EVC Entravision Communications Corp

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 06, 2024

 

 

ENTRAVISION COMMUNICATIONS CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-15997	95-4783236
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
2425 Olympic Boulevard Suite 6000 West
Santa Monica, California				90404
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 310 447-3870

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock		EVC		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On November 6, 2024, Entravision Communications Corporation (the “Company”) issued a press release announcing its results of operations for the three- and nine-month periods ended September 30, 2024. A copy of that press release is furnished herewith as Exhibit 99.1.

 

The information provided pursuant to Item 2.02 in this Current Report on Form 8-K, including the exhibit thereto, is being furnished under Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference into any future registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1	Press release issued by Entravision Communications Corporation on November 6, 2024 announcing its results of operations for the three- and nine-month periods ended September 30, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			ENTRAVISION COMMUNICATIONS CORPORATION
Date:	November 6, 2024	By:	/s/ Michael J. Christenson
			Michael J. Christenson Chief Executive Officer

 

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Exhibit 99.1

 

ENTRAVISION COMMUNICATIONS CORPORATION REPORTS

THIRD QUARTER 2024 RESULTS

New Operating Segments

Double Digit Revenue Growth

Declares Quarterly Cash Dividend of $0.05 Per Share Payable on December 31, 2024

SANTA MONICA, CALIFORNIA, November 6, 2024 – Entravision Communications Corporation (NYSE: EVC), a media and advertising technology company, today announced financial results for the three- and nine-month periods ended September 30, 2024.

"During the third quarter we realigned our operating segments into two segments: Media and Advertising Technology & Services. Our media segment consists of sales of advertising through various media, including television, radio and digital. Our advertising technology & services segment consists of Smadex, our programmatic ad purchasing platform, and Adwake, our mobile growth solutions business," said Michael Christenson, Chief Executive Officer.

Mr. Christenson continued, "Our net revenue from continuing operations increased 25% in the third quarter of 2024 compared to the same quarter in 2023, driven primarily by growth in political advertising revenue and Smadex. Our balance sheet remains strong, and we are focused on providing highly-rated news and content to our audiences, strengthening our digital marketing solutions in combination with our television and radio offerings, and continuing to grow Smadex."

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

	Three-Month Period												Nine-Month Period
	Ended September 30,												Ended September 30,
	2024				2023				% Change				2024				2023				% Change
Net revenue	$	97,156			$	77,420				25	%		$	257,986			$	218,787				18	%
Cost of revenue (1)		26,801				21,393				25	%			73,883				57,910				28	%
Operating expenses (2) (5)		52,729				40,648				30	%			144,983				121,523				19	%
Corporate expenses (3) (5)		6,930				13,292				(48	)%			29,989				35,836				(16	)%
Foreign currency (gain) loss		(121	)			269			*					120				1,274				(91	)%
Net income (loss) from continuing operations	$	(10,841	)		$	(6,103	)			78	%		$	(14,619	)		$	(19,945	)			(27	)%
Net income (loss) from discontinued operations, net of tax	$	(1,139	)		$	8,822			*				$	(77,931	)		$	22,716			*
Net income (loss) attributable to common stockholders	$	(11,980	)		$	2,719			*				$	(92,550	)		$	2,771			*
Cash flows from operating activities	$	10,851			$	22,026				(51	)%		$	61,922			$	69,117				(10	)%
Free cash flow (4)	$	9,299			$	17,003				(45	)%		$	55,633			$	49,236				13	%
Net income (loss) per share from continuing operations, basic and diluted	$	(0.12	)		$	(0.07	)			71	%		$	(0.16	)		$	(0.23	)			(30	)%
Net income (loss) per share from discontinued operations, basic and diluted	$	(0.01	)		$	0.10			*				$	(0.87	)		$	0.26			*
Net income (loss) per share attributable to common stockholders, basic and diluted	$	(0.13	)		$	0.03			*				$	(1.03	)		$	0.03			*
Weighted average common shares outstanding, basic and diluted		89,987,110				87,995,567								89,776,075				87,803,770

 

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Net revenue for the three- and nine-month periods ended September 30, 2024 increased primarily due to an increase in advertising revenue from our media segment, and an increase in advertising revenue from our advertising technology & services segment. The increase was partially offset by decreases in spectrum usage rights revenue and retransmission consent revenue in our media segment.

Cost of revenue for the three- and nine-month periods ended September 30, 2024 increased primarily due to the increase in digital advertising revenue.

