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  • Entravision Communications Corporation Reports Third Quarter 2022 Results

    Entravision Communications Corporation Reports Third Quarter 2022 Results

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three- and nine-month periods ended September 30, 2022.

    Third Quarter 2022 Highlights

    • Record third quarter advertising revenue
    • Net revenue up 21% over the prior-year quarter
    • Net income attributable to common stockholders down 23% over the prior-year quarter
    • Consolidated adjusted EBITDA up 12% over the prior-year quarter
    • Operating cash flow up 62% over the prior-year quarter
    • Free cash flow down 31% over the prior-year quarter
    • Quarterly cash dividend of $0.025 per share

    “Entravision continued to see progress in the third quarter of 2022, with revenue up 21% versus the prior-year period. Adjusted EBITDA also improved double-digits, increasing 12% year-over-year,” said Walter Ulloa, Chairman and Chief Executive Officer. “Entravision’s strength throughout the quarter was again driven by our digital segment, where revenue improved 29% versus the third quarter of 2021. In our television and audio businesses, political ad spend, in particular, continued to perform strongly.”

    Mr. Ulloa continued, “Entravision’s solid performance in the third quarter, together with our progress year-to-date, demonstrates the resiliency and growth of our business in a tough macro environment. We continue to strategically expand across the globe and now have operations in 40 countries across five continents in service of more than 7,000 clients. We are thoughtfully positioning our digital teams in emerging economies where Entravision’s unique offerings have a key first-mover advantage and where a critical mass of connected consumers exists alongside a growing advertising industry. We remain optimistic in finding multiple growth opportunities around the world for our digital business and look forward to sharing our progress as we continue to grow and expand globally.”

    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 December 30, 2022 to shareholders of record as of the close of business on December 15, 2022, and the common stock will trade ex-dividend on December 14, 2022. 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 10.

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

    Three-Month Period

    Nine-Month Period

    Ended September 30,

    Ended September 30,

    2022

    2021

    % Change

    2022

    2021

    % Change

    Net revenue

    $

    241,014

    $

    199,008

    21

    %

    $

    659,881

    $

    526,298

    25

    %

    Cost of revenue – digital (1)

    157,095

    124,332

    26

    %

    431,951

    318,118

    36

    %

    Operating expenses (2)

    49,294

    43,113

    14

    %

    140,527

    124,969

    12

    %

    Corporate expenses (3)

    9,525

    7,253

    31

    %

    26,769

    21,756

    23

    %

    Foreign currency (gain) loss

    1,966

    177

    *

    2,112

    454

    365

    %

    Consolidated adjusted EBITDA (4)

    25,972

    23,195

    12

    %

    66,566

    55,177

    21

    %

    Free cash flow (5)

    $

    15,443

    $

    22,382

    (31

    )%

    $

    44,026

    $

    47,831

    (8

    )%

    Net income (loss)

    $

    9,090

    $

    13,884

    (35

    )%

    $

    19,444

    $

    31,362

    (38

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    $

    –

    $

    (1,753

    )

    (100

    )%

    $

    –

    $

    (5,938

    )

    (100

    )%

    Net (income) loss attributable to noncontrolling interest

    $

    303

    $

    –

    *

    $

    303

    $

    –

    *

    Net income (loss) attributable to common stockholders

    $

    9,393

    $

    12,131

    (23

    )%

    $

    19,747

    $

    25,424

    (22

    )%

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

    $

    0.11

    $

    0.14

    (21

    )%

    $

    0.23

    $

    0.30

    (23

    )%

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

    $

    0.11

    $

    0.14

    (21

    )%

    $

    0.23

    $

    0.29

    (21

    )%

    Weighted average common shares outstanding, basic

    84,945,873

    85,390,333

    85,469,675

    85,207,992

    Weighted average common shares outstanding, diluted

    87,417,501

    88,315,732

    87,671,726

    87,694,395

    (1)

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

    (2)

    Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $1.0 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended September 30, 2022 and 2021, respectively, and $2.9 million and $1.0 million of non-cash stock-based compensation for the nine-month periods ended September 30, 2022 and 2021, respectively.

    (3)

    Corporate expenses include $1.8 million and $0.8 million of non-cash stock-based compensation for the three-month periods ended September 30, 2022 and 2021, respectively, and $5.1 million and $2.3 million of non-cash stock-based compensation for the nine-month periods ended September 30, 2022 and 2021, 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 (In thousands)

    Three-Month Period

    Ended September 30,

    2022

    2021

    % Change

    Net revenue

    $

    241,014

    $

    199,008

    21

    %

    Cost of revenue – digital (1)

    157,095

    124,332

    26

    %

    Operating expenses (1)

    49,294

    43,113

    14

    %

    Corporate expenses (1)

    9,525

    7,253

    31

    %

    Depreciation and amortization

    6,554

    5,901

    11

    %

    Change in fair value of contingent consideration

    734

    –

    *

    Impairment charge

    –

    166

    (100

    )%

    Foreign currency (gain) loss

    1,966

    177

    *

    Other operating (gain) loss

    (58

    )

    (2,431

    )

    (98

    )%

    Operating income (loss)

    15,904

    20,497

    (22

    )%

    Interest expense, net

    (2,267

    )

    (1,702

    )

    33

    %

    Dividend income

    6

    207

    (97

    )%

    Realized gain (loss) on marketable securities

    (473

    )

    –

    *

    Income (loss) before income taxes

    13,170

    19,002

    (31

    )%

    Income tax benefit (expense)

    (4,080

    )

    (5,118

    )

    (20

    )%

    Net income (loss)

    9,090

    13,884

    (35

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (1,753

    )

    (100

    )%

    Net (income) loss attributable to noncontrolling interest

    303

    –

    *

    Net income (loss) attributable to common stockholders

    $

    9,393

    $

    12,131

    (23

    )%

    (1)

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

    Net revenue in the third quarter of 2022 totaled $241.0 million, up 21% from $199.0 million in the prior-year period. Of the overall increase, approximately $42.8 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business, and due to our investment in a variable interest entity during the third quarter of 2022 and our acquisition of 365 Digital during the fourth quarter of 2021, neither of which contributed to net revenue in the comparable period ended September 30, 2021. In addition, of the overall increase, approximately $0.1 million was attributable to our audio segment, primarily due to increases in political advertising revenue and local advertising revenue, partially offset by a decrease in national advertising revenue. The overall increase was partially offset by a decrease of approximately $0.8 million attributable to our television segment, primarily due to decreases in local and national advertising revenue, and a decrease in retransmission consent revenue. These decreases were mainly attributed to the expiration of our Univision and UniMás network affiliation agreements in Orlando, Tampa and Washington, D.C. on December 31, 2021. The decrease in our television segment revenue was partially offset by increases in political advertising revenue and spectrum usage rights revenue.

    Cost of revenue in the third quarter of 2022 totaled $157.1 million, up 26% from $124.3 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and due to our investment in a variable interest entity during the third quarter of 2022 and our acquisition of 365 Digital during the fourth quarter of 2021, neither of which incurred cost of revenue for us in the comparable period ended September 30, 2021.

    Operating expenses in the third quarter of 2022 totaled $49.3 million, up 14% from $43.1 million in the prior-year period. Of the overall increase, approximately $5.9 million was attributable to our digital segment and was primarily due to an increase in expenses associated with the increase in digital advertising revenue, an increase in salary expense and our investment in a variable interest entity during the third quarter of 2022 and our acquisition of 365 Digital during the fourth quarter of 2021, which did not incur operating expenses for us in the comparable period. Additionally, of the overall increase in operating expenses, approximately $0.4 million was attributable to our audio segment primarily due to an increase in expenses associated with the increase in local advertising revenue. The overall increase in operating expenses was partially offset by a decrease of approximately $0.1 million that was attributable to our television segment primarily due to a decrease in expenses associated with the decrease in local and national advertising revenue, partially offset by an increase in rent expense and an increase in bad debt expense.

    Corporate expenses in the third quarter of 2022 totaled $9.5 million, up 31% from $7.3 million in the prior-year period. The increase was primarily due to increases in non-cash stock-based compensation and an increase in salaries.

    Unaudited Financial Results (In thousands)

    Nine-Month Period

    Ended September 30,

    2022

    2021

    % Change

    Net revenue

    $

    659,881

    $

    526,298

    25

    %

    Cost of revenue – digital (1)

    431,951

    318,118

    36

    %

    Operating expenses (1)

    140,527

    124,969

    12

    %

    Corporate expenses (1)

    26,769

    21,756

    23

    %

    Depreciation and amortization

    19,212

    16,159

    19

    %

    Change in fair value of contingent consideration

    6,810

    –

    *

    Impairment charge

    –

    1,604

    (100

    )%

    Foreign currency (gain) loss

    2,112

    454

    365

    %

    Other operating (gain) loss

    (1,011

    )

    (4,867

    )

    (79

    )%

    Operating income (loss)

    33,511

    48,105

    (30

    )%

    Interest expense, net

    (5,309

    )

    (5,052

    )

    5

    %

    Dividend income

    20

    211

    (91

    )%

    Realized gain (loss) on marketable securities

    (473

    )

    –

    *

    Income (loss) before income taxes

    27,749

    43,264

    (36

    )%

    Income tax benefit (expense)

    (8,305

    )

    (11,902

    )

    (30

    )%

    Net income (loss)

    19,444

    31,362

    (38

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (5,938

    )

    (100

    )%

    Net (income) loss attributable to noncontrolling interest

    303

    –

    *

    Net income (loss) attributable to common stockholders

    $

    19,747

    $

    25,424

    (22

    )%

    (1)

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

    Net revenue for the nine-month period of 2022 totaled $659.9 million, up 25% from $526.3 million in the prior-year period. Of the overall increase, approximately $139.1 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business. In addition, the increase in net revenue in our digital segment was due to our investment in a variable interest entity and our acquisition of 365 Digital during the third quarter of 2022 and fourth quarter of 2021, respectively, neither of which contributed to net revenue in the comparable period ended September 30, 2021, and due to our acquisition of MediaDonuts during the third of 2021, which only partially contributed to net revenue in the comparable period ended September 30, 2021. Additionally, of the overall increase, approximately $2.1 million was attributable to our audio segment, primarily due to increases in political advertising revenue and local advertising revenue, partially offset by a decrease in national advertising revenue. The overall increase was partially offset by a decrease of approximately $7.7 million attributable to our television segment, primarily due to decreases in local and national advertising revenue, and a decrease in retransmission consent revenue. These decreases were mainly attributed to the expiration of our Univision and UniMás network affiliation agreements in Orlando, Tampa and Washington, D.C. on December 31, 2021. The decrease in our television segment revenue was partially offset by increases in political advertising revenue and spectrum usage rights revenue.

    Cost of revenue for the nine-month period of 2022 totaled $432.0 million, up 36% from $318.1 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and due to our investment in a variable interest entity and our acquisition of 365 Digital during the third quarter of 2022 and fourth quarter of 2021, respectively, neither of which incurred cost of revenue for us in the comparable period ended September 30, 2021, and due to our acquisition of MediaDonuts during the third of 2021, which only partially incurred cost of revenue for us in the comparable period ended September 30, 2021.

    Operating expenses for the nine-month period of 2022 totaled $140.5 million, up 12% from $125.0 million in the prior-year period. Of the overall increase, approximately $15.5 million was attributable to our digital segment and was primarily due to an increase in expenses associated with the increase in digital advertising revenue and an increase in salary expense. In addition, the increase in operating expenses in our digital segment was due to our investment in a variable interest entity and our acquisition of 365 Digital during the third quarter of 2022 and fourth quarter of 2021, respectively, neither of which incurred operating expenses for us in the comparable period ended September 30, 2021, and due to our acquisition of MediaDonuts during the third of 2021, which only partially incurred operating expenses for us in the comparable period ended September 30, 2021. Additionally, of the overall increase in operating expenses, approximately $0.6 million was attributable to our audio segment primarily due to an increase in expenses associated with the increase in local advertising revenue. The overall increase in operating expenses was partially offset by a decrease of approximately $0.6 million that was attributable to our television segment primarily due to a decrease in expenses associated with the decrease in local and national advertising revenue, partially offset by an increase in rent expense and bad debt expense.

    Corporate expenses for the nine-month period of 2022 totaled $26.8 million, up 23% from $21.8 million in the prior-year period. The increase was primarily due to increases in non-cash stock-based compensation and an increase in salaries.

    Balance Sheet and Related Metrics

    Cash and marketable securities as of September 30, 2022 totaled approximately $164.8 million. Total debt under the Company’s credit agreement was $210.0 million. Net of $75 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.4 times as of September 30, 2022. Net of total cash and marketable securities, total leverage was 0.5 times.

