SANTA MONICA, Calif., March 5,
2020 /PRNewswire/ -- Entravision Communications
Corporation (NYSE: EVC) today reported financial results for the
three- and twelve-month periods ended December 31, 2019.
Historical results, which are attached, are in thousands of U.S.
dollars (except share and per share data). This press release
contains certain non-GAAP financial measures as defined by SEC
Regulation G. The GAAP financial measure most directly comparable
to each of these non-GAAP financial measures, and a table
reconciling each of these non-GAAP financial measures to its most
directly comparable GAAP financial measure is included beginning on
page 11. Unaudited financial highlights are as follows:
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
%
Change
|
|
|
2019
|
|
|
2018
|
|
|
%
Change
|
|
Net
revenue
|
|
$
|
70,838
|
|
|
$
|
82,073
|
|
|
|
(14)
|
%
|
|
$
|
273,575
|
|
|
$
|
297,815
|
|
|
|
(8)
|
%
|
Cost of revenue -
digital media (1)
|
|
|
10,314
|
|
|
|
9,847
|
|
|
|
5
|
%
|
|
|
36,757
|
|
|
|
45,096
|
|
|
|
(18)
|
%
|
Operating expenses
(2)
|
|
|
44,169
|
|
|
|
44,568
|
|
|
|
(1)
|
%
|
|
|
173,377
|
|
|
|
176,777
|
|
|
|
(2)
|
%
|
Corporate expenses
(3)
|
|
|
7,887
|
|
|
|
7,711
|
|
|
|
2
|
%
|
|
|
28,067
|
|
|
|
26,865
|
|
|
|
4
|
%
|
Foreign currency
(gain) loss
|
|
|
(223)
|
|
|
|
1,085
|
|
|
*
|
|
|
|
754
|
|
|
|
1,616
|
|
|
|
(53)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated adjusted
EBITDA (4)
|
|
|
11,056
|
|
|
|
20,936
|
|
|
|
(47)
|
%
|
|
|
41,209
|
|
|
|
54,038
|
|
|
|
(24)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
(5)
|
|
$
|
4,813
|
|
|
$
|
12,237
|
|
|
|
(61)
|
%
|
|
$
|
8,292
|
|
|
$
|
25,001
|
|
|
|
(67)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
7,360
|
|
|
$
|
6,913
|
|
|
|
6
|
%
|
|
$
|
(19,712)
|
|
|
$
|
12,161
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share, basic
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
|
13
|
%
|
|
$
|
(0.23)
|
|
|
$
|
0.14
|
|
|
*
|
|
Net income (loss) per
share, diluted
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
|
13
|
%
|
|
$
|
(0.23)
|
|
|
$
|
0.13
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares
outstanding, basic
|
|
|
84,226,135
|
|
|
|
88,357,076
|
|
|
|
|
|
|
|
85,107,301
|
|
|
|
89,115,997
|
|
|
|
|
|
Weighted average
common shares
outstanding, diluted
|
|
|
85,449,374
|
|
|
|
89,598,683
|
|
|
|
|
|
|
|
86,224,517
|
|
|
|
90,328,583
|
|
|
|
|
|
|
(1)
|
Cost of revenue –
digital media consists primarily of the costs of online media
acquired from third-party publishers. Media cost is classified as
cost of revenue in the period in which the corresponding revenue is
recognized.
|
|
|
(2)
|
For purposes of
presentation in this table, the operating expenses line item
includes direct operating and selling, general and administrative
expenses. Included in operating expenses are $0.4 million and $0.3
million of non-cash stock-based compensation for the three-month
periods ended December 31, 2019 and 2018, respectively, and $0.7
million of non-cash stock-based compensation for each of the
twelve-month periods ended December 31, 2019 and 2018. Also for
purposes of presentation in this table, the operating expenses line
item does not include corporate expenses, foreign currency (gain)
loss, depreciation and amortization, impairment charge, gain (loss)
on sale of assets, gain (loss) on debt extinguishment, other income
(loss) and change in fair value of contingent
consideration.
|
|
|
(3)
|
Corporate expenses
include $1.5 million and $1.8 million of non-cash stock-based
compensation for the three-month periods ended December 31, 2019
and 2018, respectively, and $3.6 million and $5.1 million of
non-cash stock-based compensation for the twelve-month periods
ended December 31, 2019 and 2018, respectively.
|
|
|
(4)
|
Consolidated adjusted
EBITDA means net income (loss) plus gain (loss) on sale of assets,
depreciation and amortization, non-cash impairment charge, non-cash
stock-based compensation included in operating and corporate
expenses, net interest expense, other income (loss), gain (loss) on
debt extinguishment, income tax (expense) benefit, equity in net
income (loss) of nonconsolidated affiliate, non-cash losses,
syndication programming amortization less syndication programming
payments, revenue from the Federal Communications Commission, or
FCC, spectrum incentive auction less related expenses, expenses
associated with investments, acquisitions and dispositions and
certain pro-forma cost savings. We use the term consolidated
adjusted EBITDA because that measure is defined in the agreement
governing our current credit facility ("the 2017 Credit Facility")
and does not include gain (loss) on sale of assets, depreciation
and amortization, non-cash impairment charge, non-cash stock-based
compensation, net interest expense, other income (loss), gain
(loss) on debt extinguishment, income tax (expense) benefit, equity
in net income (loss) of nonconsolidated affiliate, non-cash losses,
syndication programming amortization less syndication programming
payments, revenue from FCC spectrum incentive auction less related
expenses, expenses associated with investments, acquisitions and
dispositions and certain pro-forma cost savings.
