Entravision Q2 Net Revenue Climbs 23% to $273.3 Million

RADIO ONLINE | Friday, August 4, 2023

Entravision

Entravision Communications reported second quarter net revenue rose 23% to $273.3 million from $221.6 million in 2023. $55.5 million was attributable to its digital segment and was primarily due to advertising revenue growth from its digital commercial partnerships business. Consolidated EBITDA decreased 37% to $14.2 million from $22.4 million. Operating cash flow was up 7%, while free cash flow was down 89%. The company posted a net loss of $2 million compared to net income of $8.5 million in the year-ago period.

"We delivered another strong quarter at Entravision with record quarterly revenue of $273.4 million, increasing 23% year-over-year," said CFO Chris Young. "While elevated operating expenses led to a decline in adjusted EBITDA, we remain focused on managing expenses and leveraging our strong balance sheet to ensure we are well-positioned to grow in the current macroeconomic environment. We were also excited to welcome Michael Christenson as our new CEO at the beginning of July. We look forward to continuing to drive growth under his leadership."

The company has also announced that its board approved a quarterly cash dividend to shareholders of $0.05 per share on the company's Class A and Class U common stock in the amount of $4.4 million. The quarterly dividend will be payable on September 29, 2023 to shareholders of record as of the close of business on September 15, 2023, and the common stock will trade ex-dividend on September 14.