    Unaudited Segment Results (In thousands)

    Three-Month Period

    Nine-Month Period

    Ended September 30,

    Ended September 30,

    2022

    2021

    % Change

    2022

    2021

    % Change

    Net Revenue

    Digital

    $

    188,877

    $

    146,121

    29

    %

    $

    516,966

    $

    377,826

    37

    %

    Television

    35,678

    36,450

    (2

    )%

    98,918

    106,598

    (7

    )%

    Audio

    16,459

    16,437

    0

    %

    43,997

    41,874

    5

    %

    Total

    $

    241,014

    $

    199,008

    21

    %

    $

    659,881

    $

    526,298

    25

    %

    Cost of Revenue – digital (1)

    Digital

    $

    157,095

    $

    124,332

    26

    %

    $

    431,951

    $

    318,118

    36

    %

    Operating Expenses (1)

    Digital

    19,080

    13,187

    45

    %

    51,577

    36,064

    43

    %

    Television

    20,003

    20,148

    (1

    )%

    58,969

    59,548

    (1

    )%

    Audio

    10,211

    9,778

    4

    %

    29,981

    29,357

    2

    %

    Total

    $

    49,294

    $

    43,113

    14

    %

    $

    140,527

    $

    124,969

    12

    %

    Corporate Expenses (1)

    $

    9,525

    $

    7,253

    31

    %

    $

    26,769

    $

    21,756

    23

    %

    Consolidated adjusted EBITDA (1)

    $

    25,972

    $

    23,195

    12

    %

    $

    66,566

    $

    55,177

    21

    %

    (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 third quarter 2022 results on Thursday, November 3, 2022 at 4:30 p.m. Eastern Time. To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (Int’l) ten minutes prior to the start time and reference Conference ID number 10171311. 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 leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

    Forward-Looking Statements

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

    Entravision Communications Corporation

    Consolidated Statements of Operations

    (In thousands, except share and per share data)

    (Unaudited)

     

    Three-Month Period

    Nine-Month Period

    Ended September 30,

    Ended September 30,

    2022

    2021

    2022

    2021

    Net revenue

    $

    241,014

    $

    199,008

    $

    659,881

    $

    526,298

    Expenses:

    Cost of revenue – digital

    157,095

    124,332

    431,951

    318,118

    Direct operating expenses

    30,086

    28,583

    87,505

    83,480

    Selling, general and administrative expenses

    19,208

    14,530

    53,022

    41,489

    Corporate expenses

    9,525

    7,253

    26,769

    21,756

    Depreciation and amortization

    6,554

    5,901

    19,212

    16,159

    Change in fair value of contingent consideration

    734

    –

    6,810

    –

    Impairment charge

    –

    166

    –

    1,604

    Foreign currency (gain) loss

    1,966

    177

    2,112

    454

    Other operating (gain) loss

    (58

    )

    (2,431

    )

    (1,011

    )

    (4,867

    )

    225,110

    178,511

    626,370

    478,193

    Operating income (loss)

    15,904

    20,497

    33,511

    48,105

    Interest expense

    (3,055

    )

    (1,714

    )

    (7,225

    )

    (5,287

    )

    Interest income

    788

    12

    1,916

    235

    Dividend income

    6

    207

    20

    211

    Realized gain (loss) on marketable securities

    (473

    )

    –

    (473

    )

    –

    Income (loss) before income taxes

    13,170

    19,002

    27,749

    43,264

    Income tax benefit (expense)

    (4,080

    )

    (5,118

    )

    (8,305

    )

    (11,902

    )

    Net income (loss)

    9,090

    13,884

    19,444

    31,362

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (1,753

    )

    –

    (5,938

    )

    Net (income) loss attributable to noncontrolling interest

    303

    –

    303

    –

    Net income (loss) attributable to common stockholders

    $

    9,393

    $

    12,131

    $

    19,747

    $

    25,424

    Basic and diluted earnings per share:

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

    $

    0.11

    $

    0.14

    $

    0.23

    $

    0.30

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

    $

    0.11

    $

    0.14

    $

    0.23

    $

    0.29

    Cash dividends declared per common share, basic and diluted

    $

    0.03

    $

    0.03

    $

    0.08

    $

    0.08

    Weighted average common shares outstanding, basic

    84,945,873

    85,390,333

    85,469,675

    85,207,992

    Weighted average common shares outstanding, diluted

    87,417,501

    88,315,732

    87,671,726

    87,694,395

    Entravision Communications Corporation

    Consolidated Balance Sheets

    (In thousands; unaudited)

     

    September 30,

    December 31,

    2022

    2021

    ASSETS

    Current assets

    Cash and cash equivalents

    $

    121,589

    $

    185,094

    Marketable securities

    43,212

    –

    Restricted cash

    751

    749

    Trade receivables, net of allowance for doubtful accounts

    194,291

    201,747

    Assets held for sale

    –

    1,963

    Prepaid expenses and other current assets

    42,517

    18,925

    Total current assets

    402,360

    408,478

    Property and equipment, net

    61,649

    62,498

    Intangible assets subject to amortization, net

    64,704

    64,034

    Intangible assets not subject to amortization

    209,053

    209,053

    Goodwill

    86,715

    71,708

    Deferred income taxes

    1,462

    1,462

    Operating leases right of use asset

    42,027

    25,582

    Other assets

    8,487

    8,527

    Total assets

    $

    876,457

    $

    851,342

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities

    Current maturities of long-term debt

    $

    5,060

    $

    4,903

    Accounts payable and accrued expenses

    240,994

    212,655

    Operating lease liabilities

    5,406

    7,304

    Total current liabilities

    251,460

    224,862

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

    207,817

    207,416

    Long-term operating lease liabilities

    39,363

    20,988

    Other long-term liabilities

    29,283

    72,930

    Deferred income taxes

    70,064

    68,220

    Total liabilities

    597,987

    594,416

    Stockholders’ equity

    Class A common stock

    6

    6

    Class B common stock

    2

    2

    Class U common stock

    1

    1

    Additional paid-in capital

    770,639

    780,388

    Accumulated deficit

    (502,747

    )

    (522,494

    )

    Accumulated other comprehensive income (loss)

    (2,025

    )

    (977

    )

    Total stockholders’ equity

    265,876

    256,926

    Noncontrolling interest

    12,594

    –

    Total equity

    278,470

    256,926

    Total liabilities and equity

    $

    876,457

    $

    851,342

    Entravision Communications Corporation

    Consolidated Statements of Cash Flows

    (In thousands; unaudited)

     

    Three-Month Period

    Nine-Month Period

    Ended September 30,

    Ended September 30,

    2022

    2021

    2022

    2021

    Cash flows from operating activities:

    Net income (loss)

    $

    9,090

    $

    13,884

    $

    19,444

    $

    31,362

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

    Depreciation and amortization

    6,554

    5,901

    19,212

    16,159

    Impairment charge

    –

    166

    –

    1,604

    Deferred income taxes

    62

    4,649

    (3,151

    )

    8,348

    Non-cash interest

    365

    153

    1,076

    451

    Amortization of syndication contracts

    117

    119

    348

    357

    Payments on syndication contracts

    (70

    )

    (115

    )

    (304

    )

    (354

    )

    Non-cash stock-based compensation

    2,786

    1,094

    7,995

    3,300

    (Gain) loss on marketable securities

    473

    –

    473

    –

    (Gain) loss on disposal of property and equipment

    39

    (2,622

    )

    (599

    )

    (2,622

    )

    Change in fair value of contingent consideration

    734

    –

    6,810

    –

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    4,708

    (16,361

    )

    22,296

    (15,894

    )

    (Increase) decrease in prepaid expenses and other assets

    1,069

    (642

    )

    (183

    )

    2,267

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

    (10,691

    )

    3,169

    4,725

    8,802

    Net cash provided by operating activities

    15,236

    9,395

    78,142

    53,780

    Cash flows from investing activities:

    Proceeds from sale of property and equipment and intangibles

    –

    9,431

    2,671

    9,431

    Purchases of property and equipment

    (4,673

    )

    (1,433

    )

    (7,882

    )

    (4,269

    )

    Purchase of a businesses, net of cash acquired

    –

    (12,847

    )

    –

    (12,847

    )

    Investment in variable interest entities, net of cash consolidated

    (5,164

    )

    –

    (5,164

    )

    –

    Purchases of marketable securities

    (5,241

    )

    –

    (92,480

    )

    –

    Proceeds from marketable securities

    36,369

    10,000

    46,868

    27,800

    Purchases of investments

    –

    (800

    )

    –

    (800

    )

    Net cash provided by (used in) investing activities

    21,291

    4,351

    (55,987

    )

    19,315

    Cash flows from financing activities:

    Proceeds from stock option exercises

    –

    242

    218

    414

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

    –

    (70

    )

    (267

    )

    (528

    )

    Payments on long-term debt

    (1,001

    )

    (750

    )

    (2,501

    )

    (2,250

    )

    Dividends paid

    (2,124

    )

    (2,136

    )

    (6,415

    )

    (6,395

    )

    Repurchase of Class A common stock

    –

    –

    (11,280

    )

    –

    Payment of contingent consideration

    (21,734

    )

    –

    (65,340

    )

    –

    Principal payments under finance lease obligation

    (33

    )

    –

    (72

    )

    –

    Payments of capitalized debt costs

    –

    –

    –

    (604

    )

    Net cash used in financing activities

    (24,892

    )

    (2,714

    )

    (85,657

    )

    (9,363

    )

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

    5

    (3

    )

    (1

    )

    (3

    )

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

    11,640

    11,029

    (63,503

    )

    63,729

    Cash, cash equivalents and restricted cash:

    Beginning

    110,700

    172,611

    185,843

    119,911

    Ending

    $

    122,340

    $

    183,640

    $

    122,340

    $

    183,640

    Entravision Communications Corporation


    Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities


    (In thousands; unaudited)

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

    Three-Month Period

    Nine-Month Period

    Ended September 30,

    Ended September 30,

    2022

    2021

    2022

    2021

    Consolidated adjusted EBITDA (1)

    $

    25,972

    $

    23,195

    $

    66,566

    $

    55,177

    EBITDA attributable to redeemable noncontrolling interest

    –

    2,036

    –

    9,127

    EBITDA attributable to noncontrolling interest

    (5

    )

    –

    (5

    )

    –

    Interest expense

    (3,055

    )

    (1,714

    )

    (7,225

    )

    (5,287

    )

    Interest income

    788

    12

    1,916

    235

    Dividend income

    6

    207

    20

    211

    Realized gain (loss) on marketable securities

    (473

    )

    –

    (473

    )

    –

    Income tax expense

    (4,080

    )

    (5,118

    )

    (8,305

    )

    (11,902

    )

    Amortization of syndication contracts

    (117

    )

    (119

    )

    (348

    )

    (357

    )

    Payments on syndication contracts

    70

    115

    304

    354

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

    (981

    )

    (321

    )

    (2,878

    )

    (971

    )

    Non-cash stock-based compensation included in corporate expenses

    (1,805

    )

    (773

    )

    (5,117

    )

    (2,329

    )

    Depreciation and amortization

    (6,554

    )

    (5,901

    )

    (19,212

    )

    (16,159

    )

    Change in fair value of contingent consideration

    (734

    )

    –

    (6,810

    )

    –

    Impairment charge

    –

    (166

    )

    –

    (1,604

    )

    Other operating gain (loss)

    58

    2,431

    1,011

    4,867

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (1,753

    )

    –

    (5,938

    )

    Net (income) loss attributable to noncontrolling interest

    303

    –

    303

    –

    Net income (loss) attributable to common stockholders

    9,393

    12,131

    19,747

    25,424

    Depreciation and amortization

    6,554

    5,901

    19,212

    16,159

    Impairment charge

    –

    166

    –

    1,604

    Deferred income taxes

    62

    4,649

    (3,151

    )

    8,348

    Non-cash interest

    365

    153

    1,076

    451

    Amortization of syndication contracts

    117

    119

    348

    357

    Payments on syndication contracts

    (70

    )

    (115

    )

    (304

    )

    (354

    )

    Non-cash stock-based compensation

    2,786

    1,094

    7,995

    3,300

    Realized (gain) loss on marketable securities

    473

    –

    473

    –

    (Gain) loss on disposal of property and equipment

    39

    (2,622

    )

    (599

    )

    (2,622

    )

    Change in fair value of contingent consideration

    734

    –

    6,810

    –

    Net income (loss) attributable to redeemable noncontrolling interest

    –

    1,753

    –

    5,938

    Net income (loss) attributable to noncontrolling interest

    (303

    )

    –

    (303

    )

    –

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    4,708

    (16,361

    )

    22,296

    (15,894

    )

    (Increase) decrease in prepaid expenses and other assets

    1,069

    (642

    )

    (183

    )

    2,267

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

    (10,691

    )

    3,169

    4,725

    8,802

    Cash flows from operating activities

    15,236

    9,395

    78,142

    53,780

    (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

    Nine-Month Period

    Ended September 30,

    Ended September 30,

    2022

    2021

    2022

    2021

    Consolidated adjusted EBITDA (1)

    $

    25,972

    $

    23,195

    $

    66,566

    $

    55,177

    Net interest expense (1)

    (1,902

    )

    (1,549

    )

    (4,233

    )

    (4,601

    )

    Dividend income

    6

    207

    20

    211

    Cash paid for income taxes

    (4,018

    )

    (469

    )

    (11,456

    )

    (3,554

    )

    Capital expenditures (2)

    (4,673

    )

    (1,433

    )

    (7,882

    )

    (4,269

    )

    Other operating gain (loss)

    58

    2,431

    1,011

    4,867

    Free cash flow (1)

    15,443

    22,382

    44,026

    47,831

    Capital expenditures (2)

    4,673

    1,433

    7,882

    4,269

    EBITDA attributable to redeemable noncontrolling interest

    –

    2,036

    –

    9,127

    EBITDA attributable to noncontrolling interest

    (5

    )

    –

    (5

    )

    –

    (Gain) loss on disposal of property and equipment

    39

    (2,622

    )

    (599

    )

    (2,622

    )

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    4,708

    (16,361

    )

    22,296

    (15,894

    )

    (Increase) decrease in prepaid expenses and other assets

    1,069

    (642

    )

    (183

    )

    2,267

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

    (10,691

    )

    3,169

    4,725

    8,802

    Cash Flows From Operating Activities

    $

    15,236

    $

    9,395

    $

    78,142

    $

    53,780

    (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.

    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

  • Entravision and Meta Partner in Ghana

    Entravision and Meta Partner in Ghana

    Partnership Expands Entravision 365 Digital’s Presence into West Africa

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision (NYSE: EVC) a leading global advertising solutions, media and technology company, announced today that its Africa-based digital business unit, Entravision 365 Digital in Ghana, has become the Authorized Sales Partner of Meta, the company that owns Facebook, Instagram and WhatsApp. Entravision 365 Digital will provide support, training, lines of credit and local billing to advertisers in the Ghanaian market, thereby enabling them to meet their business objectives.

    “This partnership reinforces our commitment to advertisers to connect brands to consumers through local strategic support, creative expertise and relevant in-market training,” said Julian Jordaan, Chief Executive Officer of Entravision 365 Digital. “As we continue to expand our presence throughout the continent of Africa, we are thrilled to partner with Meta as their Authorized Sales Partner in Ghana to equip and empower local businesses with our top-notch advertising expertise.”

    Jordaan continued, “We are also pleased to welcome Stephen Sawyerr as Country Manager to spearhead our partnership with Meta in Ghana. With over 10 years of management, digital marketing and brand building expertise, Stephen is very well equipped to build a world-class team to support Entravision’s growth in West Africa.”

    Entravision 365 Digital, as an Authorized Sales Partner, will deploy dedicated local expert teams in Ghana to provide businesses with each of the tools crucial to sales growth, while also assisting these same customers in deploying their advertising investments more efficiently across the Meta family of products.

