SANTA MONICA, Calif.,
Nov. 7, 2018 /PRNewswire/
-- Entravision Communications Corporation (NYSE: EVC) today
reported financial results for the three- and nine-month periods
ended September 30, 2018.
Historical results, which are attached, are in thousands of U.S.
dollars (except share and per share data). This press release
contains certain non-GAAP financial measures as defined by SEC
Regulation G. The GAAP financial measure most directly comparable
to each of these non-GAAP financial measures, and a table
reconciling each of these non-GAAP financial measures to its most
directly comparable GAAP financial measure, are included beginning
on page 11. Unaudited financial highlights are as follows:
|
Three-Month
Period
|
|
Nine-Month
Period
|
|
Ended September
30,
|
|
Ended September
30,
|
|
2018
|
2017
|
%
Change
|
|
|
2018
|
2017
|
%
Change
|
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
advertising and retransmission consent
|
$
|
73,397
|
$
|
70,612
|
|
4
|
%
|
|
$
|
213,933
|
$
|
198,631
|
|
8
|
%
|
Revenue from spectrum
usage rights
|
|
1,178
|
|
263,943
|
|
(100)
|
%
|
|
|
1,809
|
|
263,943
|
|
(99)
|
%
|
Total net
revenue
|
|
74,575
|
|
334,555
|
|
(78)
|
%
|
|
|
215,742
|
|
462,574
|
|
(53)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue -
television (spectrum usage rights) (1)
|
|
-
|
|
12,131
|
|
(100)
|
%
|
|
|
-
|
|
12,131
|
|
(100)
|
%
|
Cost of revenue -
digital media (1)
|
|
13,240
|
|
9,910
|
|
34
|
%
|
|
|
35,249
|
|
20,424
|
|
73
|
%
|
Operating expenses
(2)
|
|
44,092
|
|
43,044
|
|
2
|
%
|
|
|
132,209
|
|
123,281
|
|
7
|
%
|
Corporate expenses
(3)
|
|
6,913
|
|
8,209
|
|
(16)
|
%
|
|
|
19,154
|
|
19,695
|
|
(3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated adjusted
EBITDA (4)
|
|
11,299
|
|
12,707
|
|
(11)
|
%
|
|
|
33,102
|
|
40,201
|
|
(18)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
(5)
|
$
|
1,887
|
$
|
268,849
|
|
(99)
|
%
|
|
$
|
12,142
|
$
|
281,717
|
|
(96)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
2,215
|
$
|
157,208
|
|
(99)
|
%
|
|
$
|
5,248
|
$
|
163,321
|
|
(97)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share, basic
|
$
|
0.02
|
$
|
1.74
|
|
(99)
|
%
|
|
$
|
0.06
|
$
|
1.81
|
|
(97)
|
%
|
Net income (loss) per
share, diluted
|
$
|
0.02
|
$
|
1.71
|
|
(99)
|
%
|
|
$
|
0.06
|
$
|
1.78
|
|
(97)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding, basic
|
|
88,852,342
|
|
90,517,492
|
|
|
|
|
|
89,371,750
|
|
90,370,679
|
|
|
|
Weighted average
common shares outstanding, diluted
|
|
90,122,425
|
|
92,161,108
|
|
|
|
|
|
90,574,663
|
|
91,985,946
|
|
|
|
|
|
(1)
|
Cost of revenue –
digital media consists primarily of the costs of online media
acquired from third-party publishers. Media cost is classified as
cost of revenue in the period in which
the corresponding
revenue is recognized. Cost of revenue – television (spectrum usage
rights) consists primarily of the carrying value of spectrum usage
rights surrendered in the
FCC auction for
broadcast spectrum.
|
(2)
|
Operating expenses
include direct operating and selling, general and administrative
expenses. Included in operating expenses are $0.2 million and $0.3
million of non-cash stock-based compensation for the three-month
periods ended September 30, 2018 and 2017, respectively, and $0.4
million and $0.8 million of non-cash stock-based compensation for
the nine-month periods ended September 30, 2018 and 2017,
respectively. Operating expenses do not include corporate expenses,
foreign currency (gain) loss, depreciation and amortization,
impairment charge, gain (loss) on sale of assets, gain (loss) on
debt extinguishment, other income (loss) and change in fair value
of contingent consideration.
|
(3)
|
Corporate expenses
include $1.1 million and $0.8 million of non-cash stock-based
compensation for the three-month periods ended September 30, 2018
and 2017, respectively, and $3.3 million and $2.3 million of
non-cash stock-based compensation for the nine-month periods ended
September 30, 2018 and 2017, respectively.
|
(4)
|
Consolidated adjusted
EBITDA means net income (loss) plus gain (loss) on sale of assets,
depreciation and amortization, non-cash impairment charge, non-cash
stock-based compensation included in operating and corporate
expenses, net interest expense, other income (loss), non-recurring
cash expenses, gain (loss) on debt extinguishment, income tax
(expense) benefit, equity in net income (loss) of nonconsolidated
affiliate, non-cash losses, syndication programming amortization
less syndication programming payments, revenue from FCC spectrum
incentive auction less related expenses, expenses associated with
investments, acquisitions and dispositions and certain pro-forma
cost savings. 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), non-recurring cash expenses,
gain (loss) on debt extinguishment, income tax (expense) benefit,
equity in net income (loss) of nonconsolidated affiliate, non-cash
losses, syndication programming amortization less syndication
programming payments, revenue from FCC spectrum incentive auction
less related expenses, expenses associated with investments,
acquisitions and dispositions and certain pro-forma cost
savings.
