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iHeartMedia is the number one audio media company in the U.S. based on consumer reach. Within the audio industry, companies operate in two primary sectors: The music collection sector, which essentially replaced downloads and CDs, and The companionship sector, in which people regard radio and podcasting personalities as their trusted friends and companions on whom they rely to provide coverage …
The business is unprofitable at the operating level (-0.53% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 0.3%, essentially flat. This is a business that needs a catalyst.
Net debt of $5.52B represents 505.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.94B
▲ +0.3% YoY
Net Income (TTM)
-$287M
▲ +53.2% YoY
Op. Margin
0.16%
▲ +19.3pp YoY
ROIC
0.09%
▲ +9.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$23M
▲ +141.7% YoY
Op. Cash Flow (TTM)
$61M
▲ +29.6% YoY
Net Debt
$5.63B
Cash & Equiv.
$135M
5Y CAGR: +5.6%
5Y CAGR: -39.1%
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