SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced the following updates to its Board of Directors (“the Board”), effective immediately, as part of the Company’s ongoing commitment to corporate governance practices and enhancing stockholder value:
Michael Christenson, Entravision’s Chief Executive Officer, was appointed as a director of the Company.
Lara Sweet, currently a director of MediaAlpha, Inc. and previously the Chief People Officer, Interim Chief Financial Officer, and Chief Accounting Officer and Controller of Snap Inc., was appointed as an independent director of the Company. Ms. Sweet will serve on the Audit Committee as a financial expert and on the Compensation Committee.
Juan Saldivar von Wuthenau, Entravision’s Chief Digital, Strategy and Accountability Officer, has resigned as a director of the Company. Mr. Saldivar will remain in his current executive role at Entravision which he has held since November 2020.
“We are pleased to welcome both Mr. Christenson and Ms. Sweet as directors, consistent with our commitment to corporate governance and periodically refreshing the Board with new perspectives, skill sets and experiences,” commented Paul Zevnik, Chair of Entravision’s Board of Directors. “We look forward to benefiting from Mr. Christenson’s extensive experience with high-growth public and private technology companies and, in conjunction with his role as CEO of the Company, building on our strategy to drive growth and stockholder value. In addition, Ms. Sweet has valuable leadership experience in finance and human resources at major technology companies. These updates align with our ongoing Board refreshment and succession planning, which includes the appointment earlier this year of Brad Bender, who brings significant digital advertising industry experience, and Tom Strickler, who added deep knowledge of the media and entertainment industry as well as significant business leadership expertise. I’d also like to thank Mr. Saldivar for his contributions to the Board over the past nine years and for remaining in his executive role as the Company continues to build value with our digital media, advertising and technology platforms.”
Mr. Saldivar added, “It has been an honor to serve as a director since 2014, while helping develop and implement the Company’s digital strategy as an external consultant since 2011 and a member of the executive team for the past three years. I believe Entravision’s future is bright and I look forward to continuing to collaborate with the Board and executive team as we advance our strategy of being a premiere global media, advertising solutions and technology company.”
Ms. Sweet has been a director of MediaAlpha, Inc., a marketing technology company that uses technology and data science to help businesses optimize their customer acquisition efforts, since the completion of its initial public offering in October 2020 and serves as the chair of its Audit Committee. In addition, Ms. Sweet serves as an advisor to private technology companies. From May 2019 to June 2021, Ms. Sweet served as the Chief People Officer at Snap Inc., a social media company and owner of the Snapchat application. Prior to that, Ms. Sweet served as Snap’s Interim Chief Financial Officer from January 2019 to May 2019, and as Chief Accounting Officer and Controller from June 2016 to September 2019. During her tenure in these roles, Ms. Sweet was integrally involved in developing and implementing best practices across Snap’s accounting and financial reporting functions, among other key initiatives. Prior to Snap, Ms. Sweet served as Controller and Chief Accounting Officer at AOL. She has also held the positions of Senior Director, External Reporting at Freddie Mac and Senior Manager, Internal Audit at Marriott International. Ms. Sweet received a B.S. in Accounting from George Mason University.
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 Young Chief Financial Officer Entravision 310-447-3870
Entravision will empower advertisers to capture audiences in Europe and the U.S.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision, a global advertising solutions, media and technology company serving clients across more than 40 countries, has entered into an international sales partnership with Pinterest, the visual inspiration platform.
Through this partnership, Entravision will offer advertisers outreach and campaign management in various countries across Southeast Asia, Latin America, Africa, Europe, and the Middle East, where Pinterest is not currently serving ads, and will enable these advertisers to reach audiences where ads are served in Europe and the U.S.
Each month, hundreds of millions of people use Pinterest to discover products and services for their wardrobe, for their new home, for a fresh beauty look and much more. Advertisers want to be discovered during these planning moments, and there is a natural alignment with users who seek brands to inspire their next purchase. On Pinterest, advertisers can reach the consumers they care about and drive them from discovery to decision to do – all in a more positive place online.
“From awareness to consideration to conversion, we have the ideal ad solutions for our advertisers, up and down the funnel. We are driving more clicks, conversions, and better performance for our advertisers than ever and are thrilled to partner with Entravision to extend our ads offering to more brands around the world,” said Bill Watkins, Chief Revenue Officer at Pinterest.