|
|
|
(5)
|
Free cash flow is
defined as consolidated adjusted EBITDA less cash paid for income
taxes, net interest expense, capital expenditures and non-recurring
cash expenses plus dividend income, FCC reimbursement for broadcast
television repack and revenue from FCC auction for broadcast
spectrum less related cash expenses. Net interest expense is
defined as interest expense, less non-cash interest expense
relating to amortization of debt finance costs, and less interest
income.
|
Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive
Officer, said, "Our fourth quarter results were impacted by
declines in our television and radio segments compared to the prior
year. However, we did achieve growth in our digital segment
compared to the fourth quarter of 2018. We continue to maintain a
solid balance sheet and return capital to our shareholders through
our share repurchase program and dividend. Looking ahead, we remain
well positioned to build on our success in further attracting
Latino and other audiences worldwide, as we execute our
multiplatform strategy to the benefit of our shareholders."
Quarterly Cash Dividend
The Company announced today that its Board of Directors 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
$4.2 million. The quarterly dividend
will be payable on March 31, 2020 to
shareholders of record as of the close of business on March 16, 2020, and the common stock will trade
ex-dividend on March 13, 2020. 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 December 31, 2019 Compared to Three-Month Period Ended
December 31, 2018
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
%
Change
|
|
Net
revenue
|
|
|
70,838
|
|
|
|
82,073
|
|
|
|
(14)
|
%
|
Cost of revenue -
digital media (1)
|
|
|
10,314
|
|
|
|
9,847
|
|
|
|
5
|
%
|
Operating expenses
(1)
|
|
|
44,169
|
|
|
|
44,568
|
|
|
|
(1)
|
%
|
Corporate expenses
(1)
|
|
|
7,887
|
|
|
|
7,711
|
|
|
|
2
|
%
|
Depreciation and
amortization
|
|
|
4,236
|
|
|
|
4,221
|
|
|
|
0
|
%
|
Change in fair value
of contingent consideration
|
|
|
(4,102)
|
|
|
|
(2,275)
|
|
|
|
80
|
%
|
Impairment
charge
|
|
|
654
|
|
|
|
-
|
|
|
*
|
|
Foreign currency
(gain) loss
|
|
|
(223)
|
|
|
|
1,085
|
|
|
*
|
|
Other operating
(gain) loss
|
|
|
(829)
|
|
|
|
(565)
|
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
8,732
|
|
|
|
17,481
|
|
|
|
(50)
|
%
|
Interest expense,
net
|
|
|
(2,350)
|
|
|
|
(3,261)
|
|
|
|
(28)
|
%
|
Dividend
income
|
|
|
171
|
|
|
|
473
|
|
|
|
(64)
|
%
|
Gain (loss) on debt
extinguishment
|
|
|
(255)
|
|
|
|
(550)
|
|
|
|
(54)
|
%
|
Impairment loss on
investment
|
|
|
-
|
|
|
|
(1,320)
|
|
|
|
(100)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
6,298
|
|
|
|
12,823
|
|
|
|
(51)
|
%
|
Income tax (expense)
benefit
|
|
|
1,107
|
|
|
|
(4,713)
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before equity in net income (loss) of nonconsolidated
affiliates
|
|
|
7,405
|
|
|
|
8,110
|
|
|
|
(9)
|
%
|
Equity in net income
(loss) of nonconsolidated affiliates
|
|
|
(45)
|
|
|
|
(1,197)
|
|
|
|
(96)
|
%
|
Net income
(loss)
|
|
$
|
7,360
|
|
|
$
|
6,913
|
|
|
|
6
|
%
|
|
(1) Cost of revenue,
operating expenses and corporate expenses are defined on page
1.
|
Net revenue decreased to $70.8
million for the three-month period ended December 31, 2019 from $82.1 million for the three-month period ended
December 31, 2018, a decrease of
$11.3 million. Of the overall
decrease, approximately $8.8 million
was attributable to our television segment and was primarily due to
a decrease in political advertising revenue, which was not material
in 2019, and decreases in national and local advertising revenue,
as a result primarily of ratings declines, competitive factors with
other Spanish-language broadcasters, and changing demographic
preferences of audiences. Additionally, as we have previously
noted, there is a trend for advertising to move increasingly from
traditional media, such as television, to new media, such as
digital media, and we expect this trend to continue. In addition,
approximately $2.9 million of the
overall decrease was attributable to our radio segment and was
primarily due to a decrease in political advertising revenue, which
was not material in 2019, and decreases in national and local
advertising revenue, as a result primarily of ratings declines,
competitive factors with other Spanish-language broadcasters, and
changing demographic preferences of audiences. Additionally, as we
have previously noted, there is a trend for advertising to move
increasingly from traditional media, such as radio, to new media,
such as digital media, and we expect this trend to continue. This
overall decrease was partially offset by an increase of
approximately $0.3 million that was
attributable to our digital segment.
Cost of revenue in our digital media segment increased to
$10.3 million for the three-month
period ended December 31, 2019 from
$9.8 million for the three-month
period ended December 31, 2018, an
increase of $0.5 million. The
increase was primarily due to the increase in costs associated with
the increase in revenue.
Operating expenses decreased to $44.2
million for the three-month period ended December 31, 2019 from $44.6 million for the three-month period ended
December 31, 2018, a decrease of
$0.4 million. The decrease was
primarily due to the decrease in expenses associated with the
decrease in revenue and a decrease in salary expense, partially
offset by an increase in severance expense in our radio
segment.