    “Ghana is an important country for Meta, and it is a priority for us to invest in the market and to be closer to the people and businesses here,” said Enitan Denloye, Regional Director, Meta Africa. “As such, we are happy to bring in Entravision 365 Digital as Meta’s Authorized Sales Partner in Ghana and believe that with their robust local market insights and expertise, we can provide better support for businesses and agencies locally, helping them unlock their potential growth.”

    About Entravision

    Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

    About Entravision 365 Digital

    Entravision 365 Digital is an African online media and ad-technology business with a rich heritage in the African advertising industry. For 23 years the business has represented the largest publishers and platforms in Africa and have helped global brands reach connected consumers and drive business impact. With a mission to connect publishers to brands, and brands to consumers, Entravision 365 Digital helps brands reach audiences at scale through its exclusive partnership with leading platforms like TikTok, Anzu, Triton Digital and many more. Entravision 365 Digital is a business unit of Entravision, a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Learn more about all of our innovative media, marketing and technology offerings at entravision365digital.com or connect with us on LinkedIn.

    About Meta

    Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

    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


    Investors:

    Christopher T. Young

    Chief Financial Officer

    310-447-3870

    Kimberly Esterkin

    Addo Investor Relations

    evc@addo.com

    310-829-5400

    Entravision 365 Digital South Africa


    Julian Jordaan

    Chief Executive Officer

    +27 21 555 1975

    julian.jordaan@entravision.com

    Entravision 365 Digital Ghana


    Steven Sawyerr

    Country Manager, Entravision 365 Digital – Ghana

    +233 24 287 0903

    stephen.sawyerr@entravision.com

    Source: Entravision

  • Entravision Communications Corporation Reports Second Quarter 2022 Results

    Entravision Communications Corporation Reports Second Quarter 2022 Results

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three- and six-month periods ended June 30, 2022.

    Second Quarter 2022 Highlights

    • Record second quarter revenue
    • Net revenue up 24% over the prior-year quarter
    • Net income attributable to common stockholders up 8% over the prior-year quarter
    • Consolidated adjusted EBITDA up 26% over the prior-year quarter
    • Operating cash flow down 54% over the prior-year quarter
    • Free cash flow up 15% over the prior-year quarter
    • Quarterly cash dividend of $0.025 per share
    • Repurchased $4.1 million in shares during the second quarter

    “The second quarter marked yet another impressive performance for Entravision, with net revenues totaling $221.7 million, up 24% versus the prior year quarter. On a year to date basis, revenues increased even more significantly and were up 28% as compared to the first half of 2021,” said Walter Ulloa, Chairman and Chief Executive Officer. “Strength during the quarter was largely driven by the growth of our digital segment, where revenues improved 34% year-over-year. Our audio segment also contributed to the quarterly revenue increase. Of particular note, political ad spend was very strong during the second quarter, positioning us well in political advertising revenue for the remainder of the year, and further highlights the growing importance of the Hispanic voter in both local and national elections.”

    Mr. Ulloa continued, “Entravision is well positioned for continued growth. Our strong balance sheet and exceptional global team of industry-leading digital media and sales professionals provide us with the key components to succeed. At the same time, our continued focus on expense management will help drive our EBITDA, free cash flow and ability to provide consistent returns to 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, 2022 to shareholders of record as of the close of business on September 15, 2022, and the common stock will trade ex-dividend on September 14, 2022. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

    Share Repurchase Program

    During the second quarter the Company repurchased $4.1 million of its Class A common stock. As of the end of the second quarter 2022, the Company repurchased a total of $11.3 million shares of its Class A common stock under its $20 million share repurchase program.

    Investment in Jack of Digital

    The Company has finalized its strategic stake in Jack of Digital, a digital marketing services company that serves as the exclusive advertising sales partner of TikTok in Pakistan. With this investment, the Company enhances its presence in South Asia.

    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 10.

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

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2022

    2021

    % Change

    2022

    2021

    % Change

    Net revenue

    $

    221,695

    $

    178,410

    24

    %

    $

    418,867

    $

    327,290

    28

    %

    Cost of revenue – digital (1)

    144,965

    109,030

    33

    %

    274,856

    193,786

    42

    %

    Operating expenses (2)

    47,371

    41,442

    14

    %

    91,233

    81,856

    11

    %

    Corporate expenses (3)

    8,520

    7,345

    16

    %

    17,244

    14,503

    19

    %

    Foreign currency (gain) loss

    993

    (309

    )

    *

    146

    277

    (47

    )%

    Consolidated adjusted EBITDA (4)

    22,481

    17,787

    26

    %

    40,594

    31,982

    27

    %

    Free cash flow (5)

    $

    14,256

    $

    12,420

    15

    %

    $

    28,583

    $

    25,449

    12

    %

    Net income (loss)

    $

    8,467

    $

    10,476

    (19

    )%

    $

    10,354

    $

    17,478

    (41

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    $

    –

    $

    (2,612

    )

    (100

    )%

    $

    –

    $

    (4,185

    )

    (100

    )%

    Net income (loss) attributable to common stockholders

    $

    8,467

    $

    7,864

    8

    %

    $

    10,354

    $

    13,293

    (22

    )%

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

    $

    0.10

    $

    0.09

    11

    %

    $

    0.12

    $

    0.16

    (25

    )%

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

    $

    0.10

    $

    0.09

    11

    %

    $

    0.12

    $

    0.15

    (20

    )%

    Weighted average common shares outstanding, basic

    84,959,130

    85,188,182

    85,735,916

    85,115,310

    Weighted average common shares outstanding, diluted

    86,985,817

    87,777,039

    87,803,178

    87,382,215

    (1)

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

    (2) 

    Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $0.9 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended June 30, 2022 and 2021, respectively, and $1.9 million and $0.6 million of non-cash stock-based compensation for the six-month periods ended June 30, 2022 and 2021, respectively.

    (3)

    Corporate expenses include $1.7 million and $0.8 million of non-cash stock-based compensation for the three-month periods ended June 30, 2022 and 2021, respectively, and $3.3 million and $1.6 million of non-cash stock-based compensation for the six-month periods ended June 30, 2022 and 2021, 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 (In thousands)

     

    Three-Month Period

     

    Ended June 30,

     

    2022

    2021

    % Change

    Net revenue

    		 

    $

    221,695

    $

    178,410

    24

    %

    Cost of revenue – digital (1)

    		 

    144,965

    109,030

    33

    %

    Operating expenses (1)

    		 

    47,371

    41,442

    14

    %

    Corporate expenses (1)

    		 

    8,520

    7,345

    16

    %

    Depreciation and amortization

    		 

    6,263

    5,074

    23

    %

    Change in fair value of contingent consideration

    		 

    976

    –

    *

    Impairment charge

    		 

    –

    112

    (100

    )%

    Foreign currency (gain) loss

    		 

    993

    (309

    )

    *

    Other operating (gain) loss

    		 

    (834

    )

    (523

    )

    59

    %

     

    Operating income (loss)

    		 

    13,441

    16,239

    (17

    )%

    Interest expense, net

    		 

    (1,612

    )

    (1,773

    )

    (9

    )%

    Dividend income

    		 

    11

    2

    450

    %

     

    Income (loss) before income taxes

    		 

    11,840

    14,468

    (18

    )%

    Income tax benefit (expense)

    		 

    (3,373

    )

    (3,992

    )

    (16

    )%

     

    Net income (loss)

    		 

    8,467

    10,476

    (19

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    		 

    –

    (2,612

    )

    (100

    )%

    Net income (loss) attributable to common stockholders

    		 

    $

    8,467

    $

    7,864

    8

    %

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

    Net revenue in the second quarter of 2022 totaled $221.7 million, up 24% from $178.4 million in the prior-year period. Of the overall increase, approximately $44.2 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not contribute to net revenue in the comparable period. In addition, of the overall increase, approximately $0.8 million was attributable to our audio segment primarily due to increases in local advertising revenue and political advertising revenue, partially offset by a decrease in national advertising revenue. The overall increase was partially offset by a decrease of approximately $1.7 million attributable to our television segment, primarily due to decreases in local and national advertising revenue, and a decrease in retransmission consent revenue. These decreases were mainly attributed to the expiration of our Univision and UniMás network affiliation agreements in Orlando, Tampa and Washington, D.C. on December 31, 2021. The decrease in our television segment was partially offset by increases in political advertising revenue and spectrum usage rights revenue.

    Cost of revenue in the second quarter of 2022 totaled $145.0 million, up 33% from $109.0 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur cost of revenue for us in the comparable period.

    Operating expenses in the second quarter of 2022 totaled $47.4 million, up 14% from $41.4 million in the prior-year period. Of the overall increase, approximately $5.2 million was attributable to our digital segment and was primarily due to an increase in expenses associated with the increase in digital advertising revenue, an increase in salary expense and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur operating expenses for us in the comparable period. In addition, of the overall increase in operating expenses, approximately $0.2 million was attributable to our television segment primarily due to an increase in salaries and bad debt expense, partially offset by a decrease in expenses associated with the decrease in local and national advertising revenue. Additionally, of the overall increase in operating expenses, approximately $0.5 million was attributable to our audio segment primarily due to an increase in expenses associated with the increase in advertising revenue.

    Corporate expenses in the second quarter of 2022 totaled $8.5 million, up 16% from $7.3 million in the prior-year period. The increase was primarily due to increases in non-cash stock-based compensation and salaries.

    Unaudited Financial Results (In thousands)

     

    Six-Month Period

     

    Ended June 30,

     

    2022

    2021

    % Change

    Net revenue

    		 

    $

    418,867

    $

    327,290

    28

    %

    Cost of revenue – digital (1)

    		 

    274,856

    193,786

    42

    %

    Operating expenses (1)

    		 

    91,233

    81,856

    11

    %

    Corporate expenses (1)

    		 

    17,244

    14,503

    19

    %

    Depreciation and amortization

    		 

    12,658

    10,258

    23

    %

    Change in fair value of contingent consideration

    		 

    6,076

    –

    *

    Impairment charge

    		 

    –

    1,438

    (100

    )%

    Foreign currency (gain) loss

    		 

    146

    277

    (47

    )%

    Other operating (gain) loss

    		 

    (953

    )

    (2,436

    )

    (61

    )%

     

    Operating income (loss)

    		 

    17,607

    27,608

    (36

    )%

    Interest expense, net

    		 

    (3,042

    )

    (3,350

    )

    (9

    )%

    Dividend income

    		 

    14

    4

    250

    %

     

    Income (loss) before income taxes

    		 

    14,579

    24,262

    (40

    )%

    Income tax benefit (expense)

    		 

    (4,225

    )

    (6,784

    )

    (38

    )%

     

    Net income (loss)

    		 

    10,354

    17,478

    (41

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    		 

    –

    (4,185

    )

    (100

    )%

    Net income (loss) attributable to common stockholders

    		 

    $

    10,354

    $

    13,293

    (22

    )%

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

    Net revenue for the six-month period of 2022 totaled $418.9 million, up 28% from $327.3 million in the prior-year period. Of the overall increase, approximately $96.4 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not contribute to net revenue in the comparable period. In addition, of the overall increase, approximately $2.1 million was attributable to our audio segment primarily due to increases in local advertising revenue and political advertising revenue, partially offset by a decrease in national advertising revenue. The overall increase was partially offset by a decrease of approximately $6.9 million attributable to our television segment, primarily due to decreases in local and national advertising revenue, and a decrease in retransmission consent revenue. These decreases were mainly attributed to the expiration of our Univision and UniMás network affiliation agreements in Orlando, Tampa and Washington, D.C. on December 31, 2021. Additionally, the decrease in our television segment was attributed to a decrease in revenue from spectrum usage rights, partially offset by an increase political advertising revenue.

    Cost of revenue for the six-month period of 2022 totaled $274.9 million, up 42% from $193.8 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur cost of revenue for us in the comparable period.

    Operating expenses for the six-month period of 2022 totaled $91.2 million, up 11% from $81.9 million in the prior-year period. Of the overall increase, approximately $9.6 million was attributable to our digital segment and was primarily due to an increase in expenses associated with the increase in digital advertising revenue, an increase in salary expense and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur operating expenses for us in the comparable period. Additionally, of the overall increase in operating expenses, approximately $0.2 million was attributable to our audio segment primarily due to an increase in expenses associated with the increase in advertising revenue. The overall increase in operating expenses was partially offset by a decrease of approximately $0.4 million that was attributable to our television segment primarily due to a decrease in expenses associated with the decrease in local and national advertising revenue, partially offset by an increase in salaries and bad debt expense.

    Corporate expenses for the six-month period of 2022 totaled $17.2 million, up 19% from $14.5 million in the prior-year period. The increase was primarily due to increases in non-cash stock-based compensation and salaries.

    Balance Sheet and Related Metrics

    Cash and marketable securities as of June 30, 2022 totaled approximately $184.2 million. Total debt under the Company’s credit agreement was $210.8 million. Net of $75 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.4 times as of June 30, 2022. Net of total cash and marketable securities, total leverage was 0.3 times.

