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Entravision Communications Corporation Reports Second Quarter 2018 Results

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Entravision Communications Corporation Reports Second Quarter 2018 Results

- Announces Quarterly Cash Dividend of $0.05 Per Share -

PR Newswire

SANTA MONICA, Calif., Aug. 2, 2018 /PRNewswire/ -- Entravision Communications Corporation (NYSE:EVC) today reported financial results for the three- and six-month period ended June 30, 2018.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 10. Unaudited financial highlights are as follows:

 


Three-Month Period




Six-Month Period


Ended June 30,




Ended June 30,


2018


2017


%
Change



2018


2017


%
Change


Net revenue

$

74,329


$

70,509



5

%


$

141,167


$

128,019



10

%

Cost of revenue - digital (1)


11,384



8,762



30

%



22,009



10,514



109

%

Operating expenses (2)


43,790



41,945



4

%



88,117



80,237



10

%

Corporate expenses (3)


6,266



5,619



12

%



12,241



11,486



7

%





















Consolidated adjusted EBITDA (4)


14,866



14,924



(0)

%



21,803



27,494



(21)

%





















Free cash flow (5)

$

8,664


$

5,643



54

%


$

10,255


$

12,868



(20)

%





















Net income (loss)

$

4,840


$

3,495



38

%


$

3,033


$

6,113



(50)

%





















Net income (loss) per share, basic and diluted

$

0.05


$

0.04



25

%


$

0.03


$

0.07



(57)

%





















Weighted average common shares outstanding, basic


88,959,935



90,354,982







89,635,759



90,296,057





Weighted average common shares outstanding, diluted


90,021,949



92,033,111







90,805,086



91,897,150





 

(1)

Cost of revenue – digital consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.



(2)

Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $0.1 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended June 30, 2018 and 2017, respectively, and $0.3 million and $0.5 million of non-cash stock-based compensation for the six-month periods ended June 30, 2018 and 2017, respectively. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment, other income (loss) and change in fair value of contingent consideration.



(3)

Corporate expenses include $1.1 million and $0.8 million of non-cash stock-based compensation for the three-month periods ended June 30, 2018 and 2017, respectively, and $2.1 million and $1.5 million of non-cash stock-based compensation for the six-month periods ended June 30, 2018 and 2017, respectively.



(4)

Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), non-recurring cash expenses, gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated adjusted EBITDA because that measure is defined in the agreement governing our current credit facility ("the 2017 Credit Facility") and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), non-recurring cash expenses, gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings.



(5)

Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, capital expenditures, and non-recurring cash expenses plus dividend income and revenue from FCC spectrum incentive auction less related cash expenses. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

 

Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, "During the second quarter, we achieved revenue growth driven by increases in our digital media segment.  This growth in our digital media segment offsets a decrease in our television segment, while our radio segment was flat.  We also improved our free cash flow and net income over last year's second quarter.  Additionally, we continued to build our digital footprint through our acquisition of Smadex, a digital advertising technology company, while implementing steps to more efficiently align operations and reduce costs.  Looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, and expanding our advertiser base to the benefit of our shareholders."

Quarterly Cash Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.05 per share of the Company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $4.5 million. The quarterly dividend will be payable on September 28, 2018 to shareholders of record as of the close of business on September 14, 2018, and the common stock will trade ex-dividend on September 13, 2018. As previously announced, the Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

Financial Results

 

Three-Month Period Ended June 30, 2018 Compared to Three-Month Period Ended

June 30, 2017 

(Unaudited)






Three-Month Period



Ended June 30,



2018



2017


% Change


Net revenue

$

74,329



$

70,509



5

%

Cost of revenue - digital (1)


11,384




8,762



30

%

Operating expenses (1)


43,790




41,945



4

%

Corporate expenses (1)


6,266




5,619



12

%

Depreciation and amortization


4,019




4,577



(12)

%

Change in fair value of contingent consideration


(913)




-



*


Foreign currency (gain) loss


(17)




351



*













Operating income (loss)


9,800




9,255



6

%

Interest expense, net


(2,962)




(3,573)



(17)

%

Dividend income


417




-



*


Other income (loss)


273




-



*













Income (loss) before income taxes


7,528




5,682



32

%












Income tax benefit (expense)


(2,652)




(2,119)



25

%

Net income (loss) before equity in net income (loss) of nonconsolidated affiliates


4,876




3,563



37

%












Equity in net income (loss) of nonconsolidated affiliates, net of tax


(36)




(68)



(47)

%












Net income (loss)

$

4,840



$

3,495



38

%

 

(1)

Cost of revenue, operating expenses and corporate expenses are defined on page 1.

