SANTA MONICA, Calif., March 06, 2025--(BUSINESS WIRE)--Entravision Communications Corporation (NYSE: EVC), a media and advertising technology company, today announced financial results for its fourth quarter and fiscal year ended December 31, 2024.
"We achieved net revenue growth of 37% and 23% during the fourth quarter and full year 2024, respectively, compared to the same periods in 2023, driven primarily by record political advertising revenue in our Media segment and advertising revenue in our Advertising Technology & Services segment," said Michael Christenson, Chief Executive Officer. "Our balance sheet remains strong, and as we look forward to fiscal year 2025 and beyond we continue to focus on providing highly-rated news and content to our audiences, strengthening our digital marketing solutions in combination with our television and radio offerings, and continuing to grow our Advertising Technology & Services segment."
Highlights
Consolidated net revenue increased 37% for the fourth quarter 2024 and increased 23% for the year ended December 31, 2024 over the respective prior fourth quarter and year ended periods.
The company achieved record political advertising revenue in 2024, which was the fifth election cycle in a row in which the company benefited from increased political advertising revenue compared to the previous election cycle.
In 2024, the company significantly enhanced its local news programming, making substantial investments in news operations to capitalize on advertising inventory during its newscasts.
In late 2024, the company realigned its sales management structure and increased the size of its media sales team and it is our current intention that this will continue in 2025.
Media segment net revenue increased 30% for the fourth quarter 2024 and increased 13% for the year ended December 31, 2024 over the respective prior fourth quarter and year ended periods.
Advertising Technology & Services segment net revenue increased 49% for the fourth quarter 2024 and increased 42% for the year ended December 31, 2024 over the respective prior fourth quarter and year ended periods.
Media segment operating profit increased 62% for the fourth quarter 2024 and declined 4% for the year ended December 31, 2024 over the respective prior fourth quarter and year ended periods.
Advertising Technology & Services segment operating profit increased 39% for the fourth quarter 2024 and increased over 1,000% for the year ended December 31, 2024 over the respective prior fourth quarter and year ended periods.
Corporate expenses decreased 48% for the fourth quarter 2024 and decreased 25% for the year ended December 31, 2024 over the respective prior fourth quarter and year ended periods.
The company incurred an impairment charge of $61.2 million for the year ended December 31, 2024.
The company made prepayments of $20 million under its credit facility during 2024.
Total leverage as defined in the company’s credit agreement was 2.8 times as of December 31, 2024. Net of total cash and marketable securities, total leverage was 1.8 times.
Entravision’s 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. The dividend is payable on March 31, 2025 to shareholders of record as of the close of business on March 17, 2025.
About Entravision Communications Corporation
Entravision is a media and advertising technology company. In the U.S., we maintain a diversified portfolio of television and radio stations and digital advertising services that target Latino audiences. Our advertising technology business consists of Smadex, our programmatic ad purchasing platform, and Adwake, our mobile growth solutions business. Entravision is 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 Communications Corporation
Segment Results (Unaudited)
(In thousands)
Three-Month Ended December 31,
Year Ended December 31,
2024
2023
% Change
2024
2023
% Change
Net Revenue
Media
$
67,260
$
51,654
30
%
$
222,061
$
196,268
13
%
Advertising Technology & Services
39,702
26,602
49
%
142,887
100,775
42
%
Consolidated
106,962
78,256
37
%
364,948
297,043
23
%
Cost of revenue
Media
$
4,838
$
3,291
47
%
$
16,726
$
10,952
53
%
Advertising Technology & Services
23,475
16,013
47
%
85,470
66,262
29
%
Consolidated
28,313
19,304
47
%
102,196
77,214
32
%
Direct operating expenses
Media
28,583
24,921
15
%
110,988
96,925
15
%
Advertising Technology & Services
8,505
4,150
105
%
25,274
16,306
55
%
Consolidated
37,088
29,071
28
%
136,262
113,231
20
%
Selling, general and administrative expenses
