Q2 2024 Entravision Communications Corp Earnings Call Transcript
Key Points
- Entravision Communications Corp (EVC) completed the divestment of its digital platform representation business, allowing the company to focus on its core US media business.
- Revenue for the second quarter was $82.7 million, up 12% compared to the second quarter of 2023, driven primarily by the digital segment and political advertising revenue.
- The digital segment saw a 36% increase in revenue compared to the second quarter of 2023, with improved operating margins attributed to better performance in Smadex and Adwake.
- Entravision has made significant investments in expanding its news production capabilities, providing more local news and increasing opportunities for political advertising revenue.
- The audio segment operating profit increased by 21% compared to the second quarter of 2023, with improved operating margins due to cost savings and strategic partnerships like the extended NFL agreement.
- The television segment experienced a 5% decrease in revenue compared to the second quarter of 2023, driven by declines in advertising, spectrum rights usage, and retransmission consent revenue.
- Television segment operating profit decreased by 59% compared to the second quarter of 2023, with operating margins dropping from 25% to 11%.
- Overall advertising revenue saw a decrease, impacting both the television and audio segments.
- Corporate expenses decreased by 10% but were partially offset by an increase in severance expenses due to recent corporate structure changes.
- The company's leverage ratio remains relatively high, with indebtedness under the credit facility at $187.8 million as of June 30, 2024.
Greetings, and welcome to the Entravision second quarter 2024 earnings conference call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Roy Nir, Vice President, Financial Reporting, and Investor Relations. Thank you. You may begin.
Good afternoon, everyone, and welcome to Entravision's second quarter 2024 earnings conference call. Joining me today are Michael Christenson, Chief Executive Officer; and Mark Boelke, Chief Financial Officer.
Before we begin, I must inform you that this conference call will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to Entravisionâs SEC filings for a list of risks and uncertainties that could impact actual results.
This call will also include non-GAAP financial measures. The Company has provided a reconciliation of these non-GAAP financial measures to their most comparable
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