“We are excited and look forward to Entravision and Pinterest uniting to deliver more value, engagement, and growth to Pinterest’s advertisers. Our solutions serve more than 8,000 brands every month and will enable advertisers to fully access Pinterest’s global audience,” said Michael Christenson, CEO of Entravision.
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 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.
About Pinterest
Pinterest is the visual inspiration platform where people come to search, save, and shop the best ideas in the world for all of life’s moments. Whether it’s planning an outfit, trying a new beauty ritual, renovating a home, or discovering a new recipe, Pinterest is the best place to confidently go from inspiration to action. Headquartered in San Francisco, Pinterest launched in 2010 and has 465 million monthly active users worldwide. Available on iOS and Android, and at pinterest.com.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, announced today that its African based digital business unit has become the exclusive sales partner in Africa of Match Media Group, the group that powers advertising for brands including Tinder, OkCupid and Match.
(Graphic: Business Wire)
Match Group is on a mission to spark meaningful connections for every single person in the world. Founded 25 years ago, Match pioneered the concept of online dating and continues to foster innovation in the online dating industry. With more than 20 offices around the world, the company operates several iconic brands under its portfolio including Match, OkCupid, Tinder, and The League. Today, hundreds of millions of singles have found a meaningful connection using Match Group services.
“This partnership with Match Media Group reinforces our commitment to advertisers to connect brands to consumers through local strategic support, creative expertise and a suite of innovative advertising opportunities on the platform,” said Julian Jordaan, President of Entravision Africa. “Globally, we’re seeing a dating renaissance, with online dating now being the most common way that singles are making new connections. We’re thrilled to be partnered with Match Media Group in Africa to connect consumers to brands in an authentic and relevant way.”
As the exclusive sales partner to Match Media Group across the African continent, Entravision has created a dedicated local team of experts based in South Africa to provide businesses with the tools crucial to sales growth, while also assisting customers in deploying their advertising investments more efficiently across their digital technologies.
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 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.
About Match Group
Match Group (NASDAQ: MTCH), through its portfolio companies, is a leading provider of digital technologies designed to help people make meaningful connections. Our global portfolio of brands includes Tinder®, Hinge®, Match®, Meetic®, OkCupid®, Pairs™, PlentyOfFish®, Azar®, Hakuna™, and more, each built to increase our users’ likelihood of connecting with others. Through our trusted brands, we provide tailored services to meet the varying preferences of our users. Our services are available in over 40 languages to our users all over the world.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.
Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Non Deal Road Show highlights. This report highlights a recent NDR with Christopher Young, the Chief Financial Officer of Entravision. We believe that the investor meetings reinforced our favorable investment thesis for the company; its above average revenue and cash flow prospects, the looming influx of high margin Political advertising, its attractive outlook for its Digital businesses, large cash position, free cash flow generation, and compelling stock valuation, which offers an impressive current 5.5% annualized dividend yield.
Focus on margins. The company plans to focus on improving margins in its Digital business and is in the process of right sizing its Digital business by reducing staffing levels and reorganizing commissions. Its plan is to return Digital margins from the current 5% to the upper single digits to 10%.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global media and marketing technology company, today announced that the Company will bring listeners the most extensive Spanish language radio broadcast coverage of the NFL for the 2023-24 season. For the 9th consecutive season, Entravision will broadcast 51 prime NFL games in Spanish across its US owned-and-operated radio stations and in key markets through affiliate partnerships that include Latino Media Network.
Entravision will begin with the NFL Kickoff game on Thursday, September 7th, featuring a match-up between the Detroit Lions and the defending Super Bowl champions, the Kansas City Chiefs. Radio coverage continues across the expanded 18-week NFL season, including all Sunday Night Football and Monday Night Football games, and will continue through the postseason, including the AFC Championship, NFC Championship, and, for the very first time, culminating with Super Bowl LVIII in Las Vegas on February 11, 2024. Super Bowl LVIII will be played at Allegiant Stadium, home of the NFL’s Las Vegas Raiders.
Entravision’s game day broadcasts include a pre-game show, followed by the live game broadcast and post-game analysis. In addition, Sunday broadcasts start with a 30-minute signature analysis show, Pase Completo, prior to the pre-game show, featuring veteran multi-sport announcer Ricardo Celis and game analyst Tony Nuñez. The Pase Completo program will also be streamed live on Facebook Live.
