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NASDAQ Debut Date Set For iHeart.

In an SEC filing made late Monday, iHeartMedia revealed just when it will cease trading on the OTC as "IHTM" and shift to Nasdaq under the ticker symbol "IHRT."

The news came as iHeart shared its Q2 2019 financial results, which was largely positive.

First, the big shift to Nasdaq for iHeart's Class A shares. When will that transpire?

Wednesday, July 17 will be the final day "IHTM" will trade on the OTC, largely viewed as a home for more volatile companies and less-sound investments.

With the Opening Bell on Thursday, July 18, "IHRT" will begin trading.

The shift will come with the knowledge that iHeart's Q2 revenue grew 2.4% year-over-year, to $913 million.

Adjusted EBITDA was up 3.1%, to $263 million.

However, operating income was flat, moving to $180 million from $181 million.

iHeart did not disclose any further financial details and did not distribute a press release. Additionally, it will not host a conference call for financial analysts, but will likely resume such activities at the end of the third quarter.

That said, providing any net income or net loss information for Q2 can't be done at the moment.

"We are not able to reconcile our expected Adjusted EBITDA for the Predecessor Period from April 1, 2019 to May 1, 2019 and the Successor Period from May 2, 2019 to June 30, 2019 to net income (loss), the most directly comparable GAAP financial measure, without unreasonable effort because we have not yet completed the financial close process for the second quarter of 2019," iHeart explained. "Given the complexity of accounting for our emergence from Chapter 11 Bankruptcy, certain items impacting net income (loss) for the second quarter of 2019, particularly income taxes, require additional analyses which are not complete [as of July 15].

But, iHeart expects to present a reconciliation from Adjusted EBITDA to net income in its next Form 10-Q, which is expected to be filed with the SEC in August 2019.

The nation's leading owner of radio stations also offered full-year 2019 guidance, and iHeart expects totalrevenue growth in the low single digits. Adjusted EBITDA margins are expected to be in the range of 26% to 29%.

The company is unable to reconcile its Adjusted EBITDA margin guidance to the corresponding GAAP measure because the amount and timing of future changes that might impact these measures (such as amortization of future acquired intangible assets, impairment charges and provision or benefit for income taxes) are variable, uncertain or out of iHeart's control "and therefore cannot be reasonably predicted without unreasonable effort, if at all."

In addition, iHeart believes such reconciliations "could imply a degree of precision that might be confusing or misleading to investors."

As "IHRT," the company completed Tuesday's trading with shares valued at $17.35. Trading began May 7 with a value of $17 per share.

The company's total post-emergence debt is $5,864,000,000.

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Publication:Radio and Television Business Report (RBR+TVBR)
Date:Jul 16, 2019
Words:499
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