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Entravision Communications Corporation Reports Third Quarter 2017 Results

SANTA MONICA, Calif., Nov. 2, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and nine-month periods ended September 30, 2017.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). 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 11. Unaudited financial highlights are as follows:

	Three-Month Period						Nine-Month Period
	Ended September 30,						Ended September 30,
	2017		2016		% Change		2017		2016		% Change
Net revenue
Revenue from advertising and retransmission consent	$	70,612	$	65,281		8%	$	198,631	$	188,223		6%
Revenue from spectrum usage rights		263,943		–	*			263,943		–	*
Total Net Revenue		334,555		65,281		412%		462,574		188,223		146%

Cost of revenue – television (spectrum usage rights) (1)		12,131		–	*			12,131		–	*
Cost of revenue – digital media (1)		9,910		2,281		334%		20,424		6,493		215%
Operating expenses (2)		43,044		40,187		7%		123,281		119,135		3%
Corporate expenses (3)		8,209		5,728		43%		19,695		16,625		18%
Foreign currency (gain) loss		(58)		–	*			293		–	*

Consolidated adjusted EBITDA (4)		262,416		17,841		1371%		289,910		48,623		496%

Free cash flow (5)	$	268,849	$	11,928		2154%	$	281,717	$	30,285		830%

Net income	$	157,208	$	5,415		2803%	$	163,321	$	13,402		1119%

Net income per share, basic	$	1.74	$	0.06		2800%	$	1.81	$	0.15		1107%
Net income per share, diluted	$	1.71	$	0.06		2750%	$	1.78	$	0.15		1087%

Weighted average common shares outstanding, basic		90,517,492		89,590,135				90,370,679		89,208,732
Weighted average common shares outstanding, diluted		92,161,108		91,489,975				91,985,946		91,188,958

(1) Cost of revenue – digital media 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. Cost of revenue – television (spectrum usage rights) consists primarily of the carrying value of spectrum usage rights surrendered in the FCC auction for broadcast spectrum.

(2) Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $0.3 million and $0.1 million of non-cash stock-based compensation for three-month periods ended September 30, 2017 and 2016, respectively, and $0.8 million and $0.7 million of non-cash stock-based compensation for the nine-month periods ended September 30, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).

(3) Corporate expenses include $0.8 million and $0.7 million of non-cash stock-based compensation for the three-month periods ended September 30, 2017 and 2016, respectively, and $2.3 million and $1.9 million of non-cash stock-based compensation for the nine-month periods ended September 30, 2017 and 2016, respectively.

(4) Consolidated adjusted 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 income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility 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 and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, 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 and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions.

(5) Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures plus non-cash cost of revenue – spectrum usage rights. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the third quarter, we achieved revenue growth driven by increases in our digital media segment attributable to the acquisition of Headway. This growth in our digital media segment offset decreases in our television and radio segments, which were affected by decreases in local and national advertising revenue and the loss of political advertising revenue compared to 2016. We also improved our free cash flow and net income over the third quarter of 2016, due primarily to our receipt of proceeds related to our participation in the Federal Communications Commission auction for broadcast spectrum. We continued to build our digital footprint and, looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base to the benefit of our shareholders.”

Quarterly Cash Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.05 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $4.5 million. The quarterly dividend will be payable on December 29, 2017 to shareholders of record as of the close of business on December 14, 2017, and the common stock will trade ex-dividend on December 13, 2017. As previously announced, 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.

Acquisition of NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California

On November 1, 2017, the Company completed the acquisition of television stations KMIR-TV, the local NBC affiliate, and KPSE-LD, the local MyNetworkTV affiliate, both of which serve the Palm Springs, California area, for an aggregate $21 million.

New Univision Agreements

On October 2, 2017, the Company entered into an affiliation agreement which supersedes and replaces the Company’s prior affiliation agreements with Univision. Additionally, on the same date, the Company entered into a new proxy agreement and new marketing and sales agreements with Univision, each of which supersedes and replaces the Company’s prior such agreements with Univision. The term of each of these new agreements expires on December 31, 2026 for all of the Company’s Univision and UniMás network affiliate stations, except that each new agreement will expire on December 31, 2021 with respect to the Company’s Univision and UniMás network affiliate stations in Orlando, Florida; Tampa, Florida; and Washington, D.C.

Financial Results

Three-Month Period Ended September 30, 2017 Compared to Three-Month Period Ended
September 30, 2016
(Unaudited)

	Three-Month Period
	Ended September 30,
	2017		2016		% Change
Net revenue
Revenue from advertising and retransmission consent	$	70,612	$	65,281		8	%
Revenue from spectrum usage rights		263,943		–	*
Total Net Revenue		334,555		65,281		412	%

Cost of revenue – television (spectrum usage rights) (1)		12,131		–	*
Cost of revenue – digital media (1)		9,910		2,281		334	%
Operating expenses (1)		43,044		40,187		7	%
Corporate expenses (1)		8,209		5,728		43	%
Depreciation and amortization		4,337		3,812		14	%
Foreign currency (gain) loss		(58)		–	*

Operating income		256,982		13,273		1836	%
Interest expense, net		(3,500)		(3,823)		(8)	%

Income before income taxes		253,482		9,450		2582	%
Income tax expense		(96,167)		(4,035)		2283	%
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		157,315		5,415		2805	%
Equity in net income (loss) of nonconsolidated affiliates, net of tax		(107)		–	*
Net income	$	157,208	$	5,415		2803	%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue from advertising increased to $70.6 million for the three-month period ended September 30, 2017 from $65.3 million for the three-month period ended September 30, 2016, an increase of $5.3 million. Of the overall increase, $11.4 million was attributable to our digital media segment and was primarily due to the acquisition of 100% of the stock of several entities collectively doing business as Headway (“Headway”) during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $2.3 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017. Additionally, the overall increase was partially offset by a decrease in our television segment of $3.8 million due primarily to a decrease in local and national revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in retransmission consent revenue.

Net revenue from spectrum usage rights was $263.9 million for the three-month period ended September 30, 2017. We did not have revenue from spectrum usage rights in 2016.

Cost of revenue related to revenue from spectrum usage rights was $12.1 million for the three-month period ended September 30, 2017. We did not have revenue from spectrum usage rights in 2016.

Cost of revenue in our digital media segment increased to $9.9 million for the three-month period ended September 30, 2017 from $2.3 million for the three-month period ended September 30, 2016, an increase of $7.6 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

Operating expenses increased to $43.0 million for the three-month period ended September 30, 2017 from $40.2 million for the three-month period ended September 30, 2016, an increase of $2.8 million. Of the overall increase, $4.3 million was attributable to our digital media segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue and a decrease in rent expense.

Corporate expenses increased to $8.2 million for the three-month period ended September 30, 2017 from $5.7 million for the three-month period ended September 30, 2016, an increase of $2.5 million. The increase was primarily due to increases in expenses associated with the FCC auction for broadcast spectrum, salary expense and non-cash stock-based compensation expense.

Nine-Month Period Ended September 30, 2017 Compared to Nine-Month Period Ended
September 30, 2016
(Unaudited)

	Nine-Month Period
	Ended September 30,
	2017		2016		% Change
Net revenue
Revenue from advertising and retransmission consent	$	198,631	$	188,223		6	%
Revenue from spectrum usage rights		263,943		–	*
Total Net Revenue		462,574		188,223		146	%

Cost of revenue – television (spectrum usage rights) (1)		12,131		–	*
Cost of revenue – digital media (1)		20,424		6,493		215	%
Operating expenses (1)		123,281		119,135		3	%
Corporate expenses (1)		19,695		16,625		18	%
Depreciation and amortization		12,460		11,724		6	%
Foreign currency (gain) loss		293		–	*

Operating income		274,290		34,246		701	%
Interest expense, net		(10,609)		(11,423)		(7)	%

Income before income taxes		263,681		22,823		1055	%

Income tax expense		(100,185)		(9,421)		963	%
Net income (loss) before equity in net loss of nonconsolidated affiliates		163,496		13,402		1120	%
Equity in net loss of nonconsolidated affiliates, net of tax		(175)		–	*
Net income	$	163,321	$	13,402		1119	%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue from advertising increased to $198.6 million for the nine-month period ended September 30, 2017 from $188.2 million for the nine-month period ended September 30, 2016, an increase of $10.4 million. Of the overall increase, $20.3 million was attributable to our digital media segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $5.8 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017. Additionally, the overall increase was partially offset by a decrease in our television segment of $4.1 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in national advertising revenue and an increase in retransmission consent revenue.

Net revenue from spectrum usage rights was $263.9 million for the nine-month period ended September 30, 2017. We did not have revenue from spectrum usage rights in 2016.

Cost of revenue related to revenue from spectrum usage rights was $12.1 million for the nine-month period ended September 30, 2017. We did not have revenue from spectrum usage rights in 2016.

Cost of revenue in our digital media segment increased to $20.4 million for the nine-month period ended September 30, 2017 from $6.5 million for the nine-month period ended September 30, 2016, an increase of $13.9 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

Operating expenses increased to $123.3 million for the nine-month period ended September 30, 2017 from $119.1 million for the nine-month period ended September 30, 2016, an increase of $4.2 million. Of the overall increase, $7.2 million was attributable to our digital media segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by decreases in expenses associated with the decrease in advertising revenue, rent expense, ratings service expense and event expense.

Corporate expenses increased to $19.7 million for the nine-month period ended September 30, 2017 from $16.6 million for the nine-month period ended September 30, 2016, an increase of $3.1 million. The increase was primarily due to expenses associated with the FCC auction for broadcast spectrum, legal and financial due diligence costs related to the Headway acquisition and non-cash stock-based compensation expense.

