Entravision Q1 Net Revenues Up 32% to $197.1 Million

RADIO ONLINE | Thursday, May 5, 2022

Entravision

Entravision Communications reported first quarter net revenue increased 32% $197.1 million from $148.8 million in 2021. Consolidated adjusted EBITDA grew 28% to $18.1 million from $14.1 million. Operating Income fell 63% to $4.1 million from $11.3 million, while Free Cash Flow rose 10% to $14.3 million from $13 million. This set an all-time first quarter record for revenue, EBITDA and free cash flow. The company posted a net income of $1.8 million (2 cents) as compared to $7 million (6 cents) in the year-ago period.

"Entravision begins 2022 on very solid footing, with net revenue for the first quarter totaling $197.2 million, up 32% year-over year. Adjusted EBITDA also improved to total $18.1 million, an increase of 28% over the prior-year period," said Chairman/CEO Walter Ulloa. "Importantly, even as our top line continues to grow, we have maintained a lean, efficient cost structure, helping to drive our cash flow as well as our ability to provide consistent returns to our shareholders."

He added, "Our strength during the first quarter was largely driven by revenue growth of 51% in our digital segment, which comprised 78% of consolidated revenue. Our broadcast businesses, and, in particular, audio, helped drive our strong margins and cash flow. Simultaneously, our strategic expansion of our commercial partnerships with some of the world's leading technology platforms has positioned us at the forefront of digital innovation across emerging economies, including Latin America, Southeast Asia, Africa, and Pakistan when we complete our investment in Jack of Digital. We are excited about the enormous opportunities that lie in front of us and look forward to sharing our progress throughout the year."

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 $2.1 million. The quarterly dividend will be payable on June 30, 2022 to shareholders of record as of the close of business on June 16, 2022, and the common stock will trade ex-dividend on June 15.