SANTA MONICA, Calif.–(BUSINESS WIRE)–
Entravision Communications Corporation (NYSE: EVC), a leading global media and marketing technology company, today announced financial results for the three-month period ended March 31, 2021.
First Quarter 2021 Highlights
-
Net revenue up 132% over the same prior-year period
-
Net income attributable to common stockholders of $5.4 million, compared to a loss of $35.6 million in the prior year
-
Consolidated Adjusted EBITDA up 47% over the same prior-year period
-
Operating cash flow up 95% over the same prior-year period
-
Free cash flow up 149% over the same prior-year period
-
Quarterly cash dividend of $0.025 per share
“We are very pleased with our results for the first quarter 2021, with core television and audio performing well, along with our digital segment that continues to see solid growth,” said Walter F. Ulloa, Chairman and Chief Executive Officer. “We are particularly pleased with the progress of our recent acquisition of Cisneros Interactive through which we significantly expanded Entravision’s digital offerings to customers, including representing some of the strongest global audience and ad tech platforms. As we grew our top line, we also remained cost conscious and continue to operate a much more efficient business than even prior to the onset of the COVID-19 pandemic. Overall, we are optimistic for gradual, but continued progress throughout the balance of the year as macroeconomic conditions progress.”
Quarterly Cash Dividend
The Company announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.025 per share on the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.1 million. The quarterly dividend will be payable on June 30, 2021 to shareholders of record as of the close of business on June 16, 2021, and the common stock will trade ex-dividend on June 15, 2021. 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.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9.
Unaudited Financial Highlights
|
|
|
Three-Month Period
|
|
|
|
Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
% Change
|
|
Net revenue
|
|
$
|
148,880
|
|
|
$
|
64,249
|
|
|
132
|
%
|
|
Cost of revenue – digital (1)
|
|
|
84,756
|
|
|
|
7,347
|
|
|
*
|
|
|
Operating expenses (2)
|
|
|
40,414
|
|
|
|
40,270
|
|
|
0
|
%
|
|
Corporate expenses (3)
|
|
|
7,158
|
|
|
|
6,840
|
|
|
5
|
%
|
|
Foreign currency (gain) loss
|
|
|
586
|
|
|
|
1,508
|
|
|
(61
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated adjusted EBITDA (4)
|
|
|
14,195
|
|
|
|
9,679
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow (5)
|
|
$
|
13,029
|
|
|
$
|
5,229
|
|
|
149
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
7,002
|
|
|
$
|
(35,592
|
)
|
|
*
|
|
|
Net (income) loss attributable to redeemable noncontrolling interest
|
|
$
|
(1,573
|
)
|
|
$
|
–
|
|
|
*
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
5,429
|
|
|
$
|
(35,592
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common stockholders, basic and diluted
|
|
$
|
0.06
|
|
|
$
|
(0.42
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic
|
|
|
85,041,628
|
|
|
|
84,317,767
|
|
|
|
|
|
Weighted average common shares outstanding, diluted
|
|
|
86,986,581
|
|
|
|
84,317,767
|
|
|
|
|
|
(1)
|
|
Consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.
|
|
(2)
|
|
Operating expenses includes 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 the three-month periods ended March 31, 2021 and 2020, respectively.
|
|
(3)
|
|
Corporate expenses include $0.8 million and $0.7 million of non-cash stock-based compensation for the three-month periods ended March 31, 2021 and 2020, 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 operating gain (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from the Federal Communications Commission, or FCC, spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated adjusted EBITDA because that measure is defined in the agreement governing our current credit facility (“the 2017 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, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings.
|
|
(5)
|
|
Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, capital expenditures and non-recurring cash expenses plus dividend income, and other operating gain (loss). Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.