“We are thrilled to extend our long-term partnership with the NFL and bring our listeners the most extensive Spanish language radio broadcast of the National Football League,” said Jeffery Liberman, President and Chief Operating Officer of Entravision Communications Corporation. “The fastest-growing fan base for the NFL is the Latino consumer which is passionately awaiting the start of the season. We have had a great partnership with the NFL, and we will continue to build upon this momentum to provide best-in-class coverage and unique cross-promotions that amplify key NFL initiatives.”
“Our partnership with Entravision is vital, as it helps bring the NFL to Spanish-speaking fans across the country, one of the fastest growing segments of our football fan base,” said Marissa Solis, NFL SVP Global Brand and Consumer Marketing. “Providing Spanish language calls of a large slate of NFL games, including Sunday Night and Monday Night Football, as well as the postseason and the Super Bowl, Entravision will ensure that our Latino fans have the access to the NFL that they deserve.”
Entravision O&O Station List
Market
Station
Call Letters
Los Angeles, CA
Viva 103.1 FM
KDLD-FM/KDLE-FM
Phoenix, AZ
La Suavecita 106.9 y 107.1 FM
KVVA-FM and KDVA-FM
Denver, CO
La Suavecita 92.1 FM
KJMN-FM
Sacramento, CA
La Suavecita 104.3 FM
KXSE-FM
Las Vegas, NV
Fuego 92.7 FM
KRRN-FM
El Paso, TX
La Suavecita 93.9 FM
KINT-FM
Monterey/Salinas, CA
La Suavecita 107.1 FM
KSES-FM
Albuquerque, NM
TUDN 1450 AM
KRZY-AM
McAllen, TX
La Suavecita 101.9 FM
KNVO-FM
Palm Springs, CA
Fuego 103.5 FM
KPST-FM
Stockton/Modesto
La Suavecita 97.1 FM
KTSE-FM
Reno, NV
La Tricolor 102.1 FM
KRNV-FM
El Centro, CA
La Suavecita 94.5 FM
KSEH-FM
Lubbock, TX
TUDN 1460 AM
KBZO-AM
Aspen, CO
La Tricolor 104.3 y 107.1 FM
KPVW-FM
Latino Media Network Affiliate Station List
Market
Station
Call Letters
New York, NY
1280 AM
WADO-AM*
Miami, FL
1140 AM
WQBA-AM
Chicago, IL
1200 AM
WRTO-AM
Dallas, TX
1270 AM
KFLC-AM
*WADO-AM is under contract to be acquired by Latino Media Network from TelevisaUnivision.
About Entravision Communications Corporation
Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.
About Latino Media Network
Latino Media Network is a media company serving the Latino community by helping us make sense of the world and their place in it. We will inspire, inform and celebrate Latinos through an audio focused multimedia network, owned and operated by members of our community. We will focus on content creation across a variety of culturally relevant subjects and help our community navigate the ocean of information that exists in our society. The network will create cultural pride by telling our stories, addressing our concerns and talking about opportunities for a better future.
Why Growth Companies May Take a Backseat for a While
Most everything runs in cycles; this is especially true for investment trends, investment styles, and investment performance or results. It looks like value investing has been making its long-awaited return to favor. This could be good news for investors that are frightened of the dizzying heights reached by tech’s top performers (the bigger they are, the harder they could fall) and provide an opportunity for those that know stock market history and expect it to repeat its time-tested performance attributes.
Value Versus Growth
It makes sense to quickly define value stocks and growth stocks as there are big differences, even though to the untrained, it may sound like we are talking about the same thing.
Growth stocks are stocks that are expected to outpace the overall market. These stocks are typically priced higher, using metrics we’ll discuss later, than value stocks because investors are willing to pay a premium for the expected future earnings growth. The definition can include large-cap companies still on a high growth trajectory like Apple (AAPL) or Tesla (TSLA), and small-cap companies such as AI company Soundhound (SOUN) or microcap companies like last quarter’s digital mining favorite Bit Digital (BTBT).