Corporate expenses increased to $7.9 million for the three-month period
December 31, 2019 from $7.7 million for the three-month period ended
December 31, 2018, an increase of
$0.2 million, primarily due to
an increase in legal expense, partially offset by a decrease in
non-cash stock-based compensation expense.
Our historical revenues have primarily been denominated in U.S.
dollars, and the majority of our current revenues continue to be,
and is expected to remain, denominated in U.S. dollars. However,
our operating expenses are generally denominated in the currencies
of the countries in which our operations are located, and we have
operations in countries other than the U.S., primarily related to
the Headway business. As a result, we have operating expense,
attributable to foreign currency loss, that is primarily related to
the operations related to the Headway business. We had a foreign
currency gain of $0.2 million for the
three-month period December 31, 2019,
compared to foreign currency loss of $1.1
million for the three-month period December 31, 2018. Foreign currency gains and
losses are primarily due to currency fluctuations that affected our
digital segment operations located outside the U.S., primarily
related to the Headway business.
Impairment charge related to indefinite life intangible assets
in our television and radio reporting units was $0.7 million for the three-month period ended
December 31, 2019.
We recognized an impairment loss on investment of $1.3 million for the three-month period
ended December 31, 2018, related to a
decrease in value of a cost method investment.
Twelve-month
Period Ended December 31, 2019 Compared to Twelve-month Period
Ended December 31, 2018
|
(Unaudited)
|
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
%
Change
|
|
Net
revenue
|
|
|
273,575
|
|
|
|
297,815
|
|
|
|
(8)
|
%
|
Cost of revenue -
digital media (1)
|
|
|
36,757
|
|
|
|
45,096
|
|
|
|
(18)
|
%
|
Operating expenses
(1)
|
|
|
173,377
|
|
|
|
176,777
|
|
|
|
(2)
|
%
|
Corporate expenses
(1)
|
|
|
28,067
|
|
|
|
26,865
|
|
|
|
4
|
%
|
Depreciation and
amortization
|
|
|
16,648
|
|
|
|
16,273
|
|
|
|
2
|
%
|
Change in fair value
of contingent consideration
|
|
|
(6,478)
|
|
|
|
(1,202)
|
|
|
|
439
|
%
|
Impairment
charge
|
|
|
32,097
|
|
|
|
-
|
|
|
*
|
|
Foreign currency
(gain) loss
|
|
|
754
|
|
|
|
1,616
|
|
|
|
(53)
|
%
|
Other operating
(gain) loss
|
|
|
(5,994)
|
|
|
|
(1,187)
|
|
|
|
405
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(1,653)
|
|
|
|
33,577
|
|
|
|
(105)
|
%
|
Interest expense,
net
|
|
|
(10,330)
|
|
|
|
(11,770)
|
|
|
|
(12)
|
%
|
Dividend
income
|
|
|
918
|
|
|
|
1,475
|
|
|
|
(38)
|
%
|
Gain (loss) on debt
extinguishment
|
|
|
(255)
|
|
|
|
(550)
|
|
|
|
(54)
|
%
|
Impairment loss on
investment
|
|
|
-
|
|
|
|
(1,320)
|
|
|
|
(100)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
(11,320)
|
|
|
|
21,412
|
|
|
*
|
|
Income tax (expense)
benefit
|
|
|
(8,158)
|
|
|
|
(7,877)
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before equity in net income (loss) of nonconsolidated
affiliates
|
|
|
(19,478)
|
|
|
|
13,535
|
|
|
*
|
|
Equity in net income
(loss) of nonconsolidated affiliates
|
|
|
(234)
|
|
|
|
(1,374)
|
|
|
|
(83)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(19,712)
|
|
|
$
|
12,161
|
|
|
*
|
|
|
(1) Cost of revenue,
operating expenses and corporate expenses are defined on page
1.
|
Net revenue decreased to $273.6
million for the year ended December 31, 2019 from
$297.8 million for the year ended
December 31, 2018, a decrease of approximately $24.2 million. Of the overall decrease,
approximately $12.1 million was
attributable to our digital segment and was primarily due to
declines in both international and domestic revenue. This
decline in digital revenue is being driven by a trend whereby
revenue is shifting more to programmatic revenue. In addition,
approximately $8.9 million of the
overall decrease was attributable to our radio segment and was
primarily due to decreases in local and national advertising
revenue, as a result primarily of ratings declines, competitive
factors with other Spanish-language broadcasters, changing
demographic preferences of audiences, the absence of revenue from
FIFA World Cup in 2019 compared to 2018, and a decrease in
political advertising revenue, which was not material in 2019.
Additionally, as we have previously noted, there is a trend for
advertising to move increasingly from traditional media, such as
radio, to new media, such as digital media, and we expect this
trend to continue. Additionally, approximately $3.2 million of the overall decrease was
attributable to our television segment and was primarily due to a
decrease in political advertising revenue, which was not material
in 2019, and decreases in national and local advertising revenue,
as a result primarily of ratings declines, competitive factors with
other Spanish-language broadcasters, and changing demographic
preferences of audiences. Additionally, as we have previously
noted, there is a trend for advertising to move increasingly from
traditional media, such as television, to new media, such as
digital media, and we expect this trend to continue. The overall
decrease in our television segment was partially offset by
increases in revenue from retransmission consent and spectrum usage
rights.
