Entravision Communications Corporation Reports First Quarter 2023 Results

Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three-month period ended March 31, 2023.

First Quarter 2023 Highlights

  • Record first quarter revenue
  • Net revenue up 21% over the prior-year quarter
  • Net income attributable to common stockholders up 8% over the prior-year quarter
  • Consolidated EBITDA down 28% compared to the prior-year quarter
  • Operating cash flow down 31% compared to the prior-year quarter
  • Free cash flow down 73% compared to the prior-year quarter
  • Quarterly cash dividend of $0.05 per share
  • Entered into $275 Million Credit Facility

“Entravision saw continued growth in the first quarter of 2023, with revenue up 21% year-over-year," said Chris Young, Interim Chief Executive Officer and Chief Financial Officer. “Growth for the quarter was led by our digital segment, which is impressive given difficult macro conditions and decreased political advertising revenue from last year."

Mr. Young continued, “With a solid balance sheet in place, strong free cash flow generation, and an acute focus on expense management, Entravision is well-equipped to navigate the current economic environment. As we progress through additional quarters, we will continue to seek out opportunities, including acquisitions, that will enhance our digital offerings and strengthen our ability to compete internationally."

Quarterly Cash Dividend

The Company announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.05 per share on the Company's Class A and Class U common stock, in an aggregate amount of $4.4 million. The quarterly dividend will be payable on June 30, 2023 to shareholders of record as of the close of business on June 16, 2023, and the common stock will trade ex-dividend on June 15, 2023. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

$275 Million Credit Facility

On March 17, 2023, the Company entered into the 2023 Amended and Restated Credit Facility (the "2023 Credit Facility"), which consists of a $200 million senior secured Term A Facility, which was drawn in full, and a $75 million Revolving Credit Facility, of which $11.5 million was drawn. In addition, the 2023 Amended and Restated Credit Agreement (the "2023 Credit Agreement") provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility by an additional amount equal to $100 million plus the amount that would result in the Company’s first lien net leverage ratio (as such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9.

Unaudited Financial Highlights (In thousands, except share and per share data)

 

 

Three-Month Period

 

Ended March 31,

 

2023

 

2022

 

% Change

Net revenue

$

239,006

 

$

197,172

 

21

%

Cost of revenue - digital (1)

 

167,756

 

 

129,891

 

29

%

Operating expenses (2)

 

52,630

 

 

43,862

 

20

%

Corporate expenses (3)

 

10,502

 

 

8,724

 

20

%

Foreign currency (gain) loss

 

(956

)

 

(847

)

13

%

 

 

 

 

 

 

 

Consolidated EBITDA (4)

 

13,022

 

 

18,113

 

(28

)%

 

 

 

 

 

 

 

Free cash flow (5)

$

3,908

 

$

14,327

 

(73

)%

 

 

 

 

 

 

 

Net income (loss)

$

1,699

 

$

1,887

 

(10

)%

Net (income) loss attributable to noncontrolling interest

$

342

 

$

-

 

*

 

Net income (loss) attributable to common stockholders

$

2,041

 

$

1,887

 

8

%

 

 

 

 

 

 

 

Net income (loss) per share attributable to common stockholders, basic and diluted

$

0.02

 

$

0.02

 

0

%

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

87,623,887

 

 

86,522,378

 

 

 

Weighted average common shares outstanding, diluted

 

89,786,585

 

 

88,630,216

 

 

 

(1)

Consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.

 

 

(2)

Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $1.9 million and $1.0 million of non-cash stock-based compensation for the three-month periods ended March 31, 2023 and 2022, respectively.

 

 

(3)

Corporate expenses include $2.2 million and $1.6 million of non-cash stock-based compensation for the three-month periods ended March 31, 2023 and 2022, respectively.

 

 

(4)

Consolidated EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other operating gain (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from the Federal Communications Commission, or FCC, spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated EBITDA because that measure is defined in our 2017 Credit Agreement and 2023 Credit Agreement, and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings.