Segment Results

The following represents selected unaudited segment information:

	Three-Month Period							Nine-Month Period
	Ended September 30,							Ended September 30,
		2017		2016	% Change				2017		2016	% Change
Net Revenue
Revenue from advertising and retransmission consent
Television	$	36,547	$	40,363		(9)	%	$	112,021	$	116,143		(4)	%
Radio		16,934		19,169		(12)	%		49,816	$	55,605		(10)	%
Digital		17,131		5,749		198	%		36,794	$	16,475		123	%
Total	$	70,612	$	65,281		8	%	$	198,631	$	188,223		6	%

Revenue from spectrum usage rights	$	263,943	$	–	*			$	263,943	$	–	*

Total Net Revenue	$	334,555	$	65,281		412	%	$	462,574	$	188,223		146	%

Cost of Revenue (1)
Television		12,131		–	*				12,131	$	–	*
Digital		9,910		2,281		334	%		20,424	$	6,493		215	%
Total	$	22,041	$	2,281		866	%	$	32,555	$	6,493		401	%

Operating Expenses (1)
Television		20,161		21,151		(5)	%		60,516	$	62,299		(3)	%
Radio		15,953		16,422		(3)	%		47,294	$	48,486		(2)	%
Digital		6,930		2,614		165	%		15,471	$	8,350		85	%
Total	$	43,044	$	40,187		7	%	$	123,281	$	119,135		3	%

Corporate Expenses (1)	$	8,209	$	5,728		43	%	$	19,695	$	16,625		18	%

Foreign currency (gain) loss	$	(58)	$	–	*			$	293	$	–	*

Consolidated adjusted EBITDA (1)	$	262,416	$	17,841		1371	%	$	289,910	$	48,623		496	%

(1) Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

Entravision Communications Corporation will hold a conference call to discuss its 2017 third quarter results on November 2, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and other markets in Latin America. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 55 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

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 Balance Sheets
(In thousands; unaudited)

	September 30,		December 31,
	2017		2016


ASSETS
Current assets
Cash and cash equivalents	$	55,980	$	61,520
Restricted cash		231,096		–
Trade receivables, net of allowance for doubtful accounts		72,651		65,072
Prepaid expenses and other current assets		6,583		4,870
Total current assets		366,310		131,462
Property and equipment, net		56,606		55,368
Intangible assets subject to amortization, net		25,691		13,120
Intangible assets not subject to amortization		241,298		220,701
Goodwill		69,042		50,081
Deferred income taxes		–		44,677
Other assets		5,474		2,512
Total assets	$	764,421	$	517,921


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	3,750	$	3,750
Accounts payable and accrued expenses		49,117		30,810
Total current liabilities		52,867		34,560
Long-term debt, less current maturities, net of unamortized debt issuance costs		283,998		286,697
Other long-term liabilities		26,083		13,208
Deferred income taxes		59,720		–
Total liabilities		422,668		334,465

Stockholders’ equity
Class A common stock		7		7
Class B common stock		2		2
Class U common stock		1		1
Additional paid-in capital		896,070		904,867
Accumulated deficit		(552,702)		(718,444)
Accumulated other comprehensive income (loss)		(1,625)		(2,977)
Total stockholders’ equity		341,753		183,456
Total liabilities and stockholders’ equity	$	764,421	$	517,921

Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2017		2016		2017		2016

Net revenue
Revenue from advertising and retransmission consent	$	70,612	$	65,281	$	198,631	$	188,223
Revenue from spectrum usage rights		263,943		–		263,943		–
Total Net Revenue		334,555		65,281		462,574		188,223

Expenses:
Cost of revenue – television (spectrum usage rights)		12,131		–		12,131		–
Cost of revenue – digital media		9,910		2,281		20,424		6,493
Direct operating expenses		30,231		28,238		87,238		84,341
Selling, general and administrative expenses		12,813		11,949		36,043		34,794
Corporate expenses		8,209		5,728		19,695		16,625
Depreciation and amortization		4,337		3,812		12,460		11,724
Foreign currency (gain) loss		(58)		–		293		–
		77,573		52,008		188,284		153,977
Operating income		256,982		13,273		274,290		34,246
Interest expense		(3,756)		(3,894)		(11,084)		(11,619)
Interest income		256		71		475		196
Income before income taxes		253,482		9,450		263,681		22,823
Income tax expense		(96,167)		(4,035)		(100,185)		(9,421)
Income (loss) before equity in net income (loss) of nonconsolidated affiliate		157,315		5,415		163,496		13,402
Equity in net income (loss) of nonconsolidated affiliate, net of tax		(107)		–		(175)		–
Net income	$	157,208	$	5,415	$	163,321	$	13,402

Basic and diluted earnings per share:
Net income per share, basic	$	1.74	$	0.06	$	1.81	$	0.15
Net income per share, diluted	$	1.71	$	0.06	$	1.78	$	0.15

Cash dividends declared per common share	$	0.05	$	0.03	$	0.11	$	0.09

Weighted average common shares outstanding, basic		90,517,492		89,590,135		90,370,679		89,208,732
Weighted average common shares outstanding, diluted		92,161,108		91,489,975		91,985,946		91,188,958

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(In thousands; unaudited)

	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2017		2016		2017		2016

Cash flows from operating activities:
Net income		157,208	$	5,415		163,321	$	13,402
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,337		3,812		12,460		11,724
Cost of revenue – television (spectrum usage rights)		12,131		–		12,131		–
Deferred income taxes		96,086		3,965		99,514		8,887
Amortization of debt issue costs		226		195		595		579
Amortization of syndication contracts		93		99		311		289
Payments on syndication contracts		(85)		(87)		(300)		(270)
Equity in net income (loss) of nonconsolidated affiliate		107		–		175		–
Non-cash stock-based compensation		1,089		744		3,149		2,634
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(791)		221		12,790		5,804
(Increase) decrease in prepaid expenses and other assets		(383)		(569)		(1,830)		(952)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		130		684		(8,862)		(3,192)
Net cash provided by operating activities		270,148		14,479		293,454		38,905
Cash flows from investing activities:
Purchases of short-term investments		–		–		–		(30,000)
Proceeds from maturity of short term investments		–		30,000		–		30,000
Purchases of property and equipment		(2,343)		(2,215)		(9,639)		(6,960)
Purchases of intangible assets		(32,588)		–		(32,588)		–
Purchases of investments		–		(250)		(2,200)		(250)
Deposits on acquisitions		(1,050)		–		(1,240)		–
Purchase of a business, net of cash acquired		–		–		(7,489)		–
Net cash provided by (used in) investing activities		(35,981)		27,535		(53,156)		(7,210)
Cash flows from financing activities:
Net proceeds from stock option exercises		(515)		615		11		1,885
Payments on long-term debt		(938)		(938)		(2,813)		(2,813)
Dividends paid		(4,532)		(2,802)		(10,179)		(8,371)
Repurchase of Class A common stock		(1,778)		–		(1,778)		–
Net cash used in financing activities		(7,763)		(3,125)		(14,759)		(9,299)
Effect of exchange rates on cash, cash equivalents and restricted cash		35		–		17		–
Net increase (decrease) in cash, cash equivalents and restricted cash		226,439		38,889		225,556		22,396
Cash, cash equivalents and restricted cash:
Beginning		60,637		31,431		61,520		47,924
Ending	$	287,076	$	70,320	$	287,076	$	70,320

Entravision Communications Corporation
Reconciliation of Consolidated Adjusted 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			Nine-Month Period
	Ended September 30,			Ended September 30,
		2017	2016		2017	2016

Consolidated adjusted EBITDA (1)		262,416	17,841		289,910	48,623

Interest expense		(3,756)	(3,894)		(11,084)	(11,619)
Interest income		256	71		475	196
Income tax expense		(96,167)	(4,035)		(100,185)	(9,421)
Amortization of syndication contracts		(93)	(99)		(311)	(289)
Payments on syndication contracts		85	87		300	270
Equity in net losses of nonconsolidated affiliates		(107)	–		(175)	–
Non-cash stock-based compensation included in direct operating expenses		(276)	(79)		(806)	(700)
Non-cash stock-based compensation included in corporate expenses		(813)	(665)		(2,343)	(1,934)
Depreciation and amortization		(4,337)	(3,812)		(12,460)	(11,724)
Net income		157,208	5,415		163,321	13,402

Depreciation and amortization		4,337	3,812		12,460	11,724
Cost of revenue – television (spectrum usage rights)		12,131	–		12,131	–
Deferred income taxes		96,086	3,965		99,514	8,887
Amortization of debt issue costs		226	195		595	579
Amortization of syndication contracts		93	99		311	289
Payments on syndication contracts		(85)	(87)		(300)	(270)
Equity in net income (loss) of nonconsolidated affiliate		107	–		175	–
Non-cash stock-based compensation		1,089	744		3,149	2,634
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(791)	221		12,790	5,804
(Increase) decrease in prepaid expenses and other assets		(383)	(569)		(1,830)	(952)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		130	684		(8,862)	(3,192)
Cash flows from operating activities		270,148	14,479		293,454	38,905

(1) Consolidated adjusted EBITDA is defined on page 1.

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				Nine-Month Period
	Ended September 30,				Ended September 30,
		2017		2016		2017		2016
Consolidated adjusted EBITDA (1)	$	262,416	$	17,841	$	289,910	$	48,623
Net interest expense (1)		(3,273)		(3,628)		(10,014)		(10,844)
Cash paid for income taxes		(82)		(70)		(671)		(534)
Capital expenditures (2)		(2,343)		(2,215)		(9,639)		(6,960)
Cost of revenue – television (spectrum usage rights)		12,131		–		12,131		–
Free cash flow (1)		268,849		11,928		281,717		30,285

Capital expenditures (2)		2,343		2,215		9,639		6,960
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(791)		221		12,790		5,804
(Increase) decrease in prepaid expenses and other assets		(383)		(569)		(1,830)		(952)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		130		684		(8,862)		(3,192)
Cash Flows From Operating Activities	$	270,148	$	14,479	$	293,454	$	38,905

(1) Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.
(2) Capital expenditures are not part of the consolidated statement of operations.

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SOURCE Entravision Communications Corporation

November 2, 2017

Entravision Communications Corporation Schedules Third Quarter 2017 Earnings Release And Teleconference

SANTA MONICA, Calif., Oct. 25, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release third quarter 2017 financial results after market hours on Thursday, November 2, 2017.

The company will also host a teleconference to discuss its third quarter 2017 financial results on Thursday, November 2, 2017 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 412-317-5440 ten minutes prior to the start time. The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, November 23, 2017 which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 10113852. The webcast will also be archived on the Company’s Web site for 30 days.

About Entravision Communications Corporation
Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and Latin America. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com.