Operating expenses for the three- and nine-month periods ended September 30, 2024 increased primarily due to an increase in salaries, primarily associated with the expansion of our news programming in our media segment, and increases in salaries and cloud infrastructure expenses associated with the increase in revenue in our advertising technology & services segment. Additionally, effective July 1, 2024, with the realignment of our operations and reassignment of certain responsibilities, certain costs that were previously included as corporate expenses, primarily salaries, are now included in operating expenses.

Corporate expenses for the three-month period ended September 30, 2024 decreased primarily due to a decrease in salaries and bonus expense, a decrease in non-cash stock-based compensation, a decrease in professional services expense, and a decrease due to the realignment of our operations as noted above. This decrease was partially offset by an increase in audit fees.

Corporate expenses for the nine-month period ended September 30, 2024 decreased primarily due to a decrease in salaries and bonus expense, a decrease in non-cash stock-based compensation, a decrease in professional services expense, and a decrease due to the realignment of our operations as noted above. This decrease was partially offset by an increase in severance expense.

New Operating Segments

Effective July 1, 2024, we have realigned our operating segments into two segments – media and advertising technology & services – consistent with our current operational and management structure. Our media segment consists of sales of advertising through various media, including television, radio and digital. We own and/or operate 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging U.S. Latinos. Our advertising technology & services segment consists of programmatic ad services through Smadex, our demand side programmatic ad platform, and Adwake, our mobile growth solutions business.

Quarterly Cash Dividend

The Company announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.05 per share on the Company's Class A and Class U common stock, in an aggregate amount of $4.5 million. The quarterly dividend will be payable on December 31, 2024 to shareholders of record as of the close of business on December 16, 2024 . 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. These non-GAAP financial measures include Consolidated EBITDA and Free Cash Flow. 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 8.

Consolidated EBITDA

We use the term “consolidated EBITDA” because that term is defined in our 2023 Credit Agreement. Under the terms of our 2023 Credit Agreement, consolidated EBITDA is a measure that governs several critical aspects of our 2023 Credit Facility, including, among other things, financial covenants with which we must comply and financial ratios which we must maintain in order to borrow funds needed for the operation of our business and with respect to the interest rates that we pay on our 2023 Credit Facility. For example, our 2023 Credit Agreement contains a total net leverage ratio financial covenant. The total net leverage ratio, or the ratio of consolidated total debt (net of up to $50.0 million of unrestricted cash) to trailing-twelve-month consolidated EBITDA, affects both our ability to borrow from our Revolving Credit Facility and our applicable margin for the interest rate calculation. Under our 2023 Credit Agreement,

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our maximum total leverage ratio may not exceed 3.25 to 1.00. In addition, our 2023 Credit Agreement contains an interest coverage ratio financial covenant (calculated as set forth in the 2023 Credit Agreement), with a minimum permitted ratio of 3.00 to 1.00.

Therefore, we believe that it is important to disclose consolidated EBITDA to our investors to understand our compliance with these, and certain other, terms of our 2023 Credit Agreement. While many in the financial community and we consider consolidated EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance and liquidity prepared in accordance with accounting principles generally accepted in the United States of America, such as operating income (loss), net income (loss) and cash flows from operating activities. Consolidated EBITDA has certain limitations because it excludes and includes several important financial line items as noted above. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated EBITDA is also used to make executive compensation decisions.

We calculate Consolidated EBITDA as 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, change in fair value of contingent consideration, non-recurring cash severance and restructuring charge, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings.

Free Cash Flow

We use the term free cash flow as a measure of our liquidity and we believe that it is a useful indicator for potential investors of our ability to implement growth strategies and service our debt. Free cash flow is a non-GAAP measure and should be considered in addition to, but not as a substitute for, information contained in our condensed consolidated statement of cash flows as a measure of liquidity.

We calculate free cash flow as cash flow from operating activities less capital expenditures.

Balance Sheet and Related Metrics

Cash and marketable securities as of September 30, 2024 totaled $93.1 million. Total debt as defined in the Company’s credit agreement was $187.8 million. Net of $50 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 3.0 times as of September 30, 2024. Net of total cash and marketable securities, total leverage was 2.0 times.

Consolidated EBITDA, as defined in our 2023 Credit Agreement was $15.1 million and $30.1 million for the three- and nine-month periods ended September 30, 2024.

