Fusing Music, Community, and Empowerment to Mobilize the Latino Community
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation announces the launch of its highly-anticipated “Poder Latino” concert series. This groundbreaking initiative represents a fusion of music, entertainment and community engagement aimed at mobilizing and informing the Latino community.
“We are excited to announce the launch of the ‘Poder Latino’ concert series, a unique platform poised at the intersection of entertainment and community,” said Nestor Rocha, Vice President of Audio Programming at Entravision. “Representing a pioneering initiative within the Latino community, we aim to unite the realms of entertainment and social mobilization like never before. The series will harness the impact of music to inspire unity and catalyze positive change.”
In partnership with Mi Familia en Acción, an organization dedicated to registering Latino voters and promoting civic engagement, the “Poder Latino” concert series promises to be a transformative platform for messages of empowerment and unity. This collaboration reinforces Entravision’s commitment to serving the Latino community and fostering active participation in the political process.
“In this pivotal election year, we are committed to enabling Latino voters and ensuring their voices are heard,” said Jeffery Liberman, President and Chief Operating Officer at Entravision. “Our partnership with Mi Familia en Acción solidifies our shared dedication to voter registration efforts and community advocacy through the power of music & entertainment.”
“We are thrilled to partner with Entravision on the ‘Poder Latino’ concert series. We know that an engaged, organized electorate is a powerful strength for our democracy,” said Hector Sanchez Barba, President and CEO at Mi Familia en Acción. “This concert series is a critical combination of art and civic participation that benefits the Latino families and the country. We look forward to engaging with our communities through the power of music and organizing.”
Spanning ten concert events and festivals across six major Latino markets, including Phoenix, Los Angeles, Denver, El Paso, Sacramento, and Las Vegas, the series will kick off on May 2 at the Stratus Event Center in Phoenix, Arizona, setting the stage for a series of unforgettable performances and community engagement.
Featuring top-tier headliners such as Los Caimanes de Sinaloa, Los Primos del Este, Alex Favela, Luis Ayala, and Los Valenz, “Poder Latino” promises a diverse lineup of talent that reflects the rich cultural tapestry of the Latino community.
Tickets for the event(s) will be accessible through “El Botón,” Entravision’s streaming platform showcasing 34 radio stations across 10 diverse formats. Those interested are urged to visit ElBoton.com via their mobile devices or desktops to secure their complimentary ticket(s).
“Poder Latino” Concert Series’ Q2 Schedule:
May 2, 2024 – “Sólo Con Invitación” – Stratus Event Center, Phoenix, Arizona
June 9, 2024 – “El Veranazo” – Pico Rivera Sports Complex, Pico Rivera, California
June 27, 2024 – “Fiesta Privada” – Stampede, Denver, Colorado
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services. We have commercial partnerships with global media companies, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
About Mi Familia en Acción
Mi Familia en Accion’s mission is to advance the Latino community’s policy priorities, by mobilizing Latino power, through year-round activation of the electorate, and investment in local infrastructure.
Mi Familia en Acción’s mission is to build Latino power, through activation of the community and year-round investment in local infrastructure, to advance our priorities. Both organizations have operations in Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, and Texas and expansion efforts are underway in Pennsylvania, Michigan, and Wisconsin.
Fabiola Rangel, Senior Director, Marketing and Communications, Entravision
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, announced that it will release its first quarter 2024 financial results after market close on Thursday, May 2, 2024. The Company will host a conference call that day at 5:00 p.m. Eastern Time to discuss the first quarter 2024 results.
To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (International) ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the Company’s website located at www.entravision.com.
If you cannot listen to the conference call at its scheduled time, there will be a replay available through Thursday, May 16, 2024, which can be accessed by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the passcode 10188233. The webcast will also be archived on the Company’s website.
About Entravision
Entravision (NYSE: EVC) is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe and Asia. Our digital segment offers a full suite of end-to-end advertising services across the world. We have commercial partnerships with X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
Featuring a Latin Urban and Musica Mexicana Fusion, Today’s Hottest Global Musical Movement
SANTA MONICA, Calif.–(BUSINESS WIRE)–Entravision Communications Corporation announces the highly-anticipated launch of Fuego 106.7 FM, marking a significant milestone in the realm of radio broadcasting in Phoenix. As a vibrant celebration of culture and music, Fuego 106.7 FM emerges as the premier destination for the dynamic and thriving Latino community in Phoenix and surrounding areas.
