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Entravision Washington D.C. News Team Wins 23 Regional Emmy® Awards in 9 Categories

SANTA MONICA, Calif., Aug. 13, 2020 /PRNewswire/ —

WHAT:	Entravision Communications Corporation, (NYSE: EVC), a leading global media and marketing technology company that engages consumers, today announced that the Entravision Washington D.C. news team at its Univision affiliate WFDC-TV, excelled with 23 Regional Emmy® awards in 9 different categories, presented by The National Academy of Television Arts and Sciences (NATAS), National Capital Chesapeake Bay Chapter. Entravision provides news programming and sales and marketing services for WFDC-TV, which is owned by Univision Communications, Inc.Entravision’s news team received Regional Emmy® awards in the following categories:

AWARDS:	Politics/Government – Within 24 Hours
	Trump launched 2020 campaign

	Crime – No Time Limit
	Crónicas: Maras en el DMV (Chronicles: Gangs at the DMV)

	Arts/Entertainment – News Feature
	De Balas a Campanas (From Bullets to Bells)

	Health/Science – Program Feature/Segment
	Al Rescate: The Story of Mia (To the Rescue: The Story of Mia)

	Health/Science – No Limit
	Viviendo con Síndrome de Down (Living with Down Syndrome)

	Public/Current/Community Affairs – Feature/Segment/Series
	The Story of Roxana

	Feature News Report – Light Feature/Light Series
	Agentes de Cuatro Patas (Four-legged Agents)

	Community/Public Service (PSAs)
	PSA Separación de Familias (PSA Separation of Families)

	Team Coverage
	TPS Extension Announcement

Quote:	“We are honored to be recognized by The National Television Academy, National Capital Chesapeake Bay Chapter, for our outstanding programming, made possible by our talented news team,” said Sara Suarez, News Director at Univision Washington and Univision New England. “Receiving 23 Regional Emmys in 9 different categories is truly an honor and a great accomplishment for the entire Entravision Washington D.C. team. It’s special to see the efforts of our team and their service to the community recognized.”

About Entravision Communications Corporation
Entravision is a diversified global media, and marketing technology company that reaches and engages consumers in the U.S. and other markets primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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

August 13, 2020

Entravision Communications Corporation Reports Second Quarter 2020 Results

SANTA MONICA, Calif., Aug. 4, 2020 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2020.

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 12. Unaudited financial highlights are as follows:

	Three-Month Period							Six-Month Period
	Ended June 30,							Ended June 30,
	2020		2019		% Change			2020		2019		% Change
Net revenue	$	45,116	$	69,241		(35)	%	$	109,365	$	133,921		(18)	%
Cost of revenue – digital media (1)		6,447		8,859		(27)	%		13,794		16,501		(16)	%
Operating expenses (2)		33,037		43,200		(24)	%		73,307		85,944		(15)	%
Corporate expenses (3)		5,384		6,501		(17)	%		12,224		13,395		(9)	%
Foreign currency (gain) loss		(155)		(82)		89	%		1,353		50	*

Consolidated adjusted EBITDA (4)		1,724		12,579		(86)	%		11,402		20,636		(45)	%

Free cash flow (5)	$	(1,408)	$	1,860	*			$	3,821	$	3,153		21	%

Net income (loss)	$	2,338	$	(16,279)	*			$	(33,254)	$	(14,855)		124	%

Net income per share, basic and diluted	$	0.03	$	(0.19)	*			$	(0.39)	$	(0.17)		129	%

Weighted average common shares outstanding, basic		84,123,530		85,359,998					84,220,649		85,728,820
Weighted average common shares outstanding, diluted		84,669,250		85,359,998					84,220,649		85,728,820


(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.
(2)	For purposes of presentation in this table, the operating expenses line item includes direct operating and selling, general and administrative expenses. Included in operating expenses are $0.1 million of non-cash stock-based compensation for each of the three-month periods ended June 30, 2020 and 2019, and $0.2 million of non-cash stock-based compensation for each of the six-month periods ended June 30, 2020 and 2019. Also for purposes of presentation in this table, the operating expenses line item does not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment, other income (loss) and change in fair value of contingent consideration.
(3)	Corporate expenses include $0.7 million of non-cash stock-based compensation for each of the three-month periods ended June 30, 2020 and 2019, and $1.4 million of non-cash stock-based compensation for each of the six-month periods ended June 30, 2020 and 2019.
(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, 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, 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.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “Our second quarter results were affected by the COVID-19 pandemic and the resulting economic crisis, which resulted in declines in our television, radio and digital segments compared to the prior year. We expect a sustained adverse impact in future periods, depending upon the extent and duration of the economic downturn brought on by the pandemic. Nonetheless, we continue to maintain a solid balance sheet, have reduced costs and will continue to undertake an extensive review of our business in order to more efficiently align operations and further reduce costs. Looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, as we execute our multiplatform strategy to the benefit of our shareholders.”

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 September 30, 2020 to shareholders of record as of the close of business on September 15, 2020, and the common stock will trade ex-dividend on September 14, 2020. 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.

Financial Results

Three-Month period ended June 30, 2020 Compared to Three-Month Period Ended
June 30, 2019
(Unaudited)

	Three-Month Period
	Ended June 30,
	2020		2019		% Change
Net revenue	$	45,116	$	69,241		(35)	%
Cost of revenue – digital media (1)		6,447		8,859		(27)	%
Operating expenses (1)		33,037		43,200		(24)	%
Corporate expenses (1)		5,384		6,501		(17)	%
Depreciation and amortization		3,873		4,306		(10)	%
Change in fair value contingent consideration		–		(2,735)		(100)	%
Impairment charge		–		22,368		(100)	%
Foreign currency (gain) loss		(155)		(82)		89	%
Other operating (gain) loss		(2,030)		(1,597)		27	%

Operating income (loss)		(1,440)		(11,579)		(88)	%
Interest expense, net		(1,485)		(2,697)		(45)	%
Dividend income		–		251		(100)	%

Income (loss) before income taxes		(2,925)		(14,025)		(79)	%

Income tax benefit (expense)		5,263		(2,252)	*
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		2,338		(16,277)	*
Equity in net income (loss) of nonconsolidated affiliates, net of tax		–		(2)		(100)	%
Net income (loss)	$	2,338	$	(16,279)	*


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

Net revenue decreased to $45.1 million for the three-month period ended June 30, 2020 from $69.2 million for the three-month period ended June 30, 2019, a decrease of $24.1 million. Of the overall decrease, approximately $11.1 million was attributable to our television segment due to decreases in revenue from spectrum usage rights and local and national advertising revenue, partially offset by increases in political advertising revenue and retransmission consent revenue. The decrease in local and national advertising revenue was primarily a result of the continuing economic crisis resulting from the COVID-19 pandemic, ratings declines, competitive factors with other Spanish-language broadcasters, and changing demographic preferences of audiences. We have previously noted a trend for advertising to move increasingly from traditional media, such as television, to new media, such as digital media, and we expect this trend to continue. In addition, approximately $5.4 million of the overall decrease was attributable to our digital segment and was primarily due to declines in international revenue and the continuing economic crisis resulting from the COVID-19 pandemic. This decline in digital revenue is being driven by a trend whereby revenue is shifting more to programmatic revenue. In addition, approximately $7.6 million of the overall decrease was attributable to our radio segment and was primarily due to decreases in local and national advertising revenue, partially offset by an increase in political advertising revenue. The decrease in local and national advertising revenue was primarily a result of the continuing economic crisis resulting from the COVID-19 pandemic, ratings declines and competitive factors with other Spanish-language broadcasters, and changing demographic preferences of audiences. We have previously noted a trend for advertising to move increasingly from traditional media, such as radio, to new media, such as digital media, and we expect this trend to continue.