|
(5)
|
Free cash flow is
defined as consolidated adjusted EBITDA less cash paid for income
taxes, net interest expense, capital expenditures, and
non-recurring cash expenses plus dividend income and revenue from
FCC spectrum incentive auction less related cash expenses. Net
interest expense is defined as interest expense, less non-cash
interest expense relating to amortization of debt finance costs,
and less interest income.
|
Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive
Officer, said, "During the third quarter, we achieved growth in
advertising revenue, driven by increases in our digital media
segment. This growth in our digital media segment offset decreases
in our television and radio segments. Additionally, we had a
decrease in spectrum usage rights revenue compared to last year's
third quarter, when we recorded our FCC auction results. We
continue to maintain a solid balance sheet, and looking ahead, we
remain well positioned to build on our success in further
attracting Latino and other audiences worldwide, as we execute our
multi-platform strategy to the benefit of our shareholders."
Quarterly Cash Dividend
The Company announced today that its Board of Directors has
approved a quarterly cash dividend to shareholders of $0.05 per share of the Company's Class A, Class B
and Class U common stock, in an aggregate amount of approximately
$4.5 million. The quarterly dividend
will be payable on December 31, 2018
to shareholders of record as of the close of business on
December 14, 2018, and the common
stock will trade ex-dividend on December 13,
2018. As previously announced, the Company currently
anticipates that future cash dividends will be paid on a quarterly
basis; however, any decision to pay future cash dividends will be
subject to approval by the Board.
Financial
Results
|
|
|
|
|
|
Three-Month Period
Ended September 30, 2018 Compared to Three-Month Period Ended
September 30, 2017
|
(Unaudited)
|
|
|
|
|
Three-Month
Period
|
|
|
Ended September
30,
|
|
|
2018
|
|
|
2017
|
|
|
%
Change
|
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
advertising and retransmission consent
|
$
|
73,397
|
|
|
$
|
70,612
|
|
|
|
4
|
%
|
Revenue from spectrum
usage rights
|
|
1,178
|
|
|
|
263,943
|
|
|
|
(100)
|
%
|
Total net
revenue
|
|
74,575
|
|
|
|
334,555
|
|
|
|
(78)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue -
television (spectrum usage rights) (1)
|
|
-
|
|
|
|
12,131
|
|
|
|
(100)
|
%
|
Cost of revenue -
digital media (1)
|
|
13,240
|
|
|
|
9,910
|
|
|
|
34
|
%
|
Operating expenses
(1)
|
|
44,092
|
|
|
|
43,044
|
|
|
|
2
|
%
|
Corporate expenses
(1)
|
|
6,913
|
|
|
|
8,209
|
|
|
|
(16)
|
%
|
Depreciation and
amortization
|
|
4,094
|
|
|
|
4,337
|
|
|
|
(6)
|
%
|
Change in fair value
of contingent consideration
|
|
(114)
|
|
|
|
-
|
|
|
*
|
|
Foreign currency
(gain) loss
|
|
335
|
|
|
|
(58)
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
6,015
|
|
|
|
256,982
|
|
|
|
(98)
|
%
|
Interest expense,
net
|
|
(3,062)
|
|
|
|
(3,500)
|
|
|
|
(13)
|
%
|
Dividend
income
|
|
457
|
|
|
|
-
|
|
|
*
|
|
Other income
(loss)
|
|
327
|
|
|
|
-
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
3,737
|
|
|
|
253,482
|
|
|
|
(99)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
(1,443)
|
|
|
|
(96,167)
|
|
|
|
(98)
|
%
|
Net income (loss)
before equity in net income (loss) of nonconsolidated
affiliates
|
|
2,294
|
|
|
|
157,315
|
|
|
|
(99)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income
(loss) of nonconsolidated affiliates, net of tax
|
|
(79)
|
|
|
|
(107)
|
|
|
|
(26)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
2,215
|
|
|
$
|
157,208
|
|
|
|
(99)
|
%
|
|
(1) Cost of revenue,
operating expenses and corporate expenses are defined on page
1.
|
Net revenue from advertising and retransmission consent
increased to $73.4 million for the
three-month period ended September 30,
2018 from $70.6 million for
the three-month period ended September 30,
2017, an increase of $2.8
million. Of the overall increase, approximately $5.3 million was attributable to our digital
segment and was primarily due to the growth in the Headway
business, which we acquired in the second quarter of 2017. This
overall increase was offset by a decrease of approximately
$1.3 million that was attributable to
our television segment and was primarily due to decreases in
national and local advertising revenue, partially offset by an
increase in political advertising revenue, which was not material
in 2017. In addition, the overall increase was offset by a decrease
of approximately $1.1 million that
was attributable to our radio segment and was primarily due to
decreases in local and national advertising revenue, partially
offset by an increase in revenue from the 2018 FIFA World Cup, and
an increase in political advertising revenue, which was not
material in 2017.
Net revenue from spectrum usage rights decreased to $1.2 million for the three-month period ended
September 30, 2018 from $263.9 million for the three-month period ended
September 30, 2017, a decrease of
$262.7 million. The decrease was
primarily due to revenue earned in 2017 in connection with our
participation in the FCC auction for broadcast spectrum, which
revenue did not recur in the current year.