 

 

(5)

Free cash flow is defined as consolidated EBITDA less cash paid for income taxes, net interest expense, capital expenditures (less amounts reimbursed by landlord) and non-recurring cash expenses plus dividend income, and other operating gain (loss). Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

 

Unaudited Financial Results (In thousands)

 

 

Three-Month Period

 

Ended March 31,

 

2023

 

2022

 

% Change

Net revenue

$

239,006

 

$

197,172

 

21

%

Cost of revenue - digital (1)

 

167,756

 

 

129,891

 

29

%

Operating expenses (1)

 

52,630

 

 

43,862

 

20

%

Corporate expenses (1)

 

10,502

 

 

8,724

 

20

%

Depreciation and amortization

 

6,471

 

 

6,395

 

1

%

Change in fair value of contingent consideration

 

(4,065

)

 

5,100

 

*

 

Foreign currency (gain) loss

 

(956

)

 

(847

)

13

%

Other operating (gain) loss

 

-

 

 

(119

)

(100

)%

 

 

 

 

 

 

 

Operating income (loss)

 

6,668

 

 

4,166

 

60

%

Interest expense, net

 

(3,168

)

 

(1,430

)

122

%

Dividend income

 

18

 

 

3

 

500

%

Realized gain (loss) on marketable securities

 

(32

)

 

-

 

*

 

Gain (loss) on debt extinguishment

 

(1,556

)

 

-

 

*

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

1,930

 

 

2,739

 

(30

)%

Income tax benefit (expense)

 

(231

)

 

(852

)

(73

)%

 

 

 

 

 

 

 

Net income (loss)

 

1,699

 

 

1,887

 

(10

)%

Net (income) loss attributable to noncontrolling interest

 

342

 

 

-

 

*

 

Net income (loss) attributable to common stockholders

$

2,041

 

$

1,887

 

8

%

(1)

Cost of revenue, operating expenses and corporate expenses are defined on page 2.

 

Net revenue in the first quarter of 2023 totaled $239.0 million, up 21% from $197.2 million in the prior-year period. Of the overall increase, $42.8 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business, and due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period. The overall increase was partially offset by a decrease of $0.6 million attributable to our television segment, primarily due to decreases in political advertising revenue and national advertising revenue, partially offset by increases in local advertising revenue, spectrum usage rights revenue and retransmission consent revenue. In addition, the overall increase was partially offset by a decrease of $0.4 million attributable to our audio segment, primarily due to a decrease in political advertising revenue, and decreases in local and national advertising revenue.

Cost of revenue in the first quarter of 2023 totaled $167.8 million, up 29% from $129.9 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period.

Operating expenses in the first quarter of 2023 totaled $52.6 million, up 20% from $43.9 million in the prior-year period. Of the overall increase, $6.3 million was attributable to our digital segment and was primarily due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period, an increase in salary expense, an increase in non-cash stock-based compensation, and an increase in expenses associated with the increase in digital advertising revenue. Additionally, of the overall increase in operating expenses, $0.9 million was attributable to our television segment primarily due to an increase in non-cash stock-based compensation, increased rent expense in the temporary office space until the move to our new permanent offices is completed, and an increase in bad debt expense. In addition, of the overall increase in operating expenses, $1.6 million was attributable to our audio segment primarily due to increases in salaries and music license fees, and increased rent expense in the temporary office space until the move to our new permanent offices is completed. The increases in non-cash stock-based compensation are mainly a result of the 2023 annual restricted stock unit ("RSU") grant, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022.

Corporate expenses in the first quarter of 2023 totaled $10.5 million, up 20% from $8.7 million in the prior-year period. The increase was primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022, an increase in professional service fees, and an increase in audit fees.

Balance Sheet and Related Metrics

Cash and marketable securities as of March 31, 2023 totaled $179.8 million. Total debt under the Company’s credit agreement was $211.5 million. Net of $50 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.7 times as of March 31, 2023. Net of total cash and marketable securities, total leverage was 0.3 times.