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SOURCE Entravision Communications Corporation

October 25, 2017

/C O R R E C T I O N — Entravision Communications Corporation/

In the news release, Entravision Communications Corporation Reports Second Quarter 2017 Results, issued 02-Aug-2017 by Entravision Communications Corporation over PR Newswire, we are advised by the company that in the “Quarterly Cash Dividend” paragraph, the ex-dividend date should read “September 13, 2017” rather than “September 12, 2017” as originally issued inadvertently. The complete, corrected release follows:

Entravision Communications Corporation Reports Second Quarter 2017 Results- Announces Increase in Quarterly Cash Dividend to $0.05 Per Share — Announces $15 Million Share Repurchase Program — Receives $263.6 Million from the FCC Auction for Broadcast Spectrum — Enters into Definitive Agreement to Acquire NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California –

SANTA MONICA, Calif., Aug. 2, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2017.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). 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 10. Unaudited financial highlights are as follows:

	Three-Month Period							Six-Month Period
	Ended June 30,							Ended June 30,
	2017		2016		% Change			2017		2016		% Change
Net revenue	$	70,509	$	64,829		9	%	$	128,019	$	122,942		4	%
Cost of revenue – digital media (1)		8,762		2,373		269	%		10,514		4,212		150	%
Operating expenses (2)		41,945		39,948		5	%		80,237		78,948		2	%
Corporate expenses (3)		5,619		5,293		6	%		11,486		10,897		5	%
Foreign currency (gain) loss		351		–	NM				351		–	NM

Consolidated adjusted EBITDA (4)		14,924		18,171		(18)	%		27,494		30,782		(11)	%

Free cash flow (5)	$	5,643	$	11,799		(52)	%	$	12,868	$	18,357		(30)	%

Net income	$	3,495	$	5,717		(39)	%	$	6,113	$	7,987		(23)	%

Net income per share, basic and diluted	$	0.04	$	0.06		(33)	%	$	0.07	$	0.09		(22)	%

Weighted average common shares outstanding, basic		90,354,982		89,134,412					90,296,057		89,015,934
Weighted average common shares outstanding, diluted		92,033,111		91,140,596					91,897,150		91,036,353

(1) Cost of revenue 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 $0.3 million of non-cash stock-based compensation for each of the three-month periods ended June 30, 2017 and 2016, and $0.5 million and $0.6 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss). (3) Corporate expenses include $0.8 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended June 30, 2017 and 2016, respectively, and $1.5 million and $1.3 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively. (4) Consolidated adjusted 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 income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility 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 and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, 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 and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions. (5) Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the second quarter, we achieved revenue growth driven by increases in our digital media segment attributable to the acquisition of Headway. This growth in our digital media segment offset decreases in our radio segment and television segment, which were affected by the loss of political advertising revenue compared to 2016. We continued to build our digital footprint and, looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

Quarterly Cash Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.05 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $4.5 million, which represents an increase from the prior quarter’s dividend, which was $0.03125 per share. The quarterly dividend will be payable on September 29, 2017 to shareholders of record as of the close of business on September 14, 2017, and the common stock will trade ex-dividend on September 13, 2017. As previously announced, 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.

Share Repurchase Program

On July 13, 2017, the Board of Directors approved the repurchase of up to $15 million of the Company’s common stock. Under the new share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. On the same date, the Board terminated the Company’s previous share repurchase program of up to $20 million of the Company’s common stock.

Receives Proceeds from FCC Auction for Broadcast Spectrum

On July 21, 2017, the Company received proceeds of $263.6 million related to its participation in the Federal Communications Commission (the “FCC”) auction for broadcast spectrum. The proceeds reflect the FCC’s acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of the Company’s television stations. The Company does not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The proceeds of the auction were deposited into the account of a “qualified intermediary” to comply with Internal Revenue Code Section 1031 requirements to execute a like-kind exchange.

Acquisition of NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California

On July 20, 2017, the Company entered into an agreement with OTA Broadcasting (PSP), LLC to acquire television stations KMIR-TV, the local NBC affiliate, and KPSE-LD, the local MyNetworkTV affiliate, serving the Palm Springs, California area, for an aggregate of $21 million. The transaction, which is subject to customary closing conditions, including the prior consent of the FCC, is currently expected to close in the fourth quarter of 2017.

Amendment of Bank Credit Facility

The Company has entered into an amendment to its bank credit facility. The amendment increases the amount of certain restricted payments that the Company can make under the terms of the credit facility. Additional details regarding the amendment are provided in the company’s Current Report on Form 8-K dated August 2, 2017, filed with the Securities and Exchange Commission.

Financial Results

Three-Month Period Ended June 30, 2017 Compared to Three-Month Period Ended
June 30, 2016
(Unaudited)

	Three-Month Period
	Ended June 30,
	2017		2016		% Change
Net revenue	$	70,509	$	64,829		9	%
Cost of revenue – digital media (1)		8,762		2,373		269	%
Operating expenses (1)		41,945		39,948		5	%
Corporate expenses (1)		5,619		5,293		6	%
Depreciation and amortization		4,577		3,885		18	%
Foreign currency (gain) loss		351		–	NM

Operating income		9,255		13,330		(31)	%
Interest expense, net		(3,573)		(3,741)		(4)	%

Income before income taxes		5,682		9,589		(41)	%
Income tax expense		(2,119)		(3,872)		(45)	%
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		3,563		5,717		(38)	%
Equity in net income (loss) of nonconsolidated affiliates, net of tax		(68)		–	NM
Net income	$	3,495	$	5,717		(39)	%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $70.5 million for the three-month period ended June 30, 2017 from $64.8 million for the three-month period ended June 30, 2016, an increase of $5.7 million. Of the overall increase, $9.5 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $2.4 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $1.4 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017.

Cost of revenue, which we incur in our digital segment, increased to $8.8 million for the three-month period ended June 30, 2017 from $2.4 million for the three-month period ended June 30, 2016, an increase of $6.4 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

Operating expenses increased to $41.9 million for the three-month period ended June 30, 2017 from $39.9 million for the three-month period ended June 30, 2016, an increase of $2.0 million. Of the overall increase, $2.2 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

Corporate expenses increased to $5.6 million for the three-month period ended June 30, 2017 from $5.3 million for the three-month period ended June 30, 2016, an increase of $0.3 million. The increase was primarily due to an increase in salary expense and non-cash stock-based compensation expense.

Six-Month Period Ended June 30, 2017 Compared to Six-Month Period Ended
June 30, 2016
(Unaudited)

	Six-Month Period
	Ended June 30,
	2017		2016		% Change
Net revenue	$	128,019	$	122,942		4	%
Cost of revenue – digital media (1)		10,514		4,212		150	%
Operating expenses (1)		80,237		78,948		2	%
Corporate expenses (1)		11,486		10,897		5	%
Depreciation and amortization		8,123		7,912		3	%
Foreign currency (gain) loss		351		–	NM

Operating income		17,308		20,973		(17)	%
Interest expense, net		(7,109)		(7,600)		(6)	%

Income before income taxes		10,199		13,373		(24)	%

Income tax expense		(4,018)		(5,386)		(25)	%
Net income (loss) before equity in net loss of nonconsolidated affiliates		6,181		7,987		(23)	%
Equity in net loss of nonconsolidated affiliates, net of tax		(68)		–	NM
Net income	$	6,113	$	7,987		(23)	%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $128.0 million for the six-month period ended June 30, 2017 from $122.9 million for the six-month period ended June 30, 2016, an increase of $5.1 million. Of the overall increase, $9.0 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $3.5 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $0.3 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in national advertising revenue and an increase in retransmission consent revenue.

Cost of revenue, which we incur in our digital segment, increased to $10.5 million for the six-month period ended June 30, 2017 from $4.2 million for the six-month period ended June 30, 2016, an increase of $6.3 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

Operating expenses increased to $80.2 million for the six-month period ended June 30, 2017 from $78.9 million for the six-month period ended June 30, 2016, an increase of $1.3 million. Of the overall increase, $1.9 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

Corporate expenses increased to $11.5 million for the six-month period ended June 30, 2017 from $10.9 million for the six-month period ended June 30, 2016, an increase of $0.6 million. The increase was primarily due to legal and financial due diligence costs related to the Headway acquisition and non-cash stock-based compensation expense.

Segment Results

The following represents selected unaudited segment information:

	Three-Month Period							Six-Month Period
	Ended June 30,							Ended June 30,
		2017		2016	% Change				2017		2016	% Change
Net Revenue
Television	$	37,764	$	39,215		(4)	%	$	75,474	$	75,780		(0)	%
Radio		17,163		19,552		(12)	%		32,882	$	36,436		(10)	%
Digital		15,582		6,062		157	%		19,663	$	10,726		83	%
Total	$	70,509	$	64,829		9	%	$	128,019	$	122,942		4	%

Cost of Revenue – digital media (1)
Digital	$	8,762	$	2,373		269	%	$	10,514	$	4,212		150	%

Operating Expenses (1)
Television		20,150		20,668		(3)	%		40,355	$	41,148		(2)	%
Radio		15,620		16,235		(4)	%		31,341	$	32,064		(2)	%
Digital		6,175		3,045		103	%		8,541	$	5,736		49	%
Total	$	41,945	$	39,948		5	%	$	80,237	$	78,948		2	%

Corporate Expenses (1)	$	5,619	$	5,293		6	%	$	11,486	$	10,897		5	%

Foreign currency (gain) loss	$	351	$	–	NM			$	351	$	–	NM

Consolidated adjusted EBITDA (1)	$	14,924	$	18,171		(18)	%	$	27,494	$	30,782		(11)	%

(1) Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

Entravision Communications Corporation will hold a conference call to discuss its 2017 second quarter results on August 2, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and other markets in Latin America. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

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 Balance Sheets
(In thousands; unaudited)

	June 30,		December 31,
	2017		2016


ASSETS
Current assets
Cash and cash equivalents	$	60,637	$	61,520
Trade receivables, net of allowance for doubtful accounts		70,781		65,072
Prepaid expenses and other current assets		6,183		4,870
Total current assets		137,601		131,462
Property and equipment, net		56,837		55,368
Intangible assets subject to amortization, net		27,437		13,120
Intangible assets not subject to amortization		220,701		220,701
Goodwill		69,316		50,081
Deferred income taxes		36,558		44,677
Other assets		4,594		2,512
Total assets	$	553,044	$	517,921


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	3,750	$	3,750
Accounts payable and accrued expenses		47,183		30,810
Total current liabilities		50,933		34,560
Long-term debt, less current maturities, net of unamortized debt issuance costs		285,153		286,697
Other long-term liabilities		27,132		13,208
Total liabilities		363,218		334,465

Stockholders’ equity
Class A common stock		7		7
Class B common stock		2		2
Class U common stock		1		1
Additional paid-in capital		901,806		904,867
Accumulated deficit		(709,910)		(718,444)
Accumulated other comprehensive income (loss)		(2,080)		(2,977)
Total stockholders’ equity		189,826		183,456
Total liabilities and stockholders’ equity	$	553,044	$	517,921

Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

	Three-Month Period				Six-Month Period
	Ended June 30,				Ended June 30,
	2017		2016		2017		2016

Net revenue	$	70,509	$	64,829	$	128,019	$	122,942

Expenses:
Cost of revenue – digital media		8,762		2,373		10,514		4,212
Direct operating expenses		29,915		28,538		57,007		56,103
Selling, general and administrative expenses		12,030		11,410		23,230		22,845
Corporate expenses		5,619		5,293		11,486		10,897
Depreciation and amortization		4,577		3,885		8,123		7,912
Foreign currency (gain) loss		351		–		351		–
		61,254		51,499		110,711		101,969
Operating income		9,255		13,330		17,308		20,973
Interest expense		(3,683)		(3,859)		(7,328)		(7,725)
Interest income		110		118		219		125
Income before income taxes		5,682		9,589		10,199		13,373
Income tax expense		(2,119)		(3,872)		(4,018)		(5,386)
Income (loss) before equity in net income (loss) of nonconsolidated affiliate		3,563		5,717		6,181		7,987
Equity in net income (loss) of nonconsolidated affiliate, net of tax		(68)		–		(68)		–
Net income	$	3,495	$	5,717	$	6,113	$	7,987