Cost of revenue in our digital media segment decreased to
$36.8 million for the year ended
December 31, 2019 from $45.1 million for the year ended December 31, 2018, a decrease of $8.3 million, primarily due to a decrease in
expenses associated with the decrease in revenue in our digital
segment and a strategic shift in our digital business designed to
focus on generating revenue with lower associated costs to produce
higher margins.
Operating expenses decreased to $173.4
million for the twelve-month period ended December 31, 2019 from $176.8 million for the twelve-month period ended
December 31, 2018, a decrease of
$3.4 million. Of the overall
decrease, approximately $2.7 million
was attributable to our radio segment and was primarily due to a
decrease in expenses associated with the decrease in advertising
revenue, a decrease in bad debt expense and a decrease in salary
expense, partially offset by an increase in severance expense.
Additionally, $0.8 million of the
overall decrease was attributable to our digital media segment and
was primarily due to a decrease in expenses associated with the
decrease in revenue. The overall decrease was partially offset by
an increase of $0.1 attributable to
our television segment and was primarily due to an increase in bad
debt expense and an increase in advertising expense.
Corporate expenses increased to $28.1
million for the year ended December 31, 2019 from
$26.9 million for the year ended
December 31, 2018, an increase of $1.2
million. The increase was primarily due to an increase in
audit fees that we incurred in 2019 in connection with the audit of
our 2018 financial statements, partially offset by a decrease in
non-cash stock-based compensation.
Our historical revenues have primarily been denominated in U.S.
dollars, and the majority of our current revenues continue to be,
and is expected to remain, denominated in U.S. dollars. However,
our operating expenses are generally denominated in the currencies
of the countries in which our operations are located, and we have
operations in countries other than the U.S., primarily related to
the Headway business. As a result, we have operating expense,
attributable to foreign currency loss, that is primarily related to
the operations related to the Headway business. Foreign currency
loss decreased to $0.8 million for
the year ended December 31, 2019 from $1.6 million for the year ended December 31,
2018, a decrease of $0.8 million,
which was primarily due to currency fluctuations that affected our
digital segment operations located outside the U.S., primarily
related to the Headway business.
Impairment charge related to goodwill in our digital reporting
unit was $27.7 million for the year
ended December 31, 2019. Impairment charge related to
indefinite life intangible assets in our television and radio
reporting units was $4.2 million for
the year ended December 31, 2019. These write-downs were made
pursuant to Accounting Standards Codification (ASC) 350,
Intangibles – Goodwill and Other, which requires that goodwill and
certain intangible assets be tested for impairment at least
annually, or more frequently if events or changes in circumstances
indicate the assets might be impaired. We also recorded an
impairment charge of $0.2 million to
reflect the fair market value of our assets held for sale.
We recognized an impairment loss on investment of $1.3 million for the year ended
December 31, 2018, related to a decrease in value of a cost
method investment.
Segment
Results
|
|
The following
represents selected unaudited segment information:
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
2019
|
|
|
|
2018
|
|
|
%
Change
|
|
|
|
2019
|
|
|
|
2018
|
|
|
%
Change
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
|
$
|
36,909
|
|
|
$
|
45,528
|
|
|
|
(19)
|
%
|
|
$
|
149,654
|
|
|
$
|
152,911
|
|
|
|
(2)
|
%
|
Radio
|
|
|
13,909
|
|
|
|
16,796
|
|
|
|
(17)
|
%
|
|
|
55,013
|
|
|
|
63,922
|
|
|
|
(14)
|
%
|
Digital
|
|
|
20,020
|
|
|
|
19,749
|
|
|
|
1
|
%
|
|
|
68,908
|
|
|
|
80,982
|
|
|
|
(15)
|
%
|
Total
|
|
$
|
70,838
|
|
|
$
|
82,073
|
|
|
|
(14)
|
%
|
|
$
|
273,575
|
|
|
$
|
297,815
|
|
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenue (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital
|
|
|
10,314
|
|
|
|
9,847
|
|
|
|
5
|
%
|
|
|
36,757
|
|
|
|
45,096
|
|
|
|
(18)
|
%
|
Total
|
|
$
|
10,314
|
|
|
$
|
9,847
|
|
|
|
5
|
%
|
|
$
|
36,757
|
|
|
$
|
45,096
|
|
|
|
(18)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
|
|
21,726
|
|
|
|
21,725
|
|
|
|
0
|
%
|
|
|
84,416
|
|
|
|
84,298
|
|
|
|
0
|
%
|
Radio
|
|
|
14,352
|
|
|
|
13,975
|
|
|
|
3
|
%
|
|
|
56,700
|
|
|
|
59,368
|
|
|
|
(4)
|
%
|
Digital
|
|
|
8,091
|
|
|
|
8,868
|
|
|
|
(9)
|
%
|
|
|
32,261
|
|
|
|
33,111
|
|
|
|
(3)
|
%
|
Total
|
|
$
|
44,169
|
|
|
$
|
44,568
|
|
|
|
(1)
|
%
|
|
$
|
173,377
|
|
|
$
|
176,777
|
|
|
|
(2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Expenses
(1)
|
|
$
|
7,887
|
|
|
$
|
7,711
|
|
|
|
2
|
%
|
|
$
|
28,067
|
|
|
$
|
26,865
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
(gain) loss
|
|
$
|
(223)
|
|
|
$
|
1,085
|
|
|
*
|
|
|
$
|
754
|
|
|
$
|
1,616
|
|
|
|
(53)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
adjusted EBITDA (1)
|
|
$
|
11,056
|
|
|
$
|
20,936
|
|
|
|
(47)
|
%
|
|
$
|
41,209
|
|
|
$
|
54,038
|
|
|
|
(24)
|
%
|
|
(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 2019 fourth quarter results on March 5, 2020 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 is a diversified global media, marketing and
technology company that reaches and engages Latino consumers in the
U.S. and other markets primarily including Mexico, Latin
America and Spain.