Unaudited Segment Results (In thousands)

 

 

Three-Month Period

 

Ended March 31,

 

2023

 

2022

 

% Change

Net Revenue

 

 

 

 

Digital

$

196,482

 

$

153,711

 

28

%

Television

 

30,312

 

 

30,867

 

(2

)%

Audio

 

12,212

 

 

12,594

 

(3

)%

Total

$

239,006

 

$

197,172

 

21

%

 

 

 

 

 

Cost of Revenue - digital (1)

 

 

 

 

Digital

$

167,756

 

$

129,891

 

29

%

 

 

 

 

 

Operating Expenses (1)

 

 

 

 

Digital

 

21,539

 

 

15,235

 

41

%

Television

 

20,099

 

 

19,240

 

4

%

Audio

 

10,992

 

 

9,387

 

17

%

Total

$

52,630

 

$

43,862

 

20

%

 

 

 

 

 

Corporate Expenses (1)

$

10,502

 

$

8,724

 

20

%

 

 

 

 

 

Consolidated EBITDA (1)

$

13,022

 

$

18,113

 

(28

)%

(1)

Cost of revenue, operating expenses, corporate expenses, and consolidated EBITDA are defined on page 2.

 

Notice of Conference Call

Entravision Communications Corporation will hold a conference call to discuss its first quarter 2023 results on Thursday, May 4, 2023 at 5:00 p.m. Eastern Time. To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (Int’l) ten minutes prior to the start time and reference Conference ID number 10176751. The call will also be available via live webcast on the investor relations portion of the Company's website located at www.entravision.com.

About Entravision Communications Corporation

Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

 

 

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2023

 

2022

Net revenue

 

$

239,006

 

 

$

197,172

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

Cost of revenue - digital

 

 

167,756

 

 

 

129,891

 

Direct operating expenses

 

 

29,862

 

 

 

27,823

 

Selling, general and administrative expenses

 

 

22,768

 

 

 

16,039

 

Corporate expenses

 

 

10,502

 

 

 

8,724

 

Depreciation and amortization

 

 

6,471

 

 

 

6,395

 

Change in fair value of contingent consideration

 

 

(4,065

)

 

 

5,100

 

Foreign currency (gain) loss

 

 

(956

)

 

 

(847

)

Other operating (gain) loss

 

 

 

 

 

(119

)

 

 

 

232,338

 

 

 

193,006

 

Operating income (loss)

 

 

6,668

 

 

 

4,166

 

Interest expense

 

 

(4,028

)

 

 

(1,836

)

Interest income

 

 

860

 

 

 

406

 

Dividend income

 

 

18

 

 

 

3

 

Realized gain (loss) on marketable securities

 

 

(32

)

 

 

 

Gain (loss) on debt extinguishment

 

 

(1,556

)

 

 

 

Income (loss) before income taxes

 

 

1,930

 

 

 

2,739

 

Income tax benefit (expense)

 

 

(231

)

 

 

(852

)

 

 

 

 

 

 

 

Net income (loss)

 

 

1,699

 

 

 

1,887

 

Net (income) loss attributable to noncontrolling interest

 

 

342

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

2,041

 

 

$

1,887

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

Net income (loss) per share attributable to common stockholders, basic and diluted

 

$

0.02

 

 

$

0.02

 

 

 

 

 

 

 

 

Cash dividends declared per common share, basic and diluted

 

$

0.05

 

 

$

0.03

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

 

87,623,887

 

 

 

86,522,378

 

Weighted average common shares outstanding, diluted

 

 

89,786,585

 

 

 

88,630,216

 

 

Entravision Communications Corporation

Consolidated Balance Sheets

(In thousands; unaudited)

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2023

 

2022

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

$

141,455

 

$

110,691

 

Marketable securities

 

38,367

 

 

44,528

 

Restricted cash

 

757

 

 

753

 

Trade receivables, net of allowance for doubtful accounts

 

191,486

 

 

224,713

 

Assets held for sale

 

301

 

 

 

Prepaid expenses and other current assets

 

30,135

 

 

27,238

 

Total current assets

 

402,501

 

 

407,923

 

Property and equipment, net

 

65,868

 

 

61,362

 

Intangible assets subject to amortization, net

 

58,908

 

 

61,811

 

Intangible assets not subject to amortization

 

207,453

 

 

207,453

 

Goodwill

 

86,991

 

 

86,991

 

Deferred income taxes

 

2,591

 

 

2,591

 

Operating leases right of use asset

 

45,883

 

 

44,413

 

Other assets

 

8,088

 

 

8,297

 

Total assets

$

878,283

 

$

880,841

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Current maturities of long-term debt

$

5,778

 

$

5,256

 

Accounts payable and accrued expenses

 

233,791

 

 

237,415

 

Operating lease liabilities

 