“Aimed at the growing Latino youth segment, Fuego 106.7 FM strategically taps into their influence in both cultural and ideological landscapes. This initiative provides a platform to elevate their voices and mobilize them toward community and civic issues, all while celebrating their culture through their love of music”Post this
With a steadfast commitment to Latino diversity, vibrancy, and community engagement, Fuego 106.7 FM presents a carefully curated fusion of Latin Urban beats and Musica Mexicana rhythms, capturing the essence of today’s hottest stars in the global music scene. This groundbreaking initiative underscores Entravision’s dedication to amplifying the voices and experiences of Latino youth, providing a dynamic platform where culture and creativity converge harmoniously.
“We are thrilled to unveil Fuego 106.7 FM; it represents a milestone moment in our journey to connect with Latino audiences on a deeper level. Through the power of music and cultural storytelling, we aim to ignite passion, spark conversation, and foster a community where listeners and brands can connect, celebrate and be inspired,” said Jeffery Liberman, President and Chief Operating Officer at Entravision.
Fuego 106.7 FM will showcase a curated lineup featuring the hottest Latin hits from today’s most celebrated artists such as Peso Pluma, Karol G, Xavi, Anitta, Fuerza Regida and Bad Bunny. Designed to resonate with Arizona’s Latino bilingual and bicultural audience, the station complements Entravision’s top rated radio family in Phoenix, including La Suavecita KVVA 107.1 FM (Regional Mexican, 90s Grupero and Cumbia), and La Tricolor KLNZ 103.5 FM (Regional Mexican). Together, Entravision’s three-station radio cluster form a diverse and powerful radio ecosystem that caters to the diverse musical tastes of the local Latino community.
A bicultural and bilingual talent lineup on Fuego 106.7M, including Edgar “Shoboy” Sotelo, Hector Millan, and Oscar “DJ Kazzanova” Cortes will deliver an immersive experience that resonates across generations and backgrounds.
“Aimed at the growing Latino youth segment, Fuego 106.7 FM strategically taps into their influence in both cultural and ideological landscapes. This initiative provides a platform to elevate their voices and mobilize them toward community and civic issues, all while celebrating their culture through their love of music,” said Nestor Rocha, Vice President of Audio Programming at Entravision.
Fuego program line-up includes:
The Shoboy Show | Monday – Friday 6AM – 10AM. A bilingual and bicultural sensation hosted by the dynamic Edgar “Shoboy” Sotelo, offers a feel-good journey tailored for the modern Latino generation embracing the “Spanglish” lifestyle.
Commercial-Free Mix Show at Noon | Monday – Friday 12PM.
Hector Millan | Monday – Friday 3PM – 7PM.
The Saturday Sunset Mix | Saturdays 4PM – 6PM.
The Saturday Fuego Night Mix | Saturdays 6PM – 10PM.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe and Asia. Our digital segment offers a full suite of end-to-end advertising services across the world. We have commercial partnerships with X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
Provides Update on Digital Commercial Partnership with Meta Platforms
Declares Quarterly Cash Dividend of $0.05 Per Share Payable on March 29, 2024
Company to Cancel Today’s Conference Call
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three- and twelve-month periods ended December 31, 2023, and provided an update on its digital commercial partnership with Meta Platforms. Entravision is canceling the conference call scheduled for 5 p.m. Eastern Time today.
Digital Commercial Partnerships Business Update
Through Entravision Global Partners, our digital commercial partnerships business, the Company acts as an intermediary between primarily global media companies and advertisers. These global media companies include Meta, for whom the Company acts as an Authorized Sales Partner (ASP), ByteDance, X Corp., Spotify, Snap and Pinterest, as well as other media companies, in 31 countries throughout the world.
On March 4, 2024, the Company received a communication from Meta that it intends to wind down its ASP program globally and end its relationship with all of its ASPs, including Entravision, by July 1, 2024. For full year 2023, the Company estimates Meta’s ASP program represented approximately $23.8 million of the Company’s $57.7 million total consolidated EBITDA and $586.4 million of the Company’s $1,106.9 million of total consolidated revenue. Entravision has initiated a review of its operating strategy and cost structure and will provide an update on associated plans as soon as practicable.