Cost of revenue in our digital segment decreased to $6.4 million for the three-month period ended June 30, 2020 from $8.9 million for the three-month period ended June 30, 2019, a decrease of $2.5 million, primarily due to a decrease in expenses associated with the decrease in revenue in our digital segment.

Operating expenses decreased to $33.0 million for the three-month period ended June 30, 2020 from $43.2 million for the three-month period ended June 30, 2019, a decrease of $10.2 million. The decrease was primarily due to decreases in salary expense, as a result of the company-wide reduction in salaries implemented effective April 16, 2020, and expenses associated with the decrease in advertising revenue.

Corporate expenses decreased to $5.4 million for the three-month period ended June 30, 2020 from $6.5 million for the three-month period ended June 30, 2019, a decrease of $1.1 million. The decrease was primarily due to decreases in salary expense, as a result of the company-wide reduction in salaries implemented effective April 16, 2020, and audit fees.

Our historical revenues have primarily been denominated in U.S. dollars, and the majority of our current revenues continue to be, and are expected to remain, denominated in U.S. dollars. However, our operating expenses are generally denominated in the currencies of the countries in which our operations are located, and we have operations in countries other than the United States, primarily those operations related to our Headway business. As a result, we have operating expense, attributable to foreign currency, which is primarily related to the operations related to our Headway business. We had a foreign currency gain of $0.2 million for the three-month period ended June 30, 2020 compared to a foreign currency gain of $0.1 million for the three-month period ended June 30, 2019. Foreign currency gain was primarily due to currency fluctuations that affected our digital segment operations located outside the United States, primarily those related to the Headway business.

Six-Month period ended June 30, 2020 Compared to Six-Month Period Ended
June 30, 2019
(Unaudited)

	Six-Month Period
	Ended June 30,
	2020		2019		% Change
Net revenue	$	109,365	$	133,921		(18)	%
Cost of revenue – digital media (1)		13,794		16,501		(16)	%
Operating expenses (1)		73,307		85,944		(15)	%
Corporate expenses (1)		12,224		13,395		(9)	%
Depreciation and amortization		8,385		8,222		2	%
Change in fair value contingent consideration		–		(2,376)		(100)	%
Impairment charge		39,835		22,368		78	%
Foreign currency (gain) loss		1,353		50	*
Other operating (gain) loss		(2,866)		(3,593)		(20)	%

Operating income (loss)		(36,667)		(6,590)		456	%
Interest expense, net		(3,542)		(5,268)		(33)	%
Dividend income		24		506		(95)	%

Income (loss) before income taxes		(40,185)		(11,352)		254	%

Income tax benefit (expense)		6,931		(3,345)	*
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		(33,254)		(14,697)		126	%
Equity in net income (loss) of nonconsolidated affiliates, net of tax		–		(158)		(100)	%
Net income (loss)	$	(33,254)	$	(14,855)		124	%


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

Net revenue decreased to $109.4 million for the six-month period ended June 30, 2020 from $133.9 million for the six-month period ended June 30, 2019, a decrease of $24.5 million. Of the overall decrease, approximately $10.2 million was attributable to our television segment due to decreases in revenue from spectrum usage rights and local and national advertising revenue, partially offset by increases in political advertising revenue and retransmission consent revenue. The decrease in local and national advertising revenue was primarily a result of the continuing economic crisis resulting from the COVID-19 pandemic, ratings declines, competitive factors with other Spanish-language broadcasters, and changing demographic preferences of audiences. We have previously noted a trend for advertising to move increasingly from traditional media, such as television, to new media, such as digital media, and we expect this trend to continue. In addition, approximately $6.6 million of the overall decrease was attributable to our digital segment and was primarily due to declines in international revenue and the continuing economic crisis resulting from the COVID-19 pandemic. This decline in digital revenue is being driven by a trend whereby revenue is shifting more to programmatic revenue. In addition, approximately $7.8 million of the overall decrease was attributable to our radio segment and was primarily due to decreases in local and national advertising revenue, partially offset by an increase in political advertising revenue. The decrease in local and national advertising revenue was primarily a result of the continuing economic crisis resulting from the COVID-19 pandemic, ratings declines and competitive factors with other Spanish-language broadcasters, and changing demographic preferences of audiences. We have previously noted a trend for advertising to move increasingly from traditional media, such as radio, to new media, such as digital media, and we expect this trend to continue.

Cost of revenue in our digital segment decreased to $13.8 million for the six-month period ended June 30, 2020 from $16.5 million for the six-month period ended June 30, 2019, a decrease of $2.7 million, primarily due to a decrease in expenses associated with the decrease in revenue in our digital segment.

Operating expenses decreased to $73.3 million for the six-month period ended June 30, 2020 from $85.9 million for the six-month period ended June 30, 2019, a decrease of $12.6 million. The decrease was primarily due to decreases in salary expense, as a result of the company-wide reduction in salaries implemented effective April 16, 2020, and expenses associated with the decrease in advertising revenue.

Corporate expenses decreased to $12.2 million for the six-month period ended June 30, 2020 from $13.4 million for the six-month period ended June 30, 2019, a decrease of $1.2 million. The decrease was primarily due to decreases in salary expense, as a result of the company-wide reduction in salaries implemented effective April 16, 2020, and audit fees.

Impairment charge related to certain FCC licenses in our television and radio reporting units was $23.5 and $8.8 million, respectively, for the six-month period ended June 30, 2020. Impairment charge related to goodwill in our digital reporting unit was $0.8 million for the six-month period ended June 30, 2020. Impairment charges related to intangibles subject to amortization and property and equipment in our digital reporting unit was $5.3 million and $1.5 million, respectively, for the six-month period ended June 30, 2020.