Basic and diluted earnings per share:
Net income per share, basic and diluted	$	0.04	$	0.06	$	0.07	$	0.09

Cash dividends declared per common share	$	0.03	$	0.03	$	0.06	$	0.06

Weighted average common shares outstanding, basic		90,354,982		89,134,412		90,296,057		89,015,934
Weighted average common shares outstanding, diluted		92,033,111		91,140,596		91,897,150		91,036,353

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(In thousands; unaudited)

	Three-Month Period				Six-Month Period
	Ended June 30,				Ended June 30,
	2017		2016		2017		2016

Cash flows from operating activities:
Net income		3,495	$	5,717		6,113	$	7,987
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,577		3,885		8,123		7,912
Deferred income taxes		1,955		3,658		3,428		4,922
Amortization of debt issue costs		186		193		369		384
Amortization of syndication contracts		109		101		218		190
Payments on syndication contracts		(102)		(89)		(215)		(183)
Equity in net income (loss) of nonconsolidated affiliate		68		–		68		–
Non-cash stock-based compensation		1,085		944		2,060		1,890
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		2,602		(217)		13,581		5,583
(Increase) decrease in prepaid expenses and other assets		(556)		(5)		(1,447)		(383)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(3,029)		(282)		(8,992)		(3,876)
Net cash provided by operating activities		10,390		13,905		23,306		24,426
Cash flows from investing activities:
Purchases of short-term investments		–		–		–		(30,000)
Purchases of property and equipment and intangibles		(5,730)		(2,610)		(7,296)		(4,745)
Purchases of investments		(1,950)		–		(2,200)		–
Deposits on acquisitions		–		–		(190)		–
Purchase of a business, net of cash acquired		(7,489)		–		(7,489)		–
Net cash provided by (used in) investing activities		(15,169)		(2,610)		(17,175)		(34,745)
Cash flows from financing activities:
Proceeds from stock option exercises		215		870		526		1,270
Payments on long-term debt		(937)		(937)		(1,875)		(1,875)
Dividends paid		(2,826)		(2,788)		(5,647)		(5,569)
Net cash used in financing activities		(3,548)		(2,855)		(6,996)		(6,174)
Effect of exchange rates on cash and cash equivalents		(18)		–		(18)		–
Net increase (decrease) in cash and cash equivalents		(8,345)		8,440		(883)		(16,493)
Cash and cash equivalents:
Beginning		68,982		22,991		61,520		47,924
Ending	$	60,637	$	31,431	$	60,637	$	31,431

Entravision Communications Corporation
Reconciliation of Consolidated Adjusted 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			Six-Month Period
	Ended June 30,			Ended June 30,
		2017	2016		2017	2016

Consolidated adjusted EBITDA (1)		14,924	18,171		27,494	30,782

Interest expense		(3,683)	(3,859)		(7,328)	(7,725)
Interest income		110	118		219	125
Income tax expense		(2,119)	(3,872)		(4,018)	(5,386)
Amortization of syndication contracts		(109)	(101)		(218)	(190)
Payments on syndication contracts		102	89		215	183
Equity in net losses of nonconsolidated affiliates		(68)	–		(68)	–
Non-cash stock-based compensation included in direct operating expenses		(307)	(300)		(530)	(621)
Non-cash stock-based compensation included in corporate expenses		(778)	(644)		(1,530)	(1,269)
Depreciation and amortization		(4,577)	(3,885)		(8,123)	(7,912)
Net income		3,495	5,717		6,113	7,987


Depreciation and amortization		4,577	3,885		8,123	7,912
Deferred income taxes		1,955	3,658		3,428	4,922
Amortization of debt issue costs		186	193		369	384
Amortization of syndication contracts		109	101		218	190
Payments on syndication contracts		(102)	(89)		(215)	(183)
Equity in net income (loss) of nonconsolidated affiliate		68	–		68	–
Non-cash stock-based compensation		1,085	944		2,060	1,890
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		2,602	(217)		13,581	5,583
(Increase) decrease in prepaid expenses and other assets		(556)	(5)		(1,447)	(383)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(3,029)	(282)		(8,992)	(3,876)
Cash flows from operating activities		10,390	13,905		23,306	24,426

(1) Consolidated adjusted EBITDA is defined on page 1.

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				Six-Month Period
	Ended June 30,				Ended June 30,
		2017		2016		2017		2016
Consolidated adjusted EBITDA (1)	$	14,924	$	18,171	$	27,494	$	30,782
Net interest expense (1)		(3,387)		(3,548)		(6,740)		(7,216)
Cash paid for income taxes		(164)		(214)		(590)		(464)
Capital expenditures (2)		(5,730)		(2,610)		(7,296)		(4,745)
Free cash flow (1)		5,643		11,799		12,868		18,357

Capital expenditures (2)		5,730		2,610		7,296		4,745
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		2,602		(217)		13,581		5,583
(Increase) decrease in prepaid expenses and other assets		(556)		(5)		(1,447)		(383)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(3,029)		(282)		(8,992)		(3,876)
Cash Flows From Operating Activities	$	10,390	$	13,905	$	23,306	$	24,426

(1) Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1. (2) Capital expenditures are not part of the consolidated statement of operations.

View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-second-quarter-2017-results-300498705.html

SOURCE Entravision Communications Corporation

August 2, 2017

Entravision Communications Corporation Reports Second Quarter 2017 Results

SANTA MONICA, Calif., Aug. 2, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2017.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). 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 10. Unaudited financial highlights are as follows:

	Three-Month Period							Six-Month Period
	Ended June 30,							Ended June 30,
	2017		2016		% Change			2017		2016		% Change
Net revenue	$	70,509	$	64,829		9	%	$	128,019	$	122,942		4	%
Cost of revenue – digital media (1)		8,762		2,373		269	%		10,514		4,212		150	%
Operating expenses (2)		41,945		39,948		5	%		80,237		78,948		2	%
Corporate expenses (3)		5,619		5,293		6	%		11,486		10,897		5	%
Foreign currency (gain) loss		351		–	NM				351		–	NM

Consolidated adjusted EBITDA (4)		14,924		18,171		(18)	%		27,494		30,782		(11)	%

Free cash flow (5)	$	5,643	$	11,799		(52)	%	$	12,868	$	18,357		(30)	%

Net income	$	3,495	$	5,717		(39)	%	$	6,113	$	7,987		(23)	%

Net income per share, basic and diluted	$	0.04	$	0.06		(33)	%	$	0.07	$	0.09		(22)	%

Weighted average common shares outstanding, basic		90,354,982		89,134,412					90,296,057		89,015,934
Weighted average common shares outstanding, diluted		92,033,111		91,140,596					91,897,150		91,036,353

(1) Cost of revenue 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 $0.3 million of non-cash stock-based compensation for each of the three-month periods ended June 30, 2017 and 2016, and $0.5 million and $0.6 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss). (3) Corporate expenses include $0.8 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended June 30, 2017 and 2016, respectively, and $1.5 million and $1.3 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively. (4) Consolidated adjusted 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 income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility 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 and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, 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 and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions. (5) Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the second quarter, we achieved revenue growth driven by increases in our digital media segment attributable to the acquisition of Headway. This growth in our digital media segment offset decreases in our radio segment and television segment, which were affected by the loss of political advertising revenue compared to 2016. We continued to build our digital footprint and, looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

Quarterly Cash Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.05 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $4.5 million, which represents an increase from the prior quarter’s dividend, which was $0.03125 per share. The quarterly dividend will be payable on September 29, 2017 to shareholders of record as of the close of business on September 14, 2017, and the common stock will trade ex-dividend on September 12, 2017. As previously announced, 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.

Share Repurchase Program

On July 13, 2017, the Board of Directors approved the repurchase of up to $15 million of the Company’s common stock. Under the new share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. On the same date, the Board terminated the Company’s previous share repurchase program of up to $20 million of the Company’s common stock.

Receives Proceeds from FCC Auction for Broadcast Spectrum

On July 21, 2017, the Company received proceeds of $263.6 million related to its participation in the Federal Communications Commission (the “FCC”) auction for broadcast spectrum. The proceeds reflect the FCC’s acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of the Company’s television stations. The Company does not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The proceeds of the auction were deposited into the account of a “qualified intermediary” to comply with Internal Revenue Code Section 1031 requirements to execute a like-kind exchange.

Acquisition of NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California

On July 20, 2017, the Company entered into an agreement with OTA Broadcasting (PSP), LLC to acquire television stations KMIR-TV, the local NBC affiliate, and KPSE-LD, the local MyNetworkTV affiliate, serving the Palm Springs, California area, for an aggregate of $21 million. The transaction, which is subject to customary closing conditions, including the prior consent of the FCC, is currently expected to close in the fourth quarter of 2017.

Amendment of Bank Credit Facility

The Company has entered into an amendment to its bank credit facility. The amendment increases the amount of certain restricted payments that the Company can make under the terms of the credit facility. Additional details regarding the amendment are provided in the company’s Current Report on Form 8-K dated August 2, 2017, filed with the Securities and Exchange Commission.

Financial Results

Three-Month Period Ended June 30, 2017 Compared to Three-Month Period Ended
June 30, 2016
(Unaudited)

	Three-Month Period
	Ended June 30,
	2017		2016		% Change
Net revenue	$	70,509	$	64,829		9	%
Cost of revenue – digital media (1)		8,762		2,373		269	%
Operating expenses (1)		41,945		39,948		5	%
Corporate expenses (1)		5,619		5,293		6	%
Depreciation and amortization		4,577		3,885		18	%
Foreign currency (gain) loss		351		–	NM

Operating income		9,255		13,330		(31)	%
Interest expense, net		(3,573)		(3,741)		(4)	%

Income before income taxes		5,682		9,589		(41)	%
Income tax expense		(2,119)		(3,872)		(45)	%
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		3,563		5,717		(38)	%
Equity in net income (loss) of nonconsolidated affiliates, net of tax		(68)		–	NM
Net income	$	3,495	$	5,717		(39)	%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $70.5 million for the three-month period ended June 30, 2017 from $64.8 million for the three-month period ended June 30, 2016, an increase of $5.7 million. Of the overall increase, $9.5 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $2.4 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $1.4 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017.

Cost of revenue, which we incur in our digital segment, increased to $8.8 million for the three-month period ended June 30, 2017 from $2.4 million for the three-month period ended June 30, 2016, an increase of $6.4 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

Operating expenses increased to $41.9 million for the three-month period ended June 30, 2017 from $39.9 million for the three-month period ended June 30, 2016, an increase of $2.0 million. Of the overall increase, $2.2 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

Corporate expenses increased to $5.6 million for the three-month period ended June 30, 2017 from $5.3 million for the three-month period ended June 30, 2016, an increase of $0.3 million. The increase was primarily due to an increase in salary expense and non-cash stock-based compensation expense.