 

Net revenue increased to $74.3 million for the three-month period ended June 30, 2018 from $70.5 million for the three-month period ended June 30, 2017, an increase of $3.8 million. Of the overall increase, approximately $5.0 million was attributable to our digital segment and was primarily due to growth in the Headway business which was acquired during the second quarter of 2017. The overall increase was partially offset by a decrease in our television segment of approximately $1.3 million primarily due to decreases in national and local advertising revenue, partially offset by an increase in retransmission consent revenue and an increase in political advertising revenue, the latter of which was not material in 2017. Revenue in our radio segment remained constant with an increase in revenue from the 2018 FIFA World Cup offset by decreases in local and national revenue.

Cost of revenue in our digital media segment increased to $11.4 million for the three-month period ended June 30, 2018 from $8.8 million for the three-month period ended June 30, 2017, an increase of $2.6 million, primarily due to the increased revenue in our digital segment.

Operating expenses increased to $43.8 million for the three-month period ended June 30, 2018 from $41.9 million for the three-month period ended June 30, 2017, an increase of $1.9 million. The increase was primarily attributable to our digital segment and was primarily driven by expenses associated with the increase in revenue and an increase in salary expense. We also had an increase in operating expenses in our television segment due to the acquisition of station KMIR-TV during the fourth quarter of 2017, which did not contribute to operating expenses in the prior year period, partially offset by a decrease in expenses associated with the decrease in advertising revenue and a decrease in salary expense.

Corporate expenses increased to $6.3 million for the three-month period ended June 30, 2018 from $5.6 million for the three-month period ended June 30, 2017, an increase of $0.7 million. The increase was primarily due to legal and financial due diligence costs related to the Smadex acquisition and an increase in non-cash stock-based compensation expense.

 

Six-Month Period Ended June 30, 2018 Compared to Six-Month Period Ended

June 30, 2017

(Unaudited)





Six-Month Period



Ended June 30,



2018



2017


% Change


Net revenue

$

141,167



$

128,019



10

%

Cost of revenue - digital (1)


22,009




10,514



109

%

Operating expenses (1)


88,117




80,237



10

%

Corporate expenses (1)


12,241




11,486



7

%

Depreciation and amortization


7,958




8,123



(2)

%

Change in fair value of contingent consideration


1,187




-


*


Foreign currency (gain) loss


196




351



(44)

%












Operating income (loss)


9,459




17,308



(45)

%

Interest expense, net


(5,447)




(7,109)



(23)

%

Dividend income


545




-


*


Other income (loss)


295




-


*













Income (loss) before income taxes


4,852




10,199



(52)

%












Income tax benefit (expense)


(1,721)




(4,018)



(57)

%

Net income (loss) before equity in net income (loss) of nonconsolidated affiliates


3,131




6,181



(49)

%












Equity in net income (loss) of nonconsolidated affiliates, net of tax


(98)




(68)



44

%












Net income (loss)

$

3,033



$

6,113



(50)

%

 

(1)

Cost of revenue, operating expenses and corporate expenses are defined on page 1.

 

Net revenue increased to $141.2 million for the six-month period ended June 30, 2018 from $128.0 million for the six-month period ended June 30, 2017, an increase of $13.2 million. Of the overall increase, approximately $19.1 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to our results of operations for the full six-month period in 2017. The overall increase was partially offset by a decrease in our television segment of approximately $4.5 million primarily due to decreases in national and local advertising revenue, partially offset by an increase in retransmission consent revenue and an increase in political advertising revenue, the latter of which was not material in 2017.  Additionally, the overall increase was partially offset by a decrease in our radio segment of approximately $1.6 million primarily due to decreases in local and national advertising revenue, partially offset by an increase in net revenue from the 2018 FIFA World Cup.

Cost of revenue in our digital media segment increased to $22.0 million for the six-month period ended June 30, 2018 from $10.5 million for the six-month period ended June 30, 2017, an increase of $11.5 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to our results of operations for the full six-month period in 2017.