    Unaudited Segment Results (In thousands)

     

    Three-Month Period

    Six-Month Period

     

    Ended June 30,

    Ended June 30,

     

    2022

    2021

    %

    Change

    2022

    2021

    %

    Change

    Net Revenue

    		 

    Digital

    		 

    $

    174,378

    $

    130,223

    34

    %

    $

    328,089

    $

    231,705

    42

    %

    Television

    		 

    32,373

    34,057

    (5

    )%

    63,240

    70,148

    (10

    )%

    Audio

    		 

    14,944

    14,130

    6

    %

    27,538

    25,437

    8

    %

    Total

    		 

    $

    221,695

    $

    178,410

    24

    %

    $

    418,867

    $

    327,290

    28

    %

     

    Cost of Revenue – digital (1)

    		 

    Digital

    		 

    $

    144,965

    $

    109,030

    33

    %

    $

    274,856

    $

    193,786

    42

    %

     

    Operating Expenses (1)

    		 

    Digital

    		 

    17,262

    12,027

    44

    %

    32,497

    22,877

    42

    %

    Television

    		 

    19,726

    19,516

    1

    %

    38,966

    39,400

    (1

    )%

    Audio

    		 

    10,383

    9,899

    5

    %

    19,770

    19,579

    1

    %

    Total

    		 

    $

    47,371

    $

    41,442

    14

    %

    $

    91,233

    $

    81,856

    11

    %

     

    Corporate Expenses (1)

    		 

    $

    8,520

    $

    7,345

    16

    %

    $

    17,244

    $

    14,503

    19

    %

     

    Consolidated adjusted EBITDA (1)

    		 

    $

    22,481

    $

    17,787

    26

    %

    $

    40,594

    $

    31,982

    27

    %

    (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 second quarter 2022 results on Wednesday, August 3, 2022 at 5 p.m. Eastern Time. To access the conference call, please dial (877) 407-9716 (U.S.) or (201) 493-6779 (Int’l) ten minutes prior to the start time and reference Conference ID number 13730294. 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 leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

    Forward-Looking Statements

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

    Entravision Communications Corporation

    Consolidated Statements of Operations

    (In thousands, except share and per share data)

    (Unaudited)

     

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2022

    2021

    2022

    2021

    Net revenue

    $

    221,695

    $

    178,410

    $

    418,867

    $

    327,290

    Expenses:

    Cost of revenue – digital

    144,965

    109,030

    274,856

    193,786

    Direct operating expenses

    29,596

    28,336

    57,419

    54,897

    Selling, general and administrative expenses

    17,775

    13,106

    33,814

    26,959

    Corporate expenses

    8,520

    7,345

    17,244

    14,503

    Depreciation and amortization

    6,263

    5,074

    12,658

    10,258

    Change in fair value of contingent consideration

    976

    –

    6,076

    –

    Impairment charge

    –

    112

    –

    1,438

    Foreign currency (gain) loss

    993

    (309

    )

    146

    277

    Other operating (gain) loss

    (834

    )

    (523

    )

    (953

    )

    (2,436

    )

    208,254

    162,171

    401,260

    299,682

    Operating income (loss)

    13,441

    16,239

    17,607

    27,608

    Interest expense

    (2,334

    )

    (1,856

    )

    (4,170

    )

    (3,573

    )

    Interest income

    722

    83

    1,128

    223

    Dividend income

    11

    2

    14

    4

    Income (loss) before income taxes

    11,840

    14,468

    14,579

    24,262

    Income tax benefit (expense)

    (3,373

    )

    (3,992

    )

    (4,225

    )

    (6,784

    )

    Net income (loss)

    8,467

    10,476

    10,354

    17,478

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (2,612

    )

    –

    (4,185

    )

    Net income (loss) attributable to common stockholders

    $

    8,467

    $

    7,864

    $

    10,354

    $

    13,293

    Basic and diluted earnings per share:

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

    $

    0.10

    $

    0.09

    $

    0.12

    $

    0.16

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

    $

    0.10

    $

    0.09

    $

    0.12

    $

    0.15

    Cash dividends declared per common share, basic and diluted

    $

    0.03

    $

    0.03

    $

    0.05

    $

    0.05

    Weighted average common shares outstanding, basic

    84,959,130

    85,188,182

    85,735,916

    85,115,310

    Weighted average common shares outstanding, diluted

    86,985,817

    87,777,039

    87,803,178

    87,382,215

    Entravision Communications Corporation

    Consolidated Balance Sheets

    (In thousands; unaudited)

     

    June 30,

    December 31,

    2022

    2021

    ASSETS

    Current assets

    Cash and cash equivalents

    $

    109,950

    $

    185,094

    Marketable securities

    74,278

    –

    Restricted cash

    750

    749

    Trade receivables, net of allowance for doubtful accounts

    184,872

    201,747

    Assets held for sale

    –

    1,963

    Prepaid expenses and other current assets

    37,029

    18,925

    Total current assets

    406,879

    408,478

    Property and equipment, net

    58,274

    62,498

    Intangible assets subject to amortization, net

    58,931

    64,034

    Intangible assets not subject to amortization

    209,053

    209,053

    Goodwill

    73,273

    71,708

    Deferred income taxes

    1,462

    1,462

    Operating leases right of use asset

    24,356

    25,582

    Other assets

    7,975

    8,527

    Total assets

    $

    840,203

    $

    851,342

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities

    Current maturities of long-term debt

    $

    4,795

    $

    4,903

    Accounts payable and accrued expenses

    229,953

    212,655

    Operating lease liabilities

    6,097

    7,304

    Total current liabilities

    240,845

    224,862

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

    206,218

    207,416

    Long-term operating lease liabilities

    20,802

    20,988

    Other long-term liabilities

    49,135

    72,930

    Deferred income taxes

    67,910

    68,220

    Total liabilities

    584,910

    594,416

    Stockholders’ equity

    Class A common stock

    6

    6

    Class B common stock

    2

    2

    Class U common stock

    1

    1

    Additional paid-in capital

    769,977

    780,388

    Accumulated deficit

    (512,140

    )

    (522,494

    )

    Accumulated other comprehensive income (loss)

    (2,553

    )

    (977

    )

    Total stockholders’ equity

    255,293

    256,926

    Total liabilities and stockholders’ equity

    $

    840,203

    $

    851,342

    Entravision Communications Corporation

    Consolidated Statements of Cash Flows

    (In thousands; unaudited)

     

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2022

    2021

    2022

    2021

    Cash flows from operating activities:

    Net income (loss)

    $

    8,467

    $

    10,476

    $

    10,354

    $

    17,478

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

    Depreciation and amortization

    6,263

    5,074

    12,658

    10,258

    Impairment charge

    –

    112

    –

    1,438

    Deferred income taxes

    (2,854

    )

    712

    (3,213

    )

    3,699

    Non-cash interest

    431

    159

    711

    298

    Amortization of syndication contracts

    115

    119

    231

    238

    Payments on syndication contracts

    (116

    )

    (115

    )

    (234

    )

    (239

    )

    Non-cash stock-based compensation

    2,636

    1,135

    5,209

    2,206

    (Gain) loss on disposal of property and equipment

    (487

    )

    –

    (638

    )

    –

    Change in fair value of contingent consideration

    976

    –

    6,076

    –

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    (11,792

    )

    (9,460

    )

    17,588

    467

    (Increase) decrease in prepaid expenses and other assets

    1,153

    1,732

    (1,252

    )

    2,909

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

    4,895

    10,989

    15,416

    5,633

    Net cash provided by operating activities

    9,687

    20,933

    62,906

    44,385

    Cash flows from investing activities:

    Proceeds from sale of property and equipment and intangibles

    2,507

    –

    2,671

    –

    Purchases of property and equipment

    (1,662

    )

    (998

    )

    (3,209

    )

    (2,836

    )

    Purchases of marketable securities

    (1,722

    )

    –

    (87,239

    )

    –

    Proceeds from marketable securities

    10,499

    5,680

    10,499

    17,800

    Net cash provided by (used in) investing activities

    9,622

    4,682

    (77,278

    )

    14,964

    Cash flows from financing activities:

    Proceeds from stock option exercises

    –

    172

    218

    172

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

    (10

    )

    (449

    )

    (267

    )

    (458

    )

    Payments on long-term debt

    (750

    )

    (750

    )

    (1,500

    )

    (1,500

    )

    Dividends paid

    (2,124

    )

    (2,133

    )

    (4,291

    )

    (4,259

    )

    Repurchase of Class A common stock

    (4,138

    )

    –

    (11,280

    )

    –

    Payment of contingent consideration

    (28,876

    )

    –

    (43,606

    )

    –

    Principal payments under finance lease obligation

    (29

    )

    –

    (39

    )

    –

    Payments of capitalized debt costs

    —

    (604

    )

    –

    (604

    )

    Net cash used in financing activities

    (35,927

    )

    (3,764

    )

    (60,765

    )

    (6,649

    )

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

    (5

    )

    24

    (6

    )

    –

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

    (16,623

    )

    21,875

    (75,143

    )

    52,700

    Cash, cash equivalents and restricted cash:

    Beginning

    127,323

    150,736

    185,843

    119,911

    Ending

    $

    110,700

    $

    172,611

    $

    110,700

    $

    172,611

    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,

    2022

    2021

    2022

    2021

    Consolidated adjusted EBITDA (1)

    $

    22,481

    $

    17,787

    $

    40,594

    $

    31,982

    EBITDA attributable to redeemable noncontrolling interest

    –

    4,254

    –

    7,091

    Interest expense

    (2,334

    )

    (1,856

    )

    (4,170

    )

    (3,573

    )

    Interest income

    722

    83

    1,128

    223

    Dividend income

    11

    2

    14

    4

    Income tax expense

    (3,373

    )

    (3,992

    )

    (4,225

    )

    (6,784

    )

    Amortization of syndication contracts

    (115

    )

    (119

    )

    (231

    )

    (238

    )

    Payments on syndication contracts

    116

    115

    234

    239

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

    (939

    )

    (334

    )

    (1,897

    )

    (650

    )

    Non-cash stock-based compensation included in corporate expenses

    (1,697

    )

    (801

    )

    (3,312

    )

    (1,556

    )

    Depreciation and amortization

    (6,263

    )

    (5,074

    )

    (12,658

    )

    (10,258

    )

    Change in fair value of contingent consideration

    (976

    )

    –

    (6,076

    )

    –

    Impairment charge

    –

    (112

    )

    –

    (1,438

    )

    Other operating gain (loss)

    834

    523

    953

    2,436

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (2,612

    )

    –

    (4,185

    )

    Net income (loss) attributable to common stockholders

    8,467

    7,864

    10,354

    13,293

    Depreciation and amortization

    6,263

    5,074

    12,658

    10,258

    Impairment charge

    –

    112

    –

    1,438

    Deferred income taxes

    (2,854

    )

    712

    (3,213

    )

    3,699

    Non-cash interest

    431

    159

    711

    298

    Amortization of syndication contracts

    115

    119

    231

    238

    Payments on syndication contracts

    (116

    )

    (115

    )

    (234

    )

    (239

    )

    Non-cash stock-based compensation

    2,636

    1,135

    5,209

    2,206

    (Gain) loss on disposal of property and equipment

    (487

    )

    –

    (638

    )

    –

    Change in fair value of contingent consideration

    976

    –

    6,076

    –

    Net income (loss) attributable to redeemable noncontrolling interest

    –

    2,612

    –

    4,185

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    (11,792

    )

    (9,460

    )

    17,588

    467

    (Increase) decrease in prepaid expenses and other assets

    1,153

    1,732

    (1,252

    )

    2,909

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

    4,895

    10,989

    15,416

    5,633

    Cash flows from operating activities

    9,687

    20,933

    62,906

    44,385

    (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

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2022

    2021

    2022

    2021

    Consolidated adjusted EBITDA (1)

    $

    22,481

    $

    17,787

    $

    40,594

    $

    31,982

    Net interest expense (1)

    (1,181

    )

    (1,614

    )

    (2,331

    )

    (3,052

    )

    Dividend income

    11

    2

    14

    4

    Cash paid for income taxes

    (6,227

    )

    (3,280

    )

    (7,438

    )

    (3,085

    )

    Capital expenditures (2)

    (1,662

    )

    (998

    )

    (3,209

    )

    (2,836

    )

    Other operating gain (loss)

    834

    523

    953

    2,436

    Free cash flow (1)

    14,256

    12,420

    28,583

    25,449

    Capital expenditures (2)

    1,662

    998

    3,209

    2,836

    EBITDA attributable to redeemable noncontrolling interest

    –

    4,254

    –

    7,091

    (Gain) loss on disposal of property and equipment

    (487

    )

    –

    (638

    )

    –

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    (11,792

    )

    (9,460

    )

    17,588

    467

    (Increase) decrease in prepaid expenses and other assets

    1,153

    1,732

    (1,252

    )

    2,909

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

    4,895

    10,989

    15,416

    5,633

    Cash Flows From Operating Activities

    $

    9,687

    $

    20,933

    $

    62,906

    $

    44,385

    (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.

    For more information, please contact:

    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

  • Entravision Communications Corporation Reports First Quarter 2022 Results

    Entravision Communications Corporation Reports First Quarter 2022 Results

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three-month period ended March 31, 2022.

    First Quarter 2022 Highlights

    • All-time first quarter record revenue, EBITDA and free cash flow
    • Net revenue up 32% over the prior-year quarter
    • Net income attributable to common stockholders down 65% over the prior-year quarter
    • Consolidated adjusted EBITDA up 28% over the prior-year quarter
    • Operating cash flow up 127% over the prior-year quarter
    • Free cash flow up 10% over the prior-year quarter
    • Quarterly cash dividend of $0.025 per share
    • Repurchased $7.1 million in shares under the Company’s $20 million share repurchase program
    • Post quarter entered into a definitive agreement to make an investment in Jack of Digital

    “Entravision begins 2022 on very solid footing, with net revenue for the first quarter totaling $197.2 million, up 32% year-over year. Adjusted EBITDA also improved to total $18.1 million, an increase of 28% over the prior-year period,” said Walter Ulloa, Chairman and Chief Executive Officer. “Importantly, even as our top line continues to grow, we have maintained a lean, efficient cost structure, helping to drive our cash flow as well as our ability to provide consistent returns to our shareholders.”

    Mr. Ulloa continued, “Our strength during the first quarter was largely driven by revenue growth of 51% in our digital segment, which comprised 78% of consolidated revenue. Our broadcast businesses, and, in particular, audio, helped drive our strong margins and cash flow. Simultaneously, our strategic expansion of our commercial partnerships with some of the world’s leading technology platforms has positioned us at the forefront of digital innovation across emerging economies, including Latin America, Southeast Asia, Africa, and Pakistan when we complete our investment in Jack of Digital. We are excited about the enormous opportunities that lie in front of us and look forward to sharing our progress throughout the year.”

    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, 2022 to shareholders of record as of the close of business on June 16, 2022, and the common stock will trade ex-dividend on June 15, 2022. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

    Share Repurchase Program

    On March 1, 2022, the Board of Directors approved the repurchase of up to $20 million of the Company’s common stock. Under this share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. On the same date, the Board terminated the Company’s previous share repurchase program of the Company’s common stock. During the first quarter the Company repurchased $7.1 million of its Class A common stock.

    Investment in Jack of Digital

    As previously announced, the Company has entered into a definitive agreement to acquire a strategic stake in Jack of Digital, a digital marketing services company that serves as the exclusive advertising sales partner of TikTok in Pakistan. Subject to regulatory approvals and other pre-closing conditions, the Company anticipates that the investment will be completed during the second quarter of 2022. With this investment, the Company enhances its presence in South Asia.