Six-Month Period Ended June 30, 2017 Compared to Six-Month Period Ended
June 30, 2016
(Unaudited)

	Six-Month Period
	Ended June 30,
	2017		2016		% Change
Net revenue	$	128,019	$	122,942		4	%
Cost of revenue – digital media (1)		10,514		4,212		150	%
Operating expenses (1)		80,237		78,948		2	%
Corporate expenses (1)		11,486		10,897		5	%
Depreciation and amortization		8,123		7,912		3	%
Foreign currency (gain) loss		351		–	NM

Operating income		17,308		20,973		(17)	%
Interest expense, net		(7,109)		(7,600)		(6)	%

Income before income taxes		10,199		13,373		(24)	%

Income tax expense		(4,018)		(5,386)		(25)	%
Net income (loss) before equity in net loss of nonconsolidated affiliates		6,181		7,987		(23)	%
Equity in net loss of nonconsolidated affiliates, net of tax		(68)		–	NM
Net income	$	6,113	$	7,987		(23)	%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $128.0 million for the six-month period ended June 30, 2017 from $122.9 million for the six-month period ended June 30, 2016, an increase of $5.1 million. Of the overall increase, $9.0 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $3.5 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $0.3 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in national advertising revenue and an increase in retransmission consent revenue.

Cost of revenue, which we incur in our digital segment, increased to $10.5 million for the six-month period ended June 30, 2017 from $4.2 million for the six-month period ended June 30, 2016, an increase of $6.3 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

Operating expenses increased to $80.2 million for the six-month period ended June 30, 2017 from $78.9 million for the six-month period ended June 30, 2016, an increase of $1.3 million. Of the overall increase, $1.9 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

Corporate expenses increased to $11.5 million for the six-month period ended June 30, 2017 from $10.9 million for the six-month period ended June 30, 2016, an increase of $0.6 million. The increase was primarily due to legal and financial due diligence costs related to the Headway acquisition and non-cash stock-based compensation expense.

Segment Results

The following represents selected unaudited segment information:

	Three-Month Period							Six-Month Period
	Ended June 30,							Ended June 30,
		2017		2016	% Change				2017		2016	% Change
Net Revenue
Television	$	37,764	$	39,215		(4)	%	$	75,474	$	75,780		(0)	%
Radio		17,163		19,552		(12)	%		32,882	$	36,436		(10)	%
Digital		15,582		6,062		157	%		19,663	$	10,726		83	%
Total	$	70,509	$	64,829		9	%	$	128,019	$	122,942		4	%

Cost of Revenue – digital media (1)
Digital	$	8,762	$	2,373		269	%	$	10,514	$	4,212		150	%

Operating Expenses (1)
Television		20,150		20,668		(3)	%		40,355	$	41,148		(2)	%
Radio		15,620		16,235		(4)	%		31,341	$	32,064		(2)	%
Digital		6,175		3,045		103	%		8,541	$	5,736		49	%
Total	$	41,945	$	39,948		5	%	$	80,237	$	78,948		2	%

Corporate Expenses (1)	$	5,619	$	5,293		6	%	$	11,486	$	10,897		5	%

Foreign currency (gain) loss	$	351	$	–	NM			$	351	$	–	NM

Consolidated adjusted EBITDA (1)	$	14,924	$	18,171		(18)	%	$	27,494	$	30,782		(11)	%

(1) Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

Entravision Communications Corporation will hold a conference call to discuss its 2017 second quarter results on August 2, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and other markets in Latin America. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

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 Balance Sheets
(In thousands; unaudited)

	June 30,		December 31,
	2017		2016


ASSETS
Current assets
Cash and cash equivalents	$	60,637	$	61,520
Trade receivables, net of allowance for doubtful accounts		70,781		65,072
Prepaid expenses and other current assets		6,183		4,870
Total current assets		137,601		131,462
Property and equipment, net		56,837		55,368
Intangible assets subject to amortization, net		27,437		13,120
Intangible assets not subject to amortization		220,701		220,701
Goodwill		69,316		50,081
Deferred income taxes		36,558		44,677
Other assets		4,594		2,512
Total assets	$	553,044	$	517,921


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	3,750	$	3,750
Accounts payable and accrued expenses		47,183		30,810
Total current liabilities		50,933		34,560
Long-term debt, less current maturities, net of unamortized debt issuance costs		285,153		286,697
Other long-term liabilities		27,132		13,208
Total liabilities		363,218		334,465

Stockholders’ equity
Class A common stock		7		7
Class B common stock		2		2
Class U common stock		1		1
Additional paid-in capital		901,806		904,867
Accumulated deficit		(709,910)		(718,444)
Accumulated other comprehensive income (loss)		(2,080)		(2,977)
Total stockholders’ equity		189,826		183,456
Total liabilities and stockholders’ equity	$	553,044	$	517,921

Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

	Three-Month Period				Six-Month Period
	Ended June 30,				Ended June 30,
	2017		2016		2017		2016

Net revenue	$	70,509	$	64,829	$	128,019	$	122,942

Expenses:
Cost of revenue – digital media		8,762		2,373		10,514		4,212
Direct operating expenses		29,915		28,538		57,007		56,103
Selling, general and administrative expenses		12,030		11,410		23,230		22,845
Corporate expenses		5,619		5,293		11,486		10,897
Depreciation and amortization		4,577		3,885		8,123		7,912
Foreign currency (gain) loss		351		–		351		–
		61,254		51,499		110,711		101,969
Operating income		9,255		13,330		17,308		20,973
Interest expense		(3,683)		(3,859)		(7,328)		(7,725)
Interest income		110		118		219		125
Income before income taxes		5,682		9,589		10,199		13,373
Income tax expense		(2,119)		(3,872)		(4,018)		(5,386)
Income (loss) before equity in net income (loss) of nonconsolidated affiliate		3,563		5,717		6,181		7,987
Equity in net income (loss) of nonconsolidated affiliate, net of tax		(68)		–		(68)		–
Net income	$	3,495	$	5,717	$	6,113	$	7,987

Basic and diluted earnings per share:
Net income per share, basic and diluted	$	0.04	$	0.06	$	0.07	$	0.09

Cash dividends declared per common share	$	0.03	$	0.03	$	0.06	$	0.06

Weighted average common shares outstanding, basic		90,354,982		89,134,412		90,296,057		89,015,934
Weighted average common shares outstanding, diluted		92,033,111		91,140,596		91,897,150		91,036,353

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(In thousands; unaudited)

	Three-Month Period				Six-Month Period
	Ended June 30,				Ended June 30,
	2017		2016		2017		2016

Cash flows from operating activities:
Net income		3,495	$	5,717		6,113	$	7,987
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,577		3,885		8,123		7,912
Deferred income taxes		1,955		3,658		3,428		4,922
Amortization of debt issue costs		186		193		369		384
Amortization of syndication contracts		109		101		218		190
Payments on syndication contracts		(102)		(89)		(215)		(183)
Equity in net income (loss) of nonconsolidated affiliate		68		–		68		–
Non-cash stock-based compensation		1,085		944		2,060		1,890
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		2,602		(217)		13,581		5,583
(Increase) decrease in prepaid expenses and other assets		(556)		(5)		(1,447)		(383)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(3,029)		(282)		(8,992)		(3,876)
Net cash provided by operating activities		10,390		13,905		23,306		24,426
Cash flows from investing activities:
Purchases of short-term investments		–		–		–		(30,000)
Purchases of property and equipment and intangibles		(5,730)		(2,610)		(7,296)		(4,745)
Purchases of investments		(1,950)		–		(2,200)		–
Deposits on acquisitions		–		–		(190)		–
Purchase of a business, net of cash acquired		(7,489)		–		(7,489)		–
Net cash provided by (used in) investing activities		(15,169)		(2,610)		(17,175)		(34,745)
Cash flows from financing activities:
Proceeds from stock option exercises		215		870		526		1,270
Payments on long-term debt		(937)		(937)		(1,875)		(1,875)
Dividends paid		(2,826)		(2,788)		(5,647)		(5,569)
Net cash used in financing activities		(3,548)		(2,855)		(6,996)		(6,174)
Effect of exchange rates on cash and cash equivalents		(18)		–		(18)		–
Net increase (decrease) in cash and cash equivalents		(8,345)		8,440		(883)		(16,493)
Cash and cash equivalents:
Beginning		68,982		22,991		61,520		47,924
Ending	$	60,637	$	31,431	$	60,637	$	31,431

Entravision Communications Corporation
Reconciliation of Consolidated Adjusted 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			Six-Month Period
	Ended June 30,			Ended June 30,
		2017	2016		2017	2016

Consolidated adjusted EBITDA (1)		14,924	18,171		27,494	30,782

Interest expense		(3,683)	(3,859)		(7,328)	(7,725)
Interest income		110	118		219	125
Income tax expense		(2,119)	(3,872)		(4,018)	(5,386)
Amortization of syndication contracts		(109)	(101)		(218)	(190)
Payments on syndication contracts		102	89		215	183
Equity in net losses of nonconsolidated affiliates		(68)	–		(68)	–
Non-cash stock-based compensation included in direct operating expenses		(307)	(300)		(530)	(621)
Non-cash stock-based compensation included in corporate expenses		(778)	(644)		(1,530)	(1,269)
Depreciation and amortization		(4,577)	(3,885)		(8,123)	(7,912)
Net income		3,495	5,717		6,113	7,987


Depreciation and amortization		4,577	3,885		8,123	7,912
Deferred income taxes		1,955	3,658		3,428	4,922
Amortization of debt issue costs		186	193		369	384
Amortization of syndication contracts		109	101		218	190
Payments on syndication contracts		(102)	(89)		(215)	(183)
Equity in net income (loss) of nonconsolidated affiliate		68	–		68	–
Non-cash stock-based compensation		1,085	944		2,060	1,890
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		2,602	(217)		13,581	5,583
(Increase) decrease in prepaid expenses and other assets		(556)	(5)		(1,447)	(383)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(3,029)	(282)		(8,992)	(3,876)
Cash flows from operating activities		10,390	13,905		23,306	24,426

(1) Consolidated adjusted EBITDA is defined on page 1.