Our historical revenues have primarily been denominated in U.S. dollars, and the majority of our current revenues continue to be, and are expected to remain, denominated in U.S. dollars. However, our operating expenses are generally denominated in the currencies of the countries in which our operations are located, and we have operations in countries other than the United States, primarily those operations related to our Headway business. As a result, we have operating expense, attributable to foreign currency, which is primarily related to the operations related to our Headway business. We had a foreign currency loss of $1.4 million for the six-month period ended June 30, 2020 compared to a foreign currency loss of $0.1 million for the six-month period ended June 30, 2019. Foreign currency loss was primarily due to currency fluctuations that affected our digital segment operations located outside the United States, primarily those related to the Headway business.

Segment Results

The following represents selected unaudited segment information:

	Three-Month Period							Six-Month Period
	Ended June 30,							Ended June 30,
		2020		2019	% Change				2020		2019	% Change
Net Revenue
Television	$	26,955	$	38,071		(29)	%	$	66,154	$	76,324		(13)	%
Digital		11,373		16,804		(32)	%		24,704		31,276		(21)	%
Radio		6,788		14,366		(53)	%		18,507		26,321		(30)	%
Total	$	45,116	$	69,241		(35)	%	$	109,365	$	133,921		(18)	%

Cost of Revenue – digital media (1)
Digital	$	6,447	$	8,859		(27)	%	$	13,794	$	16,501		(16)	%

Operating Expenses (1)
Television		17,736		20,791		(15)	%		39,493		41,532		(5)	%
Digital		6,156		8,485		(27)	%		13,020		16,205		(20)	%
Radio		9,145		13,924		(34)	%		20,794		28,207		(26)	%
Total	$	33,037	$	43,200		(24)	%	$	73,307	$	85,944		(15)	%

Corporate Expenses (1)	$	5,384	$	6,501		(17)	%	$	12,224	$	13,395		(9)	%

Consolidated adjusted EBITDA (1)	$	1,724	$	12,579		(86)	%	$	11,402	$	20,636		(45)	%


(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 2020 second quarter results on August 4, 2020 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 is a diversified global media, marketing and technology company that reaches and engages Latino consumers in the United States and other markets primarily including Mexico, Latin America and Spain. Entravision’s portfolio includes digital media properties and advertising technology platforms that deliver performance-based solutions and data insights, along with 54 television stations and 49 radio stations. Entravision’s digital and technology businesses include Smadex, a leading technology platform providing mobile, programmatic, data and performance digital marketing solutions. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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.

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)

	June 30,		December 31,
	2020		2019
ASSETS
Current assets
Cash and cash equivalents	$	69,270	$	33,123
Marketable securities		65,098		91,662
Restricted cash		735		734
Trade receivables, net of allowance for doubtful accounts		51,706		71,406
Assets held for sale		3,099		950
Prepaid expenses and other current assets		16,586		11,557
Total current assets		206,494		209,432
Property and equipment, net		74,810		79,642
Intangible assets subject to amortization, net		9,752		16,772
Intangible assets not subject to amortization		216,853		252,544
Goodwill		45,711		46,511
Operating leases right of use asset		35,126		43,837
Other assets		7,428		7,462
Total assets	$	596,174	$	656,200


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	3,000	$	3,000
Accounts payable and accrued expenses		48,572		53,931
Operating lease liabilities		7,830		9,056
Total current liabilities		59,402		65,987
Long-term debt, less current maturities, net of unamortized debt issuance costs		211,736		213,024
Long-term operating lease liabilities		32,784		41,387
Other long-term liabilities		3,385		3,371
Deferred income taxes		38,607		44,259
Total liabilities		345,914		368,028

Stockholders’ equity
Class A common stock		6		6
Class B common stock		2		2
Class U common stock		1		1
Additional paid-in capital		830,900		836,170
Accumulated deficit		(581,130)		(547,876)
Accumulated other comprehensive income (loss)		481		(131)
Total stockholders’ equity		250,260		288,172
Total liabilities and stockholders’ equity	$	596,174	$	656,200

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,
	2020		2019		2020		2019
Net revenue	$	45,116	$	69,241	$	109,365	$	133,921

Expenses:
Cost of revenue – digital media		6,447		8,859		13,794		16,501
Direct operating expenses		22,140		29,655		48,819		58,585
Selling, general and administrative expenses		10,897		13,545		24,488		27,359
Corporate expenses		5,384		6,501		12,224		13,395
Depreciation and amortization		3,873		4,306		8,385		8,222
Change in fair value contingent consideration		–		(2,735)		–		(2,376)
Impairment charge		–		22,368		39,835		22,368
Foreign currency (gain) loss		(155)		(82)		1,353		50
Other operating (gain) loss		(2,030)		(1,597)		(2,866)		(3,593)
		46,556		80,820		146,032		140,511
Operating income (loss)		(1,440)		(11,579)		(36,667)		(6,590)
Interest expense		(2,024)		(3,554)		(4,704)		(7,044)
Interest income		539		857		1,162		1,776
Dividend income		—		251		24		506
Income (loss) before income taxes		(2,925)		(14,025)		(40,185)		(11,352)
Income tax benefit (expense)		5,263		(2,252)		6,931		(3,345)

Income (loss) before equity in net income (loss) of nonconsolidated affiliate		2,338		(16,277)		(33,254)		(14,697)
Equity in net income (loss) of nonconsolidated affiliate, net of tax		–		(2)		–		(158)
Net income (loss)	$	2,338	$	(16,279)	$	(33,254)	$	(14,855)

Basic and diluted earnings per share:
Net income (loss) per share, basic and diluted	$	0.03	$	(0.19)	$	(0.39)	$	(0.17)

Cash dividends declared per common share	$	0.03	$	0.05	$	0.08	$	0.10

Weighted average common shares outstanding, basic		84,123,530		85,359,998		84,220,649		85,728,820
Weighted average common shares outstanding, diluted		84,669,250		85,359,998		84,220,649		85,728,820