As of December 31, 2023, Entravision reported $118.9 million of cash and marketable securities. The Company is in compliance with all debt covenants under its current credit facility and, except for quarterly principal scheduled payments, has no maturities under that facility until March 17, 2028.
“While we are disappointed in Meta’s decision, we are confident in Entravision’s long-term opportunities given the strength of our advertising and marketing platforms and the need for our solutions globally. We are conducting an extensive review of our strategy and cost structure to reinforce our operating foundation and ensure we are best positioned to capitalize on Entravision’s global, market leading advertising, media and technology solutions. Our balance sheet is solid with a strong cash position to support the business as we navigate these changes,” said Michael Christenson, Chief Executive Officer.
(1)
Consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.
(2)
Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $2.3 million and $2.8 million of non-cash stock-based compensation for the three-month periods ended December 31, 2023 and 2022, respectively, and $9.5 million and $5.7 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2023 and 2022, respectively.
(3)
Corporate expenses include $4.4 million and $9.2 million of non-cash stock-based compensation for the three-month periods ended December 31, 2023 and 2022, respectively, and $14.2 million and $14.3 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2023 and 2022, respectively.
(4)
Consolidated EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other operating gain (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from the Federal Communications Commission, or FCC, spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated EBITDA because that measure is defined in our 2017 Credit Agreement and 2023 Credit Agreement, and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings.
(5)
Free cash flow is defined as consolidated EBITDA less cash paid for income taxes, net interest expense, capital expenditures (less amounts reimbursed by landlord) and non-recurring cash expenses plus dividend income, and other operating gain (loss). Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.
Net revenue for the fourth quarter and full year of 2023 increased primarily due to an increase in advertising revenue from our digital commercial partners business, and from various acquisitions, which did not fully contribute to our financial results in the comparable prior period. The increase was partially offset by a decrease in political advertising revenue in our television and audio segments.
Cost of revenue for the fourth quarter and full year of 2023 increased primarily due to the increase in digital advertising revenue.
Operating expenses for the fourth quarter of 2023 remained constant.
Operating expenses for the year ended December 31, 2023 increased primarily due to expenses associated with the increase in advertising revenue, increases in salary expense and non-cash stock-based compensation, rent expense, and expenses from various acquisitions, which did not fully contribute to our financial results in the comparable prior period.
Corporate expenses for the fourth quarter of 2023 decreased primarily due to non-recurring severance expense incurred in the fourth quarter of 2022 upon the passing of our former Chief Executive Officer, and due to a decrease in bonus expense.
Corporate expenses for the year ended December 31, 2023 increased primarily due to professional service fees, audit fees and rent expense, partially offset by a decrease in severance expense incurred in 2022 upon the passing of our former Chief Executive Officer, and due to a decrease in bonus expense.
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 $4.4 million. The quarterly dividend will be payable on March 29, 2024 to shareholders of record as of the close of business on March 15, 2024, and the common stock will trade ex-dividend on March 14, 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. 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.
Balance Sheet and Related Metrics
Cash and marketable securities as of December 31, 2023 totaled $118.9 million. Total debt as defined in the Company’s credit agreement was $210.6 million. Net of $50 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 2.8 times as of December 31, 2023. Net of total cash and marketable securities, total leverage was 1.6 times.
(1)
Cost of revenue, operating expenses, corporate expenses, and consolidated EBITDA are defined on page 2.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services. We have commercial partnerships with Meta, X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, announced that it will release its fourth quarter and full year 2023 financial results after market close on Tuesday, March 5, 2024. The Company will host a conference call that day at 5:00 p.m. Eastern Time to discuss the fourth quarter and full year 2023 results.
To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (International) ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the Company’s website located at www.entravision.com.
If you cannot listen to the conference call at its scheduled time, there will be a replay available through Tuesday, March 19, 2024 which can be accessed by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the passcode 10186277. The webcast will also be archived on the Company’s website.