We did not incur cost of revenue related to revenue from
spectrum usage rights for the three- month period ended
September 30, 2018. Cost of revenue
related to revenue from spectrum usage rights was $12.1 million for the three-month period ended
September 30, 2017, related to the
FCC auction for broadcast spectrum.
Cost of revenue in our digital media segment increased to
$13.2 million for the three-month
period ended September 30, 2018 from
$9.9 million for the three-month
period ended September 30, 2017, an
increase of $3.3 million, primarily
due to the increased revenue in our digital segment.
Operating expenses increased to $44.1
million for the three-month period ended September 30, 2018 from $43.0 million for the three-month period ended
September 30, 2017, an increase of
$1.1 million. This overall increase
was primarily attributable to our digital segment and was
primarily due to the increase in revenue and an increase in salary
expense. Additionally, the overall increase was attributable to our
television segment and was primarily due to the acquisition of
station KMIR-TV in the fourth quarter of 2017, which did not
contribute to operating expenses in the prior year period. The
overall increase was partially offset by a decrease in expenses
associated with the decrease in advertising revenue and a decrease
in salary expenses in our television and radio segments.
Corporate expenses decreased to $6.9
million for the three-month period September 30, 2018 from $8.2 million for the three-month period ended
September 30, 2017, a decrease of
$1.3 million. The decrease was
primarily due to expenses associated with the FCC auction for
broadcast spectrum recorded in the three-month period ended
September 30, 2017, which expenses
did not recur in 2018, partially offset by increases in salary
expense and non-cash stock-based compensation expense.
Nine-Month Period
Ended September 30, 2018 Compared to Nine-Month Period Ended
September 30, 2017
|
(Unaudited)
|
|
|
Nine-Month
Period
|
|
|
Ended September
30,
|
|
|
2018
|
|
|
2017
|
|
|
%
Change
|
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
advertising and retransmission consent
|
$
|
213,933
|
|
|
$
|
198,631
|
|
|
|
8
|
%
|
Revenue from spectrum
usage rights
|
|
1,809
|
|
|
|
263,943
|
|
|
|
(99)
|
%
|
Total net
revenue
|
|
215,742
|
|
|
|
462,574
|
|
|
|
(53)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue -
television (spectrum usage rights) (1)
|
|
-
|
|
|
|
12,131
|
|
|
|
(100)
|
%
|
Cost of revenue -
digital media (1)
|
|
35,249
|
|
|
|
20,424
|
|
|
|
73
|
%
|
Operating expenses
(1)
|
|
132,209
|
|
|
|
123,281
|
|
|
|
7
|
%
|
Corporate expenses
(1)
|
|
19,154
|
|
|
|
19,695
|
|
|
|
(3)
|
%
|
Depreciation and
amortization
|
|
12,052
|
|
|
|
12,460
|
|
|
|
(3)
|
%
|
Change in fair value
of contingent consideration
|
|
1,073
|
|
|
|
-
|
|
|
*
|
|
Foreign currency
(gain) loss
|
|
531
|
|
|
|
293
|
|
|
|
81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
15,474
|
|
|
|
274,290
|
|
|
|
(94)
|
%
|
Interest expense,
net
|
|
(8,509)
|
|
|
|
(10,609)
|
|
|
|
(20)
|
%
|
Dividend
income
|
|
1,002
|
|
|
|
-
|
|
|
*
|
|
Other income
(loss)
|
|
622
|
|
|
|
-
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
8,589
|
|
|
|
263,681
|
|
|
|
(97)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
(3,164)
|
|
|
|
(100,185)
|
|
|
|
(97)
|
%
|
Net income (loss)
before equity in net income (loss) of nonconsolidated
affiliates
|
|
5,425
|
|
|
|
163,496
|
|
|
|
(97)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income
(loss) of nonconsolidated affiliates, net of tax
|
|
(177)
|
|
|
|
(175)
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
5,248
|
|
|
$
|
163,321
|
|
|
|
(97)
|
%
|
|
(1) Cost of revenue,
operating expenses and corporate expenses are defined on page
1.
|
Net revenue from advertising and retransmission consent
increased to $213.9 million for the
nine-month period ended September 30,
2018 from $198.6 million for
the nine-month period ended September 30,
2017, an increase of $15.3
million. Of the overall increase, approximately $24.4 million was attributable to our digital
segment and was primarily due to the growth in the Headway
business, which we acquired in the second quarter of 2017, and
which did not contribute to our results of operations for the full
nine-month period in 2017. This overall increase was offset by a
decrease of approximately $6.4
million that was attributable to our television segment and
was primarily due to decreases in national and local advertising
revenue, partially offset by increases in retransmission consent
revenue and political advertising revenue, the latter of which was
not material in 2017. In addition, the overall increase was offset
by a decrease of approximately $2.7
million that was attributable to our radio segment and was
primarily due to decreases in local and national advertising
revenue, partially offset by an increase in revenue from the 2018
FIFA World Cup, and an increase in political advertising revenue,
which was not material in 2017.
Net revenue from spectrum usage rights decreased to $1.8 million for the nine-month period ended
September 30, 2018 from $263.9 million for the nine-month period ended
September 30, 2017, a decrease of
$262.1 million. The decrease was
primarily due to revenue earned in 2017 in connection with our
participation in the FCC auction for broadcast spectrum, which
revenue did not recur in the current year.