6,029

 

 

5,570

 

Total current liabilities

 

245,598

 

 

248,241

 

Long-term debt, less current maturities, net of unamortized debt issuance costs

 

207,016

 

 

207,292

 

Long-term operating lease liabilities

 

44,580

 

 

42,151

 

Other long-term liabilities

 

27,168

 

 

30,198

 

Deferred income taxes

 

67,357

 

 

67,590

 

Total liabilities

 

591,719

 

 

595,472

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

8

 

 

8

 

Class U common stock

 

1

 

 

1

 

Additional paid-in capital

 

776,198

 

 

776,298

 

Accumulated deficit

 

(502,334

)

 

(504,375

)

Accumulated other comprehensive income (loss)

 

(1,368

)

 

(1,510

)

Total stockholders' equity

 

272,505

 

 

270,422

 

Noncontrolling interest

 

14,059

 

 

14,947

 

Total equity

 

286,564

 

 

285,369

 

Total liabilities and equity

$

878,283

 

$

880,841

 

 

Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands; unaudited)

 

 

 

 

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

Net income (loss)

$

1,699

 

$

1,887

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

6,471

 

 

6,395

 

Deferred income taxes

 

(205

)

 

(359

)

Non-cash interest

 

133

 

 

280

 

Amortization of syndication contracts

 

120

 

 

116

 

Payments on syndication contracts

 

(120

)

 

(118

)

Non-cash stock-based compensation

 

4,053

 

 

2,573

 

(Gain) loss on marketable securities

 

32

 

 

 

(Gain) loss on disposal of property and equipment

 

68

 

 

(151

)

(Gain) loss on debt extinguishment

 

1,556

 

 

-

 

Change in fair value of contingent consideration

 

(4,065

)

 

5,100

 

Changes in assets and liabilities:

 

 

 

 

(Increase) decrease in accounts receivable

 

33,157

 

 

29,380

 

(Increase) decrease in prepaid expenses and other current assets, operating leases right of use asset and other assets

 

948

 

 

(2,405

)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

 

(7,152

)

 

10,521

 

Net cash provided by operating activities

 

36,695

 

 

53,219

 

Cash flows from investing activities:

 

 

 

 

Proceeds from sale of property and equipment and intangibles

 

 

 

164

 

Purchases of property and equipment

 

(6,750

)

 

(1,547

)

Purchases of marketable securities

 

(9,397

)

 

(85,517

)

Proceeds from sale of marketable securities

 

15,704

 

 

 

Purchases of investments

 

(120

)

 

 

Net cash used in investing activities

 

(563

)

 

(86,900

)

Cash flows from financing activities:

 

 

 

 

Proceeds from stock option exercises

 

313

 

 

218

 

Tax payments related to shares withheld for share-based compensation plans

 

(80

)

 

(257

)

Payments on debt

 

(211,748

)

 

(750

)

Dividends paid

 

(4,932

)

 

(2,167

)

Repurchase of Class A common stock

 

 

 

(7,142

)

Payment of contingent consideration

 

 

 

(14,730

)

Principal payments under finance lease obligation

 

(38

)

 

(10

)

Proceeds from borrowings on debt

 

212,405

 

 

 

Payments for debt issuance costs

 

(1,285

)

 

 

Net cash used in financing activities

 

(5,365

)

 

(24,838

)

Effect of exchange rates on cash, cash equivalents and restricted cash

 

1

 

 

(1

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

30,768

 

 

(58,520

)

Cash, cash equivalents and restricted cash:

 

 

 

 

Beginning

 

111,444

 

 

185,843

 

Ending

$

142,212

 

$

127,323

 

 

Entravision Communications Corporation

Reconciliation of Consolidated EBITDA to Cash Flows From Operating Activities

(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

 

Three-Month Period

 

Ended March 31,

 

2023

 

2022

 

 

 

 

 

Consolidated EBITDA (1)

$

13,022

 

$

18,113

 

EBITDA attributable to noncontrolling interest

 

230

 

 

-

 

Interest expense

 

(4,028

)

 

(1,836

)

Interest income

 

860

 

 

406

 

Dividend income

 

18

 

 

3

 

Realized gain (loss) on marketable securities

 

(32

)

 

-

 

Income tax expense

 