Entravision's portfolio includes digital media properties and
advertising technology platforms that deliver performance-based
solutions and data insights, along with 56 television stations and
49 radio stations. Entravision's digital and technology businesses
include Smadex, a leading technology platform providing mobile,
programmatic, data and performance digital marketing solutions.
Entravision is the largest affiliate group of both the Univision
and UniMás television networks, and its Spanish-language radio
stations feature its nationally recognized talent. Entravision
shares of Class A Common Stock are traded on The New York Stock
Exchange under the symbol: EVC. Learn more at:
www.entravision.com.
This press release contains certain forward-looking statements.
These forward-looking statements, which are included in accordance
with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, may involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results and performance in future periods to be materially
different from any future results or performance suggested by the
forward-looking statements in this press release. Although the
Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that actual results will not differ materially from these
expectations, and the Company disclaims any duty to update any
forward-looking statements made by the Company. From time to time,
these risks, uncertainties and other factors are discussed in the
Company's filings with the Securities and Exchange Commission.
# # #
(Financial Table Follows)
Entravision
Communications Corporation
|
Consolidated
Balance Sheets
|
(In thousands;
unaudited)
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
33,123
|
|
|
$
|
46,733
|
|
Marketable
securities
|
|
|
91,662
|
|
|
|
132,424
|
|
Restricted
Cash
|
|
|
734
|
|
|
|
732
|
|
Trade receivables, net
of allowance for doubtful accounts
|
|
|
71,406
|
|
|
|
79,308
|
|
Assets held for
sale
|
|
|
950
|
|
|
|
1,179
|
|
Prepaid expenses and
other current assets
|
|
|
11,557
|
|
|
|
10,672
|
|
Total current
assets
|
|
|
209,432
|
|
|
|
271,048
|
|
Property and
equipment, net
|
|
|
79,642
|
|
|
|
64,939
|
|
Intangible assets
subject to amortization, net
|
|
|
16,772
|
|
|
|
22,598
|
|
Intangible assets not
subject to amortization
|
|
|
252,544
|
|
|
|
254,598
|
|
Goodwill
|
|
|
46,511
|
|
|
|
74,292
|
|
Operating leases
right of use asset
|
|
|
43,837
|
|
|
|
-
|
|
Other
assets
|
|
|
7,462
|
|
|
|
2,934
|
|
Total
assets
|
|
$
|
656,200
|
|
|
$
|
690,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
$
|
3,000
|
|
|
$
|
3,000
|
|
Accounts payable and
accrued expenses
|
|
|
53,931
|
|
|
|
51,034
|
|
Operating lease
liabilities
|
|
|
9,056
|
|
|
|
-
|
|
Total current
liabilities
|
|
|
65,987
|
|
|
|
54,034
|
|
Long-term debt, less
current maturities, net of unamortized debt issuance
costs
|
|
|
213,024
|
|
|
|
240,541
|
|
Long-term operating
lease liabilities
|
|
|
41,387
|
|
|
|
-
|
|
Other long-term
liabilities
|
|
|
3,371
|
|
|
|
16,418
|
|
Deferred income
taxes
|
|
|
44,259
|
|
|
|
46,684
|
|
Total
liabilities
|
|
|
368,028
|
|
|
|
357,677
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
Class A common
stock
|
|
|
6
|
|
|
|
6
|
|
Class B common
stock
|
|
|
2
|
|
|
|
2
|
|
Class U common
stock
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in
capital
|
|
|
836,170
|
|
|
|
862,299
|
|
Accumulated
deficit
|
|
|
(547,876)
|
|
|
|
(528,164)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(131)
|
|
|
|
(1,412)
|
|
Total stockholders'
equity
|
|
|
288,172
|
|
|
|
332,732
|
|
Total liabilities and
stockholders' equity
|
|
$
|
656,200
|
|
|
$
|
690,409
|
|
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,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net
revenue
|
|
$
|
70,838
|
|
|
$
|
82,073
|
|
|
$
|
273,575
|
|
|
$
|
297,815
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue -
digital media
|
|
|
10,314
|
|
|
|
9,847
|
|
|
|
36,757
|
|
|
|
45,096
|
|
Direct operating
expenses
|
|
|
30,020
|
|
|
|
31,398
|
|