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

	Three-Month Period				Six-Month Period
	Ended June 30,				Ended June 30,
	2020		2019		2020		2019
Cash flows from operating activities:
Net income (loss)	$	2,338	$	(16,279)	$	(33,254)	$	(14,855)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		3,873		4,306		8,385		8,222
Impairment charge		—		22,368		39,835		22,368
Deferred income taxes		(5,585)		1,002		(7,398)		1,472
Non-cash interest		163		238		332		489
Amortization of syndication contracts		128		125		258		249
Payments on syndication contracts		(123)		(92)		(253)		(227)
Equity in net (income) loss of nonconsolidated affiliate		—		2		—		158
Non-cash stock-based compensation		803		835		1,592		1,635
(Gain) loss on disposal of property and equipment		(627)		75		(627)		161
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		12,031		(4,038)		19,513		9,619
(Increase) decrease in prepaid expenses and other assets		4,064		1,811		5,090		2,680
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(9,616)		(4,990)		(14,010)		(12,301)
Net cash provided by operating activities		7,449		5,363		19,463		19,670
Cash flows from investing activities:
Proceeds from sale of property and equipment and intangibles		3,989		—		3,989		—
Purchases of property and equipment		(3,005)		(7,910)		(5,676)		(13,982)
Purchases of intangible assets		(3)		—		(158)		–
Purchases of marketable securities		—		(1,160)		–		(1,160)
Proceeds from marketable securities		10,243		10,960		26,860		21,681
Purchases of investments		—		(100)		—		(300)
Net cash provided by (used in) investing activities		11,224		1,790		25,015		6,239
Cash flows from financing activities:
Tax payments related to shares withheld for share-based compensation plans		(15)		—		(15)		(751)
Payments on long-term debt		(750)		(750)		(1,500)		(1,500)
Dividends paid		(2,104)		(4,269)		(6,322)		(8,540)
Repurchase of Class A common stock		—		(1,302)		(525)		(9,008)
Payments of capitalized debt costs		—		(225)		—		(225)
Net cash used in financing activities		(2,869)		(6,546)		(8,362)		(20,024)
Effect of exchange rates on cash, cash equivalents and restricted cash		(45)		21		32		13
Net increase (decrease) in cash, cash equivalents and restricted cash		15,759		628		36,148		5,898
Cash, cash equivalents and restricted cash:
Beginning		54,246		52,735		33,857		47,465
Ending	$	70,005	$	53,363	$	70,005	$	53,363

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,
		2020		2019		2020		2019

Consolidated adjusted EBITDA (1)	$	1,724	$	12,579	$	11,402	$	20,636

Interest expense		(2,024)		(3,554)		(4,704)		(7,044)
Interest income		539		857		1,162		1,776
Dividend income		–		251		24		506
Income tax expense		5,263		(2,252)		6,931		(3,345)
Equity in net loss of nonconsolidated affiliates		–		(2)		–		(158)
Amortization of syndication contracts		(129)		(125)		(258)		(249)
Payments on syndication contracts		123		92		253		227
Non-cash stock-based compensation included in direct operating expenses		(104)		(116)		(235)		(250)
Non-cash stock-based compensation included in corporate expenses		(699)		(719)		(1,357)		(1,385)
Depreciation and amortization		(3,873)		(4,306)		(8,385)		(8,222)
Change in fair value contingent consideration		–		2,735		–		2,376
Impairment charge		–		(22,368)		(39,835)		(22,368)
Non-recurring cash severance charge		(512)		(948)		(1,118)		(948)
Other operating gain (loss)		2,030		1,597		2,866		3,593
Net income (loss)		2,338		(16,279)		(33,254)		(14,855)

Depreciation and amortization		3,873		4,306		8,385		8,222
Impairment charge		–		22,368		39,835		22,368
Deferred income taxes		(5,585)		1,002		(7,398)		1,472
Non-cash interest		163		238		332		489
Amortization of syndication contracts		128		125		258		249
Payments on syndication contracts		(123)		(92)		(253)		(227)
Equity in net (income) loss of nonconsolidated affiliate		–		2		–		158
Non-cash stock-based compensation		803		835		1,592		1,635
(Gain) loss on disposal of property and equipment		(627)		75		(627)		161
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		12,031		(4,038)		19,513		9,619
(Increase) decrease in prepaid expenses and other assets		4,064		1,811		5,090		2,680
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(9,616)		(4,990)		(14,010)		(12,301)
Cash flows from operating activities		7,449		5,363		19,463		19,670


(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,
		2020		2019		2020		2019
Consolidated adjusted EBITDA (1)	$	1,724	$	12,579	$	11,402	$	20,636
Net interest expense (1)		(1,322)		(2,459)		(3,210)		(4,779)
Dividend income		–		251		24		506
Cash paid for income taxes		(323)		(1,250)		(467)		(1,873)
Capital expenditures (2)		(3,005)		(7,910)		(5,676)		(13,982)
Non-recurring cash severance charge		(512)		(948)		(1,118)		(948)
Other operating gain (loss)		2,030		1,597		2,866		3,593
Free cash flow (1)		(1,408)		1,860		3,821		3,153

Capital expenditures (2)		3,005		7,910		5,676		13,982
Change in fair value of contingent consideration		–		2,735		–		2,376
(Gain) loss on disposal of property and equipment		(627)		75		(627)		161
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		12,031		(4,038)		19,513		9,619
(Increase) decrease in prepaid expenses and other assets		4,064		1,811		5,090		2,680
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(9,616)		(4,990)		(14,010)		(12,301)
Cash Flows From Operating Activities	$	7,449	$	5,363	$	19,463	$	19,670


(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 4, 2020

Entravision Colorado News Team Wins 31 Emmy Awards in 10 Categories

SANTA MONICA, Calif., July 29, 2020 /PRNewswire/ —

WHAT:	Entravision Communications Corporation, (NYSE: EVC), a leading global media and marketing technology company that engages consumers, today announced that the Entravision Colorado news team at its Univision affiliate in Denver – KCEC-TV, excelled with 31 Emmy awards in 10 categories, presented by The National Academy of Television Arts and Sciences. Among the 31 awards, Entravision was recognized for “Best Evening Newscast,” regardless of language. Entravision provides news programming and sales and marketing services for KCEC-TV, which is owned by Univision Communications, Inc.Entravision’s news team received Emmy awards in the following categories:

AWARDS:	Evening Newscast – Larger Markets Solo A Las Cinco (Only at Five)

	Feature News Report – Light Feature Invitenos: La Vida De Un Camionero (Invite Us: The Life of a Trucker)

	Feature News Report – Light Series Sentencia Verde (Green Judgement)

	Environment – News Single Story Cicatrices Del Frío (Cold Scars)

	Human Interest – News Single Story El Ángel De La Esperanza (The Angel of Hope)

	Societal Concerns – News Single Story Padres Temporales (Temporary Parents)

	Human Interest – Program/Series/Special El Milagro Del Jinete (The Miracle of the Rider)

	Politics/Government – Program/Series/Special Hazte Ciudadano (Become a Citizen)

	Public/Current/Community Affairs – Feature/Segment Al Santuario (To the Sanctuary)

	Talent – News Anchor Rafael Contreras Detrás De La Noticia (Rafael Contreras Behind the News)

Quote:	“We are honored to be recognized by The National Television Academy for our exceptional programming which is made possible by our talented news team,” said Juan Carlos Gutierrez, Regional News Director, Entravision. “It’s truly special to receive 31 Emmys across 10 categories, especially to be recognized for the ‘Best Evening Newscast,’ regardless of language. These awards are an extraordinary accomplishment for the entire Entravision Colorado team and a further acknowledgment of our great connection and relationship with the Colorado Latino community.”