|
|
|
|
Unaudited Financial Results
|
|
|
Three-Month Period
|
|
|
|
Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
% Change
|
|
Net revenue
|
|
$
|
148,880
|
|
|
$
|
64,249
|
|
|
132
|
%
|
|
Cost of revenue – digital (1)
|
|
|
84,756
|
|
|
|
7,347
|
|
|
*
|
|
|
Operating expenses (1)
|
|
|
40,414
|
|
|
|
40,270
|
|
|
0
|
%
|
|
Corporate expenses (1)
|
|
|
7,158
|
|
|
|
6,840
|
|
|
5
|
%
|
|
Depreciation and amortization
|
|
|
5,184
|
|
|
|
4,512
|
|
|
15
|
%
|
|
Impairment charge
|
|
|
1,326
|
|
|
|
39,835
|
|
|
(97
|
)%
|
|
Foreign currency (gain) loss
|
|
|
586
|
|
|
|
1,508
|
|
|
(61
|
)%
|
|
Other operating (gain) loss
|
|
|
(1,913
|
)
|
|
|
(836
|
)
|
|
129
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
11,369
|
|
|
|
(35,227
|
)
|
|
*
|
|
|
Interest expense, net
|
|
|
(1,577
|
)
|
|
|
(2,056
|
)
|
|
(23
|
)%
|
|
Dividend income
|
|
|
2
|
|
|
|
23
|
|
|
(91
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
9,794
|
|
|
|
(37,260
|
)
|
|
*
|
|
|
Income tax benefit (expense)
|
|
|
(2,792
|
)
|
|
|
1,668
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
7,002
|
|
|
|
(35,592
|
)
|
|
*
|
|
|
Net (income) loss attributable to redeemable noncontrolling interest
|
|
|
(1,573
|
)
|
|
|
–
|
|
|
*
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
5,429
|
|
|
$
|
(35,592
|
)
|
|
*
|
|
|
(1)
|
|
Cost of revenue, operating expenses and corporate expenses are defined on page 2.
|
|
|
|
Net revenue in the first quarter of 2021 totaled $148.9 million, up 132% from $64.2 million in the prior-year period. Of the overall increase, approximately $88.2 million was attributable to our digital segment and was primarily due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, partially offset by a decrease in advertising revenue as a result of declines in pre-acquisition digital revenue and the continuing economic crisis resulting from the COVID-19 pandemic. The overall increase in net revenue was partially offset by a decrease of approximately $3.1 million attributable to our television segment due to a decrease in political revenue, partially offset by increases in revenue from spectrum usage rights and local and national advertising revenue. Additionally, the overall increase in net revenue was partially offset by a decrease of approximately $0.4 million attributable to our radio segment.
Cost of revenue in the first quarter of 2021 totaled $84.8 million compared to $7.3 million in the prior-year period. The increase was primarily due to increased costs of revenue associated with the increase in net revenue due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020.
Operating expenses in the first quarter of 2021 totaled $40.4 million, up slightly from $40.3 million in the prior-year period. The increase was primarily due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, partially offset by decreases in salary expense associated with furloughs and layoffs that occurred in 2020.
Corporate expenses in the first quarter of 2021 totaled $7.2 million, up 5% from $6.8 million in the prior-year period. The increase was primarily due to an increase in salaries and audit fees.
Balance Sheet & Related Metrics
Cash and marketable securities as of March 31, 2021 totaled approximately $166 million. Total debt was $214.5 million. Net of $75 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 2.1 times at the end of the first quarter 2021. Net of total accessible cash and marketable securities, total leverage was 1.0 times.
Unaudited Segment Results
|
|
|
Three-Month Period
|
|
|
|
Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
% Change
|
|
Net Revenue
|
|
|
|
|
|
|
|
|
|
|
Television
|
|
$
|
36,091
|
|
$
|
39,199
|
|
(8
|
)%
|
|
Digital
|
|
|
101,482
|
|
|
13,331
|
|
661
|
%
|
|
Radio
|
|
|
11,307
|
|
|
11,719
|
|
(4
|
)%
|
|
Total
|
|
$
|
148,880
|
|
$
|
64,249
|
|
132
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue – digital (1)
|
|
|
|
|
|
|
|
|
|
|
Digital
|
|
$
|
84,756
|
|
$
|
7,347
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses (1)
|
|
|
|
|
|
|
|
|
|
|
Television
|
|
|
19,884
|
|
|
21,757
|
|
(9
|
)%
|
|
Digital
|
|
|
10,850
|
|
|
6,864
|
|
58
|
%
|
|
Radio
|
|
|
9,680
|
|
|
11,649
|
|
(17
|
)%
|
|
Total
|
|
$
|
40,414
|
|
$
|
40,270
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Expenses (1)
|
|
$
|
7,158
|
|
$
|
6,840
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated adjusted EBITDA (1)
|
|
$
|
14,195
|
|
$
|
9,679
|
|
47
|
%
|
|
(1)
|
|
Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 2.
|
|
|
|
Notice of Conference Call
Entravision Communications Corporation will hold a conference call to discuss its first quarter 2021 results on Thursday, May 6, 2021 at 5 p.m. Eastern Time. To access the conference call, please dial (877) 317-6789 (U.S.) or (412) 317-6789 (Int’l) ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the Company’s website located at www.entravision.com.
