Entravision Q2 Net Revenue Up 295% to $178.4 Million
| RADIO ONLINE | Thursday, August 5, 2021 | 5:19pm CT |
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 Entravision Communications |
Entravision Communications reported second quarter net revenue grew a whopping 295% to $178.4 million from $45.1 million in 2020. Consolidated Adjusted EBITDA was up 932% to $17.7 million from $1.7 million over the prior-year period. Operating cash flow climbed 181% and free cash flow was $12.4 million compared to a loss of $1.4 million. The company posted a net income of $7.8 million (9 cents per diluted share) as compared to $2.3 million (3 cents) in the year-ago period.
"Entravision had a strong second quarter of 2021 and an even stronger first half of the year. Net revenues for the second quarter improved 295% as compared to the prior-year period, while Adjusted EBITDA increased 932% year-over-year," said Chairman/CEO Walter F. Ulloa. "Growth in the quarter was largely driven by our digital business, which is now our largest segment, currently at 73% of consolidated revenues. Our core television and audio businesses also saw sequential and year-over-year revenue improvements, bolstering our overall performance."
Ulloa continued, "Our digital segment continues to represent a significant part of the growth of our business. Right after the end of the second quarter we acquired MediaDonuts, a company engaged in the sale and marketing of digital advertising in Southeast Asia. Through the acquisition of MediaDonuts, along with our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, we have now added two digital powerhouses to our platform whose combined leadership, sales, operations and geographic reach further propel our core digital offerings and position us to partner with the world's leading technology and social platforms."
The company also 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 amount of $2.1 million. The quarterly dividend will be payable on September 30, 2021 to shareholders of record as of the close of business on September 15, 2021, and the common stock will trade ex-dividend on September 14.