Operating expenses increased to $88.1 million for the six-month period ended June 30, 2018 from $80.2 million for the six-month period ended June 30, 2017, an increase of $7.9 million. The increase was primarily due to the acquisition of Headway in our digital segment during the second quarter of 2017, which did not contribute to operating expenses for the full six-month period in the prior year. Additionally, approximately $1.8 million of the overall increase was attributable to our television segment primarily due to the acquisition of station KMIR-TV in the fourth quarter of 2017, which did not contribute to operating expenses in the prior year period, partially offset by a decrease in expenses associated with the decrease in advertising revenue and a decrease in salary expense.

Corporate expenses increased to $12.2 million for the six-month period ended June 30, 2018 from $11.5 million for the six-month period ended June 30, 2017, an increase of $0.7 million. The increase was primarily due to legal and financial due diligence costs related to the Smadex acquisition and an increase in non-cash stock-based compensation expense, partially offset by a decrease in due diligence costs incurred in prior year related to the Headway acquisition.

Segment Results

The following represents selected unaudited segment information:

 


Three-Month Period



Six-Month Period



Ended June 30,



Ended June 30,




2018




2017



% Change




2018




2017



% Change


Net Revenue
























Television

$

36,531



$

37,764




(3)

%


$

71,022



$

75,474




(6)

%

Radio


17,240




17,163




0

%



31,343




32,882




(5)

%

Digital


20,558




15,582




32

%



38,802




19,663




97

%

Total

$

74,329



$

70,509




5

%


$

141,167



$

128,019




10

%

























Cost of Revenue - digital (1)
























Digital

$

11,384



$

8,762




30

%


$

22,009



$

10,514




109

%

























Operating Expenses (1)
























Television


20,589




20,150




2

%



42,111




40,355




4

%

Radio


15,437




15,620




(1)

%



30,717




31,341




(2)

%

Digital


7,764




6,175




26

%



15,289




8,541




79

%

Total

$

43,790



$

41,945




4

%


$

88,117



$

80,237




10

%

























Corporate Expenses (1)

$

6,266



$

5,619




12

%


$

12,241



$

11,486




7

%

























Consolidated adjusted EBITDA (1)

$

14,866



$

14,924




(0)

%


$

21,803



$

27,494




(21)

%

 

(1)

Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

 

Entravision Communications Corporation will hold a conference call to discuss its 2018 second quarter results on August 2, 2018 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company's web site located at www.entravision.com.

Entravision Communications Corporation is a leading global media company that, through its television and radio segments, reaches and engages U.S. Hispanics across acculturation levels and media channels. Additionally, our digital segment, whose operations are located primarily in Spain, Mexico, and Argentina and other countries in Latin America, reaches a global market. The Company's expansive portfolio encompasses integrated marketing and media solutions, comprised of television, radio, and digital properties and data analytics services. Entravision has 55 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision's owned and operated, as well as its affiliate partner, radio stations. Entravision's Pulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision's digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.

(Financial Table Follows)

 

 

Entravision Communications Corporation

Consolidated Balance Sheets

(In thousands; unaudited)








June 30,



December 31,



2018



2017


















ASSETS








Current assets








Cash and cash equivalents

$

108,892



$

39,560


Marketable securities


132,435




-


Restricted cash


769




222,294


Trade receivables, net of allowance for doubtful accounts


76,378




84,348


Assets held for sale


1,179




-


Prepaid expenses and other current assets


11,990




6,260


Total current assets


331,643




352,462


Property and equipment, net


58,562




60,337


Intangible assets subject to amortization, net


25,828




26,758


Intangible assets not subject to amortization


254,506




251,163


Goodwill


73,566




70,557


Other assets


4,442




4,690


Total assets

$

748,547



$

765,967


















LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities








Current maturities of long-term debt

$

3,000



$

3,000


Accounts payable and accrued expenses


52,787




57,563


Deferred revenue


3,386




1,959


Total current liabilities


59,173




62,522


Long-term debt, less current maturities, net of unamortized debt issuance costs


291,237




292,489


Other long-term liabilities


19,553




21,447


Deferred income taxes


42,326




40,639


Total liabilities


412,289




417,097










Stockholders' equity








Class A common stock


6




7


Class B common stock


2




2


Class U common stock


1




1


Additional paid-in capital


874,508




888,650


Accumulated deficit


(536,697)




(539,730)


