iHeartMedia, Inc. · NASDAQ:IHRT
iHeartMedia — CC Media Holdings — Q1 2014 Earnings Presentation
25 slides from iHeartMedia's earnings presentation, Apr 24, 2014
Slide 1: Investor Update – 2014 First Quarter Results
Investor Update – 2014 First Quarter Results April 24, 2014
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: Clear Channel Is A Multi-Platform Media Company
Clear Channel Is A Multi-Platform Media Company Social Traffic 29 million Facebook likes 98% commuter coverage 21+ million Twitter followers Mobile National & Local 327 million app downloads Personalities and upgrades 90+ syndicated properties Personality & Local National Spot & Station Sites Networ
Slide 4: Q1 2014 Key Financial Highlights
Q1 2014 Key Financial Highlights § Revenue: $1.3 billion § 2% growth at Media+Entertainment § 2% decrease at Outdoor § OIBDAN: $261 million § 11% decline at Americas Outdoor § 24% increase at International Outdoor § 6% decrease at Media+Entertainment Notes: In this presentation, OIBDAN is def
Slide 5: Key Highlights: Media + Entertainment
Key Highlights: Media + Entertainment Partnerships § Integrating iHeartRadio with Amazon Fire TV, which will provide consumers instant access to more than 1,500 live radio stations, hand-curated iHeartRadio digital-only stations and custom stations § Partnering with Samsung to launch iHeartRadio a
Slide 6: Key Highlights: Outdoor
Key Highlights: Outdoor Partnerships § Extending private aviation advertising presence in the Middle East, Europe, Russia, Asia-Pacific and Central America through partnership with Adlux § Signing Vodafone to a three-year contract to become the exclusive sponsor of the Clear Channel smart bike sha
Slide 7: Media + Entertainment Financial Results
Media + Entertainment Financial Results (In Millions) Three%Months%Ended March%31, Change 2014 2013 % $ Revenue $670 $657 2% $14 Operating%Expenses $470 $443 6% $26 OIBDAN $200 $213 (6%) ($13) Revenue • Revenue up 2% to $670 million • key categories: Telecommunications, healthcare and auto • Drivers
Slide 8: Americas Outdoor Financial Results
Americas Outdoor Financial Results (In Millions) Three%Months%Ended March%31, Change 2014 2013 % $ Revenue $269 $286 (6%) ($18) Operating%Expenses $184 $191 (4%) ($7) OIBDAN $84 $95 (11%) ($11) Revenue • Down $18 million to $269 million ($270 million excluding foreign exchange impact) • Key Categori
Slide 9: International Outdoor Financial Results
International Outdoor Financial Results (In Millions) Three%Months%Ended March%31, Change 2014 2013 % $ Revenue $366 $364 1% $3 Operating%Expenses $330 $334 (1%) ($4) OIBDAN $36 $29 25% $7 Revenue • Up $3 million to $366 million ($365 million excluding foreign exchange impact) • Drivers: - Growth in
Slide 10: Items Impacting Comparability at CC Media Holdings
Items Impacting Comparability at CC Media Holdings Revenue Operating Expenses Political Revenue Impact: Strategic Revenue and Efficiency Initiatives: 1Q Change Consist Revenue primarily of consolidation of locations and 2014 2013 % $ positions, severance related to workforce Consolidated $7 $4 51% $
Slide 11: Capital Expenditures
Capital Expenditures CC Media Holdings, Inc. Uses of Capex (In Millions) • CCM+E: Leasehold Quarter'Ended'3/31 Change improvements 2014 2013 % $ Outdoor • Americas Outdoor: New digital Americas $12 $13 (5%) ($1) displays International $25 $26 (3%) ($1) Total'Outdoor $37 $39 (4%) ($1) • International
Slide 12: Debt
Debt (In Millions) Maturity 3/31/14 12/31/13 $)Change • Total Debt: $20.4 billion Clear)Channel)Communications,)Inc. Term%Loan%B 2016 $1,891 $1,891 0 Term%Loan%C 2016 $33 $35 (2) • Cash interest requirements Term%Loan%D Term%Loan%E 2019 2019 $5,000 $1,300 $5,000 $1,300 0 0 of ~$1.1 billion for the R
Slide 13: Balance Sheet Information and Debt Ratios
Balance Sheet Information and Debt Ratios (In Millions) Recent Transactions • Repayment of $247 million March&31, December&31, Change outstanding under Clear 2014 2013 % $ Channel’s receivables Clear&Channel&Communications,&Inc. based credit facility Cash&&&Equivalents $661 $708 (7%) ($47) • Subsidi
Slide 14: Appendix
Appendix 14 © 2014 Clear Channel Communications, Inc.