We did not incur cost of revenue related to revenue from
spectrum usage rights for the nine- month period ended September 30, 2018. Cost of revenue related to
revenue from spectrum usage rights was $12.1
million for the nine-month periods ended September 30, 2017, related to the FCC auction
for broadcast spectrum.
Cost of revenue in our digital media segment increased to
$35.2 million for the nine-month
period ended September 30, 2018 from
$20.4 million for the nine-month
period ended September 30, 2017, an
increase of $14.8 million, primarily
due to the growth in the Headway business, which we acquired in the
second quarter of 2017, and which did not contribute to our results
of operations for the full nine-month period in 2017.
Operating expenses increased to $132.2
million for the nine-month period ended September 30, 2018 from $123.3 million for the nine-month period ended
September 30, 2017, an increase of
$8.9 million. This overall increase
was primarily attributable to our digital segment and was primarily
due to the acquisition of Headway during the second quarter of
2017, which did not contribute to operating expenses for the full
nine-month period in 2017. Additionally, the overall increase was
attributable to our television segment and was primarily due to the
acquisition of station KMIR-TV in the fourth quarter of 2017, which
did not contribute to operating expenses in the prior year period.
The overall increase was partially offset by a decrease in expenses
associated with the decrease in advertising revenue and a decrease
in salary expenses in our television and radio segments.
Corporate expenses decreased to $19.2
million for the nine-month period ended September 30, 2018 from $19.7 million for the nine-month period ended
September 30, 2017, a decrease of
$0.5 million. The decrease was
primarily due to expenses associated with the FCC auction for
broadcast spectrum recorded in the nine-month period ended
September 30, 2017, which expenses
did not recur in 2018, and due to due diligence costs related to
the Headway acquisition during the second quarter of 2017,
partially offset by increases in salary expense, non-cash
stock-based compensation expense, and due diligence costs related
to the acquisition of Smadex, S.I. in the second quarter of 2018.
Segment
Results
|
|
The following
represents selected unaudited segment information:
|
|
|
Three-Month
Period
|
|
|
Nine-Month
Period
|
|
|
Ended September
30,
|
|
|
Ended September
30,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
%
Change
|
|
|
|
2018
|
|
|
|
2017
|
|
|
%
Change
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
advertising and retransmission consent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
$
|
35,183
|
|
|
$
|
36,547
|
|
|
|
(4)
|
%
|
|
$
|
105,574
|
|
|
$
|
112,021
|
|
|
|
(6)
|
%
|
Radio
|
|
15,783
|
|
|
|
16,934
|
|
|
|
(7)
|
%
|
|
|
47,126
|
|
|
|
49,816
|
|
|
|
(5)
|
%
|
Digital
|
|
22,431
|
|
|
|
17,131
|
|
|
|
31
|
%
|
|
|
61,233
|
|
|
|
36,794
|
|
|
|
66
|
%
|
Total
|
|
73,397
|
|
|
|
70,612
|
|
|
|
4
|
%
|
|
|
213,933
|
|
|
|
198,631
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from spectrum
usage rights
|
|
1,178
|
|
|
|
263,943
|
|
|
|
(100)
|
%
|
|
|
1,809
|
|
|
|
263,943
|
|
|
|
(99)
|
%
|
Total net
revenue
|
|
74,575
|
|
|
|
334,555
|
|
|
|
(78)
|
%
|
|
|
215,742
|
|
|
|
462,574
|
|
|
|
(53)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
$
|
-
|
|
|
$
|
12,131
|
|
|
|
(100)
|
%
|
|
$
|
-
|
|
|
$
|
12,131
|
|
|
|
(100)
|
%
|
Digital
|
|
13,240
|
|
|
|
9,910
|
|
|
|
34
|
%
|
|
|
35,249
|
|
|
|
20,424
|
|
|
|
73
|
%
|
Total
|
$
|
13,240
|
|
|
$
|
22,041
|
|
|
|
(40)
|
%
|
|
$
|
35,249
|
|
|
$
|
32,555
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
|
20,462
|
|
|
|
20,161
|
|
|
|
1
|
%
|
|
|
62,573
|
|
|
|
60,516
|
|
|
|
3
|
%
|
Radio
|
|
14,676
|
|
|
|
15,953
|
|
|
|
(8)
|
%
|
|
|
45,393
|
|
|
|
47,294
|
|
|
|
(4)
|
%
|
Digital
|
|
8,954
|
|
|
|
6,930
|
|
|
|
29
|
%
|
|
|
24,243
|
|
|
|
15,471
|
|
|
|
57
|
%
|
Total
|
$
|
44,092
|
|
|
$
|
43,044
|
|
|
|
2
|
%
|
|
$
|
132,209
|
|
|
$
|
123,281
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Expenses
(1)
|
$
|
6,913
|
|
|
$
|
8,209
|
|
|
|
(16)
|
%
|
|
$
|
19,154
|
|
|
$
|
19,695
|
|
|
|
(3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
adjusted EBITDA (1)
|
$
|
11,299
|
|
|
$
|
12,707
|
|
|
|
(11)
|
%
|
|
$
|
33,102
|
|
|
$
|
40,201
|
|
|
|
(18)
|
%
|
|
(1)
Cost of revenue, operating expenses, corporate expenses, and
consolidated adjusted EBITDA are defined on page 1.
|
Entravision Communications Corporation will hold a conference
call to discuss its 2018 third quarter results on November 7, 2018 at 5:00
p.m. Eastern Time. To access the conference call, please
dial 412-317-5440 ten minutes prior to the start time. The call
will be webcast live and archived for replay on the investor
relations portion of the Company's web site located at
www.entravision.com.