About Entravision
Entravision (NYSE: EVC) is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services. We have commercial partnerships with Meta, X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced its participation in NobleCon19, Noble Capital Markets’ 19th Annual Emerging Growth Equity Conference, to be held December 3-5, 2023, in Boca Raton, FL. Chris Young, Chief Financial Officer and Treasurer, is scheduled to present on Monday, December 4th, 2023 at 11:30 a.m. ET and will participate in meetings with investors throughout the day.
The presentation will be webcast live over the Internet, and links to the live webcast and replay will be available on Entravision’s Investor Relations website at investor.entravision.com.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
Christopher T. Young Chief Financial Officer Entravision 310-447-3870
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three- and six-month periods ended June 30, 2023.
Second Quarter 2023 Highlights
Record quarterly advertising revenue
Net revenue up 23% over the prior-year quarter
Net loss attributable to common stockholders of $2.0 million compared to net income attributable to common stockholders of $8.5 million in the prior-year quarter
Consolidated EBITDA down 37% compared to the prior-year quarter
Operating cash flow up 7% over the prior-year quarter
Free cash flow down 89% compared to the prior-year quarter
Quarterly cash dividend of $0.05 per share
“We delivered another strong quarter at Entravision with record quarterly revenue of $273.4 million, increasing 23% year-over-year,” said Chris Young, Chief Financial Officer. “While elevated operating expenses led to a decline in adjusted EBITDA, we remain focused on managing expenses and leveraging our strong balance sheet to ensure we are well-positioned to grow in the current macroeconomic environment. We were also excited to welcome Michael Christenson as our new CEO at the beginning of July. We look forward to continuing to drive growth under his leadership.”
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 $4.4 million. The quarterly dividend will be payable on September 29, 2023 to shareholders of record as of the close of business on September 15, 2023, and the common stock will trade ex-dividend on September 14, 2023. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 10.
Net revenue in the second quarter of 2023 totaled $273.4 million, up 23% from $221.7 million in the prior-year period. Of the overall increase, $55.5 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business, and due to various acquisitions, which did not contribute to our financial results in our digital segment in the comparable period. The overall increase was partially offset by a decrease of $2.5 million attributable to our television segment, primarily due to decreases in political advertising revenue and national advertising revenue, partially offset by increases in local advertising revenue, spectrum usage rights revenue and retransmission consent revenue. In addition, the overall increase was partially offset by a decrease of $1.4 million attributable to our audio segment, primarily due to a decrease in political advertising revenue, and decreases in local and national advertising revenue.
Cost of revenue in the second quarter of 2023 totaled $195.8 million, up 35% from $145.0 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and due to various acquisitions, which did not contribute to our financial results in our digital segment in the comparable period.
Operating expenses in the second quarter of 2023 totaled $56.6 million, up 20% from $47.4 million in the prior-year period. Of the overall increase, $7.8 million was attributable to our digital segment and was primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the timing of the 2023 annual restricted stock unit (“RSU”) grant to certain employees, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022, and due to an increase in expenses associated with the increase in digital advertising revenue, an increase in salary expense, and due to various acquisitions, which did not contribute to our financial results in our digital segment in the comparable period. Additionally, of the overall increase in operating expenses, $0.1 million was attributable to our television segment primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant timing mentioned above, partially offset by a decrease in bad debt expense. In addition, of the overall increase in operating expenses, $1.3 million was attributable to our audio segment primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant timing mentioned above, and due to an increase in salaries and increased rent expense in the temporary office space until the move to our new permanent offices, which was completed in June 2023.
Corporate expenses in the second quarter of 2023 totaled $12.0 million, up 41% from $8.5 million in the prior-year period. The increase was primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant timing mentioned above, and increases in professional service fees.
Net revenue for the six-month period of 2023 totaled $512.4 million, up 22% from $418.9 million in the prior-year period. Of the overall increase, $98.3 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business, and due to various acquisitions, which did not contribute to our financial results in our digital segment in the comparable period. The overall increase was partially offset by a decrease of $2.9 million attributable to our television segment, primarily due to decreases in political advertising revenue and national advertising revenue, partially offset by increases in local advertising revenue, spectrum usage rights revenue and retransmission consent revenue. In addition, the overall increase was partially offset by a decrease of $1.7 million attributable to our audio segment, primarily due to a decrease in political advertising revenue, and decreases in local and national advertising revenue.