|
|
119,412
|
|
|
|
125,242
|
|
Selling, general and
administrative expenses
|
|
|
14,149
|
|
|
|
13,170
|
|
|
|
53,965
|
|
|
|
51,535
|
|
Corporate
expenses
|
|
|
7,887
|
|
|
|
7,711
|
|
|
|
28,067
|
|
|
|
26,865
|
|
Depreciation and
amortization
|
|
|
4,236
|
|
|
|
4,221
|
|
|
|
16,648
|
|
|
|
16,273
|
|
Change in fair value
of contingent consideration
|
|
|
(4,102)
|
|
|
|
(2,275)
|
|
|
|
(6,478)
|
|
|
|
(1,202)
|
|
Impairment
charge
|
|
|
654
|
|
|
|
-
|
|
|
|
32,097
|
|
|
|
-
|
|
Foreign currency
(gain) loss
|
|
|
(223)
|
|
|
|
1,085
|
|
|
|
754
|
|
|
|
1,616
|
|
Other operating (gain)
loss
|
|
|
(829)
|
|
|
|
(565)
|
|
|
|
(5,994)
|
|
|
|
(1,187)
|
|
|
|
|
62,106
|
|
|
|
64,592
|
|
|
|
275,228
|
|
|
|
264,238
|
|
Operating income
(loss)
|
|
|
8,732
|
|
|
|
17,481
|
|
|
|
(1,653)
|
|
|
|
33,577
|
|
Interest
expense
|
|
|
(3,102)
|
|
|
|
(4,349)
|
|
|
|
(13,683)
|
|
|
|
(15,743)
|
|
Interest
income
|
|
|
752
|
|
|
|
1,088
|
|
|
|
3,353
|
|
|
|
3,973
|
|
Dividend
income
|
|
|
171
|
|
|
|
473
|
|
|
|
918
|
|
|
|
1,475
|
|
Gain (loss) on debt
extinguishment
|
|
|
(255)
|
|
|
|
(550)
|
|
|
|
(255)
|
|
|
|
(550)
|
|
Impairment loss on
investment
|
|
|
—
|
|
|
|
(1,320)
|
|
|
|
—
|
|
|
|
(1,320)
|
|
Income before income
taxes
|
|
|
6,298
|
|
|
|
12,823
|
|
|
|
(11,320)
|
|
|
|
21,412
|
|
Income tax (expense)
benefit
|
|
|
1,107
|
|
|
|
(4,713)
|
|
|
|
(8,158)
|
|
|
|
(7,877)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
equity in net income (loss) of nonconsolidated
affiliate
|
|
|
7,405
|
|
|
|
8,110
|
|
|
|
(19,478)
|
|
|
|
13,535
|
|
Equity in net income
(loss) of nonconsolidated affiliate
|
|
|
(45)
|
|
|
|
(1,197)
|
|
|
|
(234)
|
|
|
|
(1,374)
|
|
Net income
(loss)
|
|
$
|
7,360
|
|
|
$
|
6,913
|
|
|
$
|
(19,712)
|
|
|
$
|
12,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share, basic
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
$
|
(0.23)
|
|
|
$
|
0.14
|
|
Net income (loss) per
share, diluted
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
$
|
(0.23)
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share, basic
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
Cash dividends
declared per common share, diluted
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding, basic
|
|
|
84,226,135
|
|
|
|
88,357,076
|
|
|
|
85,107,301
|
|
|
|
89,115,997
|
|
Weighted average
common shares outstanding, diluted
|
|
|
85,449,374
|
|
|
|
89,598,683
|
|
|
|
86,224,517
|
|
|
|
90,328,583
|
|
Entravision
Communications Corporation
|
Consolidated
Statements of Cash Flows
|
(In thousands;
unaudited)
|
|
|
|
Three-Month
Period
|
|
|
Twelve-Month
Period
|
|
|
|
Ended December
31,
|
|
|
Ended December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
7,360
|
|
|
$
|
6,913
|
|
|
$
|
(19,712)
|
|
|
$
|
12,161
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
4,236
|
|
|
|
4,221
|
|
|
|
16,648
|
|
|
|
16,273
|
|
Impairment
charge
|
|
|
654
|
|
|
|
-
|
|
|
|
32,097
|
|
|
|
-
|
|
Impairment loss on
investment
|
|
|
-
|
|
|
|
1,320
|
|
|
|
-
|
|
|
|
1,320
|
|
Deferred income
taxes
|
|
|
(1,630)
|
|
|
|
2,670
|
|
|
|
5,311
|
|
|
|
4,612
|
|
Non-cash
interest
|
|
|
166
|
|
|
|
296
|
|
|
|
881
|
|
|
|
1,124
|
|
Amortization of
syndication contracts
|
|
|
131
|
|
|
|
125
|
|
|
|
505
|
|
|
|
651
|
|
Payments on
syndication contracts
|
|
|
(124)
|
|
|
|
(127)
|
|
|
|
(543)
|
|
|
|
(643)
|
|
Equity in net (income)
loss of nonconsolidated affiliate
|
|
|
45
|
|
|
|
1,197
|
|
|
|
234
|
|
|
|
1,374
|
|
Non-cash stock-based
compensation
|
|
|
1,923
|
|
|
|
2,076
|
|
|
|
4,377
|
|
|
|
5,787
|
|
(Gain) loss on
disposal of property and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
158
|
|
|
|
-
|
|
(Gain) loss on debt
extinguishment
|
|
|
255
|
|
|
|
550
|
|
|
|
255
|
|
|
|
550
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in
trade receivables, net
|
|
|
(2,093)
|
|
|
|
(2,683)
|
|
|
|
8,610
|
|
|
|
5,895
|
|
(Increase) decrease in
prepaid expenses and other current assets
|
|
|
2,946
|
|
|
|
1,629
|
|
|
|
2,102
|
|
|
|
(5,581)
|