About Entravision Communications Corporation
Entravision is a diversified global media, and marketing technology company that reaches and engages consumers in the U.S. and other markets primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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 29, 2020

Entravision Communications Corporation Schedules Second Quarter 2020 Earnings Release And Teleconference

SANTA MONICA, Cailf., July 29, 2020 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC), a leading global media and advertising technology company, announced that it will host a teleconference to discuss its second quarter 2020 financial results on Tuesday, August 4, 2020, 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 website located at www.entravision.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Tuesday, August 25 2020 which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 10146680. The webcast will also be archived on the Company’s website for 30 days.

About Entravision Communications Corporation
Entravision is a diversified global media and marketing technology company that reaches and engages consumers in the U.S. and other markets, primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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 29, 2020

Entravision Appoints Stephen Chung as Chief Revenue Officer for Its International Digital Business

SANTA MONICA, Calif.–(BUSINESS WIRE)–
Entravision (NYSE: EVC), a leading global media, marketing and advertising technology company, announced the appointment ofStephen Chung as Chief Revenue Officer (CRO) for its International Digital business unit. Reporting to the President of Entravision’s International Digital, Luis Barrague, Mr. Chung will oversee growth of global programmatic and performance business sales, team development and service quality.

Entravision’s Digital business unit provides advertising solutions for brands and marketing agencies, including its awarded mobile-DSP Smadex, used by more than 300 advertisers in the gaming, entertainment and e-commerce industries in the United States, Asia, Europe, Middle East and Latin American markets.

Based in Los Angeles, Mr. Chung joins Entravision after 10 years in leadership roles in the Asian-Pacific market, where he established the company builder Rocket Internet in Hong Kong and served as Managing Director for the regional office of the German app marketing company Applift in Seoul, South Korea.

“I’m thrilled to join Entravision and help extend the company’s global market position,” said Mr. Chung. “I firmly believe in Entravision’s service offering and its ability to provide results thanks to its focus on media buying backed by data science and machine learning technology.”

“Stephen’s entrepreneurial spirit, leadership ability in multinational sales organizations and solid experience with the programmatic and performance space is a perfect match for our product and technology team and capabilities,” said Mr. Barrague. “We look forward to his contribution and input as we continue to scale the company.”

ABOUT ENTRAVISION

Entravision is a diversified global media and marketing technology company that reaches and engages consumers in the U.S. and other markets, primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at entravision.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200714005221/en/

Media contact

Dario Diament
Entravision Communications Corporation
info@entravision.com

T (310) 447 3870

Source: Entravision

July 14, 2020

Entravision Colorado News Team Nominated for 14 Emmy Awards

SANTA MONICA, Calif., June 15, 2020 /PRNewswire/ —

WHAT:	Entravision Communications Corporation, (NYSE: EVC), a leading global media and marketing technology company that engages consumers, today announced that the Entravision Colorado news team at its Univision affiliate in Denver – KCEC-TV, was honored with 14 Emmy awards nominations presented by The National Academy of Television Arts and Sciences. According to Nielsen ratings [May 2020 ViP (4/23-5/20)] for early news, KCEC-TV is the #1 Spanish local news at 5pm among Adults 25-54, consistently outperforming the closest competitor for the past 15 months, while for late news, the station is the #2 local news at 10pm regardless of language among Adults 18-49; and #1 Spanish local news at 10pm among Adults 18-49 and Adults 25-54. Entravision provides news programming and sales and marketing services for KCEC-TV, which is owned by Univision Communications, Inc.Entravision’s news team was nominated in the following categories:

AWARDS:	Evening Newscast – Larger Markets
	Solo A Las Cinco

	General Assignment Report – Within 24 Hours
	Siguiendo A Sol Pais

	General Assignment Report – No Time Limit
	Licencias Para Indocumentados

	Feature News Report – Light Feature
	Invitenos: La Vida De Un Camionero

	Feature News Report – Light Series
	Sentencia Verde

	Environment – News Single Story
	Cicatrices Del Frío

	Human Interest – News Single Story
	El Ángel De La Esperanza

	Societal Concerns – News Single Story
	Padres Temporales

	Human Interest – Program/Series/Special
	El Milagro Del Jinete

	Politics/Government – Program/Series/Special
	Hazte Ciudadano

	Public/Current/Community Affairs – Feature/Segment
	Regreso Al Santuario

	News Promo – Image
	Somos Univision Colorado

	Talent – News Anchor
	Rafael Contreras, Detrás De La Noticia

	Talent – Reporter/General Assignment
	Fernando El Reportero

Quote:	“We are honored to be recognized and nominated by the National Television Academy for our programs and talents. I’d like to thank the Colorado team for their commitment in delivering unrivaled content to our audiences,” said Juan Carlos Gutierrez, Regional News Director, Entravision. “It is truly an honor to not only be recognized for the best news, but also for ‘Hazte Ciudadano,’ which is our initiative to educate and encourage people to vote. These nominations speak to our hard work as a Company and great connection with the Colorado Latino community.”

About Entravision Communications Corporation
Entravision is a diversified global media, and marketing technology company that reaches and engages consumers in the U.S. and other markets primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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

June 15, 2020

Entravision Appoints Chris Munoz to Executive Vice President of National Sales

SANTA MONICA, Calif., June 3, 2020 /PRNewswire/ — Entravision Communications Corporation, (NYSE: EVC), a leading global media and marketing technology company that engages consumers, announced today the appointment of Chris Munoz to the executive leadership team as the Executive Vice President of National Sales. Mr. Munoz will oversee Entravision’s national spot television, national spot radio, network radio and national digital audio platforms. This appointment is effective as of June 1, 2020.

“Chris is an experienced and accomplished executive in the media space and we are pleased to have him join the Entravision team and lead our national sales efforts. He is a proven strategic leader, a passionate advocate for Hispanic media, and possesses extensive client, industry and agency relationships. We look forward to his leadership as we continue to connect advertisers with our dynamic audiences,” said Karl Meyer, Chief Revenue Officer, Entravision.

Mr. Munoz is a highly regarded executive in the industry and specifically in the national sales arena. He previously was Senior Vice President for Univision National Sales. Prior to that, Mr. Munoz oversaw Univision Network radio sales and the national spot radio revenue for the Univision owned-and-operated stations with Katz Media.

“The Hispanic market is vibrant and growing and Entravision is well positioned with its loyal audiences and the significant reach of its multi-channel platform. I’m committed to building upon Entravision’s position in the market and delivering value for our advertising partners,” said Mr. Munoz.

About Entravision Communications Corporation
Entravision is a diversified global media, and marketing technology company that reaches and engages consumers in the U.S. and other markets primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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

June 3, 2020

Entravision Named Winner of the Colorado Top Workplaces 2020 Award by The Denver Post

SANTA MONICA, Calif., May 21, 2020 /PRNewswire/ — Entravision Communications Corporation, (NYSE: EVC), a leading global media and marketing technology company that engages consumers, announced today it has been awarded a Top Workplaces 2020 honor by The Denver Post. The list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage, LLC. The anonymous survey uniquely measures 15 drivers of engaged cultures that are critical to the success of any organization: including alignment, execution, and connection, just to name a few.