    Non-GAAP Financial Measures

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

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

    Three-Month Period

    Ended March 31,

    2022

    2021

    % Change

    Net revenue

    $

    197,172

    $

    148,880

    32

    %

    Cost of revenue – digital (1)

    129,891

    84,756

    53

    %

    Operating expenses (2)

    43,862

    40,414

    9

    %

    Corporate expenses (3)

    8,724

    7,158

    22

    %

    Foreign currency (gain) loss

    (847

    )

    586

    *

    Consolidated adjusted EBITDA (4)

    18,113

    14,195

    28

    %

    Free cash flow (5)

    $

    14,327

    $

    13,029

    10

    %

    Net income (loss)

    $

    1,887

    $

    7,002

    (73

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    $

    –

    $

    (1,573

    )

    *

    Net income (loss) attributable to common stockholders

    $

    1,887

    $

    5,429

    (65

    )%

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

    $

    0.02

    $

    0.06

    (67

    )%

    Weighted average common shares outstanding, basic

    86,522,378

    85,041,628

    Weighted average common shares outstanding, diluted

    88,630,216

    86,986,581

    (1)

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

    (2)

    Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $1.0 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended March 31, 2022 and 2021, respectively.

    (3)

    Corporate expenses include $1.6 million and $0.8 million of non-cash stock-based compensation for the three-month periods ended March 31, 2022 and 2021, 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 (In thousands)

    Three-Month Period

    Ended March 31,

    2022

    2021

    % Change

    Net revenue

    $

    197,172

    $

    148,880

    32

    %

    Cost of revenue – digital (1)

    129,891

    84,756

    53

    %

    Operating expenses (1)

    43,862

    40,414

    9

    %

    Corporate expenses (1)

    8,724

    7,158

    22

    %

    Depreciation and amortization

    6,395

    5,184

    23

    %

    Change in fair value of contingent consideration

    5,100

    –

    *

    Impairment charge

    –

    1,326

    (100

    )%

    Foreign currency (gain) loss

    (847

    )

    586

    *

    Other operating (gain) loss

    (119

    )

    (1,913

    )

    (94

    )%

    Operating income (loss)

    4,166

    11,369

    (63

    )%

    Interest expense, net

    (1,430

    )

    (1,577

    )

    (9

    )%

    Dividend income

    3

    2

    50

    %

    Income (loss) before income taxes

    2,739

    9,794

    (72

    )%

    Income tax benefit (expense)

    (852

    )

    (2,792

    )

    (69

    )%

    Net income (loss)

    1,887

    7,002

    (73

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (1,573

    )

    *

    Net income (loss) attributable to common stockholders

    $

    1,887

    $

    5,429

    (65

    )%

    (1)

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

    Net revenue in the first quarter of 2022 totaled $197.2 million, up 32% from $148.9 million in the prior-year period. Of the overall increase, approximately $52.2 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not contribute to net revenue in the comparable period ended March 31, 2021. In addition, of the overall increase, approximately $1.3 million was attributable to our audio segment primarily due to increases in local advertising revenue and political advertising revenue. The overall increase was partially offset by a decrease of approximately $5.2 million attributable to our television segment, primarily due to decreases in local and national advertising revenue, which was mainly attributed to the expiration of our Univision and UniMás network affiliation agreements in Orlando, Tampa and Washington, D.C. on December 31, 2021. Additionally, the decrease in our television segment was attributed to a decrease in revenue from spectrum usage rights, and a decrease in retransmission consent revenue, partially offset by an increase in political advertising revenue.

    Cost of revenue in the first quarter of 2022 totaled $129.9 million, up 53% from $84.8 million in the prior-year period. The increase was primarily due to increased costs of revenue related to advertising revenue growth from our digital commercial partnerships business, and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur cost of revenue for us in the comparable period ended March 31, 2021.

    Operating expenses in the first quarter of 2022 totaled $43.9 million, up 9% from $40.4 million in the prior-year period. Of the overall increase, approximately $4.4 million was attributable to our digital segment and was primarily due to an increase in expenses associated with the increase in digital advertising revenue, an increase in salary expense and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur operating expenses for us in the comparable period ended March 31, 2021. The overall increase was partially offset by a decrease of approximately $0.7 million that was attributable to our television segment primarily due to a decrease in expenses associated with the decrease in local and national advertising revenue, and a decrease of approximately $0.3 million that was attributable to our audio segment primarily due to a decrease in rating services expense.

    Corporate expenses in the first quarter of 2022 totaled $8.7 million, up 22% from $7.2 million in the prior-year period. The increase was primarily due to increases in non-cash stock-based compensation, salaries, and audit fees.

    Balance Sheet and Related Metrics

    Cash and marketable securities as of March 31, 2022 totaled approximately $211.6 million. Total debt was $211.8 million. Net of $75 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.5 times as of March 31, 2022. Net of total cash and marketable securities, total leverage was 0.0 times.

    Unaudited Segment Results (In thousands)

    Three-Month Period

    Ended March 31,

    2022

    2021

    % Change

    Net Revenue

    Digital

    $

    153,711

    $

    101,482

    51

    %

    Television

    30,867

    36,091

    (14

    )%

    Audio

    12,594

    11,307

    11

    %

    Total

    $

    197,172

    $

    148,880

    32

    %

    Cost of Revenue – digital (1)

    Digital

    $

    129,891

    $

    84,756

    53

    %

    Operating Expenses (1)

    Digital

    15,235

    10,850

    40

    %

    Television

    19,240

    19,884

    (3

    )%

    Audio

    9,387

    9,680

    (3

    )%

    Total

    $

    43,862

    $

    40,414

    9

    %

    Corporate Expenses (1)

    $

    8,724

    $

    7,158

    22

    %

    Consolidated adjusted EBITDA (1)

    $

    18,113

    $

    14,195

    28

    %

    (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 2022 results on Thursday, May 5, 2022 at 5 p.m. Eastern Time. To access the conference call, please dial (877) 407-9716 (U.S.) or (201) 493-6779 (Int’l) ten minutes prior to the start time and reference Conference ID number 13728063. 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 leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

    Forward-Looking Statements

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

    (Financial Table Follows)

    Entravision Communications Corporation

    Consolidated Statements of Operations

    (In thousands, except share and per share data)

    (Unaudited)

     

    Three-Month Period

    Ended March 31,

    2022

    2021

    Net revenue

    $

    197,172

    $

    148,880

    Expenses:

    Cost of revenue – digital

    129,891

    84,756

    Direct operating expenses

    27,823

    26,561

    Selling, general and administrative expenses

    16,039

    13,853

    Corporate expenses

    8,724

    7,158

    Depreciation and amortization

    6,395

    5,184

    Change in fair value of contingent consideration

    5,100

    –

    Impairment charge

    –

    1,326

    Foreign currency (gain) loss

    (847

    )

    586

    Other operating (gain) loss

    (119

    )

    (1,913

    )

    193,006

    137,511

    Operating income (loss)

    4,166

    11,369

    Interest expense

    (1,836

    )

    (1,717

    )

    Interest income

    406

    140

    Dividend income

    3

    2

    Income (loss) before income taxes

    2,739

    9,794

    Income tax benefit (expense)

    (852

    )

    (2,792

    )

    Net income (loss)

    1,887

    7,002

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (1,573

    )

    Net income (loss) attributable to common stockholders

    $

    1,887

    $

    5,429

    Basic and diluted earnings per share:

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

    $

    0.02

    $

    0.06

    Cash dividends declared per common share, basic and diluted

    $

    0.03

    $

    0.03

    Weighted average common shares outstanding, basic

    86,522,378

    85,041,628

    Weighted average common shares outstanding, diluted

    88,630,216

    86,986,581

    Entravision Communications Corporation

    Consolidated Balance Sheets

    (In thousands; unaudited)

     

    March 31,

    December 31,

    2022

    2021

    ASSETS

    Current assets

    Cash and cash equivalents

    $

    126,574

    $

    185,094

    Marketable securities

    85,010

    –

    Restricted cash

    749

    749

    Trade receivables, net of allowance for doubtful accounts

    173,419

    201,747

    Assets held for sale

    1,963

    1,963

    Prepaid expenses and other current assets

    36,341

    18,925

    Total current assets

    424,056

    408,478

    Property and equipment, net

    60,174

    62,498

    Intangible assets subject to amortization, net

    61,476

    64,034

    Intangible assets not subject to amortization

    209,053

    209,053

    Goodwill

    71,708

    71,708

    Deferred income taxes

    1,462

    1,462

    Operating leases right of use asset

    25,596

    25,582

    Other assets

    8,084

    8,527

    Total assets

    $

    861,609

    $

    851,342

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities

    Current maturities of long-term debt

    $

    4,947

    $

    4,903

    Accounts payable and accrued expenses

    222,610

    212,655

    Operating lease liabilities

    6,808

    7,304

    Total current liabilities

    234,365

    224,862

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

    206,816

    207,416

    Long-term operating lease liabilities

    21,505

    20,988

    Other long-term liabilities

    79,076

    72,930

    Deferred income taxes

    68,092

    68,220

    Total liabilities

    609,854

    594,416

    Stockholders’ equity

    Class A common stock

    6

    6

    Class B common stock

    2

    2

    Class U common stock

    1

    1

    Additional paid-in capital

    773,613

    780,388

    Accumulated deficit

    (520,607

    )

    (522,494

    )

    Accumulated other comprehensive income (loss)

    (1,260

    )

    (977

    )

    Total stockholders’ equity

    251,755

    256,926

    Total liabilities and stockholders’ equity

    $

    861,609

    $

    851,342

    Entravision Communications Corporation

    Consolidated Statements of Cash Flows

    (In thousands; unaudited)

     

    Three-Month Period

    Ended March 31,

    2022

    2021

    Cash flows from operating activities:

    Net income (loss)

    $

    1,887

    $

    7,002

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

    Depreciation and amortization

    6,395

    5,184

    Impairment charge

    —

    1,326

    Deferred income taxes

    (359

    )

    2,987

    Non-cash interest

    280

    139

    Amortization of syndication contracts

    116

    119

    Payments on syndication contracts

    (118

    )

    (124

    )

    Non-cash stock-based compensation

    2,573

    1,071

    (Gain) loss on disposal of property and equipment

    (151

    )

    —

    Change in fair value of contingent consideration

    5,100

    —

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    29,380

    9,927

    (Increase) decrease in prepaid expenses and other assets

    (2,405

    )

    1,177

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

    10,521

    (5,356

    )

    Net cash provided by operating activities

    53,219

    23,452

    Cash flows from investing activities:

    Proceeds from sale of property and equipment and intangibles

    164

    —

    Purchases of property and equipment

    (1,547

    )

    (1,838

    )

    Purchases of marketable securities

    (85,517

    )

    —

    Proceeds from marketable securities

    —

    12,120

    Net cash provided by investing activities

    (86,900

    )

    10,282

    Cash flows from financing activities:

    Proceeds from stock option exercises

    218

    —

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

    (257

    )

    (9

    )

    Payments on long-term debt

    (750

    )

    (750

    )

    Dividends paid

    (2,167

    )

    (2,126

    )

    Repurchase of Class A common stock

    (7,142

    )

    —

    Payment of contingent consideration

    (14,730

    )

    —

    Principal payments under finance lease obligation

    (10

    )

    —

    Net cash used in financing activities

    (24,838

    )

    (2,885

    )

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

    (1

    )

    (24

    )

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

    (58,520

    )

    30,825

    Cash, cash equivalents and restricted cash:

    Beginning

    185,843

    119,911

    Ending

    $

    127,323

    $

    150,736

    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,

    2022

    2021

    Consolidated adjusted EBITDA (1)

    $

    18,113

    $

    14,195

    EBITDA attributable to redeemable noncontrolling interest

    –

    2,837

    Interest expense

    (1,836

    )

    (1,717

    )

    Interest income

    406

    140

    Dividend income

    3

    2

    Income tax expense

    (852

    )

    (2,792

    )

    Amortization of syndication contracts

    (116

    )

    (119

    )

    Payments on syndication contracts

    118

    124

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

    (958

    )

    (316

    )

    Non-cash stock-based compensation included in corporate expenses

    (1,615

    )

    (755

    )

    Depreciation and amortization

    (6,395

    )

    (5,184

    )

    Change in fair value of contingent consideration

    (5,100

    )

    –

    Impairment charge

    –

    (1,326

    )

    Other operating gain (loss)

    119

    1,913

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (1,573

    )

    Net income (loss) attributable to common stockholders

    1,887

    5,429

    Depreciation and amortization

    6,395

    5,184

    Impairment charge

    –

    1,326

    Deferred income taxes

    (359

    )

    2,987

    Non-cash interest

    280

    139

    Amortization of syndication contracts

    116

    119

    Payments on syndication contracts

    (118

    )

    (124

    )

    Non-cash stock-based compensation

    2,573

    1,071

    (Gain) loss on disposal of property and equipment

    (151

    )

    –

    Change in fair value of contingent consideration

    5,100

    –

    Net income (loss) attributable to redeemable noncontrolling interest

    –

    1,573

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    29,380

    9,927

    (Increase) decrease in prepaid expenses and other assets

    (2,405

    )

    1,177

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

    10,521

    (5,356

    )

    Cash flows from operating activities

    53,219

    23,452

    (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,

    2022

    2021

    Consolidated adjusted EBITDA (1)

    $

    18,113

    $

    14,195

    Net interest expense (1)

    (1,150

    )

    (1,438

    )

    Dividend income

    3

    2

    Cash paid for income taxes

    (1,211

    )

    195

    Capital expenditures (2)

    (1,547

    )

    (1,838

    )

    Other operating gain (loss)

    119

    1,913

    Free cash flow (1)

    14,327

    13,029

    Capital expenditures (2)

    1,547

    1,838

    EBITDA attributable to redeemable noncontrolling interest

    –

    2,837

    (Gain) loss on disposal of property and equipment

    (151

    )

    –

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    29,380

    9,927

    (Increase) decrease in prepaid expenses and other assets

    (2,405

    )

    1,177

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

    10,521

    (5,356

    )

    Cash Flows From Operating Activities

    $

    53,219

    $

    23,452

    (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.