|
Increase (decrease) in
accounts payable, accrued expenses and
other liabilities
|
|
|
(5,816)
|
|
|
|
(6,888)
|
|
|
|
(19,384)
|
|
|
|
(9,727)
|
|
Net cash provided
by operating activities
|
|
|
8,053
|
|
|
|
11,299
|
|
|
|
31,539
|
|
|
|
33,796
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment and intangibles
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
33
|
|
Purchases of property
and equipment
|
|
|
(4,101)
|
|
|
|
(4,729)
|
|
|
|
(25,283)
|
|
|
|
(17,006)
|
|
Purchases of
intangibles
|
|
|
(2,300)
|
|
|
|
-
|
|
|
|
(2,300)
|
|
|
|
(3,153)
|
|
Purchase of a
businesses, net of cash acquired
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,522)
|
|
Purchases of
marketable securities
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,400)
|
|
|
|
(159,403)
|
|
Proceeds from
marketable securities
|
|
|
15,766
|
|
|
|
-
|
|
|
|
43,647
|
|
|
|
25,000
|
|
Purchases of
investments
|
|
|
-
|
|
|
|
(525)
|
|
|
|
(300)
|
|
|
|
(1,495)
|
|
Deposits on
acquisition
|
|
|
147
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net cash provided
by (used in) investing activities
|
|
|
9,512
|
|
|
|
(5,254)
|
|
|
|
14,364
|
|
|
|
(159,546)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from stock
option exercises
|
|
|
-
|
|
|
|
172
|
|
|
|
-
|
|
|
|
249
|
|
Tax payments related
to shares withheld for share-based compensation
plans
|
|
|
(915)
|
|
|
|
(29)
|
|
|
|
(1,688)
|
|
|
|
(2,268)
|
|
Payments on long-term
debt
|
|
|
(25,750)
|
|
|
|
(50,750)
|
|
|
|
(28,000)
|
|
|
|
(53,000)
|
|
Dividends
paid
|
|
|
(4,195)
|
|
|
|
(4,379)
|
|
|
|
(16,962)
|
|
|
|
(17,782)
|
|
Repurchase of Class A
common stock
|
|
|
(2,208)
|
|
|
|
(6,152)
|
|
|
|
(12,565)
|
|
|
|
(13,812)
|
|
Payment of contingent
consideration
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,015)
|
|
Payments of
capitalized debt offering and issuance costs
|
|
|
-
|
|
|
|
-
|
|
|
|
(225)
|
|
|
|
-
|
|
Net cash used in
financing activities
|
|
|
(33,068)
|
|
|
|
(61,138)
|
|
|
|
(59,440)
|
|
|
|
(88,628)
|
|
Effect of exchange
rates on cash, cash equivalents and restricted cash
|
|
|
(79)
|
|
|
|
-
|
|
|
|
(71)
|
|
|
|
(11)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(15,582)
|
|
|
|
(55,093)
|
|
|
|
(13,608)
|
|
|
|
(214,389)
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
|
49,439
|
|
|
|
102,558
|
|
|
|
47,465
|
|
|
|
261,854
|
|
Ending
|
|
$
|
33,857
|
|
|
$
|
47,465
|
|
|
$
|
33,857
|
|
|
$
|
47,465
|
|
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,
|
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
Consolidated adjusted
EBITDA (1)
|
|
$
|
11,056
|
|
|
$
|
20,936
|
|
|
$
|
41,209
|
|
|
$
|
54,038
|
|
Interest
expense
|
|
|
(3,102)
|
|
|
|
(4,349)
|
|
|
|
(13,683)
|
|
|
|
(15,743)
|
|
Interest
income
|
|
|
752
|
|
|
|
1,088
|
|
|
|
3,353
|
|
|
|
3,973
|
|
Gain (loss) on debt
extinguishment
|
|
|
(255)
|
|
|
|
(550)
|
|
|
|
(255)
|
|
|
|
(550)
|
|
Income tax (expense)
benefit
|
|
|
1,107
|
|
|
|
(4,713)
|
|
|
|
(8,158)
|
|
|
|
(7,877)
|
|
Amortization of
syndication contracts
|
|
|
(131)
|
|
|
|
(125)
|
|
|
|
(505)
|
|
|
|
(651)
|
|
Payments on
syndication contracts
|
|
|
124
|
|
|
|
127
|
|
|
|
543
|
|
|
|
643
|
|
Non-cash stock-based
compensation included in direct operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
|
(408)
|
|
|
|
(284)
|
|
|
|
(732)
|
|
|
|
(732)
|
|
Non-cash stock-based
compensation included in corporate
expenses
|
|
|
(1,515)
|
|
|
|
(1,792)
|
|
|
|
(3,645)
|
|
|
|
(5,055)
|
|
Depreciation and
amortization
|
|
|
(4,236)
|
|
|
|
(4,221)
|
|
|
|
(16,648)
|
|
|
|
(16,273)
|
|
Change in fair value
of contingent consideration
|
|
|
4,102
|
|
|
|
2,275
|
|
|
|
6,478
|
|
|
|
1,202
|
|
Non-recurring
severance charge
|
|
|
(435)
|
|
|
|
-
|
|
|
|
(2,250)
|
|
|
|
(782)
|
|
Dividend
income
|
|
|
171
|
|
|
|
473
|
|
|
|
918
|
|
|
|
1,475
|
|
Other income
(loss)
|
|
|
829
|
|
|
|
565
|
|
|
|
5,994
|
|
|
|
1,187
|
|
Impairment
charge
|
|
|
(654)
|
|
|
|
-
|
|
|
|
(32,097)
|
|
|
|
-
|
|
Impairment loss on
investment
|
|
|