Entravision is a leader in the Colorado market, receiving numerous recognitions in the past, including 24 Emmy awards in 13 categories in 2019. This is the first time Entravision has been named to The Denver Post’s Top Workplaces 2020 list. The specific rankings of companies and how they are placed in three categories, small, mid-size and large, will be announced at a special awards celebration to be held later this year.

“We are extremely proud and honored to be recognized by The Denver Post as a top workplace in the state of Colorado,” said Don Daboub, Senior Vice President of Entravision Colorado. “This is a testament to the hard work and effort put forth by all our employees and the Company as a whole. It is truly impressive to witness the commitment in delivering unparalleled content to our audiences and unique opportunities for our advertisers, all while maintaining an exciting, enjoyable and rewarding workplace. We are pleased to accept this award and congratulate all the other winners.”

“For more than a decade, the Top Workplaces award has helped organizations stand out among their competitors to attract talent,” said Eric Rubino, CEO of Energage. “This differentiation is more important than ever in today’s tight labor market. Establishing a continuous conversation with employees so you have a deep understanding of your unique culture is proven to help achieve higher referral rates, lower employee turnover, and double the employee engagement levels. No longer is recognition simply a much-deserved cause for celebration, but it’s fast becoming mission-critical to establish a competitive advantage for recruitment and retention.”

About Entravision Communications Corporation

Entravision is a diversified global media, and marketing technology company that reaches and engages consumers in the U.S. and other markets primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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.

About Energage

Energage, a certified B-corporation, offers web-based solutions and advisory services that help organizations recruit and retain the right talent. Home of Top Workplaces research, Energage offers solutions that collect, understand and amplify the voice of the employee, enabling organizations to reduce unwanted turnover, lower recruiting costs and increase retention. Based on more than 13 years of culture research, advanced comparative analytics, and patented algorithms trained on more than 20 million employees at 58,000 companies, Energage has isolated the 15 drivers of engaged cultures that are critical to the success of any organization. For more information, please visit energage.com.

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SOURCE Entravision Communications Corporation

May 21, 2020

Entravision Communications Corporation Reports First Quarter 2020 Results

SANTA MONICA, Calif., May 7, 2020 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three-month period ended March 31, 2020.

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
	Ended March 31,
	2020		2019		% Change
Net revenue	$	64,249	$	64,680		(1)	%
Cost of revenue – digital media (1)		7,347		7,642		(4)	%
Operating expenses (2)		40,270		42,744		(6)	%
Corporate expenses (3)		6,840		6,894		(1)	%
Foreign currency (gain) loss		1,508		132		1042	%

Consolidated adjusted EBITDA (4)		9,679		8,057		20	%

Free cash flow (5)	$	5,229	$	1,293		304	%

Net income (loss)	$	(35,592)	$	1,424	*

Net income per share, basic and diluted	$	(0.42)	$	0.02	*

Weighted average common shares outstanding, basic		84,317,767		86,101,741
Weighted average common shares outstanding, diluted		84,317,767		87,152,987


(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.
(2)	For purposes of presentation in this table, the operating expenses line item includes direct operating and selling, general and administrative expenses. Included in operating expenses are $0.1 million of non-cash stock-based compensation for each of the three-month periods ended March 31, 2020 and 2019. Also for purposes of presentation in this table, the operating expenses line item does not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment, other income (loss) and change in fair value of contingent consideration.
(3)	Corporate expenses include $0.7 million of non-cash stock-based compensation for each of the three-month periods ended March 31, 2020 and 2019.
(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, 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, 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, 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 FCC reimbursement for broadcast television repack less related cash expenses. 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 affected by the COVID-19 pandemic and the resulting economic crisis late in the period, which resulted in declines in our radio and digital segments compared to the prior year. However, we did achieve growth in our television segment compared to the first quarter of 2019. We expect a significantly greater adverse impact in future periods, depending upon the extent and duration of the economic downturn. We continue to maintain a solid balance sheet and are undertaking an extensive review of our business in order to more efficiently align operations and reduce costs. Looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, as we execute our multiplatform strategy to the benefit of our shareholders.”

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, 2020 to shareholders of record as of the close of business on June 15, 2020, and the common stock will trade ex-dividend on June 12, 2020. 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.

Impairment

Due to the current economic crisis resulting from the COVID-19 pandemic, we experienced a decline in performance across all our reporting units beginning late in the first quarter of 2020. Additionally, the digital reporting unit was already facing declining results prior to the onset of the pandemic, caused by continuing competitive pressures and rapid changes in the digital advertising industry, which then further accelerated late in the quarter as a result of the economic crisis resulting from the pandemic. The results of our television and radio reporting units prior to the onset of the pandemic were exceeding internal budgets, driven in large part by political advertising revenue, but declined sharply in the last few weeks of the quarter because of the pandemic and the resulting economic crisis. As a result, we updated our internal forecasts of future performance and determined that triggering events had occurred during the first quarter of 2020 that required interim impairment assessments related to goodwill, indefinite lived intangible assets and long-lived assets. As a result of these assessments, we recognized impairment charges totaling $39.8 million in the three-month period ended March 31, 2020.

Financial Results

Three-Month period ended March 31, 2020 Compared to Three-Month Period Ended
March 31, 2019
(Unaudited)

	Three-Month Period
	Ended March 31,
	2020		2019		% Change
Net revenue	$	64,249	$	64,680		(1)	%
Cost of revenue – digital media (1)		7,347		7,642		(4)	%
Operating expenses (1)		40,270		42,744		(6)	%
Corporate expenses (1)		6,840		6,894		(1)	%
Depreciation and amortization		4,512		3,916		15	%
Change in fair value contingent consideration		–		359		(100)	%
Impairment charge		39,835		–	*
Foreign currency (gain) loss		1,508		132		1042	%
Other operating (gain) loss		(836)		(1,996)		(58)	%

Operating income (loss)		(35,227)		4,989	*
Interest expense, net		(2,056)		(2,571)		(20)	%
Dividend income		23		255		(91)	%

Income (loss) before income taxes		(37,260)		2,673	*

Income tax benefit (expense)		1,668		(1,093)	*
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		(35,592)		1,580	*
Equity in net income (loss) of nonconsolidated affiliates, net of tax		–		(156)		(100)	%
Net income (loss)	$	(35,592)	$	1,424	*


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

Net revenue decreased to $64.2 million for the three-month period ended March 31, 2020 from $64.7 million for the three-month period ended March 31, 2019, a decrease of $0.5 million. Of the overall decrease, approximately $1.2 million was attributable to our digital segment and was primarily due to declines in international revenue. This decline in digital revenue is being driven by a trend whereby revenue is shifting more to programmatic revenue. In addition, approximately $0.3 million of the overall decrease was attributable to our radio segment and was primarily due to decreases in local and national advertising revenue, as a result primarily of ratings declines, competitive factors with other Spanish-language broadcasters and changing demographic preferences of audiences. Additionally, as we have previously noted, there is a trend for advertising to move increasingly from traditional media, such as radio, to new media, such as digital media, and we expect this trend to continue. The overall decrease was partially offset by an increase of approximately $0.9 million in our television segment due to increases in political advertising revenue and retransmission consent revenue, partially offset by decreases in revenue from spectrum usage rights and local and national advertising revenue, as a result primarily of ratings declines, competitive factors with other Spanish-language broadcasters and changing demographic preferences of audiences. Notwithstanding the increase in our television segment, as we have previously noted, there is a trend for advertising to move increasingly from traditional media, such as television, to new media, such as digital media, and we expect this trend to continue.