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				Six-Month Period
	Ended June 30,				Ended June 30,
		2017		2016		2017		2016
Consolidated adjusted EBITDA (1)	$	14,924	$	18,171	$	27,494	$	30,782
Net interest expense (1)		(3,387)		(3,548)		(6,740)		(7,216)
Cash paid for income taxes		(164)		(214)		(590)		(464)
Capital expenditures (2)		(5,730)		(2,610)		(7,296)		(4,745)
Free cash flow (1)		5,643		11,799		12,868		18,357

Capital expenditures (2)		5,730		2,610		7,296		4,745
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		2,602		(217)		13,581		5,583
(Increase) decrease in prepaid expenses and other assets		(556)		(5)		(1,447)		(383)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(3,029)		(282)		(8,992)		(3,876)
Cash Flows From Operating Activities	$	10,390	$	13,905	$	23,306	$	24,426

(1) Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1. (2) Capital expenditures are not part of the consolidated statement of operations.

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SOURCE Entravision Communications Corporation

August 2, 2017

Entravision Communications Corporation Schedules Second Quarter 2017 Earnings Release And Teleconference

SANTA MONICA, Calif., July 27, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release second quarter 2017 financial results after market hours on Wednesday, August 2, 2017.

The company will also host a teleconference to discuss its second quarter 2017 financial results on Wednesday, August 2, 2017 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 412-317-5440 ten minutes prior to the start time. The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Wednesday, August 23, 2017 which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 10111007. The webcast will also be archived on the Company’s Web site for 30 days.

About Entravision Communications Corporation
Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and Latin America. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com

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SOURCE Entravision Communications Corporation

July 27, 2017

Entravision Communications Corporation Reports First Quarter 2017 Results

SANTA MONICA, Calif., May 4, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three-month period ended March 31, 2017.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). 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 are as follows:

	Three-Month Period
	Ended March 31,
	2017		2016		% Change
Net revenue	$	57,510	$	58,113		(1)%
Cost of revenue – digital media (1)		1,752		1,839		(5)%
Operating expenses (2)		38,292		39,000		(2)%
Corporate expenses (3)		5,867		5,604		5%

Consolidated adjusted EBITDA (4)		12,570		12,611		(0)%

Free cash flow (5)	$	7,265	$	6,558		11%

Net income	$	2,618	$	2,270		15%

Net income per share, basic	$	0.03	$	0.03		0%
Net income per share, diluted	$	0.03	$	0.02		50%

Weighted average common shares outstanding, basic		90,236,476		88,897,456
Weighted average common shares outstanding, diluted		91,760,531		90,932,109

(1) Cost of revenue 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, selling, general and administrative expenses. Included in operating expenses are $0.2 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended March 31, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss). (3) Corporate expenses include $0.8 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended March 31, 2017 and 2016, respectively. (4) Consolidated adjusted 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 income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility 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 and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, 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 and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions. (5) Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “Our first quarter results were impacted by the absence of political advertising revenue in the first quarter compared to the prior year. We grew our television advertising revenue, but this increase was offset by decreases in our radio and digital segments. We also improved our free cash flow and net income over last year’s fourth quarter. Additionally, we continued to build our digital footprint through our announced acquisition of Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other parts of Latin America. Looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

Quarterly Cash Dividend
The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.03125 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.8 million. The quarterly dividend will be payable on June 30, 2017 to shareholders of record as of the close of business on June 15, 2017, and the common stock will trade ex-dividend on June 13, 2017. As previously announced, 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.

FCC Auction for Broadcast Spectrum
On April 13, 2017, the Federal Communication Commission finalized the “incentive auction” for broadcast spectrum, which resulted in anticipated proceeds of approximately $264 million for the Company. The anticipated proceeds reflect the FCC’s acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of the Company’s television stations. The Company does not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The proceeds of the incentive auction are expected to be received in the second half of 2017.

WJAL-TV to Relocate from Hagerstown, Maryland to Washington, D.C.
On April 20, 2017, the Company exercised its rights under an agreement pursuant to which a full-power station in Washington, D.C. will permit the Company’s television station WJAL-TV to broadcast on a portion of such station’s broadcast channel, on a jointly shared and licensed basis, and relocate its broadcast location from Hagerstown, Maryland to Washington, D.C., subject to Federal Communications Commission approval, in exchange for payment from the Company of $32.5 million.

Acquisition of Headway
On April 4, 2017, the Company completed the acquisition of the business of Headway, a provider of digital marketing solutions primarily in the United States, Mexico and other parts of Latin America. The transaction was funded from the Company’s cash on hand.

Financial Results

Three-Month Period Ended March 31, 2017 Compared to Three-Month Period Ended March 31, 2016 (Unaudited)

	Three-Month Period
	Ended March 31,
	2017		2016		% Change
Net revenue	$	57,510	$	58,113		(1)%
Cost of revenue – digital media (1)		1,752		1,839		(5)%
Operating expenses (1)		38,292		39,000		(2)%
Corporate expenses (1)		5,867		5,604		5%
Depreciation and amortization		3,546		4,027		(12)%

Operating income		8,053		7,643		5%
Interest expense, net		(3,536)		(3,859)		(8)%

Income before income taxes		4,517		3,784		19%

Income tax expense		(1,899)		(1,514)		25%
Net income	$	2,618	$	2,270		15%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue decreased to $57.5 million for the three-month period ended March 31, 2017 from $58.1 million for the three-month period ended March 31, 2016, a decrease of $0.6 million. Of the overall decrease, approximately $1.2 million was attributable to our radio segment and was primarily due to a decrease in political advertising revenue, which was not material in 2017, and decreases in local and national advertising revenue. Additionally we had a decrease of $0.6 million in the digital segment primarily attributable to a decrease in national revenue. The overall decrease was partially offset by an increase in the television segment of approximately $1.1 million. The increase was primarily due to increases in national and local advertising revenue and an increase in retransmission consent revenue, partially offset by a decrease in political advertising revenue, which was not material in 2017.

Cost of revenue was $1.8 million for each of the three-month periods ended March 31, 2017 and 2016.

Operating expenses decreased to $38.3 million for the three-month period ended March 31, 2017 from $39.0 million for the three-month period ended March 31, 2016, a decrease of $0.7 million. The decrease was primarily due to a decrease in professional services, non-cash stock based compensation, bad debt expense and a decrease in expense for ratings services, partially offset by an increase in salary expense.

Corporate expenses increased to $5.9 million for the three-month period ended March 31, 2017 from $5.6 million for the three-month period ended March 31, 2016, an increase of $0.3 million. The increase was primarily due to legal and financial due diligence costs related to a pending acquisition and non-cash stock-based compensation expense.

Segment Results

The following represents selected unaudited segment information:

	Three-Month Period
	Ended March 31,
		2017		2016	% Change
Net Revenue
Television	$	37,710	$	36,565		3%
Radio		15,719		16,884		(7)%
Digital		4,081		4,664		(13)%
Total	$	57,510	$	58,113		(1)%

Cost of Revenue – digital media (1)
Digital	$	1,752	$	1,839		(5)%

Operating Expenses (1)
Television		20,205		20,480		(1)%
Radio		15,721		15,829		(1)%
Digital		2,366		2,691		(12)%
Total	$	38,292	$	39,000		(2)%

Corporate Expenses (1)	$	5,867	$	5,604		5%

Consolidated adjusted EBITDA (1)	$	12,570	$	12,611		(0)%

(1) Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

Entravision Communications Corporation will hold a conference call to discuss its 2017 first quarter results on May 4, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

Entravision Communications Corporation is a leading media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. According to comScore Media Metrix®, Entravision’s digital operating group, Pulpo Media, is the #1-ranked online advertising platform in Hispanic reach, and Pulpo’s comprehensive media offerings, data, and consumer insights lead the industry. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

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 Balance Sheets (In thousands; unaudited)

	March 31,		December 31,
	2017		2016


ASSETS
Current assets
Cash and cash equivalents	$	68,982	$	61,520
Trade receivables, net of allowance for doubtful accounts		54,460		65,072
Prepaid expenses and other current assets		5,683		4,870
Total current assets		129,125		131,462
Property and equipment, net		53,917		55,368
Intangible assets subject to amortization, net		12,273		13,120
Intangible assets not subject to amortization		220,701		220,701
Goodwill		50,081		50,081
Deferred income taxes		45,278		44,677
Other assets		2,890		2,512
Total assets	$	514,265	$	517,921


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	3,750	$	3,750
Accounts payable and accrued expenses		24,862		30,810
Total current liabilities		28,612		34,560
Long-term debt, less current maturities, net of unamortized debt issuance costs		285,924		286,697
Other long-term liabilities		12,217		13,208
Total liabilities		326,753		334,465

Stockholders’ equity
Class A common stock		7		7
Class B common stock		2		2
Class U common stock		1		1
Additional paid-in capital		903,331		904,867
Accumulated deficit		(713,405)		(718,444)
Accumulated other comprehensive income (loss)		(2,424)		(2,977)
Total stockholders’ equity		187,512		183,456
Total liabilities and stockholders’ equity	$	514,265	$	517,921

Entravision Communications Corporation Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited)

	Three-Month Period
	Ended March 31,
	2017		2016

Net revenue	$	57,510	$	58,113

Expenses:
Cost of revenue – digital media		1,752		1,839
Direct operating expenses		27,092		27,565
Selling, general and administrative expenses		11,200		11,435
Corporate expenses		5,867		5,604
Depreciation and amortization		3,546		4,027
		49,457		50,470
Operating income		8,053		7,643
Interest expense		(3,645)		(3,866)
Interest income		109		7
Income before income taxes		4,517		3,784
Income tax expense		(1,899)		(1,514)
Net income	$	2,618	$	2,270

Basic and diluted earnings per share:
Net income per share, basic	$	0.03	$	0.03
Net income per share, diluted	$	0.03	$	0.02

Cash dividends declared per common share	$	0.03	$	0.03

Weighted average common shares outstanding, basic		90,236,476		88,897,456
Weighted average common shares outstanding, diluted		91,760,531		90,932,109

Entravision Communications Corporation Consolidated Statements of Cash Flows (In thousands; unaudited)

	Three-Month Period
	Ended March 31,
	2017		2016

Cash flows from operating activities:
Net income	$	2,618	$	2,270
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,546		4,027
Deferred income taxes		1,473		1,264
Amortization of debt issue costs		183		191
Amortization of syndication contracts		109		89
Payments on syndication contracts		(113)		(94)
Non-cash stock-based compensation		975		946
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		10,979		5,800
(Increase) decrease in prepaid expenses and other assets		(891)		(378)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(5,963)		(3,594)
Net cash provided by operating activities		12,916		10,521
Cash flows from investing activities:
Purchases of short-term investments		–		(30,000)
Purchases of property and equipment and intangibles		(1,526)		(2,135)
Purchases of investments		(250)		–
Deposits on acquisitions		(230)		–
Net cash provided by (used in) investing activities		(2,006)		(32,135)
Cash flows from financing activities:
Proceeds from stock option exercises		311		400
Payments on long-term debt		(938)		(938)
Dividends paid		(2,821)		(2,781)
Net cash used in financing activities		(3,448)		(3,319)
Net increase (decrease) in cash and cash equivalents		7,462		(24,933)
Cash and cash equivalents:
Beginning		61,520		47,924
Ending	$	68,982	$	22,991

Entravision Communications Corporation Reconciliation of Consolidated Adjusted 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,
		2017		2016
Consolidated adjusted EBITDA (1)	$	12,570	$	12,611
Interest expense		(3,645)		(3,866)
Interest income		109		7
Income tax expense		(1,899)		(1,514)
Amortization of syndication contracts		(109)		(89)
Payments on syndication contracts		113		94
Non-cash stock-based compensation included in direct operating expenses		(223)		(321)
Non-cash stock-based compensation included in corporate expenses		(752)		(625)
Depreciation and amortization		(3,546)		(4,027)
Net income		2,618		2,270
Depreciation and amortization		3,546		4,027
Deferred income taxes		1,473		1,264
Amortization of debt issue costs		183		191
Amortization of syndication contracts		109		89
Payments on syndication contracts		(113)		(94)
Non-cash stock-based compensation		975		946
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		10,979		5,800
(Increase) decrease in prepaid expenses and other assets		(891)		(378)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(5,963)		(3,594)
Cash flows from operating activities	$	12,916	$	10,521

(1) Consolidated adjusted EBITDA is defined on page 1.