Entravision Communications Corporation is a leading global media
company that, through its television and radio segments, reaches
and engages U.S. Hispanics across acculturation levels and media
channels. Additionally, our digital segment, whose operations are
located primarily in Spain,
Mexico, and Argentina and other countries in Latin America, reaches a global market. The
Company's expansive portfolio encompasses integrated marketing and
media solutions, comprised of television, radio, and digital
properties and data analytics services. Entravision has 55 primary
television stations and is the largest affiliate group of both the
Univision and UniMás television networks. Entravision also owns and
operates 49 primarily Spanish-language radio stations featuring
nationally recognized talent, as well as the Entravision Audio
Network and Entravision Solutions, a coast-to-coast national spot
and network sales and marketing organization representing
Entravision's owned and operated, as well as its affiliate partner,
radio stations. Entravision's Pulpo digital advertising unit is the
#1-ranked online advertising platform in Hispanic reach according
to comScore Media Metrix®, and Entravision's digital group also
includes Headway, a leading provider of mobile, programmatic, data
and performance digital marketing solutions primarily in
the United States, Mexico and other markets in Latin America. Entravision shares of Class A
Common Stock are traded on The New York Stock Exchange under the
symbol: EVC.
This press release contains certain forward-looking statements.
These forward-looking statements, which are included in accordance
with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, may involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results and performance in future periods to be materially
different from any future results or performance suggested by the
forward-looking statements in this press release. Although the
Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that actual results will not differ materially from these
expectations, and the Company disclaims any duty to update any
forward-looking statements made by the Company. From time to time,
these risks, uncertainties and other factors are discussed in the
Company's filings with the Securities and Exchange Commission.
(Financial Table Follows)
Entravision
Communications Corporation
|
Consolidated
Balance Sheets
|
(In thousands;
unaudited)
|
|
|
September
30,
|
|
|
December
31,
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
101,789
|
|
|
$
|
39,560
|
|
Marketable
securities
|
|
132,410
|
|
|
|
-
|
|
Restricted
cash
|
|
769
|
|
|
|
222,294
|
|
Trade receivables, net
of allowance for doubtful accounts
|
|
78,092
|
|
|
|
84,348
|
|
Assets held for
sale
|
|
1,179
|
|
|
|
-
|
|
Prepaid expenses and
other current assets
|
|
13,217
|
|
|
|
6,260
|
|
Total current
assets
|
|
327,456
|
|
|
|
352,462
|
|
Property and
equipment, net
|
|
63,204
|
|
|
|
60,337
|
|
Intangible assets
subject to amortization, net
|
|
24,196
|
|
|
|
26,758
|
|
Intangible assets not
subject to amortization
|
|
254,506
|
|
|
|
251,163
|
|
Goodwill
|
|
74,149
|
|
|
|
70,557
|
|
Other
assets
|
|
5,087
|
|
|
|
4,690
|
|
Total
assets
|
$
|
748,598
|
|
|
$
|
765,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
$
|
3,000
|
|
|
$
|
3,000
|
|
Accounts payable and
accrued expenses
|
|
52,795
|
|
|
|
57,563
|
|
Deferred
revenue
|
|
4,351
|
|
|
|
1,959
|
|
Total current
liabilities
|
|
60,146
|
|
|
|
62,522
|
|
Long-term debt, less
current maturities, net of unamortized debt issuance
costs
|
|
290,614
|
|
|
|
292,489
|
|
Other long-term
liabilities
|
|
19,237
|
|
|
|
21,447
|
|
Deferred income
taxes
|
|
43,172
|
|
|
|
40,639
|
|
Total
liabilities
|
|
413,169
|
|
|
|
417,097
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Class A common
stock
|
|
6
|
|
|
|
7
|
|
Class B common
stock
|
|
2
|
|
|
|
2
|
|
Class U common
stock
|
|
1
|
|
|
