Entravision Q1 Net Revenue Up 21% to $239 Million

RADIO ONLINE | Thursday, May 4, 2023 | 4:15pm CT

Entravision Communications

Entravision Communications reported first quarter net revenue grew 21% to $239 million from $197.1 million in 2022. Consolidated EBITDA was down 28% to 13 million from $18.1 million. Operating cash flow fell 31% compared to the prior-year quarter, while free cash flow decreased 73%. The company posted a net income of $1.66 million (2 cents per diluted share) as compared to a net income of $1.8 million in the year-ago period.

"Entravision saw continued growth in the first quarter of 2023, with revenue up 21% year-over-year," said interim CEO and CFO Chris Young. "Growth for the quarter was led by our digital segment, which is impressive given difficult macro conditions and decreased political advertising revenue from last year."

Young continued, "With a solid balance sheet in place, strong free cash flow generation, and an acute focus on expense management, Entravision is well-equipped to navigate the current economic environment. As we progress through additional quarters, we will continue to seek out opportunities, including acquisitions, that will enhance our digital offerings and strengthen our ability to compete internationally."

The company also announced that its board approved a quarterly cash dividend to shareholders of $0.05 per share on its Class A and Class U common stock, in an aggregate amount of $4.4 million. The quarterly dividend will be payable on June 30 to shareholders of record as of the close of business on June 16.