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04.05.2017 22:25
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PR Newswire
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Entravision Communications Corporation Reports First Quarter 2017 Results
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PR Newswire
SANTA MONICA, Calif., May 4, 2017
SANTA MONICA, Calif., May 4, 2017 /PRNewswire/ -- Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three-month period ended March 31, 2017.
Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9. Unaudited financial highlights are as follows:
| | Three-Month Period | ||||||||||
| | Ended March 31, | ||||||||||
| | 2017 | | | 2016 | | | % Change | ||||
| Net revenue | $ | 57,510 | | | $ | 58,113 | | | | (1)% | |
| Cost of revenue - digital media (1) | | 1,752 | | | | 1,839 | | | | (5)% | |
| Operating expenses (2) | | 38,292 | | | | 39,000 | | | | (2)% | |
| Corporate expenses (3) | | 5,867 | | | | 5,604 | | | | 5% | |
| | | | | | | | | | | | |
| Consolidated adjusted EBITDA (4) | | 12,570 | | | | 12,611 | | | | (0)% | |
| | | | | | | | | | | | |
| Free cash flow (5) | $ | 7,265 | | | $ | 6,558 | | | | 11% | |
| | | | | | | | | | | | |
| Net income | $ | 2,618 | | | $ | 2,270 | | | | 15% | |
| | | | | | | | | | | | |
| Net income per share, basic | $ | 0.03 | | | $ | 0.03 | | | | 0% | |
| Net income per share, diluted | $ | 0.03 | | | $ | 0.02 | | | | 50% | |
| | | | | | | | | | | | |
| Weighted average common shares outstanding, basic | | 90,236,476 | | | | 88,897,456 | | | | | |
| Weighted average common shares outstanding, diluted | | 91,760,531 | | | | 90,932,109 | | | | | |
| | | | | | | | | | | | |
| (1) Cost of revenue 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, selling, general and administrative expenses. Included in operating expenses are $0.2 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended March 31, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).
(3) Corporate expenses include $0.8 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended March 31, 2017 and 2016, respectively.
(4) Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, 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 and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions.
(5) Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income. | |||||||||||
Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, "Our first quarter results were impacted by the absence of political advertising revenue in the first quarter compared to the prior year. We grew our television advertising revenue, but this increase was offset by decreases in our radio and digital segments. We also improved our free cash flow and net income over last year's fourth quarter. Additionally, we continued to build our digital footprint through our announced acquisition of Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other parts of Latin America. Looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders."
Quarterly Cash Dividend
The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.03125 per share of the Company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.8 million. The quarterly dividend will be payable on June 30, 2017 to shareholders of record as of the close of business on June 15, 2017, and the common stock will trade ex-dividend on June 13, 2017. As previously announced, the Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.
FCC Auction for Broadcast Spectrum
On April 13, 2017, the Federal Communication Commission finalized the "incentive auction" for broadcast spectrum, which resulted in anticipated proceeds of approximately $264 million for the Company. The anticipated proceeds reflect the FCC's acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of the Company's television stations. The Company does not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The proceeds of the incentive auction are expected to be received in the second half of 2017.
WJAL-TV to Relocate from Hagerstown, Maryland to Washington, D.C.
On April 20, 2017, the Company exercised its rights under an agreement pursuant to which a full-power station in Washington, D.C. will permit the Company's television station WJAL-TV to broadcast on a portion of such station's broadcast channel, on a jointly shared and licensed basis, and relocate its broadcast location from Hagerstown, Maryland to Washington, D.C., subject to Federal Communications Commission approval, in exchange for payment from the Company of $32.5 million.
Acquisition of Headway
On April 4, 2017, the Company completed the acquisition of the business of Headway, a provider of digital marketing solutions primarily in the United States, Mexico and other parts of Latin America. The transaction was funded from the Company's cash on hand.
Financial Results
| Three-Month Period Ended March 31, 2017 Compared to Three-Month Period Ended | |||||||||||
| | |||||||||||
| | Three-Month Period | ||||||||||
| | Ended March 31, | ||||||||||
| | 2017 | | | 2016 | | | % Change | ||||
| Net revenue | $ | 57,510 | | | $ | 58,113 | | | | (1)% | |
| Cost of revenue - digital media (1) | | 1,752 | | | | 1,839 | | | | (5)% | |
| Operating expenses (1) | | 38,292 | | | | 39,000 | | | | (2)% | |
| Corporate expenses (1) | | 5,867 | | | | 5,604 | | | | 5% Werbung Mehr Nachrichten zur Entravision Communications Aktie kostenlos abonnieren
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