    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

  • Entravision Expands into Kenya and Names New Director of Local Operations

    Entravision Expands into Kenya and Names New Director of Local Operations

    Expansion provides access to a high-growth, emerging digital advertising industry with significant expansion opportunities across East Africa

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision (NYSE: EVC or “the Company”), a leading global advertising, media and ad-tech solutions company, announced today its expansion into Kenya. This expansion provides Entravision, through its Africa-based digital business unit, Entravision 365 Digital, a presence in East Africa, as it looks to expand its breadth of digital solutions, media representations and creative services to new emerging markets.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220504005241/en/

    With the expansion into Kenya, the Company also welcomes Maggie Ndirangu as its newly appointed Managing Director of Kenya Operations. Ms. Ndirangu has regional expertise and extensive knowledge of the digital landscape across Africa. This expansion aligns with Entravision’s goal to position Entravision 365 Digital as a local digital marketing solutions powerhouse, serving African companies and local leaders with advanced branding, performance, and creative needs.

    “We’re thrilled to launch Entravision’s operations in Kenya, an exciting market for our African expansion,” said Julian Jordaan, CEO of Entravision 365 Digital. “With the third highest connected consumer base in Sub-Saharan Africa, and growing at a rapid rate, we believe that these numbers will only continue to climb and ultimately represent 17% of the digital advertising industry within the Sub-Saharan market by 2023. Kenya also has incredible talent and an advertising ecosystem primed with opportunity.”

    Jordaan continued, “We are also pleased to welcome Maggie Ndirangu as Managing Director of our Kenyan operations. Maggie is an exceptional leader who brings with her years of knowledge in the marketing and advertising industries. She will be taking our partnerships, media representations and services to brands across the Kenya market.”

    “Kenya has become a technology powerhouse in Africa over the last few years, with many global companies setting up Sub-Saharan African headquarters here. I’m honored to be joining Entravision to lead the Company’s expansion into East Africa and deliver marketing solutions that help businesses reach consumers, drive engagements and promote positive business impact across this region,” said Maggie Ndirangu.

    Sub-Saharan Africa is an attractive digital marketplace with nearly 500 million digitally connected consumers. Importantly, the Sub-Saharan African customer is young, tech-savvy and digitally connected. By combining the Company’s platform and publisher partnerships with technology-driven design service, or “365 Studio,” Entravision’s evolution continues into a leading marketing technology service provider in the world’s highest growth economies.

    About Entravision

    Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Its dynamic portfolio includes digital, television and audio offerings. Digital, the company’s largest revenue segment, is comprised of four business units: a digital sales representation business; Smadex, a programmatic ad purchasing platform; a branding and mobile performance solutions business; and a digital audio business. Through the digital sales representation business, the company connects global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is the company’s mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. Entravision also offers a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and its digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about the company’s offerings at entravision.com or connect with the company on LinkedIn.

    About Entravision 365 Digital

    Entravision 365 Digital is an African online media and ad-technology business with a rich heritage in the African advertising industry. For 21 years the business has represented the largest publishers and platforms in Africa and have helped global brands reach connected consumers and drive business impact. With a mission to connect publishers to brands, and brands to consumers, Entravision 365 Digital helps brands reach audiences at scale through its exclusive partnership with leading platforms like TikTok, Anzu, Boomplay, Triton Digital and many more. Entravision 365 Digital is a business unit of Entravision, a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Learn more about all of our innovative media, marketing and technology offerings at entravision365digital.com or connect with us on LinkedIn.

    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.

    For more information please contact:

    Entravision

    Investors:

    Christopher T. Young

    Chief Financial Officer

    310-447-3870

    Kimberly Esterkin

    Addo Investor Relations

    evc@addo.com

    310-829-5400

    Entravision 365 Digital South Africa

    Julian Jordaan

    Chief Executive Officer, Entravision 365 Digital

    +27 21 555 1975

    Julian@365Digital.co.za

    www.entravision365digital.com

    Entravision 365 Digital Kenya

    Maggie Ndirangu

    Managing Director

    maggie.ndirangu@entravision.com

    Source: Entravision

  • Entravision Expands into South Asia and Enters into Definitive Agreement to Acquire Stake in Leading Digital Marketing Services Company Jack of Digital

    Entravision Expands into South Asia and Enters into Definitive Agreement to Acquire Stake in Leading Digital Marketing Services Company Jack of Digital

    The acquisition provides access to a high-growth, emerging digital advertising industry in Pakistan with expansion opportunities throughout South Asia

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision (NYSE: EVC) (“Entravision” or “the Company”), a leading global advertising, media and ad-tech solutions company, announced today that it has entered into a definitive agreement to acquire a strategic stake in Jack of Digital, a digital marketing services company that serves as the exclusive advertising sales partner of TikTok in Pakistan. With this investment, Entravision will expand its commercial partnership reach across the South Asian region.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220427005426/en/

    Founded in 2020 by ad tech and marketing industry veteran Faisal Sheikh, Jack of Digital specializes in international platform partnerships with some of the world’s top advertising, marketing and data platforms. With strong local leadership experience in Pakistan, Jack of Digital provides marketing and communication, advertising sales and relationship management services to a growing client base. Jack of Digital maintains exclusive advertising and data sales representations in Pakistan with short-form video platform TikTok, full-stack programmatic platform Eskimi, app entertainment tool SHAREit and ad fraud protection service Spider AF.

    “We are very excited to announce our strategic investment in Jack of Digital, opening the door for Entravision to the South Asian market,” said Juan Saldívar, Chief Digital, Strategy and Accountability Officer of Entravision. “Jack of Digital’s exclusive partnership with TikTok in Pakistan builds upon our recent exclusivity with TikTok in South Africa through our acquisition of 365 Digital this past November. With this investment, Entravision now provides creative digital advertising and marketing services in over 35 countries as we continue to strategically expand our global footprint.”

    With Entravision’s investment in Jack of Digital, the Company again taps into a high-growth region of the globe with vast opportunities for increased digital connection. Approximately 1.8 billion people, or 23% of the world’s population, live in South Asia, including the countries of Pakistan, India, Nepal, Bhutan, Bangladesh, Afghanistan and Sri Lanka. In Pakistan in particular, where Jack of Digital is headquartered, over 98 million people are digitally connected, representing just under half of the total population, with opportunities for significant growth.

    “Entravision’s investment in Jack of Digital is a turning point for our company, and we look forward to partnering together to bring the best in digital media to the South Asian marketplace,” said Faisal Sheikh, Chief Executive Officer of Jack of Digital. “Having spent the past two decades working in the marketing and advertising industries, I’ve had the opportunity to partner with many different innovative digital players, and I believe having a company like Entravision to support our digital media business in South Asia will be a game changer.”

    Upon closing of the transaction, which is subject to customary governmental approvals, all Jack of Digital employees will remain with the company, and Faisal Sheikh will continue to serve as CEO of the business based out of its headquarters in Karachi, Pakistan.

    About Entravision

    Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMas television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

    About Jack of Digital

    Jack of Digital is a digital marketing company that specializes in international platform partnerships. Currently, Jack of Digital partners with TikTok, Eskimi, SHAREit and Spider AF and represents them in Pakistan. The primary areas of partnership include Advertising Sales, Marketing & Communications, and Relationship Management with advertisers and their media & creative agencies. Learn more about Jack of Digital’s offerings at jackofdigital.com or follow us on LinkedIn and Facebook for updates.

    Forward Looking Statements

    This press release contains certain forward-looking statements, including without limitation the Company’s current expectations and intentions with respect to the filing of its Form 10-K. 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:


    Christopher T. Young

    Chief Financial Officer

    310-447-3870

    Kimberly Esterkin

    ADDO Investor Relations

    310-829-5400

    evc@addo.com

    Jack of Digital:


    Faisal Sheikh

    Chief Executive Officer

    +92 321 3770100

    faisal@jackofdigital.com

    Source: Entravision and Jack of Digital

  • Entravision Communications Corporation Reports Fourth Quarter and Full Year 2021 Results

    Entravision Communications Corporation Reports Fourth Quarter and Full Year 2021 Results

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three- and twelve-month periods ended December 31, 2021.

    Fourth Quarter and Full Year 2021 Highlights

    • All-time full-year record revenue and free cash flow
    • Net revenue up 36% and 121% over the prior-year quarter and full year, respectively
    • Net income attributable to common stockholders down 81% over the prior-year quarter
    • Net income attributable to common stockholders of $29.3 million, compared to a loss of $3.9 million in the prior full year
    • Consolidated adjusted EBITDA up 1% and 46% over the prior-year quarter and full year, respectively
    • Operating cash flow down 70% and up 3% over the prior-year quarter and full year, respectively
    • Free cash flow up 8% and 83% over the prior-year quarter and full year, respectively
    • Acquisition of remaining 49% of Cisneros Interactive
    • Expansion into Asia and Africa with the acquisitions of MediaDonuts and 365 Digital
    • Quarterly cash dividend of $0.025 per share
    • New $20 million share repurchase program

    “2021 was a transformational year for Entravision, with revenue and free cash flow reaching record levels,” said Walter Ulloa, Chairman and Chief Executive Officer. “Our growth for the fourth quarter and full year 2021 was largely driven by the expansion of our digital business, which comprised 73% of our net revenue. Core television and audio also contributed to our overall strength during the year as we maintained our exceptional talent, programming and ratings. In addition, we saw great advancements in profitability. Full year consolidated adjusted EBITDA of $88.0 million improved 46% over 2020, demonstrating our growth and continued expense management.”

    Mr. Ulloa continued, “I am very pleased with the continued transformation of Entravision’s business. Through both organic growth and strategic acquisitions we have become a leading global advertising solutions, media and technology company, serving over 3,000 clients each month in over 30 countries. We connect brands and advertisers with consumers in primarily emerging growth markets around the world and are excited about this enormous opportunity. I believe we have a talented, experienced and energetic team of professionals around the world with the expertise and resources to continue to grow Entravision’s business into the future.”

    Quarterly Cash Dividend

    The Company also 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 March 31, 2022 to shareholders of record as of the close of business on March 16, 2022, and the common stock will trade ex-dividend on March 15, 2022. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

    Share Repurchase Program

    On March 1, 2022, the Board of Directors approved the repurchase of up to $20 million of the Company’s common stock. Under the new share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. On the same date, the Board terminated the Company’s previous share repurchase program of the Company’s common stock.

    Non-GAAP Financial Measures

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

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

    Three Months Ended

    Twelve Months Ended

    December 31,

    December 31,

    2021

    2020

    % Change

    2021

    2020

    % Change

    Net revenue

    $

    233,894

    $

    171,683

    36

    %

    $

    760,192

    $

    344,026

    121

    %

    Cost of revenue – digital (1)

    148,399

    85,326

    74

    %

    466,517

    106,928

    336

    %

    Operating expenses (2)

    48,065

    45,945

    5

    %

    173,034

    153,313

    13

    %

    Corporate expenses (3)

    11,237

    9,296

    21

    %

    32,993

    27,807

    19

    %

    Foreign currency (gain) loss

    54

    (1,725

    )

    *

    508

    (1,052

    )

    *

    Consolidated adjusted EBITDA (4)

    32,856

    32,646

    1

    %

    88,033

    60,419

    46

    %

    Free cash flow (5)

    $

    30,875

    $

    28,641

    8

    %

    $

    78,706

    $

    43,029

    83

    %

    Net income (loss)

    $

    3,868

    $

    22,851

    (83

    )%

    $

    35,230

    $

    (1,387

    )

    *

    Net (income) loss attributable to redeemable noncontrolling interest

    $

    –

    $

    (2,523

    )

    *

    $

    (5,938

    )

    $

    (2,523

    )

    135

    %

    Net income (loss) attributable to common stockholders

    $

    3,868

    $

    20,328

    (81

    )%

    $

    29,292

    $

    (3,910

    )

    *

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

    $

    0.05

    $

    0.24

    (79

    )%

    $

    0.34

    $

    (0.05

    )

    *

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

    $

    0.04

    $

    0.24

    (83

    )%

    $

    0.33

    $

    (0.05

    )

    *

    Weighted average common shares outstanding, basic

    85,579,385

    84,297,592

    85,301,603

    84,231,212

    Weighted average common shares outstanding, diluted

    88,556,177

    85,985,630

    87,910,603

    84,231,212

    (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 $2.3 million and $0.9 million of non-cash stock-based compensation for the three-month periods ended December 31, 2021 and 2020, respectively, and $3.2 million and $1.2 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2021 and 2020, respectively.

    (3)

    Corporate expenses include $4.0 million and $1.9 million of non-cash stock-based compensation for the three-month periods ended December 31, 2021 and 2020, respectively, and $6.4 million and $3.9 million of non-cash stock-based compensation for the twelve-month periods ended December 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 (In thousands)

    Three Months Ended

    December 31,

    2021

    2020

    % Change

    Net revenue

    $

    233,894

    $

    171,683

    36

    %

    Cost of revenue – digital (1)

    148,399

    85,326

    74

    %

    Operating expenses (1)

    48,065

    45,945

    5

    %

    Corporate expenses (1)

    11,237

    9,296

    21

    %

    Depreciation and amortization

    6,261

    4,963

    26

    %

    Change in fair value of contingent consideration

    8,224

    —

    *

    Impairment charge

    1,419

    200

    610

    %

    Foreign currency (gain) loss

    54

    (1,725

    )

    *

    Other operating (gain) loss

    (2,131

    )

    (1,346

    )

    58

    %

    Operating income (loss)

    12,366

    29,024

    (57

    )%

    Interest expense, net

    (1,723

    )

    (1,474

    )

    17

    %

    Dividend income

    2

    2

    0

    %

    Income before income taxes

    10,645

    27,552

    (61

    )%

    Income tax (expense) benefit

    (6,777

    )

    (4,701

    )

    44

    %

    Net income (loss)

    3,868

    22,851

    (83

    )%

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (2,523

    )

    *

    Net income (loss) attributable to common stockholders

    $

    3,868

    $

    20,328

    (81

    )%

    (1)

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

    Net revenue in the fourth quarter of 2021 totaled $233.9 million, up 36% from $171.7 million in the prior-year period. Of the overall increase, approximately $72.6 million was attributable to our digital segment and was primarily due to advertising revenue resulting from our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, which became wholly-owned during the third quarter of 2021, and due to advertising revenue resulting from our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively. The overall increase was partially offset by a decrease of approximately $10.4 million that was attributable to our television and audio segments primarily due to decreases in political advertising revenue, partially offset by increases in local and national advertising revenue.

    Cost of revenue in the fourth quarter of 2021 totaled $148.4 million compared to $85.3 million in the prior-year period. The increase was primarily due to increased costs of revenue following our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, which became wholly-owned during the third quarter of 2021, and due to our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively.