Media
12,159
8,961
36
%
42,759
36,000
19
%
Advertising Technology & Services
4,900
3,437
43
%
20,109
13,761
46
%
Consolidated
17,059
12,398
38
%
62,868
49,761
26
%
Depreciation and amortization
Media
3,135
3,013
4
%
12,891
11,975
8
%
Advertising Technology & Services
637
1,431
(55
)%
3,930
4,417
(11
)%
Consolidated
3,772
4,444
(15
)%
16,821
16,392
3
%
Segment operating profit (loss)
Media
18,545
11,468
62
%
38,697
40,416
(4
)%
Advertising Technology & Services
2,185
1,571
39
%
8,104
29
*
Consolidated
20,730
13,039
59
%
46,801
40,445
16
%
Corporate expenses
7,509
14,458
(48
)%
37,498
50,294
(25
)%
Change in fair value of contingent consideration
1
200
(100
)%
(629
)
821
*
Impairment charge
61,220
12,278
399
%
61,220
13,267
361
%
Foreign currency (gain) loss
572
676
(15
)%
692
1,950
(65
)%
Other operating (gain) loss
—
609
(100
)%
—
609
(100
)%
Operating income (loss)
(48,572
)
(15,182
)
220
%
(51,980
)
(26,496
)
96
%
Interest expense
(3,824
)
(4,369
)
(12
)%
(16,472
)
(16,833
)
(2
)%
Interest income
657
1,009
(35
)%
2,458
3,405
(28
)%
Dividend income
—
3
(100
)%
10
35
(71
)%
Realized gain (loss) on marketable securities
—
1
(100
)%
(110
)
(93
)
18
%
Gain (loss) on debt extinguishment
—
—
*
(91
)
(1,556
)
(94
)%
Income (loss) before income taxes from continuing operations
$
(51,739
)
$
(18,538
)
179
%
$
(66,185
)
$
(41,538
)
59
%
Capital expenditures
Media
$
2,543
$
6,148
$
7,089
$
21,208
Advertising Technology & Services
74
1,043
372
3,643
Consolidated
$
2,617
$
7,191
$
7,461
$
24,851
Entravision Communications Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three-Month Period
Twelve-Month Period
Ended December 31,
Ended December 31,
2024
2023
2024
2023
Net revenue
$
106,962
$
78,256
$
364,948
$
297,043
Expenses:
Cost of revenue
28,313
19,304
102,196
77,214
Direct operating expenses
37,088
29,071
136,262
113,231
Selling, general and administrative expenses
17,059
12,398
62,868
49,761
Corporate expenses
7,509
14,458
37,498
50,294
Depreciation and amortization
3,772
4,444
16,821
16,392
Change in fair value of contingent consideration
1
200
(629
)
821
Impairment charge
61,220
12,278
61,220
13,267
Foreign currency (gain) loss
572
676
692
1,950
Other operating (gain) loss
—
609
—
609
155,534
93,438
416,928
323,539
Operating income (loss)
(48,572
)
(15,182
)
(51,980
)
(26,496
)
Interest expense
(3,824
)
(4,369
)
(16,472
)
(16,833
)
Interest income
657
1,009
2,458
3,405
Dividend income
—
3
10
35
Realized gain (loss) on marketable securities
—
1
(110
)
(93
)
Gain (loss) on debt extinguishment
—
—
(91
...
)
(1,556
)
Income before income taxes
(51,739
)
(18,538
)
(66,185
)
(41,538
)
Income tax (expense) benefit
(3,932
)
5,337
(4,105
)
8,392
Net income (loss) from continuing operations
(55,671
)
(13,201
)
(70,290
)
(33,146
)
Income (loss) from discontinued operations
(687
)
(5,007
)
(78,618
)
17,709
Net income (loss) attributable to common stockholders
$
(56,358
)
$
(18,208
)
$
(148,908
)
$
(15,437
)
Basic and diluted earnings (loss) per share:
Net income (loss) per share attributable to common stockholders, basic and diluted
$
(0.62
)
$
(0.21
)
$
(1.66
)
$
(0.18
)
Cash dividends declared per common share, basic and diluted
$
0.05
$
0.05
$
0.20
$
0.20
Weighted average common shares outstanding, basic and diluted
90,175,742
88,193,240
89,876,538
87,901,938
Entravision Communications Corporation
Consolidated Balance Sheets (Unaudited)
(In thousands)
December 31,
December 31,
2024
2023
ASSETS
Current assets
Cash and cash equivalents
$
95,914
$
67,398
Marketable securities
4,694
13,172
Restricted Cash
786
770
Trade receivables, net of allowance for doubtful accounts
68,319
70,082
Assets held for sale
—
301
Prepaid expenses and other current assets
16,587
16,863
Current assets of discontinued operations
—
217,269
Total current assets
186,300
385,855
Property and equipment, net
60,616
66,932
Intangible assets subject to amortization, net
4,417
7,100
Intangible assets not subject to amortization
177,276
195,174
Goodwill
7,352
50,674
Deferred income taxes
2,650
265
Operating leases right of use asset
40,762
42,868
Other assets
7,905
21,223
Noncurrent assets of discontinued operations
—
95,855
Total assets
$
487,278
$
865,946
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt
$
-
$
8,750
Accounts payable and accrued expenses
53,882
47,776
Operating lease liabilities
7,744
6,748
Current liabilities of discontinued operations
—
208,779
Total current liabilities
61,626
272,053
Long-term debt, less current maturities, net of unamortized debt issuance costs