Cost of revenue in our digital segment decreased to $7.3 million for the three-month period ended March 31, 2020 from $7.6 million for the three-month period ended March 31, 2019, a decrease of $0.3 million, primarily due to a decrease in expenses associated with the decrease in revenue in our digital segment.

Operating expenses decreased to $40.3 million for the three-month period ended March 31, 2020 from $42.7 million for the three-month period ended March 31, 2019, a decrease of $2.4 million. The decrease was primarily due to a decrease in expenses associated with the decrease in revenue.

Corporate expenses decreased to $6.8 million for the three-month period ended March 31, 2020 from $6.9 million for the three-month period ended March 31, 2019, a decrease of $0.1 million.

Impairment charge related to certain FCC licenses in our television and radio reporting units was $23.5 and $8.8 million, respectively, for the three-month period ended March 31, 2020. Impairment charge related to goodwill in our digital reporting unit was $0.8 million for the three-month period ended March 31, 2020. Impairment charges related to intangibles subject to amortization and property and equipment in our digital reporting unit was $5.3 million and $1.5 million, respectively, for the three-month period ended March 31, 2020.

Our historical revenues have primarily been denominated in U.S. dollars, and the majority of our current revenues continue to be, and are expected to remain, denominated in U.S. dollars. However, our operating expenses are generally denominated in the currencies of the countries in which our operations are located, and we have operations in countries other than the United States, primarily those operations related to our Headway business. As a result, we have operating expense, attributable to foreign currency, that is primarily related to the operations related to our Headway business. We had a foreign currency loss of $1.5 million for the three-month period ended March 31, 2020 compared to a foreign currency loss of $0.1 million for the three-month period ended March 31, 2019. Foreign currency loss was primarily due to currency fluctuations that affected our digital segment operations located outside the U.S., primarily those related to the Headway business.

Segment Results

The following represents selected unaudited segment information:

	Three-Month Period
	Ended March 31,
	2020		2019		% Change
Net Revenue
Television	$	39,199	$	38,253		2	%
Radio		11,719		11,955		(2)	%
Digital		13,331		14,472		(8)	%
Total	$	64,249	$	64,680		(1)	%

Cost of Revenue – digital media (1)
Digital	$	7,347	$	7,642		(4)	%

Operating Expenses (1)
Television		21,757		20,741		5	%
Radio		11,649		14,283		(18)	%
Digital		6,864		7,720		(11)	%
Total	$	40,270	$	42,744		(6)	%

Corporate Expenses (1)	$	6,840	$	6,894		(1)	%

Consolidated adjusted EBITDA (1)	$	9,679	$	8,057		20	%


(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 2020 first quarter results on May 7, 2020 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 is a diversified global media, marketing and technology company that reaches and engages Latino consumers in the United States and other markets primarily including Mexico, Latin America and Spain. Entravision’s portfolio includes digital media properties and advertising technology platforms that deliver performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision’s digital and technology businesses include Smadex, a leading technology platform providing mobile, programmatic, data and performance digital marketing solutions. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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.

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)

	March 31,		December 31,
	2020		2019
ASSETS
Current assets
Cash and cash equivalents	$	53,512	$	33,123
Marketable securities		74,684		91,662
Restricted cash		734		734
Trade receivables, net of allowance for doubtful accounts		63,879		71,406
Assets held for sale		6,878		950
Prepaid expenses and other current assets		15,108		11,557
Total current assets		214,795		209,432
Property and equipment, net		76,315		79,642
Intangible assets subject to amortization, net		10,192		16,772
Intangible assets not subject to amortization		216,853		252,544
Goodwill		45,711		46,511
Operating leases right of use asset		41,759		43,837
Other assets		7,506		7,462
Total assets	$	613,131	$	656,200


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	3,000	$	3,000
Accounts payable and accrued expenses		55,557		53,931
Operating lease liabilities		8,802		9,056
Total current liabilities		67,359		65,987
Long-term debt, less current maturities, net of unamortized debt issuance costs		212,380		213,024
Long-term operating lease liabilities		39,476		41,387
Other long-term liabilities		3,611		3,371
Deferred income taxes		42,068		44,259
Total liabilities		364,894		368,028

Stockholders’ equity
Class A common stock		6		6
Class B common stock		2		2
Class U common stock		1		1
Additional paid-in capital		832,216		836,170
Accumulated deficit		(583,468)		(547,876)
Accumulated other comprehensive income (loss)		(520)		(131)
Total stockholders’ equity		248,237		288,172
Total liabilities and stockholders’ equity	$	613,131	$	656,200

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

	Three-Month Period
	Ended March 31,
	2020		2019

Net revenue	$	64,249	$	64,680

Expenses:
Cost of revenue – digital media		7,347		7,642
Direct operating expenses		26,679		28,930
Selling, general and administrative expenses		13,591		13,814
Corporate expenses		6,840		6,894
Depreciation and amortization		4,512		3,916
Change in fair value contingent consideration		–		359
Impairment charge		39,835		–
Foreign currency (gain) loss		1,508		132
Other operating (gain) loss		(836)		(1,996)
		99,476		59,691
Operating income (loss)		(35,227)		4,989
Interest expense		(2,680)		(3,490)
Interest income		624		919
Dividend income		23		255
Income (loss) before income taxes		(37,260)		2,673
Income tax benefit (expense)		1,668		(1,093)

Income (loss) before equity in net income (loss) of nonconsolidated affiliate		(35,592)		1,580
Equity in net income (loss) of nonconsolidated affiliate, net of tax		–		(156)
Net income (loss)	$	(35,592)	$	1,424

Basic and diluted earnings per share:
Net income (loss) per share, basic and diluted	$	(0.42)	$	0.02

Cash dividends declared per common share	$	0.05	$	0.05

Weighted average common shares outstanding, basic		84,317,767		86,101,741
Weighted average common shares outstanding, diluted		84,317,767		87,152,987