Cost of revenue for the six-month period of 2023 totaled $363.6 million, up 32% from $274.9 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and due to various acquisitions, which did not contribute to our financial results in our digital segment in the comparable period.
Operating expenses for the six-month period of 2023 totaled $109.3 million, up 20% from $91.2 million in the prior-year period. Of the overall increase, $14.1 million was attributable to our digital segment and was primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant timing mentioned above, and due to an increase in expenses associated with the increase in digital advertising revenue, an increase in salary expense, and due to various acquisitions, which did not contribute to our financial results in our digital segment in the comparable period. Additionally, of the overall increase in operating expenses, $1.0 million was attributable to our television segment primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant timing mentioned above. In addition, of the overall increase in operating expenses, $2.9 million was attributable to our audio segment primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant timing mentioned above, and due to an increase in salaries and increased rent expense in the temporary office space until the move to our new permanent offices, which was completed in June 2023.
Corporate expenses for the six-month period of 2023 totaled $22.5 million, up 31% from $17.2 million in the prior-year period. The increase was primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant timing mentioned above, and increases in professional service fees, audit fees and rent expense.
Balance Sheet and Related Metrics
Cash and marketable securities as of June 30, 2023 totaled $126.5 million. Total debt under the Company’s credit agreement was $210.3 million. Net of $50 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.8 times as of June 30, 2023. Net of total cash and marketable securities, total leverage was 1.0 times.
Notice of Conference Call
Entravision Communications Corporation will hold a conference call to discuss its second quarter 2023 results on Thursday, August 3, 2023 at 5:00 p.m. Eastern Time. To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (Int’l) ten minutes prior to the start time and reference Conference ID number 10180063. 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 global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
Christopher T. Young Chief Financial Officer and Treasurer Entravision Communications Corporation 310-447-3870
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, announced that it will release its second quarter 2023 financial results after market close on Thursday, August 3, 2023. The Company will host a conference call that day at 5:00 p.m. Eastern Time to discuss the second quarter 2023 results.
To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (International) ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the Company’s website located at www.entravision.com.
If you cannot listen to the conference call at its scheduled time, there will be a replay available through Thursday, August 17, 2023, which can be accessed by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the passcode 10180063. The webcast will also be archived on the Company’s website.
About Entravision
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
Christopher T. Young Chief Financial Officer Entravision 310-447-3870
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that Michael Christenson has been appointed Chief Executive Officer, effective July 1, 2023.
“We are excited to welcome Mike as Entravision’s next CEO,” said Paul A. Zevnik, Chair of Entravision’s Board of Directors. “Mike is a proven executive with operational and financial expertise and a track record of driving growth through operational execution and strategic acquisitions. We are confident that his skills and experience will help us unlock opportunities to expand our digital, television and audio segments, enhance our offerings and strengthen our competitive position in international markets. We are pleased that Mike will be joining our team to continue the mission that Walter Ulloa pursued in building the Company over many years and with the same core values that Walter instilled in the people of Entravision.”
Mr. Christenson joins Entravision with more than four decades of experience in helping companies navigate industry and technology transformation as a senior leader, investor and advisor. He previously served as President and Chief Operating Officer of two public software companies, New Relic and CA Technologies, and as an investment banker with Allen & Company and Salomon Brothers. He has also served on the board of a number of high-growth public and private technology companies.
“I am honored to join the team at Entravision,” said Mr. Christenson. “Entravision is an industry leader with a unique value proposition and an impressive suite of digital marketing services across its global footprint. As a leading global advertising solutions, media and technology company, Entravision is well positioned for continued growth and I look forward to leveraging my expertise and working together with the talented team to reach even greater heights.”
Mr. Zevnik added, “I want to thank our entire management team for working to continue the Company’s outstanding performance and building on 2022, which was a record financial year for revenue and consolidated adjusted EBITDA.”
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
Acquisition strengthens Entravision’s service offerings in Europe and Middle East, while adding a talented team of industry specialists within the e-commerce, entertainment and gaming arenas
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC) announced today that it has completed the acquisition of BCNMonetize, a leading global mobile app marketing solutions company headquartered in Barcelona.