Value stocks are those trading for less than their intrinsic value. This means that for any one of a number of reasons, including momentum traders being distracted from value, the stock is priced below what the investor believes it should be worth. Put simply; value investors believe that they can identify stocks that are undervalued because they are not current “favorites” in the market. Large-cap examples could include well-established consumer goods company Proctor and Gamble (PG) as it is stable and growing, but not with great speed, or small-cap digital, television, and audio provider Entravision (EVC). Microcap companies may also be considered value stocks, take for example dry-bulk shipping company, Eurodry (EDRY). While the company has earnings and pays an above-average dividend, the nature of the business does not place its earnings expectations to become a multiple of its current business five or ten years from now.
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The Important History
Going back more than 40 years to the decade of the 1980s value stocks outperformed; the 1990s were led by growth opportunities. Then, in 2000, value investing beat growth for seven consecutive years. From there growth companies dominated through 2021. These are long cycles. In 2020, the year of ample stimulus money and Robinhood trading, growth seemed to have reached a crescendo and may have concluded its outperformance cycle with the strongest leg, beating value by more than 30 percentage points – the widest margin since at least 1927. Then, in 2021 value became the more dominant provider of performance. While trends are best seen in the rearview mirror, it appears that value investing has made and is continuing to make a comeback.
Last year, 2022, value beat growth by almost 25%, that is, using as a benchmark the S&P 500 Growth ETF (IVW) relative to the S&P 500 Value ETF (IVE). Both were down, but growth fell by 29.5% while value dipped by 5.4%.
Those that missed the growth stock go-go part of the cycle can only wish they could turn back time. Instead they must play the cards that are in their hands now. You can’t invest on yesterday’s circumstances. The question now is, has there been an ongoing shift to value, and how far can it go? Will it make up for the many underperforming years?
Are We in a Period of Value Outperformance?
One point already made is that markets and segments of the financial markets run in cycles. That actually lacks a clear definition. Surmising that over a long enough time period, the two will take turns outperforming with value more often, providing higher returns to investors lacks definition and traditional factors for one to outperform.
Over the last decade, low interest rates brought a lot of investors into the stock market. Most of those years investors were highly rewarded. Those with a greater risk tolerance did best which increased the risk appetite across the board. Growth, especially on the technology front, was rapid, during the pandemic. The demand for technology reached a peak and was met with investor cash as factors like stimulus checks, no commission trades, smartphone trading apps, and free time all converged at once. No wonder 2021 was so strong.
Consider this: The Price Earnings Ratio (P/E) of the Nasdaq 100 is 30.25, that is to say the average stock is priced at over 30 times annual earnings. The growth ETF IVW is at 23.5 times earnings. Meanwhile, the P/E of the value ETF IVE is only 20.6 times earnings. If earnings of past high flyers discontinue their growth trajectory either by increased costs such as interest rates or decreased sales partly prompted by the Fed injecting cash into the system, their growth may stall for some time. Investors will have to look for opportunity elsewhere, in other words, find value. The cheaper stocks (lower P/E) are where they have turned in the past, which keeps the two running in cycles.
Take Away
Value had a much better year than growth last year and seems to be in a position to make up for over a decade of lost ground to the riskier growth stocks. A portion of yesterday’s demand may have been met and likely borrowed from today’s demand for products involving communication and technology. For instance, Apple is expected to sell far fewer smartphones this year.
The year 2022 was a wake up call for those involved that became accustomed to making money each time they chased and bought an already expensive stock. These stocks now are competing with certificates of deposit rates at the local bank, and the idea that there is too wide of a gap between growth and value. For those that are long-term investors, they may look at history and decide that stocks, not fixed income, will provide the most return. Using a similar comparison, they may also expect that for growth and value to approach their normal relationship to each other, value will need a few years of significant outperformance or many years of mild outperformance. Either way, value investing is now the easier argument to make.
Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Mixed Q2 results. While revenues beat expectations ($273.4 million versus our $262.9 million estimate), adj. EBITDA was 13% lower than expected ($14.2 million versus our $16.4 million estimate). The revenue variance was due to its Digital revenue, $10 million above our expectations. Notably, the biggest adj. EBITDA variance was due to lower margins in its Digital Media segment.
A Facebook faceplant. The company’s Digital Media margins going forward will be adversely affected by Meta (Facebook) is reducing Entravision’s commission revenue, from 10% to 7%. We estimate that this will adversely affect the company by over $8 million in adj. EBITDA in the second half 2023. While margins will take a hit, the company’s Digital Media revenue growth appears favorable and adj. EBITDA is expected to grow strong double digits in 2024.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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
Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Shuns Inside Favorite. Entravision’s board appointed Michael Christenson as its Chief Executive Officer, effective July 1, 2023, denying Chris Young, the interim CEO and CFO, the position. Mr. Christenson has a decades long career as an investment banker and held leadership roles at software companies New Relic and CA Technologies.
