Entravision Q2 Net Revenue Rises 24% to $221.7 Million
| RADIO ONLINE | Wednesday, August 3, 2022 | 5:23pm CT |
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 Entravision |
Entravision Communications reported second quarter net revenue rose 24% to $221.7 million from $178.4 million in 2021. Of the overall increase, $44.2 million was attributable to its digital segment and was primarily due to advertising revenue growth from its digital commercial partnerships business and acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively. The company posted a net income of $10.3 million, down 22% from $13.2 million in the year-ago period.
"The second quarter marked yet another impressive performance for Entravision, with net revenues totaling $221.7 million, up 24% versus the prior year quarter. On a year to date basis, revenues increased even more significantly and were up 28% as compared to the first half of 2021," said Chairman and CEO Walter Ulloa. "Strength during the quarter was largely driven by the growth of our digital segment, where revenues improved 34% year-over-year. Our audio segment also contributed to the quarterly revenue increase. Of particular note, political ad spend was very strong during the second quarter."
Ulloa continued, "Entravision is well positioned for continued growth. Our strong balance sheet and exceptional global team of industry-leading digital media and sales professionals provide us with the key components to succeed. At the same time, our continued focus on expense management will help drive our EBITDA, free cash flow and ability to provide consistent returns to shareholders."
The company also announced 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 amount of $2.1 million. The quarterly dividend will be payable on September 30, 2022 to shareholders of record as of the close of business on September 15, 2022, and the common stock will trade ex-dividend on September 14.
During the second quarter the company repurchased $4.1 million of its Class A common stock. As of the end of the second quarter 2022, the company repurchased a total of $11.3 million shares of its Class A common stock under its $20 million share repurchase program.
