Entravision Reports Q4 Net Revenue Up 8% to $320 Million

RADIO ONLINE | Tuesday, March 5, 2024

Entravision Communications

Entravision Communications reported fourth quarter net revenue rose 8% to $320 million from $296.3 million in 2022. Consolidated EBITDA fell 56% to $16.24 million from $36.5 million, while free cash flow was down to a loss of $2 million from $19.2 million. The Spanish-language broadcaster posted a net loss of $18 million (21 cents per diluted share) as compare to a net income of $725,000 (2 cents) in the year-ago period.

On March 4, the company received a communication from Meta Platforms that it intends to wind down its ASP program globally and end its relationship with all of its ASPs, including Entravision, by July 1. For full year 2023, the company estimates Meta's ASP program represented approximately $23.8 million of its $57.7 million total consolidated EBITDA and $586.4 million of its $1.1 million of total consolidated revenue.

As of December 31, Entravision reported $118.9 million of cash and marketable securities. The company is in compliance with all debt covenants under its current credit facility and, except for quarterly principal scheduled payments, has no maturities under that facility until March 17, 2028.

"While we are disappointed in Meta's decision, we are confident in Entravision's long-term opportunities given the strength of our advertising and marketing platforms and the need for our solutions globally. We are conducting an extensive review of our strategy and cost structure to reinforce our operating foundation and ensure we are best positioned to capitalize on Entravision's global, market leading advertising, media and technology solutions. Our balance sheet is solid with a strong cash position to support the business as we navigate these changes," said CEO Michael Christenson.