Investor Presentaiton
3
Executive Summary
Q1 2022 Consolidated Results
Q1 Revenue of $843 million up 19.4% YoY; slightly exceeded high end of guidance range of up approximately 17%-19%
Consolidated Adjusted EBITDA of $145 million increased 42% YoY
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Consolidated Adjusted EBITDA margin of 17.2%, up 275 bps from 14.5% in Q1 2021
Cash Flows from operating activities of $(52) million
Free Cash Flow of $(75) million
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Driven primarily by 2021 bonus and other variable compensation payments paid out in Q1 2022
Q1 2022 Digital Audio Group Continues Strong Growth and Profit Trajectory
Digital Audio Group Revenue of $214 million up 36% YoY
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Podcast Revenue of $69 million up 79% YOY
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Digital Revenue excluding Podcast of $146 million up 22% YOY
Segment Adjusted EBITDA of $53 million increased 31% YoY
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Digital Audio Group Adjusted EBITDA margin of 24.5% decreased 90 bps from 25.4% in Q1 2021 due to targeted investments to drive
future growth
Digital Audio Group contributed 25% of Company Revenue
Q1 2022 Multiplatform Group Momentum Accelerates
Multiplatform Group Revenue of $571 million up 15% YoY
Segment Adjusted EBITDA of $134 million increased 28% YoY
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Guidance
Multiplatform Group Adjusted EBITDA margin of 23.4%, up 240 bps from 21.0% in Q1 2021
Q2 Consolidated Revenue expected to increase by approximately 10%-14% YOY
April Consolidated Revenue up approximately 8% YoY
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May and June Consolidated Revenue currently pacing up in the mid to high teens YoY
Q2 Consolidated Adjusted EBITDA expected to be $225 million to $245 million
Expect to make significant progress in 2022 towards the previously announced Net Debt to Adjusted EBITDA ("net leverage") target of
approximately 4x
¡Heart
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