues excluding Effects of Political Revenue
iHeartMedia, Inc. Reconciliation of Revenues excluding Effects of Political Revenue to Revenues (In thousands) Three Months Ended March 31, 2017 2016 Consolidated revenue $ 1,329,322 $ 1,361,798 Excluding: Political revenue (3,822) (15,826) Consolidated revenue excluding effects of political revenue
Slide 22: Reconciliation of Corporate Expenses
Reconciliation of Corporate Expenses (In thousands) Three Months Ended March 31, 2017 2016 iHeartMedia, Inc. Corporate Expense $ 78,362 $ 77,859 Excluding: Non-cash compensation expense (3,059) (3,074) Corporate Expense excluding non-cash compensation expense $ 75,303 $ 74,785 Excluding: Foreign exc
Slide 23: About iHeartMedia, Inc. and Clear Channel Outdoor Holdings, Inc.
About iHeartMedia, Inc. About Clear Channel Outdoor Holdings, Inc. iHeartMedia, Inc. (PINK: IHRT), the parent company of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of iHeartMedia Capital I, LLC and iHeartCommunications, the world’s largest outdoor advertising companies with over Inc., i