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,
		2017		2016
Consolidated adjusted EBITDA (1)	$	12,570	$	12,611
Net interest expense (1)		(3,353)		(3,668)
Cash paid for income taxes		(426)		(250)
Capital expenditures (2)		(1,526)		(2,135)
Free cash flow (1)		7,265		6,558

Capital expenditures (2)		1,526		2,135
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		10,979		5,800
(Increase) decrease in prepaid expenses and other assets		(891)		(378)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(5,963)		(3,594)
Cash Flows From Operating Activities	$	12,916	$	10,521


(1) Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1. (2) Capital expenditures are not part of the consolidated statement of operations.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-first-quarter-2017-results-300451957.html

SOURCE Entravision Communications Corporation

May 4, 2017

Entravision Communications Corporation Schedules First Quarter 2017 Earnings Release And Teleconference

SANTA MONICA, Calif., April 28, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release first quarter 2017 financial results after market hours on Thursday, May 4, 2017.

The company will also host a teleconference to discuss its first quarter 2017 financial results on Thursday, May 4, 2017 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 412-317-5440 ten minutes prior to the start time. The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, May 25, 2017 which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 10106261. The webcast will also be archived on the Company’s Web site for 30 days.

About Entravision Communications Corporation
Entravision Communications Corporation is a leading media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. According to comScore Media Metrix®, Entravision’s digital operating group, Pulpo, is the #1-ranked online advertising platform in Hispanic reach, and Pulpo’s comprehensive media offering, data, and consumer insights lead the industry. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/entravision-communications-corporation-schedules-first-quarter-2017-earnings-release-and-teleconference-300448197.html

SOURCE Entravision Communications Corporation

April 28, 2017

Entravision Communications Corporation Reports Fourth Quarter And Full Year 2016 Results

SANTA MONICA, Calif., March 2, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and twelve-month periods ended December 31, 2016.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). 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 10. Unaudited financial highlights are as follows:

	Three Months Ended							Twelve Months Ended
	December 31,							December 31,
	2016		2015		% Change			2016		2015		% Change
Net revenue	$	70,291	$	65,432		7	%	$	258,514	$	254,134		2	%
Cost of revenue – digital media (1)		3,043		2,609		17	%		9,536		7,242		32	%
Operating expenses (2)		41,102		39,620		4	%		160,237		153,138		5	%
Corporate expenses (3)		7,918		6,942		14	%		24,543		22,520		9	%

Consolidated adjusted EBITDA (4)		20,620		18,782		10	%		69,243		76,324		(9)	%

Free cash flow (5)	$	14,919	$	13,523		10	%	$	45,204	$	49,673		(9)	%

Net income	$	7,003	$	5,807		21	%	$	20,405	$	25,625		(20)	%

Net income per share, basic	$	0.08	$	0.07		14	%	$	0.23	$	0.29		(21)	%
Net income per share, diluted	$	0.08	$	0.06		33	%	$	0.22	$	0.28		(21)	%

Weighted average common shares outstanding, basic		89,733,294		88,217,563					89,340,589		87,920,230
Weighted average common shares outstanding, diluted		91,642,487		90,570,304					91,303,056		90,295,185

(1)	Cost of revenue 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, selling, general and administrative expenses. Included in operating expenses are $0.6 million and $1.0 million of non-cash stock-based compensation for the three-month periods ended December 31, 2016 and 2015, respectively and $1.3 million and $1.9 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2016 and 2015, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).

(3)	Corporate expenses include $1.8 million and $1.6 million of non-cash stock-based compensation for the three-month periods ended December 31, 2016 and 2015, respectively and $3.7 million and $3.3 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2016 and 2015, respectively.

(4)	Consolidated adjusted 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 income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility 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 and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, 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 and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions.

(5)	Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the fourth quarter, we achieved revenue growth driven by increases in our television, radio and digital media segments. We also improved our free cash flow and net income over the fourth quarter of 2015. Additionally, we continued to grow our digital segment revenue and build our digital footprint through Pulpo Media, which provides us with an integrated platform to connect advertisers and marketers with Latino audiences. Looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

FCC Auction for Broadcast Spectrum

The Federal Communication Commission recently completed the reverse auction for broadcast spectrum which resulted in anticipated proceeds of approximately $264 million for the Company. The anticipated proceeds reflect the FCC’s acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of its television stations. We do not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The Company expects to receive the proceeds in the second half of 2017.

Quarterly Cash Dividend and Prepayment of Outstanding Debt

The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.03125 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.8 million. The quarterly dividend will be payable on March 31, 2017 to shareholders of record as of the close of business on March 14, 2017, and the common stock will trade ex-dividend on March 10, 2017. As previously announced, 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.

During the fourth quarter of 2016, the Company voluntarily prepaid $20.0 million of term loans under its senior secured term loan credit facility.

Definitive Agreement to Acquire the Digital Performance Marketing Provider Headway

The Company has entered into a definitive agreement to acquire the business of Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions focused primarily in the United States, Mexico and Latin America. The transaction, which will be funded from the Company’s cash on hand, is expected to close early in the second quarter.

Financial Results

Three-Month Period Ended December 31, 2016 Compared to Three-Month Period Ended December 31, 2015 (Unaudited)

	Three Months Ended
	December 31,
	2016		2015		% Change
Net revenue	$	70,291	$	65,432		7	%
Cost of revenue – digital media (1)		3,043		2,609		17	%
Operating expenses (1)		41,102		39,620		4	%
Corporate expenses (1)		7,918		6,942		14	%
Depreciation and amortization		3,618		4,039		(10)	%
Operating income		14,610		12,222		20	%
Interest expense, net		(3,746)		(3,264)		15	%
Gain (loss) on debt extinguishment		(161)		(204)		(21)	%
Income before income taxes		10,703		8,754		22	%
Income tax (expense) benefit		(3,700)		(2,947)		26	%
Net income	$	7,003	$	5,807		21	%

(1)	Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $70.3 million for the three-month period ended December 31, 2016 from $65.4 million for the three-month period ended December 31, 2015, an increase of $4.9 million. Of the overall increase, approximately $3.6 million was attributed to our television segment and was primarily attributable to an increase in political advertising revenue, which was not material in 2015, partially offset by decreases in local and national advertising revenue. Additionally we had an increase of $0.9 million in the radio segment primarily attributable to an increase in political advertising revenue, which was not material in 2015, and an increase in national advertising revenue partially offset by a decrease in local advertising revenue. The remaining $0.4 million was attributed to our digital segment and was primarily attributable to increases in local and national revenue.

Cost of revenue increased to $3.0 million for the three-month period ended December 31, 2016 from $2.6 million for the three-month period ended December 31, 2015, an increase of $0.4 million, due to increased online media costs associated with generating increased net revenue in our digital segment.

Operating expenses increased to $41.1 million for the three-month period ended December 31, 2016 from $39.6 million for the three-month period ended December 31, 2015, an increase of $1.5 million. The increase was primarily attributable to expenses associated with generating increased advertising revenue and increases in salary expense, insurance expense and promotional expense.

Corporate expenses increased to $7.9 million for the three-month period ended December 31, 2016 from $6.9 million for the three-month period ended December 31, 2015, an increase of $1.0 million. The increase was primarily attributable to legal and financial due diligence costs related to the pending acquisition of Headway and increases in salary expense and non-cash stock-based compensation expense.

Twelve-Month Period Ended December 31, 2016 Compared to Twelve-Month Period Ended December 31, 2015 (Unaudited)

	Twelve Months Ended
	December 31,
	2016		2015		% Change
Net revenue	$	258,514	$	254,134		2	%
Cost of revenue – digital media (1)		9,536		7,242		32	%
Operating expenses (1)		160,237		153,138		5	%
Corporate expenses (1)		24,543		22,520		9	%
Depreciation and amortization		15,342		15,989		(4)	%
Operating income		48,856		55,245		(12)	%
Interest expense, net		(15,169)		(13,002)		17	%
Gain (loss) on debt extinguishment		(161)		(204)		(21)	%
Income before income taxes		33,526		42,039		(20)	%
Income tax (expense) benefit		(13,121)		(16,414)		(20)	%
Net income	$	20,405	$	25,625		(20)	%

(1)	Operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $258.5 million for the twelve-month period ended December 31, 2016 from $254.1 million for the twelve-month period ended December 31, 2015, an increase of $4.4 million. Of the overall increase, $4.3 million was attributed to our digital media segment and was primarily attributable to increases in local and national advertising revenue. Additionally, approximately $0.4 million of the overall increase was attributed to our television segment and was primarily attributable to an increase in political revenue, which was not material in 2015, and an increase in national advertising revenue. This increase was offset by a decrease of approximately $10.5 million of revenue associated with television station channel modifications made by the Company in order to accommodate the operations of a telecommunications operator in 2015, which did not recur in 2016. These increases were partially offset by a decrease of $0.3 million that was attributed to our radio segment, primarily attributable to a decrease in local advertising revenue, partially offset by an increase in political advertising revenue, which was not material in 2015

Cost of revenue increased to $9.5 million for the twelve-month period ended December 31, 2016 from $7.2 million for the twelve-month period ended December 31, 2015, an increase of $2.3 million, due to increased online media costs associated with generating increased net revenue in our digital media segment.

Operating expenses increased to $160.2 million for the twelve-month period ended December 31, 2016 from $153.1 million for the twelve-month period ended December 31, 2015, an increase of $7.1 million. The increase was primarily attributable to expenses associated with generating increased advertising revenue and increases in salary expense and insurance expense.