|
1
|
|
Additional paid-in
capital
|
|
871,321
|
|
|
|
888,650
|
|
Accumulated
deficit
|
|
(534,482)
|
|
|
|
(539,730)
|
|
Accumulated other
comprehensive income (loss)
|
|
(1,419)
|
|
|
|
(60)
|
|
Total stockholders'
equity
|
|
335,429
|
|
|
|
348,870
|
|
Total liabilities and
stockholders' equity
|
$
|
748,598
|
|
|
$
|
765,967
|
|
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,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
advertising and retransmission consent
|
$
|
73,397
|
|
|
$
|
70,612
|
|
|
$
|
213,933
|
|
|
$
|
198,631
|
|
Revenue from spectrum
usage rights
|
|
1,178
|
|
|
|
263,943
|
|
|
|
1,809
|
|
|
|
263,943
|
|
Total net
revenue
|
|
74,575
|
|
|
|
334,555
|
|
|
|
215,742
|
|
|
|
462,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue -
television (spectrum usage rights)
|
|
-
|
|
|
|
12,131
|
|
|
|
-
|
|
|
|
12,131
|
|
Cost of revenue -
digital
|
|
13,240
|
|
|
|
9,910
|
|
|
|
35,249
|
|
|
|
20,424
|
|
Direct operating
expenses
|
|
31,694
|
|
|
|
30,231
|
|
|
|
93,844
|
|
|
|
87,238
|
|
Selling, general and
administrative expenses
|
|
12,398
|
|
|
|
12,813
|
|
|
|
38,365
|
|
|
|
36,043
|
|
Corporate
expenses
|
|
6,913
|
|
|
|
8,209
|
|
|
|
19,154
|
|
|
|
19,695
|
|
Depreciation and
amortization
|
|
4,094
|
|
|
|
4,337
|
|
|
|
12,052
|
|
|
|
12,460
|
|
Change in fair value
of contingent consideration
|
|
(114)
|
|
|
|
-
|
|
|
|
1,073
|
|
|
|
-
|
|
Foreign currency
(gain) loss
|
|
335
|
|
|
|
(58)
|
|
|
|
531
|
|
|
|
293
|
|
|
|
68,560
|
|
|
|
77,573
|
|
|
|
200,268
|
|
|
|
188,284
|
|
Operating income
(loss)
|
|
6,015
|
|
|
|
256,982
|
|
|
|
15,474
|
|
|
|
274,290
|
|
Interest
expense
|
|
(3,995)
|
|
|
|
(3,756)
|
|
|
|
(11,394)
|
|
|
|
(11,084)
|
|
Interest
income
|
|
933
|
|
|
|
256
|
|
|
|
2,885
|
|
|
|
475
|
|
Dividend
income
|
|
457
|
|
|
|
-
|
|
|
|
1,002
|
|
|
|
-
|
|
Other income
(loss)
|
|
327
|
|
|
|
-
|
|
|
|
622
|
|
|
|
-
|
|
Income (loss) before
income taxes
|
|
3,737
|
|
|
|
253,482
|
|
|
|
8,589
|
|
|
|
263,681
|
|
Income tax benefit
(expense)
|
|
(1,443)
|
|
|
|
(96,167)
|
|
|
|
(3,164)
|
|
|
|
(100,185)
|
|
Income (loss) before
equity in net income (loss) of nonconsolidated affiliate
|
|
2,294
|
|
|
|
157,315
|
|
|
|
5,425
|
|
|
|
163,496
|
|
Equity in net income
(loss) of nonconsolidated affiliate, net of tax
|
|
(79)
|
|
|
|
(107)
|
|
|
|
(177)
|
|
|
|
(175)
|
|
Net income
(loss)
|
$
|
2,215
|
|
|
$
|
157,208
|
|
|
$
|
5,248
|
|
|
$
|
163,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic
|
$
|
0.02
|
|
|
$
|
1.74
|
|
|
$
|
0.06
|
|
|
$
|
1.81
|
|
Net income per share,
diluted
|
$
|
0.02
|
|
|
$
|
1.71
|
|
|
$
|
0.06
|
|
|
$
|
1.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding, basic
|
|
88,852,342
|
|
|
|
90,517,492
|
|
|
|
89,371,750
|
|
|
|
90,370,679
|
|
Weighted average
common shares outstanding, diluted
|
|
90,122,425
|
|
|
|
92,161,108
|
|
|
|
90,574,663
|
|
|
|
91,985,946
|
|
Entravision
Communications Corporation
|
Consolidated
Statements of Cash Flows
|
(In thousands;
unaudited)
|
|
|
Three-Month
Period
|
|
|
Nine-Month
Period
|
|
|
Ended September
30,
|
|
|
Ended September
30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
2,215
|
|
|
$
|
157,208
|
|
|
$
|
5,248
|
|
|
$
|
163,321
|
|
Adjustments to
reconcile net income (loss) to net cash provided by
operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
4,094
|
|
|
|
4,337
|
|
|
|
12,052
|
|
|
|
12,460
|
|
Cost of revenue -
television (spectrum usage rights)
|
|
-
|
|
|
|
12,131
|
|
|
|
-
|
|
|
|
12,131
|
|
Deferred income
taxes
|
|
913
|
|
|
|
96,086
|
|
|
|
1,942
|
|
|
|
99,514
|
|
Non-cash interest
expense
|
|
290
|
|
|
|
226
|
|
|
|
828
|
|
|
|
595
|
|
Amortization of
syndication contracts
|
|
174
|
|
|
|
93
|
|
|
|
526
|
|
|
|
311
|
|
Payments on
syndication contracts
|
|
(156)
|
|
|
|
(85)
|
|
|
|
(516)
|
|
|
|
(300)
|
|
Equity in net (income)
loss of nonconsolidated affiliate
|
|
79
|
|
|
|
107
|
|
|
|
177
|
|
|
|
175
|
|
Non-cash stock-based