BCNMonetize provides mobile user acquisition, retention strategies and customer engagement solutions within the mobile app market. BCNMonetize’s performance-based solutions appeal to trusted brands around the world, with over 100 clients in verticals including e-commerce, entertainment and gaming. The acquisition expands the Company’s geographic presence in Spain and into Turkey, a new market for Entravision, with an international team of mobile marketing experts.
“We welcome BCNMonetize and its outstanding team of specialists, as we further our commitment to be a preferred growth partner for brands in more than 40 countries,” said Chris Young, Interim CEO & CFO of Entravision. “This acquisition bolsters Entravision’s sales execution capabilities and allows us to keep capitalizing on the thriving global app market, with global mobile app user spending projected to increase from $469 billion in 2022 to $613 billion in 2025. We believe the addition of BCNMonetize will strengthen our foothold in new and emerging markets and advance our strategy to become one of the world’s largest digital advertising solutions companies.”
“We are excited to join the Entravision team as we continue to provide customized solutions for mobile app marketers around the world,” added Emre Atalay, Co-Founder and CEO of BCNMonetize. “I am confident the combination of our expertise and Entravision’s technology, scale and international presence will deliver best-in-class results for our brands and clients.”
BCNMonetize’s highly complementary product offering will be fully integrated into the Company’s existing mobile growth solutions business, a key focus area within its Digital segment. All BCNMonetize employees will remain with the business.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. 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.
Entravision: Christopher T. Young Interim CEO and CFO 310-447-3870
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that on March 17, 2023 the Company entered into a new $275 million credit facility, consisting of a $200 million term loan A and a $75 million revolving credit facility. Led by Bank of America, Wells Fargo, and J.P. Morgan Chase, the new credit facility replaces the Company’s existing credit facility entered into on November 30, 2017.
“The closing of this facility in this volatile financial market is a testament to the continued financial strength of our Company,” said Chris Young, Interim Chief Executive Officer and Chief Financial Officer of Entravision. “Our new facility extends the maturity of Entravision’s outstanding debt, while at the same time increases the flexibility of our strong balance sheet. We remain well-capitalized as we continue to execute on our long-term strategic plan and show leadership in the global digital media industry.”
Entravision anticipates it will use the proceeds from the new credit facility to fund its working capital needs, acquisitions and other general corporate purposes. Additional details on the new credit facility are outlined in the company’s Current Report on Form 8-K filed today with the Securities and Exchange Commission.
About Entravision
Entravision is a leading global advertising solutions, media and technology company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, comprises four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the company disclaims any duty to update any forward-looking statements made by the company. From time to time, these risks, uncertainties and other factors are discussed in the company’s filings with the Securities and Exchange Commission.
Entravision
Investors: Christopher T. Young Interim Chief Executive Officer / Chief Financial Officer 310-447-3870
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that its Board of Directors 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. This reflects a doubling of its previous quarterly dividend of $0.025 in 2022 and returns the dividend to its pre-pandemic level. The Company anticipates an aggregate payout amount of approximately $4.4 million.
This quarterly dividend is payable on March 31, 2023 to shareholders of record as of the close of business on March 16, 2023, and the common stock will trade ex-dividend on March 15, 2023. 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.
“We are pleased to increase our quarterly cash dividend, which represents the 41st consecutive dividend we have paid to our shareholders over the past 13 years,” said Chris Young, Interim Chief Executive Officer, and Chief Financial Officer & Treasurer. “Increasing our dividend reflects the strength of our cash position and our Board’s confidence in our ability to drive sustainable profitable growth. We will continue to execute on our balanced capital allocation strategy, including deploying capital to investments that will fuel our growth.”
About Entravision
Entravision is a leading global advertising solutions, media and technology company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, comprises four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.
Entravision Investors: Christopher T. Young Interim Chief Executive Officer / Chief Financial Officer & Treasurer 310-447-3870
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced Chris Young, Chief Financial Officer and Treasurer, will present at the Singular Research Best of the Uncovered Conference to be held virtually Thursday, December 8, 2022. Management is scheduled to present at 12:15 pm PT.
The presentation will be webcast live over the Internet, and links to the live webcast and replay will be available on Entravision’s Investor Relations website at investor.entravision.com.
About Entravision Communications Corporation
Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.