-
|
|
|
|
(1,320)
|
|
|
|
-
|
|
|
|
(1,320)
|
|
Equity in net income
(loss) of nonconsolidated affiliates
|
|
|
(45)
|
|
|
|
(1,197)
|
|
|
|
(234)
|
|
|
|
(1,374)
|
|
Net income
(loss)
|
|
|
7,360
|
|
|
|
6,913
|
|
|
|
(19,712)
|
|
|
|
12,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
4,236
|
|
|
|
4,221
|
|
|
|
16,648
|
|
|
|
16,273
|
|
Impairment
charge
|
|
|
654
|
|
|
|
-
|
|
|
|
32,097
|
|
|
|
-
|
|
Impairment loss on
investment
|
|
|
-
|
|
|
|
1,320
|
|
|
|
-
|
|
|
|
1,320
|
|
Deferred income
taxes
|
|
|
(1,630)
|
|
|
|
2,670
|
|
|
|
5,311
|
|
|
|
4,612
|
|
Amortization of debt
issuance costs
|
|
|
166
|
|
|
|
296
|
|
|
|
881
|
|
|
|
1,124
|
|
Amortization of
syndication contracts
|
|
|
131
|
|
|
|
125
|
|
|
|
505
|
|
|
|
651
|
|
Payments on
syndication contracts
|
|
|
(124)
|
|
|
|
(127)
|
|
|
|
(543)
|
|
|
|
(643)
|
|
Equity in net
(income) loss of nonconsolidated affiliate
|
|
|
45
|
|
|
|
1,197
|
|
|
|
234
|
|
|
|
1,374
|
|
Non-cash stock-based
compensation
|
|
|
1,923
|
|
|
|
2,076
|
|
|
|
4,377
|
|
|
|
5,787
|
|
(Gain) loss on
disposal of property and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
158
|
|
|
|
-
|
|
(Gain) loss on debt
extinguishment
|
|
|
255
|
|
|
|
550
|
|
|
|
255
|
|
|
|
550
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in
accounts receivable
|
|
|
(2,093)
|
|
|
|
(2,683)
|
|
|
|
8,610
|
|
|
|
5,895
|
|
(Increase) decrease in
prepaid expenses and other assets
|
|
|
2,946
|
|
|
|
1,629
|
|
|
|
2,102
|
|
|
|
(5,581)
|
|
Increase (decrease) in
accounts payable, accrued expenses and
other liabilities
|
|
|
(5,816)
|
|
|
|
(6,888)
|
|
|
|
(19,384)
|
|
|
|
(9,727)
|
|
Net cash provided by
(used in) operating activities
|
|
$
|
8,053
|
|
|
$
|
11,299
|
|
|
$
|
31,539
|
|
|
$
|
33,796
|
|
|
(1) Consolidated
adjusted EBITDA is defined on page 1.
|
Entravision
Communications Corporation
|
Reconciliation of
Free Cash Flow to Cash Flows From Operating
Activities
|
(In thousands;
unaudited)
|
|
The most directly
comparable GAAP financial measure is operating cash flow. A
reconciliation of this non-GAAP measure to cash flows from
operating activities for each of the periods presented is as
follows:
|
|
|
|
Three-Month
Period
|
|
|
Twelve-Month
Period
|
|
|
|
Ended December
31,
|
|
|
Ended December
31,
|
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
Consolidated adjusted
EBITDA (1)
|
|
$
|
11,056
|
|
|
$
|
20,936
|
|
|
$
|
41,209
|
|
|
$
|
54,038
|
|
Net, cash interest
expense (1)
|
|
|
(2,184)
|
|
|
|
(2,965)
|
|
|
|
(9,449)
|
|
|
|
(10,646)
|
|
Dividend
income
|
|
|
171
|
|
|
|
473
|
|
|
|
918
|
|
|
|
1,475
|
|
Cash paid for income
taxes
|
|
|
(523)
|
|
|
|
(2,043)
|
|
|
|
(2,847)
|
|
|
|
(3,265)
|
|
Capital expenditures
(2)
|
|
|
(4,101)
|
|
|
|
(4,729)
|
|
|
|
(25,283)
|
|
|
|
(17,006)
|
|
FCC
reimbursement
|
|
|
829
|
|
|
|
565
|
|
|
|
5,994
|
|
|
|
1,187
|
|
Non-recurring cash
severance charge
|
|
|
(435)
|
|
|
|
-
|
|
|
|
(2,250)
|
|
|
|
(782)
|
|
Free cash flow
(1)
|
|
|
4,813
|
|
|
|
12,237
|
|
|
|
8,292
|
|
|
|
25,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(2)
|
|
|
4,101
|
|
|
|
4,729
|
|
|
|
25,283
|
|
|
|
17,006
|
|
Change in fair value
of contingent consideration
|
|
|
4,102
|
|
|
|
2,275
|
|
|
|
6,478
|
|
|
|
1,202
|
|
(Gain) loss on
disposal of property and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
158
|
|
|
|
-
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease
in accounts receivable
|
|
|
(2,093)
|
|
|
|
(2,683)
|
|
|
|
8,610
|
|
|
|
5,895
|
|
(Increase) decrease
in prepaid expenses and other assets
|
|
|
2,946
|
|
|
|
1,629
|
|
|
|
2,102
|
|
|
|
(5,581)
|
|
Increase (decrease)
in accounts payable, accrued expenses and other
liabilities
|
|
|
(5,816)
|
|
|
|
(6,888)
|
|
|
|
(19,384)
|
|
|
|
(9,727)
|
|
Cash Flows From
Operating Activities
|
|
$
|
8,053
|
|
|
$
|
11,299
|
|
|
$
|
31,539
|
|
|
$
|
33,796
|
|
|
(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-fourth-quarter-and-full-year-2019-results-301018623.html
SOURCE Entravision Communications Corporation