Slide 15: CC Media Holdings Reconciliation of OIBDAN to Operating Income
CC Media Holdings, Inc. Reconciliation of OIBDAN to Operating Inc/(Loss) Non-cash Depreciation Operating compensation and Other operating (In thousands) income (loss) expenses amortization income, net OIBDAN Three Months Ended March 31, 2014 Media+Entertainment $ 137,867 $ - $ 62,571 $ - $ 200,438 A
Slide 16: Clear Channel Outdoor Reconciliation of OIBDAN to Operating Income
Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Operating Inc/(Loss) Non-cash Depreciation Operating compensation and Other operating (In thousands) income (loss) expenses amortization income, net OIBDAN Three Months Ended March 31, 2014 Americas Outdoor $ 36,758 $ - $ 47,599 - $ 84
Slide 17: CC Media Holdings Reconciliation of OIBDAN to Net Loss
CC Media Holdings, Inc. Reconciliation of OIBDAN to Net Loss CC MEDIA HOLDINGS, INC. (In thousands) Three Months Ended March 31, 2014 2013 OIBDAN $ 260,555 $ 266,632 Non-cash compensation expense 3,036 5,517 Depreciation and amortization 174,871 182,182 Other operating income, net 165 2,395 Operatin
Slide 18: Clear Channel Outdoor Reconciliation of OIBDAN to Net Loss
Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Net Loss CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (In thousands) Three Months Ended March 31, 2014 2013 OIBDAN $ 92,102 $ 98,295 Non-cash compensation expense 2,010 1,661 Depreciation and amortization 98,742 100,327 Other operating income,
Slide 19: CC Media Holdings Reconciliation excluding Foreign Exchange Effects
CC Media Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates Three Months Ended March 31, 2014 2013 Revenue: Consolidated Revenue $ 1,342,548 $ 1,343,058 Excluding: Foreign exchange (increase) decrease (454) - Revenue excluding effects of foreign exchange $ 1,342,094 $ 1,343,05
Slide 20: Clear Channel Outdoor Reconciliation excluding Foreign Exchange Effects
Clear Channel Outdoor Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates Three Months Ended March 31, 2014 2013 Revenue: Consolidated Revenue $ 635,251 $ 650,210 Excluding: Foreign exchange (increase) decrease (454) - Revenue excluding effects of foreign exchange $ 634,797 $ 6
Slide 21: Reconciliation of Revenues excluding Political Revenue
CC Media Holdings Inc. Reconciliation of Revenues excluding Effects of Political Revenue to Revenues (In thousands) Three Months Ended March 31, 2014 2013 Consolidated revenue $ 1,342,548 $ 1,343,058 Excluding: Political revenue (6,597) (4,355) Consolidated revenue excluding effects of political rev
Slide 22: Reconciliation of Corporate Expenses excluding Non-Cash Compensation
Reconciliation of Corporate Expenses excluding Non- Cash Compensation Expenses CC MEDIA HOLDINGS, INC. (In thousands) Three Months Ended March 31, 2014 2013 Corporate Expense $ 72,705 $ 83,763 Less: Non-cash compensation expense (3,036) (5,517) $ 69,669 $ 78,246 CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
Slide 23: Reconciliation of Consolidated EBITDA to Operating Income and Cash Flow
Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities CC MEDIA HOLDINGS, INC. (In millions) Four Quarters Ended March 31, 2014 Consolidated EBITDA (as defined by Clear Channel's senior secured credit facilities) $ 1,921 Less adjustments to consolidat
Slide 24: Reconciliation of Consolidated EBITDA to Operating Income and Cash Flow
Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities Clear Channel Outdoor Holdings, Inc. (In millions) Four Quarters Ended March 31, 2014 Consolidated EBITDA (as defined by the CCWH Senior Notes indentures) $ 766 Less adjustments to consolidated EB
Slide 25: About CC Media Holdings, Inc.
About CC Media Holdings, Inc. CC Media Holdings, Inc. (OTCBB: CCMO), the parent company of Clear Channel Communications, is one of the leading global multi-platform media and entertainment About Clear Channel Outdoor Holdings, Inc. companies specializing in radio, digital, out of home, Clear Channel