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07.05.2020 22:15
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PR Newswire
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Entravision Communications Corporation Reports First Quarter 2020 Results
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PR Newswire
SANTA MONICA, Calif., May 7, 2020
SANTA MONICA, Calif., May 7, 2020 /PRNewswire/ -- Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three-month period ended March 31, 2020.
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 10. Unaudited financial highlights are as follows:
| | Three-Month Period | ||||||||||
| | Ended March 31, | ||||||||||
| | 2020 | | 2019 | | % Change | ||||||
| Net revenue | $ | 64,249 | | $ | 64,680 | | | (1) | % | ||
| Cost of revenue - digital media (1) | | 7,347 | | | 7,642 | | | (4) | % | ||
| Operating expenses (2) | | 40,270 | | | 42,744 | | | (6) | % | ||
| Corporate expenses (3) | | 6,840 | | | 6,894 | | | (1) | % | ||
| Foreign currency (gain) loss | | 1,508 | | | 132 | | | 1042 | % | ||
| | | | | | | | | | | ||
| Consolidated adjusted EBITDA (4) | | 9,679 | | | 8,057 | | | 20 | % | ||
| | | | | | | | | | | ||
| Free cash flow (5) | $ | 5,229 | | $ | 1,293 | | | 304 | % | ||
| | | | | | | | | | | ||
| Net income (loss) | $ | (35,592) | | $ | 1,424 | | * | | |||
| | | | | | | | | | | ||
| Net income per share, basic and diluted | $ | (0.42) | | $ | 0.02 | | * | | |||
| | | | | | | | | | | ||
| Weighted average common shares outstanding, basic | | 84,317,767 | | | 86,101,741 | | | | | ||
| Weighted average common shares outstanding, diluted | | 84,317,767 | | | 87,152,987 | | | | | ||
| | | ||||||||
| (1) | Cost of revenue – digital media consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized. | ||||||||
| (2) | For purposes of presentation in this table, the operating expenses line item includes direct operating and selling, general and administrative expenses. Included in operating expenses are $0.1 million of non-cash stock-based compensation for each of the three-month periods ended March 31, 2020 and 2019. Also for purposes of presentation in this table, the operating expenses line item does not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment, other income (loss) and change in fair value of contingent consideration. | ||||||||
| (3) | Corporate expenses include $0.7 million of non-cash stock-based compensation for each of the three-month periods ended March 31, 2020 and 2019. | ||||||||
| (4) | Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from the Federal Communications Commission, or FCC, spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated adjusted EBITDA because that measure is defined in the agreement governing our current credit facility ("the 2017 Credit Facility") and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings. | ||||||||
| (5) | Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, capital expenditures and non-recurring cash expenses plus dividend income, and FCC reimbursement for broadcast television repack less related cash expenses. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income. | ||||||||
Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, "Our first quarter results were affected by the COVID-19 pandemic and the resulting economic crisis late in the period, which resulted in declines in our radio and digital segments compared to the prior year. However, we did achieve growth in our television segment compared to the first quarter of 2019. We expect a significantly greater adverse impact in future periods, depending upon the extent and duration of the economic downturn. We continue to maintain a solid balance sheet and are undertaking an extensive review of our business in order to more efficiently align operations and reduce costs. Looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, as we execute our multiplatform strategy to the benefit of our shareholders."
Quarterly Cash Dividend
The Company announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.025 per share on the Company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.1 million. The quarterly dividend will be payable on June 30, 2020 to shareholders of record as of the close of business on June 15, 2020, and the common stock will trade ex-dividend on June 12, 2020. 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.
Impairment
Due to the current economic crisis resulting from the COVID-19 pandemic, we experienced a decline in performance across all our reporting units beginning late in the first quarter of 2020. Additionally, the digital reporting unit was already facing declining results prior to the onset of the pandemic, caused by continuing competitive pressures and rapid changes in the digital advertising industry, which then further accelerated late in the quarter as a result of the economic crisis resulting from the pandemic. The results of our television and radio reporting units prior to the onset of the pandemic were exceeding internal budgets, driven in large part by political advertising revenue, but declined sharply in the last few weeks of the quarter because of the pandemic and the resulting economic crisis. As a result, we updated our internal forecasts of future performance and determined that triggering events had occurred during the first quarter of 2020 that required interim impairment assessments related to goodwill, indefinite lived intangible assets and long-lived assets. As a result of these assessments, we recognized impairment charges totaling $39.8 million in the three-month period ended March 31, 2020.
Financial Results
| Three-Month period ended March 31, 2020 Compared to Three-Month Period Ended | |||||||||||
| March 31, 2019 | |||||||||||
| (Unaudited) | |||||||||||
| | |||||||||||
| | Three-Month Period | | |||||||||
| | Ended March 31, | | |||||||||
| | 2020 | | 2019 | | % Change | ||||||
| Net revenue | $ | 64,249 | | $ | 64,680 | | | (1) | % | ||
| Cost of revenue - digital media (1) | | 7,347 | | | 7,642 Werbung Mehr Nachrichten zur Entravision Communications Aktie kostenlos abonnieren
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