Unaudited Segment Results (In thousands)

	Three-Month Period												Nine-Month Period
	Ended September 30,												Ended September 30,
	2024				2023				% Change				2024				2023				% Change
Net Revenue
Media	$	59,802			$	48,746				23	%		$	154,801			$	144,614				7	%
Advertising Technology & Services		37,354				28,674				30	%			103,185				74,173				39	%
Total	$	97,156			$	77,420				25	%		$	257,986			$	218,787				18	%
Cost of Revenue (1)
Media	$	4,881			$	2,840				72	%		$	11,888			$	7,661				55	%
Advertising Technology & Services		21,920				18,553				18	%			61,995				50,249				23	%
Total	$	26,801			$	21,393				25	%		$	73,883			$	57,910				28	%
Operating Expenses (1)
Media		40,053				32,787				22	%			113,005				99,043				14	%
Advertising Technology & Services		12,676				7,861				61	%			31,978				22,480				42	%
Total	$	52,729			$	40,648				30	%		$	144,983			$	121,523				19	%
Corporate Expenses (1)	$	6,930			$	13,292				(48	)%		$	29,989			$	35,836				(16	)%

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

 

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Notice of Conference Call

Entravision will hold a conference call to discuss its third quarter 2024 results on Thursday, November 7, 2024 at 5:00 p.m. Eastern Time. To access the conference call, please dial 1-800-717-1738 or 1-646-307-1865 ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the company's website located at www.entravision.com.

About Entravision Communications Corporation

Entravision is a media and advertising technology company. In the U.S., we maintain a diversified portfolio of television and radio stations and digital advertising services that target Latino audiences. Our advertising technology business consists of Smadex, our programmatic ad purchasing platform, and Adwake, our mobile growth solutions business. Entravision remains the largest affiliate group of the Univision and UniMás television networks. 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.

For more information, please contact:

Mark Boelke		Roy Nir
Chief Financial Officer		VP, Financial Reporting and Investor Relations
Entravision		Entravision
310-447-3870		310-447-3870
ir@entravision.com		ir@entravision.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# # #

(Financial Table Follows)

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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,
		2024				2023				2024				2023
Net revenue		$	97,156			$	77,420			$	257,986			$	218,787
Expenses:
Cost of revenue			26,801				21,393				73,883				57,910
Direct operating expenses			35,617				28,702				99,174				84,160
Selling, general and administrative expenses			17,112				11,946				45,809				37,363
Corporate expenses			6,930				13,292				29,989				35,836
Depreciation and amortization			3,882				4,733				13,049				11,948
Change in fair value of contingent consideration			(650	)			(100	)			(630	)			621
Impairment charge			—				989				—				989
Foreign currency (gain) loss			(121	)			269				120				1,274
			89,571				81,224				261,394				230,101
Operating income (loss)			7,585				(3,804	)			(3,408	)			(11,314	)
Interest expense			(4,087	)			(4,346	)			(12,648	)			(12,464	)
Interest income			646				1,068				1,801				2,396
Dividend income			—				—				10				32
Realized gain (loss) on marketable securities			(1	)			(33	)			(110	)			(94	)
Gain (loss) on debt extinguishment			—				—				(91	)			(1,556	)
Income (loss) before income taxes			4,143				(7,115	)			(14,446	)			(23,000	)
Income tax benefit (expense)			(14,984	)			1,012				(173	)			3,055
Net income (loss) from continuing operations			(10,841	)			(6,103	)			(14,619	)			(19,945	)
Net income (loss) from discontinued operations, net of tax			(1,139	)			8,822				(77,931	)			22,716
Net income (loss) attributable to common stockholders		$	(11,980	)		$	2,719			$	(92,550	)		$	2,771
Basic and diluted earnings per share:
Net income (loss) per share from continuing operations, basic and diluted		$	(0.12	)		$	(0.07	)		$	(0.16	)		$	(0.23	)
Net income (loss) per share from discontinued operations, basic and diluted		$	(0.01	)		$	0.10			$	(0.87	)		$	0.26
Net income (loss) per share attributable to common stockholders, basic and diluted		$	(0.13	)		$	0.03			$	(1.03	)		$	0.03
Cash dividends declared per common share, basic and diluted		$	0.05			$	0.05			$	0.15			$	0.15
Weighted average common shares outstanding, basic and diluted			89,987,110				87,995,567				89,776,075				87,803,770

 

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Entravision Communications Corporation