    Operating expenses in the fourth quarter of 2021 totaled $48.1 million, up 5% from $45.9 million in the prior-year period. Of the overall increase, approximately $3.3 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, which became wholly-owned during the third quarter of 2021, and due to operating expenses resulting from our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively. The overall increase was partially offset by decreases in our television and audio segments primarily due to a decrease in expenses associated with the decrease in advertising revenue, and decreases in bad debt and salary expense associated with furloughs and layoffs that occurred in 2020 because of the COVID-19 pandemic.

    Corporate expenses in the fourth quarter of 2021 totaled $11.2 million, up 21% from $9.3 million in the prior-year period. The increase was primarily due to an increase in non-cash stock-based compensation expense.

    Unaudited Financial Results (In thousands)

    Twelve Months Ended

    December 31,

    2021

    2020

    % Change

    Net revenue

    $

    760,192

    $

    344,026

    121

    %

    Cost of revenue – digital (1)

    466,517

    106,928

    336

    %

    Operating expenses (1)

    173,034

    153,313

    13

    %

    Corporate expenses (1)

    32,993

    27,807

    19

    %

    Depreciation and amortization

    22,420

    17,282

    30

    %

    Change in fair value of contingent consideration

    8,224

    —

    *

    Impairment charge

    3,023

    40,035

    (92

    )%

    Foreign currency (gain) loss

    508

    (1,052

    )

    *

    Other operating (gain) loss

    (6,998

    )

    (6,895

    )

    1

    %

    Operating income (loss)

    60,471

    6,608

    815

    %

    Interest expense, net

    (6,775

    )

    (6,517

    )

    4

    %

    Dividend income

    213

    28

    661

    %

    Income before income taxes

    53,909

    119

    *

    Income tax (expense) benefit

    (18,679

    )

    (1,506

    )

    1140

    %

    Net income (loss)

    35,230

    (1,387

    )

    *

    Net (income) loss attributable to redeemable noncontrolling interest

    (5,938

    )

    (2,523

    )

    135

    %

    Net income (loss) attributable to common stockholders

    $

    29,292

    $

    (3,910

    )

    *

    (1)

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

    Net revenue totaled $760.2 million for the year ended December 31, 2021, up 121% from $344.0 million for the year ended December 31, 2020. Of the overall increase, approximately $412.0 million was attributable to our digital segment and was primarily due to advertising revenue resulting from our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, which became wholly-owned during the third quarter of 2021, and due to advertising revenue resulting from our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively. In addition, of the overall increase, approximately $11.7 million was attributable to our audio segment primarily due to increases in local and national advertising revenue, partially offset by a decrease in political advertising revenue. The overall increase was partially offset by a decrease of approximately $7.6 million attributable to our television segment, primarily due a decrease in political advertising revenue, partially offset by increases in local and national advertising revenue, revenue from spectrum usage rights and retransmission consent revenue.

    Cost of revenue in our digital segment totaled $466.5 million for the year ended December 31, 2021 compared to $106.9 million for the year ended December 31, 2020. The increase was primarily due to increased costs of revenue following our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, which became wholly-owned during the third quarter of 2021, and due to our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively.

    Operating expenses totaled $173.0 million for the year ended December 31, 2021, up 13% from $153.3 million for the year ended December 31, 2020. Of the overall increase, approximately $21.0 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, which became wholly-owned during the third quarter of 2021, and due to operating expenses resulting from our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively. The overall increase was partially offset by decreases in our television and audio segments primarily due to decreases in bad debt and salary expense associated with furloughs and layoffs that occurred in 2020 because of the COVID-19 pandemic.

    Corporate expenses totaled $33.0 million for the year ended December 31, 2021, up 19% from $27.8 million for the year ended December 31, 2020. The increase was primarily due to increases in salaries, non-cash stock-based compensation expense and audit fees.

    Balance Sheet and Related Metrics

    Cash and marketable securities as of December 31, 2021 totaled approximately $185.1 million. Total debt was $212.3 million. Net of $75 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.6 times as of December 31, 2021. Net of total cash and marketable securities, total leverage was 0.3 times.

    Unaudited Segment Results (In thousands)

    Three Months Ended

    Twelve Months Ended

    December 31,

    December 31,

    2021

    2020

    % Change

    2021

    2020

    % Change

    Net Revenue

    Digital

    $

    177,512

    $

    104,950

    69

    %

    $

    555,338

    $

    143,309

    288

    %

    Television

    40,241

    50,516

    (20

    )%

    146,839

    154,456

    (5

    )%

    Audio

    16,141

    16,217

    (0

    )%

    58,015

    46,261

    25

    %

    Total

    $

    233,894

    $

    171,683

    36

    %

    $

    760,192

    $

    344,026

    121

    %

    Cost of Revenue – Digital (1)

    $

    148,399

    $

    85,326

    74

    %

    $

    466,517

    $

    106,928

    336

    %

    Operating Expenses (1)

    Digital

    $

    15,540

    $

    12,228

    27

    %

    $

    51,604

    $

    30,631

    68

    %

    Television

    21,849

    22,422

    (3

    )%

    81,397

    80,893

    1

    %

    Audio

    10,676

    11,295

    (5

    )%

    40,033

    41,789

    (4

    )%

    Total

    $

    48,065

    $

    45,945

    5

    %

    $

    173,034

    $

    153,313

    13

    %

    Corporate Expenses (1)

    $

    11,237

    $

    9,296

    21

    %

    $

    32,993

    $

    27,807

    19

    %

    Foreign currency (gain) loss

    $

    54

    $

    (1,725

    )

    *

    $

    508

    $

    (1,052

    )

    *

    Consolidated adjusted EBITDA (1)

    $

    32,856

    $

    32,646

    1

    %

    $

    88,033

    $

    60,419

    46

    %

    (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 fourth quarter and full year 2021 results on Thursday, March 3, 2022 at 4:30 p.m. Eastern Time. To access the conference call, please dial (877) 407-9716 (U.S.) or (201) 493-6779 (Int’l) ten minutes prior to the start time and reference Conference ID number 13726389. 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 leading global advertising solutions, media and technology company connecting brands to consumers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 50 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

    Forward-Looking Statements

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

    Entravision Communications Corporation

    Consolidated Statements of Operations

    (In thousands, except share and per share data)

    (Unaudited)

     

    Three-Month Period

    Twelve-Month Period

    Ended December 31,

    Ended December 31,

    2021

    2020

    2021

    2020

    Net revenue

    $

    233,894

    $

    171,683

    $

    760,192

    $

    344,026

    Expenses:

    Cost of revenue – digital

    148,399

    85,326

    466,517

    106,928

    Direct operating expenses

    32,969

    31,912

    116,449

    104,909

    Selling, general and administrative expenses

    15,096

    14,033

    56,585

    48,404

    Corporate expenses

    11,237

    9,296

    32,993

    27,807

    Depreciation and amortization

    6,261

    4,963

    22,420

    17,282

    Change in fair value of contingent consideration

    8,224

    —

    8,224

    —

    Impairment charge

    1,419

    200

    3,023

    40,035

    Foreign currency (gain) loss

    54

    (1,725

    )

    508

    (1,052

    )

    Other operating (gain) loss

    (2,131

    )

    (1,346

    )

    (6,998

    )

    (6,895

    )

    221,528

    142,659

    699,721

    337,418

    Operating income (loss)

    12,366

    29,024

    60,471

    6,608

    Interest expense

    (1,733

    )

    (1,592

    )

    (7,020

    )

    (8,265

    )

    Interest income

    10

    118

    245

    1,748

    Dividend income

    2

    2

    213

    28

    Income before income taxes

    10,645

    27,552

    53,909

    119

    Income tax (expense) benefit

    (6,777

    )

    (4,701

    )

    (18,679

    )

    (1,506

    )

    Net income (loss)

    3,868

    22,851

    35,230

    (1,387

    )

    Net (income) loss attributable to redeemable noncontrolling interest

    –

    (2,523

    )

    (5,938

    )

    (2,523

    )

    Net income (loss) attributable to common stockholders

    $

    3,868

    $

    20,328

    $

    29,292

    $

    (3,910

    )

    Basic and diluted earnings per share:

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

    $

    0.05

    $

    0.24

    $

    0.34

    $

    (0.05

    )

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

    $

    0.04

    $

    0.24

    $

    0.33

    $

    (0.05

    )

    Cash dividends declared per common share, basic and diluted

    $

    0.03

    $

    0.03

    $

    0.10

    $

    0.13

    Weighted average common shares outstanding, basic

    85,579,385

    84,297,592

    85,301,603

    84,231,212

    Weighted average common shares outstanding, diluted

    88,556,177

    85,985,630

    87,910,603

    84,231,212

    Entravision Communications Corporation

    Consolidated Statements of Cash Flows

    (In thousands; unaudited)

     

    Three-Month Period

    Twelve-Month Period

    Ended December 31,

    Ended December 31,

    2021

    2020

    2021

    2020

    Cash flows from operating activities:

    Net income (loss)

    $

    3,868

    $

    22,851

    $

    35,230

    $

    (1,387

    )

    Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

    6,261

    4,963

    22,420

    17,282

    Impairment charge

    1,419

    200

    3,023

    40,035

    Deferred income taxes

    6,206

    2,519

    14,554

    (6,225

    )

    Non-cash interest

    153

    158

    604

    649

    Amortization of syndication contracts

    118

    121

    475

    504

    Payments on syndication contracts

    (119

    )

    (133

    )

    (473

    )

    (458

    )

    Non-cash stock-based compensation

    6,295

    2,717

    9,595

    5,125

    (Gain) loss on disposal of property and equipment

    (2,007

    )

    36

    (4,629

    )

    (731

    )

    Changes in assets and liabilities:

    (Increase) decrease in trade receivables, net

    (33,215

    )

    (34,385

    )

    (49,109

    )

    (20,100

    )

    (Increase) decrease in prepaid expenses and other current assets

    4,515

    4,813

    6,782

    11,526

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

    17,979

    33,872

    26,781

    17,229

    Net cash provided by operating activities

    11,473

    37,732

    65,253

    63,449

    Cash flows from investing activities:

    Proceeds from sale of property and equipment and intangibles

    917

    —

    10,348

    5,089

    Purchases of property and equipment

    (1,550

    )

    (1,319

    )

    (5,819

    )

    (9,060

    )

    Purchases of intangibles

    —

    —

    —

    (158

    )

    Purchase of a businesses, net of cash acquired

    (1,413

    )

    (21,261

    )

    (14,260

    )

    (21,261

    )

    Proceeds from marketable securities

    —

    25,000

    27,800

    63,480

    Purchases of investments

    —

    —

    (800

    )

    —

    Net cash provided by (used in) investing activities

    (2,046

    )

    2,420

    17,269

    38,090

    Cash flows from financing activities:

    Proceeds from stock option exercises

    2

    —

    416

    —

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

    (4,201

    )

    (1,411

    )

    (4,729

    )

    (1,426

    )

    Payments on long-term debt

    (750

    )

    (750

    )

    (3,000

    )

    (3,000

    )

    Dividends paid

    (2,136

    )

    (2,103

    )

    (8,531

    )

    (10,531

    )

    Repurchase of Class A common stock

    —

    —

    —

    (525

    )

    Principal payments under finance lease obligation

    (126

    )

    —

    (126

    )

    —

    Payments of capitalized debt offering and issuance costs

    —

    —

    (604

    )

    —

    Net cash used in financing activities

    (7,211

    )

    (4,264

    )

    (16,574

    )

    (15,482

    )

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

    (13

    )

    4

    (16

    )

    (3

    )

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

    2,203

    35,892

    65,932

    86,054

    Cash, cash equivalents and restricted cash:

    Beginning

    183,640

    84,019

    119,911

    33,857

    Ending

    $

    185,843

    $

    119,911

    $

    185,843

    $

    119,911

    Entravision Communications Corporation

    Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities

    (In thousands; unaudited)

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

     

    Three-Month Period

    Twelve-Month Period

    Ended December 31,

    Ended December 31,

    2021

    2020

    2021

    2020

    Consolidated adjusted EBITDA (1)

    $

    32,856

    $

    32,646

    $

    88,033

    $

    60,419

    EBITDA attributable to redeemable noncontrolling interest

    —

    3,436

    9,127

    3,436

    Interest expense

    (1,733

    )

    (1,592

    )

    (7,020

    )

    (8,265

    )

    Interest income

    10

    118

    245

    1,748

    Income tax (expense) benefit

    (6,777

    )

    (4,701

    )

    (18,679

    )

    (1,506

    )

    Amortization of syndication contracts

    (118

    )

    (121

    )

    (475

    )

    (504

    )

    Payments on syndication contracts

    119

    133

    473

    458

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

    (2,263

    )

    (865

    )

    (3,234

    )

    (1,247

    )

    Non-cash stock-based compensation included in corporate expenses

    (4,032

    )

    (1,852

    )

    (6,361

    )

    (3,878

    )

    Depreciation and amortization

    (6,261

    )

    (4,963

    )

    (22,420

    )

    (17,282

    )

    Change in fair value of contingent consideration

    (8,224

    )

    —

    (8,224

    )

    –

    Non-recurring severance charge

    (423

    )

    (536

    )

    (423

    )

    (1,654

    )

    Dividend income

    2

    2

    213

    28

    Other operating gain (loss)

    2,131

    1,346

    6,998

    6,895

    Impairment charge

    (1,419

    )

    (200

    )

    (3,023

    )

    (40,035

    )

    Net (income) loss attributable to redeemable noncontrolling interest

    —

    (2,523

    )

    (5,938

    )

    (2,523

    )

    Net income (loss) attributable to common stockholders

    3,868

    20,328

    29,292

    (3,910

    )

    Depreciation and amortization

    6,261

    4,963

    22,420

    17,282

    Impairment charge

    1,419

    200

    3,023

    40,035

    Deferred income taxes

    6,206

    2,519

    14,554

    (6,225

    )

    Amortization of debt issuance costs

    153

    158

    604

    649

    Amortization of syndication contracts

    118

    121

    475

    504

    Payments on syndication contracts

    (119

    )

    (133

    )

    (473

    )

    (458

    )

    Non-cash stock-based compensation

    6,295

    2,717

    9,595

    5,125

    (Gain) loss on disposal of property and equipment

    (2,007

    )

    36

    (4,629

    )

    (731

    )

    Net (income) loss attributable to redeemable noncontrolling interest

    —

    2,523

    5,938

    2,523

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    (33,215

    )

    (34,385

    )

    (49,109

    )

    (20,100

    )

    (Increase) decrease in prepaid expenses and other assets

    4,515

    4,813

    6,782

    11,526

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

    17,979

    33,872

    26,781

    17,229

    Net cash provided by (used in ) operating activities

    $

    11,473

    $

    37,732

    $

    65,253

    $

    63,449

    (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

    Twelve-Month Period

    Ended December 31,

    Ended December 31,

    2021

    2020

    2021

    2020

    Consolidated adjusted EBITDA (1)

    $

    32,856

    $

    32,646

    $

    88,033

    $

    60,419

    Net, cash interest expense (1)

    (1,570

    )

    (1,316

    )

    (6,171

    )

    (5,868

    )

    Dividend income

    2

    2

    213

    28

    Cash paid for income taxes

    (571

    )

    (2,182

    )

    (4,125

    )

    (7,731

    )

    Capital expenditures (2)

    (1,550

    )

    (1,319

    )

    (5,819

    )

    (9,060

    )

    Other operating gain (loss)

    2,131

    1,346

    6,998

    6,895

    Non-recurring cash severance charge

    (423

    )

    (536

    )

    (423

    )

    (1,654

    )

    Free cash flow (1)

    30,875

    28,641

    78,706

    43,029

    Capital expenditures (2)

    1,550

    1,319

    5,819

    9,060

    EBITDA attributable to redeemable noncontrolling interest

    —

    3,436

    9,127

    3,436

    Change in fair value of contingent consideration

    (8,224

    )

    —

    (8,224

    )

    —

    (Gain) loss on disposal of property and equipment

    (2,007

    )

    36

    (4,629

    )

    (731

    )

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    (33,215

    )

    (34,385

    )

    (49,109

    )

    (20,100

    )

    (Increase) decrease in prepaid expenses and other assets

    4,515

    4,813

    6,782

    11,526

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

    17,979

    33,872

    26,781

    17,229

    Cash Flows From Operating Activities

    $

    11,473

    $

    37,732

    $

    65,253

    $

    63,449

    (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.