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

	Three-Month Period
	Ended March 31,
	2020		2019
Cash flows from operating activities:
Net income (loss)	$	(35,592)	$	1,424
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		4,512		3,916
Impairment charge		39,835		—
Deferred income taxes		(1,813)		470
Non-cash interest		169		251
Amortization of syndication contracts		130		124
Payments on syndication contracts		(130)		(135)
Equity in net (income) loss of nonconsolidated affiliate		—		156
Non-cash stock-based compensation		789		800
(Gain) loss on disposal of property and equipment		—		86
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		7,482		13,657
(Increase) decrease in prepaid expenses and other assets		1,026		869
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(4,394)		(7,311)
Net cash provided by operating activities		12,014		14,307
Cash flows from investing activities:
Purchases of property and equipment		(2,671)		(6,072)
Purchases of intangible assets		(155)		—
Proceeds from marketable securities		16,617		10,721
Purchases of investments		—		(200)
Net cash provided by (used in) investing activities		13,791		4,449
Cash flows from financing activities:
Tax payments related to shares withheld for share-based compensation plans		—		(751)
Payments on long-term debt		(750)		(750)
Dividends paid		(4,218)		(4,271)
Repurchase of Class A common stock		(525)		(7,706)
Net cash used in financing activities		(5,493)		(13,478)
Effect of exchange rates on cash, cash equivalents and restricted cash		77		(8)
Net increase (decrease) in cash, cash equivalents and restricted cash		20,389		5,270
Cash, cash equivalents and restricted cash:
Beginning		33,857		47,465
Ending	$	54,246	$	52,735

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,
	2020		2019

Consolidated adjusted EBITDA (1)	$	9,679	$	8,057

Interest expense		(2,680)		(3,490)
Interest income		624		919
Dividend income		23		255
Income tax expense		1,668		(1,093)
Equity in net loss of nonconsolidated affiliates		–		(156)
Amortization of syndication contracts		(130)		(124)
Payments on syndication contracts		130		135
Non-cash stock-based compensation included in direct operating expenses		(131)		(134)
Non-cash stock-based compensation included in corporate expenses		(658)		(666)
Depreciation and amortization		(4,512)		(3,916)
Change in fair value contingent consideration		–		(359)
Impairment charge		(39,835)		–
Non-recurring cash severance charge		(606)		–
Other operating gain (loss)		836		1,996
Net income (loss)		(35,592)		1,424

Depreciation and amortization		4,512		3,916
Impairment charge		39,835		–
Deferred income taxes		(1,813)		470
Non-cash interest		169		251
Amortization of syndication contracts		130		124
Payments on syndication contracts		(130)		(135)
Equity in net (income) loss of nonconsolidated affiliate		–		156
Non-cash stock-based compensation		789		800
(Gain) loss on disposal of property and equipment		–		86
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		7,482		13,657
(Increase) decrease in prepaid expenses and other assets		1,026		869
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(4,394)		(7,311)
Cash flows from operating activities		12,014		14,307


(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,
	2020		2019
Consolidated adjusted EBITDA (1)	$	9,679	$	8,057
Net interest expense (1)		(1,887)		(2,320)
Dividend income		23		255
Cash paid for income taxes		(145)		(623)
Capital expenditures (2)		(2,671)		(6,072)
Non-recurring cash severance charge		(606)		–
FCC Reimbursement		836		1,996
Free cash flow (1)		5,229		1,293

Capital expenditures (2)		2,671		6,072
Change in fair value of contingent consideration		–		(359)
(Gain) loss on disposal of property and equipment		–		86
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		7,482		13,657
(Increase) decrease in prepaid expenses and other assets		1,026		869
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(4,394)		(7,311)
Cash Flows From Operating Activities	$	12,014	$	14,307


(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

May 7, 2020

Entravision Announces Launch of Entravision Digital

SANTA MONICA, Calif., May 5, 2020 /PRNewswire/ — Entravision Communications Corporation, (NYSE: EVC), a leading global media and marketing technology company that engages consumers, announced today the launch of Entravision Digital, which consolidates its digital reach, data, creative and programmatic capabilities into a unified solutions offering. Entravision Digital unites the performance and branding capabilities of its technology platforms, providing a full-funnel marketing stack that empowers both U.S. and global brands and apps to optimize their marketing operations and drive business results.

“By combining our comprehensive digital capabilities into Entravision Digital, advertisers and agencies have a single source to access a rich combination of audiences, media, performance solutions, and consumer insights,” said Walter F. Ulloa, Chairman and Chief Executive Officer of Entravision. “Entravision Digital has a global reach and is an exceptional complement to our television, radio and digital media assets serving the U.S. Hispanic market. We are excited to extend the Entravision brand to these businesses and look forward to continued success in the media technology marketplace.”

“Our digital solutions have been very successful in connecting content and technology with targeted audiences, benefiting app marketers and multicultural advertisers,” said Luis Barragué, President of Entravision Digital. “We believe we have created a unique and comprehensive digital offering and will continue to evaluate potential acquisitions that would accelerate growth and complement our culture and mission.”

Entravision Digital includes Entravision’s Smadex’s programmatic mobile-first DSP solution; AudioEngage, its audio advertising platform; ScrollerAds, its optimized video advertising marketplace; Dataxpand, its international data management platform and audience marketplace with consumer insights; and its U.S. Hispanic marketing solutions for SME (small and medium enterprises) and national advertisers.

About Entravision Digital

Entravision Digital is the media technology business unit of Entravision Communications [NYSE: EVC], providing a comprehensive offering of digital media and technology solutions that empower marketers to reach consumers in every screen and on every format. Entravision Digital’s global reach, rich data, innovative creative and comprehensive programmatic solutions adapt to each marketing need. Entravision Digital offers solutions capabilities that provide insights and data-based solutions with machine learning technologies built for performance; digital media capabilities with impactful consumer reach, powered by differentiated creativity, content and influencers; and unique platforms that deliver results-oriented solutions with a strong focus on customer care and long-term business development. Entravision Digital has approximately 50 offices around the world including Los Angeles, Mexico City, Barcelona, Tel Aviv, Seoul and Sao Paulo, serving 300 different markets with its digital solutions.

About Entravision Communications Corporation

Entravision is a diversified global media, and marketing technology company that reaches and engages consumers in the U.S. and other markets primarily including Mexico, Latin America and Spain. The Company’s portfolio includes Entravision Digital, a digital media and advertising technology platform that delivers performance-based solutions and data insights, along with 55 television stations and 49 radio stations. Entravision is the largest affiliate group of both the Univision and UniMás television networks, and its Spanish-language radio stations feature its nationally recognized talent. 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.

View original content:http://www.prnewswire.com/news-releases/entravision-announces-launch-of-entravision-digital-301052590.html

SOURCE Entravision Communications Corporation

May 5, 2020

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