Accumulated other comprehensive income (loss)


(1,562)




(60)


Total stockholders' equity


336,258




348,870


Total liabilities and stockholders' equity

$

748,547



$

765,967


 

 

Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)








Three-Month Period



Six-Month Period



Ended June 30,



Ended June 30,



2018



2017



2018



2017


















Net revenue

$

74,329



$

70,509



$

141,167



$

128,019


















Expenses:
















Cost of revenue - digital


11,384




8,762




22,009




10,514


Direct operating expenses


31,117




29,915




62,150




57,007


Selling, general and administrative expenses


12,673




12,030




25,967




23,230


Corporate expenses


6,266




5,619




12,241




11,486


Depreciation and amortization


4,019




4,577




7,958




8,123


Change in fair value of contingent consideration


(913)




-




1,187




-


Foreign currency (gain) loss


(17)




351




196




351




64,529




61,254




131,708




110,711


Operating income (loss)


9,800




9,255




9,459




17,308


Interest expense


(4,001)




(3,683)




(7,399)




(7,328)


Interest income


1,039




110




1,952




219


Dividend income


417




-




545




-


Other income (loss)


273




-




295




-


Income (loss) before income taxes


7,528




5,682




4,852




10,199


Income tax benefit (expense)


(2,652)




(2,119)




(1,721)




(4,018)


Income (loss) before equity in net income (loss) of nonconsolidated affiliate


4,876




3,563




3,131




6,181


Equity in net income (loss) of nonconsolidated affiliate, net of tax


(36)




(68)




(98)




(68)


Net income (loss)

$

4,840



$

3,495



$

3,033



$

6,113


















Basic and diluted earnings per share:
















Net income (loss) per share, basic and diluted

$

0.05



$

0.04



$

0.03



$

0.07


















Cash dividends declared per common share

$

0.05



$

0.03



$

0.05



$

0.06


















Weighted average common shares outstanding, basic


88,959,935




90,354,982




89,635,759




90,296,057


Weighted average common shares outstanding, diluted


90,021,949




92,033,111




90,805,086




91,897,150


 

 

Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands; unaudited)








Three-Month Period



Six-Month Period



Ended June 30,



Ended June 30,



2018



2017



2018



2017


Cash flows from operating activities:
















Net income (loss)

$

4,840



$

3,495



$

3,033



$

6,113


Adjustments to reconcile net income (loss) to net cash provided by
  
operating activities:
















Depreciation and amortization


4,019




4,577




7,958




8,123


Deferred income taxes


2,043




1,955




1,029




3,428


Non-cash interest expense


414




186




538




369


Amortization of syndication contracts


176




109




352




218


Payments on syndication contracts


(174)




(102)




(360)




(215)


Equity in net (income) loss of nonconsolidated affiliate


36




68




98




68


Non-cash stock-based compensation


1,176




1,085




2,425




2,060


Changes in assets and liabilities:
















(Increase) decrease in accounts receivable


(1,873)




2,602




9,170




13,581


(Increase) decrease in prepaid expenses and other assets


(2,566)




(556)




(6,547)




(1,447)


Increase (decrease) in accounts payable, accrued expenses
  
and other liabilities


5,197




(3,029)




(780)




(8,992)


Net cash provided by operating activities


13,288




10,390




16,916




23,306


Cash flows from investing activities:
















Proceeds from sale of property and equipment and intangible assets


33




-




33




-


Purchases of property and equipment


(2,680)




(5,730)




(5,710)




(7,296)


Purchases of intangible assets


-




-




(3,153)




-


Purchases of businesses, net of cash acquired


(3,563)




(7,489)




(3,563)




(7,489)


Purchases of marketable securities


-




-




(159,403)




-


Proceeds from marketable securities


25,000




-




25,000




-


Purchases of investments


(35)




(1,950)




(35)




(2,200)


Deposits on acquisitions


-




-




-




(190)


Net cash provided by (used in) investing activities


18,755




(15,169)




(146,831)




(17,175)


Cash flows from financing activities:
















Proceeds from stock option exercises


106




215




106




526


Tax payments related to shares withheld for share-based compensation plans


(12)




-




(2,239)




-


Payments on long-term debt


(750)




(937)




(1,500)




(1,875)


Dividends paid


(4,442)




(2,826)




(8,960)




(5,647)


Repurchase of Class A common stock


(5,258)