compensation
|
|
1,286
|
|
|
|
1,089
|
|
|
|
3,711
|
|
|
|
3,149
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in
accounts receivable
|
|
(592)
|
|
|
|
(791)
|
|
|
|
8,578
|
|
|
|
12,790
|
|
(Increase) decrease in
prepaid expenses and other assets
|
|
(663)
|
|
|
|
(383)
|
|
|
|
(7,210)
|
|
|
|
(1,830)
|
|
Increase (decrease) in
accounts payable, accrued expenses
and other
liabilities
|
|
(2,059)
|
|
|
|
130
|
|
|
|
(2,839)
|
|
|
|
(8,862)
|
|
Net cash provided
by (used in) operating activities
|
|
5,581
|
|
|
|
270,148
|
|
|
|
22,497
|
|
|
|
293,454
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment and intangible assets
|
|
-
|
|
|
|
-
|
|
|
|
33
|
|
|
|
-
|
|
Purchases of property
and equipment
|
|
(6,567)
|
|
|
|
(2,343)
|
|
|
|
(12,277)
|
|
|
|
(9,639)
|
|
Purchases of
intangible assets
|
|
-
|
|
|
|
(32,588)
|
|
|
|
(3,153)
|
|
|
|
(32,588)
|
|
Purchases of
businesses, net of cash acquired
|
|
41
|
|
|
|
-
|
|
|
|
(3,522)
|
|
|
|
(7,489)
|
|
Purchases of
marketable securities
|
|
-
|
|
|
|
-
|
|
|
|
(159,403)
|
|
|
|
-
|
|
Proceeds from
marketable securities
|
|
-
|
|
|
|
-
|
|
|
|
25,000
|
|
|
|
-
|
|
Purchases of
investments
|
|
(935)
|
|
|
|
-
|
|
|
|
(970)
|
|
|
|
(2,200)
|
|
Deposits on
acquisitions
|
|
-
|
|
|
|
(1,050)
|
|
|
|
-
|
|
|
|
(1,240)
|
|
Net cash provided
by (used in) investing activities
|
|
(7,461)
|
|
|
|
(35,981)
|
|
|
|
(154,292)
|
|
|
|
(53,156)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from stock
option exercises
|
|
(29)
|
|
|
|
(515)
|
|
|
|
77
|
|
|
|
11
|
|
Tax payments related
to shares withheld for share-based compensation plans
|
|
-
|
|
|
|
-
|
|
|
|
(2,239)
|
|
|
|
-
|
|
Payments on long-term
debt
|
|
(750)
|
|
|
|
(938)
|
|
|
|
(2,250)
|
|
|
|
(2,813)
|
|
Dividends
paid
|
|
(4,443)
|
|
|
|
(4,532)
|
|
|
|
(13,403)
|
|
|
|
(10,179)
|
|
Repurchase of Class A
common stock
|
|
-
|
|
|
|
(1,778)
|
|
|
|
(7,660)
|
|
|
|
(1,778)
|
|
Payment of contingent
consideration
|
|
-
|
|
|
|
-
|
|
|
|
(2,015)
|
|
|
|
-
|
|
Net cash provided
by (used in) financing activities
|
|
(5,222)
|
|
|
|
(7,763)
|
|
|
|
(27,490)
|
|
|
|
(14,759)
|
|
Effect of exchange
rates on cash, cash equivalents and restricted cash
|
|
(1)
|
|
|
|
35
|
|
|
|
(11)
|
|
|
|
17
|
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
|
(7,103)
|
|
|
|
226,439
|
|
|
|
(159,296)
|
|
|
|
225,556
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
109,661
|
|
|
|
60,637
|
|
|
|
261,854
|
|
|
|
61,520
|
|
Ending
|
$
|
102,558
|
|
|
$
|
287,076
|
|
|
$
|
102,558
|
|
|
$
|
287,076
|
|
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,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated adjusted
EBITDA (1)
|
$
|
11,299
|
|
|
$
|
12,707
|
|
|
$
|
33,102
|
|
|
$
|
40,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue - FCC
spectrum incentive auction
|
|
-
|
|
|
|
263,943
|
|
|
|
-
|
|
|
|
263,943
|
|
Expenses - FCC
spectrum incentive auction
|
|
-
|
|
|
|
(14,234)
|
|
|
|
-
|
|
|
|
(14,234)
|
|
Interest
expense
|
|
(3,995)
|
|
|
|
(3,756)
|
|
|
|
(11,394)
|
|
|
|
(11,084)
|
|
Interest
income
|
|
933
|
|
|
|
256
|
|
|
|
2,885
|
|
|
|
475
|
|
Dividend
income
|
|
457
|
|
|
|
-
|
|
|
|
1,002
|
|
|
|
-
|
|
Income tax benefit
(expense)
|
|
(1,443)
|
|
|
|
(96,167)
|
|
|
|
(3,164)
|
|
|
|
(100,185)
|
|
Equity in net loss of
nonconsolidated affiliates
|
|
(79)
|
|
|
|
(107)
|
|
|
|
(177)
|
|
|
|
(175)
|
|
Amortization of
syndication contracts
|
|
(174)
|
|
|
|
(93)
|
|
|
|
(526)
|
|
|
|
(311)
|
|
Payments on
syndication contracts
|
|
156
|
|
|
|
85
|
|
|
|
516
|
|
|
|
300
|
|
Non-cash stock-based
compensation included in direct operating expenses
|
|
(156)
|
|
|
|
(276)
|
|
|
|
(448)
|
|
|
|
(806)
|
|
Non-cash stock-based
compensation included in corporate expenses
|
|
(1,130)
|
|
|
|
(813)
|
|
|
|
(3,263)
|
|
|
|
(2,343)
|
|
Depreciation and
amortization
|
|
(4,094)
|
|
|
|
(4,337)
|
|
|
|
(12,052)
|
|
|
|
(12,460)
|
|
Change in fair value