Consolidated Balance Sheets

(In thousands; unaudited)

		September 30,				December 31,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	90,258			$	67,398
Marketable securities			2,826				13,172
Restricted cash			783				770
Trade receivables, net of allowance for doubtful accounts			69,758				70,082
Assets held for sale			-				301
Prepaid expenses and other current assets			31,763				16,863
Current assets of discontinued operations			-				217,269
Total current assets			195,388				385,855
Property and equipment, net			61,297				66,932
Intangible assets subject to amortization, net			4,890				7,100
Intangible assets not subject to amortization			195,174				195,174
Goodwill			50,673				50,674
Deferred income taxes			87				265
Operating leases right of use asset			41,742				42,868
Other assets			8,007				21,223
Noncurrent assets of discontinued operations			-				95,855
Total assets		$	557,258			$	865,946
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt		$	-			$	8,750
Accounts payable and accrued expenses			64,528				47,776
Operating lease liabilities			7,740				6,748
Current liabilities of discontinued operations			-				208,779
Total current liabilities			72,268				272,053
Long-term debt, less current maturities, net of unamortized debt issuance costs			186,902				197,884
Long-term operating lease liabilities			43,171				45,178
Other long-term liabilities			4,443				4,624
Deferred income taxes			43,111				46,849
Noncurrent liabilities of discontinued operations			-				33,072
Total liabilities			349,895				599,660
Redeemable noncontrolling interest - discontinued operations			-				43,758
Stockholders' equity
Class A common stock			8				8
Class U common stock			1				1
Additional paid-in capital			820,491				743,246
Accumulated deficit			(612,362	)			(519,812	)
Accumulated other comprehensive income (loss)			(775	)			(915	)
Total stockholders' equity			207,363				222,528
Total liabilities, redeemable noncontrolling interest and equity		$	557,258			$	865,946

 

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Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands; unaudited)

		Three-Month Period								Nine-Month Period
		Ended September 30,								Ended September 30,
		2024				2023				2024				2023
Cash flows from operating activities:
Net income (loss)		$	(11,980	)		$	2,719			$	(92,550	)		$	2,771
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			3,882				7,356				17,007				20,336
Impairment charge			—				989				49,438				989
Deferred income taxes			(3,500	)			(40	)			(3,286	)			(169	)
Non-cash interest			63				85				223				264
Amortization of syndication contracts			112				118				339				358
Payments on syndication contracts			(108	)			(125	)			(337	)			(366	)
Non-cash stock-based compensation			3,688				7,032				12,422				17,053
(Gain) loss on marketable securities			1				33				110				94
(Gain) loss on disposal of property and equipment			23				(29	)			206				(11	)
Loss (gain) on the sale of businesses			125				—				45,139				—
(Gain) loss on debt extinguishment			—				—				91				1,556
Change in fair value of contingent consideration			(650	)			(5,997	)			(13,198	)			(8,939	)
Net income (loss) attributable to redeemable noncontrolling interest - discontinued operations			—				13				(2,779	)			1
Net income (loss) attributable to noncontrolling interest - discontinued operations			—				—				—				(342	)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable			1,025				(1,219	)			10,611				16,261
(Increase) decrease in prepaid expenses and other current assets, operating leases right of use asset and other assets			17,662				(3,902	)			(1,928	)			(7,199	)
Increase (decrease) in accounts payable, accrued expenses and other liabilities			508				14,993				40,414				26,460
Net cash provided by operating activities			10,851				22,026				61,922				69,117
Cash flows from investing activities:
Proceeds from sale of businesses, net of cash divested			—				33				(42,967	)			83
Purchases of property and equipment			(1,552	)			(5,023	)			(6,289	)			(19,881	)
Purchase of a business, net of cash acquired			—				—				—				(6,930	)
Purchases of marketable securities			—				(1,183	)			—				(11,355	)
Proceeds from sale of marketable securities			362				10,000				10,381				38,093
Proceeds from loan receivable			—				—				10,748				—
Purchases of investments			—				(100	)			—				(300	)
Issuance of loan receivable			—				(5,550	)			—				(13,636	)
Net cash provided by (used in) investing activities			(1,190	)			(1,823	)			(28,127	)			(13,926	)
Cash flows from financing activities:
Proceeds from stock option exercises			—				—				—				554
Tax payments related to shares withheld for share-based compensation plans			—				(63	)			(27	)			(158	)
Payments on debt			—				(1,250	)			(20,275	)			(214,495	)
Dividends paid			(4,499	)			(4,400	)			(13,471	)			(13,182	)
Distributions to noncontrolling interest			—				—				(1,078	)			(3,380	)
Payment of contingent consideration			—				(3,403	)			(14,300	)			(35,113	)
Principal payments under finance lease obligation			(36	)			(37	)			(110	)			(113	)
Proceeds from borrowings on debt			—				1				—				212,420
Payments for debt issuance costs			—				—				—				(1,777	)
Net cash provided by (used in) financing activities			(4,535	)			(9,152	)			(49,261	)			(55,244	)
Effect of exchange rates on cash, cash equivalents and restricted cash			—				(3	)			(2	)			(2	)
Net increase (decrease) in cash, cash equivalents and restricted cash			5,126				11,048				(15,468	)			(55	)
Cash, cash equivalents and restricted cash:
Beginning			85,915				100,341				106,509				111,444
Ending		$	91,041			$	111,389			$	91,041			$	111,389