-




(7,660)




-


Payments of contingent consideration


(2,015)




-




(2,015)




-


Net cash used in financing activities


(12,371)




(3,548)




(22,268)




(6,996)


Effect of exchange rates on cash, cash equivalents and restricted cash


(4)




(18)




(10)




(18)


Net increase (decrease) in cash, cash equivalents and restricted cash


19,668




(8,345)




(152,193)




(883)


Cash, cash equivalents and restricted cash:
















Beginning


89,993




68,982




261,854




61,520


Ending

$

109,661



$

60,637



$

109,661



$

60,637


 

 

Entravision Communications Corporation
Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities
(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

 


Three-Month Period



Six-Month Period



Ended June 30,



Ended June 30,




2018




2017




2018




2017


















Consolidated adjusted EBITDA (1)

$

14,866



$

14,924



$

21,803



$

27,494


















Interest expense


(4,001)




(3,683)




(7,399)




(7,328)


Interest income


1,039




110




1,952




219


Dividend income


417




-




545




-


Income tax benefit (expense)


(2,652)




(2,119)




(1,721)




(4,018)


Equity in net loss of nonconsolidated affiliates


(36)




(68)




(98)




(68)


Amortization of syndication contracts


(176)




(109)




(352)




(218)


Payments on syndication contracts


174




102




360




215


Non-cash stock-based compensation included in direct operating expenses


(76)




(307)




(292)




(530)


Non-cash stock-based compensation included in corporate expenses


(1,100)




(778)




(2,133)




(1,530)


Depreciation and amortization


(4,019)




(4,577)




(7,958)




(8,123)


Change in fair value of contingent consideration


913




-




(1,187)




-


Non-recurring cash severance charge


(782)




-




(782)




-


Other income (loss)


273




-




295




-


Net income (loss)


4,840




3,495




3,033




6,113


































Depreciation and amortization


4,019




4,577




7,958




8,123


Deferred income taxes


2,043




1,955




1,029




3,428


Non-cash interest expense


414




186




538




369


Amortization of syndication contracts


176




109




352




218


Payments on syndication contracts


(174)




(102)




(360)




(215)


Equity in net (income) loss of nonconsolidated affiliate


36




68




98




68


Non-cash stock-based compensation


1,176




1,085




2,425




2,060


Changes in assets and liabilities:
















(Increase) decrease in accounts receivable


(1,873)




2,602




9,170




13,581


(Increase) decrease in prepaid expenses and other assets


(2,566)




(556)




(6,547)




(1,447)


Increase (decrease) in accounts payable, accrued expenses and other liabilities


5,197




(3,029)




(780)




(8,992)


Cash flows from operating activities


13,288




10,390




16,916




23,306


 

(1)

Consolidated adjusted EBITDA is defined on page 1.

 

 


Entravision Communications Corporation
Reconciliation of Free Cash Flow to Cash Flows From Operating Activities
(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

 


Three-Month Period



Six-Month Period



Ended June 30,



Ended June 30,




2018




2017




2018




2017


Consolidated adjusted EBITDA (1)

$

14,866



$

14,924



$

21,803



$

27,494


Net interest expense (1)


(2,549)




(3,387)




(4,909)




(6,740)


Dividend income


417




-




545




-


Cash paid for income taxes


(608)




(164)




(692)




(590)


Capital expenditures (2)


(2,680)




(5,730)




(5,710)




(7,296)


Non-recurring cash severance charge


(782)




-




(782)




-


Free cash flow (1)


8,664




5,643




10,255




12,868


















Capital expenditures (2)


2,680




5,730




5,710




7,296


Other income (loss)


273




-




295




-


Change in fair value of contingent consideration


913




-




(1,187)




-


Changes in assets and liabilities:
















(Increase) decrease in accounts receivable


(1,873)




2,602




9,170




13,581


(Increase) decrease in prepaid expenses and other assets


(2,566)




(556)




(6,547)




(1,447)


Increase (decrease) in accounts payable, accrued expenses and other liabilities


5,197




(3,029)




(780)




(8,992)


Cash Flows From Operating Activities

$

13,288



$

10,390



$

16,916



$

23,306


 

(1)

Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.



(2)

Capital expenditures are not part of the consolidated statement of operations.

 

Cision View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-second-quarter-2018-results-300691435.html

SOURCE Entravision Communications Corporation

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