(231

)

 

(852

)

Amortization of syndication contracts

 

(120

)

 

(116

)

Payments on syndication contracts

 

120

 

 

118

 

Non-cash stock-based compensation included in direct operating expenses

 

(1,856

)

 

(958

)

Non-cash stock-based compensation included in corporate expenses

 

(2,197

)

 

(1,615

)

Depreciation and amortization

 

(6,471

)

 

(6,395

)

Change in fair value of contingent consideration

 

4,065

 

 

(5,100

)

Non-recurring cash severance charge

 

(125

)

 

-

 

Other operating gain (loss)

 

-

 

 

119

 

Gain (loss) on debt extinguishment

 

(1,556

)

 

-

 

Net (income) loss attributable to noncontrolling interest

 

342

 

 

-

 

Net income (loss) attributable to common stockholders

 

2,041

 

 

1,887

 

 

 

 

 

 

Depreciation and amortization

 

6,471

 

 

6,395

 

Deferred income taxes

 

(205

)

 

(359

)

Non-cash interest

 

133

 

 

280

 

Amortization of syndication contracts

 

120

 

 

116

 

Payments on syndication contracts

 

(120

)

 

(118

)

Non-cash stock-based compensation

 

4,053

 

 

2,573

 

Realized (gain) loss on marketable securities

 

32

 

 

-

 

(Gain) loss on debt extinguishment

 

1,556

 

 

-

 

(Gain) loss on disposal of property and equipment

 

68

 

 

(151

)

Change in fair value of contingent consideration

 

(4,065

)

 

5,100

 

Net income (loss) attributable to noncontrolling interest

 

(342

)

 

-

 

Changes in assets and liabilities:

 

 

 

 

(Increase) decrease in accounts receivable

 

33,157

 

 

29,380

 

(Increase) decrease in prepaid expenses and other current assets, operating leases right of use asset and other assets

 

948

 

 

(2,405

)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

 

(7,152

)

 

10,521

 

Cash flows from operating activities

 

36,695

 

 

53,219

 

(1)

Consolidated EBITDA is defined on page 2.

 

Entravision Communications Corporation

Reconciliation of Free Cash Flow to Cash Flows From Operating Activities

(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2023

 

2022

Consolidated EBITDA (1)

 

$

13,022

 

 

$

18,113

 

Net interest expense (1)

 

 

(3,035

)

 

 

(1,150

)

Dividend income

 

 

18

 

 

 

3

 

Cash paid for income taxes

 

 

(72

)

 

 

(1,211

)

Capital expenditures (2)

 

 

(6,750

)

 

 

(1,547

)

Landlord incentive reimbursement

 

 

850

 

 

 

-

 

Non-recurring cash severance charge

 

 

(125

)

 

 

-

 

Other operating gain (loss)

 

 

-

 

 

 

119

 

Free cash flow (1)

 

 

3,908

 

 

 

14,327

 

 

 

 

 

 

 

 

Capital expenditures (2)

 

 

6,750

 

 

 

1,547

 

Landlord incentive reimbursement

 

 

(850

)

 

 

-

 

EBITDA attributable to noncontrolling interest

 

 

230

 

 

 

-

 

(Gain) loss on disposal of property and equipment

 

 

68

 

 

 

(151

)

Cash paid for income taxes

 

 

72

 

 

 

1,211

 

Deferred income taxes

 

 

(205

)

 

 

(359

)

Income tax (expense) benefit

 

 

(231

)

 

 

(852

)

Changes in assets and liabilities:

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

 

33,157

 

 

 

29,380

 

(Increase) decrease in prepaid expenses and other current assets, operating leases right of use asset and other assets

 

 

948

 

 

 

(2,405

)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

 

 

(7,152

)

 

 

10,521

 

Cash Flows From Operating Activities

 

$

36,695

 

 

$

53,219

 

(1)

Consolidated EBITDA, net interest expense, and free cash flow are defined on page 2.

 

(2)

Capital expenditures are not part of the consolidated statement of operations.

 

Contacts

Christopher T. Young

Interim Chief Executive Officer, and Chief Financial Officer and Treasurer

Entravision Communications Corporation

310-447-3870



Kimberly Esterkin

ADDO Investor Relations

310-829-5400

evc@addo.com

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