What does the move tell us? We believe that the appointment signals that the company will become more aggressive in seeking acquisitions. As of March 31, the company had a pristine balance sheet with roughly $180 million in cash and marketable securities and $207 million in debt, or a modest 0.3 times net debt to estimated cash flow. Given Mr. Christenson’s investment banking background, we believe that M&A likely will be his mandate.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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 Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three-month period ended March 31, 2023.
First Quarter 2023 Highlights
Record first quarter revenue
Net revenue up 21% over the prior-year quarter
Net income attributable to common stockholders up 8% over the prior-year quarter
Consolidated EBITDA down 28% compared to the prior-year quarter
Operating cash flow down 31% compared to the prior-year quarter
Free cash flow down 73% compared to the prior-year quarter
Quarterly cash dividend of $0.05 per share
Entered into $275 Million Credit Facility
“Entravision saw continued growth in the first quarter of 2023, with revenue up 21% year-over-year,” said Chris Young, Interim Chief Executive Officer and Chief Financial Officer. “Growth for the quarter was led by our digital segment, which is impressive given difficult macro conditions and decreased political advertising revenue from last year.”
Mr. Young continued, “With a solid balance sheet in place, strong free cash flow generation, and an acute focus on expense management, Entravision is well-equipped to navigate the current economic environment. As we progress through additional quarters, we will continue to seek out opportunities, including acquisitions, that will enhance our digital offerings and strengthen our ability to compete internationally.”
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 June 30, 2023 to shareholders of record as of the close of business on June 16, 2023, and the common stock will trade ex-dividend on June 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.
$275 Million Credit Facility
On March 17, 2023, the Company entered into the 2023 Amended and Restated Credit Facility (the “2023 Credit Facility”), which consists of a $200 million senior secured Term A Facility, which was drawn in full, and a $75 million Revolving Credit Facility, of which $11.5 million was drawn. In addition, the 2023 Amended and Restated Credit Agreement (the “2023 Credit Agreement”) provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility by an additional amount equal to $100 million plus the amount that would result in the Company’s first lien net leverage ratio (as such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9.
Net revenue in the first quarter of 2023 totaled $239.0 million, up 21% from $197.2 million in the prior-year period. Of the overall increase, $42.8 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business, and due to our VIEs, 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 $0.6 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 $0.4 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 first quarter of 2023 totaled $167.8 million, up 29% from $129.9 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 our VIEs, which did not contribute to our financial results in our digital segment in the comparable period.
Operating expenses in the first quarter of 2023 totaled $52.6 million, up 20% from $43.9 million in the prior-year period. Of the overall increase, $6.3 million was attributable to our digital segment and was primarily due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period, an increase in salary expense, an increase in non-cash stock-based compensation, and an increase in expenses associated with the increase in digital advertising revenue. Additionally, of the overall increase in operating expenses, $0.9 million was attributable to our television segment primarily due to an increase in non-cash stock-based compensation, increased rent expense in the temporary office space until the move to our new permanent offices is completed, and an increase in bad debt expense. In addition, of the overall increase in operating expenses, $1.6 million was attributable to our audio segment primarily due to increases in salaries and music license fees, and increased rent expense in the temporary office space until the move to our new permanent offices is completed. The increases in non-cash stock-based compensation are mainly a result of the 2023 annual restricted stock unit (“RSU”) grant, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022.
Corporate expenses in the first quarter of 2023 totaled $10.5 million, up 20% from $8.7 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, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022, an increase in professional service fees, and an increase in audit fees.
Balance Sheet and Related Metrics
Cash and marketable securities as of March 31, 2023 totaled $179.8 million. Total debt under the Company’s credit agreement was $211.5 million. Net of $50 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.7 times as of March 31, 2023. Net of total cash and marketable securities, total leverage was 0.3 times.
Notice of Conference Call
Entravision Communications Corporation will hold a conference call to discuss its first quarter 2023 results on Thursday, May 4, 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 10176751. 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, 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 Interim Chief Executive Officer, and Chief Financial Officer and Treasurer Entravision Communications Corporation 310-447-3870