 

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Entravision Communications Corporation

Reconciliation of Consolidated EBITDA to Net income (loss) attributable to common stockholders

(In thousands; unaudited)

The most directly comparable GAAP financial measure is net income (loss) attributable to common stockholders. A reconciliation of this non-GAAP measure to net income (loss) attributable to common stockholders for each of the periods presented is as follows:

 

		Three-Month Period								Nine-Month Period
		Ended September 30,								Ended September 30,
		2024				2023				2024				2023
Net income (loss) attributable to common stockholders		$	(11,980	)		$	2,719			$	(92,550	)		$	2,771
Net income (loss) attributable to redeemable noncontrolling interest - discontinued operations			—				13				(2,779	)			1
Net income (loss) attributable to noncontrolling interest - discontinued operations			—				—				—				(342	)
Interest expense			4,087				4,346				12,648				12,464
Interest expense - discontinued operations			—				108				219				324
Interest income			(646	)			(1,068	)			(1,801	)			(2,396	)
Interest income - discontinued operations			—				(490	)			(731	)			(1,059	)
Dividend income			—				—				(10	)			(32	)
Realized gain (loss) on marketable securities			1				33				110				94
(Gain) loss on debt extinguishment			—				—				91				1,556
Income tax expense			14,984				(1,012	)			173				(3,055	)
Income tax expense - discontinued operations			(125	)			482				(770	)			2,017
Amortization of syndication contracts			112				118				339				358
Payments on syndication contracts			(108	)			(125	)			(337	)			(366	)
Non-cash stock-based compensation			3,688				7,032				12,422				17,053
Depreciation and amortization			3,882				4,733				13,049				11,948
Depreciation and amortization - discontinued operations			—				2,623				3,958				8,388
Change in fair value of contingent consideration			(650	)			(100	)			(630	)			621
Change in fair value of contingent consideration - discontinued operations			—				(5,897	)			(12,568	)			(9,560	)
Impairment charge			—				989				—				989
Impairment charge - discontinued operations			—				—				49,438				—
Non-recurring cash severance and restructuring charge			1,722				—				4,849				612
Other operating (gain) loss - discontinued operations			125				—				45,139				—
EBITDA attributable to redeemable noncontrolling interest - discontinued operations			—				(319	)			(167	)			(736	)
EBITDA attributable to noncontrolling interest - discontinued operations			—				—				—				(230	)
Consolidated EBITDA (1)		$	15,092			$	14,185			$	30,092			$	41,420

(1) Consolidated EBITDA is defined on page 2.

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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 cash flows from operating activities. 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,
		2024				2023				2024				2023
Cash flows from operating activities		$	10,851			$	22,026			$	61,922			$	69,117
Cash paid for capital expenditures (2)			(1,552	)			(5,023	)			(6,289	)			(19,881	)
Free cash flow (1)		$	9,299			$	17,003			$	55,633			$	49,236

 

 

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v3.24.3

Document And Entity Information	Nov. 06, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 06, 2024
Entity Registrant Name	ENTRAVISION COMMUNICATIONS CORP
Entity Central Index Key	0001109116
Entity Emerging Growth Company	false
Entity File Number	001-15997
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4783236
Entity Address, Address Line One	2425 Olympic Boulevard
Entity Address, Address Line Two	Suite 6000 West
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90404
City Area Code	310
Local Phone Number	447-3870
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock
Trading Symbol	EVC
Security Exchange Name	NYSE

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