About Entravision Communications Corporation
Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.
| |
|
Entravision Communications Corporation
|
|
Consolidated Balance Sheets
|
|
(In thousands; unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2021
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
149,987
|
|
|
$
|
119,162
|
|
|
Marketable securities
|
|
|
15,745
|
|
|
|
27,988
|
|
|
Restricted cash
|
|
|
749
|
|
|
|
749
|
|
|
Trade receivables, net of allowance for doubtful accounts
|
|
|
132,149
|
|
|
|
142,004
|
|
|
Assets held for sale
|
|
|
6,138
|
|
|
|
2,141
|
|
|
Prepaid expenses and other current assets
|
|
|
18,418
|
|
|
|
18,021
|
|
|
Total current assets
|
|
|
323,186
|
|
|
|
310,065
|
|
|
Property and equipment, net
|
|
|
69,737
|
|
|
|
72,004
|
|
|
Intangible assets subject to amortization, net
|
|
|
47,587
|
|
|
|
49,412
|
|
|
Intangible assets not subject to amortization
|
|
|
211,753
|
|
|
|
216,653
|
|
|
Goodwill
|
|
|
58,043
|
|
|
|
58,043
|
|
|
Operating leases right of use asset
|
|
|
34,276
|
|
|
|
33,525
|
|
|
Other assets
|
|
|
7,586
|
|
|
|
7,643
|
|
|
Total assets
|
|
$
|
752,168
|
|
|
$
|
747,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
3,000
|
|
|
$
|
3,000
|
|
|
Accounts payable and accrued expenses
|
|
|
124,369
|
|
|
|
126,849
|
|
|
Operating lease liabilities
|
|
|
7,510
|
|
|
|
7,290
|
|
|
Total current liabilities
|
|
|
134,879
|
|
|
|
137,139
|
|
|
Long-term debt, less current maturities, net of unamortized debt issuance costs
|
|
|
209,811
|
|
|
|
210,454
|
|
|
Long-term operating lease liabilities
|
|
|
32,015
|
|
|
|
31,775
|
|
|
Other long-term liabilities
|
|
|
3,616
|
|
|
|
3,732
|
|
|
Deferred income taxes
|
|
|
56,306
|
|
|
|
54,980
|
|
|
Total liabilities
|
|
|
436,627
|
|
|
|
438,080
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
34,858
|
|
|
|
33,285
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
6
|
|
|
|
6
|
|
|
Class B common stock
|
|
|
2
|
|
|
|
2
|
|
|
Class U common stock
|
|
|
1
|
|
|
|
1
|
|
|
Additional paid-in capital
|
|
|
827,749
|
|
|
|
828,813
|
|
|
Accumulated deficit
|
|
|
(546,357
|
)
|
|
|
(551,786
|
)
|
|
Accumulated other comprehensive income (loss)
|
|
|
(718
|
)
|
|
|
(1,056
|
)
|
|
Total stockholders’ equity
|
|
|
280,683
|
|
|
|
275,980
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
752,168
|
|
|
$
|
747,345
|
|
|
|
|
|
|
|
|
|
|
|
Entravision Communications Corporation
|
|
Consolidated Statements of Operations
|
|
(In thousands, except share and per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three-Month Period
|
|
|
|
Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
Net revenue
|
|
$
|
148,880
|
|
|
$
|
64,249
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenue – digital
|
|
|
84,756
|
|
|
|
7,347
|
|
|
Direct operating expenses
|
|
|
26,561
|
|
|
|
26,679
|
|
|
Selling, general and administrative expenses
|
|
|
13,853
|
|
|
|
13,591
|
|
|
Corporate expenses
|
|
|
7,158
|
|
|
|
6,840
|
|
|
Depreciation and amortization
|
|
|
5,184
|
|
|
|
4,512
|
|
|
Impairment charge
|
|
|
1,326
|
|
|
|
39,835
|
|
|
Foreign currency (gain) loss
|
|
|
586
|
|
|
|
1,508
|
|
|
Other operating (gain) loss
|
|
|
(1,913
|
)
|
|
|
(836
|
)
|
|
|
|
|
137,511
|
|
|
|
99,476
|
|
|
Operating income (loss)
|
|
|
11,369
|
|
|
|
(35,227
|
)
|
|
Interest expense
|
|
|
(1,717
|
)
|
|
|
(2,680
|
)
|