Corporate expenses increased to $24.5 million for the twelve-month period ended December 31, 2016 from $22.5 million for the twelve-month period ended December 31, 2015, an increase of $2.0 million. The increase was primarily attributable to legal and financial due diligence costs related to the pending acquisition of Headway and increases in salary expense and non-cash stock-based compensation expense.

Segment Results

The following represents selected unaudited segment information:

	Three Months Ended							Twelve Months Ended
	December 31,							December 31,
	2016			2015	% Change			2016			2015	% Change
Net Revenue
Television	$	43,380	$	39,789		9	%	$	159,523	$	159,081		0	%
Radio		20,242		19,376		4	%		75,847		76,161		(0)	%
Digital		6,669		6,267		6	%		23,144		18,892		23	%
Total	$	70,291	$	65,432		7	%	$	258,514	$	254,134		2	%

Cost of Revenue – digital media (1)
Digital		3,043		2,609		17	%		9,536		7,242		32	%

Operating Expenses (1)
Television	$	21,312	$	20,738		3	%	$	83,611	$	80,666		4	%
Radio		16,904		15,973		6	%		65,390		61,970		6	%
Digital		2,886		2,909		(1)	%		11,236		10,502		7	%
Total	$	41,102	$	39,620		4	%	$	160,237	$	153,138		5	%

Corporate Expenses (1)	$	7,918	$	6,942		14	%	$	24,543	$	22,520		9	%

Consolidated adjusted EBITDA (1)	$	20,620	$	18,782		10	%	$	69,243	$	76,324		(9)	%

(1)	Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

Entravision Communications Corporation will hold a conference call to discuss its 2016 fourth quarter and full year results on March 2, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

Entravision Communications Corporation is a leading media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. According to comScore Media Metrix®, Entravision’s digital operating group, Pulpo, is the #1-ranked online advertising platform in Hispanic reach, and Pulpo’s comprehensive media offering, data, and consumer insights lead the industry. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

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.

(Financial Table Follows)

Entravision Communications Corporation Consolidated Balance Sheets (In thousands; unaudited)

	December 31,		December 31,
	2016		2015
ASSETS
Current assets
Cash and cash equivalents	$	61,520	$	47,924
Trade receivables, net of allowance for doubtful accounts		65,072		66,399
Prepaid expenses and other current assets		4,870		5,705
Total current assets		131,462		120,028
Property and equipment, net		55,368		57,874
Intangible assets subject to amortization, net		13,120		16,656
Intangible assets not subject to amortization		220,701		220,701
Goodwill		50,081		50,081
Deferred income taxes		44,677		57,929
Other assets		2,512		1,693
Total assets	$	517,921	$	524,962
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	3,750	$	3,750
Accounts payable and accrued expenses		30,810		29,787
Total current liabilities		34,560		33,537
Long-term debt, less current maturities, net of unamortized debt issuance costs		286,697		309,587
Other long-term liabilities		13,208		14,565
Total liabilities		334,465		357,689
Stockholders’ equity
Class A common stock		7		6
Class B common stock		2		2
Class U common stock		1		1
Additional paid-in capital		904,867		910,228
Accumulated deficit		(718,444)		(738,849)
Accumulated other comprehensive income (loss)		(2,977)		(4,115)
Total stockholders’ equity		183,456		167,273
Total liabilities and stockholders’ equity	$	517,921	$	524,962

Entravision Communications Corporation Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited)

	Three-Month Period				Twelve-Month Period
	Ended December 31,				Ended December 31,
	2016		2015		2016		2015
Net revenue	$	70,291	$	65,432	$	258,514	$	254,134
Expenses:
Cost of revenue – digital media		3,043		2,609		9,536		7,242
Direct operating expenses		29,098		28,970		113,439		110,323
Selling, general and administrative expenses		12,004		10,650		46,798		42,815
Corporate expenses		7,918		6,942		24,543		22,520
Depreciation and amortization		3,618		4,039		15,342		15,989
		55,681		53,210		209,658		198,889
Operating income		14,610		12,222		48,856		55,245
Interest expense		(3,850)		(3,278)		(15,469)		(13,047)
Interest income		104		14		300		45
Gain (loss) on debt extinguishment		(161)		(204)		(161)		(204)
Income before income taxes		10,703		8,754		33,526		42,039
Income tax (expense) benefit		(3,700)		(2,947)		(13,121)		(16,414)
Net income	$	7,003	$	5,807	$	20,405	$	25,625
Basic and diluted earnings per share:
Net income per share, basic	$	0.08	$	0.07	$	0.23	$	0.29
Net income per share, diluted	$	0.08	$	0.06	$	0.22	$	0.28

Cash dividends declared per common share, basic	$	0.03	$	0.03	$	0.13	$	0.11
Cash dividends declared per common share, diluted	$	0.03	$	0.03	$	0.12	$	0.10

Weighted average common shares outstanding, basic		89,733,294		88,217,563		89,340,589		87,920,230
Weighted average common shares outstanding, diluted		91,642,487		90,570,304		91,303,056		90,295,185

Entravision Communications Corporation Consolidated Statements of Cash Flows (In thousands; unaudited)

	Three-Month Period				Twelve-Month Period
	Ended December 31,				Ended December 31,
	2016		2015		2016		2015

Cash flows from operating activities:
Net income	$	7,003	$	5,807	$	20,405	$	25,625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,618		4,039		15,342		15,989
Deferred income taxes		3,641		2,900		12,528		15,664
Amortization of debt issue costs		197		202		776		797
Amortization of syndication contracts		109		98		398		360
Payments on syndication contracts		(118)		(133)		(388)		(510)
Non-cash stock-based compensation		2,401		2,556		5,035		5,240
(Gain) loss on debt extinguishment		161		204		161		204
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
(Increase) decrease in trade receivables		(4,407)		(1,974)		1,397		871
(Increase) decrease in prepaid expenses and other current assets		1,391		579		439		(499)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		4,395		1,121		1,203		(1,458)
Net cash provided by operating activities		18,391		15,399		57,296		62,283
Cash flows from investing activities:
Purchases of property and equipment and intangibles		(2,093)		(2,150)		(9,053)		(13,696)
Purchases of short term investments: CDs		–		–		(30,000)		–
Proceeds from short term investments: CDs		–		–		30,000		–
Purchases of investments		(250)		–		(500)		–
Net cash used in investing activities		(2,343)		(2,150)		(9,553)		(13,696)
Cash flows from financing activities:
Proceeds from issuance of common stock		298		363		2,183		2,177
Tax payments related to shares withheld for share-based compensation plans		(1,403)		–		(1,403)		–
Payments on long-term debt		(20,937)		(20,937)		(23,750)		(23,750)
Dividend paid		(2,806)		(2,759)		(11,177)		(9,350)
Payment of contingent consideration		–		–		–		(1,000)
Net cash used in financing activities		(24,848)		(23,333)		(34,147)		(31,923)
Net increase (decrease) in cash and cash equivalents		(8,800)		(10,084)		13,596		16,664
Cash and cash equivalents:
Beginning		70,320		58,008		47,924		31,260
Ending	$	61,520	$	47,924	$	61,520	$	47,924

Entravision Communications Corporation
Reconciliation of Consolidated Adjusted 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				Twelve-Month Period
	Ended December 31,				Ended December 31,
	2016			2015	2016			2015
Consolidated adjusted EBITDA (1)	$	20,620	$	18,782	$	69,243	$	76,324
Interest expense		(3,850)		(3,278)		(15,469)		(13,047)
Interest income		104		14		300		45
Gain (loss) on debt extinguishment		(161)		(204)		(161)		(204)
Income tax (expense) benefit		(3,700)		(2,947)		(13,121)		(16,414)
Amortization of syndication contracts		(109)		(98)		(398)		(360)
Payments on syndication contracts		118		133		388		510
Non-cash stock-based compensation included in direct operating
expenses		(630)		(951)		(1,330)		(1,931)
Non-cash stock-based compensation included in corporate expenses		(1,771)		(1,605)		(3,705)		(3,309)
Depreciation and amortization		(3,618)		(4,039)		(15,342)		(15,989)
Net income		7,003		5,807		20,405		25,625
Depreciation and amortization		3,618		4,039		15,342		15,989
Deferred income taxes		3,641		2,900		12,528		15,664
Amortization of debt issuance costs		197		202		776		797
Amortization of syndication contracts		109		98		398		360
Payments on syndication contracts		(118)		(133)		(388)		(510)
Non-cash stock-based compensation		2,401		2,556		5,035		5,240
(Gain) loss on debt extinguishment		161		204		161		204
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(4,407)		(1,974)		1,397		871
(Increase) decrease in prepaid expenses and other assets		1,391		579		439		(499)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		4,395		1,121		1,203		(1,458)
Net cash provided by (used in ) operating activities	$	18,391	$	15,399	$	57,296	$	62,283

(1)	Consolidated adjusted EBITDA is defined on page 1.

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				Twelve-Month Period
	Ended December 31,				Ended December 31,
		2016		2015		2016		2015
Consolidated adjusted EBITDA (1)	$	20,620	$	18,782	$	69,243	$	76,324
Net interest expense (1)		3,549		3,062		14,393		12,205
Cash paid for income taxes		59		47		593		750
Capital expenditures (2)		2,093		2,150		9,053		13,696
Free cash flow (1)		14,919		13,523		45,204		49,673

Capital expenditures (2)		2,093		2,150		9,053		13,696
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(4,407)		(1,974)		1,397		871
(Increase) decrease in prepaid expenses and other assets		1,391		579		439		(499)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		4,395		1,121		1,203		(1,458)
Cash Flows From Operating Activities	$	18,391	$	15,399	$	57,296	$	62,283

(1)	Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.
(2)	Capital expenditures are not part of the consolidated statement of operations.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-fourth-quarter-and-full-year-2016-results-300417303.html

SOURCE Entravision Communications Corporation

March 2, 2017

Entravision Communications Corporation Schedules Fourth Quarter And Full Year 2016 Earnings Release And Teleconference

SANTA MONICA, Calif., Feb. 13, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release fourth quarter and full year 2016 financial results after market hours on Thursday, March 2, 2017.

The company will also host a teleconference to discuss its fourth quarter and full year 2016 financial results on Thursday, March 2, 2017 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 412-317-5440 ten minutes prior to the start time. The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, March 23, 2017 which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 10101135. The webcast will also be archived on the Company’s Web site for 30 days.

About Entravision Communications Corporation
Entravision Communications Corporation is a leading media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. According to comScore Media Metrix®, Entravision’s digital operating group, Pulpo, is the #1-ranked online advertising platform in Hispanic reach, and Pulpo’s comprehensive media offering, data, and consumer insights lead the industry. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. www.entravision.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/entravision-communications-corporation-schedules-fourth-quarter-and-full-year-2016-earnings-release-and-teleconference-300405923.html

SOURCE Entravision Communications Corporation

February 13, 2017

Category: Earnings Reports