of contingent consideration
|
|
114
|
|
|
|
-
|
|
|
|
(1,073)
|
|
|
|
-
|
|
Non-recurring cash
severance charge
|
|
-
|
|
|
|
-
|
|
|
|
(782)
|
|
|
|
-
|
|
Other income
(loss)
|
|
327
|
|
|
|
-
|
|
|
|
622
|
|
|
|
-
|
|
Net income
(loss)
|
|
2,215
|
|
|
|
157,208
|
|
|
|
5,248
|
|
|
|
163,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
4,094
|
|
|
|
4,337
|
|
|
|
12,052
|
|
|
|
12,460
|
|
Cost of revenue -
television (spectrum usage rights)
|
|
-
|
|
|
|
12,131
|
|
|
|
-
|
|
|
|
12,131
|
|
Deferred income
taxes
|
|
913
|
|
|
|
96,086
|
|
|
|
1,942
|
|
|
|
99,514
|
|
Non-cash interest
expense
|
|
290
|
|
|
|
226
|
|
|
|
828
|
|
|
|
595
|
|
Amortization of
syndication contracts
|
|
174
|
|
|
|
93
|
|
|
|
526
|
|
|
|
311
|
|
Payments on
syndication contracts
|
|
(156)
|
|
|
|
(85)
|
|
|
|
(516)
|
|
|
|
(300)
|
|
Equity in net
(income) loss of nonconsolidated affiliate
|
|
79
|
|
|
|
107
|
|
|
|
177
|
|
|
|
175
|
|
Non-cash stock-based
compensation
|
|
1,286
|
|
|
|
1,089
|
|
|
|
3,711
|
|
|
|
3,149
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in
accounts receivable
|
|
(592)
|
|
|
|
(791)
|
|
|
|
8,578
|
|
|
|
12,790
|
|
(Increase) decrease in
prepaid expenses and other assets
|
|
(663)
|
|
|
|
(383)
|
|
|
|
(7,210)
|
|
|
|
(1,830)
|
|
Increase (decrease) in
accounts payable, accrued expenses and other liabilities
|
|
(2,059)
|
|
|
|
130
|
|
|
|
(2,839)
|
|
|
|
(8,862)
|
|
Cash flows from
operating activities
|
|
5,581
|
|
|
|
270,148
|
|
|
|
22,497
|
|
|
|
293,454
|
|
|
(1) Consolidated
adjusted EBITDA is defined on page 1.
|
Entravision
Communications Corporation
|
Reconciliation of
Free Cash Flow to Cash Flows From Operating
Activities
|
(In thousands;
unaudited)
|
|
The most directly
comparable GAAP financial measure is operating cash flow. A
reconciliation of this non-GAAP measure to cash flows from
operating activities for each of the periods presented is as
follows:
|
|
|
Three-Month
Period
|
|
|
Nine-Month
Period
|
|
|
Ended September
30,
|
|
|
Ended September
30,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
Consolidated adjusted
EBITDA (1)
|
$
|
11,299
|
|
|
$
|
12,707
|
|
|
$
|
33,102
|
|
|
$
|
40,201
|
|
Net interest expense
(1)
|
|
(2,772)
|
|
|
|
(3,273)
|
|
|
|
(7,681)
|
|
|
|
(10,014)
|
|
Dividend
income
|
|
457
|
|
|
|
-
|
|
|
|
1,002
|
|
|
|
-
|
|
Cash paid for income
taxes
|
|
(530)
|
|
|
|
(82)
|
|
|
|
(1,222)
|
|
|
|
(671)
|
|
Capital expenditures
(2)
|
|
(6,567)
|
|
|
|
(2,343)
|
|
|
|
(12,277)
|
|
|
|
(9,639)
|
|
Non-recurring cash
severance charge
|
|
-
|
|
|
|
-
|
|
|
|
(782)
|
|
|
|
-
|
|
Net revenue - FCC
spectrum incentive auction
|
|
-
|
|
|
|
263,943
|
|
|
|
-
|
|
|
|
263,943
|
|
Expenses - FCC
spectrum incentive auction
|
|
-
|
|
|
|
(2,103)
|
|
|
|
-
|
|
|
|
(2,103)
|
|
Free cash flow
(1)
|
|
1,887
|
|
|
|
268,849
|
|
|
|
12,142
|
|
|
|
281,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(2)
|
|
6,567
|
|
|
|
2,343
|
|
|
|
12,277
|
|
|
|
9,639
|
|
Other income
(loss)
|
|
327
|
|
|
|
-
|
|
|
|
622
|
|
|
|
-
|
|
Change in fair value
of contingent consideration
|
|
114
|
|
|
|
-
|
|
|
|
(1,073)
|
|
|
|
-
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in
accounts receivable
|
|
(592)
|
|
|
|
(791)
|
|
|
|
8,578
|
|
|
|
12,790
|
|
(Increase) decrease in
prepaid expenses and other assets
|
|
(663)
|
|
|
|
(383)
|
|
|
|
(7,210)
|
|
|
|
(1,830)
|
|
Increase (decrease) in
accounts payable, accrued expenses and other
liabilities
|
|
(2,059)
|
|
|
|
130
|
|
|
|
(2,839)
|
|
|
|
(8,862)
|
|
Cash Flows From
Operating Activities
|
$
|
5,581
|
|
|
$
|
270,148
|
|
|
$
|
22,497
|
|
|
$
|
293,454
|
|
|
(1) Consolidated
adjusted EBITDA, net interest expense, and free cash flow are
defined on page 1.
|
(2) Capital expenditures
are not part of the consolidated statement of
operations.
|
View original
content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-third-quarter-2018-results-300746011.html
SOURCE Entravision Communications Corporation