|
Interest income
|
|
|
140
|
|
|
|
624
|
|
|
Dividend income
|
|
|
2
|
|
|
|
23
|
|
|
Income (loss) before income taxes
|
|
|
9,794
|
|
|
|
(37,260
|
)
|
|
Income tax benefit (expense)
|
|
|
(2,792
|
)
|
|
|
1,668
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
7,002
|
|
|
|
(35,592
|
)
|
|
Net (income) loss attributable to redeemable noncontrolling interest
|
|
|
(1,573
|
)
|
|
|
–
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
5,429
|
|
|
$
|
(35,592
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common stockholders, basic and diluted
|
|
$
|
0.06
|
|
|
$
|
(0.42
|
)
|
|
Cash dividends declared per common share, basic and diluted
|
|
$
|
0.03
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic
|
|
|
85,041,628
|
|
|
|
84,317,767
|
|
|
Weighted average common shares outstanding, diluted
|
|
|
86,986,581
|
|
|
|
84,317,767
|
|
|
|
|
|
|
|
|
|
|
|
Entravision Communications Corporation
|
|
Consolidated Statements of Cash Flows
|
|
(In thousands; unaudited)
|
|
|
|
|
|
|
|
Three-Month Period
|
|
|
|
Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
7,002
|
|
|
$
|
(35,592
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
5,184
|
|
|
|
4,512
|
|
|
Impairment charge
|
|
|
1,326
|
|
|
|
39,835
|
|
|
Deferred income taxes
|
|
|
2,987
|
|
|
|
(1,813
|
)
|
|
Non-cash interest
|
|
|
139
|
|
|
|
169
|
|
|
Amortization of syndication contracts
|
|
|
119
|
|
|
|
130
|
|
|
Payments on syndication contracts
|
|
|
(124
|
)
|
|
|
(130
|
)
|
|
Non-cash stock-based compensation
|
|
|
1,071
|
|
|
|
789
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable
|
|
|
9,927
|
|
|
|
7,482
|
|
|
(Increase) decrease in prepaid expenses and other assets
|
|
|
1,177
|
|
|
|
1,026
|
|
|
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
|
(5,356
|
)
|
|
|
(4,394
|
)
|
|
Net cash provided by operating activities
|
|
|
23,452
|
|
|
|
12,014
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(1,838
|
)
|
|
|
(2,671
|
)
|
|
Purchases of intangible assets
|
|
|
—
|
|
|
|
(155
|
)
|
|
Proceeds from marketable securities
|
|
|
12,120
|
|
|
|
16,617
|
|
|
Net cash provided by (used in) investing activities
|
|
|
10,282
|
|
|
|
13,791
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Tax payments related to shares withheld for share-based compensation plans
|
|
|
(9
|
)
|
|
|
—
|
|
|
Payments on long-term debt
|
|
|
(750
|
)
|
|
|
(750
|
)
|
|
Dividends paid
|
|
|
(2,126
|
)
|
|
|
(4,218
|
)
|
|
Repurchase of Class A common stock
|
|
|
—
|
|
|
|
(525
|
)
|
|
Net cash used in financing activities
|
|
|
(2,885
|
)
|
|
|
(5,493
|
)
|
|
Effect of exchange rates on cash, cash equivalents and restricted cash
|
|
|
(24
|
)
|
|
|
77
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
|
30,825
|
|
|
|
20,389
|
|
|
Cash, cash equivalents and restricted cash:
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
|
119,911
|
|
|
|
33,857
|
|
|
Ending
|
|
$
|
150,736
|
|
|
$
|
54,246
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated adjusted EBITDA (1)
|
|
$
|
14,195
|
|
|
$
|
9,679
|
|
|
EBITDA attributable to redeemable noncontrolling interest
|
|
|
2,837
|
|
|
|
–
|
|
|
Interest expense
|
|
|
(1,717
|
)
|
|
|
(2,680
|
)
|
|
Interest income
|
|
|
140
|
|
|
|
624
|
|
|
Dividend income
|
|
|
2
|
|
|
|
23
|
|
|
Income tax expense
|
|
|
(2,792
|
)
|
|
|
1,668
|
|
|
Amortization of syndication contracts