    For more information, please contact:

    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

  • Entravision Schedules Fourth Quarter and Full Year 2021 Earnings Release and Conference Call

    Entravision Schedules Fourth Quarter and Full Year 2021 Earnings Release and Conference Call

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision (NYSE: EVC), a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers, announced that it will release its fourth quarter and full year 2021 financial results after market close on Thursday, March 3, 2022. The Company will host a conference call that day at 4:30 p.m. Eastern Time to discuss the fourth quarter and full year 2021 results.

    To access the conference call, please dial (877) 407-9716 (U.S.) or (201) 493-6779 (International) 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.

    If you cannot listen to the conference call at its scheduled time, there will be a replay available through Thursday, March 17, 2022 which can be accessed by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the passcode 13726389. The webcast will also be archived on the Company’s website.

    About Entravision

    Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio of services includes digital, television and radio offerings. Digital, our largest revenue segment, is comprised of five core businesses: Entravision Digital, Smadex, Cisneros Interactive, MediaDonuts, and 365 Digital. Entravision Digital provides branding and performance digital solutions to clients and small- and mid-size businesses throughout the world. Smadex provides cutting-edge mobile programmatic solutions and demand-side platforms which enable advertisers to effectively execute performance campaigns using machine-learned bidding algorithms. Cisneros Interactive provides unique digital marketing solutions representing major global publishers and ad-tech platforms in Latin America, while also managing the leading digital audio network and solutions player Audio.Ad. MediaDonuts provides digital marketing performance and branding services in the Southeast Asia region and maintains unique commercial partnerships with some of the world’s leading digital publishers and social media platforms. 365 Digital is a digital advertising solutions provider that offers exclusive sales representations with major global platforms in South Africa. Beyond digital, Entravision has 50 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about all of our marketing, media, and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

    Christopher T. Young

    Chief Financial Officer

    Entravision

    310-447-3870

    Kimberly Esterkin

    ADDO Investor Relations

    310-829-5400

    evc@addo.com

    Source: Entravision

  • Entravision Partners with Roku to Serve as Media Advertising Partner in Mexico

    Entravision Partners with Roku to Serve as Media Advertising Partner in Mexico

    Partnership Expands Entravision’s Position in the Rapidly Growing Connected Television Marketplace

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision (NYSE: EVC), a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers, announced today that the Company has partnered with Roku, the #1 TV streaming platform in the U.S., Mexico and Canada*, to serve as Roku’s media advertising partner in Mexico. Entravision will help brands effectively reach consumers by advertising on the Roku streaming platform.

    As more consumers are moving to TV streaming, advertisers can reach them by moving budgets into TV streaming. Through Roku’s advertising solutions, brands and marketers can reach audiences at scale on the Roku platform. Entravision, as Roku’s trusted partner, will serve as an advertising partner in Mexico to work with brands interested in advertising through the Roku platform.

    “Entravision is very excited to partner with Roku, the pioneer in television streaming, as they begin advertising in Mexico,” said Juan Saldívar, Entravision’s Chief Digital, Strategy and Accountability Officer. “Through our partnership, Entravision will be able to connect brands and marketers in Mexico with Roku’s advertising solution, in order to reach TV streamers on the Roku streaming platform.”

    Mr. Saldívar continued, “Entravision has extensive digital marketing expertise for companies looking to tap into growing Latino audiences, including in Mexico. We look forward to leveraging our expertise and local market connections to support Roku’s global advertising growth.”

    Brands and content providers will be able to reach consumers through ad-supported content as part of Roku advertising, which includes benefits such as:

    • Reach consumers at scale: Roku has a direct relationship with its consumers, enabling better ad targeting and measurement.
    • Access to premium inventory: Brands can advertise with trusted editorially-curated, premium channels, including local networks, film & TV, sports and lifestyle.
    • Unique storytelling for brands:
      Create advertiser experiences that go beyond the 30-second ad and take full advantage of the TV streaming environment.
    • Performance driven: Roku combines TV’s branding power with digital data to drive performance and results.

    To learn more about this partnership with Roku, please contact Entravision’s digital sales team.

    * by hours streamed (Hypothesis Group, October 2021)

    About Entravision

    Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio of services includes digital, television and radio offerings. Digital, our largest revenue segment, is comprised of five core businesses: Entravision Digital, Smadex, Cisneros Interactive, MediaDonuts, and 365 Digital. Entravision Digital provides branding and performance digital solutions to clients and small- and mid-size businesses throughout the world. Smadex provides cutting-edge mobile programmatic solutions and demand-side platforms which enable advertisers to effectively execute performance campaigns using machine-learned bidding algorithms. Cisneros Interactive provides unique digital marketing solutions representing major global publishers and ad-tech platforms in Latin America, while also managing the leading digital audio network and solutions player Audio.Ad. MediaDonuts provides digital marketing performance and branding services in the Southeast Asia region and maintains unique commercial partnerships with some of the world’s leading digital publishers and social media platforms. 365 Digital is a digital advertising solutions provider that offers exclusive sales representations with major global platforms in South Africa. Beyond digital, Entravision has 53 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about all of our marketing, media, 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.

    Christopher T. Young

    Chief Financial Officer

    Entravision Communications Corporation

    310-447-3870

    Kimberly Esterkin

    Addo Investor Relations

    evc@addo.com

    310-829-5400

    Rogelio Osorio

    CTV Business Sales Development

    Entravision Communications Corporation

    rogelio.osorio@entravision.com

    Source: Entravision

  • Entravision to Broadcast Entire NFL Playoffs, Pro Bowl and Super Bowl LVI, Marking its Sixth Season as the NFL’s Exclusive Spanish Radio Network Broadcaster

    Entravision to Broadcast Entire NFL Playoffs, Pro Bowl and Super Bowl LVI, Marking its Sixth Season as the NFL’s Exclusive Spanish Radio Network Broadcaster

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Entravision Communications Corporation (NYSE: EVC), a leading global media and marketing technology company, announced today that the Company will broadcast the entire 2021-2022 NFL Post Season, a total of 14 games including the Pro Bowl and Super Bowl LVI, when the event returns to Los Angeles, California after nearly three decades. This marks Entravision’s sixth season as the NFL’s exclusive Spanish radio network broadcast partner.

    End zone to end zone coverage begins Saturday, January15, 2022 in Cincinnati, Ohio with three days of games for Wild Card Weekend and concludes on Sunday, February 13, 2022 in Los Angeles, California with Super Bowl LVI. Each broadcast day will start with a 30-minute pre-game show, Pase Completo, followed by a live play-by-play broadcast and post-game analysis. Pase Completo features veteran multi-sports game analysts Ricardo Celis and Tony Nuñez. The entire pre-game show will also stream on Facebook Live.

    “Entravision is again proud to bring premiere coverage of the National Football League to the Latino community through both our O&O and our affiliate stations. This exciting competition will culminate with one of the biggest sporting events of the year taking place right here in our home market of Los Angeles,” said Jeffery Liberman, Entravision’s President and Chief Operating Officer. “U.S. Latinos are a growing part of the NFL fan base, and we are pleased to offer the most extensive Spanish language radio broadcast to these devoted fans through our exclusive radio partnership with the NFL.”

    As part of this year’s playoff excitement, NFL fans can also participate in the Super Bowl Challenge by making their picks online at superbowlchallenge.es.

    2021-2022 NFL Post Season Schedule

    Date

    Teams

    Broadcast Start

    (PT)

    Kickoff


    (PT)

    Game Type

    Saturday Jan 15, 2022

    Las Vegas Raiders @ Cincinnati Bengals

    1:15 PM

    1:30 PM

    AFC Wild Card

    Saturday Jan 15, 2022

    New England Patriots @ Buffalo Bills

    5:00 PM

    5:15 PM

    AFC Wild Card

    Sunday Jan 16, 2022

    Philadelphia Eagles @ Tampa Bay Buccaneers

    9:45 AM

    10:00 AM

    NFC Wild Card

    Sunday Jan 16, 2022

    San Francisco 49ers @ Dallas Cowboys

    1:15 PM

    1:30 PM

    NFC Wild Card

    Sunday Jan 16, 2022

    Pittsburgh Steelers @ Kansas City Chiefs

    5:00 PM

    5:15 PM

    AFC Wild Card

    Monday Jan 17, 2022

    Arizona Cardinals @ Los Angeles Rams

    5:00 PM

    5:15 PM

    NFC Wild Card

    Saturday Jan 22, 2022

    TBA

    1:15 PM

    1:30 PM

    Divisional Playoffs

    Saturday Jan 22, 2022

    TBA

    5:00 PM

    5:15 PM

    Divisional Playoffs

    Sunday Jan 23, 2022

    TBA

    11:45 AM

    12:00 PM

    Divisional Playoffs

    Sunday Jan 23, 2022

    TBA

    3:15 PM

    3:30 PM

    Divisional Playoffs

    Sunday Jan 30, 2022

    TBA

    11:50 AM

    12:05 PM

    AFC Championship

    Sunday Jan 30, 2022

    TBA

    3:25 PM

    3:40 PM

    NFC Championship

    Sunday Feb 6, 2022

    TBA

    11:45 AM

    12:00 Noon

    Pro Bowl

    Sunday Feb 13, 2022

    TBA

    2:00 PM

    3:30 PM

    Super Bowl LVI

    Coverage will be broadcast on the following Entravision O&O radio stations:

    Market

    Format

    Station

    Frequency

    Albuquerque

    Jose

    KRZY-AM

    1450

    Aspen

    Tricolor

    KPVW-FM

    107.1/104.3

    Denver

    Suavecita

    KJMN-FM

    92.1

    El Centro

    Suavecita

    KSEH-FM

    94.5

    El Paso

    Suavecita

    KINT-FM

    93.9

    Las Vegas

    Fuego

    KRRN-FM

    92.7

    Los Angeles

    Viva

    KDLD-FM

    103.1

    Lubbock

    TUDN

    KBZO-AM

    1460

    McAllen

    Suavecita

    KNVO-FM

    101.1

    Monterey-Salinas

    Suavecita

    KSES-FM

    107.1

    Palm Springs

    Suavecita

    KPST-FM

    103.5

    Phoenix

    Suavecita

    KVVA/KDVA

    107.1

    Reno

    Tricolor

    KRNV-FM

    102.1

    Sacramento

    Suavecita

    KXSE-FM

    104.3

    Stock-Modesto

    Suavecita

    KTSE-FM

    97.1

    Affiliate stations broadcasting the NFL playoffs and Super Bowl:

    Market

    Station

    Frequency

    Chicago

    WRTO

    1200 AM

    WOJO

    105.1 FM HD3

    Dallas

    KFLC

    1270 AM

    Houston

    KLAT

    1010 AM

    KLTN

    102.9 FM HD3

    Miami

    WQBA

    1140 AM

    WAMR

    107.5 FM HD3

    New York

    WADO

    1280 AM

    WXNY

    96.3 FM HD3

    Salt Lake City

    KDUT

    102.3 FM

    KTUB

    1600 AM

    San Antonio

    KFLZ

    87.9 FM

    KROM

    92.9 FM HD2

    W Palm Beach

    WEFL

    760 AM

    About Entravision Communications Corporation

    Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in fast growing population centers in more than 30 countries across Latin America, Europe, Asia and Africa. Our dynamic portfolio of services includes digital, television and radio offerings. Digital, our largest revenue segment, is comprised of five core businesses: Entravision Digital, Smadex, Cisneros Interactive, MediaDonuts, and 365 Digital. Entravision Digital provides branding and performance digital solutions to clients and small- and mid-size businesses throughout the world, including the U.S., Latin America and Europe. Smadex provides cutting-edge mobile programmatic solutions and demand-side platforms which enable advertisers to effectively execute performance campaigns using machine-learned bidding algorithms. Cisneros Interactive provides unique digital marketing solutions representing major global publishers and ad-tech platforms in Latin America, while also managing the leading digital audio network and solutions player Audio.Ad. MediaDonuts provides digital marketing performance and branding services in the Southeast Asia region and maintains unique commercial partnerships with some of the world’s leading digital publishers and social media platforms. 365 Digital is a digital advertising solutions provider that offers exclusive sales representations with major global platforms in South Africa. Beyond digital, Entravision has 53 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about all of our marketing, media, and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

    Contact for Entravision:


    Kimberly Esterkin

    Addo Investor Relations

    evc@addo.com

    310-829-5400

    Source: Entravision Communications Corporation