|
|
|
(119
|
)
|
|
|
(130
|
)
|
|
Payments on syndication contracts
|
|
|
124
|
|
|
|
130
|
|
|
Non-cash stock-based compensation included in direct operating expenses
|
|
|
(316
|
)
|
|
|
(131
|
)
|
|
Non-cash stock-based compensation included in corporate expenses
|
|
|
(755
|
)
|
|
|
(658
|
)
|
|
Depreciation and amortization
|
|
|
(5,184
|
)
|
|
|
(4,512
|
)
|
|
Impairment charge
|
|
|
(1,326
|
)
|
|
|
(39,835
|
)
|
|
Non-recurring cash severance charge
|
|
|
–
|
|
|
|
(606
|
)
|
|
Other operating gain (loss)
|
|
|
1,913
|
|
|
|
836
|
|
|
Net (income) loss attributable to redeemable noncontrolling interest
|
|
|
(1,573
|
)
|
|
|
–
|
|
|
Net income (loss) attributable to common stockholders
|
|
|
5,429
|
|
|
|
(35,592
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
5,184
|
|
|
|
4,512
|
|
|
Impairment charge
|
|
|
1,326
|
|
|
|
39,835
|
|
|
Deferred income taxes
|
|
|
2,987
|
|
|
|
(1,813
|
)
|
|
Non-cash interest
|
|
|
139
|
|
|
|
169
|
|
|
Amortization of syndication contracts
|
|
|
119
|
|
|
|
130
|
|
|
Payments on syndication contracts
|
|
|
(124
|
)
|
|
|
(130
|
)
|
|
Non-cash stock-based compensation
|
|
|
1,071
|
|
|
|
789
|
|
|
Net income (loss) attributable to redeemable noncontrolling interest
|
|
|
1,573
|
|
|
|
–
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable
|
|
|
9,927
|
|
|
|
7,482
|
|
|
(Increase) decrease in prepaid expenses and other assets
|
|
|
1,177
|
|
|
|
1,026
|
|
|
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
|
(5,356
|
)
|
|
|
(4,394
|
)
|
|
Cash flows from operating activities
|
|
|
23,452
|
|
|
|
12,014
|
|
|
(1)
|
|
Consolidated adjusted EBITDA is defined on page 2.
|
|
|
|
Entravision Communications Corporation
Reconciliation of Free Cash Flow to Cash Flows From Operating Activities
(In thousands; unaudited)
The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:
|
|
|
Three-Month Period
|
|
|
|
Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
Consolidated adjusted EBITDA (1)
|
|
$
|
14,195
|
|
|
$
|
9,679
|
|
|
Net interest expense (1)
|
|
|
(1,438
|
)
|
|
|
(1,887
|
)
|
|
Dividend income
|
|
|
2
|
|
|
|
23
|
|
|
Cash paid for income taxes
|
|
|
195
|
|
|
|
(145
|
)
|
|
Capital expenditures (2)
|
|
|
(1,838
|
)
|
|
|
(2,671
|
)
|
|
Non-recurring cash severance charge
|
|
|
–
|
|
|
|
(606
|
)
|
|
Other operating gain (loss)
|
|
|
1,913
|
|
|
|
836
|
|
|
Free cash flow (1)
|
|
|
13,029
|
|
|
|
5,229
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (2)
|
|
|
1,838
|
|
|
|
2,671
|
|
|
EBITDA attributable to redeemable noncontrolling interest
|
|
|
2,837
|
|
|
|
–
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable
|
|
|
9,927
|
|
|
|
7,482
|
|
|
(Increase) decrease in prepaid expenses and other assets
|
|
|
1,177
|
|
|
|
1,026
|
|
|
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
|
(5,356
|
)
|
|
|
(4,394
|
)
|
|
Cash Flows From Operating Activities
|
|
$
|
23,452
|
|
|
$
|
12,014
|
|
|
(1)
|
|
Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 2.
|
|
(2)
|
|
Capital expenditures are not part of the consolidated statement of operations.
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210506006100/en/
Christopher T. Young
Chief Financial Officer
Entravision Communications Corporation
310-447-3870
Kimberly Esterkin
ADDO Investor Relations
310-829-5400
evc@addo.com
Source: Entravision Communications Corporation
